公司成都地区医疗服务收入7.68亿元(-13.1%)，取卵周期数7,111个(-6.1%)。该行认为周期数下滑主要受 初诊患者减少及人工授精(IUI)周期比例大幅提升影响，IUI患者数同比增长超三倍至969人。业务亮点在 于四川锦欣西囡医院(毕昇院区)VIP渗透率持续提升至约20.8%。 华创证券发布研报称，国内辅助生殖已全面纳入医保，叠加生育补贴等支持政策，行业渗透率有望加速 提升。锦欣生殖(01951)作为行业龙头，品牌和牌照优势显著，短期业务扰动不改长期增长趋势。该行 预计25-27年公司收入为26.0228.6731.78亿元;经调整归母净利润预测值为2.823.253.76亿元。该行给予目 标股价3.23港元。维持"推荐"评级。 华创证券主要观点如下： 事项 公司发布25年年中业绩公告。25年公司实现收入12.89亿元(-10.7%)，本公司拥有人应占期内净亏损10.4 亿元，非国际财务报告准则经调整纯利0.82亿元(-68.3%)，经营性现金流2.68亿元(-30.2%)。 收入端承压，区域表现较为分化 公司2025H1实现收益12.89亿元(-10.7%)，2025H1分地区看： 大湾区医疗服务 ...

智通财经APP获悉，华创证券发布研报称，国内辅助生殖已全面纳入医保，叠加生育补贴等支持政策， 行业渗透率有望加速提升。锦欣生殖(01951)作为行业龙头，品牌和牌照优势显著，短期业务扰动不改 长期增长趋势。该行预计25-27年公司收入为26.02\28.67\31.78亿元;经调整归母净利润预测值为 2.82\3.25\3.76亿元。该行给予目标股价3.23港元。维持"推荐"评级。 华创证券主要观点如下： 事项 公司发布25年年中业绩公告。25年公司实现收入12.89亿元(-10.7%)，本公司拥有人应占期内净亏损10.4 亿元，非国际财务报告准则经调整纯利0.82亿元(-68.3%)，经营性现金流2.68亿元(-30.2%)。 公司成都地区医疗服务收入7.68亿元(-13.1%)，取卵周期数7,111个(-6.1%)。该行认为周期数下滑主要受 初诊患者减少及人工授精(IUI)周期比例大幅提升影响，IUI患者数同比增长超三倍至969人。业务亮点在 于四川锦欣西囡医院(毕昇院区)VIP渗透率持续提升至约20.8%。 大湾区医疗服务收入为2.06亿元(-14.9%)，取卵周期数为2,539个(-16.0%)。周期 ...

香港联交所最新资料显示，9月5日，HRC Investment Holding,LLC减持锦欣生殖(01951)863.15万股，每 股作价2.8171港元，总金额为2431.58万港元。减持后最新持股数目约为1.34亿股，最新持股比例为 4.86%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月5日，HRC Investment Holding, LLC减持锦欣生殖 (01951)863.15万股，每股作价2.8171港元，总金额为2431.58万港元。减持后最新持股数目约为1.34亿 股，最新持股比例为4.86%。 ...

来源：市场资讯 （来源：Charlie伴你投资） 声明：该系列文章为企业初步研究，非投资建议 锦欣生殖(01951) Part03: 关键数据指标 Part04: 管理层分析 Part01: 价值线速览 Part02: 企业简介 Part05: 竞争优势&经济前景 声明：本文针对感兴趣的企业，搜索、整理并客观呈现相关数据信息，资料来源主要为企业年报、巨潮 资讯网、东方财富网等公开渠道，少量定性分析也仅为个人观点，不构成任何投资建议。 ...

Summary of Jinxin Fertility (1951.HK) Conference Call Company Overview - **Company**: Jinxin Fertility (1951.HK) - **Industry**: Healthcare Services, specifically Fertility Treatments Key Points Strategic Focus - Management emphasized a strategic pivot towards strengthening the domestic core business following impairments recognized in 1H25 for U.S., Laos, and non-core operations in China [1][2][3] Financial Performance - Domestic performance in 1H25 was weak, primarily due to a revenue mix shift towards IUI (Intrauterine Insemination), which is approximately 80-85% cheaper than IVF (In Vitro Fertilization) [1][2] - Management anticipates a more favorable revenue mix in 2H25 and aims to mitigate ASP (Average Selling Price) pressure through enhanced differentiated services [1][2] Impairment Details - Impairments were attributed to: 1. **U.S. Operations**: Delays in treatment due to patients awaiting commercial insurance coverage and staffing adjustments, including onboarding seven new doctors and entering the San Francisco market. Elevated labor costs may impact margins in the short term [2] 2. **Laos Operations**: Although profitable, these operations are likely to be phased out due to limited scalability and business environment constraints [2] 3. **Non-Core Domestic Services**: Certain male reproductive services are deemed non-core, and the company will cease further investments in these areas [2] Treatment Mix and Success Rates - The increase in IUI treatments reflects a cautious strategy due to reimbursement inclusion. However, the high proportion of IUI cycles has been suboptimal, with a success rate of less than 20%, leading to higher overall treatment costs as patients transition to IVF [3][6] - Adjustments are being made, with a noted 8% decline in IUI mix in Shenzhen [3][6] Pricing and Services - A zero markup policy on drugs and medical consumables post-insurance coverage has resulted in approximately a 5% decline in ASP [6] - Management plans to offset pricing pressure through enhanced differentiated services, such as VIP services [6] Financial Projections - The 12-month price target is set at HK$2.83, based on a target P/E multiple of 21x 2025E earnings, reflecting a neutral rating [7][8] - Revenue projections for the upcoming years are as follows: - 2025E: Rmb 2,654.7 million - 2026E: Rmb 2,830.3 million - 2027E: Rmb 3,014.1 million [8] Risks - Key risks include reputational and medical claims risks, integration and ramp-up of M&A, policies related to fertility support, and potential impacts from pandemic and travel policies [7] Market Position - The company has a market cap of HK$7.7 billion (approximately $986.5 million) and an enterprise value of HK$9.6 billion (approximately $1.2 billion) [8] Additional Insights - The management's focus on profitability, deleveraging, and shareholder returns indicates a strategic shift in response to macroeconomic challenges [1][2] - The company's performance and strategic decisions are closely monitored, with potential conflicts of interest noted due to investment banking relationships [17][39]

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 | ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Jinxin Fertility with a target price of HK$3.06, down 17.3% from previous estimates [2][6]. Core Insights - The company's revenue for 1H25 was RMB 1.29 billion, reflecting a year-on-year decline of 10.7%. Domestic business revenue was RMB 0.99 billion, down 13.4%, primarily due to a high base effect and the adaptation period to new medical insurance policies [3][12]. - The overseas business remained flat at RMB 0.30 billion, impacted by disruptions from California wildfires and delays in the implementation of the SB-729 policy, which mandates IVF coverage in large-group health plans [4][13]. - The gross margin decreased to 30.4%, down 10.0 percentage points, due to the zero-mark-up drug policy in Chengdu and other operational challenges. The company reported a net loss of RMB 1.04 billion, compared to a profit of RMB 0.19 billion in 1H24 [5][14]. - Adjusted net profit for 1H25 was RMB 82.3 million, a decrease of 68.3%, with an adjusted net margin of 6.4% [5][15]. - Revenue forecasts for 2025 and 2026 have been revised to RMB 2.83 billion and RMB 3.04 billion, reflecting slower-than-expected uptake of domestic IVF services and ongoing operational challenges [6][16]. Summary by Sections Financial Performance - Revenue for 1H25 was RMB 1.29 billion, down 10.7% year-on-year. Domestic revenue was RMB 0.99 billion, down 13.4%, while overseas revenue was flat at RMB 0.30 billion [3][12][13]. - The company reported a net loss of RMB 1.04 billion, primarily due to impairments and operational challenges [5][15]. Earnings Forecast - The revenue forecast for 2025 is RMB 2.83 billion, reflecting a growth of 0.7%, and for 2026, it is RMB 3.04 billion, reflecting a growth of 7.2% [6][16]. - Adjusted net profit is expected to be RMB 0.18 billion in 2025 and RMB 0.31 billion in 2026, with significant adjustments made due to various operational impacts [6][16]. Valuation - The target price has been adjusted to HK$3.06 based on a 25x price-to-earnings ratio for 2026, indicating a potential recovery in margins on a low base [6][16].

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]