(Report Producer: Everbright**).
1.1. More than 20 years of deep cultivation of soft mirrors, creating excellent domestic soft mirrors
He has been deeply involved in the endoscopy industry for many years, and the field of soft endoscopy has shined. Founded in 1994, Aohua Endoscopy has long focused on the field of endoscopy, engaged in the research and development, production and sales of electronic endoscope equipment and endoscopic diagnosis and treatment surgical consumables. The company has carried out systematic product layout in the field of endoscopic diagnosis and treatment, and has long adhered to technological innovation and talent training, and has realized the mass production and sales of various endoscope products such as visual laryngoscope, fiber endoscope, VME series, AQ series and other endoscope products that can be applied to clinical departments such as gastroenterology, respiratory, otolaryngology, and emergency department. In the field of flexible endoscopes, where foreign manufacturers are in a monopoly position in the market, the company has occupied a place as a domestic leader through long-term market competition and product iteration. The historical development of the company can be divided into three stages: technology accumulation and precipitation, and the creation of a domestic endoscopic system (1994-2005);Technology iteration and business layout in parallel, the achievement of domestic leading enterprises (2006-2021);Overcoming technical barriers and leading the 4K era (2022-present).
1) Technology accumulation and precipitation to create a domestic endoscope system (1994-2005): Aohua Endoscopy was established in 1994, and since then, the company has spent more than ten years on independent research and development of basic technology, and finally launched the first generation of domestic electronic endoscope system VME-2000 in 2005, breaking the situation that the field of flexible electronic endoscope is completely dependent on imported equipment.
2) Parallel technology iteration and commercial layout to achieve domestic leading (2006-2021): After the launch of the first generation of domestic electronic endoscope system VME-2000, the company increased R&D investment, continued to promote product upgrading and iteration, and promoted systematic product layout to enhance commercial competitiveness. In terms of product iteration, the company launched the VME-2800 electronic endoscope system in 2010, with the first domestic electronic nasolaryngoscope and electronic bronchoscopeIn 2013, the electronic endoscopic system AQ-100 with spectrophotochromation (CBI) function was independently developed and launchedIn 2018, the new generation AQ-200 full HD optical pass endoscopy system was launched, and the innovative use of laser transmission technology and wireless power supply technology realized the electrical isolation between devices and significantly improved the convenience and safety of clinical operation, forming a differentiated competitive advantage compared with the mainstream products of foreign manufacturers. In terms of business layout, the company acquired Hangzhou Jingrui in 2016 to lay out the field of endoscopic surgical diagnosis and treatment consumablesIn 2017, it acquired Changzhou Gherson and continued to promote the layout of consumablesIn 2018, it acquired the German company Wisap to lay out European production and marketing2019 Inauguration of a new production building to further increase production capacity.
3) Overcoming technical barriers and leading the 4K era (2022-present): In 2022, the company launched the first 4K ultra-high-definition endoscopic system AQ-300, which can be equipped with the first optical magnifying endoscope with a magnification of up to 100 timesIn 2023, the company launched its first ultra-fine inner lens with an end diameter of only 18mm, the company's product technology continues to iterate, creating a strong barrier.
1.2. The company's equity structure is clear, and the equity incentive demonstrates confidence in performance growth
The shareholding structure is clear, and Gu Kang, chairman of the board, and Gu Xiaozhou, general manager, are the actual controllers of the company. As of the third quarter of 2023, the company's chairman Gu Kang and general manager Gu Xiaozhou respectively hold 1265% and 1623% of the shares, while Gu Kang and Gu Xiaozhou indirectly control the company through Xiaozhou Optoelectronics 234% of the shares. Gu Kang and Gu Xiaozhou's father and son control the company 3122% of the shares are the controlling shareholders and actual controllers of the company. The company's organizational structure is clear. The company's wholly-owned subsidiaries are Beijing Shuangyi Qi, Wuxi Qijiu, Andou Sigoupu, and Changzhou, AustraliaThe holding subsidiaries are Hangzhou Jingrui and Changzhou Gherson, and the main business areas are the field of endoscopic surgical diagnosis and treatment consumablesand through Antus Goup indirectly holds 100% of WISAP and ANHUA Ireland.
The company's core management is stable and has rich industry experience. Gu Kang, chairman of the company, and Gu Xiaozhou, general manager of the company, have rich experience in the industry, laying a solid foundation for the company's development. Gu Xiaozhou serves as the general manager of the company and the director of the R&D center, responsible for the overall planning of the company's product research and development, the formation of the R&D team, and the person in charge of major projects.
The equity incentive plan demonstrates the company's confidence in development. In January 2022, the company issued an equity incentive plan, granting 2.5 million restricted shares to a total of 66 people, including the company's directors, senior managers, and core technical personnel, accounting for about 1 of the company's total share capital87%。The unlocking target conditions set by the incentive plan correspond to the assessment year of 2022-2024, and the performance appraisal target A (100% of the company-level vesting ratio): the income side of 22, 23, and 24 years is not less than 44/6.6/9.900 million yuan, net profit 23 24 years respectively not less than 08/1.200 million yuan;Performance appraisal target b (80% of company-level attribution): revenue 23 24 years respectively not less than 60/9.0 billion yuan, net profit 23 24 years respectively not less than 07/1.$100 million. In October 2023, the company announced the latest phase of the equity incentive plan, granting 5 million restricted ** shares to a total of 113 directors, senior managers and core technical personnel of the company (adjusted to 112 in November 23), accounting for about 3 of the company's total share capital73%, the company has set a performance appraisal target for 24-26 years, and the company's equity incentive performance target is higher, demonstrating the company's strong confidence in future performance growth.
1.3. AQ-300 new products were launched, returning to a high growth trend
The company has accumulated steadily, and its revenue in 2023Q1-Q3 has accelerated back to high growth. The company's revenue CAGR from 2018 to 2022 is 3009%。2023Q1-Q3 Achieved revenue 42.9 billion yuan and net profit attributable to the parent company were 45.19 million yuan, an increase of 52 percent year-on-year respectively65% and 42653%, with outstanding performance. Relying on the launch of the new AQ-300 series products, the company's marketing system and brand influence construction have been strengthened, contributing new impetus to the company's revenue growth. Endoscopic equipment is the company's main business. 2021-2023H1 The proportion of endoscopic equipment revenue in the company's total revenue has increased steadily, from 8753% to 95 in 2023h181%。The launch of AQ-200 and AQ-300 marks the company's entry into the high-end market of flexible endoscopes, which drives the company's overall revenue growth and increases the proportion of endoscope equipment revenue in overall revenue.
Domestic revenue is the company's main income**. From 2021 to 2023H1, the company's revenue from domestic sources accounted for the proportion of the company's total revenue. 84% with an income of 25 billion yuan, 34.4 billion yuan, 2$3.4 billion. In 2021-2023H1, the company's revenue from overseas was 09.7 billion yuan, 10.1 billion, 0$5.5 billion. At present, domestic revenue accounts for a relatively large proportion, and in the future, with the AQ-300 product obtaining CE certification in Europe, the company will gradually strengthen the layout and promotion of European products, and the proportion of overseas revenue is expected to gradually increase.
The company's gross profit margin has maintained a steady increase, and the R&D expense ratio has maintained a high level. In the first three quarters of 2018-2023, the company's gross profit margin showed an increasing trend, and the company's gross profit margin reached 75 in 23Q1-Q364%。With the launch of the company's new AQ-300 series products, the company's products continue to be iteratively upgraded, which will further increase the gross profit margin. In terms of expense ratio, in order to maintain the company's competitiveness in the industry and continuously enrich and iterate existing products, the company has maintained a high R&D expense investment, and the R&D expense rate has been above 20% since 2022During the promotion period of the company's new products, the sales investment has increased, and the sales expense ratio of the company in 23Q1-Q3 is 3581%, which is expected to remain high in the short term.
2.1. The demand for soft mirror testing is broad, and the market potential is promising
Endoscopes assist in accurate diagnosis and treatment, and the division of labor between soft and hard scopes is clear. The endoscope can enter the human body through the natural orifice or surgical incision of the human body to achieve a clear peep of the lesion, which can help doctors achieve accurate diagnosis of the condition on the one hand, and on the other hand, it can provide a field of vision for surgery and help the precise implementation of minimally invasive surgery. Depending on whether the endoscope can be bent or not, the endoscope is divided into a hard mirror and a soft scope. Soft endoscope refers to the endoscope that can enter the human body through the natural orifice of the human body and can be bent at will, such as: gastroscope, colonoscope, etc.;Rigid endoscope refers to an endoscope that cannot be bent into the human body with the help of surgical incisions, such as laparoscope, arthroscopy, etc.
The barrier of flexible endoscope is high, and electronic endoscope has become an important auxiliary technical means for minimally invasive diagnosis and treatment. The electronic flexible endoscope mainly includes three parts: 1) the endoscope host (including the image processor and the light source);2) Mirror body (gastroscope, colonoscopy, etc.);3) Other devices (including CO2 gas supply devices, endoscopic water supply pumps, monitors, etc.). The main working principle of the electronic endoscope is as follows: the cold light source equipped with the host emits light through the light guide fiber of the mirror body into the body cavity of the test, the miniature image sensor at the front end of the mirror body receives the light reflected by the mucosa in the body cavity, converts it into an electrical signal, and the image processor displays the image of the tested part on the monitor after the image signal processing. Through endoscopic technology, doctors can realize tissue biopsy, polyp resection, stenosis dilation, hemostasis, varicose vein ligation, bile drainage, biliary stone removal and other examinations and treatment, which has become an important technical means of minimally invasive diagnosis and treatment.
Endoscopy has a wide range of applications and is an important means for early cancer screening. Endoscope has a wide range of applications, and is an important diagnostic and surgical equipment for otolaryngology, gastroenterology, urology, general surgery, thoracic surgery, orthopedics, ** and other departments. In addition to its application in routine disease diagnosis and treatment, endoscopy is also an important means of early cancer screening. For example, gastroscopy can be used to observe the mucous membrane of the patient's esophagus, stomach, duodenal bulb and descending part of the patient, and then determine the location and nature of the disease, and if necessary, take a biopsy sample for examination to help diagnose the digestive tract. Timely detection of precancerous lesions and early tumors can significantly reduce the incidence and mortality of cancer, and early endoscopic screening is an effective method for early diagnosis of gastrointestinal cancer.
From the perspective of the development rate of endoscopy and the survival rate of gastric cancer in Japan, patients with gastrointestinal cancer obviously benefit from early endoscopic screening. According to the statistics of the "2020 China Digestive Endoscopy Technology Development Report", the implementation rate of upper and lower gastrointestinal endoscopy in China (2019) was 1,942 and 942 (per 100,000 people), respectively, which was significantly lower than that in Japan (2017) of 10,231 and 3,767 (per 100,000 people). According to the data of the Chinese Guidelines for Screening, Early Diagnosis and Treatment of Gastric Cancer (2022, Beijing), the 5-year relative survival rate of gastric cancer patients in China in 2015 was about 351%, which is significantly lower than the 5-year relative survival rate of gastric cancer patients in Japan (80.).1%, patient sample data from 2004-2007). If early-stage gastric cancer is treated in a timely manner**, the 5-year survival rate is expected to be greatly improved, and patients with gastrointestinal cancer can significantly benefit from early endoscopic screening.
There is a high incidence of digestive tract tumors in China, and the market demand is huge. Due to dietary Xi and living environment, China is one of the countries with a high incidence of digestive tract tumors. According to Frost & Sullivan statistics, the number of cases of gastrointestinal cancers (including gastric cancer, esophageal cancer, colorectal cancer, and pancreatic cancer) in China accounted for about 38 of the new cancers in 20215%, accounting for about 391%, gastrointestinal oncological diseases pose a significant medical burden. The number of new and dead patients with gastrointestinal tumors in China is large, and the use of endoscopy can effectively reduce the disease burden caused by gastrointestinal tumors.
The development rate of gastroscopy and colorectoscopy in China is low, and the market growth space is large. According to the statistics of the "2020 China Digestive Endoscopy Technology Development Report", there is a big gap between the development rate of gastroscopy and colorectoscopy in China and that of developed countries in the world. In 2019, the implementation rate of upper gastrointestinal endoscopy in China was 1942 100,000 people, while the United States has reached 2272 100,000 people in 2019, and Japan has reached 10,231 people and 100,000 people in 2017The United States has the highest rate of lower gastrointestinal endoscopy, with 4,331 per 100,000 people in 2019, while China has only 942 per 100,000 people. On the whole, the overall development rate of gastrointestinal endoscopy in China is at a relatively low level, and there is a large room for growth compared to developed countries, especially the United States.
Policies help reach a consensus on early screening and early treatment. The state attaches great importance to the early screening and early treatment of digestive tract tumors, and has successively introduced relevant policies to promote the early screening of digestive tract tumors, such as the "Technical Plan for Screening, Early Diagnosis and Early Treatment of Upper Gastrointestinal Cancer" in 2018. The introduction of relevant national policies is expected to enhance people's awareness of diagnosis and treatment, and the superposition of the two is expected to promote the development of the soft mirror industry.
The scale of the soft mirror market continues to expand, and the domestic market is growing faster than the global market. According to the Aohua Endoscopy Prospectus, the global flexible endoscope market sales size is estimated to be 118$500 million, with a CAGR of 9 from 2015 to 201918%, and the market is expected to reach $18.4 billion in 2024;In 2019, the sales scale of China's flexible endoscope market was about 53400 million yuan, with a CAGR of about 16 from 2015 to 201979%, With the popularization of early cancer screening of the digestive tract and the development of new endoscopic procedures, it is expected that the sales scale of the domestic market will reach 81 by 2025200 million yuan;The scale of the domestic soft mirror market is growing faster than the global market and is in a stage of rapid development.
2.2. The localization rate of soft mirrors is low, and policies have been continuously introduced to support localized products
The localization rate of soft mirrors is low, and the space for import substitution is broad. In China's flexible electronic endoscope medical device market, Japanese companies represented by Olympus, Fujifilm, and Pentax Medical occupy a high market share with advanced processing capabilities and leading technical levels. According to the data of the Aohua Endoscopy prospectus, in 2018, Olympus had a market share of more than 80% in China, and the total market share of Olympus, Fujifilm, and Pentax Medical exceeded 90%, while the domestic company Sino-Chinese Endoscopy accounted for only about 25% share. There is a broad space for import substitution in the domestic soft mirror market.
National policies strongly support the localization process of high-end medical devices. In recent years, China attaches great importance to the healthy and rapid development of medical imaging equipment, domestic brands have increased research and development, and endoscopic minimally invasive surgical instruments have been able to compete with imported brands in terms of cost performance, and import substitution is unstoppable. Since 2015, the state and local governments have successively issued a number of documents to encourage the purchase of domestic equipment and equipment, and gradually improve the level of domestic equipment configuration, and domestic high-end endoscopic equipment is expected to benefit and accelerate its development.
2.3. The advantages of 4K soft mirror are obvious, and product iteration promotes market breakthrough
Iterative upgrading of domestic products to break through the monopoly market of foreign capital. The field of soft endoscope has relatively high technical barriers, domestic manufacturers in the past only low-end endoscope products, compared with the high-end endoscopes of foreign manufacturers have a large performance difference, market competitiveness is low. In recent years, domestic leading companies have successively achieved product iteration and upgrading, gradually equaling the gap, Kaikai Medical launched HD500 in 2016, HD550 in 2018, and Aohua Endoscopy launched AQ-200 in 2018, so far the domestic soft scope has reached the advanced level in the industry. In 2022, Aohua Endoscopy launched the AQ-300 ultra-high-definition system, which entered the industry-leading level, catching up with foreign brands in basic performance, and achieving differentiated competition in product design. The domestic leading products are iteratively upgraded rapidly, and are expected to break through the blockade of foreign capital and occupy a larger market share with their high cost performance.
4K ultra-high-definition endoscopes rely on three advantages to assist doctors in accurate diagnosis and treatment. 4K medical endoscopes have the advantages of high definition, wider color gamut and magnified visualization. It can achieve a high degree of realistic reproducibility while obtaining more image information in the target area, providing more detailed information, and then helping doctors to achieve more refined diagnosis and treatment operations. The launch of 4K ultra-high-definition endoscopes marks a new era of domestic endoscopes and is expected to accelerate the breakthrough of foreign brands.
3.1. The layout of the whole product line is continuously iterative and upgraded
Deeply cultivated in the field of endoscopy, the product layout is complete. The company is a domestic leading enterprise in the soft endoscope track, mainly engaged in the research and development, production and sales of electronic endoscope equipment and endoscopic diagnosis and treatment surgical consumables. The company has launched flexible microscope products that can meet different clinical needs (including video laryngoscopes, fiber endoscopes, basic series VME products, high-end series AQ series products and flagship series AQ-300, etc.), and has achieved coverage of clinical departments such as gastroenterology, respiratory, otolaryngology, and emergency department, which can meet the clinical needs of different departments. In addition to the endoscopic equipment business line, the company actively laid out the production lines related to endoscopic surgical diagnosis and treatment consumables, and acquired Hangzhou Jingrui, which is mainly engaged in basic consumables, and Changzhou Gherson, which is mainly engaged in stent consumables, in 2017, which complemented the company's endoscopic surgical diagnosis and treatment consumables production line and further improved the product layout.
The product line is differentiated in the market positioning to meet different clinical needs. AQ-100, VME-2300, VME-2800 mainly cover secondary and below hospitals with high cost performance;The AQ-200 can basically meet the clinical needs of high-end markets such as ** hospitals and secondary hospitals;The AQ-300 is mainly focused on ** hospitals and can meet the needs of high-end markets. Through the layout of basic series, high-end series and flagship series products, the company adopts differentiated market positioning of different product lines to meet the needs of different levels of medical institutions, and gradually increase the market share of the domestic soft mirror equipment market.
The product continues to be iteratively upgraded to accumulate momentum for sustainable development. Based on years of professional technology accumulation in the field of endoscopic diagnosis and treatment, the company has continuously upgraded its products and brought forth the new. In 2005, the company launched the first soft mirror equipment VME-2000, breaking the complete monopoly of imported products in ChinaAfter the launch of VME-2800, AQ-100, AQ-200, AQ-300 in 2010, 2013, 2018, and 2022, the new generation of AQ-400 is expected to be launched in 2026-2027. The company continues to iterate and upgrade its products to adapt to the development of the industry to meet clinical needs and contribute to the sustainable development of the company.
3.2. Short-term: AQ-300 is emerging, and its market share is expected to increase steadily
Profound technology accumulation and mastery of multiple core technologies. At present, the company has mastered core technologies such as endoscopic image processing, endoscopic mirror body design and integration, and safety isolation through independent research and development and cooperative research and development, and has helped products comparable to or even catch up with imported products in terms of image imaging quality, lens flexibility, signal transmission stability and application security. In 2013, the company launched the first self-developed electronic endoscope system AQ-100 with spectroscopic staining (CBI) function in China, which has the ability of early clinical diagnosis and screening of early cancer and other lesionsIn 2018, the company launched a new generation of AQ-200 full HD optical communication endoscopy system in China, which innovatively adopts laser transmission technology and wireless power supply technology to achieve electrical isolation between devices and significantly improve the safety and convenience of clinical operations.
Spectroscopic dyeing technology helps to improve the brightness of the image and make the close-up stained image sharper and clearer. Spectrophotochromation technology is to use the tissue characteristics of hemoglobin to absorb specific wavelengths of light, and realize the optical staining of blood vessels and superficial fiber structures through compound light illumination of specific wavelengths. Spectroscopic dyeing technology can replace traditional chemical dyeing techniques such as iodine dyeing or indigo dyeing, reduce the risk of allergies and discomfort of patients, and greatly improve the speed of dyeing and observation. The AQ-200 endoscope with CBI Plus spectroscopic staining technology can image and display both white and spectroscopic stained images at the same time, so that doctors will not miss small early lesions during routine white light observationThe AQL-200 light source with CBI Plus spectroscopic staining technology can also provide sufficient composite light illumination, which can also obtain good image quality when observing a wide area, and improve the detection rate of lesions.
The AQ-300 is a new product, ushering in a new era of endoscopic 4K. At the end of 2022, the company launched a new generation of endoscopy system AQ-300, as a high-end product, its customer target is mainly domestic first-class hospitals, the launch of this product further enriches the company's product pipeline, and also marks that the performance of the company's products has entered the leading level in the endoscopy industry. As a 4K ultra-clear digestive endoscopy system, the AQ-300 has revolutionized the resolution from 1080p to 4K ultra-high definition, and its imaging level is comparable to the latest generation of Olympus' endoscopy system, the world's leading flexible endoscope industry, the evis X1. In addition, AQ-300 has also made a breakthrough in staining, supporting white light and 4 CBI staining modesThe AQ-300 also lays out the direction of AI diagnosis and treatment, equipped with artificial intelligence assistance functions, real-time marking and automatic screenshots through a large number of pathology departments, so as to improve the efficiency of examination and reduce missed diagnoses.
The AQ-300 is benchmarked against the Olympus EVIS X1 and has been recognized by the market. In 2020, Olympus announced the EVIS X1 endoscope system, which it says is the most advanced endoscope system, and the introduction of the EVIS X1 further strengthens Olympus' leadership in endoscopy. EVIS X1 further supports accurate screening and reliable diagnosis by introducing new easy-to-use technologies, including Extended Depth of Field (EDOF), Red Dichroism (RDI), Texture and Color Enhancement Imaging (TXI), and Narrowband Imaging (NBI), to support the detection, characterization, and identification of gastrointestinal diseases such as colorectal cancer, bronchial disease, and more. Compared with the EVIS X1, the AQ-300 has basically achieved the same performance in many places, and has a high cost performance. The company has carried out all-round and in-depth cooperation with Nanjing Drum Tower Hospital, Beijing Friendship Hospital, Hangzhou First People's Hospital, Changhai Hospital and many other tertiary hospitals, and promoted a number of academic promotion activities, and AQ-300 has received good feedback from experts, customers and distributors.
The market share of the company's products has steadily increased, and the company's revenue growth has accelerated after the launch of the AQ-300. According to the data of Zhongcheng Digital Technology, in 2021, among the domestic endoscope soft endoscope winning brands, the winning bid amount of Aohua Endoscopy accounted for 2%;In 2023H1, Aohua Endoscopy accounted for 699%, the company's product market share increased rapidly. AQ-300 was launched in November 2022, and the company's single-quarter revenue increased by 54%, 91% and 23% year-on-year respectively from 23Q1 to Q3, mainly due to the sales of related products driven by AQ-300 after its launch.
The proportion of AQ-300 sales is expected to increase gradually. Compared with the Olympus EVIS X1, its proportion of Olympus flexible endoscope revenue has increased from about 11% in fiscal 2021 to about 23% in fiscal 2022 after listing, and has become an important engine for the growth of flexible endoscope revenue. We believe that with the gradual promotion and rollout of AQ-300 in domestic hospitals, the proportion of AQ-300 in Aohua endoscopy revenue is expected to increase rapidly, becoming a new performance growth driver for the company, and expanding the company's market share and popularity in the endoscopy market.
The company's products are more cost-effective than imported competing products. The company's products have high performance at the same time, compared with imported products also have certain advantages. According to the company's prospectus, the average terminal of the company's high-end product AQ-200** is generally two to four percent lower than that of the corresponding competitors of foreign manufacturers Olympus, Pentax and Fuji. The cost-effective advantages of the company's products will help the company to market in secondary hospitals and primary medical institutions.
3.3. Medium and long-term: Go overseas to lay out the international market, and continue to promote the products under development
In China, we will tap the market potential based on product differences and strengthen market recognition. The company's 2022 selling expenses were 13.2 billion yuan, an increase of 8068%。In 2022, the sales volume of the company's mid-to-high-end products will increase steadily, with 26 AQ-200 hosts and 101 mirror bodies installed in ** hospitals, respectively, and 25 ** hospital customers served. The company has successively established clinical cooperation centers with a number of first-class hospitals, so as to radiate the surrounding grassroots hospitals, thereby enhancing the status and brand influence of the company and its products in the field of flexible endoscopes. In addition, the company also strengthens industry-university-research cooperation and promotes the company's brand by holding or participating in academic conferences at all levels and undertaking "hand-in-hand" training courses on digestive endoscopy technology. The overseas market is gradually deployed, and it is expected to become an important competitor in the international market in the future. 1) In the European market, the company has laid out the European market through 100% controlled wholly-owned grandson companies WISAP and Australia-China Ireland, focusing on the cost-effective product market, mainly launching AQ-100, VME series and other products. Wisap has a localized production, marketing, and after-sales team, which can help European marketing and promotion2) Brazil, India and other markets, the company has covered a certain market area, the future will be based on the local market situation layout;3) The U.S. market, the U.S. market is relatively high in the early stage of channel construction and investment, the company's current sales volume in the U.S. market is small, and the future will be based on the company's product power and brand power gradually layout. The company's product iteration ability is strong, helping the company to catch up with the advanced level of the industry. The company's product iteration speed is relatively fast, with an average of about 4-5 years for product iteration, and the iteration speed of mainstream foreign-funded platforms is generally 8-10 years. The company is gradually catching up with imported brands at a faster iteration speed, in order to continuously narrow the gap between brand and performance.
The company's research projects are progressing steadily, and its own strength has been continuously strengthened. The company attaches great importance to R&D, and as of the end of the first half of 2023, the number of R&D personnel accounted for 24 of the company's total headcount08%, the company has at least 8 research projects in progress, including: 4K ultra-high-definition flexible endoscope system, AQ-200 system upgrade and supporting development, 3D digestive endoscope development, endoscopic robot system, supporting equipment development and others, endoscopic consumables product research and development, animal endoscope endoscope system research and development, and other endoscope product design and development. The research projects are progressing smoothly, and the company has a number of products worth looking forward to in the future, which is conducive to the sustainable development of the company.
This article is for informational purposes only and does not represent any investment advice from us. To use the information, please refer to the original report. ）
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