Market Overview - The medical device sector experienced a decline of 0.74% on December 29, with Huakang Clean leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Top Performers - Meihao Medical (301363) saw a closing price of 25.04, with an increase of 8.30% and a trading volume of 197,100 shares, totaling a transaction value of 482 million yuan [1] - Mailande (688273) closed at 41.73, up 8.22%, with a trading volume of 55,200 shares and a transaction value of 227 million yuan [1] - Kangzhong Medical (688607) closed at 45.80, up 7.23%, with a trading volume of 40,200 shares and a transaction value of 180 million yuan [1] Underperformers - Huakang Clean (301235) closed at 39.21, down 8.54%, with a trading volume of 123,300 shares and a transaction value of 488 million yuan [2] - C Jianxin (688805) closed at 47.16, down 7.26%, with a trading volume of 89,000 shares and a transaction value of 426 million yuan [2] - Furuim Medical (300049) closed at 71.93, down 4.20%, with a trading volume of 66,800 shares and a transaction value of 485 million yuan [2] Capital Flow - The medical device sector saw a net outflow of 565 million yuan from institutional investors, while retail investors experienced a net inflow of 328 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Meihao Medical (301363) had a net outflow of 54.30 million yuan from institutional investors, with retail investors also showing a net outflow of 0.76 million yuan [3] - Jigaofazhan (600807) experienced a net inflow of 44.75 million yuan from institutional investors, while retail investors had a net outflow of 61.29 million yuan [3] - Kangzhong Medical (688626) saw a net inflow of 44.26 million yuan from institutional investors, with retail investors showing a slight net outflow [3]

Group 1 - The core viewpoint of the news is that Aohua Endoscopy has experienced a decline in both revenue and net profit, indicating potential challenges in its financial performance [2] - As of December 24, Aohua Endoscopy's stock price decreased by 0.04%, with a trading volume of 58.05 million yuan and a net financing buy of -2.62 million yuan [1] - The company's financing balance reached 125 million yuan, accounting for 2.07% of its market capitalization, which is above the 80th percentile of the past year [1] Group 2 - For the period from January to September 2025, Aohua Endoscopy reported a revenue of 423 million yuan, a year-on-year decrease of 15.57%, and a net profit attributable to shareholders of -56.09 million yuan, a significant decline of 250.37% [2] - The number of shareholders increased by 41.52% to 5,549, while the average circulating shares per person decreased by 29.34% to 24,268 shares [2] - Aohua Endoscopy has distributed a total of 76.28 million yuan in dividends since its A-share listing, with 50.95 million yuan distributed in the last three years [3]

Core Viewpoint - Aohua Endoscopy experienced a decline of 3.21% in stock price on December 23, with a trading volume of 69.16 million yuan, indicating potential investor concerns regarding the company's financial performance and market position [1]. Financing and Trading Data - On December 23, Aohua Endoscopy had a financing buy-in amount of 8.64 million yuan, with a net financing buy of 5.35 million yuan after repayments [1]. - The total financing and securities balance reached 128 million yuan, accounting for 2.11% of the circulating market value, which is above the 80th percentile of the past year, indicating a high level of financing activity [1]. - The company had no short selling activity on December 23, with a short selling balance of 28.72 thousand yuan, also above the 90th percentile of the past year [1]. Financial Performance - For the period from January to September 2025, Aohua Endoscopy reported a revenue of 423 million yuan, a year-on-year decrease of 15.57%, and a net profit attributable to shareholders of -56.09 million yuan, reflecting a significant decline of 250.37% [2]. - Cumulative cash dividends since the company's A-share listing amount to 76.28 million yuan, with 50.95 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 41.52% to 5,549, while the average circulating shares per person decreased by 29.34% to 24,268 shares [2]. - Among the top ten circulating shareholders, notable changes include an increase in holdings by the third-largest shareholder, with a 50.55 thousand share increase, while other funds reduced their holdings [3].

公司及全资子公司拟使用不超过人民币20,000万元（含本数）的部分闲置自有资金进行现金管理，在上 述额度内，资金可以滚动使用，使用期限自董事会审议通过之日起12个月内有效。 格隆汇12月23日丨澳华内镜(688212.SH)公布，公司拟使用不超过人民币6,000万元（含本数）的部分暂 时闲置募集资金进行现金管理，使用期限自董事会审议通过之日起12个月内有效。在不超过上述额度及 决议有效期内，资金可循环滚动使用。 ...

中信证券股份有限公司 关于上海澳华内镜股份有限公司使用部分暂时闲置募集资金 及自有资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）为上海澳华 内镜股份有限公司（以下简称"公司"、"澳华内镜"）首次公开发行股票并上市 的保荐机构。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》、《科创板上市公司持续监管办法（试行）》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》等有关规定，对澳华内镜使 用部分暂时闲置募集资金及自有资金进行现金管理事项进行了核查，核查情况及 核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会作出《关于同意上海澳华内镜股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕3139 号），公司获准以首次公开 发行方式向社会公众发行人民币普通股 3,334 万股，发行价格为 22.50 元/股，募 集资金总额为人民币 75,015.00 万元，扣除各项发行费用（不含增值税）人民币 9,097.20 万元后，实际募集资金净额为人民币 65,917.80 万元。立信会计师事务 所（特殊普通合伙 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-081 上海澳华内镜股份有限公司 关于使用部分暂时闲置募集资金及自有资金进行现 金管理的公告 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、准确性和完整性承担法律责任。 重要内容提示： 基本情况 | 投资金额 | 最高不超过人民币 6,000 万元（含本数） | | --- | --- | | 投资种类 | 安全性高、流动性好、满足保本要求的理财产品（包括 但不限于定制化活期存款、结构性存款、定期存款、通 知存款、大额存单、协定存款、收益凭证等） | | 资金来源 | 募集资金 | | 投资金额 | 最高不超过人民币 20,000 万元（含本数） | | 投资种类 | 购买安全性高、流动性好的金融机构中低风险理财产品 | | 资金来源 | 自有资金 | 已履行的审议程序 上海澳华内镜股份有限公司（以下简称"公司"）于 2025 年 12 月 22 日召开 第三届董事会第二次会议，审议通过了《关于使用部分暂时闲置募集资金与自有 资金进行现金管理的议案》，保荐机构中信证券股份有限公司对本事项出具 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-080 二、本次变更的签字注册会计师信息 项目签字注册会计师：周梦婷，2022年成为中国注册会计师，2020年开始 从事上市公司审计业务，2022年开始在容诚会计师事务所执业；近三年签署过 近岸蛋白（688137）、基因科技（874483）上市公司和挂牌公司审计报告。 签字注册会计师周梦婷近三年内未曾因执业行为受到刑事处罚、行政处罚、 监督管理措施和自律监管措施、纪律处分。容诚事务所及上述人员不存在违反 《中国注册会计师职业道德守则》对独立性要求的情形。 上海澳华内镜股份有限公司 关于变更签字注册会计师的公告 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4月8日召开 第二届董事会第十七次会议、第二届监事会第十六次会议，并于2025年5月8 日召开2024年年度股东大会，审议通过了《关于公司续聘会计师事务所的议 案》，同意公司续聘容诚会计师事务所（特殊普通合伙）（以下简称"容诚 事务所"）为公司2025 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-082 重要内容提示： 是否需要提交股东会审议：否 日常关联交易对上市公司的影响：本次预计的关联交易事项为公司日常 关联交易，以公司正常经营业务为基础，以市场价格为定价依据，不影响公司 的独立性，不存在损害公司及股东利益的情形，公司不会因该等关联交易对关 联人产生依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 上海澳华内镜股份有限公司（以下简称"公司"）于 2025 年 12 月 22 日召 开第三届董事会第二次会议，审议通过了《关于 2026 年度日常关联交易预计的 议案》。本次预计 2026 年度日常关联交易金额 1,240.50 万元人民币。关联董 事顾小舟先生回避表决，出席会议的其他非关联董事一致同意该议案。 公司召开了第三届董事会独立董事专门会议第一次会议对上述议案进行了 审议，全体独立董事审议通过本议案，并一致认为：公司本次日常关联交易预 计为公司正常经营活动所需，有利于促进公司相关业务的发展。相关日常关联 交易是基于公平、自愿的原则进行的，不存在违反法律法规、《公司章程》等 相关规定的情况。预计关联交易定价合理、 ...

Investment Rating - The report maintains a "Positive" investment rating for the medical device industry [3]. Core Insights - The medical device industry is expected to return to positive growth in 2025 after two consecutive years of decline in 2023 and 2024, driven by increased demand for hospital equipment due to equipment renewal policies [10]. - Monthly procurement data shows a continuous recovery trend, with November 2025 procurement amounting to 208.76 billion yuan, reflecting a month-on-month increase of 26.93% [18]. - The domestic production rate of medical devices has increased from 19% in 2019 to 48% in November 2025, indicating a significant shift towards local manufacturing [21]. Summary by Sections Equipment Procurement - The medical device procurement is showing a sustained recovery, with a projected annual procurement scale for 2025 estimated between 1,884 billion yuan and 2,422 billion yuan based on the first half's performance [14]. - The procurement amount for November 2025 was 208.76 billion yuan, with a year-on-year decrease of 0.25% but a month-on-month increase of 26.93% [18]. Market Segmentation - The procurement scale for ultrasound devices in November 2025 reached 22.40 billion yuan, showing a year-on-year growth of 17.60% and a month-on-month growth of 41.67% [27]. - CT device procurement in November 2025 was 25.36 billion yuan, with a year-on-year increase of 27.58% and a month-on-month increase of 22.82% [28]. - MRI procurement in November 2025 was 23.94 billion yuan, reflecting a year-on-year growth of 5.68% and a month-on-month growth of 29.94% [31]. - Digestive endoscope procurement in November 2025 was 7.30 billion yuan, with a year-on-year increase of 3.26% and a month-on-month increase of 41% [36]. - Surgical robot procurement in November 2025 was 5.60 billion yuan, showing a year-on-year growth of 8.33% but a month-on-month decrease of 11.53% [37]. Company Performance - Mindray Medical's procurement in November 2025 was 13.18 billion yuan, with a year-on-year increase of 12.16% and a month-on-month increase of 38.34% [44]. - United Imaging's procurement in November 2025 reached 14.33 billion yuan, reflecting a year-on-year growth of 30.40% and a month-on-month growth of 31.15% [46]. - KAILI Medical's procurement in November 2025 was 2.47 billion yuan, with a year-on-year increase of 62.15% and a month-on-month increase of 17.95% [50]. - Aohua Endoscopy's procurement in November 2025 was 1.09 billion yuan, showing a year-on-year growth of 59.95% and a month-on-month growth of 62.14% [54].

Core Viewpoint - Aohua Endoscopy (688212.SH) reported a significant decline in financial performance for the first three quarters of 2025, with a notable drop in revenue and net profit compared to the previous year [1]. Financial Performance Summary - For the period of January to September 2025, the company achieved operating revenue of 422.63 million yuan, a year-on-year decrease of 15.57% [1][3]. - The net profit attributable to shareholders was -56.09 million yuan, compared to a profit of 37.30 million yuan in the same period last year [1][3]. - The net profit after deducting non-recurring gains and losses was -68.10 million yuan, down from a profit of 1.48 million yuan in the previous year [1][3]. - The net cash flow from operating activities was -98.69 million yuan, worsening from -138 million yuan year-on-year [1][3]. Previous Financial Year Comparison - In 2024, Aohua Endoscopy reported total operating revenue of 750 million yuan, reflecting a year-on-year growth of 10.54% [4]. - The net profit attributable to shareholders for 2024 was 21.01 million yuan, which represented a decline of 63.68% compared to the previous year [4]. - The net profit after excluding non-recurring items was -628.62 million yuan, down from 4.45 million yuan in the previous year [4].