时代天使2025中期报告

（於開曼群島註冊成立的有限公司）股份代號 :6699 020305182039404143454690 Maples Corporate Services LimitedPO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands Maples Fund Services (Cayman) LimitedBoundary Hall, Cricket SquarePO Box 1093, Grand CaymanKY1-1102 Cayman Islands 50076-7 •97914 20256 2420256 24 33191920 1617 20255 1520255 15 www.angelalign.com 20255 1520255 15 22 6699 •2025630161.42024630121.333.1% (i)202563089.7202463089.1 (ii)202563071.720246 3032.1 •2025630225,8002024630152,90047.7% (i)20256 30108,600202463095,30014.0% (ii)2025630AngelAlignerAditek117,20020246 3057,600103.5% •20256 30100.620246 3075.732.9%20256 3062.4%2024630 •20256308.814.220246302.1583.6%20256308.8%20246 301.7% •20256308.819.5202463010.584.8%(1)202563012.1%20246308.3% •20256 30 (i)202563017.2202463011.352.1%202563019.2%202463012.7%6.5 (ii)20256 305.4202463016.7 •20256 300.46 (1)1819 (2)20252192024123120246 30 1 2025AngelAlignerAditek 1. 108,60014.0% • •7 (KOLs)117,200AngelAlignerAditek103.5% 2. •A10 •AngelActivator HGII𬌗+II 𬌗𬌗 •𬌗𬌗𬌗𬌗 •𬌗𬌗𬌗 3. •MooeliiOrtho™ 4. 2025 • •iOrtho™ 2025AngelScanner A8 •Force Distributions Associated with Different Elastic Traction Methods for Maxillary DentitionDistalization by Clear Aligners: an In-Vitro StudySCIBMC Oral Health™•Biomechanical Effects of Different Initial Posterior Inclinations During Extraction Space Closurewith Clear Aligners: A Finite Element AnalysisAJO-DO•Cross-Center Model Adaptive Tooth SegmentationMedical ImageAnalysis(CMAT) 5. 2025 ••IT••••• 20246 30121.333.1%20256 30161.4 •202463084.52.1%202563086.2 •AngelAlignerAditek20246 3031.9122.3%20256 3071.0 •Mooeli20246 303.613.6%20256 303.1 •20246 301.319.5%20256 301.0 202463045.633.3%202563060.7 202463075.732.9%2025630100.620256 3062.4%20246 30 202463048.311.3%202563053.820246 3039.8%20256 3033.3% 20246 3022.20.3%20256 3022.3202463018.3%20256 3013.8% 202463010.5202563012.8 20256 303.020246 300.2 20256 306.220246 307.2 20256 300.120246 301.0 20256 302.020246 302.9 20256 301.420246 300.9 20256 300.420246 300.1 202563015.120246302.5 20256 300.920246 300.4 202563014.220246302.1583.6%20256308.8%20246301.7% 20256 30 202412 31491.720256 30558.7 202412 31339.120256 30344.2 20256 304.120246 301.120256305.120246 303.3 202563017.3 2025630 20256 30 20256 30 20256 30 20256 30Aditek29.15.3 20256 30 202563079.2Aditek20256 3016.4% (1)100.0%(2)100.0%(3)100.0%(4) EBITDA(1)EBITDAEBITDA(2) 20256 30XV(i)XV78(ii)352(iii) 20256 30170,762,245 (2)CareCapital EA, Inc.CareCapital EA, Inc.CareCapital Dental Holdings LimitedCareCapital Moonstone Holdings LimitedCareCapital Dental Holdings LimitedCareCapital Dental Holdings LimitedCareCapital Management Group LLCCareCapital Management GroupLLC2024422202452020246262024924 (3)20245 13202412 13 (4)20244 30 (5)20237 19 20256 30XVXV78352 2025630XV23336 LSP 20256 30170,762,245 (2) (3)Shore Lead Limited202533 2025630XV23336 202591020256 300.4620246 3020259 30 20259 820259 1020259 51617 C1 C3 202563013.51B(1) •20256202562420256 24 •20256202562420256 24 20256 3013.2013.2113.22 20256 302025630 241020256 30 20201221IIIIII 20256 30(1)I19,069,300(2)II4,706,400(3)III5,289,900(4)III300,000 202412 31 IIIIII IIIIIIIIIIII III IIIIII 20215202023629202462820244 23 10,145,8675.9%10,145,8675.9%20251 120256 306,099,4715,942,049 157,422 (1)52.5057.6520 0.09% 20215 2020236 2920246 2820244 23 3,381,9552.0%682,0110.4% 20251 120256 301,472,848682,011 809,895 (1)63.8557.6520 20256303,54220256 3076.9 8.08(1) 2021616173.016,829,600202178173.02,524,4003,139.020256 30 2026 408920256 303434 2410 34 2025825 20258 25 1 20181129196122Maples Corporate ServicesLimited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 2021616 20256 3020258 25 2 34202412 312024 3 202420251 1 3 (a) 20251 1 (b) 4 2024 5 5.1 20242024 202412 31 (a) 5 5.2 20256 30202412 31 5.3 2025630 ••• (a) 20256 30 5 5.3 (a) 202412 31 20256 30 5 5.3 (a) ••Black-Scholes•• 5 5.3 (b) 2025630 • • 5 5.3 (b) 6 (1)(2)(3) 6 20256 30 6 20246 30 6 2025202463010%8 7 9 10 10 (a) (b) 202563025% 201420172020202320256 3015% 20192022202563015% 202320256 3015% 20082022[2022]16100% (c) 16.5% 10 (d) (e) 20081 110% 20256 30136,059,000202412 31125,841,000 11 (a) 20252024630 11 (b) 202563020(a)20(b) 20256302024123129,068,0005,320,000202411,377,0001,871,000 14 16 (a)3090 9 202563020241231 16 202520246 30 202412 3113,734,0002,259,00020256 30 18 (b) 18 19 (a) (i)20256 26736,920Cultivate Happiness Limited20(a)(i) (ii)20255 23202412 310.388,315,00020255 2320256 17 19 (b) 20 (a) 2021520202362920246 28 20 (a) (i)20253215072,975(i)25,80030%30%20%20%20252026202720289 30(ii) 47,17550%25%25% 2025624231736,920736,92030%30%20%20%20252026202720289 30 20256306,011,00020246 301,369,000 2025630 202563092%202492% 20 (b) 202152020236292024128 (i) (I)202511734,59034,590 2025