【私募调研记录】呈瑞投资调研安杰思、金橙子

Group 1: Anjess - Anjess anticipates a slight decline in North American sales revenue in the first half of 2025 due to Sino-US trade tariff friction, but remains confident in achieving its annual targets [1] - Research and development 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 gross margin decreased to 67.58% due to the impact of centralized procurement on hemostatic clips, while domestic sales revenue grew by 10.50% [1] - The ERCP product series is rapidly gaining market share, with single-pole ESD products trialed in over 250 hospitals and an admission rate of 20% [1] - The company is enhancing its global layout through partnerships with top KOLs in Europe and the Asia-Pacific region, while the Thai production base project is progressing steadily [1] Group 2: Jin Chengzi - The acquisition of Samit is primarily driven by significant synergies in product systems, customer resources, technology development, and supply chains, as both companies operate in the optical control field [2] - Samit specializes in the research, production, and sales of precision optoelectronic control products, including high-precision fast mirrors and high-precision vibrating mirrors, holding key technologies and multiple patents [2] - The acquisition is expected to enhance the listed company's total assets, operating income, and net profit, with Samit's projected 2024 revenue at 57.55 million and net profit at 21.05 million (unaudited) [2]