炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：环球老虎财经app 2025接近尾声，开年以来下跌18%的东阿阿胶基本确认缺席了今年的牛市。往后看，若东阿阿胶想要重 新"站起来"，那么必须找到新增长点，而阿胶浆、男性产品、出海等或许都是可能的选项。 东阿阿胶，似乎没有感受到这轮牛市的魅力。 截至12月22日，东阿阿胶报收49.25元，相较于年初累计下跌18%。即便对比同样走势疲软的中药股， 公司此番表现也难言上乘。 低迷之际，东阿阿胶在年内积极开展回购注销以及其惯用的"清仓式"分红方式用以"护盘"。显然，这些 刺激举措能够为公司股价带来短期提振，但能否提升上限，关键仍在于经营情况。 回顾前几年，东阿阿胶痴迷于产品高端化和压货。不过公司毕竟不是贵州茅台，在疯狂提价导致产品与 需求"脱钩"后，一度陷入泥潭，直到花费数年时间才恢复元气。 但来到2025年，经过一段复苏之后的东阿阿胶再度呈现业绩放缓趋势，市场曾经的担心再度来袭。展望 未来，公司是否可以找到新的增长点，将是重中之重。 回购 "护盘" 牛市走熊，是东阿阿胶的真实写照。 12月22日，东阿阿胶报收49.25元，上涨1.11% ...

Core Viewpoint - Dong'e Ejiao plans to repurchase A-shares with a total fund of between 100 million and 200 million yuan, marking the first share buyback and cancellation since its listing, aimed at enhancing investor confidence and recognizing the company's intrinsic value [1][2]. Group 1: Share Buyback Details - The repurchase price ceiling is set at 72.08 yuan per share, which is 150% of the average trading price over the previous 30 trading days [1]. - The estimated number of shares to be repurchased ranges from 1.3873 million to 2.7747 million, accounting for 0.22% to 0.43% of the current total share capital of 643,976,824 shares [1]. - The buyback period will last up to 12 months from the date of shareholder approval, with the board having the discretion to adjust the plan based on market conditions [1]. Group 2: Financial Position - As of September 30, 2025, Dong'e Ejiao's total assets are 12.749 billion yuan, with equity attributable to shareholders at 9.948 billion yuan and current assets at 9.823 billion yuan [2]. - The maximum repurchase amount of 200 million yuan represents only 1.57% of total assets, 2.01% of equity, and 2.04% of current assets, indicating a minimal impact on the company's financial health [2]. - The company asserts that the buyback will not significantly affect its daily operations, financial status, or future development [2]. Group 3: Business Performance and Strategy - Dong'e Ejiao reported a revenue of 4.766 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.41%, with a net profit of 1.274 billion yuan, reflecting a growth of 10.53% [2]. - The company has maintained a high cash dividend policy, ranking first in the cash dividend payment rate among listed companies, with cumulative dividends exceeding 10 billion yuan since its listing [3]. - In 2025, Dong'e Ejiao made significant acquisitions, including a 70% stake in Ma Ji Pharmaceutical and an 80% stake in Alashan Corgoni Group, aiming to expand its product offerings in the male health supplement market [3].

12月4日晚，老字号龙头企业东阿阿胶（000423）股份有限公司（以下简称"东阿阿胶"）发布公告称， 公司拟使用自有资金1亿元至2亿元，通过二级市场回购公司股份，回购价格不超过72.08元/股（含）。 本次回购的股份将全部用于注销，以提升每股收益。结合此前披露的分红方案，2025年以来东阿阿胶累 计分红及回购注销总规模已超过18亿元，形成了"高分红+回购注销"的双重回馈组合拳。 此次股票回购计划是东阿阿胶上市以来首次实施股份回购并注销，标志着其在股东回报方式上的重要创 新。根据公告，回购股份将用于减少注册资本，此举可直接提升每股收益、净资产收益率等核心财务指 标，并通过优化资本结构为股东价值带来实质性增长。 值得关注的是，东阿阿胶自上市以来始终坚持高比例现金分红，累计分红金额已超过100亿元，其分红 比例连续多年保持在较高水平，在消费行业乃至整个A股市场中都较为突出。 众和昆仑（北京）资产管理有限公司董事长柏文喜在接受《证券日报》记者采访时表示，股票回购注销 通常出现在公司股价被低估且管理层对未来盈利增长有明确预期的场景。东阿阿胶此时推出该计划，既 回应了市场对公司价值回归的期待，也为长期投资者注入了信心。 ...

12月4日晚间，在消费板块估值修复预期升温的关键节点，老字号龙头东阿阿胶股份有限公司（以下简 称：东阿阿胶，股票代码：SZ000423）抛出重磅回馈方案。公司宣布近期启动1-2亿元股票回购计划， 所购股份将全部用于注销以增厚每股收益，叠加此前披露的分红方案，2025年以来东阿阿胶累计分红加 回购注销规模超过18亿元。作为连续多年坚持100%分红、累计分红超百亿的 "现金奶牛"，此次史无前 例的回购注销举措，不仅彰显公司对未来发展的坚定信心，更折射出消费白马股在业绩筑底、政策利好 共振下的价值潜力。 东阿阿胶的股东回馈传统堪称A股典范。数据显示，自上市以来，公司始终坚持高比例现金分红政策， 累计分红金额已超100亿元，分红比例连续多年保持100%，在消费行业乃至整个A股市场均属罕见。这 一坚持既体现了公司稳健的经营质地和充沛的现金流，更彰显了对股东利益的长期重视。 而此次推出的1-2亿元股票回购计划，标志着东阿阿胶在股东回报方式上的重大创新——这是公司上市 以来首次实施股份回购并注销。根据公告，回购股份将用于减少注册资本，此举直接作用于每股收益、 净资产收益率等核心财务指标的提升，通过优化资本结构实现股东价值的 ...

Core Viewpoint - Overall, the company achieved an operating income of 4.766 billion yuan in the first three quarters, a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 1.274 billion yuan, a year-on-year increase of 10.58%, demonstrating resilient growth amid external pressures [1][3] Financial Performance - In the first three quarters of 2025, the company reported an operating income of 4.766 billion yuan, a year-on-year increase of 4.41%, and a net profit attributable to shareholders of 1.274 billion yuan, a year-on-year increase of 10.53% [2][3] - The company’s net profit after deducting non-recurring items was 1.155 billion yuan, reflecting a year-on-year increase of 8.23% [2][3] - In Q3 alone, the company achieved an operating income of 1.716 billion yuan, a year-on-year increase of 8.50%, and a net profit of 456 million yuan, a year-on-year increase of 10.29% [3] Product Performance - The company’s core product, Ejiao and its series, is expected to maintain stable growth, with a focus on precise marketing and digital promotion [4] - The compound Ejiao syrup is projected to continue its steady growth due to a comprehensive brand strategy [4] - The company is actively constructing a second growth curve through the promotion of new product lines, including "Royal Weichang 1619" and others, which are expected to contribute positively to future performance [4][5] Strategic Outlook - The company is focusing on the "Growth and Breakthrough" management theme and aims to effectively implement the "1238" strategy [5] - The brand strength of Ejiao is expected to continue growing, contributing to stable product growth [5] - The company is also enhancing its marketing strategies and product offerings to ensure long-term healthy development [7] Profitability and Financial Metrics - The comprehensive gross profit margin for the first three quarters was 73.69%, an increase of 3.33 percentage points year-on-year [6] - The sales expense ratio decreased by 0.65 percentage points to 35.17%, indicating effective cost control [6] - The research and development expense ratio increased by 1.09 percentage points to 3.05%, reflecting a commitment to innovation [6] Earnings Forecast - The company is projected to achieve operating revenues of 6.663 billion yuan, 7.622 billion yuan, and 8.745 billion yuan for the years 2025 to 2027, with net profits of 1.773 billion yuan, 2.067 billion yuan, and 2.407 billion yuan respectively [7]

Core Viewpoint - The company demonstrated a healthy development trend in the first three quarters of 2025, with steady growth in core businesses and optimized R&D investment and expense control [12]. Financial Performance - In the first three quarters, the company achieved an operating income of 4.766 billion yuan, a year-on-year increase of 10.10% [1] - The net profit attributable to shareholders reached 1.274 billion yuan, up 10.58% year-on-year [1] - The net cash flow from operating activities was 1.31 billion yuan, with a basic earnings per share of 1.9781 yuan, reflecting a 10.35% increase [1] - The gross profit margin improved by 3.33 percentage points to 73.69%, driven by stable growth in core product lines and a focus on high-margin categories [1] Cost Management - The company maintained reasonable control over sales and management expenses, with R&D expenses increasing by 62.29% to 145 million yuan, emphasizing the importance of technological innovation and long-term competitiveness [1][2]. Product Performance - The core product matrix continued to perform well, with significant growth in the sales of Ejiao blocks, compound Ejiao syrup, and Taohua Ji Ejiao cake, further consolidating market share [4][5] - Ejiao blocks maintained a leading position in the OTC market, while compound Ejiao syrup gained recognition as a popular product in both hospital and retail channels [5] - The Taohua Ji Ejiao cake successfully attracted female consumers through product innovation and marketing strategies [5] Market Expansion - The company is actively targeting the silver economy and men's health sectors, with plans to innovate product forms and expand into the middle-aged and elderly markets [7] - The men's health product line includes unique formulations aimed at addressing common health issues, positioning the company for future growth [7] Brand Value - The company was recognized for its brand value, ranking 11th on the 2025 Health China Brand Value List with a brand value of 19.43 billion yuan [8] - It also received accolades for its innovative marketing strategies and was listed among the top 100 most valuable Chinese brands [8] Sustainable Development - The company is committed to sustainable practices, including agricultural development and ecological protection, which earned it the title of "Most Socially Responsible Listed Company" at the 2025 Phoenix Star Awards [9] Strategic Partnerships - The partnership with China Resources Group enhances the company's strategic transformation and ecological construction, facilitating investment in traditional Chinese medicine and international market exploration [11] - The establishment of a 1 billion yuan pharmaceutical industry investment fund aims to support innovative projects in the health sector [11] Future Outlook - The company is well-positioned for future growth with its strategic focus on the silver economy and men's health, alongside the support from its strategic partner, which will enhance its competitive edge in the traditional Chinese medicine market [12]

Core Insights - Dong'e Ejiao reported a revenue of 4.766 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 10.1%, with a net profit of 1.274 billion yuan, up 10.58% [1] - The company's gross profit margin increased by 3.33 percentage points to 73.69% during the reporting period, attributed to stable growth in core product lines and a focus on high-margin categories [1] Product Performance - The core product matrix, including Ejiao blocks and compound Ejiao syrup, continued to support the company's growth, with both product lines showing steady growth and increased market share [2] - Ejiao blocks maintained a leading position in the OTC market, with ongoing strategies to attract diverse consumer groups through high-end and youth-oriented marketing [2] - The introduction of low-sugar certified products under the "Peach Blossom Princess Ejiao Cake" brand has effectively increased repurchase rates among female consumers [2] Market Expansion Strategies - The company is actively targeting the silver economy and men's health sectors, with Ejiao blocks being recognized for their blood-nourishing properties among the elderly [2] - The "Royal Weichang 1619" brand focuses on men's health, addressing issues like kidney deficiency and fatigue, with products designed to penetrate the male vitality supplement market [3] Strategic Collaborations and Investments - Dong'e Ejiao has partnered with China Resources to establish a 1 billion yuan pharmaceutical investment fund, focusing on traditional Chinese medicine and synthetic biology [3] - The company has opened a flagship health store in Hong Kong, enhancing its global presence and facilitating entry into Southeast Asian and Belt and Road markets [4] Support from Parent Company - The integration of resources from the China Resources Group has significantly improved Dong'e Ejiao's production efficiency and product quality, establishing a competitive advantage in the market [5]

Core Insights - The company reported double-digit growth in revenue and net profit for the first three quarters of 2025, indicating improved profitability and financial health [1] - The company is making significant strides in new market segments and international expansion [3] Financial Performance - For the first three quarters, the company achieved revenue of 4.766 billion yuan, a year-on-year increase of 10.10%, and a net profit of 1.274 billion yuan, up 10.58% [1] - In Q3 alone, revenue reached 1.716 billion yuan, with a net profit of 456 million yuan, reflecting year-on-year growth rates of 8.50% and 10.29% respectively [1] - The gross profit margin improved by 3.33 percentage points to 73.69% due to stable sales of core products and enhanced supply chain management [1] - Operating cash flow for the first three quarters was 1.31 billion yuan, with a net cash ratio of 1.03, indicating improved operational efficiency [1] - The asset-liability ratio stood at 21.77%, suggesting low debt risk [1] Product Performance - The company's three core products performed exceptionally well, with its Ejiao blocks and compound Ejiao syrup ranking first and second in the top 20 list of traditional Chinese medicine for replenishing qi and blood [2] - The Peach Blossom Princess Ejiao cake gained recognition through low-sugar product innovation and cross-marketing, driving repeat purchases among female consumers [2] Market Expansion - The company is targeting the silver economy and men's health sectors, innovating product forms and expanding into the elderly market [2] - The "Royal Weichang 1619" strategy aims to build a supplement matrix, with the "Zhuangben" Ejiao meat and Cistanche raw extract series expected to become a new growth engine [2] Brand Development - The company was recognized in several brand value rankings, including being listed among China's 500 most valuable brands and topping the 2025 Health China Brand Value List [2] Internationalization - The company opened its Hong Kong flagship store in October, marking a significant step in its global strategy and enhancing its dual-driven approach of "cultural export" and "industrial landing" [3]

Core Insights - The company reported a revenue of 4.41% growth year-on-year for the first three quarters of 2025, reaching 4.766 billion yuan, with a net profit increase of 10.53% to 1.274 billion yuan [1] - The gross profit margin improved by 3.33 percentage points to 73.69%, driven by stable growth in core product lines and a focus on high-margin categories [1] - The company is actively expanding into new growth areas, particularly targeting the silver economy and men's health sectors, which are expected to provide new growth momentum [3] Financial Performance - For the first three quarters, the company achieved a net cash flow from operating activities of 1.31 billion yuan and basic earnings per share of 1.9781 yuan, reflecting a year-on-year increase of 10.35% [1] - In Q3 alone, the company generated 1.716 billion yuan in revenue, marking an 8.50% increase compared to the same period last year, with a net profit of 456 million yuan, up 10.29% [1] Product Performance - The core product matrix, including Ejiao blocks, compound Ejiao syrup, and Taohua Ji Ejiao cake, continued to show robust growth, solidifying market share [2] - The company is focusing on product innovation and marketing strategies to attract diverse consumer groups, particularly through the introduction of low-sugar certified products [2] Strategic Initiatives - The company is leveraging its partnership with China Resources Group to enhance its strategic transformation and ecosystem development, including a 1 billion yuan investment fund for traditional Chinese medicine [4] - The launch of a flagship health supplement store in Hong Kong marks a significant step in the company's global expansion strategy, aiming to integrate cultural outreach with industry presence [5]

Summary of Dong-E E-Jiao Conference Call Industry and Company Overview - Dong-E E-Jiao operates in the traditional Chinese medicine industry, focusing on the production and sale of various health products, particularly those based on donkey-hide gelatin [2][3]. Key Points and Arguments Business Performance - The company has maintained a medium to high growth rate in its main business, with a significant dividend payout ratio that attracts investors [2][3]. - In 2025, Dong-E E-Jiao achieved double-digit growth, with notable improvements in accounts receivable and cash flow, entering a positive cycle that supports its sustainable dividend policy [3]. Product Portfolio and Market Performance - **E-Jiao Blocks**: Account for 40%-50% of sales, with a market share exceeding 40%. Since 2019, this product has entered a rapid growth phase, establishing significant competitive barriers through online and offline channel expansion [4]. - **Compound E-Jiao Syrup**: Represents 30% of sales and has seen rapid growth due to promotion through high-level clinical evidence, particularly in tumor auxiliary treatment. Sales increased following adjustments to the medical insurance catalog [4]. - **Peach Blossom Princess**: Contributes 10% to sales, marketed as a snack product. Sales reached approximately 500 million yuan in recent years, enhanced by online and offline activities and celebrity collaborations [4]. - **E-Jiao Powder**: Accounts for 3%-5% of sales, designed similarly to instant coffee, catering to the convenience needs of younger consumers [4]. Channel Strategy - Since 2020, the company has expanded from a single OTC channel to a full-channel layout, enabling online and offline synergy. Offline strategies include experience centers and academic promotions in collaboration with leading partners, while online efforts focus on reaching younger demographics through new products [6]. - The company collaborates deeply with around 80,000 large and medium-sized pharmacies nationwide, enhancing its bargaining power and providing potential for future growth [6]. Incentive and Dividend Policies - Dong-E E-Jiao has implemented an equity incentive plan aimed at maintaining a 15% growth rate. The current cash flow situation indicates a strong dividend yield, making it an attractive option for investors [7]. Other Important Insights - The introduction of the Royal Weichang series focuses on male health, including products like brain and kidney supplements, indicating diversification in the product line [5].