Core Insights - Angelalign reported strong 1H25 results with revenue increasing 33% YoY to US$161 million, driven by rapid overseas business expansion [1] - Total clear aligner case volume reached 225,800, up 48% YoY, exceeding the historical average of ~41% [1] - Attributable net profit margin improved significantly to 9.1%, supported by effective cost control measures [1] Domestic Business - Domestic clear aligner case shipments reached 108,600, a 14% YoY increase, driven by strategic price adjustments [2] - Despite solid volume growth, domestic revenue remained flat at US$90 million compared to 1H24 due to ASP reduction [2] - Pricing pressure is expected to persist, influenced by high patient price sensitivity and recent aligner VBP renewal in Shaanxi [2] Overseas Business - Overseas clear aligner case shipments reached 117,200, a 103% YoY increase, with revenue increasing 123% YoY to US$72 million [3] - Operating losses narrowed to US$5 million, primarily due to delayed staff recruitment and operation of overseas manufacturing facilities [3] - Expected widening of operating losses in 2H25E due to increased marketing spending, lower GPM, and higher tariffs [3] Investment Outlook - The company maintains a BUY rating, raising forecasts for 2025E case shipments and revenue based on stronger-than-expected growth in 1H25 [4] - A target price of HK$86.47 is derived from SOTP valuation, assigning 15x 2025E P/E to the domestic business and 8x 2025E P/S to the overseas business [4]