时代天使(06699)绩后股价走高，尾盘涨幅扩大逾10%，截至发稿，涨10.28%，报75.1港元，成交额5.73 亿港元。 此外，时代天使宣布，全资附属无锡时代天使与上海马可菲斯及上海马可菲斯现有股东订立投资协议， 无锡时代天使已有条件同意以现金代价1000万元人民币认购上海马可菲斯经扩大註册股本的5%。于投 资完成后，集团将实益拥有上海马可菲斯约9.7%股权的权益。上海马可菲斯为隐形矫治器行业原材 料、配件及设备的领先供应商之一。鉴于因集团隐形矫治器业务增长导致在隐形矫治器生产过程中对原 材料的需求不断增加，董事认为，集团获取可靠之原材料供应商并与该供应商建立长期合作关系至关重 要。 消息面上，8月25日晚，时代天使公布2025年中期业绩，收入为1.614亿美元，同比增加33.1%；毛利为 约1亿美元，同比增加32.9%；经调整净利润为1950万美元，同比增加84.8%。公司拥有人应占利润 1464.3万美元，同比增长362.65%；每股盈利0.09美元，特别中期股息每股股份0.46港元。报告期内，公 司隐形矫治案例总数同比大幅增长47.7%，达到约22.58万例，其中国际市场案例数同比增长103.5%， ...

8月25日，隐形正畸龙头——时代天使(06699)发布2025年中期业绩报告，多项核心指标呈现强劲增长态 势，并表述将战略性加大在多个关键领域的长期投入。 报告期内，公司隐形矫治案例总数同比大幅增长47.7%，达到约22.58万例，其中国际市场案例数同比增 长103.5%，约为11.72万例，超越中国市场的10.86万例，展现出全球化布局的显著成效。 时代天使高度重视研发过程中的专利布局，推动临床实践与数字技术的融合创新，确保每一代新产品和 技术方案都能形成有效的专利壁垒。 知识产权管理的核心不仅在于保护自身创新，也需全面遵循全球不同地区的监管要求。因此，时代天使 将"合规性"视为知识产权战略的另一重要支柱，在产品全生命周期均实施严格的知识产权合规审查，确 保业务拓展符合当地法律法规与行业标准，最大限度降低全球经营中的知识产权风险。 除了知识产权领域的重点投入，时代天使也在全球供应链与数据安全方面持续加码。为满足国际市场日 益增长的需求，公司正在加快建设环境友好、高扩展性的世界级智能制造体系，并计划在多个地区新建 或扩建生产与医学设计中心。目前，位于巴西及东南亚的医学设计中心已成功运营，并为北美市场提供 支持 ...

本报讯(记者李春莲)8月25日，时代天使生物科技有限公司(以下简称"时代天使")发布2025年中期业绩报 告。报告期内，时代天使隐形矫治总案例数同比增长47.7%达到约22.58万例，实现强劲增长。达成案例 数的增长、医学设计中心与隐形矫治器生产基地的高效运营，共同推动时代天使的收入、毛利及经营利 润实现同比提升。 报告期内，时代天使在国际市场的案例数达到11.72万例，同比增长103.5%。这一强劲增长既得益于去 年同期的低基数，也源于公司在新开拓市场中取得的成果，并实现快速收益。时代天使通过提供高质量 医学方案设计，稳定交付，以及关键意见领袖(KOL)主导的持续性教育培训项目，成功扩大了市场覆盖 范围。在中国市场，时代天使案例数达到10.86万例，同比增长14%。时代天使前瞻性布局早期矫治与 新兴市场，使其成为业务增长的驱动力。 时代天使CEO胡杰章表示："我们对全球隐形矫治行业的长期增长前景充满信心。时代天使的投入重点 包括扩大矫治器和医学设计的生产规模，提升临床服务能力，延续创新传统并强化知识产权保护，以及 加大合规投入，推动所有区域的可持续增长。" 报告期间的盈利表现也得益于为应对不确定性的关税环境 ...

8月25日晚间，时代天使(06699.HK)发布2025年半年报显示，上半年实现收入1.61亿美元，同比增长 33.1%；经调整净利润达到1950万美元，同比增长84.8%。上半年，时代天使隐形矫治总案例数同比增 长47.7%达到22.58万例。 在报告中，时代天使表示，展望未来，公司预期在销售、营销、临床支持及客户服务方面加大投入力 度，设立及运营中国以外医学设计中心及生产基地、不断提升法务能力以推进知识产权战略及合规，并 进一步升级数据安全基础设施，以建立更加可持续的国际影响力。 拆解来看，上半年，公司在国际市场的案例数达到11.72万例，同比增长103.5%。这得益于去年同期的 低基数，也源于公司在新开拓市场中取得的成果，并实现快速收益。时代天使通过提供高质量医学方案 设计、稳定交付，以及关键意见领袖(KOL)主导的持续性教育培训项目，成功扩大了市场覆盖范围。 在中国内地市场，公告显示，公司前瞻性布局早期矫治与下沉市场，培育其成为业务增长的驱动力。报 告期间内，中国内地市场达成隐形矫治案例约10.86万例，同比增长14%。在早期矫治市场，报告期间 内，时代天使"儿童版"产品的案例数占比持续提升。在下沉市 ...

"牙疼不是病，疼起来要人命。"这句话，很多人都深有体会。 2017年发布的第四次全国口腔流行病学调查显示，在中国，口腔疾病的患病率超过90%。这意味着，每10个人中至少有9人受到龋齿、牙周病、口腔溃疡 等问题的困扰。 大多数人都有过牙疼的经历——疼痛钻心、牙龈肿胀、难以开口、无法进食，整个人仿佛所有精力都被用来对抗疼痛。 一直以来，牙齿相关的生意总被贴上"暴利"的标签，口腔行业更被称为"万亿黄金赛道"。在2015至2021年期间，这一行业确实保持着每年约15%的超高增 速，呈现出一片繁荣景象。 然而最近两年，中国口腔行业却悄然经历巨变。 2023年，全国口腔医疗服务机构注销数达到了1068家；进入2024年，多家连锁口腔医院突然"提桶跑路"，倒闭率高达30%。就连行业龙头之一的泰康拜 博，也开始大量出售旗下门店。仅今年一季度，全国就有超过230家口腔机构突然停业。 原本"狂飙"中的口腔行业，为何突然失速？ "狂飙"中的口腔行业 前文说过，2015至2021年间，中国口腔行业一路狂奔，到2023年，全行业规模已达到1446亿元。机构数量也从2016年的6.5万家增至2025年的12万-15万 家，其中民营口腔市 ...

Core Viewpoint - The dental clinics are experiencing a surge in patient visits during the summer, particularly among younger children seeking orthodontic treatment, with some clinics reporting a two to threefold increase in patient volume [1] Group 1: Orthodontic Treatment Timing - The optimal time for most children to undergo orthodontic treatment is around the age of 12, after the replacement of primary teeth with permanent ones, as this period allows for faster tooth movement and fewer complications [2][4] - Early intervention is necessary for specific conditions such as crossbites or dental crowding, which may require treatment as early as 8 to 10 years old [4] Group 2: Types of Orthodontic Appliances - The two main types of orthodontic appliances for children are fixed braces (steel or ceramic) and removable clear aligners [5] - Clear aligners offer comfort and aesthetics but require consistent wear to be effective, while fixed braces ensure consistent force application but can be less convenient for oral hygiene [6][8] Group 3: Common Misconceptions - There are several misconceptions regarding children's dental health, such as the belief that primary teeth do not need treatment since they will eventually fall out, which can lead to long-term dental issues [11] - Another misconception is that using dental floss will widen the gaps between teeth, whereas it is actually beneficial for maintaining oral hygiene, especially in children with closely spaced teeth [12]

Group 1: Financial Performance - The company expects to achieve a net profit of $13.4 to $14.8 million in H1 2025, representing a year-on-year growth of 538.1% to 604.8% [1] - The growth in net profit is primarily driven by a low base in H1 2024, continued growth in overseas markets, and lower investment and operating expenses due to delays in establishing overseas production facilities [1] - Revenue projections for 2025 to 2027 are estimated at $318 million, $374 million, and $445 million, with year-on-year growth rates of 18.1%, 17.8%, and 18.8% respectively [3] Group 2: Market Expansion and Strategy - The company has made a strategic investment in the invisible orthodontics brand Shuyaki, acquiring a 35% stake to deepen its presence in emerging markets [2] - The company is focusing on enhancing accessibility to orthodontic services in lower-tier cities and county markets through its investment in Shuyaki, which is recognized for its cost-effective products and digital services [2] - The company has established a highly specialized team in Europe, Asia-Pacific, and the Americas, accelerating its overseas business with a significant increase in international cases from 33,000 in 2023 to 140,700 in 2024, a growth of 326.4% [1] Group 3: Marketing and Brand Influence - The company is expanding its sales and clinical teams strategically based on the development characteristics of different city tiers and is employing diversified marketing strategies to enhance brand influence [3] - Collaborative marketing initiatives include a summer event with Hasbro's My Little Pony in Shanghai, aimed at promoting early orthodontic education and family interaction [3] - The company launched the "Angel KiD Star Plan" in partnership with Xiaohongshu to promote early orthodontic awareness through authoritative reports and expert collaboration [3]

Core Viewpoint - UBS reports that Times Angel (06699) is expected to achieve a net profit of $13.4 million to $14.8 million in the first half of the year, representing a year-on-year growth of 538% to 605%, exceeding market expectations [1] Financial Performance - The significant growth in both local and overseas revenue is anticipated to positively influence investor sentiment [1] - UBS has raised its earnings per share (EPS) forecast for Times Angel by 105% to HKD 1.18, reflecting lower-than-expected operating expenses [1] - Assuming overseas operations reach breakeven by 2027, the EPS forecast for 2027 has been increased by 7% to HKD 2.02 [1] Investment Recommendation - UBS sets a target price of HKD 82 for the stock and reiterates a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a net profit of $13.4 to $14.8 million in H1 2025, representing a year-on-year growth of 538.1% to 604.8% [1] - The growth in net profit is primarily driven by a low base in H1 2024, continued growth in overseas markets, and lower investment and operating expenses [2] - The company has made a strategic investment in the orthodontic brand Shuyaki, acquiring a 35% stake to deepen its presence in emerging markets and enhance the penetration of invisible orthodontics [3] Financial Performance - The company’s revenue is projected to grow from $208 million in 2023 to $318 million in 2025, with year-on-year growth rates of 14.3% in 2023, 29.0% in 2024, and 18.1% in 2025 [5] - The net profit is expected to increase from $8 million in 2023 to $13 million in 2025, with growth rates of -75.4% in 2023, 60.4% in 2024, and 4.4% in 2025 [5] - The earnings per share (EPS) is forecasted to be $0.07 in 2025, with a price-to-earnings (P/E) ratio of 98.3 [5] Market Expansion - The company has established a localized development strategy, with significant growth in international cases, increasing from 33,000 in 2023 to 140,700 in 2024, a year-on-year increase of 326.4% [2] - The company is expanding its production capabilities in Brazil and is set to build a new manufacturing facility in Wisconsin, USA, which will be one of the most advanced centers for invisible orthodontics globally [2] Marketing Strategies - The company is actively enhancing its brand influence through diverse marketing strategies tailored to different city tiers, including collaborations with popular brands like My Little Pony and initiatives like the Angel KiD Star Plan [4]

Group 1 - The company, Times Angel (06699), experienced a nearly 10% increase in stock price following a positive profit forecast, with shares trading at 62.8 HKD and a transaction volume of 12.27 million HKD [1] - The company anticipates a net profit of approximately 13.4 million to 14.8 million USD for the first half of 2025, representing an increase of about 538.1% to 604.8% compared to the net profit of around 2.1 million USD for the first half of 2024 [1] - The board attributes the significant change in operating performance to strategic price adjustments in its core Chinese business due to intense competition, continued revenue growth outside of China, and lower investment and operating expenses due to delays in establishing production facilities outside of China [1] Group 2 - The announcement highlights that past performance may not be indicative of future results, emphasizing the complexity of the global market [2] - The company remains focused on driving long-term growth and may increase short-term operating expenses to expand its geographic coverage and customer base [2] - In the global market outside of China, the company aims to increase its market share and build a more resilient global supply chain, which may require additional investments to address changing tariff conditions in Brazil [2]