SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO.(SH:688212) 华创医药组公众平台·2025-06-19 07:11Core Viewpoint - The company, Aohua Endoscopy, is expected to face performance pressure in 2024 and 2025 due to external factors, including hospital procurement demand reduction and slow execution of national medical equipment replacement policies, but it is also making progress in new product development and overseas market expansion [3]. Group 1: Performance Outlook - Aohua Endoscopy's performance is under pressure due to ongoing anti-corruption measures affecting hospital procurement in the first half of 2024 [3]. - The national initiative for medical equipment replacement is progressing slower than expected in some regions, leading to unrecognized order revenues for Aohua Endoscopy in 2024 [3]. - The company is expected to face continued performance pressure in the short term as it works through inventory reduction, despite positive trends in medical equipment bidding data [3]. Group 2: Product Development and Market Expansion - The company is focusing on R&D, with the next-generation ultra-high-definition endoscope system AQ-400 expected to be approved for market in the second half of 2025 [3]. - Aohua Endoscopy has completed preliminary reviews for its ultrasound endoscope patents and is set to enter the public phase in April 2025, while its ERCP surgical robot has begun clinical trials with a potential approval in 2027 [3]. - The overseas market for soft endoscopes presents significant growth potential, and Aohua Endoscopy is enhancing its product competitiveness and sales network to accelerate overseas sales [3]. Group 3: Future Growth Potential - Aohua Endoscopy is expected to see a breakthrough in operations in 2026, driven by the rapid market entry of AQ-400 and the anticipated approval of Olympus X1 4K endoscope [4]. - The company is implementing a share buyback for employee stock ownership plans, reflecting management's confidence in the company's future [4]. - The soft endoscope industry is characterized by strong monopolistic dynamics and significant market potential, with future growth driven by consumables and maintenance services [4].