Core Insights - Morgan Stanley increased its stake in Times Angel (06699) by acquiring 124,350 shares at an average price of HKD 62.5004 per share, totaling approximately HKD 7.7719 million [1] - Following this acquisition, Morgan Stanley's total shareholding in Times Angel reached approximately 23.9243 million shares, representing a 14.01% ownership stake [1]

Core Insights - The company reported a significant increase in revenue and net profit for H1 2025, with revenue reaching $16.1 million, a year-on-year growth of 33.1%, and net profit of $14.64 million, up 364.25% [1] Group 1: Market Performance - Domestic revenue in mainland China for H1 2025 was $89.68 million, a growth of 1.25%, while overseas revenue reached $71.67 million, marking a substantial increase of 124.51% [1] - The company has strategically positioned itself in early treatment and lower-tier markets in China, which has become a stable growth driver [1] - The total number of invisible orthodontic cases reached 225,800, a year-on-year increase of 47.7%, with domestic cases at approximately 108,600 (up 14.0%) and overseas cases at about 117,200 (up 103.5%) [1] Group 2: Business Expansion and Innovation - The company launched several innovative products and solutions focused on early treatment, complex cases, and digital diagnosis, including the industry's first anti-caries invisible aligner [2] - A global supply chain is being developed to support rapid business expansion, with new manufacturing and design facilities planned in key global locations [2] - Digital upgrades have been integrated into the invisible orthodontic solutions, enhancing communication and treatment monitoring for clinical teams and patients [2] Group 3: Financial Forecast - Revenue projections for 2025-2027 are estimated at $342 million, $406 million, and $478 million respectively, with net profits expected to be $12 million, $23 million, and $40 million [3]

天风证券（601162）发布研报称，预计时代天使(06699)2025-2027年营业收入分别为3.42/4.06/4.78亿美 元(2025/2026/2027年前值分别为3.22/3.83/4.53亿美元)，归母净利润分别为0.12/0.23/0.40亿美元 (2025/2026/2027年前值分别为0.12/0.21/0.38亿美元)，上调原因系全球化扩张提速，维持"买入"评级。8 月25日，公司发布2025年中报。2025年H1公司实现收入1.61亿美元，同比增长33.1%，归母净利润为 1464.30万美元，同比增长364.25%。经营性现金流为1753.50万美元，同比增长196.72%。 ...

智通财经APP获悉，天风证券发布研报称，预计时代天使(06699)2025-2027年营业收入分别为 3.42/4.06/4.78亿美元(2025/2026/2027年前值分别为3.22/3.83/4.53亿美元)，归母净利润分别为 0.12/0.23/0.40亿美元(2025/2026/2027年前值分别为0.12/0.21/0.38亿美元)，上调原因系全球化扩张提速， 维持"买入"评级。8月25日，公司发布2025年中报。2025年H1公司实现收入1.61亿美元，同比增长 33.1%，归母净利润为1464.30万美元，同比增长364.25%。经营性现金流为1753.50万美元，同比增长 196.72%。 ...

港股公司报告 | 公司点评 时代天使（06699） 证券研究报告 全球业务增长强劲，产品创新提升诊疗效能 事件： 8 月 25 日，公司发布 2025 年中报。2025 年 H1 公司实现收入 1.61 亿美元， 同比增长 33.1%，归母净利润为 1464.30 万美元，同比增长 364.25%。经营 性现金流为 1753.50 万美元，同比增长 196.72%。 点评： 国内市场发展稳健，海外市场增速亮眼 2025 年 H1 中国大陆地区营业收入达 8968.20 万美元，同比增长 1.25%，海 外收入达 7167.20 万美元，同比增长 124.51%。在国内市场，公司前瞻性布 局早期矫治与下沉市场，培育其成为业务稳定增长的驱动力。在海外市场， 公司凭借高质量的医学设计支持、稳定的交付，结合由关键意见领袖主导 的持续性教育培训以及为重要战略客户简单病例定制的矫治器等方式，扩 大了海外市场覆盖范围。 海外案例数保持高速增长，主营业务稳步提升 2025 年 H1，公司隐形矫治案例总数达 22.58 万例，同比增长 47.7%。国内 隐形矫正案例总数约 10.86 万例，同比增长 14.0%。海外隐形矫治案 ...

Group 1 - The company Pang Donglai has announced the recruitment of all released prisoners, with 2% of the 1000 positions at the new store allocated for them [2] - ByteDance's Douyin Group VP responded to rumors about a potential Hong Kong listing, cautioning investors about misleading information regarding "Byte concept stocks" [3] - Over 20 million new employment form workers in China are now covered by occupational injury insurance, with specific policies for delivery workers and ride-hailing drivers [4] Group 2 - Prosus's OLX Group has agreed to acquire the French automotive classifieds platform La Centrale for €1.1 billion, with the deal expected to close by the end of the year [5] - Xiaomi's Lei Jun stated that the company will invest at least 50 billion yuan in chip development over the next decade [6] - Yushutech's CEO announced the upcoming release of a 1.8-meter humanoid robot, highlighting a significant growth rate of 50% to 100% in the domestic robotics industry [7] Group 3 - The Trump administration plans to require chip manufacturers to match domestic production with imports, imposing tariffs on companies that fail to maintain a 1:1 ratio [8] - Times Angel is actively responding to a renewed investigation request from competitor Align Technology, expressing confidence in a favorable outcome [9] - Starbucks announced a $1 billion restructuring plan, which includes closing underperforming stores, notably the first Reserve Roastery in Seattle [9] Group 4 - Chinese scientists achieved nearly 100% utilization of precious metal atoms in catalytic reactions, paving the way for more efficient and sustainable catalysts [10] - Reports indicate a warming relationship between Trump and Musk, as they collaborate on making AI models available to federal agencies at competitive prices [11] - Trump approved a deal allowing TikTok to continue operating in the U.S., establishing a joint venture where U.S. investors will hold a majority stake [12][13]

据中国贸易救济信息网，9月23日，爱齐科技根据《美国1930年关税法》第337节规定向美国际贸易委员 会提出申请，主张对美出口、在美进口及销售的特定透明牙套及其组件（Certain Clear Aligners and Components Thereof）违反了美国337条款。 当地时间9月24日，时代天使表示，竞争对手爱齐科技（Align Technology, Inc.）近日向美国国际贸易委 员会（ICT）再次提起调查申请，该申诉毫无依据，公司对此事件的结果充满信心。时代天使强调，公 司将积极应对，并相信将取得胜利。 ...

ANGELALIGN TECHNOLOGY INC. 時代天使科技有限公司 (Incorporated in Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 6699) （股份代號：6699） NOTIFICATION LETTER 通知信函 September 23, 2025 Dear Non-Registered Holder of securities of Angelalign Technology Inc. (the "Company") (Note 1) Notification of publication of Corporate Communication on the Company's website We hereby notify you that the following corporate communication (the "Current Corporate Communication") of the Company in both English and Chinese, is ...

（於開曼群島註冊成立的有限公司） 股份代號 : 6699 中期報告 2025 INTERIM REPORT 中期報告 目錄 02 公司資料 03 業績概要 05 管理層討論與分析 18 非國際財務報告準則計量 20 企業管治及其他資料 39 中期財務資料的審閱報告 40 中期簡明綜合全面收益表 41 中期簡明綜合財務狀況表 43 中期簡明綜合權益變動表 45 中期簡明綜合現金流量表 46 簡明綜合財務資料附註 90 釋義 2025年中期報告 02 公司資料 董事會 執行董事 胡杰章先生 （首席執行官） 黃琨先生 宋鑫先生 董莉女士 非執行董事 馮岱先生 （主席） 獨立非執行董事 韓小京先生 石子先生 周浩先生 審核委員會 周浩先生 （主席） 韓小京先生 石子先生 薪酬委員會 韓小京先生 （主席） 胡杰章先生 黃琨先生 石子先生 周浩先生 提名委員會 馮岱先生 （主席） 董莉女士 （自2025年6月24日起獲委任為 提名委員會成員） 韓小京先生 石子先生 周浩先生 宋鑫先生 （自2025年6月24日起不再擔任 提名委員會成員） 公司秘書 李亮賢先生 （自2025年5月15日起獲委任） 朱凌波先生 （自2025年 ...

Core Viewpoint - The report from 兴证国际 highlights the strong performance and strategic initiatives of 时代天使 (06699) in the first half of 2025, emphasizing its ability to adapt to market conditions and maintain its leading position through various measures such as price adjustments and market expansion [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of $161 million, representing a year-on-year growth of 33.1%, with a gross margin of 62.4% and an adjusted net profit of approximately $20 million, up 84.8% year-on-year [2] - The global market outside of China contributed approximately $72 million in revenue, a significant increase of 123.4% year-on-year, accounting for 44.4% of total revenue [2] - The domestic market generated $90 million in revenue, showing a modest growth of 0.7% year-on-year, while operating profit reached approximately $17 million, up 52.1% year-on-year, with an operating profit margin of 19.2%, an increase of 6.5 percentage points [2] Group 2: Market Expansion and Strategy - The total number of cases reached 225,800 in the first half of 2025, reflecting a year-on-year increase of 47.7%, with 117,200 cases outside of mainland China, a growth of 103.5% [3] - In mainland China, the company achieved approximately 108,600 cases, a 14.0% increase year-on-year, driven by strategic price adjustments and a focus on early treatment and lower-tier markets [3] - The revenue growth in the domestic market lagged behind the case growth due to a decline in average selling prices [3] Group 3: Globalization and Service Enhancement - The company is expanding its market presence outside of mainland China by leveraging high-quality medical design support and stable delivery, along with continuous education and training led by key opinion leaders [4] - Plans are in place to establish or expand manufacturing and design facilities in key global locations, such as Brazil and Southeast Asia, to support operations in the U.S. [4] - Significant resources are being allocated to upgrade data security facilities and operational processes to comply with data security and privacy regulations in all major countries and regions where the company operates [4]