SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO.(SH:688212) 光大证券研究·2025-07-15 13:10Core Viewpoint - The company is experiencing a decline in revenue due to industry performance and inventory adjustments, but is optimistic about future recovery and growth in overseas markets [4]. Group 1: Financial Performance - In Q1 2025, the company's revenue was 124 million, a year-on-year decrease of 26.92%, with a net profit attributable to shareholders of -28.79 million, indicating a shift from profit to loss [4]. - The decline in revenue is attributed to weak recovery in medical device procurement and proactive inventory adjustments by the company [4]. Group 2: Product Development and Market Position - The company launched the AQ-150 Series and AQ-120 Series endoscope systems in October 2024, enhancing its product lineup and market competitiveness [5]. - The AQ-150 Series features a 10.1-inch touchscreen and aims to simplify operations, while the AQ-120 Series is designed for versatility in various medical environments [5]. - The new AQ-400 series incorporates advanced hyperspectral technology, expected to enhance the company's competitive edge and drive sales growth in 2026 [5]. - Ongoing R&D efforts include the development of 3D flexible endoscopes, AI diagnostic technologies, and ERCP robots, aimed at improving safety, reliability, and convenience in future products [5]. Group 3: International Expansion - Since 2024, the company has been actively expanding its overseas marketing network, achieving product approvals and market promotion in multiple countries, which is expected to significantly boost brand influence and drive rapid growth in international business [4].