Group 1 - The core viewpoint of the report is that Citi has downgraded the revenue forecast for Jinxin Reproductive (01951) for 2025 to 2027 by 12% to 20% and the net profit forecast by 27% to 31%, expecting a net loss in 2025 [1] - Jinxin's revenue decreased by 11% in the first half of the year, resulting in a net loss of 1 billion RMB, primarily due to impairment of overseas assets [1] - The company believes that all headwinds have dissipated in the first half of the year and expects improvement in the second half compared to the first half [1] Group 2 - Citi maintains a neutral outlook for Jinxin in 2025 but anticipates a return to positive performance in 2026 and 2027 [1] - According to the revised forecast, Jinxin's revenue is expected to decline by 4% in 2025, recover by 10% in 2026, and continue to rise by 14% in 2027 [1] - The target price for Jinxin has been adjusted from 3.8 HKD to 3.5 HKD based on the revised forecasts and a higher target price-to-earnings ratio [1]
里昂：降锦欣生殖(01951)目标价至3.5港元 料明后两年将重回正轨