Angel of the Times (06699): Two-wheel drive, scale effect, share jump, triple growth logic reshapes the global orthodontic landscape

On August 31, Times Angel (06699) handed over an interim report card expected by the supermarket. Strong performance in business results and financial indicators indicates that the company's fundamentals have ushered in a substantial breakthrough. Financial reports show that the company achieved a total of 316,609 cases in the first half of the year, an increase of 40.2% over the previous year; it achieved revenue of US$231 million, an increase of 42.9% over the previous year.

According to the Zhitong Finance App, the biggest highlight of the Times Angel report this time is the jump in profit quality and the implementation of the growth logic. On the one hand, the company's overseas business turned losses into profits, and the global direct sales network, which had heavy assets and investments in the early stages, began to release “operating leverage effects”; on the other hand, in the domestic market, with the penetration of the sinking market and leading the early childhood correction business, the company is further expanding its market share through a “clinical efficacy oriented” strategy.

Looking forward to the future, in the Changpo Heavy Snow Circuit where the global invisible orthodontic market is moving to the 100 billion dollar level, the Angel of the Times is accelerating the transition from “China's leader” to a “global core competitor” with a balanced structure of “domestic and international two-wheel drive”. With the volume growth of overseas business and the strong rise in domestic market share, the market is expected to reshape its valuation logic from simple “growth stocks” to “value growth stocks with global pricing power.”

The wave of scale effects begins: the second growth curve of globalization is being implemented strongly

As stated at the beginning of the article, the core focus of Time Angel's 2026 Interim Report is that its global business has reversed losses and ushered in substantial performance. According to financial data, the company's total number of hidden correction cases in the global market (excluding mainland China) reached 168,000 in the first half of the year, an increase of 43.4% over the previous year. The number of cases and revenue contributions both broke through the 50% mark. More importantly, the overseas division reversed the loss situation in the past in one fell swoop, marking that Time Angel has successfully completed the closed loop of “self-hematopoiesis” in overseas markets and officially moved from a pioneering period to a harvest period.

The Zhitong Finance App believes that the reversal of profits in overseas business is essentially an inevitable result of the accelerated release of operating leverage under two-wheel drive due to scale effects and localization. On the one hand, with excellent sales service, treatment plan design and clinical technical support, the company has maintained a very high net customer recommendation value in overseas markets. This word-of-mouth recommendation based on actual clinical efficacy has effectively reduced marginal customer acquisition costs and has become the core driving force for the continuous rise in the number of cases. On the other hand, in response to many invisible correction needs around the world that have not been fully met, the company continues to promote localization team building and host professional academic conferences such as iMaster and Angel Ascend in core markets such as Europe, Asia Pacific, North America and Latin America to enhance doctors' recognition of Time Angel solutions and establish a healthy growth flywheel led by professional academics on a global scale.

This achievement is inseparable from the global collaboration of the back-office in R&D. Through an open and collaborative management culture, Times Angel has successfully integrated the world's top clinical knowledge and technical talents to achieve global collaboration of R&D resources, not only improving the efficiency and predictability of treatment for complex cases, but also allowing clinical experiences in different countries and regions to learn from each other and promote the improvement of products, technology and solutions.

More importantly, this clinical hard core competency is forming more and more professional consensus around the world. In the industry of invisible orthodontics, which has strong compound benefits, the real barrier is whether it can obtain clinical approval from local head orthodontists. Currently, Time Angel's products and solutions have passed strict peer reviews in authoritative academic journals in core markets such as North America and Europe, and have been verified in real clinical practice in a large number of complex cases.

With the further deepening of the global direct sales network and the continuous expansion of scale effects, overseas business has not only become the core engine driving the company's overall revenue growth, but has also contributed to a real increase in revenue for the Group. Looking forward to the future, as overseas profit margins continue to recover, this second curve of high-growth globalization will provide a steady stream of strong impetus for the company's long-term value jump.

China's share rises again: the decline in medical services activates new momentum for growth

While the global business is being realized at an accelerated pace, Times Angel has also shown strong resilience in the mainland China market. Its market share has steadily increased, and its leading domestic advantage has further expanded. In the first half of 2026, Times Angel's number of invisible correction cases in mainland China reached 148,608, an increase of 36.8% over the previous year. In the context of the invisible correction industry paying more attention to clinical value, this growth is not only due to the continuous cultivation of existing advantageous markets, but also from the continuous expansion of the company's medical service capabilities to a wider region, driving a further increase in the penetration rate of the sinking market.

The Zhitong Finance App believes that the growth of the Era Angel's sinking market is not simply based on channel development, but is based on the continued decline in professional reputation and clinical service capabilities. After years of clinical practice of invisible correction, doctors in the sinking market are constantly improving their recognition of product quality, clinical efficacy, and professional support, and are also paying more attention to whether treatment plans can remain stable and effective. In this process, Times Angel has gradually established a reputation based on product quality, clinical effects and service capabilities accumulated over a long period of time, and has transformed its professional advantages into the choice of more doctors as its business coverage and market reach continue to expand. The company's share of cases from the sinking market continued to rise during the reporting period, which is a direct reflection of this logic.

More importantly, Time Angel is transforming its medical capabilities into a service system that can be replicated in a wider range of markets. The company continues to help doctors deepen their understanding of invisible correction technology and enhance their confidence in handling complex cases through clinical support, case discussions, systematic training and professional education. As doctors' ability to diagnose and treat patients and manage cases is improved, the range of indications that can be covered is also expanded, and more invisible correction needs that were not fully met are released as a result. This means that medical service capacity is becoming a key fulcrum for leveraging the sinking market penetration rate, and is forming a positive cycle of “improving doctors' competency - increasing clinical trust - increasing the number of cases”.

As the coverage of the sinking market continues to expand, clinical support continues to be deepened, and demand segments such as early correction are released at an accelerated pace, high-quality invisible correction services are expected to reach more doctors and patients. This increase in penetration rate, driven by professional ability, will continue to consolidate the leading edge of Time Angel in the Chinese market and become an important driving force for the company's overall case count growth.

In summary, the core signal released by Time Angel's 2026 interim results is that the company has formed a more balanced and resilient global growth structure. What supports this structure is not a single market dividend, but a systematic collaboration of clinical capabilities, global operations, and scale efficiency. As these capabilities continue to be transformed into market share and operating results, Time Angel's long-term growth certainty and global value space is expected to further open up.