Core Viewpoint - The report from CICC indicates an upward revision of the 2025 adjusted net profit forecast for Jinxin Fertility (01951) by 19% to 200 million yuan, while the 2026 forecast is lowered by 34% to 280 million yuan due to increased costs and changes in financial confirmation methods [1] Group 1: Financial Performance - The expected adjusted net profit for FY 2025 is approximately 200 million yuan, with a slight year-on-year decline in revenue, but a noticeable improvement in the second half of 2025 [1] - The company anticipates a recovery in the number of cycles starting from the second half of 2025, with a projected return to stable growth in 2026, expecting a growth rate of 5-10% in cycles and revenue [1][2] Group 2: Operational Improvements - The company has completed the handling of overseas asset impairment and other risk issues in the first half of 2025, with a significant improvement expected in the second half [2] - The company is focusing on core business operations, aiming to enhance market share and improve cash flow, with plans for a long-term stock buyback after reducing leverage [2]
中金：维持锦欣生殖(01951)“跑赢行业”评级 下调目标价至3.5港元