【私募调研记录】磐厚蔚然调研安杰思

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]