Summary of the Conference Call for Times Angel Company Overview - **Company**: Times Angel - **Industry**: Orthodontics and dental technology Key Points and Arguments Financial Performance - **Revenue Structure**: In the first half of the year, Times Angel reported revenue of $89.68 million from the Chinese market and $71.67 million from international markets [2][4] - **Case Growth**: The number of cases in the Chinese market grew by 14% to 109,000, while international cases surged by 103.5% to 117,000 [2] - **Operating Profit**: Operating profit in China increased by 52% to $17.19 million, while losses in international markets narrowed to $5.43 million [2][5] - **Cash Flow**: Operating cash flow increased by 194.4% to $17.54 million [2] Market Strategy - **Pricing Strategy**: The company expanded its case numbers in China through strategic price reductions, while international gross margins improved by 3 percentage points to 61.2% [2] - **Product Innovation**: New products launched include the A10 Angel Expander and the headgear-style muscle stimulator, along with digital tools like the i also platform and "Angel Xiao Zhi" [2][6] - **Supply Chain Investment**: Plans to increase investment in supply chain and infrastructure to strengthen sales, marketing, clinical support, and customer service [2][7] Future Projections - **Case Projections for 2025**: Expected total cases to reach between 490,000 and 500,000, with 250,000 in China and 240,000 to 250,000 internationally [3][10] - **Profitability Timeline**: The company aims for international operations to achieve monthly profitability by the first half of 2027 [3][11] Competitive Landscape - **Differentiation Strategy**: The company does not intend to engage in price wars but will focus on product and service differentiation [3][15] - **Response to Competition**: Plans to enhance clinical service teams and accelerate new customer onboarding in response to increasing competition [3][13] Challenges and Risks - **Increased Losses**: Anticipated significant expansion of international operating losses in the second half of the year due to delayed expenses, recruitment issues, and increased tariffs [3][17] - **Patent Litigation**: Facing patent lawsuits from Align Technology, which could impact operations, but the company is prepared with legal strategies [19] Market Dynamics - **Domestic Market Trends**: The domestic market has seen a decline in average prices, with a focus on maintaining market share through competitive pricing strategies [20] - **Collective Procurement Policies**: New collective procurement policies are being implemented, which may rationalize product prices and require the company to adapt [21] Strategic Partnerships - **Investment in Shuyaki**: The investment in Shuyaki aims to quickly penetrate emerging markets, leveraging complementary channels while maintaining independent operations [3][23] Global Supply Chain Development - **Supply Chain Resilience**: Building a more resilient global supply chain with production and design centers in key regions like Brazil and Southeast Asia [8][18] Macro Environment Impact - **Consumer Sentiment**: Global consumer willingness has decreased, affecting demand for non-essential medical services, including orthodontics [26] Additional Important Points - **Focus on Early Treatment**: Plans to enhance public awareness in early orthodontic treatment and strengthen professional service capabilities in lower-tier markets [2][7] - **Data Security and Compliance**: Emphasis on strengthening data security and compliance with international regulations [2][9]

近日，由上海交通大学医学院附属第九人民医院（以下简称"上海九院"）口腔正畸科团队与时代天 使合作研发的"数字化青少年小下颌畸形矫形器的研发及产业化"项目，凭借其创新性与卓越的产业化成 果，荣获"上海产学研合作优秀项目奖"一等奖。这一殊荣标志着项目在科研创新、学术推广和成果转化 方面取得了一个里程碑，也彰显了上海九院和时代天使在推动医疗健康产业高质量发展中踔厉前行、踏 实耕耘的精神风貌。 上海九院口腔正畸科房兵教授、时代天使CEO胡杰章 "上海产学研合作优秀项目奖"由上海市科委批准并经国家科技部备案，旨在表彰和鼓励产学研深度 合作、促进技术创新和成果转化。一等奖项目需在技术创新性、产业化成果和社会影响力等方面表现突 出。本次获奖的"数字化青少年小下颌畸形矫形器"项目，正是一次产学研结合、医工交叉的成功实践。 为了解决青少年小下颌畸形这一发病率高、对青少年咬合、容貌、心理健康有重要影响的牙颌面畸 形问题，上海九院与时代天使携手同行，集结了口腔临床医学研究人员、生物力学专家、工程师和产品 研发人员，充分发挥上海九院在口腔医学临床研究方面和时代天使在隐形矫治技术上的优势，深入分析 颌骨生长发育规律和现有器械的局限性， ...