证 券 研 究 报 告 时代天使（06699.HK）深度研究报告 推荐（首次） 国产隐形正畸龙头——本土崛起，出海破局 国产隐形正畸龙头：本土崛起，出海破局。公司是中国领先的口腔隐形正畸技 术、隐形矫治器生产及销售的服务提供商。从 2021 年起，公司在国内市场的 案例数份额反超隐适美，成为国内第一，近些年其国内业绩在行业环境承压下 表现稳健。海外业务的快速增长拉动了公司总体营收的增长，2024 年海外市 场案例已达约 14.07 万例，同比增长 326%；2025H1 海外市场案例进一步大幅 增长至 11.72 万例（+104%），占公司总案例的 52%，已超过国内案例数。并且 随着收入起量，预计海外业务的盈利时点将近，后续有望带动利润端快速增长。 关键问题 1：国内业务成长性如何？ 1）全球市场数倍于国内，打开成长天花板。全球隐形正畸市场案例数是国内 的 8 倍。在渗透率较高的美国，公司仍有机会通过优质的产品技术、服务和价 格优势进行突破，欧洲、亚太、拉美等市场渗透率有较大提升空间。 2）全方位竞争优势赋能出海征程，全球份额显著提高。a、在产品力方面，公 司拥有全面的产品体系，并通过持续研发创新推动产品力 ...

证 券 研 究 报 告 时代天使（06699.HK）深度研究报告 推荐（首次） 国产隐形正畸龙头——本土崛起，出海破局 国产隐形正畸龙头：本土崛起，出海破局。公司是中国领先的口腔隐形正畸技 术、隐形矫治器生产及销售的服务提供商。从 2021 年起，公司在国内市场的 案例数份额反超隐适美，成为国内第一，近些年其国内业绩在行业环境承压下 表现稳健。海外业务的快速增长拉动了公司总体营收的增长，2024 年海外市 场案例已达约 14.07 万例，同比增长 326%；2025H1 海外市场案例进一步大幅 增长至 11.72 万例（+104%），占公司总案例的 52%，已超过国内案例数。并且 随着收入起量，预计海外业务的盈利时点将近，后续有望带动利润端快速增长。 关键问题 1：国内业务成长性如何？ 1）全球市场数倍于国内，打开成长天花板。全球隐形正畸市场案例数是国内 的 8 倍。在渗透率较高的美国，公司仍有机会通过优质的产品技术、服务和价 格优势进行突破，欧洲、亚太、拉美等市场渗透率有较大提升空间。 2）全方位竞争优势赋能出海征程，全球份额显著提高。a、在产品力方面，公 司拥有全面的产品体系，并通过持续研发创新推动产品力 ...

Investment Rating - The report indicates a positive investment outlook for the invisible orthodontics industry in China, projecting a compound annual growth rate (CAGR) of 13.9% from 2024 to 2030, with the market size expected to grow from 145 billion yuan in 2024 to 316 billion yuan by 2030 [8][9]. Core Insights - The invisible orthodontics market in China is characterized by a large patient population suffering from malocclusion, with a higher prevalence of complex cases compared to Western countries. The market is currently dominated by two major players, Angelalign and Invisalign, while local brands are emerging [5][6]. - The industry is experiencing rapid growth driven by technological advancements, increased consumer awareness, and a shift towards personalized treatment options. The competition is intensifying, but the overall market is expected to maintain a high growth trajectory [5][6][9]. Market Background - The invisible orthodontics industry in China has evolved over the past 20 years, transitioning from technology introduction to local innovation. Key milestones include the establishment of the first 3D printing production line for invisible aligners in 2007 and the introduction of regulatory frameworks to standardize the market [6][7]. - The demand for invisible orthodontics is significantly increasing due to rising aesthetic standards and the preference for less visible treatment options among consumers [5][8]. Market Status - The market size for invisible orthodontics in China is projected to reach 145 billion yuan in 2024, with a CAGR of 13.9% expected until 2030. The demand is driven by a high prevalence of malocclusion and the advantages of invisible aligners over traditional braces [8][9]. - The supply side is seeing advancements in materials technology, particularly in the development of heat-pressed film materials that enhance the performance of aligners [10]. Market Competition - The competitive landscape is marked by a "dual oligopoly" structure, with Angelalign and Invisalign leading the market. These companies leverage continuous technological innovation and extensive clinical data to build competitive advantages [16][17]. - The report identifies ten recommended brands in the market, highlighting their unique strengths and market positioning, such as Angelalign's extensive clinical database and Invisalign's patented technology [18][19][20]. Development Trends - The report outlines several key trends shaping the future of the invisible orthodontics industry, including enhanced control capabilities, increased predictability through AI and big data, reduced chairside time due to smart manufacturing, and expanded application flexibility through digital integration [31][32][33][34].

Core Viewpoint - Align Technology, the parent company of Invisalign, has initiated a series of patent infringement lawsuits against Angelalign in the US, Europe, and China, claiming infringement on core technologies related to multi-layer aligner materials, treatment planning, and aligner characteristics [1][3][15] Group 1: Legal Actions and Responses - Align Technology has filed lawsuits claiming Angelalign infringed on five US utility patents, including two material patents and three technology patents, which are crucial to Align's global intellectual property portfolio [3][15] - Angelalign has publicly denied the infringement allegations, stating they are "baseless" and has committed to actively defending against the lawsuits [1][2][5] - The legal actions reflect Align Technology's strategy to protect its intellectual property and reshape the competitive landscape to align with its research-driven development model [2][15] Group 2: Market Dynamics and Competitive Landscape - Angelalign has gained significant market share in China, reaching 41.9% in 2023, surpassing Align Technology by 10 percentage points [9][12] - Angelalign's revenue and net profit are projected to grow significantly, with a year-on-year increase of approximately 538.1% to 604.8% expected in the first half of 2025 [9][12] - Align Technology's performance in China has been declining, with revenue growth dropping from 90% in 2018 to less than 2% in 2020, indicating challenges in maintaining market presence [12][15] Group 3: Strategic Initiatives - Angelalign's strategy includes a tiered branding approach and partnerships to penetrate lower-tier cities, offering lower-priced products to attract price-sensitive consumers [13][15] - The company has expanded its international presence, with 39.1% of its cases now coming from outside China, and has established subsidiaries in key markets like the US and Europe [14][15] - Align Technology's reliance on high-margin structures is threatened by Angelalign's cost-effective and localized production strategies, which could disrupt traditional competitive advantages in the industry [15][16]