FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 錦欣生殖醫療集團有限公司 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01951 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 錦欣生殖醫療集團有限公司 呈交日期： 2026年3月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01951 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 重新提交 公司名稱： 錦欣生殖醫療集團有限公司 呈交日期： 2026年3月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01951 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（ ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to see a revenue of 2.649 billion RMB in 2025, a decrease of 5.8% year-over-year, with an adjusted net profit of 209 million RMB, down 49.7% year-over-year. The decline in revenue and profit is attributed to an increase in the proportion of artificial insemination (IUI) affecting the number of egg retrieval cycles and pricing, along with zero markup on drug costs. However, there is a significant improvement expected in the second half of the year [1][5] - For 2026, the company anticipates positive revenue growth driven by the implementation of the California commercial insurance law SB729, which is expected to increase cycle numbers by 38% year-over-year in January-February, and the new Shenzhen facility expected to contribute to an 18% year-over-year increase in cycle numbers [1][2] Summary by Sections Domestic Business - The revenue in the Greater Bay Area is projected to decline by 8.8% to 420 million RMB in 2025, primarily due to a higher proportion of lower-cost IUI cycles and delays in the relocation of the Shenzhen facility. However, for 2026, double-digit year-over-year growth is anticipated in the Shenzhen area due to significant capacity expansion and an expected increase in customer pricing through high-value services [2] Overseas Business - The HRC Fertility business in the U.S. is expected to benefit from the acceleration of commercial insurance coverage, with a revenue increase of 5.1% year-over-year in 2025. For 2026, both revenue and profitability are expected to improve significantly due to the SB729 law, which mandates insurance coverage for infertility diagnosis and treatment for larger companies [3] Steady Domestic Regions - The Chengdu region is expected to achieve positive revenue growth in 2026, supported by a 72.8% year-over-year increase in third-generation IVF cycles in 2025 and a rising proportion of high-value services. The Wuhan and Kunming regions are also projected to continue their steady expansion, with a target of over 5,000 cycles in 2026 [4] Profit Forecast and Valuation - The adjusted EPS for 2026-2028 is forecasted to be 0.11, 0.15, and 0.19 RMB respectively. The report assigns a 26x PE ratio for 2026, with a target price of 3.25 HKD, reflecting a premium over the average 17x PE of comparable companies [5][11]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 錦欣生殖醫療集團有限公司 呈交日期： 2026年3月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01951 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告的全部或任何部份內 容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 Jinxin Fertility Group Limited * 1951 內幕消息 股東回報規劃 本公告由錦欣生殖醫療集團有限公司*（「本公司」，連同其附屬公司，統稱為「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券 及期貨條例第XIVA部項下內幕消息條文（定義見上市規則）刊發。 截至2025年12月31日止年度末期股息 儘管本集團於2025財政年度面臨行業環境的挑戰及經營管理的過渡期，董事會仍決定建 議宣派末期股息（「2025財年末期股息」），相當於本集團2025年度非國際財務報告準則經 調整除利息、稅項、折舊及攤銷前盈利（「非國際財務報告準則經調整EBITDA」）1 的約 20%，以感謝股東的持續支持。董事會於2026年3月26日決議宣派截至2025年12月31日止 年度的2025財年末期股息，總金額約為人民幣100百萬元（相當於約113 ...

EF001 免責聲明 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會包括執行董事董陽先生、呂蓉女士及耿麗紅博士；主席兼非執行董事鍾勇先生；及非執行董事胡喆女 士、嚴曉晴女士及陳樹云先生；以及獨立非執行董事莊一強博士、李建偉先生、王嘯波先生及葉長青先生。 第 2 頁 共 2 頁 v 1.1.1 EF001 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 錦欣生殖醫療集團有限公司 | | 股份代號 | 01951 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 ...

Financial Performance - The group's revenue for the year ending December 31, 2025, was approximately RMB 2,649.1 million, a decrease of 5.8% compared to RMB 2,811.6 million for the year ending December 31, 2024[3]. - The net loss for the group for the year ending December 31, 2025, was approximately RMB 983.9 million, compared to a profit of RMB 273.5 million for the year ending December 31, 2024[3]. - The adjusted net profit under non-IFRS was approximately RMB 209.3 million for the year ending December 31, 2025, a decrease of 49.7% from RMB 416.3 million for the year ending December 31, 2024[3]. - The adjusted EBITDA under non-IFRS for the year ending December 31, 2025, was approximately RMB 491.1 million, down 30.6% from RMB 707.3 million for the year ending December 31, 2024[3]. - The total comprehensive loss for the year ending December 31, 2025, amounted to RMB 1,077.3 million, compared to a total comprehensive income of RMB 328.3 million for the year ending December 31, 2024[10]. - The company reported a pre-tax loss of RMB 982,961,000 for the year ended December 31, 2025[22]. - The company reported a net loss attributable to shareholders of RMB 976,146,000 for the year ended December 31, 2025, compared to a profit of RMB 283,099,000 in 2024[41]. - The company reported a significant reduction in reserves from RMB 10,274,237 thousand in 2024 to RMB 9,143,364 thousand in 2025, a decrease of approximately 11%[12]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.0418 per share for the year ending December 31, 2025, compared to no dividend for the year ending December 31, 2024[4]. - The proposed final cash dividend for the year ended December 31, 2025, is RMB 100,000,000, equating to RMB 3.70 per share[39]. - A proposed final dividend of approximately RMB 100 million for the year ending December 31, 2025, is set to be distributed, representing about 20% of the adjusted EBITDA[86]. Assets and Liabilities - Total non-current assets decreased from RMB 13,891,865 thousand in 2024 to RMB 12,713,643 thousand in 2025, a decline of approximately 8.5%[11]. - Goodwill decreased significantly from RMB 3,506,618 thousand in 2024 to RMB 2,873,085 thousand in 2025, representing a reduction of about 18%[11]. - Current liabilities decreased from RMB 2,119,451 thousand in 2024 to RMB 1,441,043 thousand in 2025, a decrease of approximately 32%[12]. - Bank borrowings reduced from RMB 1,277,537 thousand in 2024 to RMB 622,890 thousand in 2025, a decrease of about 51%[12]. - Net assets decreased from RMB 10,354,187 thousand in 2024 to RMB 9,198,821 thousand in 2025, a reduction of about 11.1%[12]. - Cash and cash equivalents increased from RMB 546,196 thousand in 2024 to RMB 905,782 thousand in 2025, an increase of approximately 65.5%[11]. - Accounts receivable decreased to RMB 137,791,000 in 2025 from RMB 234,406,000 in 2024, while total receivables and other receivables were RMB 247,876,000[47]. - Total accounts payable increased to RMB 474,183,000 in 2025 from RMB 520,807,000 in 2024, with accounts payable specifically rising to RMB 228,181,000 from RMB 216,965,000[53]. Operational Performance - The group incurred a significant impairment loss of approximately RMB 992.6 million related to goodwill and other intangible assets for the year ending December 31, 2025[9]. - Research and development expenses for the year ending December 31, 2025, were RMB 20.6 million, compared to RMB 24.7 million for the year ending December 31, 2024[9]. - The company reported a gross profit of RMB 886.5 million for the year ending December 31, 2025, down from RMB 1,099.5 million for the year ending December 31, 2024[9]. - Operating costs increased by 2.9% from approximately RMB 1,712.1 million to approximately RMB 1,762.5 million, primarily due to new clinic openings and increased operational costs[105]. - The total employee costs for 2025 were RMB 908,950,000, slightly down from RMB 916,553,000 in 2024[33]. Market and Growth Opportunities - The global IVF market is projected to grow from $3.156 billion in 2025 to $10.466 billion by 2032, representing a compound annual growth rate (CAGR) of 18.7%[59]. - The penetration rate of Assisted Reproductive Services (ARS) in China is only about 10.5% in 2025, significantly lower than Europe (36.5%) and the USA (34.5%)[61]. - The company anticipates that the introduction of fertility subsidies and inclusion of ARS treatments in national health insurance will enhance the accessibility and affordability of these services[63]. - The company is expanding its operational network in California to capitalize on the SB 729 Act, which mandates infertility treatment coverage for large employers[74]. - The company is focusing on optimizing internal operational efficiency, particularly in personnel effectiveness, to significantly reduce labor costs and improve operational efficiency[83]. Strategic Initiatives - The company made a one-time investment of RMB 50,000,000 in Jinjiang Maternal and Child Health Hospital to enhance its capabilities and sustainability in management services[30]. - The company is expanding its presence in Southeast Asia by acquiring the largest assisted reproduction center in Indonesia, which holds a market share of approximately 40%[88]. - The company plans to continue expanding its market presence in high-potential regions in China and Southeast Asia through strategic acquisitions[155][156]. - The company has established a national fertility protection center focused on ovarian tissue cryopreservation, with 47 medical institutions currently performing minimally invasive surgeries[64]. - The company aims to provide a one-stop international medical service for expatriates and residents from Hong Kong, Macau, and Taiwan, focusing on reducing time costs and improving success rates in reproductive health[91]. Compliance and Governance - The company has established an Audit and Risk Management Committee to assist the board in monitoring compliance with applicable laws and regulations[148]. - The company has confirmed compliance with the corporate governance code and standards for the fiscal year ending December 31, 2025[145]. - The financial statements for the year ending December 31, 2025, will be audited and approved by Deloitte, ensuring accuracy in reporting[157].

Core Viewpoint - The report by Frost & Sullivan indicates that the Chinese assisted reproductive industry is expected to gradually recover, driven by the rising incidence of infertility among older women and an increase in treatment penetration rates [3][6]. Market Growth - The Chinese assisted reproductive market is projected to grow from 23.5 billion yuan in 2020 to 63 billion yuan by 2030, and further to 86.5 billion yuan by 2035 [3][6]. - The global assisted reproductive services market is also on the rise, with an estimated growth from approximately 26 billion USD in 2020 to 38.9 billion USD by 2025 [3]. Industry Transition - The assisted reproductive demand in China has been temporarily delayed due to macroeconomic fluctuations, changes in wealth expectations, and postponed fertility decisions post-pandemic. However, improvements in the macro environment are expected to lead to a recovery phase starting around 2026-2027 [6]. - Despite a general decline in the domestic birth rate, the penetration rate of assisted reproduction is expected to increase from 7.0% in 2018 to 10.5% by 2025, narrowing the gap with the U.S. and EU penetration rates of 34.5% and 36.5%, respectively [6][8]. Capacity Expansion - Domestic assisted reproductive institutions are accelerating capacity expansion and business layout. For instance, Jinxin Reproductive has completed infrastructure expansions, and several public hospitals have achieved breakthroughs in technical qualifications [6][7]. - In January 2023, the Shaanxi Provincial Health Commission updated the list of assisted reproductive medical institutions, adding several hospitals to the list, indicating growth in the sector [7]. Competitive Landscape - The scale effect of leading institutions is becoming more pronounced, with fewer than 20 licensed institutions in China performing over 5,000 egg retrieval cycles annually, representing only 3% of the total [8]. - Jinxin Reproductive leads the country with 23,804 egg retrieval cycles in 2025, followed by other notable institutions [8]. - Chinese leading institutions are actively participating in the Southeast Asian reproductive medicine market, leveraging policy synergies through equity investments, technology transfer, and digital system deployment [8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 所產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公司董事會（「董事會」）欣然宣佈，本集團旗下深圳中山婦產醫院新院區自2026年2月6 日起開始試運營。新院區地處深圳市中心區域，總建築面積達4萬平方米，規模約為原院 區的四倍。新院區的啟用為深圳中山婦產醫院業務的持續發展奠定了堅實基礎，同時有 力推動了醫院向VIP服務、特色專科以及國際醫療部等專項服務領域拓展。伴隨新院區啟 用，本集團深圳業務保持強勁增長勢頭，2026年前兩個月取卵週期（「OPU週期」）較2025 年同期增長18%。 在美國，本集團旗下通過管理服務協議實施管控的HRC Fertility診所，2026年前兩個月的 OPU週期較2025年同期增長約38%。此增長乃主要由於加州參議院第729號法案（「SB729 法案」）項下的體外受精(IVF)保險保障自2026年1月起正式實施後，當地患者需求增加所 致。該法案原定於2025年7月前後生效，後推遲實施。根據SB729法案，員工規模超過100 ...