安杰思(688581) - 2025 Q2 - 季度财报

Definitions This section provides definitions of key terms used throughout the report Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance metrics Basic Company Information This chapter introduces the company's Chinese and English names, legal representative, registered and office addresses, and other basic business information - The company's full Chinese name is Hangzhou Angiogenesis Medical Technology Co., Ltd., and its legal representative is Zhang Cheng[14] Key Accounting Data and Financial Indicators The company reported year-on-year growth in operating revenue but a decline in net profit attributable to shareholders after non-recurring items, alongside a significant decrease in operating cash flow driven by reduced interest income and higher R&D personnel costs Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 302,427,366.64 | 264,000,678.80 | 14.56% | | Net Profit Attributable to Shareholders | 126,018,864.01 | 124,453,227.74 | 1.26% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 111,507,054.10 | 119,972,293.91 | -7.06% | | Net Cash Flow from Operating Activities | 75,688,930.85 | 116,273,846.99 | -34.90% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | YoY Change (%) | | Net Assets Attributable to Shareholders | 2,427,019,961.20 | 2,397,111,377.80 | 1.25% | | Total Assets | 2,646,347,943.77 | 2,549,778,243.93 | 3.79% | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 1.5562 | 1.5428 | 0.87% | | Basic EPS After Non-Recurring Items (CNY/share) | 1.3770 | 1.4873 | -7.41% | | Weighted Average Return on Net Assets (%) | 5.12% | 5.51% | Decrease of 0.39 percentage points | | R&D Investment as % of Operating Revenue (%) | 11.39% | 9.79% | Increase of 1.6 percentage points | - Net cash flow from operating activities decreased by 34.90% year-on-year, primarily due to reduced interest income and increased payroll expenses resulting from growth in R&D personnel[20][23] Non-Recurring Gains and Losses Items and Amounts During the reporting period, total non-recurring gains and losses amounted to CNY 14.51 million, primarily from fair value changes in financial assets held by non-financial enterprises (CNY 11.13 million) and government grants (CNY 5.83 million) Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 33,783.72 | | Government Grants Included in Current Profit/Loss | 5,829,435.72 | | Fair Value Changes from Financial Assets and Liabilities Held by Non-Financial Enterprises | 11,130,598.33 | | Other Non-Operating Income and Expenses | 73,587.86 | | Less: Income Tax Impact | 2,555,595.72 | | Total | 14,511,809.91 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, industry trends, and financial condition during the reporting period Explanation of Industry and Main Business Operations The company specializes in R&D, production, and sales of endoscopic minimally invasive diagnosis and treatment devices, primarily for digestive endoscopy, with both global and Chinese medical device markets, especially in endoscopy, showing rapid growth driven by domestic substitution and AI technology - The company's main business involves the R&D, production, and sales of endoscopic minimally invasive diagnosis and treatment devices, primarily for digestive endoscopy, categorized into GI, EMR/ESD, ERCP, and diagnostic instruments[33] - China's medical device market size grew from CNY 370 billion in 2016 to CNY 1.03 trillion in 2023, with a compound annual growth rate of 16.12%[29] - The market size for endoscopic diagnosis and treatment devices in China is projected to grow to approximately CNY 22 billion by 2025[31] Discussion and Analysis of Operating Performance During the reporting period, the company's revenue grew by 14.56% year-on-year, with net profit slightly increasing by 1.26%, driven by increased R&D investment to 11.39% of revenue, expanded domestic and international market coverage, and enhanced operational efficiency through improved management and talent development H1 2025 Performance Overview | Indicator | Amount (CNY in millions) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 302.43 | 14.56% | | Operating Profit | 149.06 | 2.74% | | Net Profit Attributable to Shareholders | 126.02 | 1.26% | | Domestic Market Sales Revenue | 137.46 | 10.07% | | International Market Sales Revenue | 162.73 | 18.29% | - R&D investment continued to increase, with R&D expenses reaching CNY 34.46 million during the reporting period, a 33.29% year-on-year increase, and an R&D expense ratio of 11.39%[43] - Market coverage continued to expand, with domestic coverage exceeding 2,540 hospitals and overseas products sold to over 60 countries, adding 14 new international cooperation clients[46][47] Analysis of Core Competencies During the Reporting Period The company's core competencies include excellent R&D innovation, a comprehensive product portfolio with a robust quality management system, extensive market reach, and a complete marketing and service network, continuously advancing technologies like bipolar circuits, interchangeable designs, and continuous firing, while exploring cutting-edge areas such as flexible endoscopes and auxiliary treatment robots - The company's core competencies include: excellent R&D innovation capabilities, a rich product portfolio with a comprehensive quality management system, broad market space, and a complete marketing and service system[53][54][58] - The company possesses multiple core technologies, including bipolar circuit technology, clip-assisted tissue traction technology, interchangeable technology, and continuous firing technology, and has obtained FDA, CE, and domestic registration certificates[61][62] - The company's ongoing R&D projects include flexible endoscopes, fiber optic imaging, auxiliary treatment robots, and diagnostic instruments, with their technological levels being domestically or internationally leading[75][76] R&D Investment Overview | Indicator | Current Period (CNY) | Prior Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Total R&D Investment | 34,457,805.59 | 25,851,895.22 | 32.17% | | Total R&D Investment as % of Operating Revenue (%) | 11.39% | 9.79% | Increase of 1.60 percentage points | Risk Factors The company faces core risks including technological R&D innovation, intensified market competition, product quality, trade friction and exchange rate fluctuations, and industry policy changes such as volume-based procurement, for which it has developed corresponding countermeasures - Core competency risk: The R&D cycle for endoscopic minimally invasive diagnosis and treatment devices is long and challenging, requiring the company to continuously innovate to maintain competitiveness[79] - Operational risks: Facing intensified domestic and international market competition, product quality control, trade friction, and exchange rate fluctuation risks[80][81][83] - Industry policy risks: Volume-based procurement may lead to a decrease in product sales prices, affecting profit margins; DRG/DIP payment reform also imposes new operational requirements[86][87] Main Business Analysis During the reporting period, the company's operating revenue and costs increased, but management and R&D expenses grew faster at 32.65% and 33.29% respectively, while finance expenses significantly changed due to reduced interest income from wealth management; significant balance sheet changes in prepayments, other non-current assets, and other payables were primarily related to equipment, land prepayments, and dividends payable Analysis of Major Financial Statement Items Changes | Item | Current Period (CNY) | Prior Period (CNY) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 302,427,366.64 | 264,000,678.80 | 14.56 | | Operating Cost | 90,103,873.96 | 75,095,219.58 | 19.99 | | Administrative Expenses | 31,903,760.18 | 24,050,608.32 | 32.65 | | R&D Expenses | 34,457,805.59 | 25,851,895.22 | 33.29 | | Net Cash Flow from Operating Activities | 75,688,930.85 | 116,273,846.99 | -34.90 | Analysis of Major Balance Sheet Items Changes | Item Name | End of Current Period (CNY) | End of Prior Year (CNY) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Prepayments | 7,678,397.16 | 4,072,759.07 | 88.53 | | Other Non-Current Assets | 11,395,781.79 | 584,616.95 | 1,849.27 | | Other Payables | 114,065,459.36 | 2,571,257.50 | 4,336.17 | Corporate Governance, Environment and Society This section details changes in the company's governance structure, personnel, profit distribution plans, and employee incentive programs Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel During the reporting period, the company completed the re-election of its Board of Directors and Supervisory Board, with some directors and independent directors stepping down and new members elected, while new senior management personnel were appointed, and no changes occurred in core technical personnel - On May 16, 2025, the company completed the re-election of its Board of Directors and Supervisory Board, with Sheng Yueyuan, Wu Jianhai, and Xia Lian resigning as directors/independent directors, and Zhang Qiaoyi, Shen Menghui, and Feng Yang elected as new directors/independent directors, while Sheng Yueyuan was appointed as Deputy General Manager[107] Profit Distribution or Capital Reserve to Share Capital Increase Plan The company has no profit distribution or capital reserve to share capital increase plan for this half-year, but during the reporting period, it implemented the 2025 employee stock ownership plan and 2025 restricted stock incentive plan, using repurchased shares to incentivize core employees - There is no profit distribution or capital reserve to share capital increase plan for this half-year period[109] - The company implemented the 2025 employee stock ownership plan, granting 381,423 repurchased shares to 46 employees at a price of CNY 32.97 per share[110] - The company implemented the 2025 restricted stock incentive plan, granting 16,089 second-class restricted shares to 3 incentive recipients[110] Significant Matters This section covers the fulfillment of commitments, progress on raised funds utilization, and other key corporate actions Fulfillment of Commitments During the reporting period, the company's actual controller, shareholders, directors, supervisors, and senior management strictly fulfilled commitments made during the initial public offering, including share lock-up, reduction intentions, and share price stabilization, with some shareholders' lock-up periods automatically extended due to share price trigger conditions - The company's actual controller, controlling shareholder, and other related parties in the reporting period strictly fulfilled various commitments, including share lock-up, reduction intentions, share price stabilization, and avoidance of horizontal competition[114][115][116] - Due to the company's stock price triggering the extended lock-up period condition, the lock-up period for pre-IPO shares held by the actual controller Zhang Cheng and his relatives, as well as some directors, supervisors, and senior management, was automatically extended by 6 months[127] Explanation of Progress in Use of Raised Funds The company's net proceeds from its initial public offering amounted to CNY 1.651 billion, with CNY 757 million cumulatively invested as of the end of the reporting period, representing a 45.87% investment progress; the 'Annual Production of 10 Million Medical Endoscopic Equipment and Devices Project' has concluded, with remaining funds and a portion of over-raised funds to be invested in the Thailand production base project, while the 'Minimally Invasive Medical Device R&D Center Project' has been delayed Overall Use of Raised Funds | Item | Amount (CNY in millions) | | :--- | :--- | | Net Proceeds from IPO | 1,651.01 | | Total Committed Investment | 770.70 | | Total Over-Raised Funds | 880.31 | | Total Cumulative Investment as of End of Reporting Period | 757.27 | | Cumulative Investment Progress | 45.87% | - The 'Annual Production of 10 Million Medical Endoscopic Equipment and Devices Project' has concluded, with remaining funds of approximately CNY 145 million and CNY 40 million of over-raised funds jointly invested in the Angiogenesis Thailand Production Base Project[140] - The 'Minimally Invasive Medical Device R&D Center Project's' expected date of reaching its intended usable state has been extended to December 31, 2026[139] Share Changes and Shareholder Information This section details changes in the company's share capital structure and provides an overview of its shareholder base Share Capital Changes During the reporting period, the company's total share capital remained unchanged at 80,978,794 shares, with restricted shares decreasing by 667,726 and unrestricted tradable shares increasing accordingly due to the listing and circulation of strategically placed shares from the initial public offering - During the reporting period, due to the listing and circulation of 667,726 strategically placed restricted shares from the IPO, the proportion of restricted shares decreased from 49.68% to 48.86%, while unrestricted tradable shares increased from 50.32% to 51.14%[149][150] Shareholder Information As of the end of the reporting period, the company had 5,163 common shareholders, with controlling shareholder Hangzhou Yijia Investment Management Co., Ltd. holding 32.66% among the top ten shareholders, and actual controller Zhang Cheng directly and indirectly controlling 48.86% of the voting rights - As of the end of the reporting period, the company had a total of 5,163 shareholders[153] Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Hangzhou Yijia Investment Management Co., Ltd. | 26,450,057 | 32.66 | | Guangzhou Da An Gene Co., Ltd. | 8,400,000 | 10.37 | | Zhang Cheng | 5,789,788 | 7.15 | | Hangzhou Dingjie Enterprise Management Partnership (Limited Partnership) | 4,647,997 | 5.74 | | Guangzhou Da An Gene Technology Co., Ltd. | 3,625,495 | 4.48 | - The controlling shareholder is Hangzhou Yijia Investment Management Co., Ltd., and the actual controller is Zhang Cheng, who directly and indirectly controls 48.86% of the company's voting rights[158][435] Bond-Related Information During the reporting period, the company had no matters related to corporate bonds, convertible corporate bonds, or non-financial enterprise debt financing instruments - The company had no corporate bonds, convertible corporate bonds, or non-financial enterprise debt financing instruments during this reporting period[162] Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with significant accounting policies and notes Financial Statements This section provides the company's unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 - The financial report includes the consolidated and parent company balance sheets as of June 30, 2025, and the income statements, cash flow statements, and statements of changes in owners' equity for January-June 2025[164][172][179][186] Significant Accounting Policies and Accounting Estimates The financial statements are prepared on a going concern basis in accordance with enterprise accounting standards, detailing significant accounting policies and estimates for revenue recognition, financial instruments, inventories, fixed assets, and R&D expenditures, with the company and some subsidiaries benefiting from a 15% high-tech enterprise income tax preferential rate - Revenue recognition policy: Domestic sales are recognized upon customer receipt of goods, while export sales are recognized upon customs declaration and obtaining the bill of lading[256] - The company and its subsidiary Angiogenesis Precision enjoy a 15% preferential income tax rate for high-tech enterprises, and some subsidiaries qualify as small low-profit enterprises, benefiting from tax incentives[267] Notes to Consolidated Financial Statement Items This section provides detailed notes on major items in the consolidated financial statements, including cash and cash equivalents, accounts receivable, inventories, fixed assets, construction in progress, accounts payable, revenue and cost composition, and expense details, along with disclosures on financial instrument risks and fair value information - As of the end of the period, cash and cash equivalents totaled CNY 1.333 billion, with CNY 47.66 million held overseas[272] - The ending balance of financial assets held for trading was CNY 501 million, all consisting of wealth management products[275] - The ending book value of accounts receivable was CNY 60.06 million, with bad debt provisions accrued based on aging portfolios[277][280] - The ending book value of inventories was CNY 58.07 million, primarily composed of raw materials and finished goods, with inventory impairment provisions of CNY 2.38 million[302][305] - Operating revenue is disaggregated by product type, with GI products contributing the most, generating CNY 190 million in revenue[377]