智通财经APP讯，时代天使(06699)发布公告，预期集团截至2025年6月30日止6个月期间(2025年上半年) 的净利润约为1340万美元至1480万美元，较截至2024年6月30日止6个月期间(2024年上半年)的约210万 美元增加约538.1%至604.8%。 董事会认为上述经营业绩变动主要由于以下原因：集团核心中国业务受惠于为因应激烈竞争而进行的策 略性价格调整，而中国以外收入则持续增长;中国以外生产工厂设立进度的延迟，导致2025年上半年投 资及经营开支较低;及2024年上半年净利润比较基数较低。 ...

董事会认为上述经营业绩变动主要由于以下原因：集团核心中国业务受惠于为因应激烈竞争而进行的策 略性价格调整，而中国以外收入则持续增长;中国以外生产工厂设立进度的延迟，导致2025年上半年投 资及经营开支较低;及2024年上半年净利润比较基数较低。 时代天使(06699)发布公告，预期集团截至2025年6月30日止6个月期间(2025年上半年)的净利润约为1340 万美元至1480万美元，较截至2024年6月30日止6个月期间(2024年上半年)的约210万美元增加约538.1% 至604.8%。 ...

董事会认为上述经营业绩变动主要由于以下原因：(1)集团核心中国业务受惠於为因应激烈竞争而进行 的策略性价格调整，而中国以外收入则持续增长；(2)中国以外生产工厂设立进度的延迟，导致2025年 上半年投资及经营开支较低；及(3)2024年上半年净利润比较基数较低。 格隆汇8月5日丨时代天使(06699.HK)公布，预期集团截至2025年6月30日止六个月期间的净利润约为 1340万美元至1480万美元，较2024年上半年的约210万美元增加约538.1%至604.8%。 ...

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. 此外，股東及潛在投資者亦應注意，過往業績未必對未來業績表現有指引性。面 對日益複雜的全球市場，本集團仍專注於推動長期增長並可能增加短期經營開 支，以擴大地域覆蓋範圍及客戶群。在中國以外的全球市場，本集團旨在擴大其 市場份額及建立更強大、更具韌性的全球供應鏈。這可能需要於未來增加投資， 部分用以應對巴西不斷變化的關稅狀況。在中國市場，監管政策變化的不確定性 持續存在，並可能繼續影響隱形矯治器定價。儘管如此，本集團致力於通過密切 關注業務發展並根據需要適時調整戰略，以應對該等挑戰並實現穩健及可持續增 長。 正面盈利預告 本公告乃由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」）根 據證券及期貨條例（香港法例第571章）第XIVA部及上市規則第13.09條項下之內 幕消息條文（定義見香港聯合交易所有限公司證券上市規則（「上市規則」））而作 ...

格隆汇8月5日丨根据联交所最新权益披露资料显示，2025年7月30日，时代天使(06699.HK)获JPMorgan Chase & Co.以每股均价58.5521港元增持好仓16.26万 股，涉资约952.06万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为17,182,683股，持好仓比例由9.87%上升至10.06%。 | 瑞姓培歌 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 曹出或涉及的 每般的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | | | 股份費信 | | | 請參閱 「亦 * 註 | 有我票裡收(日/月/年) | | | | | | | 份自分动 | | | | | | | 96 | | CS20250804E00212 | JPMorgan Chase & Co. 162,600(L | 1101(L) | HKD 58.5521 | 17.182.683(L) | 10.06(L)30/07/2025 | | | | | | 9.264.011( ...

Group 1 - The article highlights the rising costs and pressures faced by parents regarding their children's health, particularly in managing myopia, dental issues, and height concerns [2][57] - A significant market has emerged around myopia treatment, with the overall myopia rate among children and adolescents in China reaching 52.7%, indicating that one in two children is affected [27][28] - Companies in the myopia treatment sector, such as Opcon Vision and Aier Eye Hospital, are experiencing substantial revenue growth, with Opcon Vision's revenue reaching 1.814 billion and Aier Eye Hospital's revenue at 20.983 billion [30][31] Group 2 - The orthodontics market is also booming, with companies like Times Angel and Invisalign dominating the space, capturing significant market shares and generating substantial revenues [43][44] - The article discusses the high costs associated with dental treatments, with some families spending up to 60,000 on orthodontic solutions, reflecting a growing trend in dental care for children [34][36] - The prevalence of dental issues among children is alarming, with a reported 67.82% incidence of malocclusion, leading to increased demand for orthodontic services [41] Group 3 - Height management is emerging as a new area of concern for parents, with the market for growth hormone treatments and related products projected to reach 8-12 billion, growing at a compound annual growth rate of over 25% [56][57] - Companies like Jinsai Pharmaceutical are leading the growth in the height management sector, with a reported revenue of 10.67 billion, indicating a strong market presence [56] - The societal pressures regarding height are reflected in the increasing willingness of parents to invest heavily in treatments, with some spending tens of thousands on growth hormone therapies [48][49]

Core Insights - The Chinese dental beauty industry is experiencing rapid growth, driven by increasing consumer demand for oral health and aesthetics, with a market size expected to exceed 78.5 billion yuan by 2025 [1][16][25] - The industry is characterized by three main features: explosive demand from 718 million oral disease patients, innovation in supply with a 25% penetration rate of invisible orthodontics, and rapid market expansion with a CAGR of 15.9% from 2018 to 2023 [1][12][16] Industry Overview - Dental beauty focuses on improving the appearance, shape, and alignment of teeth through non-invasive or minimally invasive techniques, aiming to unify natural aesthetics and functionality [2] - The industry includes various segments such as teeth whitening, veneer restoration, crown restoration, orthodontics, and gum shaping [2] Development Drivers - **Consumer Upgrade and Demand Change**: The shift from essential treatment to aesthetic consumption is evident, with over 60% of Gen Z viewing teeth whitening as key to confidence [4][16] - **Technological Innovation**: Breakthroughs in materials science and digital technology are reshaping industry standards, with AI aesthetic design and 3D printing significantly enhancing service efficiency [6][25] - **Policy and Capital Synergy**: Government initiatives like "Healthy China 2030" and increased financing are facilitating industry growth and standardization [7][25] - **Silver Economy and Niche Market Rise**: The aging population is driving demand for dental aesthetics, with 35% of spending on implants and aesthetic restorations coming from those aged 50 and above [8][25] Industry Chain - The industry chain exhibits high collaboration and vertical integration, with upstream focusing on high-value consumables and digital equipment, while domestic brands are rapidly replacing foreign ones in the mid-range market [9][20] Market Size and Growth - The market size grew from 28.56 billion yuan in 2018 to 59.82 billion yuan in 2023, with a projected growth to over 78.5 billion yuan by 2025 [16][18] Competitive Landscape - The industry features a multi-tiered competition structure, with foreign brands dominating the high-end market and domestic brands rapidly expanding in the mid-range and low-end markets [20][22] - The top five brands in the implant sector hold nearly 70% market share, while the invisible orthodontics market is dominated by two major players [20][22] Future Trends - **Technological Integration**: The industry is moving towards full-cycle intelligent management, integrating AI, 3D printing, and biological materials [25][26] - **Market Layering and Downstream Expansion**: The competition is characterized by high-end precision, mid-range differentiation, and low-end accessibility, with community health stations expanding rapidly [27][28] - **Ecosystem Reconstruction and Regulatory Upgrades**: The industry is evolving towards a cross-sector integration of healthcare, technology, and consumer services, with increased regulatory oversight [28]

Group 1 - The MSCI China Healthcare Index has increased by 41.4% year-to-date, outperforming the MSCI China Index which rose by 25.2% [1] - The upcoming implementation of commercial insurance for innovative drugs is expected to have limited short-term impact but will open up long-term payment opportunities for innovative drugs [1] - The National Healthcare Security Administration has introduced measures to support the high-quality development of innovative drugs, emphasizing comprehensive policy support [1] Group 2 - The commercial health insurance premium income in China is projected to reach CNY 9.773 billion in 2024, reflecting an 8.2% year-on-year growth [2] - The low claims ratio of commercial health insurance, with claims amounting to CNY 3.848 billion in 2023, indicates potential for significant growth in both premium income and claims ratio under supportive policies [2] - The consumption medical sector presents valuation recovery opportunities, with key companies such as Giant Bio, Guoshengtang, and Times Angel being highlighted for their strong product performance and growth potential [3] Group 3 - Recommended stocks for investment include 3SBio (01530), Giant Bio (02367), Guoshengtang (02273), Times Angel (06699), BeiGene (ONC.US), and Innovent Biologics (01801) [4]

Core Insights - The acquisition of a 35% stake in Hangzhou Shuyaqi Medical Technology by Times Angel signifies a strategic move to enhance market positioning amid increasing competition in the orthodontic industry [1][4] - This transaction reflects a broader trend of industry consolidation and the evolution of competitive dynamics within the orthodontic market [4][5] Group 1: Strategic Positioning - The acquisition is not merely a financial maneuver but a strategic positioning to enhance business synergy, market defense, and international expansion [2][3] - Times Angel aims to complement its product line by integrating Shuyaqi's offerings, which include a comprehensive range of orthodontic solutions and digital equipment [2][3] - The pricing strategy of Shuyaqi's products, which are significantly lower than Times Angel's, allows for a dual-brand strategy that targets both high-end and mid-range markets [2][3] Group 2: Market Dynamics - The competitive landscape is shifting, with Times Angel maintaining a leading position in the Chinese market but experiencing a slowdown in growth, with a 3.2% year-on-year increase in case numbers [3][4] - The acquisition serves as a defensive strategy against potential competition from Hanseph's "Aorishi" brand, which has introduced similar orthodontic products [3][4] - The international market is also a focus, with Times Angel's international case numbers reaching 140,000 in 2024, representing 39% of total cases, indicating a significant global presence [3][4] Group 3: Industry Evolution - The acquisition is expected to accelerate the integration process within the orthodontic market, potentially leading to increased merger and acquisition activity [4][5] - The competition is evolving from a focus on individual product performance to a comprehensive ecosystem that includes devices, materials, and software [5][6] - The selection of Shuyaqi, a newly established company, by a market leader highlights the importance of technological innovation and integration within the industry [5][6]

Core Viewpoint - The acquisition of a 35% stake in Hangzhou Shuyaqi Medical Technology Co., Ltd. by Times Angel (06699.HK) signifies a strategic move to enhance its position in the orthodontic market, targeting both mid-range and budget segments while leveraging Shuyaqi's resources for global expansion [1][4][9]. Group 1: Acquisition Details - Times Angel will hold a 35% stake in Shuyaqi, which was established only a month and a half prior to the acquisition, indicating a rapid strategic development in the orthodontic sector [1]. - The acquisition allows Times Angel to jointly control Shuyaqi with Hansfu, which previously owned 100% of Shuyaqi [1][2]. Group 2: Market Position and Strategy - Times Angel is the leader in China's invisible orthodontics market, with a total revenue of $269 million in 2024, reflecting a 28.2% year-on-year growth [2]. - The partnership with Shuyaqi enables Times Angel to fill gaps in the budget market, thus creating a comprehensive product matrix that caters to various consumer segments [4][7]. Group 3: Competitive Landscape - The Chinese invisible orthodontics market is characterized by a dual oligopoly, with Times Angel and Align Technology (Invisalign) dominating the high-end segment, while local brands like Shuyaqi compete aggressively in the mid-range [7][9]. - The acquisition is expected to strengthen Times Angel's competitive edge against both high-end and mid-range competitors, allowing it to capture a larger market share [7][8]. Group 4: Global Expansion Potential - The global invisible orthodontics market is projected to grow from $6.5 billion in 2024 to $32.35 billion by 2030, with a compound annual growth rate (CAGR) of 30.7% [9]. - Times Angel's international revenue reached $80.55 million in 2024, accounting for 30% of its total revenue, indicating a significant push towards global markets [9]. Group 5: Technological Synergy - The collaboration between Times Angel and Hansfu is expected to enhance technological capabilities, particularly in digital orthodontic solutions, benefiting from Hansfu's expertise in dental scanning and 3D printing [5][8]. - Times Angel's investment in its iOrtho digital platform supports innovative features like "smile simulation," which can be further enhanced through the partnership with Shuyaqi [5][8].