深圳价值在线咨询顾问有限公司 关于 上海澳华内镜股份有限公司 2022 年限制性股票激励计划首次授予部分 第二个归属期归属条件成就事项 深圳价值在线咨询顾问有限公司 独立财务顾问报告 第一章 释 义 之 独立财务顾问报告 二〇二四年四月 | ਲ | | --- | | | 独立财务顾问意见 | 14 | | --- | --- | --- | | 第六章 | | | 在本报告中，如无特殊说明，下列简称具有如下含义： | 释义项 | | 释义内容 | | --- | --- | --- | | 澳华内镜、本公司、上市公 | 指 | 上海澳华内镜股份有限公司（含分公司及子公司） | | 司、公司 | | | | 限制性股票激励计划、本激 | | 上海澳华内镜股份有限公司 2022 年限制性股票激励 | | 励计划、本次激励计划、本 | 指 | 计划 | | 计划 | | | | 《激励计划（草案）》 | 指 | 《上海澳华内镜股份有限公司 2022 年限制性股票激 | | | | 励计划（草案）》 | | 本报告、本独立财务顾问报 | | 《深圳价值在线咨询顾问有限公司关于上海澳华内镜 股份有限公司 2022 年 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2024-008 拟续聘的会计师事务所名称：容诚会计师事务所（特殊普通合伙）（以下简称 "容诚所"） 上海澳华内镜股份有限公司（以下简称"公司"）根据《中华人民共和国证券法》 《国有企业、上市公司选聘会计师事务所管理办法》、公司《会计师事务所选聘制度》的 相关规定，通过采用能够充分了解会计师事务所胜任能力的综合评价方法，对拟选聘单位 进行了评价打分，形成了选聘初步考核结果。公司于2024年4月8日召开第二届董事会第十 次会议、第二届监事会第九次会议，审议通过了《关于公司续聘会计师事务所的议案》， 公司拟续聘容诚会计师事务所（特殊普通合伙）作为2024年年度审计机构及内控审计机 构，聘期一年。该议案尚需提交公司2023年年度股东大会审议。现将相关事项公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通合伙）更 名而来，初始成立于1988年8月，2013年12月10日改制为特殊普通合伙企业，是国内最早获 准从事证券服务业务的会计师事务所之一，长期从事证券服务业务。注册地址 ...

上海澳华内镜股份有限公司董事会审计委员会 对会计师事务所 2023 年度履职情况评估 及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》和《公司章程》等规 定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职，将 董事会审计委员会对会计师事务所 2023 年年度审计履职评估及履行监督职责的 情况汇报如下： 二、2023 年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 范及公司 2023 年年报工作安排，容诚所对公司 2023 年度财务报告及 2023 年 12 月 31 日的财务报告内部控制的有效性进行了审计，同时对公司非经营性资金占 用及其他关联资金往来情况等进行核查并出具了专项报告。 经审计，容诚所认为公司财务报表在所有重大方面按照企业会计准则的规 定编制，公允反映了公司 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成果和现金流量；公司保持了有效的财务报告内部控 制。容诚所出具了标准无保留意见的审计报告。 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 73.94 CNY per share based on a 10x PS valuation for 2024 [2][43]. Core Insights - The company is expected to achieve total revenue of 678 million CNY in 2023, representing a year-over-year growth of 52.2%, and a net profit of 58 million CNY, reflecting a significant increase of 167.1% [1][12]. - The AQ-300 product line is driving the company's performance, enhancing brand recognition and contributing to steady revenue growth [1][43]. - The company has a strong focus on R&D, which has led to continuous product improvements and a competitive edge in the market [1][9]. Revenue and Profit Forecast - Projected revenues for 2023-2025 are 678 million CNY, 991 million CNY, and 1.427 billion CNY, with respective growth rates of 52.2%, 46.2%, and 44% [1][12]. - Expected net profits for the same period are 58 million CNY, 122 million CNY, and 185 million CNY, with growth rates of 167.1%, 109.9%, and 52.3% [1][12]. - The EPS for 2023-2025 is forecasted to be 0.43 CNY, 0.91 CNY, and 1.38 CNY per share [1][12]. Product Performance - The AQ-300 series is positioned as a high-end product, with expected revenue growth of 109% in 2024 and 67% in 2025, maintaining a gross margin of 76% [1][17]. - The company anticipates a significant increase in revenue from its endoscope repair services, with projected growth rates of 35%, 30%, and 40% for 2023-2025 [6][12]. Market Position and Competitive Landscape - The company is recognized as a leading manufacturer of flexible electronic endoscopes in China, benefiting from supportive policies and market potential [42][43]. - The introduction of the AQ-300 product line is expected to enhance the company's competitive position against foreign brands, particularly Olympus [43].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 83.25 CNY [4][9]. Core Insights - The company is expected to achieve a revenue of 678 million CNY in 2023, representing a year-on-year growth of 52%, and a net profit of 57.97 million CNY, reflecting a 167% increase [8]. - The AQ-300 product is driving significant growth, with plans for overseas certification to enhance the product matrix and brand influence [8]. - The company is focusing on its core business of flexible endoscopes and enhancing brand recognition through academic activities [8]. Financial Data and Valuation - Revenue projections for 2023-2025 are 678 million CNY, 1,014 million CNY, and 1,443 million CNY, with a compound annual growth rate (CAGR) of 48% [9]. - Net profit forecasts for the same period are 58 million CNY, 123 million CNY, and 191 million CNY, with a CAGR of 106% [9]. - The price-to-sales (P/S) ratios for 2023-2025 are projected at 11, 7.4, and 5.2 times, respectively [9]. - The company’s total assets are expected to reach 1.53 billion CNY in 2023, with a 9% increase from the beginning of the year [8]. Operational Highlights - The company is actively expanding its marketing network both domestically and internationally, aiming to cover various levels of hospitals and enhance brand influence [8]. - The report indicates that the company’s sales, management, and R&D expenses are all on the rise, aligning with revenue growth trends [2].

R&D Strategy and Product Development - The company focuses on differentiated innovation to address clinical pain points, improve diagnostic efficiency, and enhance satisfaction for both doctors and patients [1] - Continuous optimization of product performance based on clinical feedback to provide more precise and reliable operation experiences [1] - Soft endoscope development involves multidisciplinary integration of optics, electronics, materials, mechanics, and algorithms [2] Product Lines and Market Positioning - AQ-300 series and AQ-200 series have different market positioning and pricing, targeting distinct market segments [2] - Current focus remains on the soft endoscopy field, with potential future expansion into synergistic areas as market share increases [2] International Expansion - Overseas markets are in early development stages, employing a multi-product, multi-model strategy [2] - European subsidiary WISAP has shown steady performance in recent years [2] - Future growth in international markets expected through enhanced product capabilities and after-sales services [2] Market Drivers and Industry Trends - Industry growth primarily driven by diagnostic needs and increasing health awareness [2] - Rising early cancer screening penetration rates leading to increased demand for new soft endoscopy equipment and replacement needs [2] Academic Activities and Market Education - Active participation in academic conferences and discussions on innovative applications and clinical practices [3] - Successful organization of "Aohua Cup" CBI National Case Competition and hands-on training sessions [3] - These activities demonstrate product advantages in operation comfort and high-definition imaging [3] Revenue Distribution and Growth Potential - Current revenue from respiratory endoscopy is smaller compared to gastroenterology [3] - Respiratory endoscopy shows long-term growth potential as clinical demand develops and surgical techniques mature [3] Investor Participation - Multiple institutional investors participated in the event, including major funds and asset management companies [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Insights - The company is expected to achieve an annual revenue of 661-700 million yuan in 2023, representing a year-on-year growth of 48.44-57.13%. The net profit attributable to shareholders is projected to be between 52-65 million yuan, reflecting a significant increase of 138.36-200.76% [3]. - The launch of the AQ-300 product has enhanced the company's brand strength, supported by improved marketing strategies and increased research and development investments [4]. - The company has introduced a new stock incentive plan, granting 5 million shares to 112 eligible participants, which underscores its confidence in sustaining high growth in performance [4]. - The company is focusing on expanding its overseas business, particularly in Europe, by replicating successful service and maintenance models from its Munich subsidiary [4]. Financial Summary - The company’s projected revenues for 2023, 2024, and 2025 are 676 million, 1,004 million, and 1,441 million yuan, respectively, with net profits expected to be 60 million, 88 million, and 135 million yuan [10]. - The earnings per share (EPS) are forecasted to be 0.44, 0.65, and 1.01 yuan for the years 2023, 2024, and 2025, respectively, with corresponding price-to-earnings (P/E) ratios of 115.16, 78.29, and 50.66 [11]. - The company’s total market capitalization is approximately 6.694 billion yuan, with a circulating market value of about 4.606 billion yuan [2].

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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 78,000 股。 证券代码：688212 证券简称：澳华内镜 公告编号：2024-002 上海澳华内镜股份有限公司 2022 年限制性股票激励计划预留授予部分 第一个归属期归属结果暨股份上市的公告 本次股票上市流通总数为 78,000 股。 本次归属股票上市流通日期为 2024 年 1 月 18 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，上海澳华内镜股份有限公司（以下简称 "公司"）于 2024 年 1 月 12 日收到中国证券登记结算有限责任公司上海分公司出 具的《证券变更登记证明》，公司已完成 2022 年限制性股票激励计划（以下简称 "本次激励计划"）预留授予部分第一个归属期的股份登记工作。现将有关情况公 告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2022 年 1 月 17 日，公司召开第一届董事会第 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2024-001 上海澳华内镜股份有限公司 关于变更审计项目合伙人及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。 容诚事务所为公司2023年度审计机构，原委派胡新荣作为项目合伙人及签字注册会 计师，为公司提供2023年度审计服务。由于容诚事务所内部工作调整，现委派王辉达接 替胡新荣作为项目合伙人及签字注册会计师，继续为公司完成2023年度财务报表审计及 内部控制审计相关工作。 二、本次变更人员的基本信息、诚信及独立性情况 （一）基本信息 审计项目合伙人及签字注册会计师：王辉达，2012年成为中国注册会计师，2007年 开始从事上市公司审计业务，2021年开始在容诚会计师事务所(特殊普通合伙) 执业， 2021年开始为公司提供审计服务; 近三年签署过正帆科技（688596）、贝斯美（300796） 上市公司审计报告。 （二）诚信记录 上海澳华内镜股份有限公司（以下简称"公司"）分别于2023年4月21日、2023年5 月19日召开了第二届董事会第三 ...

证券代码： 688212 证券简称：澳华内镜 编号：2024-001 上海澳华内镜股份有限公司 投资者关系活动记录表 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 路演活动 活动类别 □现场参观 □一对一沟通 券商策略会 □其他 参与单位及 见附件 人员 时间 1月3日-1月5日 地点 线上交流、公司办公室 接待人员 董事会秘书 施晓江 投资者关系 互动问答 活动主要内 容介绍 1：公司未来海外业务的发展规划？ ...