External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

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<ul><li>Angelalign’s 1H26 results beat, highlighted by the first semi-annual profit from its overseas business.</li><li>Revenue increased 43% YoY to US$231mn, reaching 51% of our prior full-year forecast, above the historical average of 43%.</li><li>Case volumes grew 37% in mainland China and 43% overseas, leading management to raise 2026E case volume guidance to 350,000 cases for each market. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign’s 1H26 results beat, highlighted by the first semi-annual profit from its overseas business.Revenue increased 43% YoY to US$231mn, reaching 51% of our prior full-year forecast, above the historical average of 43%.Case volumes grew 37% in mainland China and 43% overseas, leading management to raise 2026E case volume guidance to 350,000 cases for each market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign (6699 HK) - 1H26 earnings beat driven by first-time overseas profitability

<ul><li>Angelalign reported strong FY25 results, with revenue up 37.8% YoY to US$370mn and attributable net profit increasing 134.7% YoY to US$28mn, beating our estimates by 9% and 140%, respectively.</li><li>Total case shipments grew 48.1% YoY to 532,400.</li><li>The robust performance was primarily driven by rapid overseas expansion and continued domestic market share gains. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign reported strong FY25 results, with revenue up 37.8% YoY to US$370mn and attributable net profit increasing 134.7% YoY to US$28mn, beating our estimates by 9% and 140%, respectively.Total case shipments grew 48.1% YoY to 532,400.The robust performance was primarily driven by rapid overseas expansion and continued domestic market share gains. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign (6699 HK) - Earnings Beat with Strong Overseas Momentum

<ul><li>Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas business.</li><li>Total clear aligner case volume reached 225,800, up 48% YoY and accounting for 51.7% of our previous full-year estimate, exceeding the historical average of ~41%.</li><li>Attributable net profit margin improved significantly to 9.1% (+6.5ppts YoY), supported by effective cost control measures and delays in staff recruitment and the delayed operation of overseas manufacturing facilities. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas business.Total clear aligner case volume reached 225,800, up 48% YoY and accounting for 51.7% of our previous full-year estimate, exceeding the historical average of ~41%.Attributable net profit margin improved significantly to 9.1% (+6.5ppts YoY), supported by effective cost control measures and delays in staff recruitment and the delayed operation of overseas manufacturing facilities. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign (6699 HK) - Overseas Business Drives Revenue Growth

<ul><li>Founded in 2003, Angelalign is a leading provider of clear aligner treatment solutions in China.</li><li>For four consecutive years since 2021, Angelalign has maintained its No.1 market share in China's clear aligner market.</li><li>Angelalign achieved a robust revenue CAGR of 23.8% (in USD terms based on historical exchange rates) from 2019 to 2024. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Founded in 2003, Angelalign is a leading provider of clear aligner treatment solutions in China.For four consecutive years since 2021, Angelalign has maintained its No.1 market share in China's clear aligner market.Angelalign achieved a robust revenue CAGR of 23.8% (in USD terms based on historical exchange rates) from 2019 to 2024. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign (6699 HK) - Domestic clear aligner leader accelerating global expansion

China

Angelalign Technology Inc. is a global provider of digital technology-driven clear aligner products and services, offering comprehensive orthodontic solutions including treatment planning, manufacturing, and marketing. The company's portfolio includes products like angelalign Pro, angelalign, and angelalign KID, supported by its iOrtho Digital Orthodontic Intelligent Service Platform. Headquartered in Shanghai, China, the company was founded in 2003.

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Angelalign Technology (6699 HK)

Angelalign (6699 HK) - 1H26 earnings beat driven by first-time overseas profitability

Angelalign’s 1H26 results beat, highlighted by the first semi-annual profit from its overseas business. Revenue increased 43% YoY to US$231mn...

CMB International

Angelalign (6699 HK) - Earnings Beat with Strong Overseas Momentum

Angelalign reported strong FY25 results, with revenue up 37.8% YoY to US$370mn and attributable net profit increasing 134.7% YoY to US$28mn,...

CMB International

Angelalign (6699 HK) - Overseas Business Drives Revenue Growth

Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas...

CMB International

Angelalign (6699 HK) - Domestic clear aligner leader accelerating global expansion

We expect Angelalign to benefit from an improving domestic competitive landscape and rapid overseas expansion, sustaining strong revenue growth...

CMB International

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