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]

公司成都地区医疗服务收入7.68亿元(-13.1%)，取卵周期数7,111个(-6.1%)。该行认为周期数下滑主要受 初诊患者减少及人工授精(IUI)周期比例大幅提升影响，IUI患者数同比增长超三倍至969人。业务亮点在 于四川锦欣西囡医院(毕昇院区)VIP渗透率持续提升至约20.8%。 华创证券发布研报称，国内辅助生殖已全面纳入医保，叠加生育补贴等支持政策，行业渗透率有望加速 提升。锦欣生殖(01951)作为行业龙头，品牌和牌照优势显著，短期业务扰动不改长期增长趋势。该行 预计25-27年公司收入为26.0228.6731.78亿元;经调整归母净利润预测值为2.823.253.76亿元。该行给予目 标股价3.23港元。维持"推荐"评级。 华创证券主要观点如下： 事项 公司发布25年年中业绩公告。25年公司实现收入12.89亿元(-10.7%)，本公司拥有人应占期内净亏损10.4 亿元，非国际财务报告准则经调整纯利0.82亿元(-68.3%)，经营性现金流2.68亿元(-30.2%)。 收入端承压，区域表现较为分化 公司2025H1实现收益12.89亿元(-10.7%)，2025H1分地区看： 大湾区医疗服务 ...

智通财经APP获悉，华创证券发布研报称，国内辅助生殖已全面纳入医保，叠加生育补贴等支持政策， 行业渗透率有望加速提升。锦欣生殖(01951)作为行业龙头，品牌和牌照优势显著，短期业务扰动不改 长期增长趋势。该行预计25-27年公司收入为26.02\28.67\31.78亿元;经调整归母净利润预测值为 2.82\3.25\3.76亿元。该行给予目标股价3.23港元。维持"推荐"评级。 华创证券主要观点如下： 事项 公司发布25年年中业绩公告。25年公司实现收入12.89亿元(-10.7%)，本公司拥有人应占期内净亏损10.4 亿元，非国际财务报告准则经调整纯利0.82亿元(-68.3%)，经营性现金流2.68亿元(-30.2%)。 公司成都地区医疗服务收入7.68亿元(-13.1%)，取卵周期数7,111个(-6.1%)。该行认为周期数下滑主要受 初诊患者减少及人工授精(IUI)周期比例大幅提升影响，IUI患者数同比增长超三倍至969人。业务亮点在 于四川锦欣西囡医院(毕昇院区)VIP渗透率持续提升至约20.8%。 大湾区医疗服务收入为2.06亿元(-14.9%)，取卵周期数为2,539个(-16.0%)。周期 ...

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%。 ...

智通财经APP获悉，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%。 ...