上海澳华内镜股份有限公司 2025 年第三次临时股东大会会议资料 证券简称：澳华内镜 证券代码：688212 上海澳华内镜股份有限公司 2025 年第三次临时股东大会 会议资料 二零二五年十一月 上海澳华内镜股份有限公司 2025 年第三次临时股东大会会议资料 上海澳华内镜股份有限公司 上海澳华内镜股份有限公司 2025 年第三次临时股东大会会议资料 2025 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》以及《上海澳华内镜股份有限公司章程》《上海澳华内镜股 份有限公司股东大会议事规则》的相关规定，特制定 2025 年第三次临时股东大 会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格，在会议 主持人宣布现场出席会议的股东和代理人人数及所持有的 ...

Core Viewpoint - Aohua Endoscopy (688212.SH) received a government subsidy of RMB 5.3 million on November 5, 2025, which is classified as a revenue-related government subsidy [1] Group 1 - The company announced the receipt of a government subsidy amounting to RMB 5.3 million [1] - The subsidy is categorized as revenue-related, indicating it may impact the company's financial performance positively [1]

1. 25Q3 营收端持续环比改善，利润端受产品结构调整和费用端扰动暂时承压。随着国内招标的恢复和 渠道库存影响进一步消化，公司营收端延续双位数环比增长态势。利润端，一方面因产品结构变化导致 毛利率同比下滑，另一方面公司为长期发展战略性加大相关投入，25Q1-3，销售/管理/研发费用率分别 为38.35%/17.37%/26.88%，分别同比增长6.48pct/2.43pct/4.28pct，推进新品的研发进度和上市推广，以 及海外市场的加速拓展；此外，去年同期存在股份支付费用冲回，导致利润基数较高。 2. AQ400 正式发布，核心配套镜体已上市，看好AQ400 放量驱动公司市场份额增长和业绩回升。2025 年9 月公司正式发布AQ400 高端内镜，其对标国际龙头奥林巴斯的最新机型EVIS XI，不仅同样可实现 4K 超高清、扩景深、高光谱染色等功能，还具备3D 成像的差异化优势，有望显著改善成像效果、降低 漏诊和误诊风险。随着25Q4 公司持续推进AQ400 的市场推广和放量，看好高端内镜赋能公司加速突破 三甲市场和市场份额的进一步提升，驱动业绩和利润端迎来双重回升。 盈利预测：我们预计2025-2027 ...

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 62 yuan [4]. Core Views - The company has shown steady revenue growth, achieving 162 million yuan in Q3 2025, a year-on-year increase of 10.37%, attributed to the recovery of equipment procurement activities and increasing penetration of endoscopes [2][3]. - Despite the revenue growth, the company reported a net loss of 15 million yuan in Q3 2025, a significant decline of 148.44% year-on-year, primarily due to changes in product mix affecting gross margins and seasonal increases in expense ratios [2]. - The company is optimistic about new product launches, including the high-end AQ-400 main unit and gastrointestinal endoscopes, which are expected to enhance brand recognition and market share among high-end clients [3]. Financial Summary - The company forecasts revenue growth rates of 0.3%, 24.7%, and 24.3% for 2025 to 2027, with net profit growth rates of 247.5%, 52.3%, and 39.7% respectively, indicating strong growth potential [4][5]. - The projected main business revenue for 2025 is 752 million yuan, with net profit expected to reach 73 million yuan [5][8]. - The report highlights a dynamic price-to-sales ratio of 11 times for 2025, reflecting the company's valuation metrics [4].

中国经济网北京11月3日讯 澳华内镜（688212.SH）近日披露《控股股东、实际控制人减持股份计 划公告》。 根据公告，控股股东、实际控制人之一、董事、总经理顾小舟计划通过集中竞价交易方式、大宗交 易方式合计减持不超过2,600,000股，合计减持比例不超过公司总股本的1.93%。其中，通过集中竞价交 易方式减持不超过1,346,600股，即不超过公司总股本的1.00%，自公告披露之日起15个交易日后的3个 月内进行；通过大宗交易方式减持不超过1,253,400股，即不超过公司总股本的0.93%，自公告披露之日 起15个交易日后的3个月内进行。 按上一交易日公司收盘价47.37元计算，顾小舟拟减持套现合计约123,162,000元。 截至公告披露日，澳华内镜控股股东、实际控制人顾康、顾小舟及一致行动人上海小洲光电科技有 限公司（以下简称"小洲光电"）合计持有公司40,569,960股，占公司总股本的30.13%。其中，小洲光电 持有公司股份1,879,260股，占公司总股本的1.40%；顾康持有公司股份16,950,200股，占公司总股本的 12.59%；顾小舟持有公司股份21,740,500股，占公司总股 ...

Summary of Key Points Core Viewpoint - Several companies are experiencing significant shareholder reductions, with some facing regulatory scrutiny for financial discrepancies [1] Group 1: Shareholder Reductions - Aohua Endoscopy's general manager Gu Xiaozhou plans to reduce holdings by no more than 2.6 million shares [1] - Tuosida's senior executive Huang Daibo intends to reduce holdings by no more than 0.9524% of shares [1] - Anke Intelligent Electric's actual controller Chen Xiaohui plans to reduce holdings by no more than 1% [1] - Shanhe Pharmaceutical's shareholder Fosun Pharma intends to reduce holdings by no more than 3% [1] - Digital Certification's shareholder Capital Information Development plans to reduce holdings by no more than 2% [1] - Saiwu Technology's shareholder Dongyun Chuangtou plans to reduce holdings by no more than 1% [1] - Kanglongda's shareholder Juyin Fund plans to reduce holdings by no more than 3% [1] - Zaiseng Technology's controlling shareholder Guo Mao has cumulatively reduced 9.45 million shares [1] - Weishi Electronics' controlling shareholder Watanabe Yōichi has reduced 0.89% of company shares [1] - Olin Bio's shareholder Shanghai Wushan has cumulatively reduced 3% of company shares [1] Group 2: Other Notable Events - Taifeng Pump Industry has terminated plans for a major asset restructuring [1] - Qingyue Technology is under investigation by the Securities Regulatory Commission for suspected false financial reporting [1] - Baismei's actual controller has received a notice of investigation from the Securities Regulatory Commission [1] - Taiyuan Car Factory will implement other risk warnings starting November 4 [1] - First Capital's subsidiary Yichuang Investment Bank has received a notice of investigation from the Securities Regulatory Commission [1]

Group 1 - The core point of the article is that Aohua Endoscopy (688212.SH) announced that its controlling shareholder, one of the actual controllers, director, and general manager, Mr. Gu Xiaozhou, plans to reduce his holdings by a total of no more than 2.6 million shares through centralized bidding and block trading, which represents a reduction of no more than 1.93% of the company's total share capital [1]

Core Viewpoint - The company, Auhua Endoscopy (688212.SH), announced that its controlling shareholder, actual controller, director, and general manager, Mr. Xiao Zhoub, plans to reduce his holdings by a total of up to 2.6 million shares, representing no more than 1.93% of the company's total share capital [1] Summary by Categories - **Shareholder Actions** - Mr. Xiao Zhoub intends to reduce his stake through centralized bidding and block trading methods [1] - **Share Reduction Details** - The total number of shares to be reduced is up to 2.6 million [1] - The reduction will account for a maximum of 1.93% of the company's total share capital [1]

Group 1 - The core point of the announcement is that the controlling shareholder and general manager of Auhua Endoscopy plans to reduce their holdings by up to 2,600,000 shares, which represents a maximum of 1.93% of the company's total share capital [1] - The reduction will occur through two methods: a maximum of 1,346,600 shares (1.00% of total share capital) via centralized bidding within three months after a 15 trading day period from the announcement, and a maximum of 1,253,400 shares (0.93% of total share capital) through block trading under the same timeline [1] - For the fiscal year 2024, Auhua Endoscopy's revenue composition is heavily weighted towards medical devices, accounting for 99.73% of total revenue, with other businesses contributing only 0.27% [1] Group 2 - As of the latest report, Auhua Endoscopy has a market capitalization of 6.4 billion yuan [2]

Core Viewpoint - Aohua Endoscopy, a leading domestic manufacturer of electronic endoscopes, has shown a mixed performance in its financial results for Q3 2025, with revenue growth but negative net profit, while maintaining a strong gross margin compared to industry averages [2][3][6]. Group 1: Company Overview - Aohua Endoscopy was established on October 27, 1994, and went public on November 15, 2021, on the Shanghai Stock Exchange, with its headquarters in Shanghai [1]. - The company specializes in the research, production, and sales of electronic endoscope equipment and related surgical consumables, classified as a high-tech enterprise [1]. Group 2: Financial Performance - For Q3 2025, Aohua Endoscopy reported a revenue of 423 million yuan, ranking 25th among 42 companies in the industry, while the industry leader, Mindray Medical, reported revenue of 25.834 billion yuan [2]. - The net profit for the same period was -55.91 million yuan, placing the company 40th in the industry, with the top performer, Mindray Medical, achieving a net profit of 7.814 billion yuan [2]. - The company's asset-liability ratio stood at 31.01%, higher than the industry average of 27.21%, while its gross margin was 60.51%, exceeding the industry average of 48.67% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 41.52% to 5,549, with an average holding of 24,300 circulating A-shares, a decrease of 29.34% [5]. - The top circulating shareholders include funds such as Fortune Precision Medical Flexible Allocation Mixed A and Huatai Medical Health Stock A, with notable changes in their holdings [5]. Group 4: Market Outlook - Analysts from Zhongjin Company noted that the company's performance in the first three quarters of 2025 met market expectations, with a single-quarter revenue of 162 million yuan, reflecting a year-on-year growth of 10.37% [5]. - Huatai Securities expressed optimism about the company's recovery in domestic business and the potential for improved gross margins, maintaining profit forecasts for 2025-2027 [6].