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].

Investment Rating - The industry investment rating is "Outperform the Market" [4][46]. Core Viewpoints - The total bid amount for medical devices in May 2025 reached 13.43 billion yuan, representing a year-on-year increase of 69% and a cumulative total of 71.45 billion yuan from January to May, with a year-on-year growth of 72% [5][11]. - Domestic medical device companies showed significant growth, with notable increases in ultrasound and endoscope categories [6][20][23]. - Imported brands also experienced rapid growth, particularly in CT equipment, which saw a year-on-year increase of 282% for Siemens in May [7][35]. Summary by Sections Medical Device Procurement Overview - The total bid amount for May 2025 was 13.43 billion yuan, a 69% increase year-on-year, while the cumulative total for January to May was 71.45 billion yuan, up 72% year-on-year [11][12]. Domestic Brands - Major domestic companies like Mindray, United Imaging, and Aohua Endoscopy reported substantial growth in bid amounts, with Mindray achieving 8.19 billion yuan in May, a 56% increase year-on-year [17][18]. - Aohua Endoscopy's bid amount in May was 0.35 billion yuan, reflecting a remarkable 242% year-on-year growth [20][21]. - Other companies like KAILI and Shanfeng also reported significant increases, with KAILI's bid amount growing by 137% in May [23][24]. Imported Brands - Philips reported a bid amount of 6.11 billion yuan in May, a 62% increase year-on-year, while Siemens achieved 11.57 billion yuan, marking a 112% increase [32][35]. - GE's bid amount reached 9.54 billion yuan in May, reflecting a 47% year-on-year growth [38][39]. - The CT segment for Siemens saw a staggering 282% increase in May, highlighting the strong demand for advanced imaging technologies [35][36].

Core Viewpoint - Auhua Endoscopy (688212.SH) announced a significant change in shareholder equity, with a reduction in shares held by major shareholders, which may indicate a shift in investment strategy or liquidity needs [1][3]. Shareholder Equity Changes - As of June 16, 2025, Xiaozhou Optoelectronics reduced its holdings by 414,950 shares, decreasing its total shares from 41,822,800 to 41,407,850, representing a drop from 31.06% to 30.75% of the total share capital [1][2]. - The reduction in shares was executed through centralized bidding, with a total transaction value of approximately 20.8554 million yuan based on the weighted average price of 50.26 yuan per share on June 16 [1][2]. Financial Performance - In 2024, Auhua Endoscopy reported total revenue of 750 million yuan, reflecting a year-on-year growth of 10.54%. However, the net profit attributable to shareholders decreased by 63.68% to 21.0122 million yuan [4]. - The first quarter of 2025 showed a decline in revenue to 124 million yuan, down 26.92% year-on-year, with a net loss of 28.7915 million yuan compared to a profit of 2.7595 million yuan in the same period last year [5].

证券代码：688212 证券简称：澳华内镜 公告编号：2025-047 上海澳华内镜股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 上海澳华内镜股份有限公司（以下简称"公司"）持股 5%以上股东顾康、顾小舟 及其一致行动人上海小洲光电科技有限公司（以下简称"小洲光电"）保证向本公司提 供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 | | ☑控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的 | | | 身份 | □合并口径第一大股东及其一致行动人（仅适用于 | | | 无控股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | 上海小洲光电科技有限 | □ ☑ | 控股股东/实控人 控股股东/实控人的一致行动人 | 91310112059358 ...

上海澳华内镜股份有限公司（以下简称"公司"）2025 年员工持股计划第 一次持有人会议于 2025 年 6 月 16 日在公司会议室以通讯表决方式召开。出席 会议持有人 22 人，代表公司 2025 年员工持股计划份额 60,000,000 份，占公司 2025 年员工持股计划总份额的 100%。会议由公司副总经理、董事会秘书施晓江 先生召集和主持。会议的召集、召开和表决程序符合公司 2025 年员工持股计划 的有关规定。本次会议形成如下决议： 一、审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 根据公司《2025 年员工持股计划管理办法》等相关规定，同意设立 2025 年员工持股计划管理委员会，作为公司 2025 年员工持股计划的日常管理机构， 代表持有人统一管理本员工持股计划，监督本员工持股计划的日常管理，代表 持有人行使除表决权以外的其他股东权利。管理委员会由 3 名委员组成，设管 理委员会主任 1 名。管理委员会委员的任期为 2025 年员工持股计划的存续期。 表决结果：同意 60,000,000 份，占出席持有人会议的持有人所持份额总数 的 100.00%；反对 0 份；弃权 0 ...

Core Viewpoint - Aohua Endoscopy (688212) has experienced a decline in stock price, closing at 52.72 yuan, down 5.65% from the previous week, with a current market capitalization of 7.1 billion yuan [1] Company Announcements - Aohua Endoscopy announced a cash dividend of 0.08 yuan per share (before tax), with the record date set for June 17, 2025, and the ex-dividend date and payment date on June 18, 2025 [1] - The total number of shares eligible for the dividend distribution is 132,166,179 shares, with a total cash dividend amounting to approximately 10.57 million yuan (before tax) [1] - The company has implemented a differentiated dividend distribution due to the repurchased shares not being entitled to profit distribution rights [2] Share Buyback - Aohua Endoscopy's board approved a share buyback plan on January 3, 2025, with a total buyback fund not less than 100 million yuan and not exceeding 200 million yuan [2] - As of April 30, 2025, the company has repurchased 2,499,071 shares, which are excluded from the profit distribution [2]

上海市通力律师事务所关于上海澳华内镜股份有限公司 差异化分红事项之专项法律意见书 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"澳华内镜"或"公司"）的委托,指派本所夏青律师、何馨悦律师(以下合称 "本所律师")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》")、《上海证券交易所上市公司自律监 管指引第 7 号 -- 回购股份》(以下简称"《自律监管指引》")等法律、法规及规范 性文件以及《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, 就澳华内镜 2024 年度利润分配(以下简称"本次利润分配")所涉及的差异化分红特 殊除权除息处理(以下简称"本次差异化分红")相关事项出具本法律意见书。 为出具本法律意见书,本所律师已经严格履行法定职责,遵循了勤勉尽责和诚实信 用原则,对澳华内镜本次差异化分红所涉及的相关材料及有关事项进行了必要的核查验 证,并就本次差异化分红相关的法律问题向有关人员进行了询问和讨论。 本所在出具本法律意见书之前已得到公司如下保证:（1）其已向本所提 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-045 上海澳华内镜股份有限公司 2024年年度权益分派实施公告 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户中的股份除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.08元（含税） 相关日期 1. 发放年度：2024年年度 2. 分派对象： 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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/17 | 2025/6/18 | 2025/6/18 | 一、通过分配方案的股东大会届次和日期 本次利润分配方案经上海澳华内镜股份公司（以下简称 "公司"）2025 年 5 月 8 日的2024年年度股东大会审议通过。 二、分配方案 上市公司 ...

Core Viewpoint - The company has approved a differentiated cash dividend distribution plan, with a cash dividend of 0.08 yuan per share (before tax) to be distributed to shareholders [1][2][3]. Dividend Distribution Plan - The cash dividend distribution plan was approved at the 2024 annual general meeting held on May 8, 2025 [1]. - The total number of shares eligible for the dividend distribution is 132,166,179 shares, after excluding 2,499,071 shares held in the company's repurchase account [2]. - The total cash dividend amount to be distributed is approximately 10,573,294.32 yuan (before tax) [2]. Ex-Dividend Date and Payment Date - The relevant dates for the dividend distribution include the record date, ex-dividend date, and payment date, which are specified in the announcement [3]. Taxation on Dividends - Individual shareholders holding shares for more than one year are exempt from personal income tax on dividend income, while those holding for one year or less will have taxes deducted based on their holding period [5][6]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.072 yuan per share [6]. - Other institutional investors will be responsible for their own tax declarations, with a gross cash dividend of 0.08 yuan per share [7].