Investment Rating - The report maintains a "Buy" rating for Jinxin Fertility (1951 HK) [3][5] Core Views - Jinxin Fertility achieved robust growth in 2023 with revenue of RMB 2 789 billion (+18 0% YoY) and net profit of RMB 347 million (+194 2% YoY) Adjusted net profit reached RMB 472 million (+72 0% YoY) in line with expectations [2] - The company's core Assisted Reproductive Services (ARS) revenue grew 26 7% YoY to RMB 1 336 billion with success rate improving 0 9 percentage points to 57 5% [3] - Domestic and overseas operations showed steady growth with 30 000 oocyte retrieval cycles completed in 2023 (+16 2% YoY) [3] - The company expanded its Southeast Asia market presence through a strategic partnership with Indonesia's largest fertility group Morula [3] - Profit forecasts for 2024-2026 were revised downward due to overseas business recovery and expense factors with 2024-2026 net profit estimates at RMB 398/462/542 million respectively [3] Business Performance - Revenue breakdown by segment in 2023 [3] - Assisted Reproductive Services (ARS) RMB 1 336 billion (+26 7% YoY) - Management services RMB 566 million (+12 5% YoY) - Auxiliary medical services RMB 209 million (+38 0% YoY) - Obstetrics and pediatrics services RMB 470 million (stable) - Regional performance in 2023 [3] - Chengdu & Greater Bay Area RMB 2 172 billion (+11 9% YoY) 22 000 cycles (+6% YoY) - Yunnan & Wuhan RMB 179 million (+35 8% YoY) 4 261 cycles (+42 7% YoY) - US & Laos RMB 570 million (+23 4% YoY) 3 847 cycles (+11 7% YoY) Financial Projections - Revenue forecasts [4] - 2024E RMB 3 260 billion (+16 88% YoY) - 2025E RMB 3 823 billion (+17 29% YoY) - 2026E RMB 4 541 billion (+18 77% YoY) - Net profit forecasts [4] - 2024E RMB 398 million (+15 41% YoY) - 2025E RMB 462 million (+16 06% YoY) - 2026E RMB 542 million (+17 39% YoY) - EPS forecasts [4] - 2024E RMB 0 14 - 2025E RMB 0 17 - 2026E RMB 0 20 - Valuation multiples [4] - 2024E PE 15x - 2025E PE 13x - 2026E PE 11x Market Data - Current share price HKD 2 44 [5] - Total shares outstanding 2 758 billion [6] - Market capitalization HKD 6 729 billion [6] - 52-week price range HKD 2 05-5 80 [6] - 3-month turnover rate 60 8% [6]

M N 2 Apr 2024 CMB International Global Markets | Equity Research | Company Update Jinxin Fertility (1951 HK) Impressive business rebound in 2023 Target Price HK$4.43 Jinxin Fertility (Jinxin) reported 2023 revenue of RMB2,789mn, up 18.0% YoY. (Previous TP HK$7.35) Non-IFRS adjusted net profit grew substantially by 72.0% YoY to RMB472mn. Up/Downside 82.3% Revenue was in line with our forecast while non-IFRS adjusted net income Current Price HK$2.43 slightly missed our forecast by 5.7%, which was mainly attr ...

ARS 业务稳步复苏，培育期医院扭亏在即 锦欣生殖（1951.HK）/医疗服务 证券研究报告/公司点评 2024年03月31日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：2.43 HKD 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2364.0 2788.9 3162.6 3611.7 4146.3 分析师：祝嘉琦 增长率yoy% 28.6% 18.0% 13.4% 14.2% 14.8% 执业证书编号：S0740519040001 净利润（百万元） 121.1 344.7 476.8 557.5 659.1 电话：021-20315150 增长率yoy% -64.4% 184.6% 38.3% 16.9% 18.2% 每股收益（元） 0.05 0.12 0.17 0.20 0.24 Email：zhujq@zts.com.cn 每股现金流量 1.27 -0.26 0.18 0.44 0.44 分析师：孙宇瑶 净资产收益率 1.4% 3.4% 4.5% 5.0% 5. ...

Investment Rating - The report maintains an "Outperform" rating for Jinxin Fertility (1951 HK) with a target price of HKD 5.35, indicating an expected upside from the current price of HKD 2.43 [3][7]. Core Insights - The company's performance in 2023 was in line with expectations, achieving a revenue of CNY 2.789 billion, representing an 18.0% increase, driven by the recovery of domestic and international patient numbers and the full-year consolidation of Jiuzhou Hospital and He Wanjia Hospital [7]. - Net profit for 2023 was approximately CNY 347 million, a significant increase of 194.2%, with a net profit margin returning to 12.4% [7]. - The gross margin improved to 42.1%, up by 5.2 percentage points, due to effective cost control and operational efficiency [7]. Summary by Sections Financial Performance - In 2023, revenue breakdown included: - Assisted reproductive services: CNY 1.336 billion (+26.7%) - Management services: CNY 566 million (+12.5%) - Ancillary medical services: CNY 310 million (+36.6%) - Maternal and child business: CNY 577 million (-0.6%) [7]. - The adjusted net profit for 2023 was about CNY 472 million, reflecting a 72.0% increase [7]. Business Developments - The company has established a comprehensive IVF and obstetrics service model, obtaining key licenses for advanced reproductive technologies [7]. - The Hong Kong market for embryo cryopreservation has shown significant growth, with a 145% increase in the number of embryos frozen compared to the previous year [7]. Market Outlook - The report highlights a positive outlook for the Chinese assisted reproductive market, driven by increasing older mothers and supportive fertility policies [7]. - Revenue forecasts for 2024 and 2025 are projected at CNY 3.209 billion and CNY 3.695 billion, respectively, with year-on-year growth of 15.1% [7].

医药生物/医疗服务 公 司 2023 年业绩快速恢复，深圳新院区有望 2025 年投入 研 锦欣生殖（01951.HK） 究 2024年04月01日 运营 ——港股公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） 阮帅（联系人） yuruyi@kysec.cn ruanshuai@kysec.cn 日期 2024/3/28 证 书编号：S0790523070002 证书编号：S0790124010004 港 当前股价(港元) 2.430  2023年业绩快速恢复，盈利能力持续提升，维持“买入”评级 股 一年最高最低(港元) 5.800/2.050 公司发布2023年报，2023年公司实现收入27.89亿元（同比+18%，以下均为同 公 司 总市值(亿港元) 67.01 比口径），经调整净利润4.71亿元（+72%），毛利率42.1%（+5.17pct），经调整 信 流通市值(亿港元) 67.01 净利率16.9%（+5.31pct）。考虑2023年并购市场估值较高，我们下调2024-2025 息 总股本(亿股) 27.58 年并新增2026年盈利预测，预计2024-2026年归母净利润为3.87/ ...

公 司 2024年03月 29日 报 锦欣生殖(1951.HK) 告 周期数稳步增长，公司盈利能力不断提升 推荐（维持） 事项： 公司发布 2023 年年报，实现收入 27.89 亿元（+18.0%）；净利润 3.47 亿元 股价：2.43 港元 （+194.2%）；经调整净利润4.72亿元（+72.0%），公司增速符合预期。 公 主要数据 分配预案：每股派发现金股利每股5.95港仙。 司 行业 医药生物 平安观点： 年 公司网址 www.jxr-fertility.com  周期数稳定增长推动公司业绩稳中有升：2023 年，公司 IVF取卵周期为 大股东/持股 11.74% 报 30368个，同比增长16.2%，实现稳定增长。分区域看1）成熟机构（成 实际控制人 JINXIN Fertility Investment 点 总股本(百万股) 2757.71 都&大湾区）周期数22260个，同比增长6%，增长稳健；2）孵化机构（云 流通A股(百万股) 0 南&武汉）周期数4261个，同比增长42.7%；3）境外机构（美国&老挝） 评 流通B/H股(百万股) 2757.71 周期数3847个，同比增长11.7% ...

如此亮服的成绩单也再次印证了此前的宏观研究数据：辅助生殖需求与人口出生率之间并非简单的正相关关系。对于投资者而言，单纯盯着生育率来判断辅 助生殖行业的投资前景显然过于片面。 而且，近日，"锦欣生殖"也在资本市场上获得南向资金连续多日净买入，迎来市场的重新关注。 结合下文的进一步分析，笔者认为，我们重新关注锦欣生殖的时机已经到来。 响应国家政策，兼顾社会价值及经济价值的高成长赛道 毋庸置疑，自2021年5月国家提出三胎改策以来，国家对人口问题的重视就已摆到台面，并不断通过医疗、教育、生育补贴等改革政策未为人口增长解决养 育上的障碍，人口作为经济增长的底座，能带来劳动力和消费需求，拉动投资、消费和出口。但全球大部分国家都在面临人口出生率下滑的挑战。 我们不难发现，导致人口出生率下滑的主因，一部分是不想生，一部分是想生却不能生。不想生的背后除了政府近年来一直在解决的养育成本命企，还涉及 多重复杂的社会因素，并非政策就能推动；关于不能生的问题，三弦政策导致的高龄产妇增加和女性生育年龄推迟是其中的重要因素、同时，工作生活压 力、不良环境、不良习惯以及身体机能衰退也导致了育龄夫妇的不孕不育率上升。除此之外，单身未婚生育和 ...

Financial Performance - The group's revenue for the year ended December 31, 2023, was approximately RMB 2,788.9 million, an increase of 18.0% compared to RMB 2,364.5 million for the year ended December 31, 2022[2]. - The group's net profit for the year ended December 31, 2023, was approximately RMB 347.0 million, representing a significant increase of 194.2% from RMB 117.9 million for the year ended December 31, 2022[2]. - The adjusted net profit under non-IFRS was approximately RMB 471.5 million, up 72.0% from RMB 274.1 million in the previous year[2]. - The non-IFRS EBITDA for the year ended December 31, 2023, was approximately RMB 706.1 million, an increase of 92.4% from RMB 367.0 million for the year ended December 31, 2022[2]. - The adjusted EBITDA under non-IFRS was approximately RMB 781.2 million, reflecting a 63.1% increase from RMB 479.1 million in the previous year[2]. - Basic earnings per share for the year ended December 31, 2023, were RMB 0.13, while the adjusted basic earnings per share under non-IFRS were RMB 0.18[2]. - The gross profit for the year was RMB 1,175.4 million, compared to RMB 874.3 million in the previous year[6]. - The total comprehensive income for the year was RMB 402.0 million, compared to RMB 447.6 million in the previous year[8]. - Pre-tax profit for 2023 was RMB 464,269,000, a substantial increase from RMB 154,324,000 in 2022, reflecting a growth of 201.5%[39]. - The group's income tax expense rose by 222.4% from approximately RMB 36.4 million for the year ended December 31, 2022, to approximately RMB 117.3 million for the year ended December 31, 2023, driven by increased pre-tax profits and improved operational efficiency[100]. Assets and Liabilities - Total assets decreased from RMB 13,328,163 thousand in 2022 to RMB 13,553,729 thousand in 2023, representing an increase of approximately 1.68%[9]. - Non-current assets increased from RMB 10,186,812 thousand in 2022 to RMB 10,091,423 thousand in 2023, reflecting a growth of about 5.16%[10]. - Current liabilities decreased significantly from RMB 2,763,971 thousand in 2022 to RMB 1,689,833 thousand in 2023, a reduction of approximately 38.93%[10]. - The total liabilities decreased from RMB 3,900,688,000 in 2022 to RMB 2,665,435,000 in 2023, indicating a reduction of approximately 31.6%[22]. - The company's net asset value increased from RMB 8,735,128 thousand in 2022 to RMB 10,186,812 thousand in 2023, marking a growth of around 16.56%[10]. - The total equity attributable to owners of the company increased from RMB 8,639,743 thousand in 2022 to RMB 10,091,423 thousand in 2023, reflecting an increase of approximately 16.83%[10]. - The company’s bank borrowings decreased from RMB 2,070,678 thousand in 2022 to RMB 1,379,664 thousand in 2023, a reduction of about 33.43%[10]. - The total current liabilities of accounts payable and other payables decreased to RMB 805,083,000 in 2023 from RMB 916,929,000 in 2022, a reduction of 12.1%[52]. Revenue Breakdown - Total revenue for the year ended December 31, 2023, was RMB 2,788,910,000, with RMB 2,218,608,000 from Greater China and RMB 570,302,000 from overseas[20]. - Revenue from assisted reproductive services increased to RMB 1,335,511,000 in 2023, up from RMB 1,053,776,000 in 2022, representing a growth of approximately 26.7%[28]. - Revenue from the US business increased by 22.7% from approximately RMB 462.4 million for the year ended December 31, 2022, to approximately RMB 567.5 million for the year ended December 31, 2023[90]. - Revenue from Chengdu business increased by 6.2% from approximately RMB 1,384.9 million for the year ended December 31, 2022, to approximately RMB 1,471 million for the year ended December 31, 2023[85]. - Revenue from Shenzhen business rose by 16.9% from approximately RMB 348.3 million for the year ended December 31, 2022, to approximately RMB 407.3 million for the year ended December 31, 2023[86]. - Wuhan business revenue surged by 124.6% from approximately RMB 17.0 million for the year ended December 31, 2022, to approximately RMB 38.2 million for the year ended December 31, 2023[87]. - Revenue from Kunming business increased by 154.8% from approximately RMB 92.4 million for the year ended December 31, 2022, to approximately RMB 235.5 million for the year ended December 31, 2023[88]. - Revenue from Hong Kong business grew by 12.3% from approximately RMB 59.5 million for the year ended December 31, 2022, to approximately RMB 66.8 million for the year ended December 31, 2023[89]. Operational Developments - The company has restructured its internal reporting framework, resulting in changes to its reportable segments, now classified as Greater China and overseas operations[19]. - The company’s overseas business has been rapidly developing, prompting management to designate two operational segments for better resource allocation and performance assessment[19]. - The company aims to create a comprehensive service model integrating IVF and obstetrics, enhancing operational efficiency and reducing costs[60]. - The company has implemented a digital platform and proprietary customer relationship management system across its medical facilities, improving patient management and appointment processes[57]. - The company is focusing on expanding its services to cover the entire life cycle of women's and children's health management[60]. - The company has successfully registered medical devices and drugs with the National Medical Products Administration, showcasing its high-quality clinical results and R&D capabilities[60]. - The company aims to expand its service offerings to include comprehensive fertility services and enhance synergies between assisted reproduction and maternal-child health services[71]. - The company has established partnerships with several universities to improve patient care and medical services, including collaborations with Hong Kong Chinese University and USC Keck School of Medicine[76]. Employee and Governance - The group has a total of 3,231 employees as of December 31, 2023, with employee costs amounting to approximately RMB 778.9 million, an increase from RMB 674.9 million in the previous year[123]. - The board has proposed a final dividend of HKD 0.0595 per share for the year ended December 31, 2023, compared to zero for the previous year[125]. - The group has established an audit and risk management committee to assist the board in monitoring compliance with applicable laws and regulations[129]. - The group has adopted corporate governance codes to enhance accountability and protect shareholder interests[127]. Future Outlook - The company anticipates a recovery in business growth in 2024, driven by strong demand for assisted reproductive technologies and supportive government policies[67]. - The overall market penetration of ARS in China remains relatively low compared to approximately 30% in Europe and the US, indicating significant growth potential[67]. - The company is actively seeking opportunities to expand its business network through acquisitions in high-growth potential markets in China and recruiting new doctors in the US, particularly in the West[74].

Financial Performance - Revenue for the first half of 2023 reached RMB 1,333,906 thousand, representing a 17.2% increase compared to RMB 1,138,228 thousand in the same period of 2022[10]. - Gross profit increased by 21.5% to RMB 564,324 thousand, up from RMB 464,304 thousand year-on-year[10]. - The company reported a profit before tax of RMB 278,535 thousand, a 19.2% increase from RMB 233,660 thousand in the previous year[10]. - Net profit for the period was RMB 223,801 thousand, reflecting a 19.3% growth compared to RMB 187,597 thousand in the first half of 2022[10]. - The gross profit margin improved to 42.3% from 40.8% year-on-year, while the net profit margin increased to 16.8% from 16.5%[10]. - The company's net profit increased by 19.3% from approximately RMB 187.6 million for the six months ended June 30, 2022, to approximately RMB 223.8 million for the six months ended June 30, 2023[55]. - The net profit margin for the six months ended June 30, 2023, was 16.8%, up from 16.5% for the same period in 2022, attributed to increased demand from global patients and improved operational efficiency[55]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 15,230,368 thousand, showing a slight decrease of 0.01% from RMB 15,232,037 thousand at the end of 2022[10]. - Total equity increased by 16.6% to RMB 10,187,083 thousand, up from RMB 8,735,128 thousand at the end of 2022[10]. - Total liabilities decreased significantly by 22.4% to RMB 5,043,285 thousand, down from RMB 6,496,909 thousand[10]. - The company's total assets as of June 30, 2023, were RMB 13,687,634 thousand, an increase from RMB 13,328,163 thousand at the end of 2022[136]. - The total liabilities decreased from RMB 2,763,971 thousand at the end of 2022 to RMB 1,626,056 thousand as of June 30, 2023, reflecting a reduction of approximately 41.2%[137]. Market Expansion and Strategy - The company aims to expand its hospital network to enhance access to quality Assisted Reproductive Services (ARS) in China and the US[6]. - The company has made multiple acquisitions in 2021 and the first half of 2023 to capitalize on the growing demand for ARS in China[6]. - The company has expanded its capacity in existing hospitals, leveraging industry development potential, and has established a dual referral network with 111 medical institutions across 23 cities in China, an increase of 16% compared to the same period in 2022[14]. - The company plans to expand its business network through acquisitions in high-growth markets in China, focusing on first-tier cities and cities with radiation capabilities[26]. - The company is actively exploring acquisition opportunities in Southeast Asia, recognizing significant growth potential in the ARS sector[26]. Research and Development - The company has made significant investments in R&D teams and activities to promote clinical advancements and improve service quality[11]. - The company published 20 SCI journal articles and 8 core journal articles, and obtained 19 scientific research projects, along with 5 patents[28]. - Research and development expenses rose by 124.8% from approximately RMB 4.7 million to approximately RMB 10.6 million, reflecting increased investment in reproductive technology[47]. Patient Services and Satisfaction - Patient satisfaction at Sichuan Jinxin Xinan Hospital (Bisheng District) increased from 92.9% to 95.8% in the first half of 2023, enhancing the hospital's reputation in the ARS market[14]. - The company has successfully launched three specialized service packages to meet diverse patient needs, focusing on personalized ARS treatment plans[14]. - The company has expanded its service offerings to cover the entire fertility cycle, including pre-pregnancy, IVF, prenatal, delivery, and postnatal services[11]. Financial Management - Cash generated from operating activities for the six months ended June 30, 2023, was RMB 336.8 million, compared to RMB 273.0 million for the same period in 2022[62]. - The company's cash and cash equivalents at the end of June 30, 2023, were approximately RMB 770.1 million, down from RMB 1,178.8 million at the end of June 30, 2022[62]. - The company completed a placement of 175 million shares at a price of HKD 6.725 per share, raising approximately RMB 999.1 million in net proceeds[61]. - The company has unutilized financing from bank agreements amounting to RMB 719,276,000 as of June 30, 2023, which supports its liquidity position[145]. - The company anticipates sufficient liquidity to meet its financial obligations for at least the next twelve months from June 30, 2023[145]. Shareholder Information - The company granted 65,853,241 restricted shares under the 2022 Restricted Share Award Scheme, with 57,170,247 shares awarded to key management and directors on August 23, 2023[92]. - The total number of issued shares as of June 30, 2023, is 2,720,913,796[100]. - The company has no significant events affecting its operations reported after June 30, 2023[92]. Regulatory and Compliance - The group maintained compliance with all applicable corporate governance codes during the reporting period[72]. - There were no significant contingent liabilities or guarantees as of June 30, 2023[66]. - The company has been exempt from tax under Cayman Islands law and has subsidiaries in the British Virgin Islands that are also exempt from tax[162].

Financial Performance - The group's revenue for the six months ended June 30, 2023, was approximately RMB 1,333.9 million, an increase of 17.2% compared to RMB 1,138.2 million for the same period in 2022[2]. - The group's net profit for the six months ended June 30, 2023, was approximately RMB 223.6 million, representing a 19.3% increase from RMB 190.1 million for the same period in 2022[2]. - The adjusted net profit under non-IFRS was approximately RMB 254.8 million for the six months ended June 30, 2023, a decrease of 2.3% compared to RMB 260.7 million for the same period in 2022[2]. - The group's EBITDA for the six months ended June 30, 2023, was approximately RMB 394.1 million, an increase of 16.3% from RMB 333.5 million for the same period in 2022[2]. - Basic earnings per share for the six months ended June 30, 2023, were RMB 0.08, while the adjusted basic earnings per share were RMB 0.10[3]. - Total comprehensive income for the period reached RMB 446,601,000, an increase from RMB 389,433,000 in the same period last year, representing a growth of approximately 14.7%[7]. - The profit from segments for the six months ended June 30, 2023, was RMB 337,842,000, compared to RMB 263,601,000 for the same period in 2022, indicating an increase of about 28.2%[17]. - The group reported a pre-tax profit of RMB 278.5 million for the six months ended June 30, 2023, compared to RMB 233.7 million for the same period in 2022[6]. Expenses and Costs - Research and development expenses for the six months ended June 30, 2023, were RMB 10.6 million, compared to RMB 4.7 million for the same period in 2022[6]. - Administrative expenses for the six months ended June 30, 2023, were RMB 188.1 million, slightly increasing from RMB 187.6 million for the same period in 2022[6]. - Total financial costs for the six months ended June 30, 2023, were RMB 42,650 thousand, up from RMB 32,994 thousand in the same period in 2022, representing an increase of approximately 29.2%[24]. - Sales and distribution expenses increased by 62.5% from approximately RMB 53.7 million to approximately RMB 87.2 million, largely due to the consolidation of the Kunming business[79]. - Financial costs increased by 29.3% from approximately RMB 33.0 million to approximately RMB 42.7 million, primarily due to interest from a syndicated loan of USD 300 million[81]. Assets and Liabilities - Non-current assets totaled RMB 13,687,634,000 as of June 30, 2023, up from RMB 13,328,163,000 at the end of 2022, reflecting an increase of about 2.7%[8]. - Current liabilities decreased to RMB 1,626,056,000 from RMB 2,763,971,000, showing a reduction of approximately 41.2%[9]. - The total liabilities decreased to RMB 3,417,229,000 from RMB 3,732,938,000, reflecting a decrease of about 8.4%[9]. - The company's cash and cash equivalents decreased to RMB 761,064,000 from RMB 1,316,549,000, a decline of approximately 42.2%[8]. - The company’s current liabilities for accounts payable and other payables totaled RMB 844,199,000, down from RMB 916,929,000 as of December 31, 2022, a decrease of 7.9%[36]. Revenue Sources - The group's revenue from external customers was RMB 1,333,906,000, an increase from RMB 1,138,228,000 for the same period in 2022, representing a growth of approximately 17.2%[16]. - Revenue from assisted reproductive services reached RMB 638,702 thousand, up from RMB 518,635 thousand, indicating a growth of about 23.1% year-over-year[21]. - Revenue from Chengdu operations decreased by 2.0% to approximately RMB 687.4 million, primarily due to a reduction in management service fees charged to the Jinjiang Reproductive Center[65]. - Revenue from Shenzhen operations increased by 13.8% to approximately RMB 188.4 million, driven by an increase in IVF treatment cycles post-pandemic[69]. - Revenue from Wuhan operations surged by 152.0% to approximately RMB 16.6 million, attributed to the resumption of ARS services[70]. Strategic Initiatives - The company has been focusing on enhancing its assisted reproductive services (ARS) to improve treatment success rates and patient experience, thereby strengthening its market position[41]. - The company aims to leverage its strengths in ARS to expand full-cycle fertility services, including pre-pregnancy, IVF, prenatal, delivery, and postnatal care[41]. - The company has made significant investments in R&D to improve clinical translation and enhance clinical standards in its services[41]. - The company is actively pursuing information-driven smart hospital construction to enhance patient convenience and operational management[41]. - The company has established partnerships with several renowned universities to enhance research and training in reproductive medicine[59]. Market Outlook - The company anticipates a recovery in business in 2023, driven by strong demand for assisted reproductive technology (ART) and services, particularly in the Chinese market where the penetration rate remains relatively low compared to approximately 30% in Europe and the U.S.[51]. - The Chinese government has implemented various policies to encourage childbirth, allowing couples to have up to three children, which is expected to significantly increase the penetration rate and market size for ART in China[52]. - HRC Medical has increased its ownership in Jiuzhou Hospital and Huanjia Hospital in Yunnan Province to approximately 96.50%, positioning these hospitals as the second largest in the province by market share and the largest among private hospitals[53]. Shareholder Information - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2023[3]. - The company has granted a total of 57,170,247 restricted shares under the 2022 Restricted Share Incentive Plan as of the announcement date[60]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[120]. - The audit and risk management committee has reviewed the company's accounting principles and internal controls, ensuring compliance with applicable laws and regulations[121].