Core Points - Jinxin Fertility (01951) announced the resignation of two co-secretaries, Zhai Yangyang and Wu Xiuwai, effective October 31, 2025 [1] - Zhai Yangyang resigned to pursue personal career development, while Wu Xiuwai resigned due to other work arrangements [1] - Zhong Manna has been appointed as the new company secretary and authorized representative effective October 31, 2025 [1]

Core Viewpoint - Jinxin Reproductive (01951.HK) announced the resignation of two co-secretaries and the appointment of a new company secretary effective October 31, 2025 [1] Group 1 - Zhai Yangyang resigned as co-secretary for personal career development reasons [1] - Wu Xiuwai resigned as co-secretary and authorized representative due to other work arrangements [1] - Zhong Manna has been appointed as the new company secretary and authorized representative, bringing over 25 years of experience in corporate governance and compliance [1]

聯席公司秘書及授權代表變更 錦欣生殖醫療集團有限公司*（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，自2025年 10月31日起，翟揚揚女士（「翟女士」）已辭任本公司聯席公司秘書，及伍秀薇女士（「伍女 士」）已辭任本公司聯席公司秘書及香港聯合交易所有限公司（「聯交所」）證券上市規則第 3.05條項下之本公司授權代表（「授權代表」）。翟女士因追求其個人職業發展而辭任，伍女 士則因其他工作安排而辭任。 董事會謹此進一步宣佈，鍾曼娜女士（「鍾女士」）已自2025年10月31日起獲委任為本公司 的公司秘書及授權代表。鍾女士為達盟香港有限公司之公司秘書服務部主管，負責向客 戶提供公司秘書及合規服務。彼於公司秘書領域擁有超過25年經驗，對企業管治及合規 事務具豐富的知識及經驗。彼為香港公司治理公會及英國特許公司治理公會會員。 翟女士及伍女士均已確認，彼等與董事會並無意見分歧，亦無有關彼等辭任之事宜須敦 請聯交所及本公司股東垂注。 - 1 - 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 ...

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Jinxin Fertility (01951.HK) by 1.742 million shares on October 27, 2025, while there have been net increases in holdings on 3 out of the last 5 trading days, totaling a net increase of 1.876 million shares [1] - Over the last 20 trading days, Jinxin Fertility has seen net increases in holdings for 13 days, with a total net increase of 23.729 million shares [1] - As of now, southbound funds hold 1.443 billion shares of Jinxin Fertility, accounting for 52.33% of the company's total issued ordinary shares [1] Group 2 - Jinxin Fertility Medical Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [2] - 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 [2] - Jinxin Fertility operates mainly in China and the United States [2]

Core Viewpoint - Southbound funds have significantly increased their holdings in Jinxin Reproductive Medicine (01951.HK), indicating strong investor interest and confidence in the company’s performance and growth potential [1][2]. Group 1: Shareholding Changes - On October 24, southbound funds increased their holdings by 3.651 million shares, representing a 0.25% change [2]. - Over the past five trading days, there were four days of net increases, totaling 3.666 million shares [1]. - In the last 20 trading days, there were 14 days of net increases, amounting to 36.725 million shares [1]. Group 2: Current Shareholding Status - As of October 24, southbound funds hold a total of 1.445 billion shares of Jinxin Reproductive Medicine, which constitutes 52.39% of the company's total issued ordinary shares [1][2]. Group 3: Company Overview - Jinxin Reproductive Medicine is an investment holding company primarily providing in vitro fertilization (IVF) services [2]. - The company offers a range of services through its subsidiaries, including assisted reproductive services, management services, mobile surgical center facilities, auxiliary medical services, and sales of medical consumables and equipment [2]. - The company operates mainly in China and the United States [2].

Core Insights - The bankruptcy of Huangshi Jinxin Maternity Hospital highlights the multiple risks associated with the expansion and management of the Jinxin Group, despite the hospital not being directly under the listed company Jinxin Reproductive [1] Group 1: Hospital Closure and Financial Issues - Huangshi Jinxin Maternity Hospital has completely ceased operations as of October, with visible signs of neglect and financial distress, including a total debt of 22.62 million yuan, of which 3.45 million yuan is owed in employee salaries [2][3] - The hospital's operational challenges are exacerbated by its location away from the main urban area, leading to insufficient customer flow [3] Group 2: Industry Challenges - The declining birth rate in recent years has resulted in a general decrease in patient volume and revenue for maternity hospitals, with Jinxin Reproductive acknowledging the adverse effects of the obstetrics industry's challenges on its performance [3][4] - The financial struggles of Huangshi Jinxin Maternity Hospital reflect broader industry downturns, indicating systemic risks faced by specialized medical groups [7] Group 3: Company Performance and Financial Losses - Jinxin Reproductive reported a revenue of 1.289 billion yuan for the first half of 2025, a year-on-year decline of 10.7%, with a net loss of 1.044 billion yuan, marking a significant downturn from profitability [4] - The company attributed its losses to goodwill impairment, financial asset depreciation, and investment losses, alongside a decline in core business revenue from assisted reproductive services [4] Group 4: Policy Impacts - The inclusion of assisted reproductive services in medical insurance has led to price reductions, which, while potentially increasing patient numbers, directly compresses profit margins [5] Group 5: Structural and Management Risks - Jinxin Medical operates seven medical institutions across various regions, which, while diversifying risk, complicates management and increases brand liability [6] - The interconnectedness of the brand means that operational issues in one facility can adversely affect the overall market confidence in the entire group [6] Conclusion - The bankruptcy of Huangshi Jinxin Maternity Hospital serves as a case study of the systemic risks faced by specialized medical groups amid demographic changes and policy adjustments, emphasizing the need for improved business structure and risk management strategies [7]

Core Insights - The company has made progress in the number of IVF egg retrieval cycles as of September 30, 2025, showing confidence in industry prospects and its own growth due to solid industry fundamentals and national policy support [1] Group 1: IVF Cycle Performance - The overall decline in IVF egg retrieval cycles has slowed, with a decrease of -5.2% from the first three quarters of 2024 to the first three quarters of 2025, compared to a decline of -8.3% from the first half of 2024 to the first half of 2025 [1] - The flagship hospital in Chengdu experienced a reduced decline in IVF egg retrieval cycles, from -6.1% in the first half of 2025 to -1.9% over the nine-month period [1] - The Shenzhen hospital's improvement is slower due to a planned relocation at the end of the year [1] Group 2: Market Conditions - In the U.S. market, the decline in IVF egg retrieval cycles aligns with expectations due to the postponement of California Senate Bill SB729 [1]

Core Viewpoint - The company, Jinxin Fertility, has made significant progress in the number of IVF egg retrieval cycles, maintaining strong confidence in the long-term development prospects of the industry and future growth of the group due to solid industry fundamentals and supportive national policies [1] Group 1: IVF Cycle Performance - For the nine months ending September 30, 2025, the overall decline in IVF egg retrieval cycles has slowed from -8.3% in the first half of 2024 to -5.2% in the first three quarters of 2025 [1] - The flagship hospital in Chengdu saw a reduction in IVF egg retrieval cycles from a decline of -6.1% in the first half of 2025 to -1.9% for the nine months ending September 30, 2025 [1] - The Shenzhen hospital's improvement in IVF egg retrieval cycles is slower due to preparations for a relocation planned for the end of 2025 [1] Group 2: Market Conditions - In the U.S. market, the delay in the implementation of California Senate Bill SB729, which requires commercial insurance to cover assisted reproduction, has led to a postponement in IVF egg retrieval cycles, resulting in a decline that aligns with expectations for the company's U.S. operations [1]

Core Viewpoint - The company has made significant progress in the number of IVF egg retrieval cycles, maintaining strong confidence in the long-term development prospects of the industry and future growth of the group due to solid industry fundamentals, supportive national policies, and continuous efforts in improving clinical outcomes and patient care [1] Group 1: IVF Cycle Performance - For the nine months ending September 30, 2025, the overall decline in IVF egg retrieval cycles has slowed from -8.3% in the first half of 2024 to -5.2% in the first three quarters of 2025 [1] - The flagship hospital in Chengdu saw a reduction in IVF egg retrieval cycles from a decline of -6.1% in the first half of 2025 to -1.9% for the nine months ending September 30, 2025 [1] - The Shenzhen hospital's improvement in IVF egg retrieval cycles is slower due to preparations for a relocation planned for the end of 2025 [1] Group 2: Market Conditions - In the U.S. market, the delay in the implementation of California Senate Bill SB729, which requires commercial insurance to cover assisted reproduction, has led to a postponement in IVF egg retrieval cycles, resulting in a decline that aligns with expectations for the company's U.S. operations [1]

Core Viewpoint - The company, Jinxin Fertility (01951), has made significant progress in the number of IVF cycles as of September 30, 2025, and maintains a strong confidence in the long-term development prospects of the industry and its future growth [1] Group 1: Company Performance - The overall decline in IVF cycles has slowed from -8.3% in the first half of 2024 to -5.2% in the first three quarters of 2025, indicating operational improvements [1] - The flagship hospital in Chengdu saw a reduction in IVF cycles' decline from -6.1% in the first half of 2025 to -1.9% in the nine months ending September 30, 2025 [1] - The Shenzhen hospital's improvement in IVF cycles is slower due to preparations for a relocation planned for the end of 2025 [1] Group 2: Industry Context - The company attributes its confidence to a solid industry foundation, ongoing favorable national policies, and continuous efforts to enhance clinical outcomes, optimize patient care, and diversify service offerings [1] - In the U.S. market, the delay in the implementation of California Senate Bill SB729, which requires commercial insurance to cover assisted reproduction, has led to a predictable decline in IVF cycles [1]