Core Viewpoint - The report from Xingzheng International recommends focusing on Times Angel (06699), highlighting its significant growth in case numbers and strong performance in global expansion during the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of $161 million, a year-on-year increase 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] - Revenue from global markets outside of China reached approximately $72 million, a year-on-year increase of 123.4%, accounting for 44.4% of total revenue [2] - Revenue from the Chinese market was $90 million, a year-on-year increase of 0.7%, making up 55.6% of total revenue, with operating profit of approximately $17 million, up 52.1% year-on-year [2] Group 2: Case Growth - The total number of cases reached 225,800, a year-on-year increase of 47.7%, with 117,200 cases outside of mainland China, up 103.5% year-on-year, representing 51.9% of total cases [3] - In mainland China, the company achieved approximately 108,600 cases, a year-on-year increase of 14.0%, driven by strategic price adjustments in response to competition [3] - The slower revenue growth in the domestic market compared to case growth is attributed to a decline in average selling prices [3] Group 3: Global Expansion - The company is enhancing its global presence by leveraging high-quality medical design support and stable delivery, along with continuous education 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 the U.S. market [4] - Significant resources are being invested to upgrade data security facilities and operational processes to comply with data security and privacy regulations in all major countries and regions where the business operates [4]

Core Viewpoint - Guosheng Securities maintains a "Buy" rating for Times Angel (06699), citing rapid growth in overseas markets and projecting revenue and net profit growth from 2025 to 2027 [1] Financial Projections - Expected revenues for Times Angel are $331 million, $393 million, and $469 million for 2025, 2026, and 2027, representing year-on-year growth of 23.2%, 18.8%, and 19.3% respectively [1] - Projected net profits are $13 million, $22 million, and $34 million for the same years, with year-on-year growth of 4.5%, 74.5%, and 53.9% respectively [1] Recent Performance - In the first half of 2025, Times Angel achieved revenue of $161 million, a year-on-year increase of 33.1% [1] - The net profit for the same period was $14.2 million, reflecting a significant year-on-year growth of 583.6% [1] - Adjusted net profit reached $19.5 million, marking an 84.8% year-on-year increase [1] Market Dynamics - The company is experiencing steady growth in the domestic market while showing strong performance in overseas markets, with the number of overseas cases exceeding expectations [1] - Ongoing localization efforts and overseas capacity expansion are expected to enhance global service capabilities [1] - The introduction of multiple innovative products and solutions continues to improve the product portfolio [1] Strategic Investments - The strategic investment in Shuyaki, acquiring a 35% stake, aims to deepen the company's presence in emerging markets and increase the penetration rate of invisible orthodontics [1]

Core Viewpoint - Guosheng Securities maintains a "buy" rating for Times Angel (06699), citing rapid growth in overseas markets and projecting significant revenue and profit increases from 2025 to 2027 [1] Financial Projections - Expected revenues for Times Angel are projected to be $331 million, $393 million, and $469 million for 2025, 2026, and 2027, respectively, representing year-on-year growth of 23.2%, 18.8%, and 19.3% [1] - Projected net profits for the same years are $13 million, $22 million, and $34 million, with year-on-year growth rates of 4.5%, 74.5%, and 53.9% [1] Recent Performance - For the first half of 2025, Times Angel reported revenues of $161 million, a year-on-year increase of 33.1% [1] - The net profit for the same period was $14.2 million, reflecting a substantial year-on-year growth of 583.6% [1] - Adjusted net profit for 2025H1 was $19.5 million, showing an 84.8% increase year-on-year [1] Market Dynamics - The company is experiencing steady growth in the domestic market while showing impressive performance in overseas markets, with the number of overseas cases exceeding expectations [1] - Ongoing localization efforts and expansion of overseas production capacity are expected to enhance global service capabilities [1] - The introduction of multiple innovative products and solutions continues to improve the company's product portfolio [1] Strategic Investments - Times Angel has made a strategic investment in Shuyaki, acquiring a 35% stake, which is expected to deepen its presence in emerging markets and increase the penetration rate of invisible orthodontics [1]

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: 2025年8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: 2025年9月3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： ...

Core Viewpoint - The company reported strong financial performance for H1 2025, with significant growth in both revenue and net profit, driven by international expansion and improved domestic operations [1][2]. Financial Performance - The company achieved revenue of $161 million in H1 2025, representing a 33% increase year-over-year [1]. - Net profit attributable to shareholders reached $15 million, up 363% compared to the previous year [1]. - The number of cases handled was 225,800, reflecting a 47.7% increase [1]. International Expansion - The company saw a substantial increase in overseas cases, totaling 117,200, which is a 103.5% increase, and now accounts for 51.9% of total cases [1]. - Overseas revenue reached $72 million, marking a 123% increase, with its share of total revenue rising to 44% [1]. - The gross margin for the company was 61.2%, an increase of 2.96 percentage points, while the net profit margin for the overseas segment improved significantly, narrowing losses by 44.5 percentage points [1]. Domestic Operations - Domestic cases increased to 109,000, a 14% rise, with revenue of $90 million, a slight increase of 0.7% [1]. - The net profit from domestic operations was $17 million, up 52%, with a net profit margin of 19.2%, an increase of 6.5 percentage points [1][2]. Cost Management - The improvement in domestic net profit margin was attributed to the increased allocation of fixed costs from overseas operations and effective cost control measures [2]. - The overall gross margin for H1 2025 was 62.4%, remaining stable year-over-year, with a net profit margin of 9.1%, up 6.5 percentage points [2]. - The sales expense ratio, management expense ratio, and R&D expense ratio were 33.3%, 13.8%, and 7.9%, respectively, showing year-over-year decreases of 6.4, 4.5, and 0.7 percentage points [2]. Future Outlook - The company slightly adjusted its profit forecasts for 2025-2027, predicting net profits of $8.6 million, $15 million, and $27.8 million, respectively [2]. - The company is positioned as a leading player in the invisible orthodontics market, with strong brand and product capabilities, focusing on grassroots market penetration domestically and accelerating breakthroughs in overseas markets [2].

本公告為該公告的補充，應與該公告一併閱讀。上述額外資料不影響該公告所載 的其他資料及內容。除本公告所披露者外，該公告的內容維持不變且就所有目的 而言仍繼續有效。 （於開曼群島註冊成立的有限公司） （股份代號：6699） 補充公告 關連交易 投資關連實體 茲提述本公司日期為2025年8月25日的公告（「該公告」），內容有關根據上市規則 第14A章的關連交易。除非另有定義，否則本公告所用的詞彙與該公告所界定者 具有相同涵義。 本公司謹此補充以下有關投資協議的額外資料： 除本集團及本公司控股股東松柏投資集團外，上海馬可菲斯的現有其他股東包 括： 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份內容而產生或因倚 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 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9月2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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [7][18]. Core Insights - The company reported a revenue of $161 million for the first half of 2025, representing a 33% year-over-year increase, and a net profit of $15 million, which is a significant increase of 363% [2][3]. - The number of cases handled reached 225,800, marking a 47.7% increase compared to the previous year [2][3]. - The international expansion strategy is proving effective, with overseas case numbers increasing by 103.5% to 117,200, accounting for 51.9% of total cases [4][5]. Financial Performance - The overall gross margin for the first half of 2025 was 62.4%, remaining stable year-over-year, while the net profit margin improved to 9.1%, an increase of 6.5 percentage points [6]. - Domestic operations also showed steady growth, with 109,000 cases (+14%) and revenue of $90 million (+0.7%), alongside a net profit of $17 million (+52%) [5][6]. - The company completed a strategic investment in Shuyaqi in July 2025, aiming to enhance market penetration in lower-tier cities through cost-effective products and an extensive clinic network [5]. Profit Forecast and Investment Recommendations - The profit forecast for the company has been slightly adjusted downwards, with expected net profits of 86 million, 150 million, and 278 million yuan for 2025, 2026, and 2027 respectively [7]. - The company is positioned as a leading player in the domestic invisible orthodontics market, with strong brand and product capabilities, and is accelerating its overseas market breakthroughs [7].

Core Viewpoint - The company reported strong performance in its 2025 mid-year earnings, exceeding expectations with a revenue of $161.4 million (+33.1%) and a net profit of $14.2 million (+583.6%) [1] Business Performance - Domestic case numbers grew above expectations, while the overseas market share increased significantly. In H1 2025, the company achieved a total of 225,800 cases (+47.7%), with domestic cases at 108,600 (+14.0%) and overseas cases at 117,200 (+103.5%) [1] - Domestic market revenue reached $89.7 million (+0.6%), showing steady growth, while the overseas market revenue was $71.7 million (+123.1%), accounting for 44.4% of total revenue (+17.9 percentage points) [1] Financial Performance - Gross profit margin remained stable at 62.4% (-0.1 percentage points), with domestic market gross profit margin at 63.3% (-0.7 percentage points) and overseas market gross profit margin at 61.2% (+3.0 percentage points) [2] - The company improved its cost structure, with operating expense ratio at 54.7% (-10.4 percentage points), and significant reductions in sales, management, and R&D expense ratios [2] - Net profit margin improved to 8.8% (+7.1 percentage points), with adjusted net profit margin at 12.1% (+3.7 percentage points), indicating enhanced profitability [2] - The company holds a strong cash position with $488 million in cash and cash equivalents, term deposits, and financial products [2] International Market Outlook - The overseas market performed better than expected in H1 2025, with an upward adjustment of the annual guidance to 240,000-250,000 cases (over 70% year-on-year growth) [2] - Despite improvements, uncertainties remain regarding the ability to reduce losses in the overseas market due to high patent litigation costs, emerging price wars, and potential short-term cost increases from new factory setups and hiring [2] Profit Forecast - The company is expected to maintain its leading position in the domestic market while accelerating growth in the overseas market. Long-term performance is viewed positively, with projected net profits of $0.12 million, $0.23 million, and $0.39 million for 2025-2027, corresponding to EPS of $0.07, $0.13, and $0.23, respectively [2]

Core Viewpoint - Angelalign (06699) reported strong mid-year performance with significant revenue and profit growth, driven by international market expansion and increased case numbers [1] Financial Performance - The company's revenue for the first half of the year was $161.4 million, a year-on-year increase of 33.1% [1] - Adjusted net profit reached $19.5 million, up 84.8% compared to the previous year [1] - Profit attributable to shareholders was $14.64 million, reflecting a substantial year-on-year growth of 362.65% [1] Market Expansion - The total number of invisible orthodontic cases increased by 47.7% year-on-year, reaching approximately 225,800 cases [1] - International market cases surged by 103.5% year-on-year, totaling about 117,200 cases, surpassing the domestic market's 108,600 cases [1] Analyst Insights - Goldman Sachs noted that Angelalign's revenue of $161 million exceeded their expectations, primarily due to rapid overseas business expansion [1] - The gross margin remained stable at 62.4%, consistent with the same period last year, while the overseas gross margin improved from 58.3% to 61.2% [1] Future Guidance - Management has raised the annual case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of 36% to 39% [1]

Core Viewpoint - Angelalign (06699) reported strong mid-year performance with significant revenue and profit growth, driven by international market expansion and increased case numbers [1] Financial Performance - Revenue for the first half of the year reached $161.4 million, a year-on-year increase of 33.1% [1] - Adjusted net profit was $19.5 million, reflecting an 84.8% increase compared to the previous year [1] - Profit attributable to shareholders was $14.64 million, showing a substantial year-on-year growth of 362.65% [1] Operational Highlights - Total cases of invisible orthodontics increased by 47.7% year-on-year, reaching approximately 225,800 cases [1] - International market cases surged by 103.5% year-on-year, totaling about 117,200 cases, surpassing the domestic market's 108,600 cases [1] - The management raised the annual case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of 36% to 39% [1] Profitability Metrics - Gross margin remained stable at 62.4%, consistent with the same period last year [1] - Domestic business maintained good profitability despite strategic price adjustments [1] - Overseas gross margin improved from 58.3% in the previous year to 61.2% [1]