Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

证券之星消息，2月5日南向资金增持294.7万股锦欣生殖（01951.HK）。近5个交易日中，获南向资金增 持的有4天，累计净增持1761.9万股。近20个交易日中，获南向资金增持的有13天，累计净增持1685.01 万股。截至目前，南向资金持有锦欣生殖（01951.HK）14.74亿股，占公司已发行普通股的53.45%。 锦欣生殖医疗集团有限公司是一家投资控股公司，主要提供试管受精（IVF）服务。该公司通过其子公 司主要提供辅助生殖服务、管理服务、流动手术中心设施服务、辅助医疗服务、妇产儿科医疗服务，以 及从事医疗消耗品及设备销售业务。该公司主要在中国及美国提供服务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

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 截至月份: 2026年1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: 2026年2月3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 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 ...

中金发布研报称，考虑锦欣生殖(01951)2H25业务有所回暖，上调25年经调净利润预测19%至2.0亿元;考 虑26年深圳新院区增加折摊及利息费用财务确认方法调整，下调26年预测34%至2.8亿元，引入27年预 测3.6亿元，当前股价对应26年24.8倍P/E(基于经调净利润口径，下同)。维持"跑赢行业"评级，考虑盈利 预测变化但板块估值中枢回调，下调目标价10%至3.5港元，对应26年34.9倍P/E，较当前有41.1%空间。 经营质量及资产结构优化，期待利润端及现金流回暖 1H25公司完成海外资产减值等风险事项处理;该行预计25FY表观仍有较大额的一次性亏损，经调净利润 约2.0亿元，下半年环比已有明显改善。随着公司持续推进结构优化、成本治理、资产质量改善，26年 利润端有望继续体现成效，该行预计26FY EBITDA有望回到~5.5亿元，对应净利润及自由现金流亦有同 步好转。 聚焦核心业务，回笼资金、加强股东回报 公司预计深圳新院1Q26将全面完成搬迁，期待核心业务市场份额加速提升。根据公司公众号，公司积 极推进美国HRC重组，预计1H26末出现明显改善、回笼资金;同时公司公众号披露公司计划在杠杆率下 ...

Core Viewpoint - The company Jin Xin Reproductive (01951) is expected to see a recovery in its business in the second half of 2025, leading to a 19% increase in the adjusted net profit forecast for 2025 to 200 million yuan. However, the forecast for 2026 has been reduced by 34% to 280 million yuan due to increased costs and changes in financial confirmation methods, with a new forecast for 2027 set at 360 million yuan. The current stock price corresponds to a 24.8 times P/E ratio for 2026, and the target price has been lowered by 10% to 3.5 HKD, indicating a potential upside of 41.1% from the current level [1]. Group 1 - The adjusted net profit for fiscal year 2025 is projected to be approximately 200 million yuan, with a slight year-on-year decline in revenue expected [2]. - The company is anticipated to release its full-year results for 2025 in late March, with significant quarter-on-quarter improvements expected in the second half of 2025 [2]. Group 2 - The company is expected to see a gradual improvement in cycle numbers starting from the second half of 2025, with a return to stable growth in 2026, driven by the inclusion of assisted reproduction in health insurance policies [3]. - The overall cycle count for fiscal year 2025 is projected to decline by 1.4% year-on-year, a significant improvement compared to earlier periods [3]. Group 3 - The company has completed the handling of overseas asset impairment and other risk issues in the first half of 2025, with a notable improvement in the second half of the year [4]. - The adjusted net profit for fiscal year 2025 is expected to be around 200 million yuan, with EBITDA for 2026 projected to return to approximately 550 million yuan, indicating improvements in net profit and free cash flow [4]. Group 4 - The company is focusing on its core business and plans to enhance shareholder returns, with the new Shenzhen hospital expected to be fully operational by the first quarter of 2026 [5]. - The company is actively pursuing a restructuring of its U.S. HRC operations, with significant improvements and capital recovery expected by the end of the first half of 2026 [5].

机构：中金公司 研究员：李千翊/张琎 预测25FY经调净利润约2.0 亿元 锦欣生殖将于3 月下旬发布2025 年全年业绩，我们预计公司25FY收入端同比略微下降，经调整净利润 约2.0 亿元，其中2H25 在收入利润端均有较明显环比改善。 关注要点 经营质量及资产结构优化，期待利润端及现金流回暖。1H25 公司完成海外资产减值等风险事项处理； 我们预计25FY表观仍有较大额的一次性亏损，经调净利润约2.0 亿元，下半年环比已有明显改善。随着 公司持续推进结构优化、成本治理、资产质量改善，26 年利润端有望继续体现成效，我们预计26FY EBITDA有望回到~5.5 亿元，对应净利润及自由现金流亦有同步好转。 聚焦核心业务，回笼资金、加强股东回报。公司预计深圳新院1Q26 将全面完成搬迁，期待核心业务市 场份额加速提升。根据公司公众号1，公司积极推进美国HRC重组，预计1H26 末出现明显改善、回笼 资金；同时公司公众号披露公司计划在杠杆率下降后启动中长期股票回购方案。 盈利预测与估值 考虑2H25 业务有所回暖，上调25 年经调净利润预测19%至2.0亿元；考虑26 年深圳新院区增加折摊及 利息费用财务确认 ...

Group 1 - The core viewpoint of the article highlights the significant increase in southbound capital holdings in Jinxin Reproductive Medicine (01951.HK), with a net increase of 1,745,250 shares over the last five trading days [1] - Over the past 20 trading days, there have been 11 days of net reductions in southbound capital holdings, totaling a decrease of 13,433,500 shares [1] - As of now, southbound capital holds 1.454 billion shares of Jinxin Reproductive Medicine, accounting for 52.73% of the company's total issued ordinary shares [1] Group 2 - Jinxin Reproductive Medicine Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [1] - The company offers a range of services through its subsidiaries, including assisted reproductive services, management services, ambulatory surgical center facility services, auxiliary medical services, obstetrics and pediatrics medical services, as well as the sale of medical consumables and equipment [1] - The company's services are mainly provided in China and the United States [1]

锦欣生殖医疗集团有限公司是一家投资控股公司，主要提供试管受精（IVF）服务。该公司通过其子公 司主要提供辅助生殖服务、管理服务、流动手术中心设施服务、辅助医疗服务、妇产儿科医疗服务，以 及从事医疗消耗品及设备销售业务。该公司主要在中国及美国提供服务。 证券之星消息，1月22日南向资金增持583.9万股锦欣生殖（01951.HK）。近5个交易日中，获南向资金 增持的有4天，累计净增持923.0万股。近20个交易日中，获南向资金减持的有11天，累计净减持928.2万 股。截至目前，南向资金持有锦欣生殖（01951.HK）14.53亿股，占公司已发行普通股的52.69%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

锦欣生殖医疗集团有限公司是一家投资控股公司，主要提供试管受精（IVF）服务。该公司通过其子公 司主要提供辅助生殖服务、管理服务、流动手术中心设施服务、辅助医疗服务、妇产儿科医疗服务，以 及从事医疗消耗品及设备销售业务。该公司主要在中国及美国提供服务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月20日南向资金增持404.2万股锦欣生殖（01951.HK）。近5个交易日中，获南向资金 减持的有3天，累计净减持780.6万股。近20个交易日中，获南向资金减持的有12天，累计净减持2360.8 万股。截至目前，南向资金持有锦欣生殖（01951.HK）14.43亿股，占公司已发行普通股的52.31%。 ...

Group 1 - Southbound funds increased their holdings in Jinxin Fertility (01951.HK) by 2.1385 million shares on January 19 [1] - Over the past 5 trading days, southbound funds have reduced their holdings on 4 days, with a total net reduction of 17.843 million shares [1] - In the last 20 trading days, there were 13 days of net reductions by southbound funds, totaling 28.1335 million shares [1] Group 2 - As of now, southbound funds hold 1.439 billion shares of Jinxin Fertility, accounting for 52.17% of the company's issued ordinary shares [1] - Jinxin Fertility Medical Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [1] - The company offers assisted reproductive services, management services, mobile surgical center facility services, auxiliary medical services, obstetrics and pediatrics medical services, as well as sales of medical consumables and equipment, mainly in China and the United States [1]