Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 60.43 [1]. Core Insights - The company reported a revenue of RMB 423 million for the first three quarters of 2025, a year-over-year decrease of 15.6%, and a net loss attributable to shareholders of RMB 56.09 million, indicating a shift from profit to loss. However, in the third quarter of 2025, revenue reached RMB 162 million, reflecting a year-over-year increase of 10.4% and a quarter-over-quarter increase of 18.8%, suggesting a recovery in revenue growth [1][2]. - The gross margin for the first three quarters of 2025 was 60.5%, down 8.7 percentage points year-over-year, primarily due to changes in product and regional revenue structure. The company anticipates a recovery in gross margin as overall business improves [2]. - The company is strategically enhancing its business capabilities by establishing localized marketing support centers and advancing the development of innovative products such as 3D digestive endoscopes and endoscopic robots [2]. Revenue and Profitability Outlook - The core segment of endoscopic equipment is expected to see a rebound in revenue as domestic medical device tenders show signs of recovery. The penetration rate for soft endoscopic treatments in China has significant room for growth, and the company’s high-end products are gaining recognition in key hospitals [3]. - The company’s product matrix for endoscopic consumables is extensive, and there is optimism for growth in this segment as overall promotion efforts intensify [3]. Product Launch and Market Position - The AQ-400 3D ultra-high-definition soft endoscope system was officially launched in the domestic market in the first nine months of 2025. This system is designed to significantly reduce the risk of missed or misdiagnosed cases while enhancing the safety and efficiency of minimally invasive surgeries [4]. - The successful launch and ongoing promotion of the AQ-400 system are expected to further increase the company's market share in core segments [4]. Financial Projections and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to be RMB 0.01 million in 2025, RMB 1.00 million in 2026, and RMB 1.60 million in 2027. The company is positioned as a leader in the domestic soft endoscope market, with a continuously expanding product matrix and active promotion efforts both domestically and internationally [5]. - A DCF valuation method was employed, with a WACC of 9.2% and a perpetual growth rate of 2.8%, maintaining the target price at RMB 60.43 [5].

Core Insights - Australia Huain Medical (688212.SH) reported its Q3 2025 results, revealing that 26 institutional investors hold a total of 29.58 million A-shares, accounting for 21.97% of the company's total equity [1] - The top ten institutional investors collectively own 18.60% of the shares, with a slight increase of 0.01 percentage points compared to the previous quarter [1] Institutional Holdings - A total of 13 public funds increased their holdings in Australia Huain Medical, with a holding increase ratio of 2.14% [2] - Seven public funds reduced their holdings, with a decrease ratio of 0.50% [2] - One new public fund disclosed its holdings, while 172 public funds did not disclose their holdings this quarter [2] Social Security Funds - Two new social security funds disclosed their holdings in Australia Huain Medical, including the Huatai Baoxing Health Consumption A and the National Social Security Fund 501 portfolio [2]

证券代码：688212 证券简称：澳华内镜 公告编号：2025-066 上海澳华内镜股份有限公司 关于召开2025年第三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年第三次临时股东大会 召开日期时间：2025 年 11 月 14 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 11 月 14 日 至2025 年 11 月 14 日 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《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》 等有关规定执行。 （七） 涉及公开 ...

Core Insights - The company reported a revenue of 162 million yuan for Q3 2025, representing a year-on-year increase of 10.37% [1] - The net profit attributable to shareholders was -15.32 million yuan, indicating a loss [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -16.35 million yuan [1]

上海澳华内镜股份有限公司 章程 二〇二五年十月 | | | 上海澳华内镜股份有限公司章程 第一章 总则 第一条 为维护上海澳华内镜股份有限公司（以下简称"公司"）、股东和 债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》） 和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司，由上 海澳华光电内窥镜有限公司全体发起人股东以经审计的净资产折股整体变更 设立，经上海市市场监督管理局注册登记，取得营业执照，营业执照号： 91310112607671054B。 第三条 公司于2021年9月28日经中国证券监督管理委员会（以下简称"中 国证监会"）同意首次公开发行股票注册，首次向社会公众发行人民币普通股 （A股）股票3,334万股，并于2021年11月15日在上海证券交易所科创板上市。 第四条 公司注册名称：上海澳华内镜股份有限公司 第五条 公司住所：上海市闵行区光中路133弄66号，邮政编码：201108。 第六条 公司注册资本：人民币134,665,250元。 第七条 公司为永久存续的股份 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥162,282,968.92, representing a year-on-year increase of 10.37%[4] - The total profit for the period was -¥32,443,751.20, a decrease of 199.90% compared to the same period last year[4] - The net profit attributable to shareholders was -¥15,327,234.69, down 148.44% year-on-year[4] - The basic earnings per share for the period was -¥0.12, a decrease of 150.00% year-on-year[4] - The diluted earnings per share for the period was also -¥0.12, reflecting a 150.00% decline compared to the same period last year[4] - Total operating revenue for the first three quarters of 2025 was CNY 422,626,267.10, a decrease of 15.6% compared to CNY 500,553,520.06 in the same period of 2024[20] - The company reported a net loss of CNY 55,905,406.41 for the first three quarters of 2025, compared to a net profit of CNY 36,958,353.67 in the same period of 2024[22] - Operating profit for the first three quarters of 2025 was CNY -84,182,421.89, a significant decline from CNY 30,568,123.68 in 2024[21] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.42, compared to CNY 0.28 in the same period of 2024[22] - The total comprehensive income for the first three quarters of 2025 was CNY -67,951,341.30, compared to CNY 35,563,906.33 in 2024, indicating a negative shift[33] Research and Development - Research and development expenses totaled ¥39,796,629.50, an increase of 54.42% compared to the same period last year, accounting for 24.52% of operating revenue[5] - The company reported a significant increase in R&D investment as part of its long-term strategic initiatives, which has temporarily raised expense ratios[9] - Research and development expenses remained stable at CNY 113,605,753.86, compared to CNY 113,108,128.27 in the previous year[21] - The company's research and development expenses for the first three quarters of 2025 were CNY 115,029,853.81, slightly down from CNY 117,707,540.36 in 2024, reflecting a focus on maintaining R&D investment[32] Assets and Liabilities - The total assets at the end of the period were ¥1,826,626,179.89, reflecting a 4.46% increase from the end of the previous year[5] - Total current assets as of September 30, 2025, amount to ¥957,088,840.04, a decrease from ¥992,858,871.93 as of December 31, 2024[15] - The company's total equity decreased to CNY 1,207,126,914.47 from CNY 1,345,530,786.40 year-over-year[30] - Total liabilities rose to CNY 566,516,917.74, compared to CNY 368,197,409.69, reflecting an increase of 53.8%[17] - Total assets increased to CNY 1,826,626,179.89, up from CNY 1,748,676,638.82, indicating growth in the company's asset base[17] - The company's equity attributable to shareholders decreased to CNY 1,245,498,643.09 from CNY 1,366,055,677.44, a decline of 8.8%[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 5,549[12] - The largest shareholder, Gu Xiaozhou, holds 21,740,500 shares, representing 16.14% of total shares[13] - The second largest shareholder, Gu Kang, holds 16,950,200 shares, representing 12.59% of total shares[13] - The company has no significant changes in the top 10 shareholders due to margin trading activities[13] Cash Flow - Cash inflow from operating activities for the first three quarters of 2025 was CNY 544,196,815.48, a slight increase from CNY 528,105,962.51 in the same period of 2024[25] - Net cash outflow from operating activities was CNY -98,694,502.97, improving from CNY -137,907,116.60 year-over-year[25] - Cash inflow from investment activities increased significantly to CNY 744,302,144.95 in 2025, compared to CNY 339,633,242.06 in 2024[26] - Net cash flow from investment activities was CNY 17,160,147.57, a turnaround from CNY -11,990,148.86 in the previous year[26] - Cash inflow from financing activities rose to CNY 442,017,678.34, up from CNY 110,525,317.50 in 2024[26] - Net cash flow from financing activities was CNY 148,073,526.96, compared to CNY 50,113,987.87 in the same period last year[26] Other Financial Metrics - The company's cash and cash equivalents at the end of the period were CNY 317,327,628.17, up from CNY 144,940,689.86 in the previous year[26] - The company's financial expenses in 2025 included interest expenses of CNY 4,447,934.20, compared to CNY 773,484.38 in 2024, indicating an increase in borrowing costs[32] - Deferred tax assets increased significantly to CNY 75,214,162.80 from CNY 44,840,115.68, indicating a potential future tax benefit[17]

证券代码：688212 证券简称：澳华内镜 公告编号：2025-065 上海澳华内镜股份有限公司 关于调整经营范围并修订《公司章程》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10月27日召开 第二届董事会第二十一次会议，审议通过了《关于调整经营范围并修订<公司章 程>的议案》，本事项尚需提交公司股东大会审议。现将相关事项公告如下： 一、调整公司经营范围的情况 根据公司实际情况及经营发展需要，公司拟对经营范围进行调整，调整前 后对比如下： | 序号 | 调整前 | 调整后 | | --- | --- | --- | | | 公司的经营范围：许可项目：第二类医 | 公司的经营范围：许可项目：第二类医疗 | | | 疗器械生产；第三类医疗器械生产；第 | 器械生产；第三类医疗器械生产；第三类 | | | 三类医疗器械经营。（依法须经批准的 | 医疗器械经营。（依法须经批准的项目， | | | 项目，经相关部门批准后方可开展经营 | 经相关部门批准后方可开展经营 ...

Group 1 - The core viewpoint of the news is that Aohua Endoscopy has seen a stock price increase of 5.1%, reaching 51.73 yuan per share, with a total market capitalization of 6.966 billion yuan [1] - Aohua Endoscopy, established on October 27, 1994, specializes in the research, production, and sales of electronic endoscope equipment and related medical consumables, with 92.35% of its revenue coming from endoscope equipment [1] - The company is classified as a high-tech enterprise, with additional revenue sources including endoscope consumables (3.71%), maintenance services (3.58%), and leasing (0.35%) [1] Group 2 - Xiangcai Fund has a significant holding in Aohua Endoscopy, with its Xiangcai Medical Health Mixed A fund holding 18,000 shares, representing 4.8% of the fund's net value [2] - The fund has achieved a year-to-date return of 44.3%, ranking 1642 out of 8155 in its category, and a one-year return of 36.51%, ranking 2016 out of 8029 [2] - The fund manager, Zhang Quan, has been in position for 1 year and 308 days, with the fund's total assets amounting to 18.3775 million yuan [3]

Core Insights - The medical device sector experienced a slight increase of 0.37% on October 24, with Mai Lande leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Medical Device Sector Performance - Top gainers included: - Mai Lande (688273) with a closing price of 41.92, up 6.31%, trading volume of 29,300 hands, and a transaction value of 121 million yuan [1] - Xiangyu Medical (688626) at 53.21, up 6.10%, with a trading volume of 41,100 hands and a transaction value of 216 million yuan [1] - Xiangsheng Medical (688358) at 35.27, up 4.75%, with a trading volume of 38,400 hands and a transaction value of 136 million yuan [1] - Other notable gainers included: - Aohua Endoscopy (688212) at 50.59, up 4.74%, with a transaction value of 225 million yuan [1] - Weisi Medical (688580) at 49.10, up 4.71%, with a transaction value of approximately 99.8 million yuan [1] Decliners in Medical Device Sector - Notable decliners included: - Chenguang Medical (920300) at 17.51, down 8.80%, with a trading volume of 124,000 hands [2] - Toukeng Life (300642) at 22.95, down 5.40%, with a trading volume of 175,700 hands [2] - Haitai New Light (688677) at 48.50, down 5.05%, with a trading volume of 38,800 hands [2] - Other significant decliners included: - Sino Medical (688108) at 28.00, down 4.73%, with a trading volume of 263,700 hands [2] - Tianchen Medical (688013) at 55.66, down 3.98%, with a trading volume of 19,200 hands [2] Capital Flow in Medical Device Sector - The medical device sector saw a net outflow of 654 million yuan from major funds, while retail investors contributed a net inflow of 455 million yuan [2]

Core Points - The Shanghai Composite Index closed at 3938.98 points, above the six-month moving average, with a gain of 0.42% [1] - A total trading volume of A-shares reached 1,239.319 billion yuan today [1] - 126 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the six-month moving average are: - Xicet Testing (西测测试) with a deviation rate of 13.84% and a daily increase of 15.21% [2] - Anhui Instrument Technology (皖仪科技) with a deviation rate of 9.60% and a daily increase of 12.74% [2] - Aerospace Changfeng (航天长峰) with a deviation rate of 9.37% and a daily increase of 10.01% [2] Trading Metrics - The trading turnover rate for Xicet Testing was 18.16%, while Anhui Instrument Technology had a turnover rate of 3.91% [2] - The latest prices for the top three stocks are: - Xicet Testing at 58.87 yuan [2] - Anhui Instrument Technology at 24.33 yuan [2] - Aerospace Changfeng at 15.17 yuan [2] Additional Stocks - Other notable stocks with significant performance include: - Tongfeng Electronics (铜峰电子) with a deviation rate of 9.10% and a daily increase of 9.95% [2] - Weihong Technology (维宏股份) with a deviation rate of 7.25% and a daily increase of 10.74% [2] - China Satellite Communications (中国卫通) with a deviation rate of 5.82% and a daily increase of 6.02% [2]