Core Viewpoint - Anjiesi (688581.SH) is rapidly advancing its global layout in the field of digestive endoscopy intervention, leading to continuous growth in profitability [1][2] Financial Performance - In 2024, the company achieved operating revenue of 637 million yuan, a year-on-year increase of 25.14% [1][2] - The net profit attributable to shareholders was 293 million yuan, up 35.06% year-on-year [1][2] - The net profit excluding non-recurring gains and losses was 273 million yuan, reflecting a year-on-year growth of 28.62% [1][2] - The company has maintained positive growth in operating performance for four consecutive years [2] International Market Expansion - In 2024, Anjiesi's international market sales revenue reached 333 million yuan, a year-on-year increase of 36.19% [1][2] - The domestic market sales revenue was approximately 300 million yuan, increasing by 14.63% year-on-year [2] - The company has established effective cooperation channels with nearly 600 hospitals and covered over 2400 terminal hospitals [3] Production and Investment - Anjiesi is advancing its production base in Thailand, with the first phase expected to be operational by the second quarter of 2025, involving an investment of 180 million yuan [3] - The company plans to further invest in the Thai market, including the construction of a second-phase production base [3] Employee Incentives - Anjiesi has implemented a restricted stock incentive plan for 2025, granting 16,100 shares at a price of 46.16 yuan per share, accounting for 0.02% of the total share capital [4][5] - The company has set performance assessment targets for 2025 and 2026, requiring specific revenue and net profit thresholds for the stock incentive to fully vest [5] Research and Development - In 2024, Anjiesi's R&D expenses amounted to 59.21 million yuan, a year-on-year increase of 43.53%, representing 9.30% of operating revenue [5][6] - The company has applied for a total of 367 patents, with 100 patents granted, and over 48% of these patents have been applied to related products [6] Shareholder Returns - Anjiesi plans to distribute a cash dividend of 13.8 yuan per 10 shares, totaling 111 million yuan for 2024 [6] - The total amount for cash dividends and share buybacks in 2024 is projected to be 142 million yuan, accounting for 48.46% of the company's net profit [6]

Investment Rating - The report maintains a "Recommended" rating for the company [12] Core Views - The company achieved a revenue of 637 million yuan in 2024, representing a year-on-year growth of 25.14%, and a net profit of 293 million yuan, up 35.06% year-on-year [5] - The company is experiencing robust domestic growth while showing impressive performance overseas, with international revenue reaching 333 million yuan, a year-on-year increase of 36.19% [9] - The company has a strong focus on research and development, with R&D expenses increasing by 43.53% year-on-year to 59.21 million yuan in 2024 [11] Financial Performance Summary - Revenue projections for 2024 to 2027 are as follows: 637 million yuan (2024), 851 million yuan (2025), 1,065 million yuan (2026), and 1,333 million yuan (2027) [7] - Net profit projections for the same period are: 293 million yuan (2024), 328 million yuan (2025), 402 million yuan (2026), and 499 million yuan (2027) [7] - The company maintains a high gross margin of 72.1% in 2024, with a slight decrease expected in subsequent years [10] Market and Product Insights - The domestic market sales are projected to reach 300 million yuan in 2024, with a year-on-year growth of 14.63% [9] - The company has established partnerships with over 600 hospitals and has expanded its international client base to 116, marking a 23.4% increase [9] - The company’s GI product line is expected to generate 413 million yuan in revenue in 2024, reflecting a year-on-year growth of 23.17% [10] Valuation Metrics - The projected P/E ratio for 2024 is 18.1, decreasing to 10.7 by 2027, indicating an attractive valuation over time [16] - The projected P/B ratio for 2024 is 2.2, expected to decline to 1.6 by 2027 [16]

Investment Rating - The report maintains a "Recommended" rating for the company [12] Core Views - The company achieved a revenue of 637 million yuan in 2024, representing a year-on-year growth of 25.14%, and a net profit of 293 million yuan, up 35.06% year-on-year [5][12] - The domestic market sales reached 300 million yuan in 2024, growing 14.63% year-on-year, while the overseas market revenue was 333 million yuan, reflecting a robust growth of 36.19% [9] - The company is focusing on product innovation and has a strong pipeline for new products, with significant R&D investments [11][12] Financial Performance - The company forecasts revenues of 851 million yuan in 2025 and 1,065 million yuan in 2026, with corresponding net profits of 328 million yuan and 402 million yuan respectively [7][12] - The gross margin for 2024 is projected at 72.1%, with a net margin of 46.1% [10][15] - The company maintains a low debt level with an asset-liability ratio of 6.0% in 2024 [15] Market Position and Strategy - The company has expanded its international presence, signing contracts with 116 clients globally, a 23.4% increase year-on-year [9] - The company is enhancing its product offerings in the GI, ESD, and ERCP categories, with notable growth in high-end products [10][11] - The company is also investing in local production facilities in Thailand to better serve overseas markets [9][11]

Core Viewpoint - The company has established a stock incentive plan aimed at motivating employees and aligning their interests with those of shareholders, with specific performance targets set for the years 2025 and 2026 [2][4]. Group 1: Incentive Plan Overview - The incentive plan includes conditions under which restricted stocks may not vest, such as if the company or individual is deemed inappropriate by regulatory bodies [1][3]. - The performance assessment for the incentive plan will be based on the company's revenue and net profit, which are critical indicators of operational success [2][4]. - The plan requires a minimum tenure of 12 months for participants before they can vest in the granted stocks [1][3]. Group 2: Performance Assessment - Company-level performance targets for the incentive plan are set for the fiscal years 2025 and 2026, with annual assessments to determine stock vesting [2][4]. - Individual performance evaluations will categorize participants into four levels (A, B, C, D), influencing the number of stocks they can vest [3][4]. - The assessment metrics are designed to be reasonable and challenging, promoting employee engagement and aligning with the company's strategic goals [4]. Group 3: Implementation Procedures - The plan's implementation involves several steps, including board approval, shareholder voting, and legal opinions to ensure compliance with regulations [5][6]. - The company must publicly disclose the names and positions of the incentive plan participants prior to the shareholder meeting [6][7]. - The board is responsible for granting the restricted stocks within 60 days of shareholder approval, failing which the plan may be terminated [8][9]. Group 4: Adjustments and Termination - The plan allows for adjustments to the number of restricted stocks and their grant prices based on corporate actions like stock splits or capital increases [14][17]. - If the company undergoes significant changes, such as a change in control or major restructuring, the plan may be terminated, and unvested stocks will be voided [30][31]. - The company retains the right to terminate the plan if participants engage in misconduct or violate company policies [26][30]. Group 5: Financial Impact and Accounting - The company will account for the stock incentive plan's costs in accordance with relevant accounting standards, impacting its financial statements over the vesting period [22][23]. - The estimated costs associated with the incentive plan will be amortized and reflected in the company's operating results [22][23]. - The plan is expected to enhance employee motivation and operational efficiency, potentially increasing the company's intrinsic value [22][23].

Core Viewpoint - The company, Anjisi, has reported significant growth in revenue and net profit for the year 2024, alongside a detailed profit distribution plan for shareholders [3][10][18]. Company Overview - Anjisi is engaged in the research, production, and sales of minimally invasive endoscopic diagnostic and therapeutic instruments, primarily used in the gastrointestinal endoscopy field [5][8]. - The company operates under a business model that includes sales of endoscopic instruments and related consumables, with a focus on clinical needs and product innovation [5][6]. Financial Performance - In 2024, the company achieved a revenue of 636.63 million yuan, representing a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 293.39 million yuan, up by 35.06% [18][20]. - The profit distribution plan for 2024 includes a cash dividend of 13.8 yuan per 10 shares, totaling approximately 111.20 million yuan, which constitutes 48.46% of the net profit [3][4]. Industry Context - The global medical device market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 6.3%, expected to reach 886.8 billion USD by 2032 [10]. - China's medical device market has expanded significantly, growing from 370 billion yuan in 2016 to 1,032.8 billion yuan in 2023, with a CAGR of 16.12% [10][11]. - The endoscopic diagnostic and therapeutic device market is also growing, with the Chinese market expected to reach approximately 22 billion yuan by 2025 [12][13]. Technological Advancements - The company has focused on technological improvements in traditional products, enhancing safety and efficiency in clinical procedures [16]. - Anjisi has developed several innovative technologies, including bipolar electrosurgical devices and advanced biopsy techniques, which are expected to enter the product registration phase by 2025 [16][17]. Market Position - Anjisi aims to establish a competitive edge in the endoscopic device market through innovation, service optimization, and market expansion [15]. - The company has received multiple honors, including recognition as a provincial-level enterprise technology center, indicating its commitment to technological advancement and industry leadership [15].

证券代码：688581 证券简称：安杰思 公告编号：2025-022 重要内容提示： 根据中国证券监督管理委员会（以下简称"证监会"）颁布的《上市公司股 权激励管理办法》（以下简称"《管理办法》"）的有关规定，杭州安杰思医学科技 股份有限公司（以下简称"公司"或"本公司"）独立董事夏立安受其他独立董 事的委托作为征集人，就公司拟于 2025 年 5 月 16 日召开的公司 2024 年年度 股东大会审议的相关议案向公司全体股东征集委托投票权。 一、征集人的基本情况、对表决事项的表决意见及理由 1、本次征集委托投票权的征集人为公司现任独立董事夏立安，其基本情况如 下： 夏立安，男，1964年9月出生，中国国籍，无境外永久居留权，博士研究生 学历。2021年7月至今，任职于浙江大学法学院历任副教授、教授，2019年5月至 今，任公司独立董事。 2、征集人夏立安目前未持有公司股份，未因证券违法行为受到处罚、未涉 及与经济纠纷有关的重大民事诉讼或仲裁，不存在《中华人民共和国公司法》《公 司章程》中规定的不得担任公司董事的情形。 征集投票权的起止时间：2025 年 5 月 13 日至 2025 年 5 月 14 日 征 ...

证券代码：688581 证券简称：安杰思 公告编号：2025-013 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 杭州安杰思医学科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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。 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 16 日 13 点 30 分 召开地点：杭州市临平区兴中路 389 号三楼 302 会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11 ...

杭州安杰思医学科技股份有限公司监事会 关于公司2025年员工持股计划相关事项的核查意见 一、公司不存在《公司法》《证券法》《指导意见》《自律监管指引第1号》 等有关法律、法规及规范性文件规定的禁止实施员工持股计划的情形。 二、公司《2025年员工持股计划(草案)》（以下简称"本员工持股计划"） 及其摘要的内容符合《公司法》《证券法》《指导意见》《自律监管指引第1号》 等有关法律、法规和规范性文件和《公司章程》的规定，不存在损害公司及全体 股东利益的情形。 三、公司制定本员工持股计划的程序合法、有效，公司审议本员工持股计划 相关议案的决策程序合法、有效。 四、本员工持股计划拟定的持有人均符合《指导意见》及有关法律、法规及 规范性文件规定的持有人条件，符合本员工持股计划规定的持有人范围，其作为 本员工持股计划持有人的主体资格合法、有效，亦不存在公司以摊派、强行分配 等方式强制员工参与本员工持股计划的情形。 五、本员工持股计划遵循公司自主决定、员工自愿参加的原则。公司实施本 员工持股计划前，通过不限于职工代表大会的民主方式充分征求了员工意见，公 司实施本员工持股计划有利于进一步建立和完善员工、股东的利益共享机制，改 ...

证券代码：688581 证券简称：安杰思 公告编号：2025-012 杭州安杰思医学科技股份有限公司 第二届监事会第十五次会议决议公告 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 杭州安杰思医学科技股份有限公司（以下简称"公司"）第二届监事会第十五次会 议于 2025 年 4 月 10 日以电子邮件的形式发出会议通知，于 2025 年 4 月 21 日上午 10:30 时在公司九楼会议室以现场结合网络通讯会议的方式召开会议。会议应出席监 事 3 名，实际出席 3 名，会议召开符合法律法规及《公司章程》的相关规定。会议决 议合法、有效。 会议由监事会主席时百明主持召开，全体与会监事经认真审议和表决，形成以下 决议： 二、监事会会议审议情况 一、审议通过了《关于 2024 年度监事会工作报告的议案》 监事会认为：2024 年度，监事会按照《中华人民共和国公司法》《公司章程》 等相关规定，恪尽职守，认真履行监督职责，有效监督和审查了公司重大事项的决策 和决议的形成、表决程序，对公司的合规运作进行了审查，特 ...

证券代码：688581 证券简称：安杰思 公告编号：2025-023 杭州安杰思医学科技股份有限公司 第二届董事会第十九次会议决议公告 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、 董事会会议召开情况 杭州安杰思医学科技股份有限公司（以下简称"公司"）第二届董事会第十 九次会议于 2025 年 04 月 21 日以现场结合通讯的方式在公司浙江省杭州市临平 区兴中路 389 号九楼会议室召开。本次会议通知及相关材料已于 2025 年 04 月 10 日以专人送达方式通知公司全体董事，与会的各位董事已知悉与所议事项相 关的必要信息。会议由董事长张承主持，会议应到董事 5 人，实际出席董事 5 人，公司部分高级管理人员列席了本次会议。本次会议的召集和召开程序符合《中 华人民共和国公司法》和《公司章程》的有关规定。 二、 董事会会议审议情况 （一）审议通过了《关于 2024 年度总经理工作报告的议案》 董事会认为：报告期内，公司总经理张承先生严格按照《公司法》、《证券法》 等有关法律、法规和《公司章程》的规定，认真履行总经 ...