证券代码：688212 证券简称：澳华内镜 公告编号：2025-030 上海澳华内镜股份有限公司 关于2025年第一季度计提资产减值准备的公告 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、本次计提减值准备情况概述 根据《企业会计准则》和公司会计政策的相关规定，为客观、公允地反映 公司截至 2025 年 3 月 31 日的财务状况及 2025 年第一季度的经营成果，公 司对截至 2025 年 3 月 31 日母公司及子公司可能发生的信用及资产减值情况 进行了充分的评估和分析，本着谨慎性原则，公司对相关资产计提了相应的减 值准备。2025 年第一季度公司计提信用及资产减值准备共计 597.80 万元，具 体情况如下： 单位：万元 的预测，通过违约风险敞口与整个存续期预期信用损失率，计算预期信用损失。 根据《企业会计准则第1号——存货》，资产负债表日，存货应当按照成本与可 变现净值孰低计量。在确定存货的可变现净值时，以取得的可靠证据为基础， 并且考虑持有存货的目的、资产负债表日后事项的影响等因素。经测试，公司 2025年 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥123,727,829.72, a decrease of 26.92% compared to ¥169,298,973.87 in the same period last year[3] - The net profit attributable to shareholders was -¥28,791,459.68, representing a decline of 1,143.36% from a profit of ¥2,759,505.20 in the previous year[3] - The basic and diluted earnings per share were both -¥0.21, down 1,150.00% from ¥0.02 in the same period last year[3] - Net profit for Q1 2025 was a loss of ¥28,805,606.78, compared to a profit of ¥2,553,872.74 in Q1 2024, indicating a significant decline in profitability[17] - The company reported a basic and diluted earnings per share of -¥0.21 for Q1 2025, compared to ¥0.02 in Q1 2024[18] - The company experienced a significant decline in net profit due to market adjustments and lower sales performance[6] Cash Flow and Liquidity - The net cash flow from operating activities was -¥79,479,605.75, an improvement from -¥104,090,525.46 in the previous year[3] - Cash received from sales of goods and services in Q1 2025 was ¥149,454,697.92, an increase of 15% from ¥130,194,843.84 in Q1 2024[20] - The total cash and cash equivalents at the end of the period were CNY 181,032,041.34, down from CNY 250,197,696.22 at the beginning of the period[22] - Cash flow from operating activities for Q1 2025 was -83,949,334.17 RMB, compared to -80,539,195.67 RMB in Q1 2024[29] - The total cash and cash equivalents at the end of Q1 2025 was 143,051,373.39 RMB, an increase from 87,078,987.30 RMB at the end of Q1 2024[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,722,612,149.61, a decrease of 1.49% from ¥1,748,676,638.82 at the end of the previous year[4] - The company's current assets totaled ¥957,750,695.27, down from ¥992,858,871.93, indicating a decrease of about 3.54%[12] - The total liabilities increased to ¥392,706,734.17 in the latest reporting period from ¥368,197,409.69 in the previous period, marking an increase of approximately 7%[14] - The total equity attributable to shareholders decreased to ¥1,315,496,010.83 from ¥1,366,055,677.44, reflecting a decline of about 4%[14] - The company's total assets decreased to CNY 1,694,423,869.91 from CNY 1,710,087,323.98[25] Research and Development - Research and development expenses totaled ¥41,759,818.78, accounting for 33.75% of operating revenue, an increase of 7.48 percentage points from 26.27%[4] - Research and development expenses for Q1 2025 were ¥41,759,818.78, slightly down from ¥44,482,962.56 in Q1 2024, showing a decrease of about 6%[17] - Research and development expenses for Q1 2025 were CNY 38,845,966.70, slightly lower than CNY 39,018,418.14 in Q1 2024[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,022[8] - The company reported no significant changes in shareholder relationships or actions during the reporting period[10] Other Financial Metrics - Non-recurring gains and losses amounted to ¥2,209,597.44 after tax, with government subsidies contributing ¥2,419,693.28[5][6] - The company recorded a tax expense of -¥8,879,820.56 in Q1 2025, compared to -¥2,869,603.72 in Q1 2024, indicating a higher tax impact on the loss[17] - Other comprehensive income after tax for Q1 2025 was ¥1,956,247.66, contrasting with -¥1,299,385.97 in Q1 2024, showing a recovery in this area[18] - The company reported a credit impairment loss of -3,935,448.76 RMB in Q1 2025, compared to -3,321,455.23 RMB in Q1 2024[28] - The company’s investment income for Q1 2025 was -190,749.55 RMB, a decrease from 1,238,833.69 RMB in Q1 2024[28]

Financial Performance - The company reported a basic earnings per share of -0.2100 yuan for Q1 2025, a decrease of 1150% compared to 0.0200 yuan in Q1 2024 [1] - Net profit for Q1 2025 was -0.29 billion yuan, a significant decline of 1066.67% from 0.03 billion yuan in Q1 2024 [1] - Operating revenue decreased by 26.63% to 1.24 billion yuan in Q1 2025 from 1.69 billion yuan in Q1 2024 [1] - The return on equity was -2.13% in Q1 2025, down from 0.19% in Q1 2024, indicating a substantial decline in profitability [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 64.21 million shares, accounting for 47.69% of the circulating shares, with a decrease of 757,400 shares compared to the previous period [2] - Major shareholders include Gu Xiaozhou with 21.74 million shares (16.14%), and Gu Kang with 16.95 million shares (12.59%), both remaining unchanged [3] - New entrants in the top ten shareholders include a fund from China Construction Bank holding 2.05% of the total shares, while two previous shareholders exited the top ten list [3] Dividend Policy - The company has announced that it will not distribute dividends or bonuses this period [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [23]. Core Views - The company reported a revenue of 750 million yuan for 2024, reflecting a year-on-year growth of 10.5%, while the net profit attributable to shareholders was 21 million yuan, down 63.7% year-on-year [3][4]. - The domestic market is expected to see steady growth in 2025, driven by improved bidding activities and the introduction of new products [4][6]. - The company is focusing on enhancing its product offerings and marketing efforts, which has led to increased expenses, impacting short-term profitability [6][7]. Financial Performance - In 2024, domestic revenue reached 586 million yuan (up 4% year-on-year), while overseas revenue was 160 million yuan (up 43% year-on-year), showcasing strong growth in international markets [5]. - The company anticipates revenue growth of 821 million yuan in 2025, 1.094 billion yuan in 2026, and 1.462 billion yuan in 2027, with net profits projected at 88 million yuan, 124 million yuan, and 191 million yuan respectively [7][8]. - The sales expense ratio for 2024 is projected at 33.4%, while the management expense ratio is expected to be 14.5% [6]. Product Development and Market Strategy - The introduction of high-end products like the AQ-3004K ultra-high-definition endoscope is expected to drive sales growth in tier-three hospitals [7]. - The company has launched several new products, including electronic percutaneous cholangioscopes and electronic bladder scopes, which are anticipated to contribute to revenue recovery as bidding activities improve [7][8]. Market Outlook - The report indicates that the overall domestic bidding environment is expected to improve, which will support the company's revenue growth in the coming years [5][6]. - The company is positioned as a leading domestic player in the flexible endoscope market, with innovative products that enhance clinical capabilities [8].

Core Viewpoint - Aohua Endoscopy's stock closed at 39.5 yuan, down 3.99%, with a rolling PE ratio of 253.15 times, significantly higher than the industry average of 45.94 times [1] Company Summary - Aohua Endoscopy Co., Ltd. specializes in the research, production, and sales of electronic endoscope equipment and endoscopic diagnostic surgical consumables [1] - The company's main products include endoscope equipment, endoscopic diagnostic consumables, and endoscope maintenance services [1] - For the fiscal year 2024, Aohua Endoscopy reported revenue of 750 million yuan, a year-on-year increase of 10.54%, while net profit was 21.01 million yuan, reflecting a year-on-year decrease of 63.68%, with a gross profit margin of 68.12% [1] Shareholder Information - As of March 31, 2025, Aohua Endoscopy had 4,022 shareholders, a decrease of 469 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Industry Summary - The average PE ratio for the medical device industry is 45.94 times, with a median of 29.64 times, positioning Aohua Endoscopy at the 117th rank within the industry [2]

证券研究报告 | 2025年04月15日 澳华内镜（688212.SH） 优于大市 国内收入增速放缓，海外业务增速亮眼 收入端稳健，利润端承压。2024 年公司实现营收 7.50 亿元（+10.54%）， 归母净利润 0.21 亿元（-63.68%），扣非归母净利润-0.06 亿元 （-114.13%）。24Q4 单季营收 2.49 亿元（-0.20%），归母净利润-0.16 亿元（-228.60%），扣非归母净利润-0.21 亿元（-392.07%）。2024 年 收入增长较 2023 年放缓，主要系受国内招采活动减少的影响，国内业 务收入增长有限。利润端承压，主要系公司持续加大研发及市场投入力 度，以及计提了坏账损失、商誉减值所致。 毛利率略有下滑，费用率上升。2024 年毛利率 68.12%，表观毛利率下降 5.66pp，主要系会计准则变更，保证类质保费用从销售费用调整至营业 成本所致，调整后主营业务毛利率下滑 1.57pp，预计系毛利率较低的海 外业务占比提升所致。销售费用率 33.38%（+3.16pp），管理费用率 14.48% （+1.08pp），研发费用率 21.83%（+0.15pp），财务 ...

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 16 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | | 年 | 04 | 月 15 | | | | 2025 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 41.14 | | | | 一 年 内 高 低 | 最 | | | | 最 | / | | | | | 总市值（百万元） | | | | | | | 5,540.13 | | | | 流通市值（百万元） | | | | | | | 5,540.13 | | | | 总股本（百万股） | | | | | | | 134.67 | | | | 资产负债率（%） | | | | | | | 21.06 | | | | 每股净资 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21][22] Core Views - The company's revenue growth is stable, but profit is under pressure due to increased R&D and marketing investments, as well as provisions for bad debts and goodwill impairment [1][8] - The gross margin has slightly declined, with an increase in expense ratios, primarily due to changes in accounting standards and a higher proportion of lower-margin overseas business [2][14] - The company is experiencing a slowdown in domestic revenue growth due to reduced procurement activities, while overseas revenue is showing strong growth [1][18] Financial Performance Summary - In 2024, the company achieved revenue of 750 million yuan (+10.54%) and a net profit of 21 million yuan (-63.68%), with a non-recurring net profit of -6 million yuan (-114.13%) [1][4] - The gross margin for 2024 is 68.12%, with a decline of 5.66 percentage points, mainly due to accounting changes [2][14] - The company plans to increase revenue to 860 million yuan in 2025, with a projected growth rate of 15% [3][21] Market and Product Development - The company is focusing on promoting the AQ-300 4K ultra-high-definition endoscope system, with steady growth in the installation of mid-to-high-end products [2][18] - In 2024, overseas revenue reached 161 million yuan, a year-on-year increase of 42.70%, accounting for 22% of total revenue [2][18] - The company is expected to benefit from a recovery in the bidding environment starting in 2025, as the industry adjusts to regulatory changes [3][21]

【投资要点】 业绩表现：2024 年，公司实现营业收入7.5 亿元(yoy+10.54%)；实现归母净利润0.21 亿元(yoy- 63.68%)；扣非归母净利-0.06 亿元(yoy-114.13%)。 AQ-300 入院顺利带动设备收入增长，海外业务进展顺利。分业务来看，内窥镜设备实现营收7.14亿元 （yoy+14.72%）；诊疗耗材实现营收0.21亿元（yoy-50.63%）；内窥镜维修服务实现营收0.13 亿元 （yoy+3.31%）。 设备业务的增长主要系AQ-300 装机量稳步提升，2024 年中高端机型主机、镜体在三级医院装机（含中 标）量分别为137 台、522 根，装机（含中标）三级医院达 116 家。分地区来看，2024 年公司国内业务 实现营收5.87 亿（yoy+3.93%），海外业务实现营收1.61 亿元（yoy+42.70%），公司海外市场的产品准 入及市场推广顺利推进，海外品牌影响力持续提升带动海外收入快速增长，国内业务则受到招采活动减 少的影响增长有限。 短期盈利能力有所波动，长期竞争力有望进一步提升。2024 年公司销售毛利率为68.12% (yoy-5.66pct ）； ...