丨证券研究报告丨 研究报告合规审查 工作底稿（个股报告）-东阿阿胶-点评(1).docx [Table_scodeMsg1] 公司研究丨点评报告丨东阿阿胶（000423.SZ） [Table_Title] 业绩符合预期，统筹布局海外业务 报告要点 [Table_Summary] 2025 年 10 月 25 日，公司发布 2025 年三季度报告。2025 年 1-9 月实现营业收入 47.66 亿元， 同比增长 4.41%；实现归母净利润 12.74 亿元，同比增长 10.53%；实现扣非归母净利润 11.55 亿元，同比增长 8.23%。2025 年第三季度，公司实现营业收入 17.16 亿元，同比增长 8.50%； 实现归母净利润 4.56 亿元，同比增长 10.27%；实现扣非归母净利润 3.68 亿元，同比增长 0.06%。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_scodeMsg ...

Core Points - Yantai City Market Supervision Administration conducted a food safety inspection of 1,027 batches, revealing 19 non-compliant samples across seven categories of food products, including agricultural products, catering food, condiments, fruit products, nuts, pastries, and candies [2][3][4][5][6]. Group 1: Non-compliance Issues - The inspection identified issues such as pesticide residue exceeding standards, excessive use of food additives, microbial contamination, and failure to meet quality indicators [2][3][4][5][6]. - Specific examples of non-compliance include: - Mangoes sold by Longkou City New Jia Fresh Fruit and Vegetable Supermarket had thiamethoxam levels not meeting national food safety standards [2]. - Blackcurrant raisins from Qixia City Yongchuan Snack Shop contained non-compliant color additives [3]. - Ready-to-eat jellyfish from Fushan District Qingyang Hongzhi Dumpling Restaurant had aluminum residue exceeding standards [3]. Group 2: Microbial and Other Contamination - Microbial contamination was noted in products such as: - Ajiao dates from Penglai District Xiangnian Fruit and Vegetable Business Department, which had mold levels not compliant with national standards [4]. - Sesame candy from Zhaoyuan City Haihua Aquatic Products Store, which had total bacterial counts exceeding acceptable limits [4]. - Other contamination issues included: - Self-disinfecting utensils used in Qixia City Huihua Spicy Hot Pot Shop contained anionic synthetic detergents exceeding safety standards [4]. - Spicy fried peanuts from Yantai Development Zone Daji Family Hongfu Mall had peroxide values not compliant with national standards [4]. Group 3: Regulatory Actions - The local market supervision department has mandated producers and operators to trace the flow of non-compliant products, recall, and remove them from shelves, and implement corrective measures [6]. - Consumers are encouraged to report any non-compliant products they encounter by calling the designated hotline [6].

Group 1: Future Business Strategy - Dong-E E-Jiao will adhere to the "1238" strategy, focusing on the integration of the gelatin industry chain and enhancing its core business [1] - The company aims to improve digital capabilities and drive high-quality growth, aspiring to become a trusted leader in health supplements [1] Group 2: Investment and Acquisition Plans - Investment and acquisitions are key components of the "1238" strategy, with a focus on potential targets in the health supplement sector [1] - The company is implementing a "dual-wheel drive" strategy for investment direction, particularly in pharmaceuticals and health consumer products [2] Group 3: Raw Material Supply Assurance - The company emphasizes the sustainable supply of donkey hide, focusing on both domestic and international markets [3] - Efforts include establishing a supply network and promoting policy guidance in key countries to ensure a stable supply chain [3] Group 4: New Product Development - The "Zhuangben" brand will focus on upstream material acquisition and introduce innovative products to the market [4] - The company plans to enhance brand recognition for "Ejiao Dates" and develop a variety of health snack products [4] - A new category for "Ejiao Bird's Nest" will be created, with a focus on brand optimization and product efficacy verification [4] Group 5: Profit Distribution and Dividends - Since its listing in 1996, the company has distributed dividends 26 times, totaling 8.469 billion yuan, with an average payout ratio of 65.75% [6] - For 2024, the company plans to distribute 818 million yuan, with a payout ratio of 99.87% [6] Group 6: Revenue Projections - In 2024, Dong-E E-Jiao block products are expected to account for approximately 45% of total revenue, while compound Ejiao syrup is projected to contribute nearly 35% [6] Group 7: Brand Development Initiatives - The "Royal Weichang 1619" brand aims to establish itself as a leading men's health brand, focusing on product and category expansion [7] - The "Peach Blossom Princess Ejiao Cake" brand will undergo a comprehensive brand renewal to capture the mainstream beauty market [7] Group 8: Financial Performance Insights - The company experienced a decline in cash flow and an increase in accounts receivable due to strategic credit management and increased procurement of raw materials [8]