The first time since listing that both profitability and revenue have declined, Anjie Si's high growth has been shattered, facing shareholder "vote with their feet."

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Source: Securities Star

Recently, Anjiesi (688581.SH), a company listed on the STAR Market, has faced multiple challenges. On one hand, shareholder Suzhou Yuansheng Private Fund Management Partnership (Limited Partnership) - Suzhou Industrial Park New Jian Yuan Phase II Venture Capital Enterprise (Limited Partnership) (hereinafter referred to as “New Jian Yuan”) has planned to reduce its holdings after multiple cash-outs, continuously exiting in a compact manner. On the other hand, Anjiesi’s preliminary performance report for 2025 shows that it has experienced a decline in both operating revenue and net profit for the first time since its listing, especially with a sharp downturn in performance in the second half of the year.

Securities Star notes that behind the phase of performance pressure for Anjiesi, there are external pressures from industry centralized procurement and tariff policies, and internal pressures from high overseas layout and R&D investment squeezing profits. With shareholders exiting and performance stalling, the investment progress of Anjiesi’s fundraising project “Minimally Invasive Medical Device R&D Center” has slowed down. In the context of intensified industry competition and a volatile policy environment, whether Anjiesi can successfully navigate through the cycle and regain its growth trajectory has become the focus of attention.

01. New Jian Yuan’s Continuous Exit

On the evening of March 19, Anjiesi announced a shareholder reduction plan, stating that New Jian Yuan plans to reduce its holdings in the company by no more than 1.6224 million shares, accounting for no more than 2% of the total share capital due to its own operational arrangements. This reduction will be implemented in two ways: by reducing 811,200 shares through centralized bidding transactions, with the reduction window period being within 90 natural days after 15 trading days from the announcement date; the remaining shares will be reduced through block trades, with the reduction period being within 90 natural days after 3 trading days from the announcement of the reduction plan.

The shares held by New Jian Yuan come from pre-listing shares of Anjiesi and the company’s 2023 annual bonus shares. As of the end of the third quarter of 2025, New Jian Yuan is Anjiesi’s sixth-largest shareholder. Although shareholder reductions are a common exit behavior in the capital market, the market’s reaction has been particularly sensitive. In the two trading days following the announcement, Anjiesi’s stock price fell sharply: down 3.3% on March 20 and continuing to fall 4.72% on March 23, hitting a session low of 52.4 yuan/share, marking a new low for this phase.

In fact, New Jian Yuan is not reducing its holdings for the first time, but rather a continuation of a series of reduction actions. Since the lifting of the ban on its pre-listing shares on May 20, 2024, New Jian Yuan has repeatedly reduced its holdings: from September 9 to October 8, 2024, it cashed out 533,700 yuan through centralized bidding; from February 27 to March 6, 2025, it reduced 809,100 shares at an average price of 69.7 yuan/share - 74.5 yuan/share, cashing out 57.621 million yuan; on July 25, 2025, it reduced 345,800 shares again through centralized bidding, with a reduction amount of 26.4148 million yuan. From small-scale trials to large-scale frequent cash-outs, New Jian Yuan’s continuous exit has been compact.

Securities Star notes that, in addition to New Jian Yuan, another former shareholder, Hangzhou Paradise Silicon Valley Venture Capital Management Co., Ltd. - Ningbo Paradise Silicon Valley Zhenghui Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “Paradise Silicon Valley”), has completed multiple rounds of reductions. As of September 10, 2025, Paradise Silicon Valley completed its “liquidation” of Anjiesi and exited the shareholder sequence.

02. First Dual Decline in Profitability in 2025

The pressure from shareholder reductions may just be a surface issue; what truly worries the market is the profound change in Anjiesi’s operational fundamentals.

Anjiesi is primarily engaged in the R&D, production, and sales of endoscopic minimally invasive diagnostic and therapeutic instruments, with major products applied in the field of gastrointestinal endoscopic diagnosis and treatment, classified by treatment purpose into GI types, EMR/ESD types (single and bipolar), ERCP types, and diagnostic instruments. The various minimally invasive diagnostic and therapeutic instruments produced by the company are used in conjunction with gastrointestinal endoscopes for clinical diagnosis and treatment of gastrointestinal diseases. Its profit model mainly derives revenue from the sales of endoscopic diagnostic and therapeutic instruments and supporting consumables, obtaining the difference between sales revenue and production costs and expenses.

After going public on the STAR Market in 2023, Anjiesi’s performance grew rapidly for two consecutive years: in 2023, revenue increased by 37.09% year-on-year to 509 million yuan, and net profit attributable to the parent company grew nearly 50% to 217 million yuan; in 2024, driven by a significant increase in international market sales, the company’s revenue further rose to 637 million yuan, a year-on-year increase of 25.14%, and net profit attributable to the parent company increased to 293 million yuan, a year-on-year increase of 35.06%.

However, this growth trend reversed in 2025, with Anjiesi achieving total operating revenue of 597 million yuan for the year, a year-on-year decrease of 6.19%; net profit attributable to the parent company was 223 million yuan, a year-on-year decrease of 24.06%; and net profit after deducting non-recurring gains and losses decreased by nearly 30% year-on-year, shrinking to 191 million yuan. This marks the first occurrence of a dual decline in profitability since Anjiesi went public.

Breaking it down, in the first half of 2025, Anjiesi’s revenue and net profit attributable to the parent company grew by 14.56% and 1.26%, respectively. However, in the second half, performance plummeted: in Q3, operating revenue was 157 million yuan, a year-on-year decrease of 3.89%; net profit attributable to the parent company was 50.99 million yuan, a year-on-year decrease of 30.15%; and net profit after deducting non-recurring gains and losses was 38.09 million yuan, a year-on-year decrease of 46.8%.

Anjiesi mentioned in its 2025 performance report that due to the impact of centralized procurement and overseas tariff policies in the medical device industry, the endoscopic minimally invasive diagnostic field where the company’s main business operates is affected by intensified industry competition, leading to a phase of performance pressure for Anjiesi in 2025. At the same time, during the reporting period, the company increased localization operations for its Dutch subsidiary and construction of its Thailand production base project, as well as increased investment in multiple R&D pipelines of Hangzhou An Medical. Various R&D expenditures, production line updates, domestic and international market operation construction costs, etc., have remained at a high level of investment, which has impacted current profits.

03. R&D Center Fundraising Project Delayed by One and a Half Years

Anjiesi’s actual net fundraising from its IPO was 1.65 billion yuan, mainly directed towards four major projects: an annual production of 10 million medical endoscope devices and instruments project, marketing service network upgrade construction project, minimally invasive medical device R&D center project, and supplementary working capital.

The R&D center is a key carrier of Anjiesi’s independent innovation and core competitiveness. In the increasingly competitive market for endoscopic minimally invasive diagnostic and therapeutic instruments, improving the R&D platform and enhancing technological innovation capability are crucial supports for the company’s sustained development.

According to the plan, the minimally invasive medical device R&D center project is planned to invest 166 million yuan. The functions of the R&D center include mechanical design, software design, sample trial production, electronic engineering, design verification and testing, industrial design and UI design, ERP maintenance and document management, patent pre-research, etc., aiming to build a multifunctional experimental R&D platform for researching and developing new products and new processes.

Anjiesi stated that the construction of the R&D center not only breaks through the existing bottlenecks in R&D facilities and enhances product research, design, and testing capabilities but also helps attract more high-level engineering technical personnel and technology integration talents to join the company, forming a strong independent innovation force.

As of February 28, 2025, Anjiesi had cumulatively invested 480 million yuan of the funds raised from its IPO, with 69.63 million yuan invested in the minimally invasive medical device R&D center project, achieving an investment progress of 41.95%. The project was originally planned to reach a usable state by June 30, 2025, but has now been extended to December 31, 2026.

The main reasons for the delay are: first, the new office building of Anjiesi has been delayed compared to the original plan; second, to respond to changes in the market environment and improve the overall quality of the fundraising project and the effectiveness of fund utilization, the use of raised funds has been cautiously planned, considering the latest market dynamics and actual clinical needs, resulting in a slowdown in the project investment progress and an extension of the construction period.

Securities Star notes that although Anjiesi states that the project delay will not have a significant adverse impact on current production operations, during this sensitive period of performance decline and shareholder reduction, the delay of this core project related to future technological competitiveness will intensify market concerns about its long-term development momentum.

From the successive reduction of original shareholders to the first dual decline in profitability after listing, and then to the delay of core R&D projects, this is not only a test of Anjiesi’s management but also a significant challenge to investors’ patience and confidence. (This article was first published by Securities Star, author | Liu Fengru)

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