| --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 27 日 [Table_Title] 业绩符合预期，期待下半年招标改善 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|--------- ...

[Table_Page] 中报点评|医疗器械 证券研究报告 [Table_Title] 澳华内镜（688212.SH） 公司业绩符合预期，加速海外市场产品准入 [Table_Summary] 核心观点： 公司业绩符合预期。根据公司 24 年半年报，24 年上半年，公司营收 3.54 亿元（YOY+22.29%）；归母净利润 0.06 亿元（YOY-85.13%）， 系公司的限制性股票激励计划和人力的持续投入增加；毛利率 71.46% （YOY-4.82pp），主要系公司成本随营收增加而增加。根据 wind，公 司 24 年 2 季度实现收入 1.84 亿元（YOY+12.61%）；归母净利润 0.03 亿元，环比增速 5.17%。 公司费率整体略增。根据 wind，公司 24 年上半年，销售费用率 34.69% （YOY+0.52pp），主要系职工薪酬及差旅费等费用增长；管理费用率 16.6%（YOY+2.69pp），主要系股份支付差旅费等费用增加；研发费用 率 24.7%（YOY+0.62pp），主要系职工薪酬及差旅费等费用增长。 公司新产品陆续迭代，加速海外市场产品准入。根据公司 24 年半年 报，24 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 [table_Authors] 丁丹(分析师) 张拓(分析师) 0755-23976735 0755-23976170 dingdan@gtjas.com zhangtuo024925@gtjas.com [当前价格： Table_CurPrice] 40.50 登记编号S0880514030001 S0880523090003 52 周内股价区间（元） 38.50-67.73 总市值（百万元） 5,451 总股本/流通A股（百万股） 135/93 流通 B股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 1,405 每股净资产（元） 10.44 市净率（现价） 3.9 净负债率 -30.96% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -16% -20% -23% 相对指数 -12% -11% -15% [Table_Finance] 财务摘要（百万元） 20 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2024-037 2024 年 1-6 月，公司募集资金使用情况为：（1）2024 年 1-6 月直接投入募集资金项 目 7,689.93 万元；（2）截至 2024 年 6 月末对闲置募集资金进行现金管理的金额合计为 21,000.00 万元；（3）2024 年 1-6 月募集资金专用账户理财及利息收入 258.19 万元，支 付手续费 3.58 万元，募集资金利息收入扣除手续费净额为 254.61 万元。募集资金专户 2024 年 6 月 30 日余额合计为 3,423.40 万元。具体情况如下： 金额单位：人民币万元 | 项 目 | 金额 | | --- | --- | | 2023年12年31日实际募集资金余额 | 4,417.25 | | 加：自有资金误转入募集资金账户（注1） | 510.00 | | 截至2023年12月31日募集资金专户余额 | 4,927.25 | | 减：募集资金转回到自有资金账户（注1） | 510.00 | | 加：截至2023年12月31日对闲置募集资金进行现金管理金 | 27,500.00 | | --- | - ...

证券代码：688212 证券简称：澳华内镜 公告编号：2024-036 以上具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）及指定媒体的 《上海澳华内镜股份有限公司 2024 年半年度报告》及《上海澳华内镜股份有限公司 2024 年半年度报告摘要》。 上海澳华内镜股份有限公司 第二届监事会第十二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 上海澳华内镜股份有限公司（以下简称"公司"）于2024年8月21日以现场结合通讯的 方式召开了第二届监事会第十二次会议（以下简称"本次会议"）。本次会议的通知已于 2024年8月9日以电子邮件的方式送达全体监事。本次会议由公司监事会主席徐佳丽女士召 集并主持，会议应出席监事3名，实际出席监事3名。本次会议的召集、召开程序和方式符 合《公司法》等法律法规以及《上海澳华内镜股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，会议决议合法、有效。 二、监事会会议审议情况 会议经与会监事审议并书面表决通过了如下议案： （一 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2024-038 上海澳华内镜股份有限公司 关于2024年半年度计提资产减值准备的公告 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2024年8月21日召开第二届董事 会第十三次会议及第二届监事会第十二次会议，审议通过了《关于公司2024年半年度计 提资产减值准备的议案》。该议案无需提交公司股东大会审议，现将具体事宜公告如 下： 一、本次计提减值准备情况概述 根据《企业会计准则》以及公司会计政策、会计估计的相关规定，为了真实、准确 地反映公司截至 2024 年 6 月 30 日的财务状况，本着谨慎性原则，公司对截至 2024 年 6 月 30 日公司及下属子公司的资产进行了减值测试，对可能发生资产减值损失的相关资产 计提减值准备。2024 年半年度计提的资产减值准备为 1,035.00 万元。具体情况如下表所 示： 单位：万元 | 项目 | 2024 | 年半年度计提金额 | 备注 | | --- | --- | --- ...

Company Information - The company's registered address was changed from "No. 4299, Jindu Road, Minhang District, Shanghai" to "No. 66, Lane 133, Guangzhong Road, Minhang District, Shanghai" in March 2020[9] - The company's legal representative is Gu Kang[9] - The company's website is https://www.aohua.com and the email address is ir@aohua.com[9] - The company's foreign name is SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO., LTD. and its abbreviation is AOHUA ENDOSCOPE[9] - The company's Chinese name is 上海澳华内镜股份有限公司 and its Chinese abbreviation is 澳华内镜[9] - The company's registered address is No. 66, Lane 133, Guangzhong Road, Minhang District, Shanghai[9] - The company's office address is No. 66, Lane 133, Guangzhong Road, Minhang District, Shanghai with a postal code of 201108[9] - The company's registered address was changed from "Oriental Economic City, Luhui Town, Minhang District, Shanghai" to "No. 4299, Jindu Road, Minhang District, Shanghai" in July 2002[9] - The company's foreign name and abbreviation are SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO., LTD. and AOHUA ENDOSCOPE respectively[9] - The company's Chinese name and abbreviation are 上海澳华内镜股份有限公司 and 澳华内镜 respectively[9] Financial Performance - Revenue for the first half of 2024 increased by 22.29% year-on-year to RMB 353.52 million, driven by product promotion and brand influence[13][15] - Net profit attributable to shareholders decreased by 85.13% year-on-year to RMB 5.66 million, mainly due to restricted stock incentive plans and increased human resource investment[13][15] - Adjusted net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 104.55% year-on-year to RMB -1.35 million[13][15] - Total assets as of the end of the reporting period increased by 2.84% to RMB 1.64 billion, while shareholders' equity increased by 1.15% to RMB 1.40 billion[13][15] - Basic earnings per share decreased by 86.21% year-on-year to RMB 0.04, and diluted earnings per share decreased by 85.71% to RMB 0.04[14] - R&D expenditure as a percentage of revenue increased by 0.62 percentage points to 24.70%[14] - Non-recurring gains and losses amounted to RMB 7.01 million, including government subsidies of RMB 1.51 million and gains from financial assets of RMB 6.67 million[16][17] - Revenue increased by 22.29% to RMB 353,524,229.81, driven by increased R&D investment and improved product quality[49] - Operating costs rose by 21.93% to RMB 100,909,672.24, in line with revenue growth[49] - Sales expenses surged by 44.93% to RMB 122,623,118.18 due to higher employee compensation, travel expenses, and market sample depreciation[49] - R&D expenses grew by 25.48% to RMB 87,336,827.97, primarily due to increased employee compensation and travel costs[49] - Net cash flow from operating activities decreased significantly to RMB -129,061,317.87, mainly due to slower collections and increased investments[49] - Net cash flow from investing activities dropped by 90.90% to RMB 1,902,414.62, as the company redeemed fewer financial products compared to the previous year[49] - Monetary funds decreased by 40.45% to RMB 145,629,546.22, accounting for 8.88% of total assets, due to expansion-related expenditures[50] - Accounts receivable increased by 47.16% to RMB 283,366,389.40, reflecting sales growth and slower collections[51] - Overseas assets amounted to RMB 53,861,515.22, representing 3.28% of total assets[52] - The company's investment in fixed-income financial assets, including structured deposits and negotiable certificates of deposit, totaled RMB 244,508,815.27 at the end of the reporting period[56] - Total operating income for the first half of 2024 reached 353,524,229.81 RMB, a 22.3% increase compared to 289,084,742.53 RMB in the same period of 2023[118] - Operating costs for the first half of 2024 were 371,843,932.97 RMB, a 33.8% increase from 277,959,752.83 RMB in the first half of 2023[118] - R&D expenses for the first half of 2024 amounted to 87,336,827.97 RMB, a 25.5% increase compared to 69,601,485.15 RMB in the same period of 2023[119] - Net profit attributable to the parent company's shareholders for the first half of 2024 was 5,661,627.44 RMB, a decrease of 85.1% from 38,079,363.05 RMB in the first half of 2023[119] - Total liabilities as of the first half of 2024 were 232,830,899.32 RMB, a 38.6% increase from 168,015,854.10 RMB in the same period of 2023[117] - Total equity attributable to the parent company's shareholders as of the first half of 2024 was 1,374,528,177.94 RMB, a 1.9% increase from 1,348,891,384.29 RMB in the first half of 2023[117] - Sales expenses for the first half of 2024 were 122,623,118.18 RMB, a 44.9% increase compared to 84,607,819.25 RMB in the same period of 2023[118] - Basic earnings per share for the first half of 2024 were 0.04 RMB, a significant decrease from 0.29 RMB in the first half of 2023[120] - Total comprehensive income for the first half of 2024 was 4,162,251.56 RMB, an 89.8% decrease from 40,942,548.84 RMB in the same period of 2023[120] - Parent company's operating income for the first half of 2024 was 327,110,897.35 RMB, a 23.7% increase compared to 264,517,499.10 RMB in the first half of 2023[121] - Net profit for the first half of 2024 was RMB 12,507,606.15, a decrease of 65.8% compared to RMB 36,614,609.92 in the same period last year[122] - Operating cash flow for the first half of 2024 was negative RMB 129,061,317.87, compared to negative RMB 29,789,202.51 in the same period last year[124] - Investment cash flow for the first half of 2024 was positive RMB 1,902,414.62, a significant decrease from RMB 20,901,953.83 in the same period last year[125] - Financing cash flow for the first half of 2024 was positive RMB 11,071,337.97, slightly higher than RMB 9,396,888.63 in the same period last year[125] - Cash and cash equivalents at the end of the first half of 2024 were RMB 128,628,546.22, a decrease of 47.4% compared to RMB 231,495,511.27 at the end of the same period last year[126] - Revenue from sales of goods and services in the first half of 2024 was RMB 293,879,912.37, a 1.7% increase compared to RMB 288,984,899.10 in the same period last year[124] - Cash paid for goods and services in the first half of 2024 was RMB 164,398,131.92, a 20.3% increase compared to RMB 136,642,183.22 in the same period last year[124] - Cash paid to employees in the first half of 2024 was RMB 172,023,158.69, a 38.7% increase compared to RMB 124,059,276.87 in the same period last year[125] - Cash received from investments in the first half of 2024 was RMB 263,500,000.00, a 34.6% decrease compared to RMB 402,919,396.79 in the same period last year[125] - Cash paid for investments in the first half of 2024 was RMB 170,500,000.00, a 42.9% decrease compared to RMB 298,800,000.00 in the same period last year[125] - Operating cash flow for the first half of 2024 was -102.79 million yuan, a significant decrease compared to 11.29 million yuan in the same period of 2023[127] - Sales revenue from goods and services in the first half of 2024 was 260.72 million yuan, a 5% increase from 248.27 million yuan in the same period of 2023[127] - Investment cash inflow in the first half of 2024 was 290.78 million yuan, a decrease of 12% from 330.51 million yuan in the same period of 2023[127][128] - Cash outflow for investment activities in the first half of 2024 was 259.64 million yuan, a decrease of 28% from 360.22 million yuan in the same period of 2023[128] - Net cash flow from financing activities in the first half of 2024 was 12.22 million yuan, a slight increase from 11.42 million yuan in the same period of 2023[128] - Total owner's equity at the end of the first half of 2024 was 1.41 billion yuan, an increase of 1.1% from 1.40 billion yuan at the beginning of the period[130][131] - Comprehensive income for the first half of 2024 was 4.25 million yuan, a decrease of 53% from 9.02 million yuan in the same period of 2023[130] - Cash and cash equivalents at the end of the first half of 2024 were 137.26 million yuan, a decrease of 30% from 196.33 million yuan at the beginning of the period[128] - The company's total owner's equity at the end of the period was 1,347,542,471.85 yuan, reflecting an increase from the previous period[133] - The comprehensive income for the period amounted to 41,275,629.09 yuan, contributing significantly to the owner's equity[132] - Owner's equity increased by 66,181,509.92 yuan during the period, driven by capital injections and retained earnings[132] - The company's capital reserve increased by 24,290,880.83 yuan, indicating strong capital accumulation[132] - The undistributed profit rose by 38,079,363.05 yuan, reflecting improved profitability[132] - The company's total owner's equity at the end of the period was 1,374,528,177.94 yuan, showing a steady growth trend[134] - The company's capital reserve increased by 52,951,112.50 yuan, indicating continued capital strengthening[134] - The undistributed profit decreased by 27,868,568.85 yuan, reflecting profit distribution to shareholders[134] - The company's total owner's equity at the end of the period was 1,333,957,614.28 yuan, showing a slight decrease from the previous period[133] - The company's capital reserve increased by 2,225,007.28 yuan, indicating continued capital accumulation[133] - The company's total owner's equity at the end of the period was RMB 1,286,557,886.91, with a capital reserve of RMB 1,042,246,884.40 and undistributed profits of RMB 103,524,011.64[136] - The company issued 615,000 restricted shares under the 2022 Restricted Stock Incentive Plan, with a total subscription amount of RMB 13,720,650.00, of which RMB 615,000.00 was recorded as share capital and RMB 13,105,650.00 as capital reserve[138] - The company's comprehensive income for the period was RMB 36,614,609.92, contributing to the increase in owner's equity[135] - The company's registered capital increased to RMB 133,955,000.00 after the issuance of restricted shares[138] - The company's owner's equity at the beginning of the period was RMB 1,225,535,596.81, with a capital reserve of RMB 1,018,454,204.22 and undistributed profits of RMB 66,909,401.72[135] - The company issued 78,000 restricted shares at an exercise price of RMB 22.31 per share, with a total subscription amount of RMB 1,740,180, increasing the company's share capital to RMB 134,033,000[139] - An additional 554,250 restricted shares were issued at the same exercise price of RMB 22.31 per share, further increasing the company's share capital to RMB 134,587,250[139] Market and Industry Overview - The global medical device market size reached $440 billion in 2020 and is expected to exceed $800 billion by 2030, with a CAGR of 6.3% from 2020 to 2030[19] - China's medical device market size increased from RMB 843.8 billion in 2021 to RMB 958.2 billion in 2022, with a 7-year CAGR of approximately 17.5%[19] - The global endoscope market size was approximately $26 billion in 2021, with a CAGR of 5.99% from 2017 to 2021[19] - China's endoscope market size is expected to reach RMB 60 billion by 2030, up from RMB 25 billion in 2021[19] - The global soft endoscope market size was approximately $8.98 billion in 2023 and is projected to grow to $16.73 billion by 2033[19] - China's soft endoscope market size increased to RMB 6.29 billion in 2021, with a YoY growth rate of 9.77%, and is expected to reach RMB 8.12 billion by 2025[19] Product and Technology Development - The company's AQ-300 ultra-high-definition endoscope system has entered the 4K field, providing high-quality and efficient platforms for endoscopic diagnosis and disease management[21] - The company's products have entered developed markets such as Germany, the UK, and South Korea, competing in the soft endoscope field dominated by foreign manufacturers[21] - The company's R&D investment in the first half of 2024 was RMB 87,336,827.97, a 25.48% increase compared to the same period last year[26][28] - The company added 3 new patent applications and was granted 14 invention patents in the first half of 2024[26][27] - The 4K ultra-high-definition flexible endoscope system project has a total investment of RMB 310,736,650, with RMB 40,376,464.60 invested in the current period and a cumulative investment of RMB 237,850,639.59[30] - The AQ-200 system upgrade and supporting development project has a total investment of RMB 48,858,800, with RMB 4,865,785.08 invested in the current period and a cumulative investment of RMB 36,733,985.41[30] - The 3D digestive endoscope development project has a total investment of RMB 22,036,000, with RMB 58,613.34 invested in the current period and a cumulative investment of RMB 14,011,135.85[30] - The endoscope robot system project has a total investment of RMB 104,500,000, with RMB 8,775,852.86 invested in the current period and a cumulative investment of RMB 55,641,242.36[30] - The supporting equipment development and other projects have a total investment of RMB 48,661,000, with RMB 7,045,001.78 invested in the current period and a cumulative investment of RMB 46,568,437.70[30] - The endoscope consumables product research and development project has a total investment of RMB 59,236,000, with RMB 4,225,604.40 invested in the current period and a cumulative investment of RMB 38,064,630.77[30] - The company's R&D investment accounted for 24.70% of operating revenue, an increase of 0.62 percentage points compared to the same period last year[28] - The company achieved a revenue of 353.52 million yuan in the first half of 2024, a year-on-year increase of 22.29%, with a net profit attributable to shareholders of 5.66 million yuan[40] - R&D investment in the first half of 2024 reached 87.34 million yuan, accounting for 24.70% of revenue, a year-on-year increase of 25.48%[40] - The company has 268 R&D personnel, accounting for 21.46% of the total workforce, with an average salary of 15.07 thousand yuan[33] - The company launched new products including electronic percutaneous cholangioscope and electronic cystoscope in March 2024, expanding into hepatobiliary surgery and urology fields[40] - In May 2024, the company released an electronic ureterorenoscope with an ultra-thin diameter for treating urinary stones[40] - The company has established 15 marketing branches and 34 service outlets nationwide, enhancing market coverage and competitiveness[40] - The company's R&D team includes 5 PhD holders, 87 master's degree holders, and 147 bachelor's degree holders, with 99 employees under 30 years old[33] - The company's AQ-100 and AQ-200 series products were listed in the Excellent Domestic Medical Equipment Catalog by the China Medical Equipment Association[34] - The company has obtained 240 patents, including 73 invention patents, 101 utility model patents, and 66 design patents

证券代码：688212 证券简称：澳华内镜 公告编号：2024-035 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，苏州君联欣康创业投资合伙企业（有限合伙）（以下 简称"君联欣康"）持有上海澳华内镜股份有限公司（以下简称"公司"）3,506,335 股，占公司当时总股本的 2.62%。高燊有限公司（以下简称"高燊"）持有公司 股份 5,134,650 股，占公司当时总股本的 3.83%。君联欣康与高燊构成一致行动 人关系，合计持有公司股份 8,640,985 股，占公司当时总股本的 6.45%。 减持计划的实施结果情况 君联欣康和高燊拟通过集中竞价、大宗交易方式减持公司股份，合计减持不 超过 2,157,930 股，合计减持比例不超过公司当时总股本的 1.61%。其中，通 过集中竞价交易方式减持股份不超过公司当时股份总数的 1%，自减持计划披露 之日起 15 个交易日后的 3 个月内进行；通过大宗交易方式减持股份不超过公 司当时股份总数的 2%，自减持 ...

上海澳华内镜股份有限公司 简式权益变动报告书 上市公司名称：上海澳华内镜股份有限公司 股票简称：澳华内镜 股票代码：688212 股票上市地点：上海证券交易所 信息披露义务人一：北京君联益康股权投资合伙企业（有限合伙） 住所及通讯地址：北京市海淀区科学院南路2号1号楼16层1601室 信息披露义务人二：苏州君联欣康创业投资合伙企业（有限合伙） 住所及通讯地址：苏州市吴江区松陵镇迎宾大道333号25号楼 信息披露义务人三：高燊有限公司 住所及通讯地址：香港中环皇后大道中99号中环中心6113室 股份变动性质：股份减少、被动稀释 签署日期：2024年8月9日 1 信息披露义务人声明 一、本报告书依据《中华人民共和国公司法》、《中华人民共和国证券 法》、《上市公司收购管理办法》、《公开发行证券的公司信息披露内容与格 式准则第15号——权益变动报告书》及相关的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定， 本报告书已全面披露信息披露义务人在上海澳华内镜股份有限公司中拥有权益 的股份变动情况。 四、截至本报告书签署 ...