9月9日，澳华内镜大宗交易成交17万股，成交额815.66万元，占当日总成交额的4.75%，成交价47.98 元，较市场收盘价52元折价7.73%。 | 交易日期 | 任务简称 | 证券代码 | | | 成交价[元] 成交金额(万元) 成交量(*) 英入营业部 | | 美出信受部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-09 | 演华内援 | 688212 | 47.98 | 599.75 | 12.5 | 机构专用 | 中国中金财富运秀 有限公司北京建国 | 3 | | | | | | | | | 门外大街证券営业 | | | | | | | | | | කුඩ | | | 2025-09-09 | 深华内镜 | 688212 | 47.98 | 215.91 | 4.5 | 机构专用 | 中国中金财富证券 有限公司北京宋庄 | 否 | | | | | | | | | 据连续器否能 | | ...

上海澳华内镜股份有限公司 关于参加 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。 重要内容提示： 投资者可于 2025 年 9 月 10 日（星期三）至 9 月 16 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@aohua.com）进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 上海澳华内镜股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 9 月 17 日（星期三）15:00-17:00 参加由上海证券交易所主办的 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，就投资者关心的问题进行交流。 证券代码：688212 证券简称：澳华内镜 公告编号：2025-062 董事、总经理：顾小舟 副总经理、董事会秘书：施晓江 一 ...

上海澳华内镜股份有限公司 2025 年第二次临时股东大会会议资料 证券简称：澳华内镜 证券代码：688212 上海澳华内镜股份有限公司 2025 年第二次临时股东大会 会议资料 二零二五年九月 上海澳华内镜股份有限公司 2025 年第二次临时股东大会会议资料 上海澳华内镜股份有限公司 会议资料目录 | 2025 年第二次临时股东大会会议须知 1 | | --- | | 2025 年第二次临时股东大会会议议程 3 | | 《关于部分募集资金投资项目延期及调整内部投资结构的议案》 4 | | 《关于使用部分超募资金永久补充流动资金的议案》 8 | 1 上海澳华内镜股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议须知 七、主持人可安排公司董事、监事、高级管理人员回答股东所提问题。对于 可能将泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主 持人或其指定有关人员有权拒绝回答。 八、出席股东大会的股东及股东代理人，应当对提交表决的议案发表如下意 见之一：同意、反对或弃权。未填、错填、字迹无法辨认的表决票、未投的表决 1 为了维护全体股东的合法权益，确保股东大会的正 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has been impacted by business adjustments leading to short-term fluctuations, with a focus on optimizing operational rhythm and product layout to strengthen long-term development foundations [2] - The domestic market is under short-term pressure, while the overseas market continues to grow, with expectations for the new AQ-400 product to ramp up production [1][3] Financial Performance Summary - In H1 2025, the company achieved revenue of 260 million yuan, a year-on-year decline of 26.36%, and a net profit attributable to shareholders of -40.77 million yuan, a year-on-year decline of 820.03% [1] - The revenue breakdown for H1 2025 includes: - Endoscope equipment: Revenue of 240 million yuan (down 29.63%), gross margin of 63.75% (down 8.34 percentage points) - Endoscopic diagnostic consumables: Revenue of 9.66 million yuan (up 40.10%), gross margin of 22.74% (down 23.18 percentage points) - Endoscope maintenance services: Revenue of 9.33 million yuan (up 122.29%), gross margin of 70.76% (up 3.02 percentage points) [2] - The overall gross margin for H1 2025 was 62.39%, down 9.07 percentage points, primarily due to the increased proportion of lower-margin overseas business and changes in domestic product structure [2] Market Strategy and Product Development - The company is actively expanding its presence in both domestic and overseas markets, with successful product approvals and marketing efforts driving growth in overseas revenue [3] - The company has launched multiple new products, including the AQ-400 flagship model and various endoscopic devices, enhancing its product matrix for long-term growth [4] - The company has conducted 16 grassroots training activities across 11 provinces and 13 cities in China to promote endoscopic technology and expand its market reach [3] Earnings Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at 830 million, 995 million, and 1.197 billion yuan, representing year-on-year growth rates of 10.7%, 19.9%, and 20.4% respectively [4] - Net profit attributable to shareholders is forecasted to be 47 million, 94 million, and 156 million yuan for the same period, with year-on-year growth rates of 125.8%, 98.1%, and 66.1% respectively [4] - The corresponding price-to-earnings ratios are projected to be 136X, 68X, and 41X [4]

Core Viewpoint - The company reported a significant decline in revenue and a shift to net losses in the first half of 2025, with ongoing adjustments in domestic operations and successful expansion in overseas markets [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 260 million yuan, a decrease of 26.36%, and a net profit attributable to shareholders of -41 million yuan, shifting from a profit of 6 million yuan in the same period last year [1]. - In Q2 2025, revenue was 137 million yuan, down 25.84%, with a net profit of -12 million yuan, compared to a profit of 3 million yuan in the previous year [1]. Business Segments - Domestic terminal bidding showed signs of recovery, but revenue was under pressure due to strategic adjustments in response to market trends and product iterations [2]. - The overseas business continued to expand, with successful product approvals and market promotions in multiple countries, driving revenue growth [2]. - In H1 2025, revenue from endoscope equipment was 240 million yuan (-29.6%), while revenue from endoscopic consumables increased by 40% to 10 million yuan, and maintenance services revenue rose by 122% to 10 million yuan [2]. Profitability Metrics - The overall gross margin decreased to 62.39%, down 9.07 percentage points, while the net margin was -15.71%, a decline of 17.29 percentage points [2]. - The increase in overseas revenue proportion contributed to the decline in gross margin, alongside higher expense ratios in sales, management, R&D, and finance [2]. Product Development - The company launched the new flagship model AQ400, enhancing its competitiveness in the high-end endoscope market, with expectations for increased domestic procurement demand following the approval of Olympus's new model [3]. - R&D investment in H1 2025 was 74 million yuan, accounting for 28.35% of revenue, leading to the launch of several new products and ongoing development of ERCP surgical robots, projected to be launched between 2027-2028 [4]. Revenue Forecast - Projected total revenue for 2025-2027 is 753 million, 892 million, and 1.057 billion yuan, with year-on-year growth rates of 0.51%, 18.40%, and 18.48% respectively [4]. - Expected net profit attributable to shareholders for the same period is 10 million, 80 million, and 143 million yuan, with growth rates of -50.57%, 671.67%, and 78.71% respectively [4].

Summary of Aohua Endoscopy Conference Call Company Overview - Aohua Endoscopy derives approximately 30% of its revenue from overseas markets, with a strong focus on expanding its business in Europe [2][4] - The company primarily focuses on the soft endoscope segment, particularly in the field of gastroenterology, while also dealing with some related consumables, which contribute a smaller portion of revenue [4] Industry Insights - Soft endoscopes are considered the gold standard for gastroenterology screening, benefiting from increased public health awareness and significant growth potential in diagnostic volumes [2][5] - The domestic production rate for soft endoscopes is currently below 20%, while Olympus holds over 70% market share, indicating substantial room for domestic replacements [2][5] Key Developments - Aohua's flagship model, the AQ400, received its registration certificate in June 2025 and won a bid for Suzhou's top-tier hospital in August, with a bid amount close to 6 million RMB [2][5] - The AQ400 is expected to be officially launched by the end of Q3 or Q4 2025, becoming a significant driver for revenue growth in 2026 [2][5] - Following the normalization of anti-corruption measures, the tendering process for medical equipment has returned to a regular pace, with an expected improvement in the volume of gastrointestinal endoscope tenders in 2025 compared to 2024 [2][6] Competitive Landscape - Olympus's latest model, the X1, has received domestic registration, which is anticipated to trigger a new wave of procurement [2][6] - Aohua's AQ400 is designed to compete directly with Olympus's X1, featuring innovative designs such as eDOF depth-of-field expansion and 3D static imaging, which may help capture additional market share during the upcoming replacement wave [2][6] Future Plans - Aohua plans to continue the iterative update of soft endoscopes while also venturing into emerging businesses such as ultrasound endoscopes and single-use endoscopes [2][7] - The company is also developing surgical robots for ERCP procedures to address clinical pain points, with an expected market launch between 2027 and 2028 [2][7] - In 2025, Aohua completed a share buyback and implemented an employee stock ownership plan, reflecting confidence in future performance [3][7] Conclusion - Aohua Endoscopy is well-positioned in the growing soft endoscope market, with strategic plans for product innovation and market expansion, particularly in the context of increasing domestic demand and potential for import substitution [2][5][7]

2025 年上半年，公司业绩短期承压。2025 上半年公司实现营收2.60 亿元（-26.36%），归母净利润-0.41 亿元（-820.03%），扣非归母净利润-0.52亿元（-3745.56%）。其中25Q2 单季营收1.37 亿元 （-25.84%），归母净利润-0.12 亿元（-512.59%），扣非归母净利润-0.21 亿元（-1786.25%）。 新旗舰产品AQ-400 获批，产品矩阵持续完善。公司持续加大自主创新科技投入，推动产品迭代，2025 上半年新一代旗舰机型AQ-400 主机和肠胃镜已获证，同时积极推动内窥镜系统及其相关耗材、软性内 镜机器人等相关联产业的研发。 投资建议：考虑渠道去库存的影响，下调盈利预测，2025-2027 年营收7.1/8.2/9.2 亿元（原为8.6/9.9/11.1 亿元），同比增速-5%/15%/13%，归母净利润0.3/0.7/1.0 亿元（原为0.5/1.0/1.2 亿元），同比增速 61%/101%/51%。当前股价对应PS=9/8/7x，维持"优于大市"评级。 风险提示：市场推广不及预期风险；竞争加剧风险；汇率波动风险。 收入端下滑主要由于国内业务的阶 ...

3）麦澜德 （呈瑞投资参与公司特定对象调研） 调研纪要：2025年上半年，公司实现营收2.41亿元，同比增长5.62%；归母净利润6,392.01万元，同比下 降11.96%，主因处置子公司不良资产。生殖康复和抗衰业务收入7,983.87万元，同比增长42.45%。毛利 率下降因新品推广策略调整及大客户订单增加。公司聚焦非侵入式脑机接口，已在多模态生理信号采集 等领域形成技术积累。情感交互产品已形成原理样机，计划年内开展临床预实验。多中心临床研究助力 产品进院。海外业务主推东南亚市场。康美中心今年目标在江浙打造样板。公司坚持"一端更严肃，一 端更消费"战略，推动双轮驱动。 机构简介： 上海呈瑞管理有限公司2010年5月成立于上海，注册资金1100万。公司于2014年4月登记为私募投资基金 管理人，2015年3月成为中国证券投资基金业协会观察会员。公司主营二级市场，涵盖大类资产配置， 主要策略包括宏观对冲策略，高频Alpha策略，CTA策略，策略平台均属自行开发运行，多年以来稳健 发展，公司不断受到市场广泛认可，客户群体不断多元化，涵盖银行资管、私行、券商、保险、信托、 各类fof机构和央企等客户青睐。目前公司 ...

Group 1: Aohua Endoscopy - The company anticipates a decline in overall gross margin due to an increase in overseas revenue share and changes in product structure by the first half of 2025 [1] - Sales, R&D, and management expenses have decreased year-on-year, primarily due to the reversal of share-based payment expenses [1] - The overseas business has shown growth due to the advancement of multi-country access and marketing strategies, with a continuous enhancement of global brand influence [1] - The domestic market strategy focuses on both tertiary hospitals and county-level markets, with multiple academic events and grassroots training conducted [1] - The demand for flexible endoscopes is driven by the popularization of early cancer screening, leading to sustained growth in new equipment, replacements, and endoscope body replacements [1] - The company is expanding its product lines beyond gastroenterology to include respiratory, urology, ENT, and hepatobiliary surgery [1] Group 2: Jingwang Electronics - The company achieved an operating revenue of 7.095 billion yuan in the first half of 2025, representing a year-on-year increase of 20.93% [2] - The net profit attributable to shareholders was 650 million yuan, a decrease of 1.06% year-on-year, but adjusted net profit excluding share-based payment impacts was 721 million yuan, up 9.55% [2] - Revenue from automotive electronics continues to grow rapidly, with increased shipments of AI servers and 800G optical modules [2] - Gross margin is under pressure due to metal material prices and the ramp-up of new factories, but it is expected to improve gradually [2] - The company is investing 5 billion yuan in the Zhuhai Jinwan base for high-end PCB capacity construction [2] - The main structure of the Thailand base has been completed, which will meet overseas customer demands for automotive electronics and AI server products [2] Group 3: Bojie Co., Ltd. - The company is committed to a major client strategy, expanding into server and automotive electronics sectors, with production capacity expected to increase by 2-3 times [3] - Liquid cooling modules have been tested for high-power demands from North American clients [3] - The company is supplying small batches of IMU testing equipment to clients and is investing in harmonic reducer enterprises [3] - The company is entering the automotive electronics market and has secured orders from B clients, while also focusing on semiconductor and MEMS testing [3] - Cost reduction and efficiency improvement initiatives are underway, with advantages expected to emerge from increased scale of shipments [3] - The value of server electrical testing equipment ranges from hundreds of thousands to over a million yuan [3] Group 4: Zhongwen Online - The company employs a content strategy of "emotional resonance + social insight," with daily active users around 600,000 and over 10 million downloads [4] - Approximately 60% of revenue comes from English-speaking regions such as the US [4] - The platform has launched over 2,000 short dramas and collaborates with more than ten overseas production companies [4] - The team consists of about 350 people, with recent hits including "Raising His Mistress's Child" [4] - The company plans to launch 10 AI-generated works by the end of September 2025, leveraging its "Chinese Xiaoyao" large model to enhance ROI [4] - Zhongwen Online is establishing subsidiaries in the US and Japan to create a "local creation + global distribution" system, with advantages in original IP, technology platforms, and local teams [4] - The Chinese micro-short drama market is projected to reach 50.5 billion yuan in 2024 and 63.43 billion yuan in 2025, with the overseas short drama market potential reaching 100 billion USD, indicating explosive growth in the next three years [4]

Financial Performance - For the first half of 2025, the company's operating revenue was 260.34 million, a decrease from 353.52 million in the same period last year, representing a decline of approximately 26.4% [1] - The total profit for the same period was -51.96 million, compared to -2.39 million in the previous year, indicating a significant increase in losses [1] - The net profit attributable to shareholders was -40.77 million, down from a profit of 5.66 million in the previous year [1] - The net cash flow from operating activities was -101.43 million, an improvement from -129.06 million year-on-year [1] Profitability Metrics - The company's weighted average return on equity for the first half of 2025 was -3.15%, a decrease of 3.55 percentage points compared to the previous year [21] - The return on invested capital was -3.21%, down 3.01 percentage points year-on-year [21] Cash Flow Analysis - The net cash flow from financing activities was 191 million, an increase of 180 million compared to the previous year [22] - The net cash flow from investment activities was -54.44 million, compared to 1.90 million in the same period last year [22] Asset and Liability Changes - As of the end of the first half of 2025, the company's short-term borrowings increased by 161.4%, raising its proportion of total assets by 8.17 percentage points [39] - The company's inventory value was 256 million, accounting for 20.26% of net assets, with an increase of 25.72% from the previous year [42] Shareholder Composition - New shareholders include the Huatai-PineBridge Innovation Medical Theme Mixed Securities Investment Fund and the GF Healthcare Stock Fund, replacing previous shareholders [48] - The largest shareholder, Gu Xiaozhou, holds 16.14% of the total shares, remaining unchanged [49] Valuation Metrics - As of August 29, 2025, the company's price-to-earnings ratio (TTM) was approximately -256.56, with a price-to-book ratio of 5.17 and a price-to-sales ratio of 9.93 [1]