中信证券股份有限公司关于 上海澳华内镜股份有限公司首次公开发行股票并在科创板上市 持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 4 月 | 情况 | | | | | | | 内容 | | --- | --- | --- | --- | --- | --- | --- | --- | | 发行人名称 | 上海澳华内镜股份有限公司 | | | | | | | | 证券代码 | 688212.SH | | | | | | | | 注册资本 | 134,665,250 元人民币 | | | | | | | | 注册地址 | 上海市闵行区光中路 133 | | | | 弄 | 66 | 号 | | 主要办公地址 | 上海市闵行区光中路 133 | | | | 弄 | 66 | 号 | | 法定代表人 | 顾康 | | | | | | | | 实际控制人 | 顾康、顾小舟 | | | | | | | | 联系人 | 施晓江 | | | | | | | | 联系电话 | 021-54303731 | | | | | | | | 本次证券发行类型 | 首次公开发行股票并在科创板上市 | | ...

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 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对上海澳华内镜股份有限公司（以下简称"澳华内镜"、"公司"） 进行持续督导工作的保荐人，对公司 2024 年度（以下简称"本持续督导期间"） 的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 徐峰林、慎利亚 （三）现场检查人员 徐峰林、罗伟豪 （四）现场检查时间 2025 年 3 月 27 日—2025 年 3 月 28 日；2025 年 4 月 17 日；2025 年 4 月 22 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检 ...

Investment Rating - Maintain Outperform rating for the company [3][6] Core Views - In 2024, the company achieved revenue of RMB 750 million (+10.54%) and net profit attributable to shareholders of RMB 21.01 million (-63.68%) [3][6] - The flagship product AQ-300 continues to be promoted, boosting mid-to-high-end model installations [3][6] - Overseas market expansion is progressing well, with high growth expected, as overseas revenue reached RMB 161 million, up 42.70% YoY [3][6] Financial Summary - Revenue projections for 2023A to 2027E are as follows: RMB 678 million, RMB 750 million, RMB 827 million, RMB 1,017 million, and RMB 1,248 million respectively [2][4] - Net profit attributable to shareholders is projected to be RMB 58 million, RMB 21 million, RMB 91 million, RMB 117 million, and RMB 169 million for the same years [2][4] - EPS forecasts for 2025-2026 are raised to RMB 0.68 and RMB 0.87, with a new 2027 forecast of RMB 1.26 [3][6] Market Position and Strategy - The company is focusing on domestic substitution in the soft mirror industry, where foreign-funded enterprises currently hold a high market share [3][6] - The company plans to continue expanding its overseas markets, particularly in Europe and cost-sensitive emerging markets [3][6] - The company aims to enhance clinical recognition through improved product performance and increased market promotion [3][6]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's revenue for 2024 is projected to be 750 million yuan, representing a year-on-year growth of 10.54%, while the net profit attributable to the parent company is expected to decline by 63.68% to 21 million yuan [1][4] - In Q4 2024, the revenue is 249 million yuan, showing a slight year-on-year decrease of 0.2%, and the net profit is -16 million yuan [1][2] - For Q1 2025, the revenue is anticipated to drop by 26.9% to 124 million yuan, with a net profit of -29 million yuan [1][2] Revenue and Growth Outlook - The company is expected to face revenue pressure in the first half of 2025 due to inventory adjustments and a slowdown in hospital bidding [2] - New product commercialization is ongoing, with the introduction of electronic endoscopes, which may drive additional revenue [2] - Revenue forecasts for 2025-2027 are 827 million, 1.046 billion, and 1.317 billion yuan, with respective year-on-year growth rates of 10.32%, 26.44%, and 25.95% [4][5] Profitability Analysis - The gross profit margin for 2024 is 68.1%, down 5.7 percentage points year-on-year, leading to a net profit margin of 2.7%, a decrease of 6.3 percentage points [3] - In Q1 2025, the gross profit margin is projected to be 66.36%, with a net profit margin of -23.28% due to revenue pressures and ongoing expenses [3] - Despite short-term profit pressures, there is an expectation for gradual improvement in net profit margins post-2025 [3] Financial Summary - The company’s financial projections indicate a significant recovery in net profit from 38 million yuan in 2025 to 207 million yuan in 2027, with corresponding EPS increasing from 0.28 yuan to 1.54 yuan [4][5] - The price-to-sales ratio for 2025 is estimated at 7 times [4]

Investment Rating - The report maintains an "Increase-B" rating for the company [1][10] Core Views - The company's domestic business growth is limited due to a decrease in bidding activities, while overseas business is progressing rapidly [1][6] - In 2024, the company achieved a revenue of 750 million yuan, a year-on-year increase of 10.54%, but the net profit decreased by 63.68% to 21.01 million yuan [5][10] - The company is focusing on expanding its overseas marketing network, which has led to significant growth in international sales [6][10] Financial Performance Summary - For 2024, domestic revenue was 586 million yuan (up 3.93% YoY) and international revenue was 161 million yuan (up 42.70% YoY) [6][10] - In Q1 2025, the company reported a revenue of 124 million yuan, a decrease of 26.92% YoY, with a net loss of 28.79 million yuan [5][10] - The gross margin and net margin both declined in 2024, with gross margin at 68.12% and net margin at 2.71% [7][10] Research and Development - The company increased R&D expenditure to 163.6 million yuan in 2024, accounting for 21.83% of revenue, with significant advancements in product lines [8][10] - New product launches include electronic bladder and ureteroscopes, and a high-spectral platform for enhanced medical imaging [8][9] Future Projections - Revenue projections for 2025-2027 are 873 million, 1.071 billion, and 1.272 billion yuan, representing growth rates of 16.4%, 22.7%, and 18.8% respectively [10][12] - Expected net profits for the same period are 75 million, 124 million, and 172 million yuan, with corresponding EPS of 0.56, 0.92, and 1.28 yuan [10][12]

Investment Rating - The report indicates a positive outlook for the weight loss drug sector within the pharmaceutical and biotechnology industry, suggesting potential acceleration in business development (BD) opportunities [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of -0.36% from April 14 to April 18, underperforming compared to the Wind All A index (0.39%) and the CSI 300 index (0.59). The market showed a preference for defensive sectors, with chemical preparations (0.62%), traditional Chinese medicine (0.6%), and offline pharmacies (0.19%) showing minor gains, while blood products (-4.39%), other biological products (-1.78%), and vaccines (-1.49%) saw significant pullbacks [2][7]. - The GLP-1 receptor agonists are expected to catalyze growth in the weight loss drug sector. Notably, Eli Lilly announced positive results from the Phase III ACHIEVE-1 study for its oral drug Orforglipron, which is set to expand the application of GLP-1 drugs. This class of drugs is becoming a focal point for multinational corporations (MNCs) in the metabolic disease space, with domestic companies poised to benefit from rapid innovation and lower R&D costs [2][12]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from April 14 to April 18 showed a decline of -0.36%, with the market favoring defensive stocks. The top gainers included Shuangcheng Pharmaceutical (56.4%), Kangpeng Technology (56.3%), and Lifang Pharmaceutical (47.1%), while the largest losers were *ST Jiyuan (-50.7%), Hasanlian (-19.1%), and Changyao Holdings (-18.5%) [7][10]. Industry News and Key Company Announcements - On April 17, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved positive results in its Phase III study, showing significant reductions in A1C levels and weight loss compared to placebo [12]. - Pfizer terminated the development of its GLP-1 small molecule receptor agonist Danuglipron due to potential liver damage in trial participants [12]. - The report highlights several companies making strides in the industry, including the approval of new indications for Merck's Gardasil 9 HPV vaccine and the progress of various clinical trials for innovative drugs [13][14].

Group 1 - The company reported Q1 2025 revenue of 124 million (YoY -26.92%) and a net profit of -29 million (YoY -1143.36%) [1] - The company's performance is under short-term pressure due to market adjustments and inventory challenges, but there is optimism for improved performance throughout the year as inventory pressure eases [2] - The company has initiated a second round of equipment updates and is seeing a gradual recovery in bidding from hospitals, which is expected to support performance recovery [2] Group 2 - The company is steadily launching new products and deepening its presence in the county-level grassroots market, with several new products introduced in Q1 2025 [3] - The company has expanded its coverage to 181 new hospitals and conducted over 300 academic exchange activities, training more than 2400 grassroots doctors [3] - Revenue forecasts for 2025-2027 are projected at 867 million, 1027 million, and 1217 million respectively, with significant growth in net profit expected [3]

Core Viewpoint - The company reported a significant decline in revenue and a net loss in Q1 2025, aligning with market expectations, while focusing on long-term growth potential through innovation and product development [1][4]. Revenue Performance - In Q1 2025, the company generated revenue of 124 million yuan, a decrease of 26.92% year-over-year, and reported a net loss attributable to shareholders of 28.79 million yuan, compared to a profit of 2.76 million yuan in Q1 2024 [1]. - The revenue pressure is attributed to the seasonal downturn and ongoing inventory clearance, with expectations for a recovery in revenue throughout 2025 as clinical recognition and brand strength improve [2]. Profitability Analysis - The gross margin for Q1 2025 was approximately 66.4%, showing a 0.5 percentage point increase from Q4 2024 but a 10 percentage point decrease year-over-year due to changes in accounting standards affecting warranty costs [2]. - The company prudently recognized inventory impairment and contract asset impairment provisions totaling approximately 3.64 million yuan, alongside credit impairment provisions of about 2.34 million yuan, which impacted quarterly profits [2]. Innovation and R&D Focus - In 2024, the company invested 164 million yuan in R&D, reflecting an 11.29% year-over-year increase, constituting 21.83% of total revenue [3]. - The company launched several new endoscopic systems, including the AQ-150 and AQ-120 series, aimed at enhancing diagnostic capabilities in healthcare institutions, with further product developments expected in the coming years [3]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 at 113 million yuan and 186 million yuan, respectively [4]. - Due to short-term impairments and long-term expense management, the target price has been adjusted down by 7.7% to 60 yuan, indicating a potential upside of 57.5% while maintaining an outperform rating [4].

证券代码：688212 证券简称：澳华内镜 公告编号：2025-031 上海澳华内镜股份有限公司 关于以集中竞价交易方式回购股份比例达到 1%暨回 购进展公告 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 | 137.04万股 | | 累计已回购股数占总股本比例 | 1.02% | | 累计已回购金额 | 5,524.20万元 | | 实际回购价格区间 | 37.50元/股~41.99元/股 | 一、回购股份的基本情况 上海澳华内镜股份有限公司（以下简称"公司"）于 2025 年 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 ...

上海澳华内镜股份有限公司 章程 二〇二五年四月 | | | 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。 第七条 公司为永久存续的股份有限公司。 第八条 董事长为公司的法定代表人。 第九条 公司全部资产分为等额股份，股东以其认购的股份为限对公司承担 责任，公司以其全部资产对公司的债务承担责任。 第十条 本章程自生效之日起，即成为规范公司的组织与行为，规范公司与 股东、股东与股东之间权利义务关系的具有法律约束力的文件，成为对公司、 股东、董事、监事、高级管理人员具有法律约束力的文件。依据本章程，股东 可以起诉股东，股东可以起诉公司董事、监事 ...