Group 1: Macro Insights - The Federal Reserve maintained interest rates and emphasized increasing uncertainty, with market expectations for rate cuts in June and July at 20% and 80% respectively, and a total of three cuts expected for the year [4] - The current economic environment presents a dual challenge of stagnation versus inflation, with short-term liquidity crises and long-term recession concerns [4] Group 2: TMT Sector Analysis - The TMT sector shows high levels of crowding, suggesting a cautious approach as the market may continue to favor lower-performing sectors [5] - The industry rotation model indicates that cyclical sectors like non-ferrous metals, steel, food and beverage, and building materials are in a strong trend with low crowding, while TMT remains crowded [5] Group 3: Coal Industry Overview - As of Q1 2025, the coal industry is experiencing a significant downturn, with coal prices returning to levels seen in early 2021, and the average price of Q5500 coal at 657 RMB/ton, down 111 RMB/ton since the beginning of the year [14][15] - The total profit of large coal enterprises in Q1 2025 was 803.8 billion RMB, a year-on-year decrease of 47.7%, with over half of coal companies reporting losses [17] - Major coal companies like China Shenhua and Shaanxi Coal have substantial cash reserves, indicating strong dividend-paying capabilities despite the industry's challenges [7][9] Group 4: Media Sector Performance - The media sector showed a significant recovery in Q1 2025, with notable performances in gaming and cinema, and a positive outlook for the year [22] - The film industry, particularly, is expected to benefit from a strong lineup of releases, although some major films underperformed [26] Group 5: Home Appliance and Electric Vehicle Industry - The electric two-wheeler market is expected to see growth driven by brand and channel advantages, with a projected increase in demand primarily from replacement sales [22][23] - The home appliance sector is focusing on expanding smart product offerings and enhancing international market presence, with significant revenue growth reported in smart home products [28] Group 6: Medical and Biopharmaceutical Sector - Companies like Xinhua Medical and Anjisi are showing steady growth, with Xinhua Medical reporting a slight increase in revenue and profit, while Anjisi's revenue grew by 25.14% in 2024 [36][38] - The biopharmaceutical sector is focusing on diversifying revenue streams and expanding into international markets, with significant growth expected in the coming years [35][40] Group 7: Investment Recommendations - Key recommendations include investing in leading coal enterprises like China Shenhua and Zhongmei Energy, as well as companies showing potential for recovery like Qinfa [19][20] - In the media sector, companies with strong content pipelines and market positions are recommended for investment [26]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated steady revenue growth in 2024, with a 25.14% year-on-year increase in revenue to 637 million yuan and a 35.06% increase in net profit to 293 million yuan [1][2] - The profit growth rate outpaced revenue growth, primarily due to the realization of scale effects and improved profitability [2] - The company is actively expanding its global market presence, with significant growth in overseas revenue, particularly in the Asia-Pacific and South American markets [3] Financial Performance Summary - In 2024, the company achieved a revenue of 637 million yuan, a 25.14% increase year-on-year, and a net profit of 293 million yuan, a 35.06% increase year-on-year [1] - The gross margin for 2024 was 72.11%, up 1.24 percentage points year-on-year, while the sales expense ratio decreased to 8.01% [2] - The company expects revenues of 792 million yuan, 999 million yuan, and 1.257 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 343 million yuan, 426 million yuan, and 535 million yuan [4][5] Product and Market Development Summary - The company’s product lines showed varied performance, with GI products generating 413 million yuan in revenue (up 23.17%) and EMR/ESD products growing by 42.85% to 150 million yuan [2] - The company has made significant strides in its overseas operations, with the European subsidiary starting operations and the U.S. subsidiary in the planning stage [3] - The company has focused on R&D, obtaining multiple new registrations for its products, which are expected to enhance its market position [3]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated steady revenue growth in 2024, with a 25.14% year-on-year increase in revenue to 637 million yuan and a 35.06% increase in net profit to 293 million yuan [1][2] - The profit growth rate outpaced revenue growth, primarily due to the realization of scale effects and improved profitability [2] - The company is actively expanding its global market presence, with significant growth in overseas revenue, particularly in the Asia-Pacific and South American markets [3] Financial Performance - In 2024, the company achieved a revenue of 637 million yuan, with a year-on-year growth of 25.14% and a net profit of 293 million yuan, reflecting a growth of 35.06% [1] - The gross margin for 2024 was 72.11%, an increase of 1.24 percentage points year-on-year, while the sales expense ratio decreased to 8.01% [2] - The company expects revenues of 792 million yuan, 999 million yuan, and 1.257 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 343 million yuan, 426 million yuan, and 535 million yuan [4] Product and Market Development - The company has focused on R&D innovation, obtaining multiple new registrations for its products, including a highly recognized hemostatic clip [3] - The EMR/ESD product line led revenue growth with a 42.85% increase, while GI products also showed strong performance with a 23.17% increase [2] - The company has made significant strides in its overseas operations, with the Netherlands subsidiary commencing operations and the U.S. subsidiary in preparation for launch [3]

杭州安杰思医学科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688581 证券简称：安杰思 杭州安杰思医学科技股份有限公司 | 年年度股东大会会议须知 1 2024 | | | --- | --- | | 2024 年年度股东大会会议议程 3 | | | 2024 年年度股东大会会议议案 6 议案一 | 6 | | 关于 2024 年度董事会工作报告的议案 6 | | | 议案二 | 7 | | 关于 2024 年度监事会工作报告的议案 7 | | | 议案三 | 8 | | 关于 2024 年度利润分配预案的议案 8 | | | 议案四 | 9 | | 关于续聘会计师事务所的议案 9 | | | 议案五 | 10 | | 关于 2024 年度财务决算报告的议案 10 | | | 议案六 | 13 | | 关于 2025 年度董事薪酬方案的议案 13 | | | 议案七 | 14 | | 关于 年度监事薪酬方案的议案 14 2025 | | | 议案八 | 15 | | 关于公司 2025 年限制性股票激励计划（草案）及其摘要的议案 15 | | | 议案九 | 16 | | 关于公司 202 ...

5月6日，安杰思今日收盘59.55元，上涨1.78%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到16.24倍，总市值48.22亿元。 杭州安杰思医学科技股份有限公司的主营业务是内镜微创诊疗器械的研发、生产与销售。公司的主要产 品是GI类、EMR/ESD类、ERCP诊疗系列、诊疗仪器设备。报告期内，公司取得重要政府荣誉7项，获 得"浙江省级企业技术中心"、"浙江省生物医药高成长型企业"、"浙江省首批两新重大科技成果"、"杭 州市绿色工厂"、"杭州市优质产品（止血夹）2023年杭州市总部企业"等荣誉。 最新一期业绩显示，2025年一季报，公司实现营业收入1.29亿元，同比15.27%；净利润5624.83万元， 同比6.57%，销售毛利率70.68%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)40安杰思16.2416.441.9648.22亿行业平均 48.9047.004.53103.78亿行业中值36.4137.242.4046.92亿1天益医疗-1685.63-2887.291.8021.48亿2澳华内 镜-613.48307.694.9164.65亿3诺唯赞-417.99- ...

2025 年 4 月 23 日，公司在上海证券交易所网站(www.sse.com.cn)上披露了 《安杰思 2025 年限制性股票激励计划(草案)》(以下简称"《激励计划（草案）》" 或"本激励计划")及其摘要、《安杰思 2025 年限制性激励计划实施考核管理办 法》以及《安杰思 2025 年限制性股票激励计划激励对象名单》等公告，并根据 有关规定，于 2025 年 4 月 23 日在公司内部对本激励计划拟授予激励对象的姓名 和职务进行了公示，具体情况如下： 1、 公示内容：本激励计划拟授予激励对象的姓名和职务； 2、 公示时间：2025 年 4 月 23 日至 2025 年 5 月 3 日，公示期已满 10 天； 3、 公示方式：公司内部张贴栏公示； 证券代码：688581 证券简称：安杰思 公告编号：2025-027 杭州安杰思医学科技股份有限公司 监事会关于公司 2025 年限制性股票激励计划 激励对象名单的公示情况说明及核查意见 本公司监事会及全体监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。 杭州安杰思医学科技股份有限公司(以下简 ...

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 2024 年度持续督导跟踪报告 1 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，并已分别于 2024 年 7 月 24 日至 7 月 26 日，以及 2025 年 4 月 11 日、4 月 18 日和 4 月 25 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； 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 ...

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 2024 年度持续督导工作现场检查报告 1 根据有关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券" 或"保荐人"）作为正在对杭州安杰思医学科技股份有限公司（以下简称"安杰 思""公司"）进行持续督导工作的保荐人，对公司自 2024 年 1 月 1 日至 2024 年 12 月 31 日（以下简称"本持续督导期间"）的规范运作情况进行了现场检查， 现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 （六）现场检查手段 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体检查手段 详见"二、本次现场检查主要事项及意见"。 中信证券股份有限公司 （二）保荐代表人 徐峰、王鹏 （三）现场检查人员 王鹏、徐舟、杨迪 （四）现场检查时间 ...

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]

中国经济网北京4月23日讯安杰思(SH:688581)今日收报61.44元，跌幅6.56%，总市值49.75亿元。 2023年5月19日，安杰思在上交所科创板上市，发行价格为125.80元/股，发行股票数量1,447.0000万 股，保荐机构(主承销商)为中信证券股份有限公司，保荐代表人为徐峰、王鹏。目前该股处于破发状 态。 安杰思首次公开发行股票募集资金总额182,032.60万元，扣除发行费用后，募集资金净额为165,101.28万 元。安杰思最终募集资金净额较原计划多88,031.28万元。安杰思于2023年5月16日披露的招股说明书显 示，该公司拟募集资金77,070.00万元，分别用于年产1000万件医用内窥镜设备及器械项目、营销服务网 络升级建设项目、微创医疗器械研发中心项目、补充流动资金。 安杰思首次公开发行股票的发行费用合计16,931.32万元(不包含增值税)。其中，中信证券股份有限公司 获得保荐及承销费用12,887.91万元。 根据安杰思披露的上市公告书，保荐人(主承销商)按照《证券发行与承销管理办法》(证监会令〔第208 号〕)和《上海证券交易所首次公开发行证券发行与承销业务实施细则》 ...