投资逻辑： 公司库存消化即将完成，医疗设备更新驱动招标采购持续回暖，加之海外市场加速拓展，公司业绩即将 迎来拐点。2024年起，一方面随着设备更新的开始执行，院内招标节奏显著延迟，另一方面公司加速推 进AQ400的上市进程，为承接新品的上市推广和放量，公司进入主动库存调整周期，业绩短期承压，利 润层面也因业绩未达到股权激励目标、以及费用端扰动出现暂时性亏损；25Q2，公司营收端已开始环 比增长，利润端亏损环比收窄，随着国内业务逐步调整到位，再加上招标收入陆续确认、以及海外业务 持续拓展，公司整体业绩有望从今年底开始迎来拐点，并实现稳健回升。 奥林巴斯X1镜体开始获批、国内高端内镜采购热潮开启在即，公司新机型AQ400对标X1并具备3D成像 优势，有望助力三甲医院高端市场加速拓展。奥林巴斯是全球软镜绝对龙头，其最新机型X1及镜体的 上市都将带动其在该区域市场的营收增长。继2023年11月X1主机获批NMPA后，2025年8月X1的国产化 胃肠镜获批上市，随着后续其他镜体的陆续补齐，有望掀起国内市场、尤其是三甲医院对高端软镜的采 购热潮。公司对标X1设计的AQ400高端机型，不仅具备EDOF成像性能，还具有3D差 ...

| 交易日期 | 证券調核 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 英入营业部 | | 楚出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-16 | 演华内援 | 688212 | 46.43 | 464.3 | 10 | 中信证券股份有限 公司总部(非営业 | 中国中金树富谈券 有限公司北京宋庄 | | | | | | | | | 场所) | 有限公司北京宋 路证券营业部 | | | 2025-09-16 | 测华内镜 | 688212 | 46.43 | 351.01 | 7.56 | 机构专用 | 中国中金财富证券 有限公司北京宋庄 | 160 | | | | | | | | | 路迁券营业部 | | | 2025-09-16 | 测华内接 | 688212 | 46.43 | 224.72 | 4.84 | 机构专用 | 中国中金财富运秀 有限公司北京建国 | 百香 | | | | | | | | | 门外大街证券营业 | | | | | | | | | | ...

9月15日，澳华内镜盘中下跌2.01%，截至10:01，报48.23元/股，成交1919.84万元，换手率0.29%，总市 值64.95亿元。 资金流向方面，主力资金净流入42.41万元，特大单买入136.65万元，占比7.12%，卖出0.00元，占比 0.00%；大单买入186.18万元，占比9.70%，卖出280.42万元，占比14.61%。 澳华内镜今年以来股价涨20.27%，近5个交易日跌7.52%，近20日跌6.87%，近60日跌0.17%。 资料显示，上海澳华内镜股份有限公司位于上海市闵行区光中路133弄66号，成立日期1994年10月27 日，上市日期2021年11月15日，公司主营业务涉及从事电子内窥镜设备及内窥镜诊疗手术耗材研发、生 产和销售的高新技术企业。主营业务收入构成为：内窥镜设备92.35%，内窥镜诊疗耗材3.71%，内窥镜 维修服务收入3.58%，租赁收入0.35%。 澳华内镜所属申万行业为：医药生物-医疗器械-医疗设备。所属概念板块包括：医用耗材、小盘、医疗 器械、养老金概念、专精特新等。 截至6月30日，澳华内镜股东户数3921.00，较上期减少2.51%；人均流通股34344 ...

Core Viewpoint - As of September 10, a total of 107 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Aohua Endoscopy, which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Tianpu Co., Nanjing Pharmaceutical, Wankai New Materials, Changjiang Media, Huarong Co., Midea Group, Sunshine Lighting, and Haotaitai [1]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][41]. Core Views - The pharmaceutical sector has shown resilience, outperforming the overall market with a 1.40% increase, while the total A-share market declined by 1.17% [1][32]. - ANGPTL3 has gained significant interest from multinational pharmaceutical companies (MNCs) due to its unique mechanism of action, which is non-LDLR dependent, making it effective in patients with LDLR deficiencies [3][30]. - The report highlights the diverse drug forms targeting ANGPTL3, with MNCs like Novartis, Lilly, Amgen, and AstraZeneca actively investing in this area, indicating a potential for multi-target and multi-drug combinations in the future [3][16]. Summary by Sections Market Performance - The overall A-share market fell by 1.17%, with the Shanghai and Shenzhen 300 index down by 0.81%. The biotechnology sector, however, rose by 1.40%, indicating strong performance relative to the broader market [1][32]. - Specific segments within the pharmaceutical sector showed varied performance, with chemical pharmaceuticals up by 3.92% and medical services up by 1.69%, while medical devices and traditional Chinese medicine saw declines [1][32]. ANGPTL3 Developments - A collaboration between Argo Biopharma and Novartis was announced, focusing on RNA drugs for cardiovascular diseases, with a total potential payment of $5.2 billion, including a $160 million upfront payment [2][11]. - ANGPTL3's mechanism allows for significant reductions in LDL-C levels in patients with HoFH, outperforming traditional treatments like PCSK9 inhibitors [3][31]. Company Earnings Forecasts and Ratings - Key companies in the sector, such as Mindray Medical, WuXi AppTec, and Aier Eye Hospital, have been rated as "Outperform" with projected net profits for 2024 ranging from 1.4 billion to 116.7 billion yuan [4][41]. - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for the sector as a whole [4][41]. Valuation Metrics - The TTM price-to-earnings ratio for the pharmaceutical and biotechnology sector stands at 40.75x, significantly higher than the overall A-share market's 19.80x [37][38]. - Sub-sectors such as chemical pharmaceuticals and biological products have even higher valuations, indicating strong investor interest and growth potential [37][38]. Recommended Stocks - The report recommends several companies, including Mindray Medical for its strong market position and international expansion, WuXi AppTec for its comprehensive drug development services, and Aier Eye Hospital for its leading position in the eye care sector [41][42].

Core Viewpoint - Shanghai Aohua Endoscopy Co., Ltd. will participate in the 2025 semi-annual performance briefing for the medical device industry on September 17, 2025, to address investor concerns and provide insights into its financial performance and operational results [2][3]. Group 1: Event Details - The performance briefing will be held on September 17, 2025, from 15:00 to 17:00 [4][5]. - The event will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website https://roadshow.sseinfo.com/ [5][6]. - The format of the meeting will be an online interactive session, allowing for real-time communication with investors [3][6]. Group 2: Investor Participation - Investors can submit questions for the briefing from September 10 to September 16, 2025, by visiting the "Question Pre-collection" section on the Roadshow Center website or via the company's email [2][6]. - The company will address commonly asked questions during the briefing to enhance investor understanding of its semi-annual results [2][3]. Group 3: Contact Information - For inquiries, investors can contact the Securities Affairs Department at 021-54303731 or via email at ir@aohua.com [6]. - After the briefing, the main content and outcomes will be available for review on the Roadshow Center website [6].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company's performance met expectations, with a projected revenue of 260 million yuan for 2025, despite a year-on-year decline of 26.36% in revenue and a significant drop in net profit [2][6] - Domestic business is expected to reach a turning point, while overseas operations continue to expand [2] - The company has launched new products, including the AQ-400, which is anticipated to enhance revenue streams [6] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 260 million yuan, a decrease of 26.36% year-on-year, and a net profit attributable to shareholders of -40.76 million yuan, down 820.03% [6] - The second quarter of 2025 saw a revenue of 137 million yuan, reflecting a year-on-year decline of 25.84% [6] Domestic and International Business - The domestic business has experienced a decline, attributed to adjustments in business development pace in line with product iteration and market demand [2] - The company has conducted 16 grassroots training events across 11 provinces and 13 cities in China to support standardized grassroots diagnosis and treatment models [2] - The company has established multiple marketing support centers overseas, enhancing its international presence in countries like Germany, the UK, South Korea, and Thailand [2] Research and Development - The company invested 73.81 million yuan in R&D in the first half of 2025, accounting for 28.35% of its revenue, showcasing its innovation capabilities in optical imaging and electronic endoscope manufacturing [6] - New product launches include the dual-channel endoscope and the 60 series of digestive endoscopes, which have improved product competitiveness [6] Future Outlook - The report projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 110 million, 490 million, and 1.4 billion yuan respectively, indicating a positive growth trajectory [6]

Summary of Key Points Core Viewpoint - On September 9, Auhua Endoscopy experienced significant block trading activity, with a total transaction volume of 170,000 shares and a transaction value of 8.1566 million yuan, indicating institutional interest in the stock [1] Trading Activity - The block trades consisted of two transactions, both executed at a price of 47.98 yuan, which represents a discount of 7.73% compared to the closing price of 52.00 yuan on the same day [1] - Over the past three months, Auhua Endoscopy has recorded a total of seven block trades, amounting to 22.3406 million yuan [1] Market Performance - The stock closed at 52.00 yuan on September 9, reflecting a slight decline of 0.29%, with a daily turnover rate of 2.32% and a total trading volume of 163 million yuan [1] - The net inflow of main funds for the day was 3.1237 million yuan, and the stock has seen a cumulative increase of 5.91% over the past five days, with total net inflow of 19.5820 million yuan during that period [1] Margin Trading Data - The latest margin financing balance for Auhua Endoscopy stands at 98.0383 million yuan, showing a decrease of 11.1906 million yuan over the past five days, which corresponds to a decline of 10.25% [1]

证券日报网讯 9月9日晚间，澳华内镜发布公告称，公司计划于2025年9月17日参加2025年半年度科创板 医疗器械及医疗设备行业集体业绩说明会。 （文章来源：证券日报） ...

Group 1 - The stock of Auhua Endoscopy closed at 52.00 yuan on September 9, with a decline of 0.29% [1] - Two block trades occurred, totaling 170,000 shares and a transaction amount of 8.1566 million yuan [1] - The first transaction was at a price of 47.98 yuan for 125,000 shares, with a transaction amount of 5.9975 million yuan and a premium rate of -7.73% [1] - The second transaction was also at 47.98 yuan for 45,000 shares, with a transaction amount of 2.1591 million yuan and the same premium rate of -7.73% [1] Group 2 - In the last three months, Auhua Endoscopy has recorded a total of 7 block trades, with a cumulative transaction amount of 22.3406 million yuan [1] - Over the past five trading days, the stock has increased by 5.91%, with a net inflow of main funds totaling 13.765 million yuan [1]