20 May 2025 | 1:59AM HKT China Software: 1Q25 result review; quality new products to drive growth; profitability remains key focus We review our China Software coverage based on 1Q25 performance and update our estimates to reflect our latest views. In 1Q25, the avg. revenue growth of our coverage was 6% YoY, and avg. net margin was -3% due to weak seasonality of 1Q. Looking into 2H25, software companies are focused on (1) high-quality products/ projects carrying better margins, (2) new products/ product upg ...

Q1 2025 Financial Results Align Technology, Inc. April 30, 2025 Safe Harbor and Forward-Looking Statements This presentation, including the tables below, contains forward-looking statements, including statements of beliefs and expectations regarding our ability to successfully control our business and operations and pursue our strategic growth drivers, our expectations regarding our stock repurchase programs, our expectations for market opportunities, our expectations regarding the applicability of VAT to o ...