格隆汇10月27日｜浙商证券研报指出，东阿阿胶2025年前三季度实现归母净利润12.74亿元（同比 +10.53%），单Q3实现归母净利润4.56亿元（同比+10.27%），业绩符合预期。毛利率基本稳定，利润 增速超越收入增速有望持续。展望2026年，受益于阿胶系列产品规模效应渐显和持续降本增效，预计公 司毛利率有望持续提升，带动净利润增速持续超越收入增速。考虑到公司是老字号滋补中药龙头，核心 产品集采降价可能性低，第一期限制性股票激励计划激发管理层动力，改革成效显著，维持"买入"评 级。 ...

证券研究报告 | 公司点评 | 中药Ⅱ 业绩符合预期，高成长且高分红 ——东阿阿胶 2025 年三季报点评 投资要点 ❑ 风险提示：政策调整风险、成本波动风险、二线产品放量不及预期。 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 5920.79 | 6358.14 | 7323.48 | 8380.16 | | (+/-) (%) | 25.57% | 7.39% | 15.18% | 14.43% | | 归母净利润 | 1557.00 | 1800.01 | 2196.13 | 2645.88 | | (+/-) (%) | 35.29% | 15.61% | 22.01% | 20.48% | 资料来源：浙商证券研究所 东阿阿胶(000423) 报告日期：2025 年 10 月 27 日 投资评级: 买入(维持) 分析师：王班 执业证书号：S1230525070003 wangban@stocke.com.cn 分析师：吴天昊 执业证书号：S1230523 ...

Core Viewpoint - Dong'e Ejiao, a representative of Chinese time-honored brands, faces significant challenges in its recovery journey, including management turnover, strategic adjustments, and trust crises, despite reporting revenue and profit growth in the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, Dong'e Ejiao achieved revenue of 3.051 billion yuan, a year-on-year increase of 11.02%, and a net profit attributable to shareholders of 818 million yuan, up 10.74% year-on-year [2] - However, the second quarter revenue dropped to 1.332 billion yuan, a decline of approximately 387 million yuan from the first quarter, with growth rate plummeting from 18.24% to 2.91%, indicating weakened growth momentum [2] - The company plans to distribute a cash dividend of 12.69 yuan per 10 shares, totaling 817 million yuan, which nearly exhausts the net profit for the first half of the year, raising concerns about its reinvestment capacity [2] Group 2: Product Structure and Growth Potential - Dong'e Ejiao heavily relies on its Ejiao product line, which generated 2.845 billion yuan in revenue, accounting for 93.24% of total revenue, while other products contributed only 142 million yuan, less than 5% [3] - Despite attempts to diversify with new products like "Peach Blossom Princess" and "Royal Weichang 1619," the company has not successfully established a significant second growth curve [3] - The over-reliance on a single product category weakens the company's risk resilience and limits its competitive edge in a challenging market [3] Group 3: Compliance and Brand Trust Issues - Since 2024, Dong'e Ejiao has faced multiple penalties for marketing violations, including misleading claims about product suitability for children, which lack scientific backing [4] - The company also encountered issues with price-related violations, further damaging its brand trust [4] - A significant incident in November 2024 involved the National Medical Insurance Administration reporting issues with the traceability codes of its products, which, although not directly attributed to the company, highlighted weaknesses in its supply chain and channel management [5] Group 4: Public Trust and Market Confidence - Dong'e Ejiao's high product pricing has made it a frequent target in "insurance fraud" incidents, raising concerns about its pricing transparency and integrity [5] - The company must address its marketing system and compliance management to restore public confidence in its brand, especially as consumers increasingly prioritize brand reputation and product authenticity [5] - The path to recovery for Dong'e Ejiao remains challenging, requiring strategic determination and reform efforts to cultivate new growth points and strengthen internal controls [6][7]

Investment Rating - The investment rating for Dong'e Ejiao is maintained as "Buy" [6][7]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 3.051 billion RMB (up 11.02% year-on-year) and net profit attributable to shareholders of 818 million RMB (up 10.74% year-on-year) [6]. - The company is expected to achieve sustainable high-quality growth throughout the year, supported by strong brand power and marketing systems [6]. - The gross profit margin remains stable, and profit growth is anticipated to outpace revenue growth due to cost reduction and efficiency improvements [6]. - A mid-term dividend plan has been implemented, with a cash dividend of 12.69 RMB per 10 shares, totaling approximately 817 million RMB, which represents 99.94% of the net profit for the first half of 2025 [6]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.896 billion RMB, 2.273 billion RMB, and 2.718 billion RMB, respectively, with corresponding EPS of 2.94 RMB, 3.53 RMB, and 4.22 RMB [6][7]. Financial Summary - Revenue projections for 2024, 2025E, 2026E, and 2027E are 5.921 billion RMB, 6.820 billion RMB, 7.808 billion RMB, and 8.899 billion RMB, reflecting growth rates of 25.57%, 15.20%, 14.48%, and 13.97% respectively [4]. - Net profit attributable to shareholders is projected to grow from 1.557 billion RMB in 2024 to 2.718 billion RMB in 2027, with growth rates of 35.29%, 21.75%, 19.87%, and 19.60% [4][6]. - The company’s comprehensive gross profit margin for the first half of 2025 was 73.13%, with a slight year-on-year decline of 0.41 percentage points [6].

Investment Rating - The investment rating for Dong'e Ejiao is maintained at "Buy" [1] Core Views - The company's operating performance is steadily improving, with significant cash flow indicators showing improvement. For H1 2025, revenue reached 3.051 billion yuan, a year-on-year increase of 11.02%, and net profit attributable to shareholders was 818 million yuan, up 10.74% [4][5] - The report highlights the company's long-term development potential, particularly in deepening its focus on the Ejiao category, men's health products, and industry chain layout [4][5] Financial Performance Summary - In H1 2025, the company's revenue from Ejiao and related products was 2.845 billion yuan, growing by 11.50%, with a gross margin of 74.83% [5] - The net cash flow from operating activities in Q2 2025 was 1.270 billion yuan, showing significant improvement compared to Q1 2025, primarily due to a decrease in accounts receivable [5] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.787 billion yuan, 2.105 billion yuan, and 2.474 billion yuan respectively [4][5] Research and Development Strategy - The company is enhancing its research platform to support technological innovation, implementing a strategy that includes establishing a national engineering technology research center for gelatin-based traditional Chinese medicine [6] - The strategy focuses on creating high grounds for raw material cultivation, traditional Chinese medicine research, and health consumer product development [6] Financial Summary and Valuation Metrics - For 2025, the expected earnings per share (EPS) is projected at 2.78 yuan, with a price-to-earnings (P/E) ratio of 18.4 times [8] - The company's gross margin is expected to be 73.0% in 2025, with a net margin of 26.7% [8][11] - The report provides a detailed financial forecast, indicating a steady growth trajectory in revenue and profit margins over the next few years [10]