【私募调研记录】煜德投资调研安杰思

Group 1 - The core viewpoint is that Anjiasi is optimistic about its annual targets despite a slight decline in North American sales due to US-China trade tariffs, with a focus on R&D and global expansion [1] - R&D 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 revenue grew by 10.50%, although the gross margin decreased to 67.58% due to the impact of centralized procurement on hemostatic clips [1] Group 2 - The ERCP product series is rapidly gaining market share, with single-pole ESD products being trialed in over 250 hospitals and an admission rate of 20% [1] - The company's own brand sales ratio is increasing, and it is collaborating with top KOLs in Europe and Asia-Pacific to deepen its global layout [1] - The Thailand production base project is progressing steadily, with production costs higher than domestic levels, and future plans to concentrate mid-to-low-end consumables production in Thailand [1] Group 3 - Sales revenue in Europe, Asia, and South America is increasing, while North American sales are declining, with multiple products entering the product registration phase [1]