时代天使在德国的代理律师事务所Arnold Ruess代理律师Dr. Arno Riße表示："时代天使尊重并将遵守杜 塞尔多夫统一专利法院的裁定，但与此同时，我们将积极举证，证明暂停Live Now功能中特定模块的 判定是不合理的。时代天使高度重视知识产权，并始终谨慎确保不侵犯任何有效专利权。" 多年来，时代天使始终专注于隐形正畸领域创新解决方案的研发。公司拥有多项前沿的解决方案和产 品，包括：屡获奖项的angelButton天使扣、angelHook天使钩、A6前导下颌解决方案(已迎来十周年)、 angel KiD时代天使儿童解决方案以及IRS智能根骨系统。时代天使致力于为市场带来公平、健康的竞争 环境，让医生与患者共同受益。 智通财经APP获悉，时代天使科技有限公司(06699，下称"时代天使")表示，德国杜塞尔多夫统一专利法 院(Unified Patent Court of Düsseldorf)下达临时禁令，要求公司暂停使用自动更新方案功能("live now")中 的特定模块，这对使用时代天使隐形矫治产品的医生和患者影响甚微。该临时禁令仅适用于部分欧洲国 家，不包括西班牙、瑞士、英国及爱尔兰。公 ...

Core Viewpoint - The Chinese medical device industry is transitioning from domestic substitution and penetration to internationalization and technological innovation, leading to a valuation reshaping as companies enhance their product competitiveness [1] Group 1: Industry Trends - The medical device sector has experienced a continuous decline from 2021 to 2024, but signs of a performance turning point are emerging in the second half of 2023 due to improved procurement policies and declining channel inventory [1] - High-value consumables are expected to see long-term penetration growth, while medical equipment is projected to stabilize and recover starting from Q4 2024 [1] - The in-vitro diagnostics (IVD) sector remains under pressure in the short term, but there is significant potential for domestic substitution in the medium to long term [1] Group 2: Company Strategies - Companies are focusing on cost reduction and efficiency improvement through automation and optimized production processes [2] - Strategic shifts include technological innovation and product differentiation to mitigate procurement risks, with expectations of favorable reimbursement policies for innovative devices [2] - Many companies are pursuing international expansion, leveraging supply chain advantages and stable pricing in overseas markets [2] Group 3: Innovation and Global Competitiveness - Chinese medical device companies are achieving global leadership in certain innovative products, such as the world's first full-body PET/CT and advanced chemical luminescence instruments [3] - The industry is witnessing a trend of mergers and acquisitions as companies seek new growth avenues amid limited domestic market ceilings [4] - The potential for license-out strategies is being explored to accelerate international market entry for innovative products [4] Group 4: Investment Opportunities - In the Hong Kong stock market, there are opportunities in companies with strong innovation capabilities and those poised for profitability recovery or high growth [6] - A focus on A-share companies that are expected to reach performance turning points and possess strong internationalization capabilities is recommended [7]

Core Viewpoint - The report from CITIC Securities highlights the transformation of China's medical device industry, focusing on domestic growth and international expansion, driven by improved product competitiveness and innovation [1] Group 1: Industry Growth and Trends - The medical device sector is transitioning from domestic substitution to internationalization and technological innovation, leading to a revaluation of the industry [1] - The international business space is expanding, with many companies experiencing high growth in overseas markets, which may surpass domestic business [1] - The industry is witnessing a rebound after four years of decline, with trends such as optimized procurement policies and improved bidding data indicating potential performance turning points in the second half of the year [1][2] Group 2: Market Segments and Performance Outlook - High-value consumables are expected to benefit from improved procurement policies, leading to a gradual recovery in valuation [2] - Medical equipment is projected to see a turning point in bidding growth starting Q4 2024, with leading companies likely to stabilize and achieve high growth due to product upgrades [2] - The in-vitro diagnostics (IVD) sector remains under pressure in the short term, but there is significant potential for domestic substitution in the long term [2] Group 3: Strategic Adjustments by Companies - Companies are focusing on cost reduction and efficiency improvements through automation and optimized production processes [3] - There is an emphasis on technological innovation and the development of differentiated products to mitigate procurement risks [3] - Many companies are exploring international markets, leveraging supply chain advantages and stable pricing [3] Group 4: Innovation and Global Competitiveness - Chinese medical device companies are achieving global leadership in certain innovative products, such as the world's first full-body PET/CT and unique 5T MR systems [4] - The report notes that several companies are positioned to become global leaders through innovation, international expansion, and strategic acquisitions [5] Group 5: Investment Opportunities - In the Hong Kong stock market, there are opportunities in companies with strong innovation capabilities and those poised for turnaround or high growth [6][7] - In the A-share market, attention is drawn to companies with potential performance turning points and strong internationalization capabilities [8]