9月19日，全国股转公司发布了《关于同意深圳康泰健医疗科技股份有限公司股票公开转让并在全国股转系统挂牌的函》，对深圳康泰健医疗科技股 份有限公司日期提出的公司股票在全国中小企业股份转让系统公开转让并挂牌的申请进行审核后同意通过。该函的有效期为自出具之日的12个月， 全国股转公司要求康泰健在有效期内按照有关规定完成挂牌。目前康泰健公司已经获批新三板股票代码：874918.NQ，若能够顺利上市，康泰健公 司将于新三板基础层挂牌。 图源：全国股转公司 6月27日，康泰健披露了公开转让说明书和公司股票在全国中小企业股份转让系统挂牌的申请。据悉，康泰健本次挂牌股份总量为44,215,000股，拟 于新三板基础层挂牌，主办券商为申万宏源承销保荐。同时康泰健相关律师事务所和主办券商也发布了相关的法律意见书和推荐报告，标志着康泰 健正式开启上市之路。 图源：深圳康泰健医疗科技股份有限公司 01｜三个月内光速上市？ 公开资料显示，深圳康泰健医疗科技股份有限公司成立于2003年，持续发展历史可追溯至1996年。曾用名为深圳市康泰健牙科器材有限公司，于 2022年12月变更为深圳康泰健医疗科技股份有限公司，沿用至今。 公司主要从事 ...

Core Viewpoint - Goldman Sachs has raised the target price for Angelalign Technology (06699) from HKD 78.8 to HKD 81.3, maintaining a "Buy" rating based on the Sum of the Parts (SOTP) valuation method [1] Financial Performance - Angelalign's revenue for the first half reached USD 161 million, representing a year-on-year increase of 33%, exceeding Goldman Sachs' expectations, primarily driven by rapid expansion in overseas markets [1] - The gross margin remained stable at 62.4%, unchanged from the same period last year, while the overseas gross margin improved from 58.3% in the previous year to 61.2% [1] Strategic Outlook - The management has raised the annual case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of 36% to 39% [1]

Core Viewpoint - Goldman Sachs reports that Angelalign's revenue for the first half of the year reached $161 million, representing a 33% year-on-year increase, exceeding the bank's expectations, primarily driven by rapid expansion in overseas markets [1] Financial Performance - Revenue for the first half of the year was $161 million, up 33% year-on-year [1] - Gross margin remained stable at 62.4%, unchanged from the same period last year [1] - Domestic business maintained good profitability despite strategic price adjustments [1] - Overseas gross margin increased from 58.3% in the same period last year to 61.2% [1] Guidance and Valuation - Management raised the full-year case volume guidance to between 490,000 and 500,000, indicating a year-on-year growth of approximately 36% to 39% [1] - Using the Sum of the Parts (SOTP) valuation method, Goldman Sachs raised its target price from HKD 78.8 to HKD 81.3, maintaining a "Buy" rating [1]

Core Viewpoint - Angelalign (6699.HK) experienced a significant stock price increase of nearly 25%, reaching HKD 71.4, marking a new high since March 20, with a trading volume of HKD 750 million. The company announced a positive earnings forecast, expecting a mid-term net profit of approximately USD 13.4 million to USD 14.8 million, representing a year-on-year increase of about 5.38 to 6.05 times [1]. Group 1 - The expected profit increase is primarily attributed to strategic price adjustments in response to intense competition within the core Chinese business [1]. - Revenue from outside China continues to grow, contributing positively to the overall financial performance [1]. - Delays in the establishment of production facilities outside China have resulted in lower investment and operating expenses for the first half of the year [1]. - The low comparative base of net profit from the previous year also supports the anticipated profit growth [1].

Financial Data and Key Metrics Changes - Global sales for the second quarter were $3.2 billion, reflecting a sales growth of 3.3% compared to the previous year, with constant currency sales growing by 2.7% [26][27] - GAAP operating margin decreased to 4.67%, down 42 basis points year-over-year, while non-GAAP operating margin was 6.96%, a decrease of 79 basis points [27] - GAAP net income for the second quarter was $86 million or $0.70 per diluted share, compared to $104 million or $0.80 per diluted share in the prior year [28] - Non-GAAP net income was $135 million or $1.10 per diluted share, down from $158 million or $1.23 per diluted share year-over-year [28] Business Line Data and Key Metrics Changes - U.S. Dental merchandise sales declined by 1.2% due to lower product pricing, while U.S. Dental equipment sales fell by 4.7% due to economic uncertainty [30] - U.S. Medical Distribution business sales grew by 6.3%, driven by increased patient traffic and strong performance in the Home Solutions business [31] - Global Specialty Products Group sales increased by 4.2%, with solid growth in the implant and biomaterial business, including double-digit growth in value implants [32][33] - Global Technology Group sales grew by 7.4%, driven by strong growth in practice management software and revenue cycle management solutions [33] Market Data and Key Metrics Changes - International Dental merchandise sales grew by 1.9%, impacted by the timing of Easter, while international Dental equipment sales grew by 12.1% [31] - Sales growth in Brazil was particularly strong, and international sales growth was also noted in Canada and Europe [14][15] Company Strategy and Development Direction - The company is maintaining its full-year guidance, expecting earnings to be weighted towards the second half of the year, aiming for high single-digit to low double-digit earnings growth [7][8] - The company is partnering with KKR's Capstone and engaging global management consulting firms to enhance distribution gross margins and increase efficiencies [7][9] - The Bold plus One strategy is being expanded to drive superior customer satisfaction and financial goals [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to high single-digit to low double-digit earnings growth, supported by strong July sales and targeted sales initiatives [41][42] - The management noted that patient traffic in dental markets remains stable, with dentists investing in productivity-enhancing devices [50][51] - The company is focused on enhancing gross margins through pricing strategies and improving operational efficiencies [61][62] Other Important Information - The CEO announced plans to retire at the end of the year, transitioning to the role of Chairman of the Board, emphasizing the company's growth and development over the past 45 years [22][24] - The company has initiated restructuring efforts expected to yield annual run rate savings of over $100 million by the end of 2025 [35] Q&A Session Summary Question: Insights on July sales and patient traffic - Management reported positive trends in July sales, with stable patient traffic and a return to normal merchandise pricing [48][50] Question: Current state of consulting engagements - Management highlighted two key areas of focus with consulting firms: driving gross profit and restructuring for efficiency [58][60] Question: EPS cadence in the second half of the year - Management expects EPS growth to be more weighted towards the second half of the year, driven by targeted sales initiatives and backlog improvements [69][70] Question: Updates on orthodontics and aligner integration - Management noted that the orthodontics business is small but stabilizing, with efforts to improve profitability and product offerings [75][78] Question: Impact of targeted sales initiatives - Management indicated that targeted sales initiatives successfully addressed lost sales and improved customer engagement [90][92] Question: Competitive balance and RFPs from larger customers - Management acknowledged that RFPs are normal for larger customers, and the company remains a trusted supplier, working collaboratively to mitigate tariff impacts [96][99]

Summary of Envista's Conference Call Company Overview - **Company**: Envista Holdings Corporation - **Industry**: Dental Products and Technologies Key Points and Arguments Industry Insights - The dental market remains fundamentally attractive despite macroeconomic uncertainties post-COVID, with no significant changes expected in the long-term growth trajectory of the industry [5][6] - The orthodontic segment is identified as the fastest-growing category, particularly in clear aligners, with a noted acceleration in the bracket and wire segment as well [8][10] - Consumables, which are largely reimbursed by insurance, are performing well, while the diagnostics and equipment categories are still contracting [10][11] Market Trends - Emerging markets are showing acceleration in demand, with Europe performing better than the U.S., which remains stable but slower [12] - Consumer confidence indicators have fluctuated, with recent improvements noted, suggesting potential optimism for the dental market in 2025 [14][16] Financial Performance - The implants division accounts for approximately 40% of revenue, with a recent contraction in the challenger segment attributed to fewer selling days [17][18] - Envista has focused on organic growth, investing an additional $25 million into high-margin businesses to drive performance [21][22] Strategic Focus - The company is prioritizing operational excellence and customer-centric leadership to improve its premium implant business, which has shown four consecutive quarters of growth but still has room for improvement [27][30] - There is a strong emphasis on R&D and innovation, particularly in the implant portfolio and regenerative solutions, with expectations for new products to impact growth by 2026 [34][36] Tariff Impact and Mitigation - Envista is actively managing tariff exposure, particularly concerning U.S. manufactured goods sold in China, and is shifting production to mitigate impacts [43][44] - The company anticipates a lagged impact from tariffs, with the ability to adjust supply chains over time [46][49] Pricing Strategy - Historically, dental companies have achieved 1-2% price increases, but recent years have seen challenges in this area. Envista is exploring ways to increase pricing to offset tariff impacts [58][59] - The company believes that moving supply across its global footprint will be a more significant lever for managing costs than solely relying on price increases [60][61] Future Outlook - Envista is optimistic about turning its Spark business profitable in the second half of the year, with a focus on automation and efficiency to improve margins [61][65] - The company is concentrating on the orthodontic segment for clear aligners, leveraging its existing market share and sales force to drive growth [68][69] Additional Important Content - The CEO highlighted the importance of operational excellence and clear accountability in driving performance improvements [30] - There is a recognition of the competitive landscape in the clear aligner market, with a focus on maintaining a disciplined pricing strategy [68][70]