（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： 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 非執行董事 鍾勇先生 （主席） 方敏先生 胡喆女士 嚴曉晴女士 – 2 – 莊一強博士 李建偉先生 王嘯波先生 葉長青先生 – 1 – 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 | — | — | — | — | M | | 鍾勇先生 | — | — | ...

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） 執行董事辭任 及 董事委員會組成變動 錦欣生殖醫療集團有限公司*（「本公司」）董事（「董事」）會（「董事會」）宣佈，自 本公告日期起，John G. Wilcox醫生已辭任執行董事，以及提名委員會、戰略 決策委員會及醫療品質控制與科研發展委員會各自的成員，以專注於其在本 集團美國業務的管理職務。儘管上述事項，Wilcox醫生將留任與本集團美國業 務有關的職位，包括Willsun US Delaware Newco Inc.（即HRC Fertility Management, LLC的控股公司）的董事會成員及Huntington Reproductive Center Medical Group的 全職醫生。 Wilcox醫生已確 ...

Investment Rating - The investment rating for the company is downgraded to Neutral [4][2]. Core Views - Short-term performance pressures have increased significantly, prompting business adjustments to enhance shareholder returns and long-term potential [2]. - The company is experiencing a decline in revenue and net profit, with a notable drop in gross margin due to various operational challenges [7][8]. - Management plans to restructure the U.S. business and focus on key domestic operations, anticipating a recovery in performance over the long term [7]. Financial Overview - Revenue projections for 2025 have been revised down by approximately 18% to 2,617 million RMB, with further declines expected in subsequent years [8]. - Net profit is expected to turn negative in 2025, with a forecasted loss of 942 million RMB, followed by a recovery in 2026 and 2027 [3][15]. - The company’s gross margin is projected to decrease significantly, with a forecast of 33.0% for 2025, down from previous estimates [8]. Business Adjustments - The management is actively seeking to optimize the debt structure and reduce financial costs, with plans for share buybacks and dividends once cash flow stabilizes [7]. - The company aims to expand its capacity in key regions, with new facilities expected to drive growth in treatment cycles [7][8]. Market Position - The company maintains a strong position as an industry leader, with a clear long-term growth logic driven by policy support and strategic business adjustments [7][8]. - The stock's target price has been set at HKD 3.30, indicating a potential upside of 5.7% from the current price of HKD 3.12 [1][14].

香港联交所最新资料显示，8月26日，执行董事董阳增持锦欣生殖(01951)277.55万股，每股作价3.2港 元，总金额为888.16万港元。增持后最新持股数目约为1287.33万股，最新持股比例为0.47%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月26日，执行董事董阳增持锦欣生殖(01951)277.55万 股，每股作价3.2港元，总金额为888.16万港元。增持后最新持股数目约为1287.33万股，最新持股比例 为0.47%。 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

Core Viewpoint - Jinxin Fertility Group experienced a significant decline in stock price, reflecting challenges in its financial performance and market position [1][2]. Company Overview - Jinxin Fertility Group is a leading assisted reproductive services provider in China and the U.S., operating multiple hospitals and medical centers [1]. - The company ranked third in the Chinese assisted reproductive services market in 2018, conducting 20,958 in vitro fertilization cycles, with a market share of approximately 3.1%, and ranked first among non-state-owned institutions [1]. Financial Performance - For the mid-year report of 2025, Jinxin Fertility reported total revenue of 1.289 billion RMB and a net profit of -1.04 billion RMB [2]. - The company's profit attributable to shareholders for the fiscal year 2025 decreased by 648.24% year-on-year, resulting in a basic earnings per share of -0.39 RMB [2].

Core Viewpoint - Jinxin Fertility (01951.HK) reported a significant decline in revenue and a shift from profit to loss for the six months ending June 30, 2025, indicating potential challenges in its business operations [1] Financial Performance - Revenue for the period was approximately 1.289 billion RMB, representing a year-on-year decrease of 10.7% [1] - The company recorded a loss attributable to owners of approximately 1.04 billion RMB, compared to a profit of about 190 million RMB in the previous year [1] - Basic loss per share was reported at 0.39 RMB [1] - The company did not declare an interim dividend [1]

Core Viewpoint - Jinxin Fertility (01951) reported a significant decline in financial performance, with a revenue drop of 10.75% year-on-year and a shift from profit to loss for shareholders, indicating challenges in the fertility services market in China [1] Financial Performance - Revenue for the six months ending June 30, 2025, was 1.289 billion RMB, down 10.75% year-on-year [1] - Shareholder loss amounted to 1.04 billion RMB, compared to a profit of 190 million RMB in the same period last year, marking a significant turnaround [1] Contributing Factors - A decrease of approximately 8.3% in OPU cycles contributed to the revenue decline [1] - The proportion of IUI patients among ARS patients increased by about 10.04%, with IUI typically costing 80% to 85% less than IVF, impacting overall revenue [1] - Average single-cycle prices fell by 7% to 8% due to adjustments in national medical insurance [1] - A 24% decline in traditional childbirth volumes, driven by lower fertility willingness in China, led to reduced obstetric and related revenues [1] - The company has initiated new departments and businesses, which have contributed to revenue in those areas [1]

Core Viewpoint - Jinxin Fertility (01951.HK) reported a significant decline in mid-term performance for the period ending June 30, 2025, with a revenue drop of 10.75% year-on-year and a shift from profit to loss for shareholders [1] Financial Performance - The company's mid-term revenue was 1.289 billion RMB, reflecting a year-on-year decrease of 10.75% [1] - Shareholder losses amounted to 1.04 billion RMB, compared to a profit of 190 million RMB in the same period last year [1] - Basic loss per share was reported at 0.39 RMB [1] Operational Challenges - The decline in revenue was attributed to several factors, including a decrease in OPU cycles, an increase in IUI cycle patients, adjustments in national medical insurance leading to lower average prices per cycle, and a 24% drop in traditional delivery volumes affecting obstetric income [1] - In Chengdu, the number of egg retrieval cycles decreased by 6.1% year-on-year, primarily due to a reduction in first-time patients and a significant increase in the proportion of IUI cycles [1] Service Expansion - Since the launch of the third-generation IVF services in 2024, the company has served over 1,500 patients [1]