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 ...

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]

何谓内窥镜？ 内窥镜，英文是Endosope。 可形象理解为，对内部的视野进行检查。内窥镜最早发源自医学，但它的应用早就扩展到工业领域。本文以医学临床上使用的内窥镜为研究对象。 行业研究是投资的源动力。元禾控股推出"元动力"系列行研分享，编辑部据此推出《元动力》行业研究专栏，旨在交流行业研究成果，分析行业发展趋 势，探讨未来投资方向。 本期《元动力》行业研究专栏聚焦内窥镜行业研究及投资机会，分享者是元禾控股医疗健康投资部高级投资经理郭淇，将从内窥镜的介绍、市场情况、代 表性企业与内窥镜进化的新形态等维度展开。 医用内窥镜是集光学、人体工程学、精密机械、现代电子、图像处理软件等为一体的医疗设备，它能够在微创的前提下，为医生提供所需的人体内部结构 解剖图像。 作为一种医用成像器械，医用内窥镜是在诊疗过程中提供通道、照明并可以对体腔、中空器官和身体管道进行观察或操作的医疗光学装置。它可以通过人 体自然腔道或经较小的手术切口进入体内，帮助医生进行观察、诊断、治疗。 内窥镜的分类 内窥镜有不同的分类方式，最普遍的一种分类方式是按照镜体的硬度进行分类，分为软镜和硬镜。 硬镜和软镜在外观形态、内部结构、应用领域、清洗消毒流 ...

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].