Fundraising Overview - The company raised a total of RMB 75,015.00 million through the issuance of 33.34 million shares at RMB 22.50 per share, with actual funds received amounting to RMB 69,139.73 million after deducting issuance costs of RMB 9,097.20 million [1][2] - As of June 30, 2025, the company has used RMB 66,119.20 million of the raised funds, with RMB 54,485.68 million allocated to project expenditures [2][3] Fund Management - The company has established a fundraising management system to ensure the proper storage, approval, usage, and supervision of the raised funds, adhering to principles of regulation, safety, efficiency, and transparency [2][3] - The company has signed tripartite supervision agreements with banks to manage the special accounts for the raised funds, ensuring compliance with regulatory requirements [2][3] Fund Usage - As of June 30, 2025, the company has invested RMB 54,485.68 million in related projects, with no early investments or replacements reported during the reporting period [3][4] - The company has not used idle funds to temporarily supplement working capital or for any other purposes during the reporting period [3][4] Cash Management - The company has approved the use of up to RMB 15,000 million of temporarily idle funds for cash management, investing in safe and liquid financial products [3][4] - As of June 30, 2025, the company has allocated RMB 11,000 million in cash management products, including structured deposits with various banks [3][4] Project Status - The company has adjusted the expected completion date for the "Medical Endoscope Production Base Construction Project" to August 2026, with internal investment structure adjustments approved [3][4] - No changes to the fundraising investment projects have been reported during the reporting period [3][4]

Core Viewpoint - The company announced a delay in the project timeline for the "Medical Endoscope Production Base Construction Project" and an adjustment in the internal investment structure while maintaining the total amount and direction of the raised funds [1][5][7] Fundraising Overview - The company raised a total of RMB 750.15 million through an initial public offering, with a net amount of RMB 659.18 million after deducting issuance costs [1][2] - The funds are stored in a dedicated account, and the company has signed regulatory agreements with relevant parties [2] Use of Funds - As of the end of the reporting period, RMB 544.86 million has been invested in the "Medical Endoscope Production Base Construction Project," out of a planned total investment of RMB 640 million [2][3] Project Delay Details - The project completion date has been extended to August 2026 due to construction delays caused by adjustments in production layout and external engineering approvals [3][4] - The company is actively working to expedite the project construction [4] Internal Investment Structure Adjustment - The internal investment structure for the project has been optimized without changing the total investment amount, with adjustments made to construction and land costs while reducing equipment purchase and installation expenses [4][5] - The planned investment amounts remain unchanged for construction and working capital [5] Impact of Adjustments - The adjustments are expected to enhance the efficiency of fund utilization and align with the company's strategic development, without adversely affecting normal operations [5][6] - The company has followed necessary approval procedures in compliance with relevant regulations [6][7] Approval Process - The board and supervisory committee approved the adjustments during meetings held on August 27, 2025, with the matter pending shareholder approval [5][6]

Overview - The company Shanghai Aohua Endoscope Co., Ltd. has reported a total impairment provision of 15.32 million yuan for the first half of 2025, reflecting its financial status and operational results as of June 30, 2025 [1][2]. Impairment Provision Details - The total impairment provision includes credit impairment losses of 8.14 million yuan related to accounts receivable and other receivables, and asset impairment losses of 7.18 million yuan related to inventory and contract performance costs [2]. - The credit impairment losses are based on expected credit losses, with the company conducting impairment testing on accounts receivable and other receivables [2]. - For contract assets, the company calculates expected credit losses by considering historical loss experiences and current economic conditions [2]. Impact on Financials - The total impairment losses of 15.32 million yuan will impact the company's consolidated profit before tax for the first half of 2025 by the same amount, excluding the effects of income tax [2][3]. - The reported figures are based on the company's financial department calculations and are subject to final confirmation by the annual audit [2]. Compliance and Assurance - The impairment provisions are made in accordance with the relevant accounting standards and company policies, ensuring a true and fair representation of the company's financial condition and normal operations [3].

Core Viewpoint - The report outlines the implementation and evaluation of the "Quality Improvement and Efficiency Enhancement" action plan by Shanghai Aohua Endoscopy Co., Ltd, emphasizing the company's commitment to high-quality development and investor returns while navigating a challenging market environment [1][2][3]. Group 1: Business Performance and Strategy - The company focuses on core business operations and aims for high-quality development, exploring technological innovation and expanding its global market presence despite a temporary adjustment in domestic revenue [1][2]. - The company's net profit attributable to shareholders was -40.77 million yuan, with a net profit excluding non-recurring items of -51.75 million yuan [1]. - The overseas business has seen growth, with successful product approvals and market promotions in multiple countries, enhancing global brand influence [1][2]. Group 2: Research and Development - The company has increased its R&D investment, focusing on early diagnosis and treatment needs, and has made significant progress in developing endoscopic products and related technologies [3]. - New flagship models, including the AQ-400 main unit and gastrointestinal endoscope, have been certified, and nine new patents have been authorized during the reporting period [2][3]. Group 3: Talent Development and Governance - The company continues to implement stock incentive plans to optimize talent management and maintain team stability, with a focus on creating career development pathways [3][4]. - A comprehensive governance structure has been established, including a board of directors and supervisory board, to enhance operational efficiency and compliance with legal requirements [4][5]. Group 4: Investor Relations and Shareholder Returns - The company has committed to enhancing investor returns, proposing a cash dividend of 0.08 yuan per share based on the adjusted total share capital [5][6]. - A share repurchase plan has been approved, allowing the company to buy back shares for employee stock ownership plans, with a minimum repurchase price set at 45.00 yuan per share [6][7]. Group 5: Ongoing Evaluation and Future Outlook - The company will continue to assess the implementation of the action plan and fulfill information disclosure obligations, focusing on core business and enhancing management levels to strengthen competitiveness and profitability [7].

Core Viewpoint - The company has approved an increase in the expected daily related party transaction limit for 2025, amounting to 4.5 million RMB, which is based on normal business operations and market pricing, ensuring no impact on the company's independence or shareholder interests [1][2]. Summary by Sections Daily Related Party Transactions - The company held board meetings on August 27, 2025, where the proposal to increase the daily related party transaction limit was unanimously approved by non-related directors and all supervisors [1]. - The newly added daily related party transaction limit for 2025 is 4.5 million RMB, which is a part of the company's normal business operations [1][2]. Transaction Details - The expected categories and amounts of the related party transactions include sales of products to related parties, with a total expected transaction amount of 17.975 million RMB for 2025, which includes the newly added limit [2][5]. - The breakdown of the expected related party transactions includes sales to Shanghai Pinde Aohua Medical Equipment Co., Ltd. and Hangzhou Kangrui Medical Equipment Co., Ltd., with specific amounts detailed in the report [2][5]. Related Party Information - Shanghai Pinde Aohua Medical Equipment Co., Ltd. is a subsidiary in which the company holds a 33.33% stake, and it has total assets of approximately 17.12 million RMB as of December 31, 2024 [3][4]. - Hangzhou Kangrui Medical Equipment Co., Ltd. has a registered capital of 6 million RMB and is involved in the sale of medical devices [3][4]. Purpose and Impact of Transactions - The increase in daily related party transaction limits is aimed at facilitating the company's normal business activities and promoting related business development [5]. - The company emphasizes that all transactions will adhere to fair pricing principles and will not compromise the interests of shareholders, particularly minority shareholders [5].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company experienced a revenue decline of 26.4% year-on-year in 1H25, with a net loss of 41 million yuan, attributed to strategic adjustments in domestic operations and increased investment for long-term growth [1][2] - Despite short-term challenges, the company is optimistic about its long-term growth potential, particularly in international markets where revenue has shown some growth [1][3] - The company has made significant progress in product approvals and market expansion for its high-end products, such as the AQ-400 system, which enhances its competitive position in the high-end market [4] Summary by Sections Financial Performance - In 1H25, the company reported revenues of 260 million yuan and a gross margin of 62.4%, down 9.1 percentage points year-on-year, primarily due to an increase in lower-margin overseas business [2] - The company’s sales, management, and R&D expense ratios increased to 38.5%, 19.3%, and 28.4% respectively, reflecting a strategic focus on core technology innovation and market competitiveness [2] Business Segments - Endoscope Equipment: Revenue was 240 million yuan in 1H25, down 29.6% year-on-year, due to a proactive adjustment in domestic business pace. The company is expanding into high-end markets and strengthening its presence in county-level markets [3] - Endoscopic Consumables: Revenue increased by 40.1% year-on-year to 9.66 million yuan, indicating strong product competitiveness [3] - Endoscope Maintenance: Revenue surged by 122.3% year-on-year to 9.33 million yuan, with expectations for rapid growth as maintenance capabilities improve [3] Product Development and Market Strategy - The AQ-400 system has received domestic approval, enhancing the company's competitive edge in the high-end market. Additionally, the company is advancing its 3D endoscope and endoscopic robot products, which are expected to provide innovative solutions for complex procedures [4] Profit Forecast and Valuation - The company has adjusted its profit forecasts, projecting net profits of 1 million yuan, 10 million yuan, and 16 million yuan for 2025-2027, respectively. The target price is set at 60.43 yuan, reflecting an increase from the previous estimate of 55.12 yuan [5][20]

Group 1 - The core point of the article is that Auhua Endoscopy (688212.SH) reported a significant decline in revenue and a net loss in its mid-year financial results for 2025 [1] Group 2 - The company achieved an operating revenue of 260 million yuan in the first half of 2025, representing a year-on-year decrease of 26.36% [1] - The net profit attributable to shareholders of the parent company was -40.7652 million yuan, compared to a net profit of 5.6616 million yuan in the same period last year [1] - The basic earnings per share were -0.3 yuan [1]

证券代码：688212 证券简称：澳华内镜 公告编号：2025-061 上海澳华内镜股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证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： 一、召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 （二） 股东大会召集人：董事会 召开日期时间：2025 年 9 月 16 日 14 点 30 分 召开地点：上海市闵行区光中路 133 弄 66 号澳华内镜大厦十楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 16 日 至2025 年 9 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年9月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-055 一、监事会会议召开情况 上海澳华内镜股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日以 现场与通讯相结合的方式召开了第二届监事会第十九次会议（以下简称"本次 会议"）。本次会议的通知已于 2025 年 8 月 16 日以电子邮件的方式送达全体 监事。本次会议由公司监事会主席徐佳丽女士召集并主持，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开程序和方式符合《中华人民共 和国公司法》（以下简称"《公司法》"）等法律法规以及《上海澳华内镜股 份有限公司章程》（以下简称"《公司章程》"）的有关规定，会议决议合法、 有效。 二、监事会会议审议情况 会议经与会监事审议并书面表决通过了如下议案： （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 监事会认为：公司《2025 年半年度报告》及其摘要的编制和审议程序符合 法律法规、《公司章程》及监管机构的规定。公司《2025 年半年度报告》及其 摘要能从各个方面真实反映出公司的经营业绩与财务状况等事项，所披露的信 息真实、准确、完整，不存在虚假记载、误导 ...

（本页无正文，为《上海澳华内镜股份有限公司第二届董事会独立董事专门会议 第二次会议决议》签署页) 全体独立董事签字: -9727 18 共贝 劳 乡 谣 潘文才 劳兰珺 廖洪恩 上海澳华内镜股份有限公司 第二届董事会独立董事专门会议第二次会议决议 上海澳华内镜股份有限公司(以下简称"公司")于 2025 年 8 月 26 日以现 场与通讯相结合的方式召开了第二届董事会独立董事专门会议第二次会议(以下 简称"本次会议"）。本次会议的通知已于 2025年 8 月 16 目以电子邮件的方式 送达全体独立董事。会议应出席独立董事 4人,实际出席独立董事 4人。经过半 数独立董事推举,独立董事潘文才先生召集并主持本次会议。本次会议的召集、 召开程序和方式符合《中华人民共和国公司法》（以下简称"《公司法》"）等 法律法规以及《上海澳华内镜股份有限公司章程》（以下简称"《公司章程》"） 的有关规定,会议决议合法、有效。 一、审议通过《关于增加 2025年度日常关联交易额度的议案》 我们认为,公司与关联方之间增加 2025年度发生的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 ...