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]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.48%, bringing the total holding to 6.10% - Tracker Fund of Hong Kong (02800) with an increase of 4.07%, totaling 4.76% - Anjoy Foods (02648) with an increase of 1.74%, now at 15.81% [2] - Other notable increases include: - Angelalign Technology (06699) +1.66% to 23.03% - Ganfeng Lithium (01772) +1.44% to 34.51% - East China Environmental Protection (00895) +1.44% to 43.67% [2] Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Kinglong Motor Group (06680) with a decrease of 3.39%, now at 24.56% - Interstellar Technology (01725) with a decrease of 2.02%, totaling 10.16% - Goldwind (02208) with a decrease of 1.48%, now at 41.84% [3] - Other notable decreases include: - ZTE Corporation (00763) -1.35% to 56.09% - Longpan Technology (02465) -1.08% to 49.62% [3] Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Lens Technology (06613) +6.93% to 13.85% - ZTE Corporation (00763) +5.92% to 56.09% - Tongyu Pharmaceutical-B (02410) +5.40% to 14.72% [4] - The companies with the largest decreases in holdings over the same period include: - Hang Seng China Enterprises (02828) -14.01% to 6.10% - Tracker Fund of Hong Kong (02800) -4.36% to 4.76% [4] Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings are: - Meizhong Jiahe (02453) +12.09% to 37.34% - Changfei Optical Fiber (06869) +10.66% to 54.73% - Tongyu Pharmaceutical-B (02410) +8.30% to 14.72% [5] - The companies with the largest decreases in holdings over the same period include: - Yisou Technology (02550) -10.13% to 47.88% - Chongqing Steel (01053) -5.27% to 31.55% [6]

Core Viewpoint - The company reported strong performance in the first half of 2025, with significant revenue and profit growth driven by scale effects and operational efficiencies, alongside a strategic focus on international expansion and cost management [1][2]. Financial Performance - The company achieved revenue of $161 million in 1H25, representing a year-on-year increase of 33.1% [1]. - Net profit attributable to shareholders reached $15 million, a substantial increase of 362.7% year-on-year, with adjusted net profit at $19 million, up 84.8% [1]. - The company declared a special interim dividend of HKD 0.46 per share [1]. Domestic Market Trends - Domestic market revenue was $90 million in 1H25, with approximately 108,600 cases completed, reflecting a 14.0% year-on-year growth [1]. - Adjusted operating profit from the domestic segment was $17 million, with a net profit margin of 19.2%, up 6.5 percentage points year-on-year [1]. - The company anticipates a potential decrease in product prices in the domestic market, which could lead to volume growth in the long term [1]. International Market Performance - The company reported 117,200 cases in the overseas market, a remarkable increase of 103.5% year-on-year, with overseas revenue of $72 million, up 123.1% [2]. - The overseas revenue accounted for 44.4% of total revenue, with an adjusted operating loss of $5 million, an improvement from a loss of $17 million in 1H24 [2]. - The company plans to maintain a high pricing strategy in international markets despite the expansion of its overseas business [2]. Cost Management and Efficiency - The company maintained a gross margin of 62.4%, with a sales expense ratio of 33.3%, down 6.5 percentage points, and a management expense ratio of 13.8%, down 4.5 percentage points [2]. - These improvements are attributed to strict cost control measures and the initial benefits of scaling operations overseas [2]. Strategic Initiatives - The company is focusing on expanding its "global manufacturing" footprint, particularly in non-U.S. markets, while navigating the challenges posed by high barriers in the U.S. market [2]. - Ongoing investments in R&D, IT, legal, and operational teams are planned to enhance service capabilities and ensure compliance with intellectual property regulations [2]. Profit Forecast and Valuation - The company maintains net profit forecasts of $12 million for 2025 and $19 million for 2026, considering the costs associated with international expansion [2]. - Given the high growth potential in the global invisible orthodontics market and the company's leading position, a target price of HKD 85.0 is set, indicating a 13.2% upside from the current stock price [2].

Group 1 - JPMorgan increased its stake in Times Angel (06699) by 493,200 shares at a price of HKD 67.5779 per share, totaling approximately HKD 33.3294 million [1] - After the increase, JPMorgan's total shareholding in Times Angel is approximately 22.5468 million shares, representing a holding percentage of 13.20% [1]

智通财经APP获悉，香港联交所最新资料显示，8月25日，小摩增持时代天使(06699)49.32万股，每股作 价67.5779港元，总金额约为3332.94万港元。增持后最新持股数目约为2254.68万股，最新持股比例为 13.20%。 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 103.5 per share, indicating a potential upside from the current price of HKD 69.10 [2][5][14]. Core Insights - The company's revenue and profit for the first half of 2025 exceeded market expectations, driven by stabilization in domestic operations and rapid growth in overseas markets [3][10]. - In 1H25, the company achieved revenue of USD 160 million, representing a 33.1% increase year-over-year, with domestic revenue at USD 89.68 million (+0.6%) and overseas revenue at USD 71.67 million (+123.1%) [3][10][11]. - The share of overseas revenue reached 44.4%, up 17.9 percentage points, highlighting its importance as a key revenue source [3][10]. - The number of clear-aligner cases completed in 1H25 was 226,000, a 47.7% increase, with domestic cases growing by 14.0% and overseas cases surging by 103.5% [11][12]. Financial Performance - The gross margin for 1H25 was stable at 62.4%, while adjusted net profit increased by 84.8% to USD 19.47 million, resulting in a net margin of 12.1% [4][13]. - The company plans to implement aggressive market strategies in the second half of 2025 to maintain market share and continue its overseas expansion [5][14]. - Revenue forecasts for 2025 and 2026 have been raised to USD 340 million and USD 420 million, respectively, reflecting stronger-than-expected overseas growth [5][14]. Valuation Metrics - The report projects adjusted net profits of USD 26.75 million for 2025 and USD 32.80 million for 2026, with corresponding P/E ratios of 85x and 70x [5][14]. - The company is positioned as a leader in the clear-aligner market in China, with its overseas growth trajectory being increasingly validated [5][14].