澳华内镜（688212）：收入阶段性承压，期待AQ-400上市拉动增长

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][6]. Core Views - The company experienced a significant revenue decline of 26.36% year-on-year in H1 2025, with a reported revenue of 260 million yuan and a net profit loss of 40.77 million yuan, indicating a shift from profit to loss [1][2]. - The decline in domestic revenue is attributed to the company's proactive inventory reduction strategy, while overseas business showed growth, particularly in Europe [2]. - The company is focusing on innovation and product development, with the new flagship product AQ-400 expected to enhance competitive differentiation and drive sales growth in 2026 [3][4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 260 million yuan, down 26.36% year-on-year, and a net profit loss of 40.77 million yuan [1]. - The overall gross margin decreased by 9.07 percentage points to 62.39% due to a higher proportion of lower-margin overseas business [2]. Product Development - The AQ-400 product has received approval and is expected to significantly contribute to sales growth once launched [3]. - The company is investing heavily in R&D, with expenses reaching 73.81 million yuan in H1 2025, accounting for 28.35% of revenue [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 0.06 billion yuan, 0.49 billion yuan, and 0.65 billion yuan respectively [4]. - The company is expected to maintain its leading position in the industry due to its differentiated product offerings [4].