股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 錦欣生殖醫療集團有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01951 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | ...

研究报告 Research Report 29 Aug 2025 锦欣生殖 Jinxin Fertility (1951 HK) 25H1 多因素影响下业绩波动，待业绩边际改善 25H1 earnings fluctuated amid multiple headwinds; improvement is expected once the margin turns [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$2.93 目标价 HK$3.06 HTI ESG 3.9-3.2-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$8.08bn / US$1.04bn 日交易额 (3 个月均值) US$35.33mn 发行股票数目 2,758mn 自由流通股 (%) 81% 1 年股价最高最低值 HK$4.42-HK$2.17 注：现价 HK$2.93 为 2025 年 ...

Core Viewpoint - The company reported disappointing financial results for 1H25, with a significant decline in revenue and adjusted net profit, primarily due to policy impacts and operational challenges [1][2]. Financial Performance - Revenue for 1H25 was 1.289 billion yuan, a year-on-year decrease of 10.7% [1]. - Adjusted net profit fell to 82 million yuan, down 67.0% year-on-year, which was below market expectations [1]. - The company incurred a net loss of 1.04 billion yuan, largely due to impairment losses on goodwill and intangible assets in the U.S. HRC segment [2]. Development Trends - The company anticipates a recovery in 2026 as the impact of new insurance policies stabilizes and patient volumes return to IVF treatments [1]. - The shift in the proportion of artificial insemination (IUI) cycles has temporarily affected average transaction prices and profit margins [1]. - The company plans to relocate its Shenzhen facility, which is expected to increase capacity and improve revenue and profit recovery [1]. Strategic Focus - The company is focusing on risk release, cash flow recovery, and enhancing shareholder returns through asset management and business restructuring [2]. - There is an expectation of continued supportive policies for fertility, which may boost the overall growth of the assisted reproductive industry [3]. - The company is exploring new growth opportunities in egg freezing services, which have strong customer retention and longer service cycles [3]. Profit Forecast and Valuation - The adjusted net profit forecasts for 2025 and 2026 have been reduced by 59.9% and 7.5% to 170 million yuan and 417 million yuan, respectively [3]. - The current stock price corresponds to adjusted P/E ratios of 47.58 and 20.80 for 2025 and 2026 [3]. - The company maintains an "outperform" rating with a target price of 3.90 HKD, indicating a potential upside of 25.0% from the current closing price [3].

Core Viewpoint - The report from交银国际 indicates that锦欣生殖(01951) experienced a significant decline in revenue and net loss in the first half of the year, prompting a downward revision of revenue and profit forecasts for the coming years [1] Financial Performance - Revenue decreased by 11% to 1.29 billion RMB in the first half of the year [1] - Net loss amounted to 1.04 billion RMB [1] - Gross margin fell by 10 percentage points to 30.4% [1] - Adjusted net profit was approximately 82 million RMB, representing a 68% year-on-year decline [1] Forecast Adjustments - Revenue forecasts for 2025 to 2027 have been reduced by 17% to 18% [1] - Adjusted net profit predictions have been cut by about 50% [1] - Target price has been lowered to 3.3 HKD, with the rating downgraded to "neutral" [1] Management Plans - Management's reform plans include restructuring and financing for the US business, halting further investments in Laos to optimize the debt structure and reduce financial costs [1] - Plans for share buybacks and dividends will be considered at appropriate times [1] - Focus will be on key domestic businesses, with a new Shenzhen facility relocation set to begin in the first quarter of next year [1] - The incubation facilities in Yunnan and Wuhan are expected to exceed 5,000 cycles in the short term, with improved profitability [1] - Strategic layout for fertility preservation business is also planned [1]

该行指，管理层后续改革计划包括谋求美国业务重组和融资、停止老挝进一步投资，回笼资金后优化债 务结构、降低财务费用，将适时进行股份回购和分红。同时，聚焦内地关键业务，明年首季启动深圳新 院区搬迁;预计云南和武汉的孵化院区短期内合计周期数将超5,000、盈利能力改善。此外，公司将战略 性布局生育力保存业务。 交银国际发布研报称，锦欣生殖(01951)上半年收入下滑11%至12.9亿元人民币(下同)，净亏损10.4亿 元，毛利率亦显著下滑10个百分点至30.4%。剔除该减值及其他非经常性或非现金项目后，上半年经调 整净利润约8,200万元，同比下滑68%。该行表示，将公司在2025年至2027年收入预测下调17%至18%， 经调整净利润预测则下调约50%，同时将其目标价下调至3.3港元，考虑当前估值合理，其评级降至"中 性"。 ...

Group 1 - The core viewpoint of the report is that Citi has downgraded the revenue forecast for Jinxin Reproductive (01951) for 2025 to 2027 by 12% to 20% and the net profit forecast by 27% to 31%, expecting a net loss in 2025 [1] - Jinxin's revenue decreased by 11% in the first half of the year, resulting in a net loss of 1 billion RMB, primarily due to impairment of overseas assets [1] - The company believes that all headwinds have dissipated in the first half of the year and expects improvement in the second half compared to the first half [1] Group 2 - Citi maintains a neutral outlook for Jinxin in 2025 but anticipates a return to positive performance in 2026 and 2027 [1] - According to the revised forecast, Jinxin's revenue is expected to decline by 4% in 2025, recover by 10% in 2026, and continue to rise by 14% in 2027 [1] - The target price for Jinxin has been adjusted from 3.8 HKD to 3.5 HKD based on the revised forecasts and a higher target price-to-earnings ratio [1]

Group 1 - The core viewpoint of the report is that Jefferies has downgraded its revenue forecasts for Jinxin Reproductive (01951) for 2025 to 2027 by 12% to 20% and net profit forecasts by 27% to 31%, anticipating a net loss in 2025 due to cautious outlook and performance in the first half of 2025 [1] - Jinxin Reproductive reported an 11% decline in revenue for the first half of the year, resulting in a net loss of 1 billion RMB, primarily due to impairment of overseas assets [1] - The company believes that all headwinds have dissipated in the first half of the year and expects improvement in the second half compared to the first half [1] Group 2 - Jefferies maintains a neutral outlook for Jinxin in 2025 but expects the company to return to positive growth in 2026 and 2027 [1] - According to the revised forecasts, Jefferies anticipates Jinxin's revenue to decline by 4% in 2025, followed by a recovery of 10% in 2026 and a further increase of 14% in 2027 [1] - The target price for Jinxin has been adjusted from 3.8 HKD to 3.5 HKD based on the revised forecasts and a higher target price-to-earnings ratio [1]

Core Viewpoint - The report from CICC indicates a downward adjustment in the net profit forecast for Jinxin Fertility (01951) for 2025-2026 due to the impact of medical insurance payment policies and zero markup on medical consumables, with a projected decrease of 59.9% and 7.5% to 170 million and 417 million yuan respectively, while maintaining an "outperform" rating and a target price of HKD 3.90, suggesting a potential upside of 25.0% from the current closing price [1][2]. Group 1 - Jinxin Fertility's 1H25 performance fell short of market expectations, reporting revenue of 1.289 billion yuan, a year-on-year decline of 10.7%, and an adjusted net profit of 82 million yuan, down 67.0% year-on-year, primarily due to the impact of medical insurance policies on cycle numbers and average transaction prices, as well as the execution of zero markup policies on drug costs [2][3]. - The company anticipates a recovery in 2026 as the impact of policies stabilizes, with a gradual return of patients to IVF services, alongside the expected capacity release from the new building in Shenzhen [3][5]. Group 2 - In 1H25, the company faced short-term pressure due to policy impacts, with a significant increase in the proportion of artificial insemination (IUI) cycles affecting average transaction prices and profit margins [3]. - The company reported a net loss attributable to shareholders of 1.04 billion yuan in 1H25, largely due to impairment losses on goodwill and intangible assets in the US HRC amounting to 950 million yuan, and other investment impairments [4]. - The company plans to enhance shareholder returns through a long-term share buyback program after optimizing leverage, while also focusing on asset liability risk release and liquidity assurance through business restructuring and overseas loan renewals [4]. Group 3 - The company is focusing on key business areas as supportive policies for fertility are expected to continue, with the implementation of child-rearing subsidy policies likely to boost fertility intentions and benefit the overall growth of the assisted reproduction industry [5]. - The potential for policy support in egg freezing services is anticipated, as this area has stronger customer retention and longer service cycles, which could become a new growth driver for the company [5]. - The company expects to start relocating its Shenzhen facility in Q1 2026, aiming for a business capacity of 12,000-15,000 cycles, while continuing to strengthen core assisted reproduction services in Yunnan and Wuhan [5].

Core Viewpoint - The report from CICC indicates a significant downward revision of the net profit forecast for Jinxin Fertility (01951) for 2025-2026 due to the impact of medical insurance payment policies and zero markup on medical consumables, with a projected net profit of 170 million yuan and 417 million yuan for 2025 and 2026 respectively, reflecting a decrease of 59.9% and 7.5% [1][2] Group 1: Financial Performance - Jinxin Fertility reported a revenue of 1.289 billion yuan for 1H25, a year-on-year decline of 10.7%, and an adjusted net profit of 82 million yuan, down 67.0% year-on-year, which was below market expectations due to the impact of medical insurance policies on cycle numbers and average transaction prices [2] - The company experienced a net loss attributable to shareholders of 1.04 billion yuan in 1H25, primarily due to impairment losses on goodwill and intangible assets in the US HRC amounting to 950 million yuan, and other investment impairments [4] Group 2: Policy Impact and Future Outlook - The implementation of medical insurance policies has led to a short-term decline in performance, but the company anticipates a recovery in 2026 as patient flow is expected to stabilize and return to IVF, alongside the new facility in Shenzhen increasing capacity [3] - The company is focusing on key business areas and expects potential policy support for egg freezing services, which could become a new growth driver due to stronger customer loyalty and longer service cycles [5] Group 3: Strategic Initiatives - The company plans to enhance shareholder returns through a long-term share buyback program after optimizing leverage, while also focusing on asset liability management and liquidity assurance through business restructuring and loan renewals [4] - The company is set to relocate its Shenzhen facility in 1Q26, aiming for a business capacity of 12,000-15,000 cycles, while continuing to strengthen core reproductive services in Yunnan and Wuhan [5]

Core Viewpoint - The article highlights the significant impact of national fertility policies on the reproductive health industry, particularly focusing on the strategic adjustments made by Jinxin Reproductive Medicine (1951.HK) to navigate short-term challenges while positioning for future growth [1][18]. Financial Performance - In the first half of 2025, Jinxin Reproductive Medicine reported total revenue of 1.289 billion yuan, a year-on-year decline of 10.7%, and adjusted net profit of 82.26 million yuan, down 68.3% [2]. - The number of IVF egg retrieval cycles decreased by 8.3% to 13,808 cycles, primarily due to the inclusion of assisted reproductive technology in medical insurance, which disrupted demand for high-priced services [2][7]. - The company undertook asset impairment totaling over 1.1 billion yuan, including a 952 million yuan impairment for HRC business goodwill and intangible assets, reflecting a commitment to risk clearance [2][3]. Strategic Adjustments - Jinxin Reproductive Medicine is focusing on core business areas and has initiated a series of strategic adjustments to enhance growth potential, including the termination of non-core investments and the restructuring of its U.S. operations [2][12]. - The company plans to upgrade its southern headquarters and expects to complete the relocation of new facilities by the first quarter of 2026, which will significantly increase its operational capacity [8]. Market Outlook - The domestic market is expected to benefit from the release of policy dividends and an increase in patient consultations, indicating strong underlying demand for reproductive services [8][18]. - The company is also exploring new business segments, such as fertility preservation, which is anticipated to become a significant market opportunity, leveraging innovative models and advanced technologies [13][14]. Management Changes - A management transformation is underway, with the return of CEO Dong Yang to a core management role, aiming to streamline decision-making and focus on financial recovery and shareholder returns [11][12]. - The management has outlined a strategy to enhance cash flow, reduce leverage, and improve shareholder value through stock buybacks and other measures [12][18]. Future Growth Potential - Despite short-term pressures, the core business remains stable, with a 3.2% year-on-year growth in domestic assisted reproductive treatment cycles [7]. - The company anticipates a recovery in performance by 2026, with expectations of returning to 2024 levels and potential for further growth in 2027, driven by policy support and operational improvements [15][18].