澳华内镜 202509004 摘要 澳华内镜主要聚焦于软镜赛道，特别是在消化内科领域进行业务布局。虽然公 司也涉及一些消化内科相关耗材，但其收入占比相对较小。目前，公司约 70% 的收入来自国内市场，剩余约 30%的收入来自海外市场，重点布局在欧洲区域。 对于软镜赛道的发展前景如何看待？ 软镜作为消化内科筛查的金标准，随着公众健康意识的提升，其诊疗量有很大 的提升空间，因此整个行业增长潜力巨大。目前国产化率较低，不到 20%，而 最大龙头奥林巴斯市占率超过 70%。因此，进口替代空间广阔。以澳华为代表 的国产企业技术突破迅速，例如澳华在 2025 年 6 月获得了 AQ400 新一代旗 舰机型的注册证，并在 8 月份实现了苏州三甲医院中标，中标金额接近 600 万 人民币。AQ400 预计将在 2025 年三季度末或四季度正式上市，并成为 2026 年公司业绩增长的重要来源。 近期行业有哪些新的变化？ 行业内出现了一些新的变化，包括反腐常态化后设备更新恢复正常招标节奏， 使得 2025 年的胃肠镜招投标量相比 2024 年有所好转。此外，奥林巴斯最新 机型 X1 已经在国内获得注册证，这将引发一波采购高峰。在 ...

Group 1: Aohua Endoscopy - The company anticipates a decline in overall gross margin due to an increase in overseas revenue share and changes in product structure by the first half of 2025 [1] - Sales, R&D, and management expenses have decreased year-on-year, primarily due to the reversal of share-based payment expenses [1] - The overseas business has shown growth due to the advancement of multi-country access and marketing strategies, with a continuous enhancement of global brand influence [1] - The domestic market strategy focuses on both tertiary hospitals and county-level markets, with multiple academic events and grassroots training conducted [1] - The demand for flexible endoscopes is driven by the popularization of early cancer screening, leading to sustained growth in new equipment, replacements, and endoscope body replacements [1] - The company is expanding its product lines beyond gastroenterology to include respiratory, urology, ENT, and hepatobiliary surgery [1] Group 2: Jingwang Electronics - The company achieved an operating revenue of 7.095 billion yuan in the first half of 2025, representing a year-on-year increase of 20.93% [2] - The net profit attributable to shareholders was 650 million yuan, a decrease of 1.06% year-on-year, but adjusted net profit excluding share-based payment impacts was 721 million yuan, up 9.55% [2] - Revenue from automotive electronics continues to grow rapidly, with increased shipments of AI servers and 800G optical modules [2] - Gross margin is under pressure due to metal material prices and the ramp-up of new factories, but it is expected to improve gradually [2] - The company is investing 5 billion yuan in the Zhuhai Jinwan base for high-end PCB capacity construction [2] - The main structure of the Thailand base has been completed, which will meet overseas customer demands for automotive electronics and AI server products [2] Group 3: Bojie Co., Ltd. - The company is committed to a major client strategy, expanding into server and automotive electronics sectors, with production capacity expected to increase by 2-3 times [3] - Liquid cooling modules have been tested for high-power demands from North American clients [3] - The company is supplying small batches of IMU testing equipment to clients and is investing in harmonic reducer enterprises [3] - The company is entering the automotive electronics market and has secured orders from B clients, while also focusing on semiconductor and MEMS testing [3] - Cost reduction and efficiency improvement initiatives are underway, with advantages expected to emerge from increased scale of shipments [3] - The value of server electrical testing equipment ranges from hundreds of thousands to over a million yuan [3] Group 4: Zhongwen Online - The company employs a content strategy of "emotional resonance + social insight," with daily active users around 600,000 and over 10 million downloads [4] - Approximately 60% of revenue comes from English-speaking regions such as the US [4] - The platform has launched over 2,000 short dramas and collaborates with more than ten overseas production companies [4] - The team consists of about 350 people, with recent hits including "Raising His Mistress's Child" [4] - The company plans to launch 10 AI-generated works by the end of September 2025, leveraging its "Chinese Xiaoyao" large model to enhance ROI [4] - Zhongwen Online is establishing subsidiaries in the US and Japan to create a "local creation + global distribution" system, with advantages in original IP, technology platforms, and local teams [4] - The Chinese micro-short drama market is projected to reach 50.5 billion yuan in 2024 and 63.43 billion yuan in 2025, with the overseas short drama market potential reaching 100 billion USD, indicating explosive growth in the next three years [4]

Group 1: Keda Li - Keda Li focuses on core transmission systems for robots and aims to be a technology leader in key components for global robotics [1] - The company has developed a complete technology system from material research to intelligent manufacturing, including high-precision reducers and smart joint modules [1] - Keda Li provides financial and technical support to its partner, Kemei Innovation, which has made breakthroughs in humanoid robot core joint drive technology [1] Group 2: Aohua Endoscopy - Aohua Endoscopy will implement new accounting standards in 2024, leading to a decrease in gross margin [2] - The company reported overseas revenue of 161 million, indicating a growing focus on international markets [2] - Aohua Endoscopy is increasing R&D investment to enhance product performance and clinical recognition, particularly in the soft endoscope sector [2] Group 3: XJ Electric - XJ Electric achieved operating revenue of 17.089 billion and net profit of 1.117 billion in 2024, marking a year-on-year growth of 11.09% [3] - The company is optimizing its revenue structure, with a decline in low-margin new energy and system integration segments, while high-margin DC transmission revenue is increasing [3] - XJ Electric is expanding its international market presence, particularly in South America, the Middle East, Southeast Asia, Africa, and Europe, in line with the Belt and Road Initiative [3]