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 ...

Core Viewpoint - The ongoing patent infringement lawsuit between Times Angel and Align Technology highlights the competitive dynamics in the invisible orthodontics market, with Times Angel asserting its market leadership in China despite Align's global dominance [1][2][3]. Group 1: Patent Infringement Lawsuit - Align Technology has filed a patent infringement lawsuit against Times Angel, claiming that Times Angel's products and software infringe on its patents related to multi-layer aligner materials and advanced treatment plans [2]. - Times Angel has denied the allegations, asserting that the claims are baseless and expressing confidence in winning the case [2]. Group 2: Market Position and Performance - Align Technology's core product, Invisalign, holds the top global market share, but Times Angel has surpassed it in the Chinese market, achieving a market share of 41.9% in 2023, which is 10 percentage points higher than Invisalign [1][3]. - Times Angel's revenue and net profit have shown significant growth, with a 28.2% increase in revenue and a 46.6% increase in net profit in 2024 compared to the previous year [4]. - The number of cases completed by Times Angel in China increased by 3.2% to 218,700, while cases outside China surged by 326.4% to 140,700 [4]. Group 3: Competitive Landscape - The competitive landscape in the Chinese invisible orthodontics market is intensifying, with new entrants like Zhengya gradually capturing market share from Times Angel [4][5]. - Times Angel has responded to market competition by strategically investing in the emerging brand Shuyazi, acquiring a 35% stake while maintaining independent operations [5].