关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/1/6 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 249.91万股 | | 累计已回购股数占总股本比例 | 1.86% | | 累计已回购金额 | 9,998.69万元 | | 实际回购价格区间 | 36.98元/股~41.99元/股 | 一、回购股份的基本情况 证券代码：688212 证券简称：澳华内镜 公告编号：2025-033 上海澳华内镜股份有限公司 上海澳华内镜股份有限公司（以下简称"公司"）于 2025 年 1 月 3 日召开了 第二届董事会第十六次会议审议通过了《关于以集中竞价交易方式回购公司 ...

Group 1 - The core viewpoint of the news is that Aohua Endoscopy has experienced a significant stock price increase of 7.98%, closing at 48.01 yuan, despite reporting a substantial decline in revenue and net profit in the latest quarterly report [1] - As of the first quarter of 2025, Aohua Endoscopy has 30 institutional investors holding a total of 24.937 million shares, with a market value of 1.064 billion yuan [1] - The company specializes in the research, production, and sales of electronic endoscopy equipment and related medical consumables, with a primary focus on endoscopy devices and services [1] Group 2 - In the first quarter of 2025, Aohua Endoscopy reported an operating revenue of 124 million yuan, a year-on-year decrease of 26.92%, and a net profit loss of approximately 28.79 million yuan, reflecting a year-on-year decline of 1143.36% [1] - The company's gross profit margin stands at 66.36% [1] - Aohua Endoscopy's current price-to-earnings ratio (PE) is significantly negative at -613.48, while the industry average PE is 48.90 [2]

Core Viewpoint - The digestive endoscopy industry is expected to enter a new growth cycle with the launch of Olympus's X1 endoscope system, which will significantly impact the soft endoscope market in various regions [3][20]. Group 1: Olympus X1 Product Launch and Market Impact - The launch of Olympus's new generation X1 system has led to fluctuations in the soft endoscope market across different regions, as hospitals may delay procurement until the new product is available [3][11]. - The X1 system, which integrates advanced imaging technologies and ergonomic design, is anticipated to drive a significant increase in demand for soft endoscopes once fully launched in China [7][10]. - The X1 system's revenue contribution to Olympus's gastrointestinal business has increased from approximately 10% in Q3 2021 to around 30% by Q1 2024, indicating strong market acceptance [10][11]. Group 2: Domestic Market Challenges and Future Outlook - The domestic soft endoscope market is under pressure in 2024 due to factors such as anti-corruption measures affecting procurement and delays in equipment updates, leading to a projected 21.1% decline in the medical equipment bidding market [13][17]. - The X1 endoscope's main unit has been approved in China, but the accompanying endoscope is still pending approval, causing hospitals to postpone purchases [13][17]. - It is expected that the X1 endoscope will be fully launched by the end of this year or early next year, which could lead to a concentrated release of demand in the domestic market [17][18]. Group 3: Growth of Domestic Manufacturers - Domestic manufacturers like Aohua and Kaili Medical are expected to benefit from the industry growth driven by the X1 system, as their product quality continues to improve and gain recognition in high-tier hospitals [24][27]. - The domestic soft endoscope market's localization rate has increased from less than 15% in 2021 to over 35% by Q3 2024, indicating a growing acceptance of domestic products [25][27]. - Aohua's AQ-300 and Kaili's HD-580 have been recognized in major hospitals, and their sales are expected to increase as the market recovers [24][32].

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company reported a revenue of 750 million yuan in 2024, representing a year-on-year growth of 10.54%, but the net profit attributable to shareholders decreased by 63.68% to 21.01 million yuan [1]. - In Q1 2025, the company faced challenges with a revenue drop of 26.92% to 124 million yuan and a significant net loss of 28.79 million yuan, a decrease of 1143.36% year-on-year [1]. - Domestic revenue was under pressure due to reduced procurement activities, while overseas revenue grew significantly by 42.70% to 161 million yuan in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 750 million yuan, with a year-on-year growth of 10.54%. However, the net profit attributable to shareholders was only 21.01 million yuan, down 63.68% from the previous year [1][8]. - The first quarter of 2025 saw a revenue decline to 124 million yuan, a 26.92% decrease year-on-year, and a net loss of 28.79 million yuan [1]. Domestic and Overseas Market - Domestic revenue for 2024 was 586 million yuan, growing by 3.93%, but limited by a decrease in procurement activities and tender amounts [2]. - The company expanded its overseas marketing network, resulting in a 42.70% increase in overseas revenue to 161 million yuan in 2024 [2]. Research and Development - The company invested 164 million yuan in R&D in 2024, an increase of 11.29%, accounting for 21.83% of total revenue [3]. - Significant product developments included the launch of various advanced endoscopic systems and tools aimed at improving diagnostic capabilities [3]. Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 825 million yuan, 1.021 billion yuan, and 1.238 billion yuan respectively, with net profits expected to be 74 million yuan, 114 million yuan, and 164 million yuan [4][7]. - The earnings per share (EPS) are projected to be 0.55 yuan, 0.85 yuan, and 1.22 yuan for the years 2025, 2026, and 2027 respectively [7].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 58 yuan [2]. Core Views - The company's domestic business is under temporary pressure, while its overseas business is experiencing rapid growth. In 2024, the company achieved a revenue of 750 million yuan, a year-on-year increase of 10.54%, but the net profit attributable to the parent company decreased by 63.68% to 21 million yuan [2][7]. - The report highlights that the company's overseas revenue reached 161 million yuan in 2024, representing a year-on-year growth of 42.70%, which significantly contributed to the overall revenue increase [2][7]. - The report anticipates that the company's net profit will rebound significantly in the coming years, with projections of 98 million yuan in 2025, 133 million yuan in 2026, and 168 million yuan in 2027, reflecting year-on-year growth rates of 367.0%, 35.8%, and 25.7% respectively [2][7]. Financial Summary - In 2024, the company reported total revenue of 750 million yuan, with a year-on-year growth rate of 10.5%. The net profit attributable to the parent company was 21 million yuan, down 63.7% from the previous year [2][8]. - The earnings per share (EPS) for 2024 was 0.16 yuan, with projected EPS of 0.73 yuan in 2025, 0.99 yuan in 2026, and 1.24 yuan in 2027 [2][8]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 285 in 2024 to 36 in 2027, indicating an improving valuation as earnings grow [2][8]. Business Performance - The domestic business faced challenges in 2024 due to a decrease in procurement activities in the domestic endoscope market, resulting in a revenue of 586 million yuan, a year-on-year increase of only 3.93% [2][7]. - The company has successfully increased the sales of its mid-to-high-end products, with the number of installations in tertiary hospitals rising significantly [2][7]. - The first quarter of 2025 saw a revenue decline of 26.92% to 124 million yuan, attributed to market adjustments and inventory clearance [2][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's 2024 performance met expectations, with total revenue of 750 million yuan, representing a year-on-year growth of 10.54%. Domestic market revenue was 586 million yuan, growing by 3.93%, while overseas revenue reached 161 million yuan, increasing by 42.70% [2][6][11] - The decline in domestic revenue growth is attributed to reduced procurement activities in the domestic terminal market, influenced by a decrease in the total amount of bidding [11] - The company is expanding its overseas marketing network, which is expected to sustain high growth rates in the future [11] - The company continues to focus on research and development, launching several new products in 2024, enhancing its competitive edge [11] Summary by Sections Financial Performance - In 2024, the company reported a net profit attributable to shareholders of 21.01 million yuan, a decrease of 63.68% year-on-year. The net profit after deducting non-recurring gains and losses was -6.29 million yuan, down 114.13% [6][11] - For Q1 2025, the company recorded a revenue of 124 million yuan, a decline of 26.92% year-on-year, with a net profit of -28.79 million yuan [6][11] Market Dynamics - The company is seeing a continuous increase in market share for its mid-to-high-end products, particularly the AQ-300 model in tertiary hospitals [11] - The company is actively promoting its products in county-level hospitals, enhancing diagnostic techniques and upgrading treatment models [11] Overseas Expansion - The overseas revenue growth of 42.70% in 2024 is attributed to successful product approvals and marketing efforts in multiple countries, which have significantly boosted brand influence [11] Research and Development - The company has established a robust R&D system with multiple locations, focusing on innovation in optical imaging, image processing, and key components for electronic endoscopes [11] - New product launches in 2024 include advanced endoscope systems, which are expected to strengthen the company's market position [11] Future Outlook - The company is projected to achieve net profits of 70 million, 100 million, and 139 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 77, 54, and 39 times [11]

Core Insights - Pension funds have appeared in the top ten circulating shareholders of nine Sci-Tech Innovation Board stocks, with a total holding of 21.90 million shares valued at 862 million yuan at the end of the first quarter [1][2] - The pension funds have newly invested in two stocks, increased holdings in one stock, reduced holdings in two stocks, and maintained their positions in four stocks [1] Summary by Category Holdings Overview - The stock with the highest holding ratio by pension funds is Rongzhi Rixin, accounting for 4.53% of circulating shares, followed by Haitai Xinguang at 4.18% and Laisi Information at 2.71% [1] - The top three stocks by the number of shares held are Haitai Xinguang (5.04 million shares), Yubang Electric (3.74 million shares), and Rongzhi Rixin (3.70 million shares) [1] - The stocks with the highest market value held by pension funds are Rongzhi Rixin (194 million yuan), Haitai Xinguang (189 million yuan), and Laisi Information (150 million yuan) [1] Industry Focus - Pension fund holdings are primarily concentrated in the pharmaceutical and biotechnology, machinery equipment, and electric equipment industries, with two stocks from each sector represented [1] Performance Metrics - Among the stocks held by pension funds, seven reported year-on-year net profit growth in the first quarter, with Yubang Electric showing the highest increase of 168.08% [2] - The average decline of the Sci-Tech Innovation Board stocks held by pension funds since April is 3.52%, with Shihua Technology showing the best performance with a cumulative increase of 10.78% [2]

证券代码：688212 证券简称：澳华内镜 公告编号：2025-032 上海澳华内镜股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事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。 一、获得补助的基本情况 上海澳华内镜股份有限公司（以下简称"公司"）于2025年4月27日收到软件产品增 值税即征即退退税款人民币495.24万元，均属于与收益相关的政府补助款项。 二、政府补助的类型及对公司的影响 公司根据《企业会计准则第16号——政府补助》等有关规定，确认上述事项并划分 补助类型。上述政府补助未经审计，具体的会计处理以及对公司损益的影响情况最终以 审计机构年度审计确认后的结果为准，敬请广大投资者注意投资风险。 特此公告。 上海澳华内镜股份有限公司董事会 2025年4月28日 ...

上海澳华内镜股份有限公司 2024 年年度股东大会会议资料 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 2024 年年度股东大会 会议资料 二零二五年四月 | | | 上海澳华内镜股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议须知 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》、 中国证监会《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 2024 年 年度股东大会会议须知： 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表决权数量之前，会议 登记应当终止。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及 ...

中信证券股份有限公司 关于上海澳华内镜股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海澳 华内镜股份有限公司（以下简称"澳华内镜"或"公司"或"上市公司"）首次 公开发行股票并在科创板上市的保荐人。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》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订承销及保荐协议，该协议已明确了双方在持续督导 期间的权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 3 月 27-28 日和 2025 年 4 月 17 日、2025 年 4 月 22 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计 ...