中信证券股份有限公司 关于上海澳华内镜股份有限公司 2025 年度日常关联交易额度预计的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为上海 澳华内镜股份有限公司（以下简称"澳华内镜"、"公司"）首次公开发行股票 并上市的保荐机构，根据《证券发行上市保荐业务管理办法》、《上海证券交易 所科创板股票上市规则》和《科创板上市公司持续监管办法（试行）》等法律法 规的规定，对公司 2025 年度日常关联交易额度预计事项进行了核查，核查情况 如下： 实际业务情况签订具体交易协议，交易价格将严格秉承公平、合理的原则，参照 市场化公允价格水平、行业惯例、第三方定价，由双方协商确定，不会导致损害 公司及股东特别是中小股东利益的情况发生。同时，关联交易不会影响公司的独 立性，公司主营业务不会因上述交易而对关联方形成依赖，不会对公司的财务状 况、经营成果产生不利影响。综上，监事会同意公司 2025 年度日常关联交易额 度预计的议案。 （二）本次日常关联交易预计金额和类别 以下为预计 2025 年度日常关联交易类别和金额的具体情况： | | | | | | | | | | 单位:万元 | | --- | - ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, highlighting its position as a leader in the domestic soft endoscope market and the steady growth of its AQ series products [7][17]. Core Insights - The company is expected to achieve total revenues of 799 million, 991 million, and 1.231 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 17.85%, 24.03%, and 24.24% respectively [2][17]. - The net profit attributable to the parent company is projected to be 65 million, 104 million, and 158 million yuan for the same period, with growth rates of 13.18%, 58.74%, and 52.03% [3][17]. - The current price-to-earnings (P/E) ratios are 94x, 59x, and 39x for the years 2024, 2025, and 2026 respectively [4][17]. - The company has established a strong reputation in the market, particularly with its AQ-300 product, which is gaining recognition in leading hospitals domestically and is expected to support overseas growth [19][33]. Summary by Sections 1. Company Overview - The company, established in 1994, specializes in the research, development, production, and sales of electronic endoscope equipment and related surgical consumables, with applications across various clinical departments [31]. 2. Market Performance - The domestic soft endoscope market is projected to grow from approximately 7.33 billion yuan in 2023 to 8.12 billion yuan by 2025, with a compound annual growth rate (CAGR) of 10.96% from 2015 to 2025 [10][77]. - The company has captured a leading position in the domestic market, with a 13% share of new bids for soft endoscopes as of Q3 2024, surpassing competitors [10][78]. 3. Product Development - The company has made significant advancements in its product offerings, including the launch of the AQ-300, the first 4K ultra-high-definition endoscope in China, and plans for the next-generation AQ-400 to be released in 2026 [84][85]. - Continuous investment in research and development has led to breakthroughs in key technologies such as optical imaging and image processing, enhancing the company's competitive edge [50][51]. 4. Financial Projections - The report forecasts total revenues of 799 million, 991 million, and 1.231 billion yuan for 2024 to 2026, with corresponding net profits of 65 million, 104 million, and 158 million yuan [17][104]. - The company is expected to maintain a gross margin of around 70% and a net margin that improves over the forecast period, reflecting operational efficiency and market demand [41][104].

证券代码：688212 证券简称：澳华内镜 公告编号：2024-052 上海澳华内镜股份有限公司 截至本公告披露日，顾康、顾小舟及其控制的上海小洲光电科技有限公司（以 下简称"小洲光电"）合计持有上海澳华内镜股份有限公司（以下简称"公司"） 41,822,800 股，占公司总股本的 31.07%。其中小洲光电持有公司股份 3,132,100 股，占公司总股本的 2.33%；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 16.15%。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。 减持计划的主要内容 2024 年 12 月 2 日，公司收到顾康、顾小舟及其控制的小洲光电出具的告知 函，小洲光电拟通过集中竞价交易方式、大宗交易方式合计减持数量不超过 1,252,840 股，即不超过公司总股本的 0.9309%。其中，通过集中竞价交易方式 减持不超过 1,252,840 股，自本公告披露之日起 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 1,252 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][9]. Core Views - The soft endoscope market has significant growth potential, with the company breaking through foreign monopolies and achieving rapid market share growth. The demand for early screening and advancements in endoscope manufacturing technology are driving this growth. By 2033, the medical soft endoscope market in China is expected to reach USD 1.39 billion [6][30]. - The AQ-300 ultra-high-definition endoscope system has notable advantages, enhancing the company's competitiveness in high-end markets. The company reported a 52.29% year-on-year increase in revenue and a 167.04% increase in net profit for 2023 [7][26]. - The company focuses on research and innovation, with a significant number of new products launched in 2023, indicating a robust future growth driver [8]. Summary by Sections Company Overview - The company, established in 1994, specializes in the research, production, and sales of medical soft endoscope equipment and related consumables. It has made significant technological advancements, allowing it to compete in a market previously dominated by foreign companies [20][21]. Market Dynamics - The global medical soft endoscope market is projected to grow from USD 8.98 billion in 2023 to USD 16.73 billion by 2033, with a CAGR of 6.42%. The Chinese market is expected to grow from USD 630 million in 2023 to USD 1.39 billion by 2033, with a CAGR of 8.25% [30][32]. Competitive Landscape - The company has increased its market share significantly, achieving an 11.88% market share in the digestive endoscope segment in 2023, up 7.20 percentage points from 2021. Major competitors include Olympus, Fujifilm, and Pentax, which dominate the market [6][32]. Financial Performance - In 2023, the company achieved a revenue of CNY 678 million, a 52.29% increase year-on-year, and a net profit of CNY 58 million, a 167.04% increase year-on-year. The revenue for the first three quarters of 2024 was CNY 501 million, reflecting a 16.79% year-on-year growth [7][26][12]. Future Outlook - The company expects continued growth in net profit, with projections of 0.68%, 31.64%, and 40.29% year-on-year growth from 2024 to 2026. The PE ratios for the respective years are projected to be 116, 88, and 63 times [9][12].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 53.81 per share [1][11]. Core Insights - The company is experiencing increasing demand for new and replacement soft endoscope equipment in hospitals, indicating a positive outlook for its future [1]. - In Q3 2024, the company reported revenue of RMB 147 million, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of RMB 32 million, up 345.17% year-on-year [9][10]. - For the first three quarters of 2024, total revenue reached RMB 501 million, reflecting a 16.79% year-on-year increase, while net profit attributable to shareholders was RMB 37 million, down 17.45% year-on-year [9][10]. Financial Performance Summary - The company's Q3 2024 gross profit margin was 63.95%, down 10.38 percentage points year-on-year, while the net profit margin was 21.35%, up 15.80 percentage points year-on-year [2][10]. - As of the end of Q3 2024, accounts receivable stood at RMB 276 million, a decrease of approximately RMB 7 million from the interim report, and inventory was RMB 254 million, an increase of approximately RMB 18 million [2][10]. - Revenue projections for 2024-2026 are RMB 815 million, RMB 1.014 billion, and RMB 1.279 billion, respectively, with net profit estimates of RMB 85 million, RMB 113 million, and RMB 138 million [3][11]. Earnings Forecast - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be RMB 0.63, RMB 0.84, and RMB 1.03, respectively [3][11]. - The company is positioned as a leading domestic player in the endoscope field, justifying an 85x price-to-earnings (PE) ratio for 2024 and a 12x price-to-sales (PS) ratio, leading to a target price of RMB 53.81 per share [11]. Revenue Breakdown - The revenue breakdown for the company includes endoscope equipment, consumables, and maintenance services, with projected revenues of RMB 6.22 billion, RMB 0.43 billion, and RMB 0.12 billion for 2024, respectively [5]. - Total revenue for 2024 is expected to be RMB 6.78 billion, increasing to RMB 8.15 billion in 2025 [5]. Valuation Metrics - The report provides valuation metrics, including a projected PE ratio of 85 for 2024 and a PS ratio of 12, leading to a reasonable price of RMB 53.81 per share [11]. - The average PE and PS ratios for comparable companies are also presented, indicating the competitive landscape [6].

本所及本所律师依据法律法规及本法律意见出具目以前已经发生或者存在的事实, 严格履行了法定职责,遵循了勤勉尽责和诚实信用原则,进行了充分的核查验证,保证 本法律意见所认定的事实真实、准确、完整,所发表的结论性意见合法、准确,不存在 虚假记载、误导性陈述或者重大遗漏,并承担相应法律责任。 上海市通力律师事务所关于上海澳华内镜股份有限公司 2024 年第二次临时股东大会的法律意见书 致:上海澳华内镜股份有限公司 上海市通力律师事务所(以下简称"本所")接受上海澳华内镜股份有限公司(以 下简称"公司")的委托,指派本所夏青律师、周奇律师(以下简称"本所律师")根 据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等 法律法规和规范性文件(以下统称"法律法规")及《上海澳华内镜股份有限公司章程》 (以下简称"公司章程")的规定就公司 2024 年第二次临时股东大会(以下简称"本 次股东大会")相关事宜出具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以 了核查、验证。在进行核查验证过程中,公司已向本所保证,公司提供予本所之文件中 的所有签署、盖章及印章都是真实 ...

本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 14 日 （二） 股东大会召开的地点：上海市闵行区光中路 133 弄 66 号澳华内镜大厦十 楼会议室 重要内容提示： 2024 年第二次临时股东大会决议公告 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。 证券代码：688212 证券简称：澳华内镜 公告编号：2024-051 上海澳华内镜股份有限公司 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 104 | | --- | --- | | 普通股股东人数 | 104 | | 2、出席会议的股东所持有的表决权数量 | 54,998,382 | | 普通股股东所持有表决权数量 | 54,998,382 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 40.8644 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 40. ...

证券代码：688212 证券简称：澳华内镜 公告编号：2024-050 1 上海澳华内镜股份有限公司 股东减持股份结果公告 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： 股东持股的基本情况 本次减持计划实施前， Appalachian Mountains Limited（以下简称 "Appalachian"）持有上海澳华内镜股份有限公司（以下简称"公司"）1,914,722 股，占公司总股本 1.42%，其中无限售条件流通股 1,914,722 股； 减持计划的实施结果情况 Appalachian 拟通过集中竞价、大宗交易方式减持公司股份，合计减持不超 过 1,914,722 股，合计减持比例不超过公司总股本的 1.42%。其中，通过集中竞 价交易方式减持不超过 1,345,872 股，自减持计划公告披露之日起 3 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 568,850 股，自减持计划公告披 露之日起 3 个交易日后的 3 个月内进行。Appalachian 目前为公司 5 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 70 yuan [1]. Core Insights - The company's revenue growth has shown a temporary slowdown, with a 5.39% increase in Q3 2024, primarily due to proactive inventory clearance. However, feedback from hospital terminals regarding the AQ-300 product remains positive, indicating a stable long-term growth trajectory [2]. - In Q3 2024, the company's net profit attributable to shareholders surged by 345.17%, driven by the reversal of share-based payment expenses and significant government subsidies. The company received 14.15 million yuan in government subsidies by September 30, 2024, which further enhanced profitability [2]. - Cost control measures have yielded results, with reductions in sales, management, and R&D expenses by 13.01%, 11.01%, and 29.37% respectively in Q3 2024. The expense ratios for sales, management, and R&D have improved compared to previous quarters [2]. - The company continues to invest steadily in R&D, with a R&D expense ratio of 17.53% in Q3 2024. New product launches include advanced imaging platforms and high-definition endoscope systems, which are expected to meet diverse market demands and strengthen the domestic market position [2]. Financial Summary - For the first three quarters of 2024, total revenue reached 501 million yuan, reflecting a year-on-year increase of 16.79%. The net profit attributable to shareholders was 37 million yuan, down 17.45% year-on-year, while the non-recurring net profit was 15 million yuan, down 55.24% [1][3]. - The projected financial performance for 2024-2026 includes net profits of 82 million yuan, 130 million yuan, and 201 million yuan, representing year-on-year growth rates of 41.2%, 58.7%, and 55.4% respectively. The earnings per share (EPS) are expected to be 0.61 yuan, 0.96 yuan, and 1.50 yuan for the same period [2][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][5] Core Views - The company has shown a steady increase in revenue and profit margins, with Q3 2024 revenue reaching 147 million yuan, a year-on-year increase of 5.39%, and net profit increasing by 345.17% to 32 million yuan [4] - The company is expected to benefit from increasing demand for soft endoscopic equipment in hospitals, indicating a positive outlook for future growth [4] Financial Performance Summary - For Q3 2024, the company reported a revenue of 147 million yuan, with a net profit of 32 million yuan, and a non-recurring net profit of 16 million yuan [4] - For the first three quarters of 2024, total revenue reached 501 million yuan, a year-on-year increase of 16.79%, while net profit decreased by 17.45% to 37 million yuan [4] - The gross profit margin for Q3 2024 was 63.95%, a decrease of 10.38 percentage points year-on-year, while the net profit margin increased by 15.80 percentage points to 21.35% [4] Earnings Forecast - The company is projected to achieve net profits of 85 million yuan, 113 million yuan, and 138 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.63 yuan, 0.84 yuan, and 1.03 yuan [5][9] - The estimated revenue for 2024 is 815 million yuan, with a growth rate of 20.1% [6][9] Valuation - The company is valued at a reasonable range of 42.37 to 53.81 yuan per share based on a PE ratio of 65-85 for 2024 [5] - The projected revenue from endoscopic equipment is expected to grow from 6.22 billion yuan in 2024 to 11.47 billion yuan by 2026 [7]