董事会欣然宣布，陈树云先生(陈先生)已获委任为非执行董事，自本公告日期起生效。 董事会进一步宣布，陈先生亦已获委任为审核及风险管理委员会、薪酬委员会及战略决策委员会成员， 自本公告日期起生效。 智通财经APP讯，锦欣生殖(01951)发布公告，自本公告日期起，方敏先生已辞任非执行董事及董事会辖 下审核及风险管理委员会(审核及风险管理委员会)、薪酬委员会(薪酬委员会)及战略决策委员会(战略决 策委员会)成员，以便向其他业务承担投入更多时间。 ...

執行董事 董陽先生 （首席執行官及代理首席財務官） 呂蓉女士 （聯席首席執行官） 耿麗紅博士 （根據開曼群島法律註冊成立的有限公司） （股份代號：1951） Jinxin Fertility Group Limited 錦 欣 生 殖 醫 療 集 團 有 限 公 司* 董事名單與其角色和職能 錦欣生殖醫療集團有限公司董事會（「董事會」）成員載列如下： 董事會已成立五個委員會，各委員會成員載列如下： | 董事委員會 | | | | | 醫療品質控制與 | | --- | --- | --- | --- | --- | --- | | | 審核及風險管理 | | | | 科研發展 | | 董事 | 委員會 | 薪酬委員會 | 提名委員會 | 戰略決策委員會 | 委員會 | | 董陽先生 | — | M | — | M | — | | 呂蓉女士 | — | — | M | — | — | | 耿麗紅博士 | — | — | — | — | C | | 鍾勇先生 | — | — | — | C | — | | 胡喆女士 | M | — | — | — | — | | 嚴曉晴女士 | — | — | — | — | — ...

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。 Jinxin Fertility Group Limited 錦 欣 生 殖 醫 療 集 團 有 限 公 司* （根據開曼群島法律註冊成立的有限公司） （股份代號：1951） 非執行董事變更 及 董事委員會組成變動 – 1 – 陳先生的履歷詳情載列如下： 陳先生，50歲，曾在資本集團公司（「資本集團」，全球最大和最成功的專業投 資管理公司之一）任職超過18年。2024年，彼從資本集團退休，不再擔任資本 集團大中華區私募基金（「CGPM」）合夥人和CGPM全球投資組合管理委員會成 員。於彼任職期間，其成功投資了多家醫療健康、科技和金融行業領先的公 司，並為其提供諮詢和擔任董事。於2005年加入資本集團之前，陳先生從1999 年開始在摩根大通投資銀行紐約和香港工作，從摩根大通投資銀行離任時職 務是亞太併購部副總裁。彼現任HRC Fertility Management, LLC董事會成員及PT Morula ...

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Jinxin Reproductive Medicine (01951.HK) by 5.1485 million shares on September 23, 2025, marking a positive trend in investment interest [1] - Over the past five trading days, there have been four days of net increases in holdings by southbound funds, totaling 23.7135 million shares [1] - In the last twenty trading days, there were sixteen days of net increases, accumulating to 120 million shares [1] Group 2 - As of now, southbound funds hold a total of 1.416 billion shares of Jinxin Reproductive Medicine, which represents 51.33% of the company's issued ordinary shares [1] - The total number of shares held on September 23, 2025, was 1.416 billion, with a change of 0.36% from the previous day [2] - The company primarily provides in vitro fertilization (IVF) services and operates in China and the United States, offering a range of reproductive and medical services [2]

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

Group 1 - The core point of the news is that southbound funds have significantly increased their holdings in Jinxin Reproductive Medicine (01951.HK), with a total net increase of 34.82 million shares over the past five trading days [1] - As of September 19, 2025, southbound funds hold 1.42 billion shares of Jinxin Reproductive Medicine, accounting for 51.47% of the company's total issued ordinary shares [1] - In the last 20 trading days, there have been 17 days of net increases in holdings by southbound funds, totaling 126 million shares [1] Group 2 - The trading data shows that on September 19, 2025, the total number of shares held was 1.42 billion, with a change of 11.25 million shares, representing a 0.80% increase [2] - The previous trading days also show consistent increases in holdings, with notable changes of 6.91 million shares (0.49%) on September 18, 2025, and 9.14 million shares (0.66%) on September 17, 2025 [2] - Jinxin Reproductive Medicine is primarily engaged in providing in vitro fertilization (IVF) services and operates mainly in China and the United States [2]

Group 1 - The core point of the news is that southbound funds have significantly increased their holdings in Jinxin Reproductive Medicine (01951.HK), with a total net increase of 29.76 million shares over the past five trading days [1] - As of September 18, 2025, southbound funds hold a total of 1.408 billion shares of Jinxin Reproductive Medicine, accounting for 51.05% of the company's total issued ordinary shares [1][2] - In the last 20 trading days, there have been 16 days of net increases in holdings by southbound funds, totaling 114 million shares [1] Group 2 - The company, 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] - Jinxin Reproductive Medicine operates mainly in China and the United States [2]

Core Viewpoint - The domestic assisted reproduction industry has been fully included in medical insurance, and with additional support policies such as fertility subsidies, the industry penetration rate is expected to accelerate. As an industry leader, Jinxin Fertility (01951) has significant brand and licensing advantages, and short-term business disruptions do not alter the long-term growth trend. The company is projected to achieve revenues of 26.0, 28.6, and 31.8 billion yuan from 2025 to 2027, with adjusted net profit estimates of 2.8, 3.3, and 3.8 billion yuan respectively. The target stock price is set at 3.23 HKD, maintaining a "recommended" rating [1]. Revenue Performance - In the first half of 2025, the company reported revenues of 12.89 billion yuan, a decrease of 10.7%. Regional performance varied, with Chengdu's medical service revenue at 7.68 billion yuan (-13.1%) and a total of 7,111 egg retrieval cycles (-6.1%). The decline in cycles was attributed to a decrease in initial consultations and a significant increase in the proportion of IUI cycles, which saw a threefold increase in patient numbers to 969. The Greater Bay Area reported medical service revenue of 2.06 billion yuan (-14.9%) with 2,539 egg retrieval cycles (-16.0%). In contrast, revenue from Kunming and Wuhan was 1.31 billion yuan (+0.8%), with 2,059 egg retrieval cycles (-3.5%). Overseas medical service revenue was 4.05 billion yuan (+3.7%), with HRC Medical reporting 2,058 egg retrieval cycles (-8.9%) due to delays in patient visits caused by fluctuations in US-China relations and the postponement of California's IVF insurance coverage legislation [2]. Profitability and Cost Structure - The company's gross profit margin for the first half of 2025 was 30.4%, down by 10.0 percentage points. The decline in gross margin was influenced by two main factors: 1) Revenue decline due to an increased proportion of lower-priced IUI patients among ARS patients, a decrease in average single-cycle prices following medical insurance adjustments, and a 24% drop in traditional delivery volumes leading to a 2% reduction in obstetric revenue; 2) Rising operational costs from the expansion of HRC Medical in the US, which added four new clinics, increasing labor and operational costs, as well as accelerated amortization of renovations in Wuhan and depreciation costs related to the relocation of a new building in Shenzhen. Additionally, goodwill and intangible asset impairments significantly contributed to the profit loss, with a total impairment of 9.93 billion yuan related to US and Laos operations in the first half of 2025, including 9.52 billion yuan related to HRC Management Group and 40.17 million yuan related to the suspension of operations in Laos [3].

Core Viewpoint - The domestic assisted reproduction industry has been fully included in medical insurance, which, along with fertility subsidies and other supportive policies, is expected to accelerate the industry's penetration rate. As an industry leader, Jinxin Fertility (01951) has significant brand and licensing advantages, and short-term business disruptions do not alter the long-term growth trend. The company is projected to achieve revenues of 2.602 billion, 2.867 billion, and 3.178 billion yuan for 2025-2027, with adjusted net profit estimates of 282 million, 325 million, and 376 million yuan respectively. The target stock price is set at 3.23 HKD, maintaining a "recommended" rating [1]. Group 1: Financial Performance - In the first half of 2025, the company reported revenues of 1.289 billion yuan, a decrease of 10.7%. The net loss attributable to shareholders was 1.04 billion yuan, with adjusted net profit down 68.3% to 82 million yuan. Operating cash flow also declined by 30.2% to 268 million yuan [1][2]. Group 2: Regional Performance - Revenue from the Chengdu region was 768 million yuan, down 13.1%, with the number of egg retrieval cycles at 7,111, a decrease of 6.1%. The decline in cycles was attributed to a reduction in new patients and a significant increase in the proportion of IUI cycles, which saw patient numbers grow over threefold to 969. The VIP penetration rate at Sichuan Jinxin Xinan Hospital reached approximately 20.8% [2]. - The Greater Bay Area reported medical service revenue of 206 million yuan, down 14.9%, with egg retrieval cycles at 2,539, a decrease of 16.0%. Similar to Chengdu, the reduction in cycles was influenced by changes in clinical consultation processes and an increase in IUI cycles [2]. - Revenue from Kunming and Wuhan was 131 million yuan, up 0.8%, with egg retrieval cycles at 2,059, down 3.5%, primarily due to short-term operational impacts from hospital renovations [2]. - Overseas medical service revenue reached 405 million yuan, an increase of 3.7%. HRC Medical reported 2,058 egg retrieval cycles, down 8.9%, affected by fluctuations in US-China relations and delays in the implementation of California's IVF insurance coverage legislation [2]. Group 3: Profitability and Cost Structure - The company's gross margin for the first half of 2025 was 30.4%, a decrease of 10.0 percentage points. The decline in gross margin was influenced by two main factors: a decrease in revenue due to a higher proportion of lower-priced IUI patients, a drop in average single-cycle prices following medical insurance adjustments, and a 24% decline in traditional delivery volumes leading to reduced obstetric income. Additionally, operational costs increased due to the expansion of HRC Medical in the US, which added four new clinics, and accelerated amortization costs related to lease adjustments at Wuhan Jinxin Hospital [3]. - A significant factor contributing to the profit loss was the impairment of goodwill and intangible assets, with a total of 993 million yuan recognized in the first half of 2025 related to US and Laos operations. This included 952 million yuan related to HRC Management Group and 40.17 million yuan related to the suspension of operations in Laos [3].

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%。 ...