智通财经APP获悉，瑞银发布研报称，时代天使(06699)中期业绩胜预期，上半年收入达1.61亿美元，同 比增长33.1%，高过该行预期。净利润1,420万美元，同比增长584%，符合预期。经调整净利润为1,950 万美元，同比增长85%，总个案量达同比增长47.7%，毛利率持平于62.4%。该行将目标价由82港元上调 至91港元，将每股盈测由人民币改为美元，重申"买入"评级。 ...

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 ...

2025年8月25日，时代天使发布2025年中期业绩报告。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。 达成案例数的增长、医学设计中心与隐形矫治器生产基地的高效运营，共同推动时代天使的收入、毛利 及经营利润实现同比提升。报告期间的盈利表现也得益于为应对不确定性的关税环境而采取的严格费用 管制措施，包括暂缓部分区域销售、营销、临床支持及客户服务等方面的人员招募，以及延迟国际医学 设计中心及生产基地的运营。时代天使收入同比增长33.1%至约161.4百万美元，毛利达到100.6百万美 元，经调整净利润达到19.5百万美元。 2025年上半年，时代天使针对早期矫治与复杂病例推出多个创新产品及解决方案，包括A10扩弓解决方 案、AngelActivator HG天使头帽式肌激动器、天使锁导板、天使曲面导板等，并将智能初诊沟通、复 诊监控等关键环节整合进隐形矫治流程。 时代天使也在持续推动与高校的联合研究，相关成果发表在《BMC Oral Health》《AJO-DO》 《Medical Image ...

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]