瑞银发表研究报告指，时代天使中期业绩胜预期，收入达1.61亿美元，按年增长33.1%，高过该行预 期；净利润1420万美元，按年增长584%，符合预期；经调整净利润为1950万美元，按年增长85%；总 个案量达按年增长47.7%，毛利率持平于62.4%。该行将其目标价由82港元上调至91港元，上调2025至 27年度收入预测9%、6%及7%，重申"买入"评级。 ...

摩根士丹利发表研究报告，更新时代天使风险回报预测，将2025至2027年收入预测分别上调6.9%、 9.3%及10.6%，以符合管理层设定的中国市场25万宗及海外市场24万至25万宗案例量目标。大摩对2025 年净利润预测基本保持不变，但将2026年及2027年净利润分别上调6.3%及11%，反映海外市场扩张速度 快于预期。该行将基于现金流折现率(DCF)估算的目标价从65港元上调至74港元，评级"与大市同步"。 ...

智通财经APP获悉，高盛发布研报称，以分类加总估值法(SOTP)计，将时代天使(06699)目标价由78.8港 元升至81.3港元，予"买入"评级。时代天使上半年收入达1.61亿美元，同比升33%，胜该行预期，主要 受海外业务快速扩张推动。毛利率稳定维持于62.4%，与去年同期持平，其国内业务虽然进行战略性价 格调整，仍保持良好盈利水平，海外毛利率则从去年同期的58.3%扩至61.2%。管理层将全年个案量指 引上调至49万至50万个，即同比增至36%~39%。 ...

高盛发布研报称，以分类加总估值法(SOTP)计，将时代天使(06699)目标价由78.8港元升至81.3港元， 予"买入"评级。时代天使上半年收入达1.61亿美元，同比升33%，胜该行预期，主要受海外业务快速扩 张推动。毛利率稳定维持于62.4%，与去年同期持平，其国内业务虽然进行战略性价格调整，仍保持良 好盈利水平，海外毛利率则从去年同期的58.3%扩至61.2%。管理层将全年个案量指引上调至49万至50 万个，即同比增至36%~39%。 ...

高盛发表研究报告指，时代天使上半年收入达1.61亿美元，按年升33%，胜该行预期，主要受海外业务 快速扩张推动。毛利率稳定维持于62.4%，与去年同期持平，其国内业务虽然进行战略性价格调整，仍 保持良好盈利水平，海外毛利率则从去年同期的58.3%扩至61.2%。管理层将全年个案量指引上调至49 万至50万个，即按年增介乎36%至39%。以分类加总估值法(SOTP)计，该行将其目标价由78.8港元上调 至81.3港元，予"买入"评级。 ...

Summary of the Conference Call for Times Angel Company Overview - **Company**: Times Angel - **Industry**: Orthodontics and dental technology Key Points and Arguments Financial Performance - **Revenue Structure**: In the first half of the year, Times Angel reported revenue of $89.68 million from the Chinese market and $71.67 million from international markets [2][4] - **Case Growth**: The number of cases in the Chinese market grew by 14% to 109,000, while international cases surged by 103.5% to 117,000 [2] - **Operating Profit**: Operating profit in China increased by 52% to $17.19 million, while losses in international markets narrowed to $5.43 million [2][5] - **Cash Flow**: Operating cash flow increased by 194.4% to $17.54 million [2] Market Strategy - **Pricing Strategy**: The company expanded its case numbers in China through strategic price reductions, while international gross margins improved by 3 percentage points to 61.2% [2] - **Product Innovation**: New products launched include the A10 Angel Expander and the headgear-style muscle stimulator, along with digital tools like the i also platform and "Angel Xiao Zhi" [2][6] - **Supply Chain Investment**: Plans to increase investment in supply chain and infrastructure to strengthen sales, marketing, clinical support, and customer service [2][7] Future Projections - **Case Projections for 2025**: Expected total cases to reach between 490,000 and 500,000, with 250,000 in China and 240,000 to 250,000 internationally [3][10] - **Profitability Timeline**: The company aims for international operations to achieve monthly profitability by the first half of 2027 [3][11] Competitive Landscape - **Differentiation Strategy**: The company does not intend to engage in price wars but will focus on product and service differentiation [3][15] - **Response to Competition**: Plans to enhance clinical service teams and accelerate new customer onboarding in response to increasing competition [3][13] Challenges and Risks - **Increased Losses**: Anticipated significant expansion of international operating losses in the second half of the year due to delayed expenses, recruitment issues, and increased tariffs [3][17] - **Patent Litigation**: Facing patent lawsuits from Align Technology, which could impact operations, but the company is prepared with legal strategies [19] Market Dynamics - **Domestic Market Trends**: The domestic market has seen a decline in average prices, with a focus on maintaining market share through competitive pricing strategies [20] - **Collective Procurement Policies**: New collective procurement policies are being implemented, which may rationalize product prices and require the company to adapt [21] Strategic Partnerships - **Investment in Shuyaki**: The investment in Shuyaki aims to quickly penetrate emerging markets, leveraging complementary channels while maintaining independent operations [3][23] Global Supply Chain Development - **Supply Chain Resilience**: Building a more resilient global supply chain with production and design centers in key regions like Brazil and Southeast Asia [8][18] Macro Environment Impact - **Consumer Sentiment**: Global consumer willingness has decreased, affecting demand for non-essential medical services, including orthodontics [26] Additional Important Points - **Focus on Early Treatment**: Plans to enhance public awareness in early orthodontic treatment and strengthen professional service capabilities in lower-tier markets [2][7] - **Data Security and Compliance**: Emphasis on strengthening data security and compliance with international regulations [2][9]

Market Overview - US stock indices experienced adjustments, with European markets also facing challenges, particularly in France where the CAC 40 index fell over 2% [1] - Hong Kong stocks corrected after a strong rally, closing down 1.18% [1] - Optimism regarding potential Fed rate cuts was tempered by concerns over Trump's threats to dismiss Fed Governor Lisa Cook, which could undermine confidence in USD assets [1] Gold and Mining Sector - Gold stocks surged, with China Gold International reporting a turnaround in its mid-year results, showing strong growth and significant capacity expansion potential [1] - Other gold stocks like Lingbao Gold and Zhaojin Mining also saw substantial gains, reflecting a broader trend in the sector [1] Trade and Tariff Implications - Trump threatened to impose approximately 200% tariffs on rare earth magnets from China and additional tariffs on countries implementing digital taxes, impacting major US tech companies [2] - The US government proposed adding copper, silicon, and silver to a list of critical minerals, indicating a shift in tariff strategy to protect domestic industries [2] Automotive Industry Dynamics - The automotive sector is undergoing rapid changes, with Chinese electric vehicle companies and Tesla significantly shortening the development cycle for new models to about two years [3] - Traditional players like Puma are exploring strategic options, including potential sales, indicating a shift in competitive dynamics within the industry [3] AI and Technology Sector - The Chinese government announced plans to integrate AI with six key sectors by 2027, which will drive capital expenditure towards AI-related technologies [6] - Companies like SMIC and SenseTime are positioned to benefit from increased investment in AI and related technologies [6] Company Performance Highlights - Angelalign reported a 33.1% increase in revenue to $161.4 million, with a significant rise in net profit, indicating strong performance in the orthodontics market [4] - Meituan was included in the MSCI China Index, leading to an 8% increase in its stock price [5] Individual Stock Insights - SenseTime is expected to report improved financial results, with projected revenue growth and a potential narrowing of losses, reflecting a positive outlook for the company [7] - The company has a strong competitive position in AI technology, with significant advancements in model capabilities and market share in various applications [8]

证券研究报告 港股通 时代天使 (6699 HK) 业绩符合预期, 推进海外供应链/专利 建设 2025 年 8 月 26 日│中国香港 医疗器械 公司公告，1H25 实现收入 1.61 亿美金(+33.1% yoy)，净利润 0.14 亿美金 （+583.6%），经调整净利润 0.20 亿美金（+84.8% yoy），符合公司此前 披露的盈利预告。公司利润侧高速增长，主因：1）收入侧，中国业务案例 数稳健增长驱动收入维稳，而海外业务的收入则持续保持高增；2）海外新 工厂的投入进度有所延迟，因此 1H25 对应的投资及经营费用较少（我们认 为也因此凸显出海外业务在无额外工厂相关投入的情况下，中长期能够体现 出的海外分部业绩弹性）。展望 2H25，考虑公司海内外案例数持续高增， 但面对国内不确定性因素及海外供应链建设+数据安全/专利完善等相关费 用投入，我们预计公司 25 年归母净利润及经调整净利润体量维持稳定。维 持"买入"。 国内业务:1H25 进行策略性价格调整，看好基层市场持续开拓 1H25 中国市场实现收入 0.90 亿美金（同比 1H24 基本持平），主因国内策 略型价格调整背景下，案例数稳健增长（ ...

Market Overview - The Hong Kong stock market failed to maintain its strong performance from the previous day, with all three major indices experiencing a collective adjustment. The Hang Seng Index fell by 1.18% or 304.99 points, closing at 25,524.92 points, with a total trading volume of HKD 31.78 billion. The Hang Seng China Enterprises Index decreased by 1.07% to 9,148.66 points, while the Hang Seng Tech Index dropped by 0.74% to 5,782.24 points [1] Blue-Chip Stocks Performance - CSPC Pharmaceutical Group (01093) led the decline among blue-chip stocks, falling by 4.33% to HKD 10.38, with a trading volume of HKD 1.797 billion, contributing a loss of 6.04 points to the Hang Seng Index. Bank of America Securities reported a 14.3% year-on-year decline in total revenue for CSPC in Q2, with attributable net profit down 24% to RMB 1.1 billion. The firm revised its revenue forecasts for 2025 to 2027 down by 25%, 2%, and 11% respectively [2] Sector Highlights - Large technology stocks mostly declined, with Alibaba down 2.57% and Tencent down 0.81%. Gold stocks surged, with China Gold International rising over 10%. Apple is expected to initiate a three-year innovation cycle, boosting related stocks like Lens Technology, which rose over 5%. Gaming stocks and some new consumption concepts performed well, with Melco International Development up over 9% [3][5] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated rising downside risks in the U.S. labor market, suggesting a potential policy adjustment could be appropriate. This statement is seen as a strong signal for a possible interest rate cut as early as September. The market reacted positively, particularly for precious metals, with expectations for further increases in gold prices [4] Gaming Sector Performance - The gaming sector continued its upward trend, with Melco International Development rising 9.27% to HKD 5.54. According to JPMorgan, Macau's gaming revenue for the first 24 days of August reached MOP 17.65 billion, with a daily average of MOP 735 million, reflecting a 9% increase from the previous week [6] Pharmaceutical Sector Challenges - The pharmaceutical sector faced pressure, with several stocks declining. Notably, CStone Pharmaceuticals (09966) fell 6.74% to HKD 10.24. U.S. President Trump's announcement to drastically reduce drug prices could create significant challenges for the global pharmaceutical industry, presenting both opportunities and risks for Chinese biotech stocks [6] Notable Stock Movements - Double Ended Co. (06960) debuted with a 31.29% increase, closing at HKD 19.05. The company focuses on energy storage solutions in the data and communication sectors, with a projected market share of 11.1% by 2024 [7] - Kingsoft Holdings (03918) reached a new high, rising 17.94% to HKD 5.72, reporting a 16.76% year-on-year revenue increase to USD 342 million [8] - Angelalign Technology (06699) saw a 10.28% increase to HKD 75.1, with a 33.1% year-on-year revenue growth reported [9] - Meitu Inc. (01357) rose 7.9% to HKD 11.47 after being included in the MSCI China Index, with Morgan Stanley expressing confidence in its long-term growth potential [10] - Xintai Medical (02291) experienced a significant drop of 12.75% to HKD 23.96 following a major shareholder's sale of shares [11]

时代天使科技有限公司（股份代号：6699）近日公布了截至2025年6月30日止六个月期间的中期业绩。 报告期内，公司实现收入161.4百万美元，较去年同期增长33.1%；净利润达到14.2百万美元，同比增长 583.6%。公司在中国内地市场的收入为89.7百万美元，较去年同期微增0.6%；而在全球其他市场实现收 入71.7百万美元，同比增长123.3%。 公司于报告期内继续加大研发投入，研发开支达到12.8百万美元，较去年同期增长21.5%。这些投入主 要用于开发新的隐形矫治技术和产品，以及提升数字化服务能力。 时代天使在报告期内完成的隐形矫治案例总数约为225,800例，同比增长22.8%。其中，中国内地市场完 成约108,600例，同比增长14.0%；全球其他市场完成约117,200例，同比增长103.5%。公司在全球市场 的显著增长得益于其在新市场的成功拓展。 公司毛利达到100.6百万美元，同比增长32.9%，毛利率维持在62.4%，与去年同期基本持平。净利润率 从去年同期的1.7%显著提升至8.8%。这一利润增长主要得益于公司在全球市场的扩展、业务规模的增 加以及运营效率的提升。 ...