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].

ai169466443636_JXR IR2023 Cover V04_11.5mm OP.pdf 1 14/9/2023 下午12:07 中期報告 2023 錦欣生殖醫療集團有限公司 Jinxin Fertility Group Limited C M Y CM MY CY CMY K Jinxin Fertility Group Limited * 股份代號：01951 （根據開曼群島法律註冊成立的有限公司） Jinxin Fertility Group Limited Stock Code: 01951 (Incorporated under the laws of the Cayman Islands with limited liability) * 2023 Interim Report Interim Report 2023 中期報告 * 僅供識別 * For identification purposes only 目錄 頁次 公司概況 2 公司資料 3 財務摘要 5 管理層討論及分析 6 其他資料 28 簡明綜合財務報表審閱報告 44 簡明綜合損益及其他全面收益表 45 簡明綜合財務狀況表 ...

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） 截至2023年6月30日止六個月的業績公告 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Jinxin Fertility Group Limited * 股份代號：01951 （根據開曼群島法律註冊成立的有限公司） 年報2022 * 僅供識別 目錄 頁次 | --- | --- | --- | --- | --- | |-------|-------|-------|--------------------------|-------| | | | | | | | | | | 公司概況 | 2 | | | | | 公司資料 | 4 | | | | | 財務摘要 | 6 | | | | | 董事長致辭 | 7 | | | | | 管理層討論及分析 | 9 | | | | | 董事及高級管理層 | 34 | | | | | 董事會報告 | 45 | | | | | 企業管治報告 | 90 | | | | | 獨立核數師報告 | 107 | | | | | 綜合損益及其他全面收益表 | 112 | | | | | 綜合財務狀況表 | 114 | | | | | 綜合權益變動表 | 116 | | | | | 綜合現金流量表 | 119 | | | | | 綜合財務報表附註 | 122 | | | | ...

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） 截至2022年12月31日止年度的業績公告 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...