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]
兴证国际：建议关注时代天使(06699) 期待海外市场逐步进入收获期