21世纪经济报道记者季媛媛 寒假第一天，上海一家连锁口腔诊所内，二年级学生小宇（化名）盯着屏幕上自己牙齿的3D模拟图， 他的母亲王女士正专注地听着医生讲解矫正方案。他们身边，还有三个家庭在等待咨询。 每天早晨八点，国内不少医院口腔科的门前就排起了队。穿过候诊区时，总能看到一幅熟悉的画面：孩 子们低头玩着手机，家长们则翻看着手中的宣传册，不时抬头望向诊室方向。 "每年寒暑假都会迎来矫正牙齿的就诊高峰，就诊群体中，学生占了7成以上。"上海一家泰康拜博口腔 的医护人员告诉21世纪经济报道记者，每到寒假，门诊前来进行口腔正畸的学生数量是日常门诊的三 倍。 上海百汇医院口腔科钟敏医师也对21世纪经济报道记者表示，寒假来临，儿童口腔诊疗引来正畸就诊高 峰，正畸初诊占比大幅提升，家长决策集中化趋势十分明显，多数家长希望在寒假、尤其是春节前让孩 子们佩戴上矫治器。 当孩子们结束一学期的学业，全国各地的口腔医院和诊所正迎来一年中最繁忙的时段。这股热潮背后， 是家长对口腔健康与颜值的双重关注，也反映了中国家庭对孩子全面发展的期待与投入。 就诊高峰：寒假的特殊医疗档期 寒假伊始，儿童口腔科便进入了年度最繁忙的周期。全国各地口腔医疗 ...

Core Viewpoint - The report from 兴证国际 highlights the strong performance and strategic initiatives of 时代天使 (06699) in the first half of 2025, emphasizing its ability to adapt to market conditions and maintain its leading position through various measures such as price adjustments and market expansion [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of $161 million, representing a year-on-year growth of 33.1%, with a gross margin of 62.4% and an adjusted net profit of approximately $20 million, up 84.8% year-on-year [2] - The global market outside of China contributed approximately $72 million in revenue, a significant increase of 123.4% year-on-year, accounting for 44.4% of total revenue [2] - The domestic market generated $90 million in revenue, showing a modest growth of 0.7% year-on-year, while operating profit reached approximately $17 million, up 52.1% year-on-year, with an operating profit margin of 19.2%, an increase of 6.5 percentage points [2] Group 2: Market Expansion and Strategy - The total number of cases reached 225,800 in the first half of 2025, reflecting a year-on-year increase of 47.7%, with 117,200 cases outside of mainland China, a growth of 103.5% [3] - In mainland China, the company achieved approximately 108,600 cases, a 14.0% increase year-on-year, driven by strategic price adjustments and a focus on early treatment and lower-tier markets [3] - The revenue growth in the domestic market lagged behind the case growth due to a decline in average selling prices [3] Group 3: Globalization and Service Enhancement - The company is expanding its market presence outside of mainland China by leveraging high-quality medical design support and stable delivery, along with continuous education and training led by key opinion leaders [4] - Plans are in place to establish or expand manufacturing and design facilities in key global locations, such as Brazil and Southeast Asia, to support operations in the U.S. [4] - Significant resources are being allocated to upgrade data security facilities and operational processes to comply with data security and privacy regulations in all major countries and regions where the company operates [4]

Core Viewpoint - The report from Xingzheng International recommends focusing on Times Angel (06699), highlighting its significant growth in case numbers and strong performance in global expansion during the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of $161 million, a year-on-year increase of 33.1%, with a gross margin of 62.4% and an adjusted net profit of approximately $20 million, up 84.8% year-on-year [2] - Revenue from global markets outside of China reached approximately $72 million, a year-on-year increase of 123.4%, accounting for 44.4% of total revenue [2] - Revenue from the Chinese market was $90 million, a year-on-year increase of 0.7%, making up 55.6% of total revenue, with operating profit of approximately $17 million, up 52.1% year-on-year [2] Group 2: Case Growth - The total number of cases reached 225,800, a year-on-year increase of 47.7%, with 117,200 cases outside of mainland China, up 103.5% year-on-year, representing 51.9% of total cases [3] - In mainland China, the company achieved approximately 108,600 cases, a year-on-year increase of 14.0%, driven by strategic price adjustments in response to competition [3] - The slower revenue growth in the domestic market compared to case growth is attributed to a decline in average selling prices [3] Group 3: Global Expansion - The company is enhancing its global presence by leveraging high-quality medical design support and stable delivery, along with continuous education training led by key opinion leaders [4] - Plans are in place to establish or expand manufacturing and design facilities in key global locations, such as Brazil and Southeast Asia, to support the U.S. market [4] - Significant resources are being invested to upgrade data security facilities and operational processes to comply with data security and privacy regulations in all major countries and regions where the business operates [4]