公 司 研 究 [Table_Reportdate] 2024年08月12日 医 药 生 物 安杰思 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 able_Authors] 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |---------------------------|--------------| | | | | 数据日期 Table_cominfo] | 2024/08/09 | | 收盘价 | 53.81 | | 总股本 ( 万股 ) | 8,086 | | 流通 A 股 /B 股 ( 万股 ) | 4,063/0 | | 资产负债率 (%) | 4.16% | | 市净率 ( 倍 ) | 1.96 | | 净资产收益率 ( 加权 ) | 5.51 | | 12 个月内最高 / 最低价 | 128.47/47.01 | [Table_QuotePic] -48% -36% -24% -12% 0% 12% 2 ...

公 司 研 究 [Table_Reportdate] 2024年08月12日 医 药 生 物 安杰思 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 able_Authors] 证券分析师 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |---------------------------|--------------| | | | | 数据日期 Table_cominfo] | 2024/08/09 | | 收盘价 | 53.81 | | 总股本 ( 万股 ) | 8,086 | | 流通 A 股 /B 股 ( 万股 ) | 4,063/0 | | 资产负债率 (%) | 4.16% | | 市净率 ( 倍 ) | 1.96 | | 净资产收益率 ( 加权 ) | 5.51 | | 12 个月内最高 / 最低价 | 128.47/47.01 | [Table_QuotePic] -48% -36% -24% -12% 0% 12% 2 ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | --- | |------------------------|-------|----------------------------------| | 行业 | | 医药 | | 公司网址 | | www.bioags.com | | 大股东 / 持股 | | 杭州一嘉投资管理有限公司 /32.71% | | 实际控制人 | | 张承 | | 总股本 ( 百万股 ) | | 81 | | 流通 A 股 ( 百万股 ) | | 41 | | 流通 B/H 股 ( 百万股 ) | | | | 总市值 ( 亿元 ) | | 43 | | 流通 A 股市值 ( 亿元 ) | | 22 | | 每股净资产 ( 元 ) | | 27.47 | | 资产负债率 (%) | | 4.2 | | 行情走势图 | | | | | | | 安杰思(688581.SH) 国内外双轮驱动增长，利润端表现亮眼 股价:53.36元 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 ...

安杰思（688581.SH） 24 年半年报业绩点评：业绩超预期，海内外双轮 驱动，盈利能力持续提升 投资要点： 公司发布 2024 年半年报。 2024 年上半年公司实现营收 2.64 亿（同比+28.4%），归母净利润 1.24 亿元（同比+57.9%），扣非归母净利润 1.20 亿元（同比+56.3%）。 2024Q2 公司实现营收 1.52 亿元（同比+32.4%），归母净利润 7167 万元（同比+60.8%），扣非归母净利润 7170 万元（同比+68.3%）。 核心品类收入高增，毛利率持续上行。 24H1 公司积极开拓市场，GI 类、ESD/EMR 类核心产品销售快速 增长，带动毛利率提升，实现主营毛利率 71.7%（较上年同期提升 2.88pct）。其中 1）GI 类产品收入 1.71 亿元（同比+29.2%），毛利率 提升 1.66pct；2）ESD/EMR 类收入 6306 万元（同比+55.8%），毛利 率提升 7.05pct；3）ERCP 类收入 2025 万元（同比+14.3%）。 海内外双轮驱动，海外营收增速超预期。 24H1 国内实现营收 1.25 亿元（同比+22%），新增临床 ...

幅证券 医药生物/医疗器械 司研究 安杰思 (688581.SH) 2024 年 08 月 09 日 2024H1 业绩超预期，国内外市场拓围驱动成长 公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------|--------------| | 日 期 | 2024/8/8 | | 当前股价(元) | 53.36 | | 一年最高最低(元) | 128.47/47.01 | | 总市值(亿元) | 43.15 | | 流通市值(亿元) | 21.68 | | 总股本(亿股) | 0.81 | | 流通股本(亿股) | 0.41 | | 近３个月换手率(%) | 86.34 | 股价走势图 沪深300 安然思 48% 32% 16% ()% -16% -32% -48% 2024-08 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《内镜诊疗器械领军企业，国内外市 场拓園+产品送代驱动成长—公司首 次覆盖报告》-2024.7.23 | --- | --- | |--------------------------|------ ...

幅证券 医药生物/医疗器械 公 司 研 究 安杰思（688581.SH） 2024 年 08 月 09 日 2024H1 业绩超预期，国内外市场拓围驱动成长 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|--------------| | 日期 | 2024/8/8 | | 当前股价 ( 元 ) | 53.36 | | 一年最高最低 ( 元 ) | 128.47/47.01 | | 总市值 ( 亿元 ) | 43.15 | | 流通市值 ( 亿元 ) | 21.68 | | 总股本 ( 亿股 ) | 0.81 | | 流通股本 ( 亿股 ) | 0.41 | | 近 3 个月换手率 (%) | 86.34 | 股价走势图 -48% -32% -16% 0% 16% 32% 48% 2023-08 2023-12 2024-04 2024-08 安杰思 沪深300 数据来源：聚源 相关研究报告 《内镜诊疗器械领军企业，国内外市 场拓围+产品迭代驱动成长—公司首 次覆盖报告》-2024.7.23 | --- | --- | |--- ...

Financial Performance - The company achieved a revenue of RMB 1.23 billion in the first half of 2024, representing a year-on-year growth of 15.6%[1] - The gross profit margin for the period was 65.8%, an increase of 2.3 percentage points compared to the same period last year[1] - The company's net profit reached RMB 320 million, up by 18.4% year-on-year[1] - Revenue increased by 28.43% year-on-year to RMB 264 million, driven by strong growth in the Chinese and US markets, particularly in GI and ESD/EMR product categories[14] - Net profit attributable to shareholders rose by 57.93% to RMB 124.45 million, supported by increased sales, improved gross margins, and higher interest income[14] - Operating cash flow surged by 65.64% to RMB 116.27 million, reflecting higher cash inflows from sales[14] - Basic earnings per share (EPS) grew by 25.57% to RMB 1.5428, reflecting improved profitability[17] - Weighted average return on equity (ROE) decreased by 5.81 percentage points to 5.51%, primarily due to changes in equity structure[17] - Total revenue for the first half of 2024 reached 264,000,678.80 RMB, a 28.4% increase compared to 205,558,880.81 RMB in the same period of 2023[129] - Net profit attributable to the parent company increased to 437,635,027.29 RMB in the first half of 2024, up 6.1% from 412,335,342.45 RMB in the same period of 2023[128] - Net profit reached 124,453,227.74, a 58% increase year-over-year[130] - Operating profit grew to 145,089,365.64, up 61.7% compared to the same period last year[130] - Revenue from the parent company rose to 263,515,540.68, up 28.3% compared to the previous year[132] - Comprehensive income for the first half of 2024 reached 131,618,394.69 RMB, an increase from 79,266,307.59 RMB in the same period last year[135] R&D and Innovation - The R&D investment in the first half of 2024 was RMB 150 million, accounting for 12.2% of the total revenue[1] - R&D investment as a percentage of revenue increased by 1.03 percentage points to 9.79%, indicating a stronger focus on innovation[17] - The company's core technologies include bipolar circuit technology, clip-assisted tissue traction technology, reloadable technology, and continuous firing technology, with 11, 1, 11, and 1 patents granted respectively, and additional patents pending[28] - The company has developed fiber optic imaging (multimodal imaging technology) capable of high-resolution imaging on a 1mm diameter cross-section, with 6 patents pending[30] - The company is developing an endoscopic surgical assist robot, which is set to enter animal testing, with 7 patents pending[31] - The company has made progress in flexible endoscopes, solving operational issues and mastering core algorithms for light source selection and image processing, with 14 patents pending[32] - In the reporting period, the company applied for 39 new invention patents, 6 new utility model patents, and 5 new design patents, with a cumulative total of 54 invention patents, 39 utility model patents, and 4 design rights granted[33] - Total R&D investment increased by 43.60% to 25,851,895.22 yuan, with R&D investment accounting for 9.79% of total revenue, an increase of 1.03 percentage points[39] - R&D investment increased significantly due to higher spending on soft endoscopes and auxiliary therapeutic robots, as well as an increase in R&D personnel[40] - The number of R&D personnel increased to 127, accounting for 18.9% of the total workforce, up from 98 and 17.22% in the previous year[44] - R&D personnel's average salary increased to 11.43 from 10.81 in the previous year[44] Market Expansion and Sales - The company's overseas revenue grew by 25.3% year-on-year, reaching RMB 480 million[1] - The company completed the acquisition of a European medical device manufacturer for EUR 50 million, expanding its market presence in Europe[1] - The company's sales model includes distribution and ODM, with domestic sales primarily through distribution and overseas sales through ODM and distribution, expanding its own brand sales overseas[27] - The company successfully registered 32 new products in international markets, including Saudi Arabia, Thailand, and Paraguay[35][36] - The company expanded its product portfolio in Malaysia and Turkey by adding new specifications and series to existing products[38] - Asia-Pacific region sales revenue grew by 82.86%, North America by 68.49%, and South America by 53.74% year-over-year[50][51] - Overseas sales revenue increased by 35.28% year-on-year, with Asia-Pacific region growing by 82.86%, North America by 68.49%, and South America by 53.74%. Own-brand sales accounted for nearly 30%[55] - The Dutch subsidiary will commence physical operations in the second half of the year to expand the international marketing network[55] - The company added 14 new cooperative clients and participated in academic conferences such as DDW and ESGE DAYS[55] - The company expanded its hospital network by adding 198 new hospitals and 400 effective channels, with products covering 31 provinces, autonomous regions, and municipalities[54] - The company participated in over 60 academic conferences, including the 21st Wuhan Union Digestive Disease Conference and the 21st Beijing International Digestive Disease Forum, enhancing market penetration[54] Production and Operations - The company's new production facility in Hangzhou is expected to be operational by the end of 2024, with an annual production capacity of 50,000 units[1] - The company's production model includes domestic inventory and overseas order-based production, ensuring efficient production through collaboration between marketing, production, and quality departments[25] - Production output increased by over 30% year-over-year due to the application of lean production concepts and the use of new factory facilities[49] - The company's procurement model emphasizes quality, cost, and timely delivery, with a focus on establishing a supply chain and supplier management system that meets operational needs[26] - The company has achieved automated assembly for multiple processes of products like electrosurgical snares, biopsy forceps, and clip devices[57] - The company has obtained ISO 13485:2016 certification and market access qualifications in multiple countries including the US, EU, Japan, Canada, Brazil, Australia, UK, Switzerland, and South Korea[55] Financial Position and Cash Flow - The company's cash and cash equivalents stood at RMB 1.8 billion as of June 30, 2024, providing strong financial flexibility for future investments[1] - Operating cash flow surged by 65.64% to RMB 116.27 million, reflecting higher cash inflows from sales[14] - The company's cash and cash equivalents decreased from 1,954,739,150.26 as of December 31, 2023, to 964,766,200.12 as of June 30, 2024[123] - Net cash flow from operating activities for the first half of 2024 was 116,273,846.99 RMB, compared to 70,197,212.78 RMB in the same period last year[136] - Net cash flow from investing activities for the first half of 2024 was -992,813,720.80 RMB, a significant decrease from 31,145,027.33 RMB in 2023[136] - Net cash flow from financing activities for the first half of 2024 was -114,361,075.58 RMB, compared to 1,647,493,638.86 RMB in the same period last year[136] - The company's cash and cash equivalents at the end of the first half of 2024 were 964,759,200.12 RMB, down from 1,960,785,293.76 RMB at the end of 2023[137] - Cash received from other investment activities in the first half of 2024 was 449,985,159.85 RMB, a significant increase from 56,601,493.74 RMB in 2023[136] - Cash paid for other investment activities in the first half of 2024 was 1,417,427,542.27 RMB, compared to no significant amount in 2023[136] - Cash received from financing activities in the first half of 2024 was 1,820,326,000.00 RMB, compared to no significant amount in 2023[136] - The net increase in cash and cash equivalents for the first half of 2024 was -989,972,950.14 RMB, a significant decrease from 1,748,925,812.72 RMB in 2023[137] Market and Industry Trends - The global medical device market size reached $440 billion in 2020 and is expected to exceed $800 billion by 2030, with a CAGR of 6.3% from 2020 to 2030[23] - China's medical device market size grew from RMB 312.6 billion in 2015 to RMB 778.9 billion in 2020, with a CAGR of 20%, and is expected to exceed RMB 2.2 trillion by 2030, with a CAGR of 11% from 2020 to 2030[23] - The domestic gastrointestinal endoscopy diagnostic and therapeutic device market size is expected to grow from RMB 3.73 billion in 2019 to RMB 11.42 billion by 2030[24] - The global endoscopy diagnostic and therapeutic device market size is expected to grow from $5 billion in 2021 to $6 billion by 2024, with a CAGR of 6%[24] - Imported brands accounted for 93.1% of China's medical endoscope market in 2021, but domestic brands are expected to increase their market share to 18.3% by 2025 and 35.2% by 2030[24] - The company operates in the medical device manufacturing industry (C358) under the specialized equipment manufacturing sector (C35)[21] - The Chinese government has implemented policies to support innovation in medical devices, including optimizing approval processes, strengthening intellectual property protection, and promoting domestic equipment innovation[21] - The volume-based procurement policy for medical devices has promoted market competition, reduced procurement costs, and improved supply chain efficiency[21] - The DRG/DIP payment reform has encouraged medical institutions to actively control costs and standardize medical practices[21] - The company focuses on the research, production, and sales of minimally invasive endoscopic diagnostic and therapeutic devices, with a growing emphasis on technological innovation and domestic market expansion[21] - The domestic production rate of minimally invasive surgical consumables is expected to further increase, with domestic manufacturers gradually breaking through in mid-to-high-end products and potentially gaining more global market share[25] Intellectual Property and Patents - The company obtained 334 intellectual property rights, including 17 design patents and 7 software copyrights[34] - The company submitted 334 patent applications, with 97 authorized patents, including 54 invention patents, and 55% of patents applied in related products[53] - The company launched innovative products such as the reloadable hemostatic clip, which reduces clinical costs, and the coated guidewire for ERCP, which improves cannulation success rates[53] Risks and Challenges - The company faces intensified competition in both domestic and international markets for minimally invasive endoscopic devices[59] - The company has established a comprehensive quality system to prevent product performance defects and enhance brand influence[59] - The company's products, including biliary drainage tubes and high-frequency cutting knives, have been included in centralized procurement programs in multiple provinces, potentially impacting sales prices and profit margins[61] - The company faces risks from international trade friction and exchange rate fluctuations, as its primary export markets are in the EU and North America, with transactions primarily settled in USD[60] - Medical device industry policy changes, particularly the centralized procurement reform, may impact the company's operations and profitability[60] - The company is actively monitoring macroeconomic conditions and adjusting its business strategies to mitigate potential risks[61] - Intellectual property risks exist, particularly regarding the "AGS" trademark in the domestic market, which could affect product promotion and sales[61] - The company is implementing measures to retain technical talent and maintain its competitive advantage in innovation[63] Corporate Governance and Shareholder Commitments - The actual controller Zhang Cheng and related parties have committed to a 36-month lock-up period for their shares post-IPO, with specific conditions for extending the lock-up period if the stock price falls below the issue price for 20 consecutive trading days within 6 months of listing[85] - Zhang Cheng's immediate family members, Zhang Qianyi and Zhang Beijia, have also committed to a 36-month lock-up period for their indirectly held shares, with similar conditions for extending the lock-up period[86] - Major shareholders including Hangzhou Yijia, Ningbo Jiayi, and Ningbo Dingjie have committed to a 36-month lock-up period for their shares, with conditions for extending the lock-up period if the stock price falls below the issue price for 20 consecutive trading days within 6 months of listing[87] - The company has established a long-term effective dividend policy, as indicated in the 2024 semi-annual report[83] - The company has resolved issues related to competition with entities controlled by the actual controller, Zhang Cheng, and related parties[84] - The company has implemented a restricted stock incentive plan for 2023, with a 36-month lock-up period post-grant[84] - The company has made various commitments related to its IPO, including those from directors, supervisors, and senior management, which are long-term effective[84] - The company has established a long-term effective policy for handling other commitments, including those related to the IPO and equity incentives[84] - The company has made commitments related to the lock-up of shares held by its major shareholders and actual controller, with specific conditions for extending the lock-up period[88] - The company has established a long-term effective policy for handling other commitments, including those related to the IPO and equity incentives[88] - Shareholders holding more than 5% of the company's shares, including Da'an Gene, Guangzhou Da'an, Suzhou New Construction, and Tianfu Silicon Valley Zhenghui, have committed to a 12-month lock-up period post-listing, during which they will not transfer or entrust others to manage their shares[89] - Ningbo Daohe has also committed to a 12-month lock-up period post-listing, with similar restrictions on share transfers and management[90] - Directors, supervisors, and senior management indirectly holding shares through Ningbo Dingjie are subject to a 12-month lock-up period, with annual transfer limits of 25% of their holdings during their tenure[91] - Core technical personnel indirectly holding shares through Ningbo Dingjie are subject to a 12-month lock-up period, with annual transfer limits of 25% of their holdings for 4 years post-lock-up[92] - Actual controller Zhang Cheng has committed to adhering to IPO share lock-up and transfer restrictions, with specific rules for share reduction through various trading methods[93] - Controlling shareholder Hangzhou Yijia and related entities have committed to adhering to IPO share lock-up and transfer restrictions, with specific rules for share reduction through various trading methods[93] - The company's major shareholders, including Da'an Gene, Guangzhou Da'an, Suzhou New Yuan, and Silicon Valley Zhenghui, hold more than 5% of the company's shares and have committed to comply with IPO share lock-up and reduction rules[94] - If the company's stock price falls below the net asset value per share for 20 consecutive trading days within three years of listing, the company will initiate a stock price stabilization plan[95] - The company's controlling shareholder or its controlled entities will increase their shareholding by at least RMB 5 million within three months if the stock price stabilization plan is triggered, with the total number of shares not exceeding 2% of the company's total shares before the increase[96] - If the controlling shareholder fails to implement the share increase plan, the company may withhold cash dividends payable to the controlling shareholder until the cumulative amount reaches RMB 5 million[96] - If the stock price remains below the net asset value after the controlling shareholder's share increase, the company's directors (excluding independent directors) and senior management will increase their shareholding by at least 30% of their after-tax salary from the previous year within three months[96] - If the stock price remains below the net asset value after the directors' and senior management's share increase, the company will initiate a stock repurchase plan of at least RMB 10 million within three months, with the total number of shares not exceeding 2% of the company's total shares before the repurchase[96] - Any amendments to the stock price stabilization plan must be approved by at least two-thirds of the voting rights at the company's shareholders' meeting[96] - The company, its controlling shareholder, directors, and senior management must fulfill their obligations under the stock price stabilization plan in accordance with relevant regulations and disclose information accordingly[96] - The company's actual controller and related parties have extended the lock-up period for their pre-IPO shares by 6 months due to the stock price falling below the issue price for 20 consecutive trading days[100] - The company has committed to not providing loans or any form of financial assistance to incentive recipients for acquiring restricted shares under the incentive plan[99] - The company has outlined measures to prevent the dilution of immediate returns, including commitments from controlling shareholders, actual controllers, directors, and senior management[97] - The company's profit distribution policy prioritizes cash dividends and requires specific conditions to be met for cash dividends, such as positive undistributed profits and profitability[97] - The company has committed to avoiding conflicts of interest and ensuring that no illegal shareholding or improper benefits transfer occurs[98] Environmental and Social Responsibility - Environmental protection investment during the reporting period amounted to 3.46 million yuan[78] - Wastewater treatment includes industrial wastewater from metal part polishing and cleaning, and domestic sewage discharged into municipal sewage networks[78] - Waste gas from sterilization is treated using EO tail gas adsorption equipment before emission[78] - Solid waste from production is collected and processed by qualified units[78] - No carbon reduction measures or CO2 equivalent reductions were reported during the period[79] - No equity incentives, employee stock ownership plans, or other employee incentive measures were implemented or changed during the reporting period[77] - The company is not classified as a key pollutant discharge unit and has no significant pollution-related penalties[78] Legal and Regulatory Compliance - The company has disclosed that there are no significant lawsuits or arbitration cases during the

3.2、 坚持技术创新差异化发展，发展潜力有望充分释放 3.3、 募集资金用到实处，助力"生产+营销+研发"战略 营销服务网络升级建设项目：在现有销售体系的基础上合理化布局，进一步夯 实和拓展本公司营销网络体系。国内市场上，公司将在 12 个大城市建立区域性的 销售和营销网点服务中心，分别覆盖华北、华中、华东、华西、华南区市场，共同 形成一个覆盖全国的销售和技术服务体系；海外市场上，公司继续巩固与原有客户 的合作并协助其开拓新的市场和引入新的产品。并且在欧洲和美洲新建营销网点， 购置相关设备、招聘人员团队，提升公司的营销及服务能力。公司还对营销服务网 微创医疗器械研发中心项目：项目拟新建研发中心，将改善研发工作环境、引 进高端研发人才、配置先进研发设备，进行新产品、新工艺的研究开发，进一步提 升公司自主研发能力和技术创新能力。 （1）GI 类：考虑公司可换装止血夹已获国内三类注册证并在欧洲实现批量销 售，后续国内也将逐步形成规模化销售，同时公司使用啮合活检技术的产品处于批 量生产阶段，未来收入有望进一步增加，假设 2024-2026 年 GI 类业务收入分别同比 增长 25%、25%、25%，即 2024-2 ...

应该还是达到了我们当初年度预算的目标要求它整体涨幅大概在22%左右同比22%重点还是在欧洲跟北美亚太这一块一季度基本跟2023年的一季度基本持平所以国外的整体销售一季度应该是符合的从现在获得的订单来看的话 二季度可能会有一些超预期二季度比预算可能会好一些重要的区域的增长可能是在南美跟亚太北美主要这三个地区在二季度可能会有因为我们的订单一般都是提早一个季度的我们现在基本就能看到我们二季度的海外销售大概的一个数字情况 2024年其实从23年的四季度到现在很多的企业包括整个都在提倡出海其实这里面出海有很多种方式跟方法首先第一个我们欧洲的公司公司已经成立了地址已经选好了我们选在荷兰然后我本人也去看了也去做了一些基本的一些考察 那么我们正常的欧洲分公司的运营大概从三季度开始我们二季度可能要做一些准备三季度正式开始这个是我们欧洲的一个公司然后我们其实大家也知道我们怎么说呢资本市场对我们应该还是比较信任就我们拿了大概有十几个亿的木头资金那么我们从去年 大概三季度吧一直到现在吧我本人已经带了一些团队的人员我们也在国内外看很多的一些项目包括海外的包括也海外的那么我们的目标呢本身就是希望这个能够自己的自由品牌能够在主要的一些地区 ...

应该还是达到了我们当初年度预算的目标要求它整体涨幅大概在22%左右同比22%重点还是在欧洲跟北美亚太这一块一季度基本跟2023年的一季度基本持平所以国外的整体销售一季度应该是符合的从现在获得的订单来看的话 二季度可能会有一些超预期二季度比预算可能会好一些重要的区域的增长可能是在南美跟亚太北美主要这三个地区在二季度可能会有因为我们的订单一般都是提早一个季度的我们现在基本就能看到我们二季度的海外销售大概的一个数字情况 2024年其实从23年的四季度到现在很多的企业包括整个都在提倡出海其实这里面出海有很多种方式跟方法首先第一个我们欧洲的公司公司已经成立了地址已经选好了我们选在荷兰然后我本人也去看了也去做了一些基本的一些考察 那么我们正常的欧洲分公司的运营大概从三季度开始我们二季度可能要做一些准备三季度正式开始这个是我们欧洲的一个公司然后我们其实大家也知道我们怎么说呢资本市场对我们应该还是比较信任就我们拿了大概有十几个亿的木头资金那么我们从去年 大概三季度吧一直到现在吧我本人已经带了一些团队的人员我们也在国内外看很多的一些项目包括海外的包括也海外的那么我们的目标呢本身就是希望这个能够自己的自由品牌能够在主要的一些地区 ...