Investment Rating - The industry investment rating is maintained at "Outperform" [3][52]. Core Insights - In September 2025, the total bid amount for medical devices reached 15.534 billion yuan, showing a month-on-month increase of 18% but a year-on-year decrease of 3%. The total bid amount from January to September 2025 was 125.908 billion yuan, reflecting a year-on-year growth of 42% [4][9]. Summary by Sections Medical Device Procurement Overview - The total bid amount for medical devices in September 2025 was 15.534 billion yuan, with a month-on-month increase of 18% and a year-on-year decrease of 3%. The cumulative bid amount from January to September 2025 was 125.908 billion yuan, representing a year-on-year increase of 42% [4][9]. Domestic Brands - **United Imaging**: In September 2025, the total bid amount was 836 million yuan, a year-on-year increase of 23%. From January to September 2025, the total was 7.871 billion yuan, up 55% year-on-year [5][13]. - **Myray Medical**: The total bid amount in September 2025 was 999.2 million yuan, a year-on-year increase of 14% and a month-on-month increase of 18%. The cumulative amount from January to September was 6.898 billion yuan, reflecting a year-on-year growth of 43% [17][18]. - **Kaili Medical**: The total bid amount in September 2025 was 162 million yuan, a year-on-year increase of 65%. The cumulative amount from January to September was 1.067 billion yuan, up 94% year-on-year [25][26]. - **Wandong Medical**: The total bid amount in September 2025 was 130 million yuan, a year-on-year increase of 51%. The cumulative amount from January to September was 1.066 billion yuan, reflecting a year-on-year growth of 98% [33][34]. - **Shanwaishan**: The total bid amount in September 2025 was 66 million yuan, a year-on-year increase of 25%. The cumulative amount from January to September was 349 million yuan, up 134% year-on-year [29][30]. Imported Brands - **Philips**: The total bid amount in September 2025 was 980 million yuan, a year-on-year increase of 36%. The cumulative amount from January to September was 6.701 billion yuan, reflecting a year-on-year growth of 32% [36][37]. - **Siemens**: The total bid amount in September 2025 was 1.014 billion yuan, a year-on-year increase of 8%. The cumulative amount from January to September was 8.502 billion yuan, up 42% year-on-year [40][41]. - **GE Medical**: The total bid amount in September 2025 was 1.288 billion yuan, a year-on-year increase of 6%. The cumulative amount from January to September was 9.822 billion yuan, reflecting a year-on-year growth of 36% [44][45].

控股股东、实际控制人及其一致行动人持有的基本情况 截至本公告披露日，上海澳华内镜股份有限公司（以下简称"公司"、"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，占公司总股本的 16.14%。上述股份来源均为公司首次公开发 行前取得的股份，且已于 2024 年 11 月 15 日起上市流通。 证券代码：688212 证券简称：澳华内镜 公告编号：2025-067 上海澳华内镜股份有限公司 控股股东、实际控制人减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 减持计划的主要内容 公司控股股东、实际控制人之一、董事、总经理顾小舟先生计划通过集中竞 价交易方 ...

Core Points - 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, which represents a maximum reduction of 1.93% of the company's total share capital [1] Summary by Category - **Share Reduction Plan** - Mr. Xiao plans to reduce his holdings through two methods: a centralized bidding transaction and a block trade [1] - The maximum reduction through centralized bidding is up to 1.3466 million shares, or 1.00% of the total share capital, to be executed within three months after 15 trading days from the announcement date [1] - The maximum reduction through block trade is up to 1.2534 million shares, or 0.93% of the total share capital, also to be executed within three months after 15 trading days from the announcement date [1]

Group 1 - The core point of the article is that Australia Huaren Endoscopy (688212) announced a plan for share reduction by its controlling shareholder and actual controller, Gu Xiaozhou, through centralized bidding and block trading, with a total reduction not exceeding 2.6 million shares, accounting for no more than 1.93% of the company's total share capital [1]

Summary of Aohua Endoscopy Conference Call Company Overview - **Company**: Aohua Endoscopy - **Industry**: Medical Devices, specifically Endoscopy Key Financial Performance - **Revenue**: In Q3 2025, Aohua Endoscopy achieved revenue of 162 million yuan, a year-on-year increase of 10.37%, continuing a trend of quarterly improvement [4] - **Net Profit**: The net profit attributable to shareholders was negative 15.33 million yuan, a decline of 148.44% year-on-year, primarily due to changes in product structure, increased strategic investments, and a high profit base from the previous year [4][2] - **Cost Structure**: Sales, R&D, and management expense ratios increased by 6.48, 4.28, and 2.34 percentage points respectively compared to the previous year [4] Product Innovation - **New Product Launch**: The flagship model AQ400 was launched online in September 2025 and is expected to be available for bulk shipment in November 2025. This model features advanced technologies such as 3D imaging and eDOF wide depth of field [2][9] - **Product Features**: AQ400 integrates a dual-lens imaging system, high spectral optical staining platform, and a simplified installation process, aiming to enhance image clarity and detail [7] - **Future Products**: The company plans to launch ultrasound endoscopy products in 2026 [3] Market Strategy and Expansion - **Domestic Market**: The company aims to penetrate over 200 tertiary hospitals by 2025, with significant progress reported in top-tier hospitals [20] - **Overseas Market**: The overseas business is growing, with new products like the 300 series being sold in Europe. However, the gross margin is lower than domestic sales [11] - **Brand Building**: Aohua is actively involved in training and educational initiatives to enhance brand influence and participated in the ERS European Respiratory Congress to showcase its products [8] Inventory and Cash Flow Management - **Inventory Management**: The company is on track with inventory reduction, expecting to reach reasonable levels by year-end, which will support the continued rollout of AQ400 [10] - **Cash Flow**: Cash flow from operating activities has improved compared to the previous year, indicating effective cash flow management [5] Competitive Landscape - **Market Dynamics**: The domestic procurement environment is recovering, with software sectors performing well. The competition is intensifying, especially in the grassroots market where price wars are prevalent [15][26] - **Future Outlook**: The overall demand for endoscopy products is expected to remain strong, driven by government initiatives to improve early diagnosis and treatment rates [18] Research and Development - **R&D Focus**: The company is concentrating on high-end innovative projects in the digestive and respiratory fields, with expectations of maintaining high R&D and sales expense ratios in the near term [12][27] - **Cost Management**: The increase in R&D and sales expenses is primarily due to rising personnel costs rather than new projects, with a focus on existing high-end projects [28] Conclusion - **Growth Expectations**: Aohua Endoscopy anticipates continued revenue growth in Q4 2025, supported by new product launches and increased procurement intentions from hospitals [23] - **Long-term Vision**: The company is committed to enhancing its product offerings and expanding its market presence, particularly in high-end hospitals and overseas markets [19][21]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 60.43 [1]. Core Insights - The company reported a revenue of RMB 423 million for the first three quarters of 2025, a year-over-year decrease of 15.6%, and a net loss attributable to shareholders of RMB 56.09 million, indicating a shift from profit to loss. However, in the third quarter of 2025, revenue reached RMB 162 million, reflecting a year-over-year increase of 10.4% and a quarter-over-quarter increase of 18.8%, suggesting a recovery in revenue growth [1][2]. - The gross margin for the first three quarters of 2025 was 60.5%, down 8.7 percentage points year-over-year, primarily due to changes in product and regional revenue structure. The company anticipates a recovery in gross margin as overall business improves [2]. - The company is strategically enhancing its business capabilities by establishing localized marketing support centers and advancing the development of innovative products such as 3D digestive endoscopes and endoscopic robots [2]. Revenue and Profitability Outlook - The core segment of endoscopic equipment is expected to see a rebound in revenue as domestic medical device tenders show signs of recovery. The penetration rate for soft endoscopic treatments in China has significant room for growth, and the company’s high-end products are gaining recognition in key hospitals [3]. - The company’s product matrix for endoscopic consumables is extensive, and there is optimism for growth in this segment as overall promotion efforts intensify [3]. Product Launch and Market Position - The AQ-400 3D ultra-high-definition soft endoscope system was officially launched in the domestic market in the first nine months of 2025. This system is designed to significantly reduce the risk of missed or misdiagnosed cases while enhancing the safety and efficiency of minimally invasive surgeries [4]. - The successful launch and ongoing promotion of the AQ-400 system are expected to further increase the company's market share in core segments [4]. Financial Projections and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to be RMB 0.01 million in 2025, RMB 1.00 million in 2026, and RMB 1.60 million in 2027. The company is positioned as a leader in the domestic soft endoscope market, with a continuously expanding product matrix and active promotion efforts both domestically and internationally [5]. - A DCF valuation method was employed, with a WACC of 9.2% and a perpetual growth rate of 2.8%, maintaining the target price at RMB 60.43 [5].

Core Insights - Australia Huain Medical (688212.SH) reported its Q3 2025 results, revealing that 26 institutional investors hold a total of 29.58 million A-shares, accounting for 21.97% of the company's total equity [1] - The top ten institutional investors collectively own 18.60% of the shares, with a slight increase of 0.01 percentage points compared to the previous quarter [1] Institutional Holdings - A total of 13 public funds increased their holdings in Australia Huain Medical, with a holding increase ratio of 2.14% [2] - Seven public funds reduced their holdings, with a decrease ratio of 0.50% [2] - One new public fund disclosed its holdings, while 172 public funds did not disclose their holdings this quarter [2] Social Security Funds - Two new social security funds disclosed their holdings in Australia Huain Medical, including the Huatai Baoxing Health Consumption A and the National Social Security Fund 501 portfolio [2]

证券代码：688212 证券简称：澳华内镜 公告编号：2025-066 上海澳华内镜股份有限公司 关于召开2025年第三次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、召开会议的基本情况 （一） 股东大会类型和届次 2025年第三次临时股东大会 召开日期时间：2025 年 11 月 14 日 14 点 30 分 召开地点：上海市闵行区光中路 133 弄 66 号澳华内镜大厦十楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 14 日 至2025 年 11 月 14 日 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 （七） 涉及公开 ...

Core Insights - The company reported a revenue of 162 million yuan for Q3 2025, representing a year-on-year increase of 10.37% [1] - The net profit attributable to shareholders was -15.32 million yuan, indicating a loss [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -16.35 million yuan [1]

上海澳华内镜股份有限公司 章程 二〇二五年十月 | | | 上海澳华内镜股份有限公司章程 第一章 总则 第一条 为维护上海澳华内镜股份有限公司（以下简称"公司"）、股东和 债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》） 和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司，由上 海澳华光电内窥镜有限公司全体发起人股东以经审计的净资产折股整体变更 设立，经上海市市场监督管理局注册登记，取得营业执照，营业执照号： 91310112607671054B。 第三条 公司于2021年9月28日经中国证券监督管理委员会（以下简称"中 国证监会"）同意首次公开发行股票注册，首次向社会公众发行人民币普通股 （A股）股票3,334万股，并于2021年11月15日在上海证券交易所科创板上市。 第四条 公司注册名称：上海澳华内镜股份有限公司 第五条 公司住所：上海市闵行区光中路133弄66号，邮政编码：201108。 第六条 公司注册资本：人民币134,665,250元。 第七条 公司为永久存续的股份 ...