Core Viewpoint - The company reported a significant decline in revenue and a net loss in Q1 2025, aligning with market expectations, while focusing on long-term growth potential through innovation and product development [1][4]. Revenue Performance - In Q1 2025, the company generated revenue of 124 million yuan, a decrease of 26.92% year-over-year, and reported a net loss attributable to shareholders of 28.79 million yuan, compared to a profit of 2.76 million yuan in Q1 2024 [1]. - The revenue pressure is attributed to the seasonal downturn and ongoing inventory clearance, with expectations for a recovery in revenue throughout 2025 as clinical recognition and brand strength improve [2]. Profitability Analysis - The gross margin for Q1 2025 was approximately 66.4%, showing a 0.5 percentage point increase from Q4 2024 but a 10 percentage point decrease year-over-year due to changes in accounting standards affecting warranty costs [2]. - The company prudently recognized inventory impairment and contract asset impairment provisions totaling approximately 3.64 million yuan, alongside credit impairment provisions of about 2.34 million yuan, which impacted quarterly profits [2]. Innovation and R&D Focus - In 2024, the company invested 164 million yuan in R&D, reflecting an 11.29% year-over-year increase, constituting 21.83% of total revenue [3]. - The company launched several new endoscopic systems, including the AQ-150 and AQ-120 series, aimed at enhancing diagnostic capabilities in healthcare institutions, with further product developments expected in the coming years [3]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 at 113 million yuan and 186 million yuan, respectively [4]. - Due to short-term impairments and long-term expense management, the target price has been adjusted down by 7.7% to 60 yuan, indicating a potential upside of 57.5% while maintaining an outperform rating [4].

证券代码：688212 证券简称：澳华内镜 公告编号：2025-031 上海澳华内镜股份有限公司 关于以集中竞价交易方式回购股份比例达到 1%暨回 购进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/1/6 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 137.04万股 | | 累计已回购股数占总股本比例 | 1.02% | | 累计已回购金额 | 5,524.20万元 | | 实际回购价格区间 | 37.50元/股~41.99元/股 | 一、回购股份的基本情况 上海澳华内镜股份有限公司（以下简称"公司"）于 2025 年 1 月 3 日召开了 第二届董事会第十六次会议审议通过了《关于以集中竞价 ...

上海澳华内镜股份有限公司 章程 二〇二五年四月 | | | 上海澳华内镜股份有限公司章程 第一章 总则 第一条 为维护上海澳华内镜股份有限公司（以下简称"公司"）、股东和 债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》） 和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司，由上 海澳华光电内窥镜有限公司全体发起人股东以经审计的净资产折股整体变更 设立，经上海市市场监督管理局注册登记，取得营业执照，营业执照号： 91310112607671054B。 第七条 公司为永久存续的股份有限公司。 第八条 董事长为公司的法定代表人。 第九条 公司全部资产分为等额股份，股东以其认购的股份为限对公司承担 责任，公司以其全部资产对公司的债务承担责任。 第十条 本章程自生效之日起，即成为规范公司的组织与行为，规范公司与 股东、股东与股东之间权利义务关系的具有法律约束力的文件，成为对公司、 股东、董事、监事、高级管理人员具有法律约束力的文件。依据本章程，股东 可以起诉股东，股东可以起诉公司董事、监事 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-030 上海澳华内镜股份有限公司 关于2025年第一季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。 一、本次计提减值准备情况概述 根据《企业会计准则》和公司会计政策的相关规定，为客观、公允地反映 公司截至 2025 年 3 月 31 日的财务状况及 2025 年第一季度的经营成果，公 司对截至 2025 年 3 月 31 日母公司及子公司可能发生的信用及资产减值情况 进行了充分的评估和分析，本着谨慎性原则，公司对相关资产计提了相应的减 值准备。2025 年第一季度公司计提信用及资产减值准备共计 597.80 万元，具 体情况如下： 单位：万元 的预测，通过违约风险敞口与整个存续期预期信用损失率，计算预期信用损失。 根据《企业会计准则第1号——存货》，资产负债表日，存货应当按照成本与可 变现净值孰低计量。在确定存货的可变现净值时，以取得的可靠证据为基础， 并且考虑持有存货的目的、资产负债表日后事项的影响等因素。经测试，公司 2025年 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥123,727,829.72, a decrease of 26.92% compared to ¥169,298,973.87 in the same period last year[3] - The net profit attributable to shareholders was -¥28,791,459.68, representing a decline of 1,143.36% from a profit of ¥2,759,505.20 in the previous year[3] - The basic and diluted earnings per share were both -¥0.21, down 1,150.00% from ¥0.02 in the same period last year[3] - Net profit for Q1 2025 was a loss of ¥28,805,606.78, compared to a profit of ¥2,553,872.74 in Q1 2024, indicating a significant decline in profitability[17] - The company reported a basic and diluted earnings per share of -¥0.21 for Q1 2025, compared to ¥0.02 in Q1 2024[18] - The company experienced a significant decline in net profit due to market adjustments and lower sales performance[6] Cash Flow and Liquidity - The net cash flow from operating activities was -¥79,479,605.75, an improvement from -¥104,090,525.46 in the previous year[3] - Cash received from sales of goods and services in Q1 2025 was ¥149,454,697.92, an increase of 15% from ¥130,194,843.84 in Q1 2024[20] - The total cash and cash equivalents at the end of the period were CNY 181,032,041.34, down from CNY 250,197,696.22 at the beginning of the period[22] - Cash flow from operating activities for Q1 2025 was -83,949,334.17 RMB, compared to -80,539,195.67 RMB in Q1 2024[29] - The total cash and cash equivalents at the end of Q1 2025 was 143,051,373.39 RMB, an increase from 87,078,987.30 RMB at the end of Q1 2024[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,722,612,149.61, a decrease of 1.49% from ¥1,748,676,638.82 at the end of the previous year[4] - The company's current assets totaled ¥957,750,695.27, down from ¥992,858,871.93, indicating a decrease of about 3.54%[12] - The total liabilities increased to ¥392,706,734.17 in the latest reporting period from ¥368,197,409.69 in the previous period, marking an increase of approximately 7%[14] - The total equity attributable to shareholders decreased to ¥1,315,496,010.83 from ¥1,366,055,677.44, reflecting a decline of about 4%[14] - The company's total assets decreased to CNY 1,694,423,869.91 from CNY 1,710,087,323.98[25] Research and Development - Research and development expenses totaled ¥41,759,818.78, accounting for 33.75% of operating revenue, an increase of 7.48 percentage points from 26.27%[4] - Research and development expenses for Q1 2025 were ¥41,759,818.78, slightly down from ¥44,482,962.56 in Q1 2024, showing a decrease of about 6%[17] - Research and development expenses for Q1 2025 were CNY 38,845,966.70, slightly lower than CNY 39,018,418.14 in Q1 2024[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 4,022[8] - The company reported no significant changes in shareholder relationships or actions during the reporting period[10] Other Financial Metrics - Non-recurring gains and losses amounted to ¥2,209,597.44 after tax, with government subsidies contributing ¥2,419,693.28[5][6] - The company recorded a tax expense of -¥8,879,820.56 in Q1 2025, compared to -¥2,869,603.72 in Q1 2024, indicating a higher tax impact on the loss[17] - Other comprehensive income after tax for Q1 2025 was ¥1,956,247.66, contrasting with -¥1,299,385.97 in Q1 2024, showing a recovery in this area[18] - The company reported a credit impairment loss of -3,935,448.76 RMB in Q1 2025, compared to -3,321,455.23 RMB in Q1 2024[28] - The company’s investment income for Q1 2025 was -190,749.55 RMB, a decrease from 1,238,833.69 RMB in Q1 2024[28]

Financial Performance - The company reported a basic earnings per share of -0.2100 yuan for Q1 2025, a decrease of 1150% compared to 0.0200 yuan in Q1 2024 [1] - Net profit for Q1 2025 was -0.29 billion yuan, a significant decline of 1066.67% from 0.03 billion yuan in Q1 2024 [1] - Operating revenue decreased by 26.63% to 1.24 billion yuan in Q1 2025 from 1.69 billion yuan in Q1 2024 [1] - The return on equity was -2.13% in Q1 2025, down from 0.19% in Q1 2024, indicating a substantial decline in profitability [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 64.21 million shares, accounting for 47.69% of the circulating shares, with a decrease of 757,400 shares compared to the previous period [2] - Major shareholders include Gu Xiaozhou with 21.74 million shares (16.14%), and Gu Kang with 16.95 million shares (12.59%), both remaining unchanged [3] - New entrants in the top ten shareholders include a fund from China Construction Bank holding 2.05% of the total shares, while two previous shareholders exited the top ten list [3] Dividend Policy - The company has announced that it will not distribute dividends or bonuses this period [4]

投资要点： 事件：2024 年业绩快报 公 司 财 公司披露 2024 年年报，2024 年实现收入 7.5 亿（同比+10.5%）， 归母净利润 2101 万（同比-63.7%），扣非后归母净利润-629 万；2024 年 Q4 单季度实现收入 2.5 亿（同比-0.2%），归母净利润 -1629 万，扣 非后归母净利润-2110 万。 华福证券 公 司 研 究 澳华内镜（688212.SH） 收入符合预期，25 年有望稳健增长 国内 25 年有望稳健增长，等待内镜招投标进一步表现。 报 点 评 分区域来看，24 年境内收入 5.86 亿（同比+4%），境外收入 1.6 亿 （同比+43%），保持高速增长。国内终端市场招采活动减少，受招投 标总额下降影响，国内业务收入增长有限；海外多个国家的产品准入 以及市场推广进展顺利，全方位提高了品牌影响力，延续高增态势。 众成数科数据库显示，25 年 1-3 月招投标数据表现良好，考虑到行业 进一步去库，以及奥巴、国产新品的上市及销售的加大投入的竞争环 境，国内全年有望延续稳健增长，海外随市场开拓推进，预计维持高 增。 利润端短期承压，核心受营销及研发投入提高拖累 公 ...

最新一期业绩显示，2024年年报，公司实现营业收入7.50亿元，同比10.54%；净利润2101.22万元，同 比-63.68%，销售毛利率68.12%。 股东方面，截至2025年3月31日，澳华内镜股东户数4022户，较上次减少469户，户均持股市值35.28万 元，户均持股数量2.76万股。 序号股票简称PE(TTM)PE(静)市净率总市值(元)117澳华内镜253.15253.153.8953.19亿行业平均 45.9448.384.71101.41亿行业中值29.6428.792.3545.52亿1天益医疗-2672.56-2672.561.6719.88亿2硕世生 物-1835.15-1835.151.1537.91亿3诺唯赞-549.11-549.112.5299.35亿4博晖创新-335.30-206.443.6951.46亿5康 泰医学-262.5830.812.6851.07亿6华大基因-197.28215.792.04200.47亿7奥精医疗-108.26-108.261.3819.61亿 8睿昂基因-79.59-79.591.2411.51亿9热景生物-60.65-60.653.3310 ...

证券研究报告 | 2025年04月15日 澳华内镜（688212.SH） 优于大市 国内收入增速放缓，海外业务增速亮眼 收入端稳健，利润端承压。2024 年公司实现营收 7.50 亿元（+10.54%）， 归母净利润 0.21 亿元（-63.68%），扣非归母净利润-0.06 亿元 （-114.13%）。24Q4 单季营收 2.49 亿元（-0.20%），归母净利润-0.16 亿元（-228.60%），扣非归母净利润-0.21 亿元（-392.07%）。2024 年 收入增长较 2023 年放缓，主要系受国内招采活动减少的影响，国内业 务收入增长有限。利润端承压，主要系公司持续加大研发及市场投入力 度，以及计提了坏账损失、商誉减值所致。 毛利率略有下滑，费用率上升。2024 年毛利率 68.12%，表观毛利率下降 5.66pp，主要系会计准则变更，保证类质保费用从销售费用调整至营业 成本所致，调整后主营业务毛利率下滑 1.57pp，预计系毛利率较低的海 外业务占比提升所致。销售费用率 33.38%（+3.16pp），管理费用率 14.48% （+1.08pp），研发费用率 21.83%（+0.15pp），财务 ...