Core Viewpoint - The strong trend in the mainland healthcare sector from last year is expected to continue into this year, with investors needing to consider the value of more R&D pipelines when evaluating valuations [1] Group 1: Investment Strategy - Companies are now trading based on actual execution capabilities rather than solely on licensing deal expectations [1] - Achieving returns that exceed the industry will rely more on key data releases, actual transactions, and visibility on earnings realization or turning points [1] Group 2: Sector Insights - The outlook for CDMO companies is becoming more constructive due to accelerated growth, strong product cycles, limited geopolitical risks, and reasonable valuations [1] - The ratings for WuXi AppTec and WuXi AppTec Holdings have been upgraded to "Buy" [1] Group 3: Selective Strategy in Biotech and Pharma - A selective strategy is adopted for biotech and pharmaceutical companies, favoring those with key data releases and early data showing potential, along with actual transaction expectations [1] - Companies such as Kelun-Biotech, Junshi Biosciences, and Hansoh Pharmaceutical are viewed positively [1] Group 4: Medical Devices Sector - The medical devices sector is maintained with a neutral outlook, indicating that while the industry has bottomed out, recovery will take time [1] - Recommended stocks include Angelalign Technology and Weigao Group [1]

Core Viewpoint - The strong trend in the mainland healthcare sector from last year is expected to continue into this year, with investors considering the value of more R&D pipelines when evaluating valuations [1] Group 1: Investment Strategy - Companies are now trading based more on actual execution capabilities rather than solely on licensing deal expectations [1] - Achieving returns that exceed the industry average this year will rely more on key data releases, actual transactions, and visibility on profit realization or turning points [1] Group 2: Sector Analysis - The outlook for CDMO companies is becoming more constructive due to accelerated growth, strong product cycles, limited geopolitical risks, and reasonable valuations [1] - The ratings for WuXi AppTec and WuXi AppTec Holdings have been upgraded to "Buy" [1] Group 3: Selective Strategy in Biotech and Pharma - A selective strategy is adopted for biotech and pharmaceutical companies, favoring those with key data releases and early data showing some promise, along with actual transaction expectations [1] - Companies such as Kelun-Biotech, Innovent Biologics, and Hansoh Pharmaceutical are viewed positively [1] Group 4: Medical Devices Sector - The medical devices sector maintains a neutral outlook, as the industry has bottomed out but requires time for gradual recovery [1] - Recommendations include buying Angelalign Technology and Weigao Group [1]

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Group 1: Top Short-Selling Ratios - Lenovo Group-R (80992) has the highest short-selling ratio at 91.38% with a short-selling amount of 52.16 thousand [2]. - Ping An Insurance-R (82318) follows with a short-selling ratio of 83.34% and a short-selling amount of 200.88 thousand [2]. - Xiaomi Group-WR (81810) has a short-selling ratio of 80.95% with a short-selling amount of 597.54 thousand [2]. Group 2: Top Short-Selling Amounts - Tencent Holdings (00700) leads in short-selling amount at 29.69 billion, with a short-selling ratio of 15.25% [2]. - Alibaba Group-W (09988) has a short-selling amount of 23.66 billion and a short-selling ratio of 19.56% [2]. - Xiaomi Group-W (01810) ranks third with a short-selling amount of 10.16 billion and a short-selling ratio of 21.54% [2]. Group 3: Top Short-Selling Deviation Values - Ping An Insurance-R (82318) has the highest deviation value at 36.33%, indicating a significant difference from its average short-selling ratio [2]. - Xiaomi Group-WR (81810) follows with a deviation value of 34.41% [2]. - China Resources Beer (00291) has a deviation value of 33.89% [2].

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

Summary of the Conference Call on the Invisible Orthodontics Industry Industry Overview - The conference focused on the **invisible orthodontics industry**, particularly in the context of the Chinese market and the competitive landscape involving key players like **Angelalign**, **Invisalign**, and **Zhengya** [2][3]. Key Points and Arguments Market Growth and Trends - Initial expectations for the invisible orthodontics market in China were optimistic, with anticipated annual growth rates of at least **30%**. However, actual growth over the past two to three years has been slow, ranging from **0% to 10%**, with some years experiencing negative growth [2][3]. - Factors contributing to this slowdown include: - **Macroeconomic conditions** affecting consumer spending [2]. - **Increased competition** and **price reductions** due to collective procurement initiatives [3]. Competitive Landscape - The market is witnessing a **consolidation phase**, with smaller players exiting the market. For instance, a company named **Meilike** ceased operations, transferring its remaining cases to Angelalign and Zhengya, indicating a market cleanup [3]. - The top three companies dominate the market, with their combined market share exceeding **90%**. The ranking is as follows: 1. **Angelalign** 2. **Zhengya** 3. **Invisalign** [4]. Market Share Dynamics - **Invisalign's** market share has been declining, primarily due to competitive pressures and collective procurement initiatives. It was noted that **Invisalign** abandoned a bid during a collective procurement in **October 2022**, resulting in a loss of public hospital market share [4][5]. - Projections for market share in **2025** estimate: - Angelalign: **35%** - Zhengya: **25-30%** - Invisalign: **20%** [5]. Future Growth Projections - The overall market is expected to grow by **5-10%** in the coming years, driven by: - Increased adoption of invisible orthodontics among children and teenagers. - A shift from traditional braces to invisible aligners among adults due to lower prices [6]. - The **2026 collective procurement** is a critical factor that could impact pricing and market dynamics [7]. International Market Insights - Angelalign's international sales are projected to grow significantly, with estimates of **25,000 to 27,000 cases** in **2025**, up from **14,000** in **2024** [8]. - The international market has historically been dominated by **Invisalign**, but Angelalign is gaining traction due to its competitive pricing and service offerings [9][10]. Profitability and Cost Structure - The company's gross margin in China has been declining due to price competition, while margins in international markets are expected to improve as they focus on mid-to-high-end products [13][14]. - The anticipated gross margin in international markets is expected to be higher than in China due to better pricing strategies and product positioning [14]. Legal and Patent Issues - Angelalign is currently facing patent infringement lawsuits from **Invisalign** in multiple regions, including the U.S. and Europe. However, the company denies any infringement and is actively defending itself [15][16]. - Historical data suggests that such lawsuits have a low success rate in preventing market entry for competitors [16]. Additional Important Insights - The conference highlighted the importance of monitoring the **2026 collective procurement** and its potential impact on pricing strategies [7]. - The competitive landscape is shifting, with Angelalign and Zhengya expected to continue gaining market share at the expense of Invisalign [17]. - The overall sentiment is cautiously optimistic, with expectations of gradual recovery and growth in the invisible orthodontics market as economic conditions improve [17].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 時代天使科技有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06699 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | 本月底法定/註冊股本總額： ...

Group 1 - The core viewpoint of the news is that the company, Times Angel, has successfully expanded its global market presence, particularly in developed countries, while maintaining strong growth in the Chinese market, despite a general slowdown in the orthodontics industry [3][6]. - The overseas employee conference held in Wuxi brought together hundreds of employees from various regions, emphasizing collaboration and communication across different functions and areas [1][3]. - The company has established a localized operational model in overseas markets, with teams that possess extensive experience in the orthodontics industry, ensuring a deep understanding of local markets and needs [6][9]. Group 2 - Times Angel's global market outside of China has grown rapidly from zero to a scale comparable to its Chinese operations over the past three years, showcasing the company's unique ability to achieve significant expansion in developed markets [3][6]. - The conference included various activities such as business meetings, employee recognition, and roundtable discussions, aimed at strengthening teamwork and collaboration among global employees [3][8]. - Employees expressed pride in being part of a company that is committed to customer-centric values and aims to bring Chinese orthodontic innovations to the world [9].

Group 1 - Morgan Stanley increased its stake in Times Angel (06699) by 649,218 shares at a price of HKD 66.6301 per share, totaling approximately HKD 43.2575 million [1] - After the increase, Morgan Stanley's total shareholding in Times Angel is approximately 22.6352 million shares, representing a holding percentage of 13.25% [1]

智通财经APP获悉，香港联交所最新资料显示，1月14日，摩根大通增持时代天使(06699)64.9218万股， 每股作价66.6301港元，总金额约为4325.75万港元。增持后最新持股数目约为2263.52万股，最新持股比 例为13.25%。 ...

Group 1 - The Hang Seng Technology Index increased by 1.93% and the Hang Seng Index rose by 1.32% [1] - Notable stock performances include: Zhaoyi Innovation up by 45.06%, Dali Group Holdings up by 13.35%, and Rongchang Bio up by 8.84% [1] - Declining stocks include: Times Angel down by 4.96%, Master Kong Holdings down by 4.18%, and CIMC Enric down by 3.72% [1]