【私募调研记录】六禾投资调研安杰思

Core Insights - Six He Investment conducted a survey on a listed company, Anjisi, revealing confidence in annual targets despite a slight decline in North American sales due to US-China trade tariffs [1] - Anjisi's R&D expenses increased by 90.73% year-on-year, primarily for the development of Hang'an medical diagnostic equipment, with a soft endoscope 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] Company Performance - Anjisi's ERCP product series is rapidly expanding, with single-pole ESD products trialed in over 250 hospitals and an admission rate of 20% [1] - The company's self-branded sales proportion is increasing, and it is collaborating with top KOLs in Europe and Asia-Pacific to deepen its global presence [1] - The Thai production base project is progressing steadily, with production costs higher than domestic levels, focusing on mid-to-low-end consumables [1] Regional Sales Insights - Sales revenue in Europe, Asia, and South America is growing, while North American sales are declining [1] - Multiple products are entering the product registration phase, indicating ongoing expansion efforts [1]