Group 1 - The core viewpoint of the news highlights that Anjisi is facing a slight decline in North American sales revenue due to Sino-US trade tariff friction, but the company remains confident in achieving its annual targets [1] - Research and development expenses have increased by 90.73% year-on-year, primarily for the development of Hang'an medical diagnostic equipment, with the reusable soft endoscope entering the product registration phase [1] - Domestic sales gross margin has decreased to 67.58%, mainly due to the impact of centralized procurement on hemostatic clips, although domestic sales revenue has grown by 10.50% [1] Group 2 - The ERCP series products are rapidly gaining market traction, with single-pole ESD products being trialed in over 250 hospitals and an admission rate of 20% [1] - The proportion of self-owned brand sales is increasing, with collaborations with top KOLs in Europe and the Asia-Pacific region to deepen global expansion [1] - The Thai production base project is progressing steadily, with production costs higher than domestic levels, and future mid-to-low-end consumables will be concentrated in Thailand [1] Group 3 - Sales revenue in Europe, Asia, and South America has increased, while North America has seen a decline, with multiple products entering the product registration phase [1]

Group 1 - The core viewpoint of the news is that Anjiasi is optimistic about its annual targets despite a slight decline in North American sales due to US-China trade tensions, with a significant increase in R&D expenses aimed at developing medical diagnostic equipment [1] - Anjiasi's R&D expenses increased by 90.73% year-on-year, primarily for the development of Hang'an medical diagnostic equipment, with the reuse of flexible endoscopes entering the product registration phase [1] - Domestic sales revenue grew by 10.50%, although the gross margin decreased to 67.58% due to the impact of centralized procurement on hemostatic clips [1] Group 2 - The ERCP product series is rapidly expanding, with single-pole ESD products being trialed in over 250 hospitals and an admission rate of 20% [1] - The company is enhancing its global presence through partnerships with top KOLs in Europe and the Asia-Pacific region, while its own brand sales ratio is increasing [1] - The Thai production base project is progressing steadily, with production costs higher than domestic levels, and future plans to concentrate mid-to-low-end consumables production in Thailand [1] Group 3 - Sales revenue in Europe, Asia, and South America is increasing, while North American sales are declining, with multiple products entering the product registration phase [1]

Group 1 - The core viewpoint of the news is that Anjiasi is facing a slight decline in North American sales revenue due to Sino-US trade tariff friction, but the company remains confident in achieving its annual targets [1] - Research and development expenses have increased by 90.73% year-on-year, primarily for the development of Hang'an medical diagnostic equipment, with the reusable flexible endoscope entering the product registration phase [1] - Domestic sales gross margin has decreased to 67.58%, mainly due to the impact of centralized procurement on hemostatic clips, although domestic sales revenue has grown by 10.50% [1] Group 2 - The ERCP series products are rapidly gaining market traction, with single-pole ESD products being trialed in over 250 hospitals and an admission rate of 20% [1] - The proportion of self-owned brand sales is increasing, with collaborations with top KOLs in Europe and the Asia-Pacific region to deepen global expansion [1] - The Thai production base project is progressing steadily, with production costs higher than those in China, and future plans to concentrate mid-to-low-end consumables production in Thailand [1] Group 3 - Sales revenue in Europe, Asia, and South America is increasing, while North American sales are declining, with multiple products entering the product registration phase [1]

Group 1 - The core viewpoint of the news is that Anjisi is optimistic about its annual targets despite a slight decline in North American sales due to US-China trade tensions, with a significant increase in R&D expenses aimed at developing medical diagnostic equipment [1] - Anjisi's R&D expenses increased by 90.73% year-on-year, primarily for the development of Hang'an medical diagnostic equipment, with the reuse of flexible endoscopes entering the product registration phase [1] - Domestic sales revenue grew by 10.50%, although the gross margin decreased to 67.58% due to the impact of centralized procurement on hemostatic clips [1] Group 2 - The ERCP product series is rapidly expanding, with single-pole ESD products being trialed in over 250 hospitals and an admission rate of 20% [1] - Anjisi is enhancing its global presence through partnerships with top KOLs in Europe and the Asia-Pacific region, while the production base in Thailand is progressing steadily, focusing on mid-to-low-end consumables [1] - Sales revenue in Europe, Asia, and South America is increasing, while North American sales are declining, with multiple products entering the product registration phase [1]

Group 1 - The core viewpoint of the article highlights the recent research conducted by the well-known private equity firm, Panhou Weiran, on a listed company, Anjiasi, amidst the backdrop of U.S.-China trade tensions affecting sales in North America [1] - Anjiasi's sales revenue in North America is expected to decline slightly in the first half of 2025 due to trade tariffs, but the company remains confident in achieving its annual targets [1] - The company's R&D expenses have increased by 90.73% year-on-year, primarily focused on the development of Hang'an medical diagnostic equipment, with the soft flexible endoscope entering the product registration phase [1] Group 2 - Domestic sales gross margin has decreased to 67.58%, mainly due to the impact of centralized procurement on hemostatic clips, although domestic sales revenue has grown by 10.50% [1] - The ERCP product series is experiencing rapid growth, with single-pole ESD products being trialed in over 250 hospitals and an admission rate of 20% [1] - Anjiasi is enhancing its global presence through increased sales of its own brand and collaborations with top KOLs in Europe and the Asia-Pacific region [1] Group 3 - The Thai production base project is progressing steadily, with production costs higher than those in China, and future plans to concentrate mid-to-low-end consumables production in Thailand [1] - Sales revenue in Europe, Asia, and South America is increasing, while North America is seeing a decline, with multiple products entering the product registration phase [1]

Group 1 - The core viewpoint of the article highlights that the company Anjiasi is facing a slight decline in North American sales revenue due to Sino-US trade tariff friction, but remains confident in achieving its annual targets [1] - Research and development expenses for Anjiasi have increased by 90.73% year-on-year, primarily for the development of Hang'an medical diagnostic equipment, with the reusable flexible endoscope entering the product registration phase [1] - Domestic sales gross margin has decreased to 67.58%, mainly due to the impact of centralized procurement on hemostatic clips, although domestic sales revenue has grown by 10.50% [1] Group 2 - The ERCP series products are experiencing rapid market penetration, with single-pole ESD products being trialed in over 250 hospitals and an admission rate of 20% [1] - The proportion of self-owned brand sales is increasing, with collaborations with top KOLs in Europe and the Asia-Pacific region to deepen global expansion [1] - The Thai production base project is progressing steadily, with production costs higher than domestic levels, and future mid-to-low-end consumables will be concentrated in Thailand [1] Group 3 - Sales revenue in Europe, Asia, and South America is growing, while North American sales are declining, with multiple products entering the product registration phase [1]

从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均55.76倍，行业中值39.14倍，安杰思排名 第49位。 截至2025年半年报，共有10家机构持仓安杰思，其中其他5家、基金4家、券商1家，合计持股数1763.84 万股，持股市值11.43亿元。 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。公司获得多项政府荣誉，主要包括"浙江省 出口名牌"称号，"临平区人民政府质量奖"等奖项。 8月14日，安杰思今日收盘80.7元，下跌5.36%，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22.16倍，总市值65.35亿元。 最新一期业绩显示，2025年半年报，公司实现营业收入3.02亿元，同比14.56%；净利润1.26亿元，同比 1.26%，销售毛利率70.21%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13安杰思22.1622.272.6965.35亿行业平均 55.7651.784.91117.92亿行业中值39.1439.592.8556.79亿1九安医疗11.181 ...

Group 1 - The core viewpoint of the report is that Anjisi (688581.SH) is rated as a buy due to strong revenue growth in H1 and significant improvement in Q2 performance [2] - The company has shown stable domestic growth while steadily advancing its global expansion strategy [2] - The value of the high-end pipeline is becoming more prominent, indicating the potential for a second growth curve [2]

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]

证券时报•数据宝统计显示，安杰思今日收盘价为85.27元，上涨0.45%，日换手率为3.36%，成交额为 1.19亿元，全天主力资金净流出210.21万元，近5日该股累计上涨7.94%，近5日资金合计净流出4180.85 万元。 两融数据显示，该股最新融资余额为1.62亿元，近5日减少1250.06万元，降幅为7.17%。（数据宝） 8月13日安杰思大宗交易一览 | 成交量 （万股） | 成交金额 （万元） | 成交价格 （元） | 相对当日 收盘折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | | | （%） | | | | 6.30 | 533.42 | 84.67 | -0.70 | 机构专用 | 东方证券股份有限公司杭州龙井路证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：安杰思8月13日大宗交易成交533.42万元） 安杰思8月13日大宗交易平台出现一笔成交，成交量6.30万股，成交金额533.42万元，大宗交易成交价为 84.67元，相对今日收盘价折价0.70%。该笔交易的买方营业 ...