上海澳华内镜股份有限公司（以下简称"公司"）于2025年8月27日召开第 二届董事会第二十次会议、第二届监事会第十九次会议，审议通过了《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》，同意在不改变募集资 金投向及投资总额的前提下，调整募集资金投资项目"医用内窥镜生产基地建 设项目"（以下简称"本项目"）的内部投资结构，并将本项目达到预定可使 用状态的日期延长至2026年8月。本事项尚需提交公司股东大会审议。保荐人中 信证券股份有限公司（以下简称"保荐人"）出具了无异议的核查意见。现将 相关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会2021年9月28日核发的《关于同意上海澳华内 镜股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕3139号）， 公司获准以首次公开发行方式向社会公众发行人民币普通股3,334万股，发行价 格为22.50元/股，募集资金总额为人民币75,015.00万元，扣除各项发行费用 （不含增值税）人民币9,097.20万元后，实际募集资金净额为人民币65,917.80 万元。 立信会计师事务所（特殊普通合伙）对公司本次首次公开发行股票的资金 到位情 ...

证券代码：688212 证券简称：澳华内镜 公告编号：2025-060 上海澳华内镜股份有限公司 关于2025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。 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 6 月 30 日的财务状况及 2025 年半年度的经营成果，经公司及 下属子公司对各项金融资产、存货和长期资产等进行全面充分的评估和分析， 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 年半年度公司 计提信用及资产减值准备共计 1,532.45 万元，具体情况如下： 单位：万元 | 项目 | 2025年半年度计提金额 | 备注 | | --- | --- | --- | | 信用减值损失 | 814.48 | 含应收账款坏账损失及其他应收 款坏账损失 | | 资产减值损失 | 717.97 | 含存货跌价损失及合同履约成本 | | | | 损失 | | 合计 | 1,532.45 | —— | 二、计提 ...

澳华内镜公告，2025年上半年营业收入2.6亿元，同比下降26.36%。归属于上市公司股东的净亏损 4076.52万元，上年同期净利润566.16万元。 ...

Group 1 - The core viewpoint of the news is that Aohua Endoscopy has experienced a decline in stock performance and financial metrics, indicating potential challenges for the company [1][2] - As of August 27, Aohua Endoscopy's stock price fell by 0.28%, with a trading volume of 92.81 million yuan, and a net financing buy of -436,000 yuan [1] - The company's financing balance reached 90.95 million yuan, accounting for 1.37% of its market capitalization, which is above the 90th percentile of the past year [1] Group 2 - For the period ending March 31, Aohua Endoscopy reported a revenue of 124 million yuan, a year-on-year decrease of 26.92%, and a net profit loss of 28.79 million yuan, a significant decline of 1143.36% [2] - The company has distributed a total of 76.28 million yuan in dividends since its A-share listing, with 50.95 million yuan distributed in the last three years [3] - As of March 31, 2025, the number of shareholders decreased by 10.44% to 4,022, while the average circulating shares per person increased by 11.73% to 33,482 shares [2][3]

Core Viewpoint - Aohua Endoscopy experienced a slight increase in stock price and notable trading activity, indicating potential investor interest despite recent financial challenges [1][2]. Group 1: Financial Performance - For the period from January to March 2025, Aohua Endoscopy reported revenue of 124 million yuan, a year-on-year decrease of 26.92% [2]. - The company recorded a net profit attributable to shareholders of -28.79 million yuan, representing a significant decline of 1143.36% compared to the previous period [2]. Group 2: Shareholder and Trading Activity - As of March 31, 2025, the number of shareholders for Aohua Endoscopy was 4,022, a decrease of 10.44% from the previous period [2]. - The average number of circulating shares per shareholder increased by 11.73% to 33,482 shares [2]. - On August 25, 2023, Aohua Endoscopy had a financing buy-in amount of 13.95 million yuan, with a net buy of 4.83 million yuan, indicating strong trading interest [1]. Group 3: Company Overview - Aohua Endoscopy, established on October 27, 1994, and listed on November 15, 2021, specializes in the research, production, and sales of electronic endoscopy equipment and related medical consumables [1]. - The company's revenue composition includes 95.23% from endoscopy equipment, 2.80% from diagnostic consumables, 1.70% from maintenance services, and 0.27% from other sources [1]. Group 4: Dividend and Institutional Holdings - Aohua Endoscopy has distributed a total of 76.28 million yuan in dividends since its A-share listing, with 50.95 million yuan distributed over the past three years [3]. - As of March 31, 2025, major institutional shareholders include ICBC Frontier Medical Stock A and Huatai-PineBridge Healthcare Flexible Allocation Mixed A, with notable changes in holdings among the top ten shareholders [3].

通过天眼查大数据分析，上海澳华内镜股份有限公司共对外投资了9家企业，参与招投标项目778次，知 识产权方面有商标信息24条，专利信息259条，此外企业还拥有行政许可404个。 来源：金融界 澳华内镜最新一期业绩显示，截至2025一季报，公司营业总收入1.24亿元、同比减少26.92%，归属净利 润2879.15万元，同比减少1143.36%，扣非净利润3100.11万元，同比减少12523.77%，流动比率3.773、 速动比率2.736、资产负债率22.80%。 天眼查商业履历信息显示，上海澳华内镜股份有限公司，成立于1994年，位于上海市，是一家以从事零 售业为主的企业。企业注册资本13466.525万人民币，实缴资本1700万人民币。公司法定代表人为顾 康。 金融界消息 截至2025年8月25日收盘，澳华内镜（688212）报收于50.39元，上涨0.36%，换手率 2.53%，成交量3.41万手，成交金额1.69亿元。 资金流向方面，今日主力资金净流出2575.61万元，占比成交额15.26%。其中，超大单净流出632.94万 元、占成交额3.75%，大单净流出1942.66万元、占成交额11.51% ...

Summary of Key Points from Conference Call Industry Overview - The logistics industry is experiencing growth in the application of unmanned logistics vehicles and humanoid robots, indicating a rising market but not yet saturated [1][3][5] Core Insights and Arguments - As of the end of July, approximately 400 unmanned logistics vehicles have been integrated into the Zhongyou Technology Intelligent Transport Control Platform, with expectations to meet a demand of 3,500 vehicles by year-end, highlighting the increasing demand within the postal system, which is projected to require hundreds of thousands of units [1][3][5] - China Post Group has designated Zhongyou Technology to manage and operate unmanned logistics vehicles and related equipment, including procurement, maintenance, and labor outsourcing, indicating an enhanced role for Zhongyou Technology in the postal logistics system [1][6] - Humanoid robots are currently achieving 50% of human efficiency and can operate 24/7, suggesting significant potential for efficiency and cost reduction in logistics operations as technology matures [1][8] - Zhongyou Group employs approximately 160,000 logistics workers, with estimates suggesting that over 800,000 personnel may be involved across various logistics roles, indicating a substantial potential for robot replacement [9][10] Economic Viability and Market Dynamics - The economic tipping point for the use of unmanned logistics vehicles is not yet reached, but the gradual increase in deployment across provinces suggests a positive trend [3][5] - The postal system's projected need for tens of thousands of unmanned logistics vehicles indicates that the current deployment is far from saturation, with significant room for growth [3][5] - The integration of humanoid robots in logistics can enhance package standardization, reduce manual sorting, and improve overall production efficiency, thereby addressing existing bottlenecks [3][13] Support and Strategic Initiatives - China Post Group is supporting Zhongyou Technology through centralized maintenance of equipment, internal procurement, and integrated operations, with a total support budget of approximately 160 million yuan [14] - The strategy includes centralized monitoring and maintenance services for over 90 mail processing centers, which will enhance Zhongyou Technology's market share and operational capacity [14] Future Outlook - The deployment of unmanned logistics vehicles is expected to accelerate, particularly in the fourth quarter as provincial branches aim to meet project completion targets and prepare budgets for the upcoming year [15] - The potential for humanoid robots to facilitate door-to-door delivery services is promising, especially with advancements in smart community infrastructure [11][12] Additional Considerations - The current postal system does not universally offer door-to-door delivery, but private courier services may charge an additional fee of 0.3 to 0.5 yuan per item for this service [11][12] - The integration of humanoid robots is anticipated to further optimize user experience and reduce operational costs in logistics [12][13]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][39]. Core Insights - The pharmaceutical sector has shown stronger performance compared to the overall market, with a total A-share increase of 2.04% and a decline of 0.84% in the biotechnology sector [1][30]. - The brain-computer interface (BCI) industry is rapidly developing, supported by recent government policies and successful clinical trials, indicating significant growth potential [2][11]. - The report emphasizes the importance of innovative drugs and their supporting infrastructure, highlighting the positive impact of adjustments in medical insurance and commercial health insurance on domestic innovative drug sales [3][39]. Summary by Sections Market Performance - The overall A-share market increased by 2.04%, while the biotechnology sector decreased by 0.84%, indicating a weaker performance relative to the market [1][30]. - The current price-to-earnings (P/E) ratio for the pharmaceutical sector is 38.77x, which is at the 80.28th percentile of its historical valuation over the past five years [1][35]. Brain-Computer Interface Industry - The BCI industry is characterized by a growing number of supportive policies and technological advancements, with a focus on both invasive and non-invasive methods [2][11]. - The market for non-invasive BCIs is the primary research direction, accounting for 86% of the market share [11][16]. - The potential market size for serious medical applications of BCIs is estimated between $15 billion and $85 billion, while consumer medical applications could reach $25 billion to $60 billion [16]. Key Companies and Investment Recommendations - **Mindray Medical (300760.SZ)**: Rated "Outperform" with projected net profits increasing from 116.7 billion in 2024 to 161.9 billion in 2027 [4]. - **WuXi AppTec (603259.SH)**: Rated "Outperform" with expected net profits rising from 93.5 billion in 2024 to 145.1 billion in 2027 [4]. - **Aier Eye Hospital (300633.SZ)**: Rated "Outperform" with a focus on expanding its service network and enhancing service prices [39]. - **Huitai Medical (688617.SH)**: Rated "Outperform" with a strong focus on electrophysiology and interventional medical devices [40]. - **Innovative Medical (002173.SZ)**: Rated "Outperform" with ongoing clinical trials and expected registration of medical devices [39].

天眼查商业履历信息显示，上海澳华内镜股份有限公司，成立于1994年，位于上海市，是一家以从事零 售业为主的企业。企业注册资本13466.525万人民币，实缴资本1700万人民币。公司法定代表人为顾 康。 通过天眼查大数据分析，上海澳华内镜股份有限公司共对外投资了9家企业，参与招投标项目771次，知 识产权方面有商标信息24条，专利信息259条，此外企业还拥有行政许可405个。 来源：金融界 金融界消息 截至2025年8月15日收盘，澳华内镜（688212）报收于50.05元，上涨1.85%，换手率 1.28%，成交量1.73万手，成交金额8649.41万元。 资金流向方面，今日主力资金净流出1021.71万元，占比成交额11.81%。其中，超大单净流出430.64万 元、占成交额4.98%，大单净流出591.07万元、占成交额6.83%，中单净流出流出403.02万元、占成交额 4.66%，小单净流入1424.74万元、占成交额16.47%。 澳华内镜最新一期业绩显示，截至2025一季报，公司营业总收入1.24亿元、同比减少26.92%，归属净利 润2879.15万元，同比减少1143.36%，扣非净利润31 ...

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [4] Core Viewpoints - The total bid amount for medical devices in July 2025 reached 12.643 billion yuan, representing a year-on-year increase of 20% and a cumulative total of 96.785 billion yuan from January to July, with an overall year-on-year growth of 57% [5][11] - Domestic device bidding amounts are recovering, with categories like endoscopes showing high year-on-year growth rates [6] - Imported brands experienced a slight decline in bidding amounts, but categories such as CT and DSA showed significant year-on-year growth [7] Summary by Sections Medical Device Bidding Overview - The total bidding amount for medical devices in July 2025 was 12.643 billion yuan, a 20% increase year-on-year, but a 6% decrease month-on-month [11] - From January to July 2025, the total bidding amount was 96.785 billion yuan, reflecting a 57% year-on-year increase [11] Domestic Brands - Mindray Medical's total bidding amount in July was 1.017 billion yuan, up 84% year-on-year, with a cumulative total of 5.854 billion yuan from January to July, also up 57% [15] - Aohua Endoscopy's total bidding amount in July was 68.22 million yuan, a 23% increase year-on-year, with a cumulative total of 303.27 million yuan from January to July, reflecting a 48% increase [21] - Kailing Medical's total bidding amount in July was 101 million yuan, a 67% increase year-on-year, with a cumulative total of 740 million yuan from January to July, showing a 106% increase [24] - Shanfeng's total bidding amount in July was 49 million yuan, a staggering 392% increase year-on-year, with a cumulative total of 236 million yuan from January to July, reflecting a 239% increase [27] - Wandong Medical's total bidding amount in July was 66.17 million yuan, a 19% increase year-on-year, with a cumulative total of 794.41 million yuan from January to July, showing a 95% increase [30] Imported Brands - Philips' total bidding amount in July was 467.37 million yuan, a 41% decrease year-on-year, with a cumulative total of 5.045 billion yuan from January to July, reflecting a 39% increase [33] - Siemens' total bidding amount in July was 554 million yuan, an 11% decrease year-on-year, with a cumulative total of 6.620 billion yuan from January to July, showing a 49% increase [36] - GE's total bidding amount in July was 701.17 million yuan, a 17% decrease year-on-year, with a cumulative total of 7.414 billion yuan from January to July, reflecting a 44% increase [39]