Summary of Key Points Core Viewpoint - On September 9, Auhua Endoscopy experienced significant block trading activity, with a total transaction volume of 170,000 shares and a transaction value of 8.1566 million yuan, indicating institutional interest in the stock [1] Trading Activity - The block trades consisted of two transactions, both executed at a price of 47.98 yuan, which represents a discount of 7.73% compared to the closing price of 52.00 yuan on the same day [1] - Over the past three months, Auhua Endoscopy has recorded a total of seven block trades, amounting to 22.3406 million yuan [1] Market Performance - The stock closed at 52.00 yuan on September 9, reflecting a slight decline of 0.29%, with a daily turnover rate of 2.32% and a total trading volume of 163 million yuan [1] - The net inflow of main funds for the day was 3.1237 million yuan, and the stock has seen a cumulative increase of 5.91% over the past five days, with total net inflow of 19.5820 million yuan during that period [1] Margin Trading Data - The latest margin financing balance for Auhua Endoscopy stands at 98.0383 million yuan, showing a decrease of 11.1906 million yuan over the past five days, which corresponds to a decline of 10.25% [1]

证券日报网讯 9月9日晚间，澳华内镜发布公告称，公司计划于2025年9月17日参加2025年半年度科创板 医疗器械及医疗设备行业集体业绩说明会。 （文章来源：证券日报） ...

Group 1 - The stock of Auhua Endoscopy closed at 52.00 yuan on September 9, with a decline of 0.29% [1] - Two block trades occurred, totaling 170,000 shares and a transaction amount of 8.1566 million yuan [1] - The first transaction was at a price of 47.98 yuan for 125,000 shares, with a transaction amount of 5.9975 million yuan and a premium rate of -7.73% [1] - The second transaction was also at 47.98 yuan for 45,000 shares, with a transaction amount of 2.1591 million yuan and the same premium rate of -7.73% [1] Group 2 - In the last three months, Auhua Endoscopy has recorded a total of 7 block trades, with a cumulative transaction amount of 22.3406 million yuan [1] - Over the past five trading days, the stock has increased by 5.91%, with a net inflow of main funds totaling 13.765 million yuan [1]

9月9日，澳华内镜大宗交易成交17万股，成交额815.66万元，占当日总成交额的4.75%，成交价47.98 元，较市场收盘价52元折价7.73%。 | 交易日期 | 任务简称 | 证券代码 | | | 成交价[元] 成交金额(万元) 成交量(*) 英入营业部 | | 美出信受部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-09 | 演华内援 | 688212 | 47.98 | 599.75 | 12.5 | 机构专用 | 中国中金财富运秀 有限公司北京建国 | 3 | | | | | | | | | 门外大街证券営业 | | | | | | | | | | කුඩ | | | 2025-09-09 | 深华内镜 | 688212 | 47.98 | 215.91 | 4.5 | 机构专用 | 中国中金财富证券 有限公司北京宋庄 | 否 | | | | | | | | | 据连续器否能 | | ...

上海澳华内镜股份有限公司 关于参加 2025 年半年度科创板医疗器械及医疗设备 行业集体业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 9 月 10 日（星期三）至 9 月 16 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@aohua.com）进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 上海澳华内镜股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 9 月 17 日（星期三）15:00-17:00 参加由上海证券交易所主办的 2025 年半年度科创板医疗器械及医疗设备行业集 体业绩说明会，就投资者关心的问题进行交流。 证券代码：688212 证券简称：澳华内镜 公告编号：2025-062 董事、总经理：顾小舟 副总经理、董事会秘书：施晓江 一 ...

上海澳华内镜股份有限公司 2025 年第二次临时股东大会会议资料 证券简称：澳华内镜 证券代码：688212 上海澳华内镜股份有限公司 2025 年第二次临时股东大会 会议资料 二零二五年九月 上海澳华内镜股份有限公司 2025 年第二次临时股东大会会议资料 上海澳华内镜股份有限公司 会议资料目录 | 2025 年第二次临时股东大会会议须知 1 | | --- | | 2025 年第二次临时股东大会会议议程 3 | | 《关于部分募集资金投资项目延期及调整内部投资结构的议案》 4 | | 《关于使用部分超募资金永久补充流动资金的议案》 8 | 1 上海澳华内镜股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议须知 七、主持人可安排公司董事、监事、高级管理人员回答股东所提问题。对于 可能将泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主 持人或其指定有关人员有权拒绝回答。 八、出席股东大会的股东及股东代理人，应当对提交表决的议案发表如下意 见之一：同意、反对或弃权。未填、错填、字迹无法辨认的表决票、未投的表决 1 为了维护全体股东的合法权益，确保股东大会的正 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has been impacted by business adjustments leading to short-term fluctuations, with a focus on optimizing operational rhythm and product layout to strengthen long-term development foundations [2] - The domestic market is under short-term pressure, while the overseas market continues to grow, with expectations for the new AQ-400 product to ramp up production [1][3] Financial Performance Summary - In H1 2025, the company achieved revenue of 260 million yuan, a year-on-year decline of 26.36%, and a net profit attributable to shareholders of -40.77 million yuan, a year-on-year decline of 820.03% [1] - The revenue breakdown for H1 2025 includes: - Endoscope equipment: Revenue of 240 million yuan (down 29.63%), gross margin of 63.75% (down 8.34 percentage points) - Endoscopic diagnostic consumables: Revenue of 9.66 million yuan (up 40.10%), gross margin of 22.74% (down 23.18 percentage points) - Endoscope maintenance services: Revenue of 9.33 million yuan (up 122.29%), gross margin of 70.76% (up 3.02 percentage points) [2] - The overall gross margin for H1 2025 was 62.39%, down 9.07 percentage points, primarily due to the increased proportion of lower-margin overseas business and changes in domestic product structure [2] Market Strategy and Product Development - The company is actively expanding its presence in both domestic and overseas markets, with successful product approvals and marketing efforts driving growth in overseas revenue [3] - The company has launched multiple new products, including the AQ-400 flagship model and various endoscopic devices, enhancing its product matrix for long-term growth [4] - The company has conducted 16 grassroots training activities across 11 provinces and 13 cities in China to promote endoscopic technology and expand its market reach [3] Earnings Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at 830 million, 995 million, and 1.197 billion yuan, representing year-on-year growth rates of 10.7%, 19.9%, and 20.4% respectively [4] - Net profit attributable to shareholders is forecasted to be 47 million, 94 million, and 156 million yuan for the same period, with year-on-year growth rates of 125.8%, 98.1%, and 66.1% respectively [4] - The corresponding price-to-earnings ratios are projected to be 136X, 68X, and 41X [4]

Core Viewpoint - The company reported a significant decline in revenue and a shift to net losses in the first half of 2025, with ongoing adjustments in domestic operations and successful expansion in overseas markets [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 260 million yuan, a decrease of 26.36%, and a net profit attributable to shareholders of -41 million yuan, shifting from a profit of 6 million yuan in the same period last year [1]. - In Q2 2025, revenue was 137 million yuan, down 25.84%, with a net profit of -12 million yuan, compared to a profit of 3 million yuan in the previous year [1]. Business Segments - Domestic terminal bidding showed signs of recovery, but revenue was under pressure due to strategic adjustments in response to market trends and product iterations [2]. - The overseas business continued to expand, with successful product approvals and market promotions in multiple countries, driving revenue growth [2]. - In H1 2025, revenue from endoscope equipment was 240 million yuan (-29.6%), while revenue from endoscopic consumables increased by 40% to 10 million yuan, and maintenance services revenue rose by 122% to 10 million yuan [2]. Profitability Metrics - The overall gross margin decreased to 62.39%, down 9.07 percentage points, while the net margin was -15.71%, a decline of 17.29 percentage points [2]. - The increase in overseas revenue proportion contributed to the decline in gross margin, alongside higher expense ratios in sales, management, R&D, and finance [2]. Product Development - The company launched the new flagship model AQ400, enhancing its competitiveness in the high-end endoscope market, with expectations for increased domestic procurement demand following the approval of Olympus's new model [3]. - R&D investment in H1 2025 was 74 million yuan, accounting for 28.35% of revenue, leading to the launch of several new products and ongoing development of ERCP surgical robots, projected to be launched between 2027-2028 [4]. Revenue Forecast - Projected total revenue for 2025-2027 is 753 million, 892 million, and 1.057 billion yuan, with year-on-year growth rates of 0.51%, 18.40%, and 18.48% respectively [4]. - Expected net profit attributable to shareholders for the same period is 10 million, 80 million, and 143 million yuan, with growth rates of -50.57%, 671.67%, and 78.71% respectively [4].

Summary of Aohua Endoscopy Conference Call Company Overview - Aohua Endoscopy derives approximately 30% of its revenue from overseas markets, with a strong focus on expanding its business in Europe [2][4] - The company primarily focuses on the soft endoscope segment, particularly in the field of gastroenterology, while also dealing with some related consumables, which contribute a smaller portion of revenue [4] Industry Insights - Soft endoscopes are considered the gold standard for gastroenterology screening, benefiting from increased public health awareness and significant growth potential in diagnostic volumes [2][5] - The domestic production rate for soft endoscopes is currently below 20%, while Olympus holds over 70% market share, indicating substantial room for domestic replacements [2][5] Key Developments - Aohua's flagship model, the AQ400, received its registration certificate in June 2025 and won a bid for Suzhou's top-tier hospital in August, with a bid amount close to 6 million RMB [2][5] - The AQ400 is expected to be officially launched by the end of Q3 or Q4 2025, becoming a significant driver for revenue growth in 2026 [2][5] - Following the normalization of anti-corruption measures, the tendering process for medical equipment has returned to a regular pace, with an expected improvement in the volume of gastrointestinal endoscope tenders in 2025 compared to 2024 [2][6] Competitive Landscape - Olympus's latest model, the X1, has received domestic registration, which is anticipated to trigger a new wave of procurement [2][6] - Aohua's AQ400 is designed to compete directly with Olympus's X1, featuring innovative designs such as eDOF depth-of-field expansion and 3D static imaging, which may help capture additional market share during the upcoming replacement wave [2][6] Future Plans - Aohua plans to continue the iterative update of soft endoscopes while also venturing into emerging businesses such as ultrasound endoscopes and single-use endoscopes [2][7] - The company is also developing surgical robots for ERCP procedures to address clinical pain points, with an expected market launch between 2027 and 2028 [2][7] - In 2025, Aohua completed a share buyback and implemented an employee stock ownership plan, reflecting confidence in future performance [3][7] Conclusion - Aohua Endoscopy is well-positioned in the growing soft endoscope market, with strategic plans for product innovation and market expansion, particularly in the context of increasing domestic demand and potential for import substitution [2][5][7]

Group 1 - The company's performance is under short-term pressure in the first half of 2025, with revenue of 260 million yuan (-26.36%) and a net profit attributable to shareholders of -41 million yuan (-820.03%) [1] - The decline in revenue is primarily due to a phase adjustment in domestic operations, despite some recovery in terminal bidding, as the channel is still in the inventory digestion phase [1] - The gross margin decreased to 62.39% (-9.07pp), attributed to a higher proportion of lower-margin overseas business [1] Group 2 - The new flagship product AQ-400 has been approved, and the product matrix continues to improve with ongoing investments in independent innovation and product iteration [2] - The revenue forecast for 2025-2027 has been revised down to 710 million, 820 million, and 920 million yuan, with corresponding growth rates of -5%, 15%, and 13% [2] - The current stock price corresponds to a price-to-sales ratio of 9, 8, and 7 times for the years 2025, 2026, and 2027, maintaining an "outperform" rating [2]