位于英格兰西米德兰兹区域的斯托克市，英国医学中心地处曼彻斯特与伯明翰之间，交通便利、医 疗资源集中。该中心将专注为欧洲地区口腔医生提供定制化正畸方案设计、病例分析及正畸技术支持， 并通过专业的医学团队，确保服务更贴近当地临床实践，符合监管标准。 未来，正雅英国团队将依托公司在隐形正畸与颌位重建领域二十余年的技术积累，结合欧洲市场的 临床需求，开发更具针对性的解决方案。同时，中心也将与当地口腔医疗机构及学术组织展开深入技术 研发与合作，共同推动隐形正畸技术的临床创新。 正雅创始人及CEO姚峻峰表示："英国是欧洲最具活力的医疗与科研市场之一。英国子公司与欧洲 医学中心的落成，不仅强化了我们的区域服务能力，也为更多欧洲医生与患者带来高质量的本地化支 持。未来，我们将继续以创新技术与精准医学为驱动力，助力全球医生提升诊疗效率，共同推动行业发 展。" 2025年9月，正雅齿科在全球布局中迈出重要一步——其位于英国特伦特河畔斯托克市（Stoke-on- Trent）的英国子公司兼欧盟医学中心正式投入运营，标志着正雅在欧洲市场的本地化战略进入全新阶 段，为区域合作医生提供更高效的正畸医学支持和服务。 该中心的成立，是正雅继 ...

Group 1 - Stanford University released the 2025 World's Top 2% Scientists list based on Elsevier Scopus data, highlighting the international academic influence and innovative research capabilities of Professor Shen Gang, a leading orthodontic expert at Taikang Dental [1][2] - The list recognizes the most influential researchers globally across 22 fields and 174 subfields, evaluating their scientific output and academic impact through various metrics, including citation counts and h-index [2][3] - Professor Shen has been included in the annual list for three consecutive years and has also been recognized in the Lifetime Scientific Impact list, reflecting his sustained contributions to the field of orthodontics [3] Group 2 - Professor Shen has over 30 years of experience in orthodontic teaching, clinical practice, and research, and has published 10 expert reviews in the Shanghai Journal of Stomatology since 2015, summarizing the latest advancements in orthodontic clinical practice [3][4] - He proposed an innovative classification system for malocclusion based on facial shape, significantly improving the diagnostic accuracy for complex malocclusion types, which is applicable to both Chinese populations and has international relevance [4] - In 2019, Professor Shen partnered with Zhengya Dental to translate his research findings into clinical applications, successfully developing the Zhengya GS product line, which has been used in over 100,000 orthodontic cases [4]

Core Viewpoint - The report from 兴证国际 highlights the strong performance and strategic initiatives of 时代天使 (06699) in the first half of 2025, emphasizing its ability to adapt to market conditions and maintain its leading position through various measures such as price adjustments and market expansion [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of $161 million, representing a year-on-year growth 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] - The global market outside of China contributed approximately $72 million in revenue, a significant increase of 123.4% year-on-year, accounting for 44.4% of total revenue [2] - The domestic market generated $90 million in revenue, showing a modest growth of 0.7% year-on-year, while operating profit reached approximately $17 million, up 52.1% year-on-year, with an operating profit margin of 19.2%, an increase of 6.5 percentage points [2] Group 2: Market Expansion and Strategy - The total number of cases reached 225,800 in the first half of 2025, reflecting a year-on-year increase of 47.7%, with 117,200 cases outside of mainland China, a growth of 103.5% [3] - In mainland China, the company achieved approximately 108,600 cases, a 14.0% increase year-on-year, driven by strategic price adjustments and a focus on early treatment and lower-tier markets [3] - The revenue growth in the domestic market lagged behind the case growth due to a decline in average selling prices [3] Group 3: Globalization and Service Enhancement - The company is expanding its market presence outside of mainland China by leveraging high-quality medical design support and stable delivery, along with continuous education and 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 operations in the U.S. [4] - Significant resources are being allocated to upgrade data security facilities and operational processes to comply with data security and privacy regulations in all major countries and regions where the company operates [4]

Core Viewpoint - UBS reported that Angelalign (06699) exceeded expectations in its interim performance, with a significant increase in revenue and net profit [1] Financial Performance - Revenue for the first half reached $161 million, representing a year-on-year growth of 33.1%, surpassing UBS's expectations [1] - Net profit amounted to $14.2 million, showing a remarkable year-on-year increase of 584%, aligning with expectations [1] - Adjusted net profit was $19.5 million, reflecting an 85% year-on-year growth [1] - Total case volume increased by 47.7% year-on-year, indicating strong operational performance [1] - Gross margin remained stable at 62.4% [1] Analyst Recommendations - UBS raised the target price from HKD 82 to HKD 91 [1] - The earnings per share forecast was changed from RMB to USD [1] - UBS reiterated a "Buy" rating for the stock [1]

Core Insights - The company, Angelalign (06699), reported a significant growth in its mid-year performance for 2025, with a 47.7% year-on-year increase in total invisible orthodontic cases, reaching approximately 225,800 cases [1] - The international market cases surged by 103.5%, totaling around 117,200 cases, surpassing the domestic market's 108,600 cases, indicating the effectiveness of its global expansion strategy [1] - Revenue for the first half of the year reached $161 million, reflecting a 33.1% year-on-year growth, with gross profit at $101 million and adjusted net profit at $19.5 million, showcasing continuous improvement in operational quality [1] Strategic Investments - The company plans to strategically increase long-term investments in sales and marketing, clinical support, and customer service, as well as establish and operate international medical design centers and manufacturing bases [1] - Enhancements in legal capabilities to advance intellectual property strategies and compliance construction have been prioritized, with a focus on building a comprehensive global compliance system [2] Intellectual Property and Compliance - Intellectual property is recognized as a core competitive advantage, with the company actively developing a comprehensive patent portfolio across major global markets, including innovations in aligner design, material technology, and diagnostic software [2] - The company emphasizes strict compliance with local regulations throughout the product lifecycle to minimize intellectual property risks, ensuring that business expansion aligns with regional laws and industry standards [2][3] Supply Chain and Data Security - The company is accelerating the construction of an environmentally friendly, scalable smart manufacturing system to meet the growing international market demand, with operational medical design centers in Brazil and Southeast Asia [3] - Significant resources have been allocated to upgrade IT infrastructure and operational processes for data security, adhering to data protection regulations such as GDPR and CCPA, establishing a comprehensive security management system [3] Market Response - Following the performance report, the company's stock price surged by over 9%, reflecting strong market confidence in its mid-year results and global strategy for sustainable growth [4] - The global invisible orthodontics market is expected to continue its upward trajectory, with the company poised to unlock further growth potential as international market share increases and strategic investments materialize [4]

Core Insights - The company, Times Angel, reported strong growth in its mid-year performance for 2025, with a total case number for invisible orthodontics increasing by 47.7% year-on-year to approximately 225,800 cases, driven by both international and Chinese markets [1][2] - Revenue increased 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 company plans to strategically increase long-term investments in key areas to establish a more sustainable global business foundation [1][4] International Market Performance - In the international market, Times Angel achieved 117,200 cases, representing a year-on-year growth of 103.5%, attributed to a low base from the previous year and successful market expansion efforts [2] - The company expanded its market coverage through high-quality medical solution designs and continuous education programs led by key opinion leaders (KOLs) [2] Domestic Market Performance - In the Chinese market, the case number reached 108,600, with a year-on-year growth of 14%, driven by proactive early intervention strategies and emerging market developments [2] - The company focused on enhancing public awareness of early intervention benefits for children's oral health, with an increasing share of cases from its KiD children's product line [2] Product Innovation and R&D - Times Angel launched several innovative products and solutions for early treatment and complex cases, integrating key processes into the invisible orthodontics workflow [3] - The company is engaged in collaborative research with universities, with results published in top international journals, providing solid academic support for innovation [3] Intellectual Property and Compliance - Intellectual property remains a core strategy for Times Angel, with ongoing investments in global patent layout and legal team enhancement to strengthen compliance and innovation [3][4] - The company is committed to upgrading data security infrastructure to comply with data privacy regulations across all operational regions [4] Future Growth Strategy - The CEO expressed confidence in the long-term growth prospects of the global invisible orthodontics industry, emphasizing investments in production scale, clinical service capabilities, and compliance efforts to drive sustainable growth across all regions [4]

Core Insights - The prevalence of malocclusion in China is reported at 74%, leading to a growing demand for orthodontic treatments as public health awareness increases [1] - Zhengya Dental Technology (Shanghai) Co., Ltd. has made significant advancements in invisible orthodontics, breaking foreign technological monopolies through independent research and development [1][7] - The collaboration between Zhengya and Professor Shen Gang's team has established a comprehensive innovation system that transitions China from following to leading in the field of invisible orthodontics [1][4] Group 1: Technological Innovations - Shen Gang's innovative classification system for malocclusion focuses on facial shape, addressing the unique characteristics of Chinese patients, which has evolved from merely adopting foreign solutions to localized innovations [2][3] - The GS jaw position reconstruction technology integrates advanced digital technologies and algorithms, enhancing treatment efficiency and patient comfort by optimizing overall facial shape rather than just aligning teeth [3][4] - As of August 2025, the GS technology has received 64 domestic and 59 international patents, creating a technological "moat" for Zhengya [3] Group 2: Production and Market Expansion - Zhengya's automated manufacturing base in Jiaxing, covering 100,000 square meters, is set to produce over 20 million invisible aligners annually, supporting local production for the European market with a facility in Madrid [6] - The company has successfully entered 57 countries and regions with its brand Smartee, establishing subsidiaries in key markets, thus shifting from product output to standard-setting in the global orthodontic landscape [7] - Zhengya has accumulated 729 domestic and international patents by August 2025, showcasing its strength in technological innovation and ongoing research and development capabilities [7]

Core Viewpoint - Orthodontics involves adjusting the position of teeth and jawbones for better alignment and coordination, with early treatment necessary for conditions affecting craniofacial development [1] Group 1: Conditions Requiring Early Treatment - Clear dental alignment issues such as "crossbite," "overbite," and open bite can affect aesthetics, chewing function, and oral health [2] - Long-term bad oral habits like mouth breathing and thumb sucking can disrupt normal dental and jaw development, leading to misalignment [2] - Early loss of primary teeth or retention of primary teeth can hinder the proper eruption and alignment of permanent teeth [2] - Abnormal jaw development, such as "moon face" or retrognathia, can lead to facial asymmetry, impacting aesthetics and self-confidence [2] Group 2: Choosing the Right Orthodontic Appliance - Removable and functional appliances can guide teeth and jaw development for alignment issues and bad habits [3] - Fixed appliances are necessary for certain alignment problems, using wires and brackets to gradually adjust teeth positions [3] Group 3: Invisible Aligners - Clear aligners gradually move teeth and are aesthetically pleasing, but require patient discipline for consistent wear [4] Group 4: Timing of Orthodontic Treatment - Early treatment is not always better; the optimal timing should be based on the child's specific conditions and growth status [5] - Parents should seek orthodontic consultation and treatment promptly if they notice dental issues in their children [5]

Core Viewpoint - Angelalign is a leading provider of clear aligner treatment solutions in China, maintaining a strong market position and robust revenue growth, with a target price of HK$69.55 per share and a BUY rating initiated [1][3] Group 1: Domestic Market Performance - Angelalign has held the No.1 market share in China's clear aligner market for four consecutive years since 2021, with a 42% market share in 2023 [1] - The company achieved a revenue CAGR of 23.8% from 2019 to 2024, with expectations of an 18.0% CAGR for 2024-27E [1] - Despite macroeconomic headwinds, Angelalign's domestic case volume increased by 3.2% YoY in 2024, supported by expansion into lower-tier cities and the children/adolescents market [1] Group 2: Global Expansion and Profitability - The global clear aligner market is projected to grow from US$6.5 billion in 2024 to US$32 billion by 2030E, representing a CAGR of 30.7% [2] - Angelalign's overseas cases reached 140,700 in 2024, generating US$81 million in revenue, accounting for 30% of total revenue [2] - The company has adopted a "localized operations + M&A" model to establish a global supply chain and local teams, focusing on key markets like Europe and Brazil [2] Group 3: Technological Innovation - Angelalign invests heavily in R&D, maintaining a comprehensive product portfolio and an advanced digital orthodontic platform [3] - The iOrtho platform and digital tools enhance doctor efficiency and loyalty, creating high competitive barriers [3] - The company is expected to achieve a 42.8% overseas revenue CAGR from 2024-27E, while projecting a 3.3% domestic revenue CAGR during the same period [3]