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HKEX 06699 · Unpaid pilot profile

Angelalign

Angelalign Technology Inc.

Angelalign provides clear-aligner treatment solutions across Chinese mainland and global markets. In 2025 it reported revenue of USD370.281 million, net profit of USD26.327 million and a gross margin of 62.9%; total case volume was approximately 532,400, including approximately 256,200 cases outside Chinese mainland.

Disclosure through2025-12-31 Page reviewed2026-07-17 Listed onHong Kong Stock Exchange
Official investor-relations website investors@angelalign.com Directors’ report · 2025 annual report · PDF page 28

This is an unpaid PureIR pilot independently prepared from formal disclosure. The company did not commission or pay for the profile and did not participate in any rating or investment judgement.

Turning each case into a digital pathway 00

Press and guide the scattered points back to the arch

  1. 01Digital scan
  2. 02Intelligent planning
  3. 03Custom manufacturing
  4. 04Clinical delivery

An editorial metaphor for the digital clear-aligner workflow; it does not represent an individual treatment outcome.

Approx. 532,400 Clear-aligner case volume Year ended 31 December 2025 USD370.3m Revenue Year ended 31 December 2025 USD26.3m Net profit Year ended 31 December 2025 Continue through the disclosure

Disclosure highlights

Latest disclosed facts

Cover of Angelalign 2025 annual report
Angelalign 2025 annual report · HKEX
01

Clear-aligner case volume

Approx. 532,400

Up 48.1%; global markets outside Chinese mainland contributed approximately 256,200 cases, up 82.1%.

Year ended 31 December 2025 · cases HKEX · PDF page 10
02

Revenue

USD370.3m

Up 37.8%; revenue outside Chinese mainland rose 102.5% to USD163.0 million.

Year ended 31 December 2025 · USD million HKEX · PDF page 10
03

Net profit

USD26.3m

Up 163.0%; gross margin for the same period was 62.9%.

Year ended 31 December 2025 · USD million HKEX · PDF page 10

Disclosure reading

How to read the disclosure

PureIR disclosure synthesis

Growth across two market groups

The company mainly provides treatment-solution services in Chinese mainland and sells clear aligners outside Chinese mainland. Case volume grew in both market groups in 2025, with faster growth outside Chinese mainland.

HKEX · PDF page 10

PureIR disclosure synthesis

Integrated clinical, digital and manufacturing capabilities

The disclosed global expansion model combines product R&D, clinical support, digital technology, treatment planning, manufacturing and delivery, and local commercial service.

HKEX · PDF page 15

PureIR disclosure synthesis

Improving operating leverage

Revenue, gross profit and net profit all increased in 2025, while the adjusted segment loss outside Chinese mainland narrowed; the company also noted that the timing of certain expenses affected annual profit.

HKEX · PDF page 10

Business model

Business revenue

Clear-aligner treatment solutions

USD 198.251 million FY2025 PDF page 16

Sales of intraoral scanners

RMB 44.391 million FY2022 PDF page 22

Sales of clear aligners

USD 154.384 million FY2025 PDF page 16

Sales of other products

USD 15.508 million FY2025 PDF page 16

Annual series

Revenue mix by business (RMB)

Revenue mix by business (RMB), unit: RMB million 1,373 1,030 687 343 0 FY2021FY2022 Clear-aligner treatment solutions FY2021: 1,183.8 RMB million Sales of intraoral scanners FY2021: 68.1 RMB million Other services FY2021: 19.8 RMB million Clear-aligner treatment solutions FY2022: 1,209.6 RMB million Sales of intraoral scanners FY2022: 44.4 RMB million Other services FY2022: 15.7 RMB million
Period: complete fiscal years; business revenue follows company definitions; unit：RMB million；type: company disclosure. FY2021 formal disclosure, PDF page 17; FY2022 formal disclosure, PDF page 22

Annual series

Revenue mix by business (USD)

Revenue mix by business (USD), unit: USD million 400 300 200 100 0 FY2023FY2024FY2025 Clear-aligner treatment solutions FY2023: 182.075 USD million Sales of clear aligners FY2023: 14.867 USD million Sales of other products FY2023: 10.124 USD million Other services FY2023: 2.55 USD million Clear-aligner treatment solutions FY2024: 179.625 USD million Sales of clear aligners FY2024: 74.008 USD million Sales of other products FY2024: 12.729 USD million Other services FY2024: 2.425 USD million Clear-aligner treatment solutions FY2025: 198.251 USD million Sales of clear aligners FY2025: 154.384 USD million Sales of other products FY2025: 15.508 USD million Other services FY2025: 2.138 USD million
Period: complete fiscal years; business revenue follows company definitions; unit：USD million；type: company disclosure. FY2023 formal disclosure, PDF page 16; FY2025 formal disclosure, PDF page 16
View exact values and source pages
MetricPeriodValueSource
Clear-aligner treatment solutionsFY2021RMB 1,183.801 millionPDF page 17
Sales of intraoral scannersFY2021RMB 68.099 millionPDF page 17
Other servicesFY2021RMB 19.777 millionPDF page 17
Clear-aligner treatment solutionsFY2022RMB 1,209.582 millionPDF page 22
Sales of intraoral scannersFY2022RMB 44.391 millionPDF page 22
Other servicesFY2022RMB 15.733 millionPDF page 22
Clear-aligner treatment solutionsFY2023USD 182.075 millionUses the USD comparative restated in the FY2024 annual report; the company adopted USD as its presentation currency from FY2024.PDF page 16
Sales of clear alignersFY2023USD 14.867 millionUses the USD comparative restated in the FY2024 annual report.PDF page 16
Sales of other productsFY2023USD 10.124 millionUses the USD comparative restated in the FY2024 annual report.PDF page 16
Other servicesFY2023USD 2.55 millionUses the USD comparative restated in the FY2024 annual report.PDF page 16
Clear-aligner treatment solutionsFY2024USD 179.625 millionPDF page 16
Sales of clear alignersFY2024USD 74.008 millionPDF page 16
Sales of other productsFY2024USD 12.729 millionPDF page 16
Other servicesFY2024USD 2.425 millionPDF page 16
Clear-aligner treatment solutionsFY2025USD 198.251 millionPDF page 16
Sales of clear alignersFY2025USD 154.384 millionPDF page 16
Sales of other productsFY2025USD 15.508 millionPDF page 16
Other servicesFY2025USD 2.138 millionPDF page 16

Structured disclosure

Financial performance

Annual series

Revenue and gross profit (RMB)

Revenue and gross profit (RMB), unit: RMB million 1,373 1,030 687 343 0 FY2021FY2022 Revenue FY2021: 1,271.7 RMB million Revenue FY2022: 1,269.7 RMB million Gross profit FY2021: 826.6 RMB million Gross profit FY2022: 785.7 RMB million
Period: complete fiscal years; fiscal year-end follows company disclosure; unit：RMB million；type: company disclosure. FY2022 formal disclosure, PDF page 190

Annual series

Net profit (RMB)

Net profit (RMB), unit: RMB million 308 231 154 77 0 FY2021FY2022 Net profit FY2021: 285.6 RMB million Net profit FY2022: 213.2 RMB million
Period: complete fiscal years; fiscal year-end follows company disclosure; unit：RMB million；type: company disclosure. FY2022 formal disclosure, PDF page 190

Annual series

Revenue and gross profit (USD)

Revenue and gross profit (USD), unit: USD million 400 300 200 100 0 FY2023FY2024FY2025 Revenue FY2023: 209.616 USD million Revenue FY2024: 268.787 USD million Revenue FY2025: 370.281 USD million Gross profit FY2023: 130.708 USD million Gross profit FY2024: 168.228 USD million Gross profit FY2025: 232.889 USD million
Period: complete fiscal years; fiscal year-end follows company disclosure; unit：USD million；type: company disclosure. FY2025 formal disclosure, PDF page 190

Annual series

Net profit (USD)

Net profit (USD), unit: USD million 28 21 14 7 0 FY2023FY2024FY2025 Net profit FY2023: 6.833 USD million Net profit FY2024: 10.016 USD million Net profit FY2025: 26.327 USD million
Period: complete fiscal years; fiscal year-end follows company disclosure; unit：USD million；type: company disclosure. FY2025 formal disclosure, PDF page 190
View exact values and source pages
MetricPeriodValueSource
RevenueFY2021RMB 1,271.677 millionPDF page 190
Gross profitFY2021RMB 826.646 millionPDF page 190
Net profitFY2021RMB 285.572 millionPDF page 190
RevenueFY2022RMB 1,269.706 millionPDF page 190
Gross profitFY2022RMB 785.69 millionPDF page 190
Net profitFY2022RMB 213.157 millionPDF page 190
RevenueFY2023USD 209.616 millionThe five-year summary changes presentation currency from RMB to USD beginning in FY2023.PDF page 190
Gross profitFY2023USD 130.708 millionPDF page 190
Net profitFY2023USD 6.833 millionPDF page 190
RevenueFY2024USD 268.787 millionRestated in the FY2025 annual report.PDF page 190
Gross profitFY2024USD 168.228 millionRestated in the FY2025 annual report.PDF page 190
Net profitFY2024USD 10.016 millionRestated in the FY2025 annual report.PDF page 190
RevenueFY2025USD 370.281 millionPDF page 190
Gross profitFY2025USD 232.889 millionPDF page 190
Net profitFY2025USD 26.327 millionPDF page 190
Gross marginFY202562.9%PDF page 10

Structured disclosure

Operating metrics

Total clear-aligner case volume

532,400 cases FY2025 PDF page 10

Chinese mainland case volume

276,200 cases FY2025 PDF page 10

Case volume outside Chinese mainland

256,200 cases FY2025 PDF page 10

Annual series

Case volume

Case volume, unit: cases 574,992 431,244 287,496 143,748 0 FY2021FY2022FY2023FY2024FY2025 Total clear-aligner case volume FY2021: 183,200 cases Total clear-aligner case volume FY2022: 183,900 cases Total clear-aligner case volume FY2023: 245,000 cases Total clear-aligner case volume FY2024: 359,400 cases Total clear-aligner case volume FY2025: 532,400 cases
Period: complete fiscal years; metric definitions follow company disclosure; unit：cases；type: company disclosure. FY2021 formal disclosure, PDF page 12; FY2022 formal disclosure, PDF page 8; FY2023 formal disclosure, PDF page 9; FY2025 formal disclosure, PDF page 10
View exact values and source pages
MetricPeriodValueSource
Total clear-aligner case volumeFY2021183,200 casesPDF page 12
Total clear-aligner case volumeFY2022183,900 casesPDF page 8
Total clear-aligner case volumeFY2023245,000 casesPDF page 9
Total clear-aligner case volumeFY2024359,400 casesPDF page 10
Total clear-aligner case volumeFY2025532,400 casesPDF page 10
Chinese mainland case volumeFY2025276,200 casesPDF page 10
Case volume outside Chinese mainlandFY2025256,200 casesPDF page 10

Structured disclosure

Cash flow

Net cash from operating activities

USD 78.567 million FY2025 PDF page 99

Cash and term deposits

USD 444.9 million 2025-12-31 PDF page 19

Annual series

Net cash from operating activities (RMB)

Net cash from operating activities (RMB), unit: RMB million 477 358 239 119 0 FY2021FY2022 Net cash from operating activities FY2021: 441.7 RMB million Net cash from operating activities FY2022: 146.9 RMB million
Period: complete fiscal years; fiscal year-end follows company disclosure; unit：RMB million；type: company disclosure. FY2021 formal disclosure, PDF page 22; FY2022 formal disclosure, PDF page 27

Annual series

Net cash from operating activities (USD)

Net cash from operating activities (USD), unit: USD million 85 64 42 21 0 FY2023FY2024FY2025 Net cash from operating activities FY2023: 22.288 USD million Net cash from operating activities FY2024: 16.917 USD million Net cash from operating activities FY2025: 78.567 USD million
Period: complete fiscal years; fiscal year-end follows company disclosure; unit：USD million；type: company disclosure. FY2024 formal disclosure, PDF page 95; FY2025 formal disclosure, PDF page 99
View exact values and source pages
MetricPeriodValueSource
Net cash from operating activitiesFY2021RMB 441.713 millionPDF page 22
Net cash from operating activitiesFY2022RMB 146.87 millionPDF page 27
Net cash from operating activitiesFY2023USD 22.288 millionUses the USD comparative restated in the FY2024 annual report.PDF page 95
Net cash from operating activitiesFY2024USD 16.917 millionPDF page 95
Net cash from operating activitiesFY2025USD 78.567 millionPDF page 99
Cash and term deposits2025-12-31USD 444.9 millionPDF page 19

Structured disclosure

Shareholder returns

Special final dividend

HKD 4.99/share FY2025 PDF page 1

Annual series

Special final dividend

Special final dividend, unit: HKD per share 6 4 3 1 0 FY2021FY2022FY2023FY2024FY2025 Special final dividend FY2021: 1.22 HKD per share Special final dividend FY2022: 0.68 HKD per share Special final dividend FY2023: 1.1 HKD per share Special final dividend FY2024: 0.38 HKD per share Special final dividend FY2025: 4.99 HKD per share
Period: complete fiscal years; dividend status follows each year's formal disclosure; unit：HKD per share；type: company disclosure. FY2021 formal disclosure, PDF page 9; FY2022 formal disclosure, PDF page 13; FY2023 formal disclosure, PDF page 10; FY2024 formal disclosure, PDF page 9; FY2025 formal disclosure, PDF page 1
View exact values and source pages
MetricPeriodValueSource
Special final dividendFY2021HKD 1.22/shareProposed special final dividend disclosed in the FY2021 annual report, subject to shareholder approval.PDF page 9
Special final dividendFY2022HKD 0.68/shareProposed special final dividend disclosed in the FY2022 annual report, subject to shareholder approval.PDF page 13
Special final dividendFY2023HKD 1.1/shareProposed special final dividend disclosed in the FY2023 annual report, subject to shareholder approval.PDF page 10
Special final dividendFY2024HKD 0.38/shareProposed special final dividend disclosed in the FY2024 annual report, subject to shareholder approval.PDF page 9
Final dividendFY2025HKD 0.48/shareThe FY2025 final dividend was approved by shareholders on 19 May 2026.PDF page 1
Special final dividendFY2025HKD 4.99/shareThe FY2025 special final dividend was approved by shareholders on 19 May 2026.PDF page 1

Leadership profile

Senior management

Roles and biographies follow formal disclosure. Portraits are used only when published on the company’s official website.

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Official market reference

Latest quote on HKEX

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View 06699 on HKEX ↗

Formal disclosure

Principal risks

Global regulation and data compliance

Operations across multiple jurisdictions expose the company to healthcare-policy, international-trade, data-security and privacy changes that may raise compliance costs and affect the business.

HKEX · PDF page 15

Competition, demand and product mix

Industry competition, the macro environment and product-mix shifts may affect case volume, average selling prices and margins; the company disclosed product-mix pressure on mainland treatment-solution pricing.

HKEX · PDF page 16

Foreign-exchange exposure

The Group operates in RMB, USD, EUR and BRL and faces translation and transaction exposure; the annual report states that no hedging arrangements had been implemented.

HKEX · PDF page 19

Connected transactions and distribution arrangements

The company has continuing connected transactions with a distributor controlled by a controlling shareholder; the 2027–2029 framework and annual caps require independent-shareholder approval and remain subject to Listing Rules.

HKEX · PDF page 2

Evidence

Formal sources and public data

2025 Annual Report192 PDF pages2024 Annual Report186 PDF pages2023 Annual Report190 PDF pages2022 Annual Report210 PDF pages2021 Annual Report186 PDF pagesFinal dividend for the year ended 31 December 20252 PDF pagesSpecial dividend for the year ended 31 December 20252 PDF pagesRe-designation and resignation of directors3 PDF pagesContinuing connected transactions15 PDF pagesDownload structured JSON →