中信证券股份有限公司 关于杭州安杰思医学科技股份有限公司 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为杭州安 杰思医学科技股份有限公司（以下简称"安杰思"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 检查的工作要求。 权利义务，并报上海证券交易所备案。 持续督导工作，并于 2025 年 7 月 14 日对公司进行了现场检查。 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、实际控制人及其关联方的资金往来明细及相关 内部审议文件、信息披露文件； （4）查阅公司募集资金管理相关制度、募集资金使用信息披露文件和决策 程序文件、募集资金专户银行对账单、募集资金使用明细账； （5）对公司高级管理人员进行访谈； （6）对公司及其控股股东、实际控制人、董事、监事、高级管理人员进行 公开信息查询； ...

中信证券股份有限公司 关于杭州安杰思医学科技股份有限公司 2025 年半年度持续督导跟踪报告 1 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为杭州安 杰思医学科技股份有限公司（以下简称"安杰思"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 7 月 14 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与控股股东、实际 ...

Group 1 - The medical device sector has gained significant attention, with 125 out of 131 companies in the A-share market experiencing stock price increases in the past month, and Sino Medical Science Technology Co., Ltd. achieving a remarkable stock price increase of 207.59% [1] - Institutional investors are actively researching the medical device industry, indicating a reassessment of growth potential in this sector [1] - The Chinese government has introduced supportive policies to accelerate the high-quality development of the medical device industry, aiming to transition from a major pharmaceutical country to a strong one [1] Group 2 - In July, the National Medical Products Administration released measures to support innovation in high-end medical devices, including medical robots and AI medical devices, highlighting the government's focus on high-end innovation [2] - The high-end medical device market in China is projected to grow rapidly, with an estimated market size of 2.8 trillion yuan by 2030, driven by technological advancements and domestic replacements [2] - The push for high-end innovation is expected to break the "low-end lock-in" in the medical device industry, enhancing the overall value and international competitiveness of the sector [2] Group 3 - Companies like Maide Medical Industrial Equipment Co., Ltd. are expanding their overseas channels through exhibitions and customer visits, with overseas orders expected to exceed 60 million yuan by the end of 2024 [3] - Anjies Medical Technology Co., Ltd. is deepening its global layout through localized operations and overseas production bases, successfully selling products to over 60 countries [3] - The global demand for medical devices is increasing, particularly in emerging markets, providing significant opportunities for Chinese medical device companies to expand internationally [3]

Company Overview - Anjias Medical Technology Co., Ltd. specializes in the research, production, and sales of minimally invasive diagnostic and therapeutic instruments, particularly in the endoscopy sector [1] - The company's main products include GI series, EMR/ESD series, ERCP diagnostic series, and therapeutic instruments [1] - Anjias has received several government honors, including the "Zhejiang Province Export Brand" title and the "Quality Award" from the Linping District Government [1] Financial Performance - For the first half of 2025, the company reported a revenue of 302 million yuan, representing a year-on-year increase of 14.56% [1] - The net profit for the same period was 126 million yuan, with a year-on-year growth of 1.26% [1] - The sales gross margin stood at 70.21% [1] Market Position - As of the latest data, Anjias's rolling price-to-earnings (PE) ratio is 22.76, while the industry average PE ratio is 59.49 [2] - The company's total market capitalization is 6.713 billion yuan [1] - Anjias ranks 48th in the medical device industry based on PE ratio, with the industry median at 40.19 [1][2] Shareholding Structure - As of the 2025 semi-annual report, a total of 10 institutions hold shares in Anjias, including 5 other entities, 4 funds, and 1 brokerage, with a total holding of 17.6384 million shares valued at 1.143 billion yuan [1]

Group 1 - In the past five trading days, a total of 98 companies were investigated by institutions, with securities companies participating in 93.88% of the activities [1] - Among the companies, Nanwei Medical received the most attention with 184 institutions participating in the investigation, followed by Anjisi with 179 institutions, and Jinchengzi with 166 institutions [1] - A total of 46 companies were investigated by more than 20 institutions, and 17 of these companies experienced net capital inflow in the past five days, with Dahua Co., Ltd. seeing the highest net inflow of 430 million yuan [1] Group 2 - In terms of market performance, 36 stocks among those investigated rose in the past five days, with Hai Neng Technology leading with an increase of 88.23%, followed by Yishitong and Jinchengzi with increases of 37.41% and 23.42% respectively [2] - Among the stocks investigated, 38 have released semi-annual reports, with Zhenlei Technology and Shengnuo Bio recording the highest net profit growth rates of 1006.99% and 308.29% respectively [2] - Microchip Biotech is expected to have the highest median net profit growth rate of 173.00%, with an estimated net profit of 30 million yuan [2] Group 3 - The list of companies investigated includes Nanwei Medical, Anjisi, Jinchengzi, and others, with varying numbers of institutional investigations and stock price changes [3][4][5][6] - Companies like Ganyuan Food and Shuanghui Development were investigated twice, indicating a higher frequency of institutional interest [3][4] - The performance of stocks varied, with some experiencing significant gains while others faced declines, reflecting the mixed sentiment among investors [2][3][4][5][6]

Group 1 - A total of 23 companies were investigated by well-known institutions from August 11 to August 17, with the pharmaceutical and biotechnology sector leading in interest [1][2] - Nanwei Medical received the highest number of institutional investigations, totaling 183, followed by Anjisi with 180 and Jinchengzi with 166 [1][2] - Other notable companies investigated include Xinqianglian (163), Desai Xiwai (160), and Zhenlei Technology (74) [1][2] Group 2 - The investigation period for Nanwei Medical was on August 12, while Anjisi and Jinchengzi were investigated on August 12 and August 13, respectively [1][2] - The sectors represented among the investigated companies include medical biology, computer, electrical equipment, electronics, food and beverage, and basic chemicals [1][2][3] - Notable investment firms involved in the investigations include Gao Yi Asset, Chongyang, and Shibei [1][2][3]

- The report tracks quantitative sentiment indicators, including volume timing signals, which show optimistic views for major broad-based indices except for the Beixin 50 index, which is cautious[24][25] - The "HS300 Upward Stock Count Ratio" sentiment indicator is calculated as the proportion of HS300 constituent stocks with positive returns over the past N days. This indicator captures market sentiment and is effective in identifying upward opportunities but has limitations in predicting downward risks[25][26] - The "Momentum Sentiment Indicator" uses two smoothed lines (short-term and long-term) to track sentiment changes. When the short-term line exceeds the long-term line, it signals optimism in the market. Parameters include N=230, N1=50, and N2=35[28][29][32] - The "Moving Average Sentiment Indicator" evaluates the HS300 index's trend using eight moving averages (8, 13, 21, 34, 55, 89, 144, 233). When the closing price exceeds the values of more than five moving averages, it signals optimism[32][33][35] - Cross-sectional volatility analysis shows that the Alpha environment has improved in the short term for HS300, CSI500, and CSI1000 indices. However, over the past quarter, the Alpha environment remains average to poor based on historical volatility levels[37][41] - Time-series volatility analysis indicates an improvement in Alpha environment in the short term for HS300, CSI500, and CSI1000 indices. However, over the past quarter, the Alpha environment remains below average based on historical volatility levels[37][42]

Group 1: Banking Industry Insights - The banking sector is experiencing a seasonal decline in credit, with a notable decrease in new loans in July, reflecting a reduction of 426.3 billion yuan year-on-year [5][6] - The total social financing (TSF) increased by 9.0% year-on-year, while the growth rate of M2 and M1 was 8.8% and 5.6%, respectively, indicating a marginal activation of deposits [5][6] - Government financing remains strong, with new government bonds issued amounting to 1.244 trillion yuan in July, supporting the rapid growth of TSF [7][8] - Future credit focus will shift towards optimizing structure while maintaining total volume, with an emphasis on consumer and small business loans [8][9] - The average interest rate for new corporate loans was approximately 3.2%, reflecting a slight decrease from the previous months, indicating a stable lending environment [10][11] Group 2: Tire Market Analysis - The tire market is witnessing a preemptive demand from Europe and the US, with natural rubber prices rising, providing support for tire prices [12] - The export demand for tires has been affected by tariffs and anti-dumping policies, leading to a shift in demand patterns [12] - Long-term strategies for tire companies include global expansion and brand enhancement to mitigate trade barriers [12] Group 3: Company Performance Review - Anjias - Anjias reported a revenue of 302 million yuan in H1 2025, reflecting a year-on-year growth of 14.56%, with a significant improvement in Q2 performance [13][14] - The company’s domestic revenue grew by 10.07%, while overseas revenue increased by 18.29%, indicating robust international market penetration [15][16] - Anjias is focusing on high-margin products and has made significant investments in R&D, with a 33.29% increase in R&D expenses [16]

Summary of Conference Call Company and Industry - **Company**: Anjisi (安吉斯) - **Industry**: Medical Devices, specifically focusing on high-quality consumables and innovative medical equipment Key Points and Arguments Company Performance - In the first half of 2025, Anjisi reported a net profit attributable to shareholders of 126 million yuan, a year-on-year increase of 1.26% [3] - Earnings per share reached 1.56 yuan, up 0.87% year-on-year [3] - Total assets amounted to 2.646 billion yuan, with net assets of 2.427 billion yuan, both showing steady growth [3] Research and Development - R&D expenses totaled 34.45 million yuan, representing 11.39% of total revenue, an increase of 1.6 percentage points from the previous year [3] - R&D investment grew by 33.29% year-on-year, with the number of R&D personnel increasing by 47.24% to 187 [3] - Significant R&D advancements were made in various projects, including single-use robotic platforms and multi-modal imaging technologies [3] Sales Performance - Domestic sales revenue reached 137 million yuan, a year-on-year increase of 10.07% [4] - International sales totaled 163 million yuan, up 18.29% year-on-year, with 14 new overseas clients added [4] - The company faced challenges in the North American market, experiencing a nearly 10% decline due to trade tariffs [7][31] Cost Management - Management expenses rose by 32.65% to 31.9 million yuan, attributed to the rapid expansion of business [5] - Sales expenses decreased by 14.29% to 23.94 million yuan, primarily due to reduced domestic sales costs [5] - Financial income decreased by approximately 6.11 million yuan due to lower interest rates [5] Market Trends and Challenges - The ongoing healthcare policy reforms and the trend of centralized procurement are impacting sales dynamics [2] - The company is optimistic about the "anti-involution" policy introduced in July 2023, which is expected to benefit the medical industry [15] - Concerns were raised about potential price reductions and margin pressures in both domestic and international markets [9] Future Outlook - Anjisi aims to enhance its market presence through strategic channel development and product innovation [24][25] - The company plans to expand its self-operated channels in Europe, South America, and Asia [24] - Future R&D will focus on innovative medical devices, with several products expected to enter the registration phase by 2026-2027 [12] Profitability Insights - Domestic gross margin was reported at 67.14%, while overseas gross margin was higher at 77.27% [14] - The company is committed to maintaining a diverse pricing strategy across different market segments to sustain profitability [20] Conclusion - Anjisi is positioned for growth with a focus on innovation and market expansion, despite facing challenges from trade tariffs and market dynamics. The management remains optimistic about future performance and the potential benefits of recent policy changes [39]

Core Viewpoint - The company reported a revenue of 302 million yuan for the first half of 2025, reflecting a year-on-year increase of 14.56%, while the net profit attributable to shareholders was 126 million yuan, up by 1.26% year-on-year. However, the net profit after deducting non-recurring items decreased by 7.06% year-on-year, indicating some challenges in profitability despite revenue growth [1]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 174 million yuan, representing a year-on-year increase of 14.03%, while the net profit attributable to shareholders was 70 million yuan, down by 2.65% year-on-year [1]. - The company's overseas business showed strong growth, generating sales of 163 million yuan, up by 18.29% year-on-year, accounting for 53.8% of total revenue, an increase of 1.7 percentage points compared to H1 2024 [2]. - Domestic business also demonstrated resilience under procurement pressure, achieving revenue of 137 million yuan, a year-on-year increase of 10.07% [2]. Group 2: Strategic Developments - The company is enhancing its localization efforts to support overseas business development, with expectations of improved service capabilities as the Thailand factory begins operations and the U.S. subsidiary is completed [2]. - The company is investing in capacity expansion and new product development, leading to an increase in management and R&D expense ratios, which are 10.55% and 11.39% respectively [3]. - The company anticipates that the ongoing investment will contribute to long-term growth, with the endoscopy consumables industry currently experiencing high demand [3]. Group 3: Future Outlook - Revenue projections for 2025-2027 are estimated at 780 million, 974 million, and 1.214 billion yuan, with year-on-year growth rates of 22.5%, 24.9%, and 24.6% respectively [3]. - The expected net profit attributable to shareholders for the same period is projected to be 319 million, 383 million, and 474 million yuan, with respective growth rates of 8.6%, 20.2%, and 23.8% [3].