业绩简评 2025 年 8 月 25 日，公司披露 2025 年中期业绩公告，2025H1 公司 实现收入 1.614 亿美元，同比增长 33.1%；实现净利润 1420 万美 元，同比增长 583.6%；实现经调整净利润 1950 万美元，同比增长 84.8%。 经营分析 海外业务快速增长，成为核心驱动力。分区域来看，25H1 公司在 中国内地以外全球市场实现收入 7100 万美元，同比增长 123%；国 内业务实现收入 8970 万美元，同比微增。案例数方面，25H1 公司 整体案例数为 22.58 万例，同比增长 47.7%。拆解来看，公司在中 国内地以外全球市场达成案例数 11.72 万例，同比增长 103.5%； 在中国内地市场达成案例数 10.86 万例，同比增长 14%。2025H1 公 司全球化战略成效显著，海外案例数首次超越国内市场同期水平， 海外业务有望持续贡献增长动能。 盈利能力上国内运营效率提升，海外亏损收窄。盈利能力方面， 25H1 海外分部经调整分部经营亏损从去年同期的 1608 万美元大 幅收窄至 357 万美元，亏损收窄主要得益于延迟中国内地以外的 医学设计中心及生产基地的运营 ...

智通财经APP获悉，时代天使(06699)绩后股价走高，尾盘涨幅扩大逾10%，截至发稿，涨10.28%，报 75.1港元，成交额5.73亿港元。 此外，时代天使宣布，全资附属无锡时代天使与上海马可菲斯及上海马可菲斯现有股东订立投资协议， 无锡时代天使已有条件同意以现金代价1000万元人民币认购上海马可菲斯经扩大註册股本的5%。于投 资完成后，集团将实益拥有上海马可菲斯约9.7%股权的权益。上海马可菲斯为隐形矫治器行业原材 料、配件及设备的领先供应商之一。鉴于因集团隐形矫治器业务增长导致在隐形矫治器生产过程中对原 材料的需求不断增加，董事认为，集团获取可靠之原材料供应商并与该供应商建立长期合作关系至关重 要。 消息面上，8月25日晚，时代天使公布2025年中期业绩，收入为1.614亿美元，同比增加33.1%；毛利为 约1亿美元，同比增加32.9%；经调整净利润为1950万美元，同比增加84.8%。公司拥有人应占利润 1464.3万美元，同比增长362.65%；每股盈利0.09美元，特别中期股息每股股份0.46港元。报告期内，公 司隐形矫治案例总数同比大幅增长47.7%，达到约22.58万例，其中国际市场案例数同 ...

时代天使(06699)绩后股价走高，尾盘涨幅扩大逾10%，截至发稿，涨10.28%，报75.1港元，成交额5.73 亿港元。 此外，时代天使宣布，全资附属无锡时代天使与上海马可菲斯及上海马可菲斯现有股东订立投资协议， 无锡时代天使已有条件同意以现金代价1000万元人民币认购上海马可菲斯经扩大註册股本的5%。于投 资完成后，集团将实益拥有上海马可菲斯约9.7%股权的权益。上海马可菲斯为隐形矫治器行业原材 料、配件及设备的领先供应商之一。鉴于因集团隐形矫治器业务增长导致在隐形矫治器生产过程中对原 材料的需求不断增加，董事认为，集团获取可靠之原材料供应商并与该供应商建立长期合作关系至关重 要。 消息面上，8月25日晚，时代天使公布2025年中期业绩，收入为1.614亿美元，同比增加33.1%；毛利为 约1亿美元，同比增加32.9%；经调整净利润为1950万美元，同比增加84.8%。公司拥有人应占利润 1464.3万美元，同比增长362.65%；每股盈利0.09美元，特别中期股息每股股份0.46港元。报告期内，公 司隐形矫治案例总数同比大幅增长47.7%，达到约22.58万例，其中国际市场案例数同比增长103.5%， ...

Core Insights - The core viewpoint of the articles highlights the performance and challenges faced by the Chinese orthodontic company, Times Angel, particularly in the context of its recent financial results and ongoing patent litigation with Align Technology [1][2][7]. Financial Performance - Times Angel reported a revenue of $161 million for the first half of 2025, a 33.1% increase year-on-year, and a net profit of $14 million, marking a significant 583.6% increase compared to the previous year [1]. - The company's core business, invisible orthodontic solutions, contributed approximately 53.4% of total revenue, generating $86 million, with a total case number growth of 47.7% to about 225,800 cases [1]. Market Dynamics - The Chinese orthodontic market is experiencing rapid growth, with the number of orthodontic cases nearing 4 million in 2023 and the market value exceeding 60 billion yuan [3]. - The invisible orthodontic market is expected to reach a scale of 33.5 billion yuan by 2030, with a significant portion of cases currently concentrated in first and second-tier cities [3][4]. Competitive Landscape - The market is characterized by a "dual oligopoly" between Times Angel and Align Technology, which together hold over 70% of the market share [6]. - Times Angel's market share is currently at 4.5%, ranking fifth globally, while Align Technology dominates with a 58.8% share [6][7]. International Expansion - Times Angel is actively pursuing international markets, having acquired a 51% stake in Brazilian orthodontic manufacturer Aditek and establishing subsidiaries in the U.S., Europe, and Australia [6][7]. - The company's revenue from global markets outside of mainland China reached $72 million in the first half of 2025, a 123% increase from the previous year [7]. Legal Challenges - Align Technology has initiated a patent infringement lawsuit against Times Angel, claiming that the latter's products infringe on multiple patents related to orthodontic technology [2][7]. - Legal experts suggest that if Times Angel is found to have infringed on patents, it could face significant financial penalties and restrictions in international markets, impacting its competitive position [2][8].

8月25日，隐形正畸龙头——时代天使(06699)发布2025年中期业绩报告，多项核心指标呈现强劲增长态 势，并表述将战略性加大在多个关键领域的长期投入。 报告期内，公司隐形矫治案例总数同比大幅增长47.7%，达到约22.58万例，其中国际市场案例数同比增 长103.5%，约为11.72万例，超越中国市场的10.86万例，展现出全球化布局的显著成效。 时代天使高度重视研发过程中的专利布局，推动临床实践与数字技术的融合创新，确保每一代新产品和 技术方案都能形成有效的专利壁垒。 知识产权管理的核心不仅在于保护自身创新，也需全面遵循全球不同地区的监管要求。因此，时代天使 将"合规性"视为知识产权战略的另一重要支柱，在产品全生命周期均实施严格的知识产权合规审查，确 保业务拓展符合当地法律法规与行业标准，最大限度降低全球经营中的知识产权风险。 除了知识产权领域的重点投入，时代天使也在全球供应链与数据安全方面持续加码。为满足国际市场日 益增长的需求，公司正在加快建设环境友好、高扩展性的世界级智能制造体系，并计划在多个地区新建 或扩建生产与医学设计中心。目前，位于巴西及东南亚的医学设计中心已成功运营，并为北美市场提供 支持 ...

8月25日，隐形正畸龙头——时代天使（06699）发布2025年中期业绩报告，多项核心指标呈现强劲增长 态势，并表述将战略性加大在多个关键领域的长期投入。 知识产权管理的核心不仅在于保护自身创新，也需全面遵循全球不同地区的监管要求。因此，时代天使 将"合规性"视为知识产权战略的另一重要支柱，在产品全生命周期均实施严格的知识产权合规审查，确 保业务拓展符合当地法律法规与行业标准，最大限度降低全球经营中的知识产权风险。 除了知识产权领域的重点投入，时代天使也在全球供应链与数据安全方面持续加码。为满足国际市场日 益增长的需求，公司正在加快建设环境友好、高扩展性的世界级智能制造体系，并计划在多个地区新建 或扩建生产与医学设计中心。目前，位于巴西及东南亚的医学设计中心已成功运营，并为北美市场提供 支持，显示出全球资源协同的显著效能。 在取得亮眼业绩的同时，时代天使表示将进一步增加销售与市场推广、临床支持及客户服务投入，建立 并运营国际医学设计中心和制造基地，增强法律能力以推进知识产权战略与合规建设，并进一步升级数 据安全基础设施。 围绕研发的知识产权战略及全球合规体系构建，已被确立为公司的核心优先事项。 随着全球业务的 ...

Core Insights - Angelalign Technology Co., Ltd. reported a strong performance in its mid-year results for 2025, with a 47.7% year-on-year increase in total cases of invisible orthodontics, reaching approximately 225,800 cases [1] - The company's revenue, gross profit, and operating profit all saw year-on-year increases, driven by the growth in case numbers and efficient operations of its medical design center and production base [1] - The company implemented strict cost control measures in response to uncertainties in the tariff environment, which included delaying recruitment in sales, marketing, clinical support, and customer service, as well as postponing the operation of its international medical design center and production base [1] Financial Performance - For the reporting period, Angelalign's revenue grew by 33.1% year-on-year to approximately $161.4 million, with gross profit reaching $100.6 million and adjusted net profit at $19.5 million [1] - The international market saw a significant increase in case numbers, reaching 117,200 cases, a year-on-year growth of 103.5%, attributed to both a low base from the previous year and successful market expansion efforts [2] - In the Chinese market, the number of cases reached 108,600, reflecting a year-on-year growth of 14% [2] Strategic Initiatives - The company plans to strategically increase long-term investments in key areas to establish a more sustainable global business foundation [1] - Future investments will focus on enhancing sales and marketing, clinical support, and customer service, as well as establishing and operating international medical design centers and manufacturing bases [1] - Angelalign aims to strengthen its legal capabilities to advance its intellectual property strategy and compliance efforts, while also upgrading data security infrastructure to solidify its market position [1][2]

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

时代天使公布2025年中期业绩，收入为1.614亿美元，同比增加33.1%；毛利为约1亿美元，同比增加 32.9%；经调整净利润为1950万美元，同比增加84.8%。公司拥有人应占利润1464.3万美元，同比增长 362.65%；每股盈利0.09美元，特别中期股息每股股份0.46港元。此外，报告期内，时代天使实现强劲 增长，隐形矫治总案例数同比增长47.7%达到约225，800例，其中国际市场案例数约117，200例，中国 市场案例数约108，600例。 来源：新浪港股 时代天使（06699）午前股价上涨7.42%，现报73.15港元，成交额3.67亿港元。 ...

8月25日晚间，时代天使(06699.HK)发布2025年半年报显示，上半年实现收入1.61亿美元，同比增长 33.1%；经调整净利润达到1950万美元，同比增长84.8%。上半年，时代天使隐形矫治总案例数同比增 长47.7%达到22.58万例。 在报告中，时代天使表示，展望未来，公司预期在销售、营销、临床支持及客户服务方面加大投入力 度，设立及运营中国以外医学设计中心及生产基地、不断提升法务能力以推进知识产权战略及合规，并 进一步升级数据安全基础设施，以建立更加可持续的国际影响力。 拆解来看，上半年，公司在国际市场的案例数达到11.72万例，同比增长103.5%。这得益于去年同期的 低基数，也源于公司在新开拓市场中取得的成果，并实现快速收益。时代天使通过提供高质量医学方案 设计、稳定交付，以及关键意见领袖(KOL)主导的持续性教育培训项目，成功扩大了市场覆盖范围。 在中国内地市场，公告显示，公司前瞻性布局早期矫治与下沉市场，培育其成为业务增长的驱动力。报 告期间内，中国内地市场达成隐形矫治案例约10.86万例，同比增长14%。在早期矫治市场，报告期间 内，时代天使"儿童版"产品的案例数占比持续提升。在下沉市 ...