【私募调研记录】淡水泉调研安杰思

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]