Group 1 - The core issue is the continuous share reduction by the founder of Times Angel, Li Huamin, raising concerns about the company's future prospects [1] - Since its IPO, Li Huamin has reduced her shareholding from 14.26% to 6.37%, indicating a significant lack of confidence in the company's performance [1] - The company's market capitalization has plummeted approximately 88% from its peak of over 80 billion HKD to around 10 billion HKD [1] Group 2 - Times Angel has experienced a decline in net profit for three consecutive years, dropping from 286 million CNY in 2021 to only 10.02 million USD in 2024, indicating a systemic weakening of profitability [2] - The company's current price-to-earnings ratio stands at about 107 times, significantly higher than its competitor Align Technology's 34 times, suggesting that market expectations for future growth are not being met [2] - Despite substantial investments in overseas market expansion, Times Angel reported a loss of approximately 29.7 million USD in international markets for 2024, reflecting ongoing challenges in converting investments into profits [2] Group 3 - The global orthodontic industry is facing significant challenges, as evidenced by Align Technology's stock price drop of 30% due to poor Q2 performance and layoffs, indicating potential market saturation [2] - Times Angel's overseas revenue remains minimal, with high investment costs and long conversion cycles, posing risks amid intense international competition [2] - Industry experts suggest that without a rapid increase in sales to support its valuation, Times Angel may face escalating challenges in the near future [2]

格隆汇8月7日丨时代天使(06699.HK)公告，公司将于2025年8月25日举行董事会会议，藉以（其中包 括）考虑及批准集团截至2025年6月30日止六个月的未经审计中期业绩及其刊发，考虑派发中期股息 （如有），以及处理其他事项。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANGELALIGN TECHNOLOGY INC. 時代天使科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6699） 董事會召開日期 時代天使科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董 事會」）謹此宣佈，本公司將於2025年8月25日（星期一）舉行董事會會議，藉以 （其中包括）考慮及批准本集團截至2025年6月30日止六個月之未經審計中期業績 及其刊發，考慮派發中期股息（如有），以及處理其他事項。 承董事會命 時代天使科技有限公司 主席 馮岱先生 香港，2025年8月7日 於本公告日期，董事會包括執行董事胡杰章先生、黃琨先生、宋鑫先生及董莉女 士；非執行董事馮岱先生；獨立非執行董事韓小京先生、石子先生及周浩先生。 ...

Core Insights - The invisible orthodontic technology represents a significant breakthrough in modern orthodontics, providing a revolutionary innovation that enhances comfort, aesthetics, and convenience for consumers [1][18] - The market for invisible aligners is expected to grow significantly, with the industry projected to reach approximately 5.41 billion yuan in 2024, driven by increasing consumer demand for oral health and aesthetics [1][18] Industry Overview - Invisible aligners are a type of dental device used to correct misaligned teeth and bite issues, categorized into fixed, removable, invisible, functional, and lingual types [2] - The main types of orthodontic devices currently in the market include metal brackets, ceramic brackets, lingual brackets, and clear aligners, with clear aligners gaining popularity due to their aesthetic appeal and comfort [4][5] Industry Development History - The invisible aligner industry in China has evolved through two phases: initial development from 2001 to 2012 and rapid growth from 2013 to the present, marked by technological advancements and increased market awareness [7] - The approval of the first invisible aligner patent in China in 2006 and the establishment of the first production line in 2007 were pivotal moments that spurred market entry by numerous dental enterprises [7] Market Background - The per capita disposable income of Chinese residents has been steadily increasing, leading to a rise in healthcare spending, which has positively impacted the orthodontic market [9] - Per capita healthcare spending in China increased from 1,165 yuan in 2015 to 2,115 yuan in 2021, with a projected increase to 2,547 yuan in 2024, reflecting a growing focus on oral health [9] Industry Value Chain - The upstream of the invisible aligner industry includes raw materials and equipment, while the midstream involves production and manufacturing, and the downstream focuses on sales channels such as private clinics and dental hospitals [11] Current Industry Status - The orthodontic market in China has shown strong growth, expanding from 21.18 billion yuan in 2015 to an estimated 95.43 billion yuan in 2024, with a compound annual growth rate of 18.21% [15] - The invisible orthodontic market specifically has grown from 1.25 billion yuan in 2015 to 10.5 billion yuan in 2024, with a compound annual growth rate of 26.73% [15] Competitive Landscape - The Chinese invisible aligner market is characterized by a "dual oligopoly" structure, with companies like Times Angel and Invisalign dominating the market, while local brands are rapidly catching up [20] - Key players in the industry include Times Angel, which holds a 70% market share in China, and other emerging brands like Zhengya and Meilike that are focusing on mid-range markets [21][22] Future Trends - The industry is expected to see accelerated technological upgrades and the integration of artificial intelligence and 3D printing, enhancing treatment precision and production efficiency [26] - Market penetration is anticipated to extend from first and second-tier cities to lower-tier markets, with local brands leveraging cost advantages to capture market share [28] - Regulatory policies are expected to evolve, promoting standardization and integration within the industry, while insurance coverage for orthodontic services may enhance accessibility [29]

Group 1: Financial Performance - The company expects to achieve a net profit of $13.4 to $14.8 million in H1 2025, representing a year-on-year growth of 538.1% to 604.8% [1] - The growth in net profit is primarily driven by a low base in H1 2024, continued growth in overseas markets, and lower investment and operating expenses due to delays in establishing overseas production facilities [1] - Revenue projections for 2025 to 2027 are estimated at $318 million, $374 million, and $445 million, with year-on-year growth rates of 18.1%, 17.8%, and 18.8% respectively [3] Group 2: Market Expansion and Strategy - The company has made a strategic investment in the invisible orthodontics brand Shuyaki, acquiring a 35% stake to deepen its presence in emerging markets [2] - The company is focusing on enhancing accessibility to orthodontic services in lower-tier cities and county markets through its investment in Shuyaki, which is recognized for its cost-effective products and digital services [2] - The company has established a highly specialized team in Europe, Asia-Pacific, and the Americas, accelerating its overseas business with a significant increase in international cases from 33,000 in 2023 to 140,700 in 2024, a growth of 326.4% [1] Group 3: Marketing and Brand Influence - The company is expanding its sales and clinical teams strategically based on the development characteristics of different city tiers and is employing diversified marketing strategies to enhance brand influence [3] - Collaborative marketing initiatives include a summer event with Hasbro's My Little Pony in Shanghai, aimed at promoting early orthodontic education and family interaction [3] - The company launched the "Angel KiD Star Plan" in partnership with Xiaohongshu to promote early orthodontic awareness through authoritative reports and expert collaboration [3]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing at 24,910.63 points, up 0.03% or 8.1 points, with a total turnover of HKD 215.235 billion [1] - The Hang Seng China Enterprises Index fell by 0.21% to 8,932.68 points, while the Hang Seng Tech Index rose by 0.2% to 5,532.17 points [1] - ZheShang International noted that the market fundamentals remain weak, with a cautious outlook on short-term sentiment [1] Blue Chip Performance - BYD Electronics (00285) led blue-chip stocks, rising 6.72% to HKD 37.8, contributing 3.01 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 3.14% and China Shenhua (01088) up 2.99%, while Li Auto-W (02015) fell 5.35% [2] Sector Highlights - Large tech stocks showed mixed results, with Tencent up 1.7% and Alibaba up 0.6%, while Xiaomi fell 0.55% [3] - The "anti-involution" theme gained traction, with paper, coal, and steel stocks generally rising, including a notable increase of over 10% for Nine Dragons Paper [3][4] - New consumption concepts performed well, with Pop Mart (09992) rising 7.87% and Shangmei (02145) up 7.34% [3] Robotics Sector - The robotics sector saw significant gains, with companies like Geekplus (02590) rising 5.68% and MicroPort (02252) up 4.07% [5] - Recent product launches and government initiatives in Shanghai are expected to accelerate the development of the robotics industry [6] Notable Stock Movements - Times Angel (06699) surged 18.29% after announcing a positive earnings forecast for the first half of 2025, expecting a net profit increase of approximately 538.1% to 604.8% [7] - Crystal Technology (02228) rose 12.42% following a significant partnership agreement worth approximately HKD 470 billion [8] - China Shipbuilding Defense (00317) increased by 7.75% due to optimistic profit forecasts based on seasonal factors in the shipbuilding industry [9] - Zhenjiu Lidu (06979) saw a strong performance despite a projected revenue decline, rising 7.89% [10] - Cathay Pacific (00293) fell 9.66% after reporting mid-year earnings that did not meet market expectations [11]

Core Viewpoint - UBS reports that Times Angel (06699) is expected to achieve a net profit of $13.4 million to $14.8 million in the first half of the year, representing a year-on-year growth of 538% to 605%, exceeding market expectations [1] Financial Performance - The significant growth in both local and overseas revenue is anticipated to positively influence investor sentiment [1] - UBS has raised its earnings per share (EPS) forecast for Times Angel by 105% to HKD 1.18, reflecting lower-than-expected operating expenses [1] - Assuming overseas operations reach breakeven by 2027, the EPS forecast for 2027 has been increased by 7% to HKD 2.02 [1] Investment Recommendation - UBS sets a target price of HKD 82 for the stock and reiterates a "Buy" rating [1]

Core Viewpoint - UBS reports that Times Angel (06699) is expected to achieve a net profit of between 13.4 million to 14.8 million USD in the first half of the year, representing a year-on-year growth of 538% to 605%, exceeding market expectations [1] Financial Performance - The significant growth in both local and overseas revenue is anticipated to positively influence investor sentiment [1] - UBS has raised its earnings per share (EPS) forecast for Times Angel by 105% to 1.18 HKD, reflecting lower-than-expected operating expenses [1] - Assuming that overseas business reaches breakeven by 2027, the EPS forecast for 2027 has been increased by 7% to 2.02 HKD [1] Investment Recommendation - UBS sets a target price of 82 HKD for the stock and reiterates a "Buy" rating [1]

Core Viewpoint - Angelalign (6699.HK) experienced a significant stock price increase of nearly 25%, reaching HKD 71.4, marking a new high since March 20, with a trading volume of HKD 750 million. The company announced a positive earnings forecast, expecting a mid-term net profit of approximately USD 13.4 million to USD 14.8 million, representing a year-on-year increase of about 5.38 to 6.05 times [1]. Group 1 - The expected profit increase is primarily attributed to strategic price adjustments in response to intense competition within the core Chinese business [1]. - Revenue from outside China continues to grow, contributing positively to the overall financial performance [1]. - Delays in the establishment of production facilities outside China have resulted in lower investment and operating expenses for the first half of the year [1]. - The low comparative base of net profit from the previous year also supports the anticipated profit growth [1].

Group 1 - Angelalign (06699) opened nearly 19% higher after a positive earnings forecast, driven by strategic price adjustments in its core Chinese business and continued growth in revenue outside China [1] - Songjing Technology (01079) resumed trading with an opening increase of over 40% [1] - Jingtai Holdings (02228) opened more than 9% higher after announcing a significant partnership with DoveTree, valued at approximately HKD 47 billion (USD 5.99 billion) for AI pharmaceutical development [1] Group 2 - Shunmei Co., Ltd. (02145) saw an early morning increase of over 5%, projecting a revenue of RMB 4.09 billion to RMB 4.11 billion for the first half of 2025, a year-on-year growth of 16.8%-17.3% [2] - Nine Dragons Paper (02689) rose over 10% following the successful commissioning of its PM56 production line, which can produce 250,000 tons of high-grade cultural paper annually [2] Group 3 - Giant Star Legend (06683) increased over 1% after announcing a collaboration with Jiushi Wen Chuan for a large-scale IP and cultural tourism project in Shanghai [3] - South Manganese Industry (01091) surged over 15%, expecting to turn a profit of at least HKD 150 million in the first half of 2025, compared to a loss of HKD 162.8 million in the same period of 2024 [3] Group 4 - China Shenhua (01088) rose over 3% after announcing plans to acquire significant assets from its controlling shareholder, which would enhance its coal production capacity by 74.5% [4] - Boya Interactive (00434) fell over 6% due to a profit warning, expecting a decrease of approximately 25%-35% in profit for the first half of 2025 compared to the same period in 2024 [4] Group 5 - Wuling Motors (00305) increased over 9% after announcing a projected net profit of approximately RMB 84 million for the first half of 2025, a significant increase from RMB 21.125 million in the same period of 2024 [5] Group 6 - Hims & Hers Health (HIMS.US) dropped 12.36% after reporting second-quarter sales of USD 545 million, below market expectations [6] - Palantir (PLTR.US) rose 7.85% after reporting second-quarter revenue of over USD 1 billion, a 48% year-on-year increase [6] Group 7 - Futu Holdings (FUTU.US) increased by 2.82% after UBS raised its target price, citing strong expected performance in the second quarter [7] - Daqo New Energy (DQ.US) rose 3.68% as market signals indicated positive changes in the photovoltaic polysilicon sector [7] Group 8 - Li Auto (LI.US) saw a slight increase in stock price after announcing adjustments to its electric vehicle model pricing [8] - Vertex Pharmaceuticals (VRTX.US) fell 20.60% after failing to meet key endpoints in a clinical trial [8] Group 9 - Chinese gaming stocks collectively rose, with Bilibili (BILI.US) up 2.07% following a report indicating a 14.08% year-on-year increase in the domestic gaming market [9] Group 10 - Taiwan Semiconductor Manufacturing Company (TSM.US) fell 2.70% amid reports of a potential technology leak involving its 2nm chip process [9] - Advanced Micro Devices (AMD.US) decreased by 1.40% despite reporting a 32% year-on-year revenue increase for the second quarter [10]