口腔正畸，简单来说就是调整牙齿和颌骨的位置，让它们更加整齐、协调。并不是所有的牙齿矫正都能 够等等再说，对于那些影响颅颌面发育的情况，则需要尽早矫治。 这些情况需早期矫治 明显的牙齿排列问题比如"地包天"即下牙包上牙、"龅牙"、开颌（前牙或后牙在垂直方向上不能咬合） 等。这些问题不仅影响美观，还可能影响咀嚼功能和口腔健康。 不良口腔习惯长期用嘴呼吸、咬手指、吐舌头等不良习惯，会影响牙齿和颌骨的正常发育，导致牙齿排 列不齐、影响颌骨发育异常等问题。 乳牙早失或滞留乳牙过早脱落或迟迟不掉，会影响恒牙的正常萌出和排列。 上下颌骨发育异常比如"月牙脸"、下颌后缩等，这些问题可能导致面部轮廓不协调，影响美观和自信。 如何选择适合的矫治器 活动矫治器、功能矫治器对于一些牙齿排列问题、不良习惯及上下颌骨发育异常，可以使用活动矫治 器、功能矫治器，引导牙齿和颌骨向正常位置发育。 固定矫治器对于一些牙齿排列问题，需要使用固定矫治器。这种矫治器通过弓丝和托槽将牙齿固定在正 确位置，逐渐调整牙齿排列。 隐形矫治器使用透明牙套逐步移动牙齿。这种方法较为美观，但需要患者有良好的自律性，坚持佩戴。 牙齿正畸并非越早越好 需要注意的是，早 ...

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]