面对种种亚健康问题的困扰，越来越多人们主动加入到养身健康的行列中，这也催生了一个新的千亿市场。 在喧嚣的电商直播的中，一个主打中式滋补的年轻品牌"喜纯"完成了令人惊叹的逆袭：具体创立时间不详，2024年开始入驻抖音电商，在抖音开店60天， 月销售额就突破1000万。在2024年"双11"抖音滋补保健宝藏店铺榜单中，养能健、唔咔实验室、喜纯位列前三。2025年3月，品牌销售额过亿，在抖音电 商医药保健赛道排名第6，相比去年同期增长300多倍。 成交画像显示，品牌81%为女性用户，24-30岁人群占比最高（38%），18-23岁、31-40岁用户各自占比33%和26%。这些用户多分布在一二线城市，比如 北京、上海、苏州、成都等地。 细究喜纯在抖音的增长路径，卡思总结了三个要素： 第一，功效。 行业报告显示，2023年中国药食同源行业市场规模达到372.63亿元，2025年将继续维持稳定增长势头，预计2028年市场规模将突破1362.5亿元。 近期，卡思观察到，中式养生赛道，又跑出了一个新消费品牌。 新进入这一赛道的品牌往往会选择在新流量平台度过冷启动和成长期，卡思观测到一个黑马选手——喜纯。该品牌专注于中式滋补产 ...

Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57% and a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [1] - The company is driven by a dual engine of pharmaceutical and health consumer products, with significant growth in its core product lines [2] - The company has introduced an employee stock incentive plan to enhance talent attraction and promote long-term high-quality development [2] Financial Performance - In 2024, the company reported a net operating cash flow of 2.171 billion yuan, reflecting an 11.13% increase year-on-year [1] - The basic earnings per share (EPS) for 2024 was 2.42 yuan, marking a 35.20% increase compared to the previous year [1] - The company maintained a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan at the end of the year [2] Business Segments - Revenue from the company's Ejiao and related products reached 5.544 billion yuan, a year-on-year increase of 27.04%, with a gross margin of 73.61% [2] - Other pharmaceuticals and health products generated revenue of 236 million yuan, up 26.19% year-on-year [2] - The company experienced a decline in revenue from donkey breeding and sales, which amounted to 69 million yuan, down 28.92% [2] Growth Initiatives - The company launched a stock incentive plan, proposing to grant up to 124.72 million restricted shares, representing 0.19% of the total share capital, to 179 key personnel [2] - The performance targets for the incentive plan include a compound annual growth rate of net profit attributable to shareholders of no less than 15% from 2025 to 2027 [2] - The company has a history of high dividends, with a mid-year dividend of 737 million yuan in 2024, representing 99.77% of the net profit attributable to shareholders for the first half of the year [2] Investment Outlook - The company is expected to achieve EPS of 2.87 yuan, 3.40 yuan, and 4.02 yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 21.91, 18.53, and 15.66 [3] - As a leader in the Ejiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth in performance [3]

Core Insights - Dong-E E-Jiao achieved strong performance in Q1 2025, with revenue of 1.719 billion yuan, a year-on-year increase of 18.24%, and a net profit of 425 million yuan, up 20.25% [1][2] - The company continues to implement a dual-driven strategy of "pharmaceuticals + health consumer products," contributing to its robust growth [2][3] - The gross profit margin improved significantly from 47.57% in 2019 to 73.63% in Q1 2025, driven by digital supply chain upgrades and a focus on high-margin products [1][2] Financial Performance - In Q1 2025, the company reported a net profit of 425 million yuan, with a non-recurring net profit of 416 million yuan, reflecting a growth of 26.69% [2] - Compared to Q4 2024, revenue increased by 7.98% and net profit grew by 4.93% [2] - The sales expense ratio decreased by 2.6 percentage points to 36.26%, while the management expense ratio stood at 5.04%, indicating effective cost control [2] Product Development - Dong-E E-Jiao is expanding into the men's health supplement market, introducing products like brain and kidney tonics, and has plans for further innovation [3] - The company continues to lead the OTC market with its core product, Dong-E E-Jiao blocks, and has seen strong sales in innovative products like instant dissolvable E-Jiao powder and ready-to-eat freeze-dried E-Jiao series [2][3] Strategic Moves - The company is divesting its 15% stake in China National Pharmaceutical Group Jinan, indicating a strategic focus on its core business of E-Jiao and related products [3] - Dong-E E-Jiao aims to solidify its position as the leading brand in health supplements by concentrating resources on its main business [3] Research and Development - Over the past five years, Dong-E E-Jiao has invested 787 million yuan in R&D, with annual expenditures showing a consistent commitment to innovation [4][5] - The company has established a collaborative innovation platform, focusing on developing high-quality health products and traditional Chinese medicine [5]

Core Viewpoint - Dong-E E-Jiao Co., Ltd. has shown strong financial performance in 2024, driven by dual growth in pharmaceutical and health consumer products, leading to a buy rating from Zhonghang Securities [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 5.921 billion yuan, a year-on-year increase of 25.57% - The net profit attributable to shareholders reached 1.557 billion yuan, up 35.29% - The net profit after deducting non-recurring gains and losses was 1.442 billion yuan, an increase of 33.17% - Operating cash flow net amount was 2.171 billion yuan, growing by 11.13% - Basic earnings per share were 2.42 yuan, reflecting a growth of 35.20% [1][2]. Business Segments - Revenue from E-Jiao and related products was 5.544 billion yuan, up 27.04%, with a gross margin of 73.61% - Other pharmaceuticals and health products generated 236 million yuan, a growth of 26.19% - Revenue from donkey breeding and sales decreased by 28.92% to 69 million yuan - E-Jiao blocks saw double-digit growth, while compound E-Jiao syrup achieved over 50% growth, with the medical market outpacing retail - The core health consumer brand, Taohua Ji, expanded by over 10% through partnerships with leading health snack brands - E-Jiao powder experienced a remarkable growth of over 75% through focused branding and digital marketing strategies [2]. Incentive Plan - On January 10, 2025, the company announced a restricted stock incentive plan, proposing to grant up to 1.2472 million shares, accounting for 0.19% of total equity - The initial grant price is set at 37.22 yuan per share, targeting 179 individuals including directors and key personnel - Performance targets include a compound annual growth rate of net profit of no less than 15% from 2023 to 2025-2027, and net asset returns of at least 11.50%, 12.00%, and 12.50% for the respective years [3]. Dividend Policy - The company maintains a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan - In September 2024, the company executed its first-ever interim dividend, distributing 737 million yuan, which is 99.77% of the net profit attributable to shareholders for the first half of 2024 - The annual dividend plan for 2024 is approximately 818 million yuan, representing 99.70% of the undistributed net profit for the year [4]. Investment Outlook - The company is expected to achieve earnings per share of 2.87 yuan, 3.40 yuan, and 4.02 yuan for 2025-2027, with corresponding dynamic price-to-earnings ratios of 21.91, 18.53, and 15.66 - As a leader in the E-Jiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth, leading to a buy rating [5].