一、获得补助的基本情况 证券代码：688212 证券简称：澳华内镜 公告编号：2025-052 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。 上海澳华内镜股份有限公司（以下简称"公司"）于2025年6月30日收到政府补助款 项人民币338.00万元，属于与收益相关的政府补助款项。 二、政府补助的类型及其对公司的影响 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7月2日 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-051 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公司股份的进展公告 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《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司以公司自有资金及中信银行股份有限公司上海分行提供的 股票回购专项贷款通过上海证券交易所交易系统以集中竞价交易方式回购公司股 份，所回购的股份将在未来适宜时机全部用于员工持股计划或股权激励。本次回 购股份的资金总额不低于人民币 10,000 万元（含），不超过人民币 20,000 万元（含）， 回购股份价格不超过人民币 45.00 元/股（含），回购股份期限为自董事会审议通 过回购股份方案之日起的 12 个月内。具体内容详见公司分别于 2025 年 1 月 6 日、 2025 年 1 月 9 日在上海证券交易所网站（www.sse.com.cn）上披露的《关于以集 中竞价交易方式回购股份方案的公告》（公告编号：2025-001）、《关于以集中竞价 交易方式回购股份的回购报 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-050 上海澳华内镜股份有限公司 根据《公司2025年员工持股计划（草案）》的相关规定，本员工持股计划 存续期为36个月，标的股票的锁定期为12个月，自公司公告最后一笔标的股票 过户至本员工持股计划名下之日起计算。锁定期满后，一次性解锁本持股计划 相应标的股票。 公司将根据本员工持股计划实施的进展情况，按照相关法律法规的规定及 时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《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》等规则的要求，现将 公司 2025 年员工持股计划实施进展情况公告如下： 根据参与对象实际认购和最终缴款的查验结果，本员工持股计划实际参与 认购的员工总数为 22 人，认购资金已全部实缴到位，最终缴纳认购资金总额为 6,000.00 万元，认购份额对应股份数量为 1,499,250 股，股票来源为公司回购 专用证券账户持有的公司 A 股普通股股票。参与本次持股计划的人员、实际认 购规模及资金来源等与公司股东大会审议通过的情况一致。 2025年6 ...

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6月24日收到政府补助款 项人民币230.00万元，属于与收益相关的政府补助款项。 证券代码：688212 证券简称：澳华内镜 公告编号：2025-049 二、政府补助的类型及其对公司的影响 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6月26日 ...

Core Viewpoint - The major shareholder of Shanghai Aohua Endoscopy Co., Ltd. has completed a share reduction plan, selling a total of 1,252,840 shares, which accounts for 0.93% of the company's total shares, primarily to meet personal funding needs [1][2][3] Group 1: Shareholder Information - Before the reduction, major shareholders Gu Kang, Gu Xiaozhou, and their controlled entity, Shanghai Xiaozhou Optoelectronics Technology Co., Ltd., held a total of 41,822,800 shares, representing 31.06% of the company's total equity [1][2] - Among these, Xiaozhou Optoelectronics held 12.59% and Gu Xiaozhou held 16.14% of the total shares [1] Group 2: Reduction Plan Implementation - The reduction plan was disclosed on May 23, 2025, with a maximum reduction of 1,252,840 shares planned to be executed within three months following the disclosure [1][2] - As of June 23, 2025, the reduction was completed, with the shares sold through centralized bidding [2][3] Group 3: Financial Details of the Reduction - The shares were sold at a price range of 45.70 to 51.90 yuan per share, resulting in a total amount of approximately 60,201,714.48 yuan [3] - After the reduction, the current shareholding of the major shareholders is 40,569,960 shares, which is 30.13% of the total shares [3]

证券代码：688212 证券简称：澳华内镜 公告编号：2025-048 上海澳华内镜股份有限公司 持股 5%以上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： 大股东持有股份的基本情况 本次减持计划实施前，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 31.06%。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16.14%。 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。 减持计划的实施结果情况 公司于 2025 年 5 月 23 日在上海证券交易所网站（www.sse.com.cn）披露了 《上海澳华内镜股份有限公司持股 5%以上股东减持股 ...

Summary of Aohua Endoscopy Conference Call Company Overview - Aohua Endoscopy is experiencing short-term performance pressure due to multiple factors, including hospital procurement disruptions, slow progress in the medical equipment replacement policy, and overall industry destocking, which affects the growth rate for 2024 [2][4][11]. Key Points and Arguments - **R&D Investment**: The company places a high emphasis on R&D, maintaining a research expense ratio above 20%. The new AQ400 ultra-high-definition endoscope system, featuring a hyperspectral technology platform, is expected to provide a competitive edge [2][5]. - **Overseas Business Growth**: Aohua's overseas business is expanding rapidly, particularly in developed markets such as Europe, the Middle East, and Southeast Asia, with overseas revenue accounting for 88.9% in fiscal year 2025. There is significant potential for future growth [2][7]. - **Management Confidence**: The company is expected to reach a turning point in operations by 2026, supported by share buybacks and the launch of new products like AQ-400, alongside expansion in overseas markets [2][8][11]. - **Employee Stock Ownership Plan**: In May 2025, Aohua announced an employee stock ownership plan, offering shares to up to 22 core management personnel at a price of 40.02 yuan, reflecting management's confidence in the company's future [2][9][10]. Industry Insights - **Future Development Model**: The endoscopy industry is likely to evolve towards a three-in-one model encompassing equipment, consumables, and maintenance services, with a focus on consumables and single-use endoscopes [3][11][13]. - **Market Trends**: The endoscopy market is expected to see significant growth driven by the launch of the AQ-400, increased domestic software demand, and high growth in overseas sales. The industry is characterized by strong monopolistic tendencies, but domestic companies like Aohua are making breakthroughs in the high-end gastrointestinal endoscope market [11][12]. Additional Important Content - **Challenges in 2024 and 2025**: The company's performance in 2024 and 2025 is impacted by anti-corruption actions affecting hospital procurement, slow progress in the medical equipment replacement policy, and industry-wide destocking efforts [4][11]. - **Product Development**: Aohua is accelerating product iterations, with the AQ400 expected to launch in the second half of 2024, and ongoing development of ultrasound endoscopes and ERCP surgical robots, which are anticipated to be certified for market by 2027 [5][6][11]. - **Investment Opportunities**: Currently, Aohua is in a destocking phase but is expected to launch new products in the second half of 2025, making it a favorable investment opportunity [13][14]. This summary encapsulates the key insights from the conference call, highlighting Aohua Endoscopy's strategic focus, market dynamics, and future growth potential.

| 名称 | 股） | 比例（%） | （万股） | | 例（%） | | | 时间 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 区间 | | | | | | | | | | 发生直接持股变动的主体： | | | | | | | | | | | | | | | 集中竞价 | ? | | | | 小洲光 | | | | | | | 2025/6/16- | | | 电 | | | | | | | 2025/6/16 | | | | | | | | 其他：____ | | | | | 未发生直接持股变动的主体： | | | | | | | | | | 顾康 | 1,695.0200 | 12.59 | 1,695.0200 | 12.59 | / | | / | | | 顾小舟 | 2,174.0500 | 16.14 | 2,174.0500 | 16.14 | / | | / | | | 合计 | 4,182.2800 | 31.06 | 4,140.7850 | 30.75 | -- | | -- | | | 注：以上数据如有差异， ...

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the CSI 300 index by more than 5% in the next 6 months) [23] Core Insights - The medical device sector is experiencing a significant recovery in bidding activities, driven by ongoing equipment updates and the active participation of county-level medical communities [3][5] - The overall scale of new equipment bidding in China has shown a month-on-month improvement since January 2025, with procurement amounts reaching 174 billion, 113 billion, 140 billion, 153 billion, and 134 billion yuan from January to May, respectively, reflecting year-on-year growth rates of +41%, +77%, +113%, +85%, and +69% [3][10] - Major companies in the industry are benefiting significantly from the recovery in bidding activities, with notable increases in procurement amounts for ultrasound, CT, MRI, and other imaging devices [4][11] Summary by Sections Equipment Update and County Medical Community Efforts - Since March 2025, numerous county medical communities have initiated medical equipment update projects, leading to large-scale procurement orders worth billions of yuan [3][10] - The procurement scope includes various imaging devices such as CTs, ultrasound diagnostic equipment, and MRIs, with significant activity reported in several provinces [3][10] Procurement Scale and Growth - In May 2025, procurement amounts for various devices were as follows: ultrasound 16.63 billion yuan (yoy +103%), CT 18.54 billion yuan (yoy +108%), MRI 15.06 billion yuan (yoy +102%), DR 4.12 billion yuan (yoy +236%), DSA 6.96 billion yuan (yoy +79%), and gastrointestinal endoscopes 3.81 billion yuan (yoy +58%) [4][11][14] Domestic Company Trends - Domestic companies are showing a bidding trend that aligns with the overall industry, with notable performances in May 2025: Mindray 8.19 billion yuan (yoy +56%), United Imaging 7.83 billion yuan (yoy +11%), Kaili 1.10 billion yuan (yoy +137%), and Aohua 0.35 billion yuan (yoy +242%) [4][17] Investment Recommendations - The report suggests focusing on leading domestic companies that are enhancing their high-end and intelligent medical device offerings, such as Mindray, United Imaging, Kaili, and Aohua [5][21]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 64 yuan [1][10]. Core Views - The company is expected to experience a turning point as it clears inventory and launches new products, particularly with the anticipated release of the next-generation AQ-400 endoscope system in the second half of 2025 [7][9]. - Despite facing performance pressure in 2024 and 2025 due to external factors, the company continues to make progress in R&D and overseas market expansion, which are expected to drive significant growth in 2026 [8][9]. Summary by Sections 1. Impact of External Environment - The company is undergoing a two-year adjustment period in 2024 and 2025 due to ongoing anti-corruption measures affecting hospital equipment procurement [13]. - The national push for medical equipment upgrades has seen slow execution in some regions, impacting revenue recognition for the company [14][17]. 2. R&D and Overseas Market Development - The company has increased R&D investment, focusing on new product development, including the upcoming AQ-400 system, which is expected to be approved for market release in late 2025 [30][32]. - The overseas market presents significant growth potential, with the company’s overseas revenue growth outpacing domestic growth, reaching 42.7% in 2024 [38][44]. 3. Anticipated Breakthrough in 2026 - The company’s share buyback plan and employee stock ownership plan reflect management's confidence in future growth [45]. - The launch of the AQ-400 is expected to drive substantial sales growth in 2026, similar to the sales patterns observed with previous product launches [49][51]. 4. Long-term Industry Outlook - The soft endoscope industry is characterized by strong monopolistic structures and significant market potential, with opportunities for companies to transition towards a semi-consumable business model [9][14]. - The industry is expected to benefit from ongoing trends in minimally invasive surgical instruments and disposable endoscopes, which are seen as future growth directions [9][14].