Core Viewpoint - Southbound funds have reduced their holdings in Jinxin Fertility (01951.HK) by 936,500 shares on October 13, indicating a trend of net selling over recent trading days [1] Group 1: Shareholding Changes - In the last five trading days, southbound funds have reduced their holdings on three occasions, with a total net reduction of 2,049,500 shares [1] - Over the past twenty trading days, there have been thirteen days of net increases in holdings, totaling 56,847,000 shares [1] - As of now, southbound funds hold 1.418 billion shares of Jinxin Fertility, representing 51.42% of the company's total issued ordinary shares [1] Group 2: Recent Trading Data - On October 13, 2025, the total shareholding was 1.418 billion shares, with a decrease of 936,500 shares, reflecting a change of -0.07% [2] - On October 3, 2025, the total shareholding was 1.419 billion shares, with a decrease of 7,519,500 shares, reflecting a change of -0.53% [2] - On October 2, 2025, the total shareholding was 1.427 billion shares, with a decrease of 625,250 shares, reflecting a change of -0.44% [2] - On September 30, 2025, the total shareholding was 1.433 billion shares, with an increase of 9,517,500 shares, reflecting a change of +0.67% [2] - On September 29, 2025, the total shareholding was 1.424 billion shares, with an increase of 3,141,500 shares, reflecting a change of +0.22% [2] Group 3: Company Overview - Jinxin Fertility Medical Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [2] - The company offers assisted reproductive services, management services, mobile surgical center facilities, auxiliary medical services, obstetrics and pediatrics medical services, as well as sales of medical consumables and equipment [2] - The company's services are mainly provided in China and the United States [2]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, particularly focusing on innovative drugs and the recovery of left-side sectors as the biggest investment opportunities for the year [5][14]. Core Insights - The innovative drug sector is expected to continue its upward trend, with BD (business development) activities anticipated to catalyze market movements. The upcoming ESMO conference (October 17-21) is highlighted as a key event for clinical data disclosures from domestic innovative drug companies [2][13]. - The report emphasizes the importance of recent Nobel Prize discoveries related to peripheral immune tolerance, which are relevant to the development of new therapies in oncology and autoimmune diseases. This underscores the significance of innovation in these fields [40][50]. - The report notes that the CXO industry in China is entering a recovery phase, with improvements expected in industry orders, capacity utilization, and performance metrics due to enhanced domestic investment and financing data [2][5]. Summary by Sections Innovative Drugs - The innovative drug sector has seen a recent pullback, but the long-term upward trend remains intact. The report suggests that the market is awaiting further BD catalysts and highlights the importance of upcoming clinical data from the ESMO conference [2][13]. - The report indicates that the overall sentiment in the innovative drug sector is still positive, with a focus on potential breakthroughs in cancer and autoimmune therapies following the recent Nobel Prize discoveries [40][50]. Biologics - Novo Nordisk announced an agreement to acquire Akero for $4.7 billion, with Akero's FGF21 analog EFX showing promise as a leading therapy for metabolic dysfunction-related fatty liver disease (MASH) [3][51]. - The report suggests that EFX is the only drug in Phase 2 trials demonstrating significant fibrosis regression in F4 patients, highlighting the need for continued attention to developments in this area [51][57]. Medical Devices - The commercialization of innovative products is accelerating, with domestic replacements making significant progress. For instance, MicroPort's Tumi laparoscopic surgical robot has surpassed 100 global orders and is leading the domestic market share [4][58]. - The report notes that the Tumi robot has received market access in over 60 countries and regions, with a strong presence in high-end markets such as Europe [60][62]. Traditional Chinese Medicine - There has been a continuous increase in new drug IND and NDA applications for traditional Chinese medicine, with 92 new IND applications and 42 NDA applications reported in the first nine months of 2025 [3][64]. - The report highlights ongoing policy support for traditional Chinese medicine, which is expected to drive further innovation and development in this sector [64][65].

Core Insights - The top three companies with the highest short positions as of October 3 are COSCO Shipping Holdings (01919), Ganfeng Lithium (01772), and ZTE Corporation (00763), with short ratios of 15.66%, 15.25%, and 15.16% respectively [1][2] - Ganfeng Lithium (01772) saw the largest absolute increase in short positions, rising by 1.20%, followed by Minmetals Resources (01208) with an increase of 0.96%, and Yuexiu Transport Infrastructure (01052) with an increase of 0.76% [1][2] - The companies with the largest decreases in short positions include GCL-Poly Energy (03800), which decreased by 3.16%, followed by Dongfang Electric (01072) with a decrease of 2.03%, and Jinxin Fertility (01951) with a decrease of 0.76% [1][3] Summary of Short Positions - **Top 10 Companies by Short Ratio** - COSCO Shipping Holdings (01919): 15.66% (from 437 million shares to 451 million shares) - Ganfeng Lithium (01772): 15.25% (from 62.30 million shares to 67.64 million shares) - ZTE Corporation (00763): 15.16% (from 113 million shares to 115 million shares) - CATL (03750): 13.83% (from 21.12 million shares to 21.57 million shares) - Vanke (02202): 12.63% (from 268 million shares to 279 million shares) - Ping An Insurance (02318): 12.59% (from 959 million shares to 938 million shares) - Zijin Mining (02899): 12.58% (from 750 million shares to 754 million shares) - MicroPort Medical (00853): 11.10% (from 213 million shares to 212 million shares) - Hansoh Pharmaceutical (01276): 11.01% (from 28.01 million shares to 28.43 million shares) - Fuyao Glass (06865): 10.85% (from 49.22 million shares to 47.94 million shares) [2] - **Top 10 Companies with Increased Short Positions** - Ganfeng Lithium (01772): Increased by 1.20% (from 14.05% to 15.25%) - Minmetals Resources (01208): Increased by 0.96% (from 1.96% to 2.93%) - Yuexiu Transport Infrastructure (01052): Increased by 0.76% (from 1.08% to 1.84%) - Jinli Permanent Magnet (06680): Increased by 0.66% (from 7.76% to 8.42%) - China Civil Aviation Information Network (00696): Increased by 0.58% (from 6.63% to 7.21%) [2] - **Top 10 Companies with Decreased Short Positions** - GCL-Poly Energy (03800): Decreased by 3.16% (from 11.76% to 8.59%) - Dongfang Electric (01072): Decreased by 2.03% (from 6.78% to 4.75%) - Jinxin Fertility (01951): Decreased by 0.76% (from 10.61% to 9.85%) - Yangtze Optical Fibre and Cable (06869): Decreased by 0.75% (from 7.03% to 6.28%) - Shanghai Electric (02727): Decreased by 0.72% (from 2.25% to 1.52%) [3][4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 錦欣生殖醫療集團有限公司 呈交日期: 2025年10月2日 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01951 | 說明 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 2,744,706,043 | 13,000,000 | | 2,757,706,043 | | 增加 / 減少 (-) | | | 0 | 0 | | | | 本月底結存 | | | 2,744,706,043 | 13,000,000 | | 2,757,706,043 | 第 2 頁 共 1 ...

Group 1: Medical Devices Industry - The cardiovascular medical device industry has significant growth potential, with the market for cardiac electrophysiology devices in China expected to grow from CNY 65.80 billion in 2021 to CNY 157.26 billion by 2025, and further to CNY 419.73 billion by 2032 [5][6] - The global market for cardiac rhythm management devices increased from USD 9.7 billion in 2016 to USD 10.6 billion in 2021, with a projected growth to USD 12.8 billion by 2030 [5] - The market for coronary artery disease devices in China is also expanding, with the number of patients expected to reach 31.67 million by 2030, and the market for aortic stent grafts projected to grow significantly [6][7] Group 2: AI Cooling Industry - The AI computing upgrade is driving innovation in cooling technologies, with liquid cooling expected to reduce data center energy consumption by 20%-30%, achieving a PUE below 1.2 [8][9] - The liquid cooling market in China is projected to reach USD 1.26 billion in the first half of 2024, with cold plate solutions currently dominating the market due to their maturity and lower infrastructure modification requirements [9][10] - The market for immersion cooling fluids is expected to grow, with silicone oil and fluorinated liquids being key players, although regulatory challenges may arise [10] Group 3: Semiconductor Industry - Aojie Technology (688220.SH) is a leading player in the baseband chip market, with projected revenues of CNY 45.80 billion, CNY 57.35 billion, and CNY 70.72 billion for 2025, 2026, and 2027 respectively [12][13] - The company has a strong presence in both mobile baseband and IoT sectors, with significant growth expected in its ASIC business, which is anticipated to see multiple-fold growth by 2026 [12][14] Group 4: Pharmaceutical Industry - Lifang Pharmaceutical (003020.SZ) is expected to achieve revenues of CNY 18.53 billion, CNY 22.93 billion, and CNY 27.37 billion from 2025 to 2027, with a strong growth trajectory driven by its unique traditional Chinese medicine products [16][17] - The company is set to launch its first generic version of methylphenidate extended-release tablets in April 2025, targeting a large ADHD market in China [17] Group 5: Beverage Industry - IFBH (6603.HK) is positioned to capture a significant share of the coconut water market in China, which is expected to grow at a CAGR of 55% from 2019 to 2025 [19][20] - The company has established a strong brand presence and is leveraging its supply chain advantages to maintain a competitive edge in the market [20] Group 6: Nonferrous Metals Industry - Zhongmin Resources (002738.SZ) is projected to achieve net profits of CNY 6.03 billion, CNY 12.72 billion, and CNY 22.64 billion from 2025 to 2027, driven by its high-margin cesium and rubidium salt business [22][23] - The company is strategically expanding its copper business, which is expected to provide significant growth potential as demand for copper increases [23][24] Group 7: Aerospace Industry - The commercial aerospace sector is anticipated to reach a turning point with increased satellite launches and the development of reusable rockets, which are critical for the growth of satellite internet [29][30] - Companies like Blue Arrow Aerospace and Tianbing Technology are making significant advancements in rocket technology, with planned launches that could enhance China's capabilities in commercial space [30][31]

* 僅供識別 2025 Interim Report Jinxin Fertility Group Limited (Incorporated under the laws of the Cayman Islands with limited liability) * （根據開曼群島法律註冊成立的有限公司） Jinxin Fertility Group Limited * Jinxin Fertility Group Limited * 股份代號：01951 2025 中期報告 * For identification purposes only Stock Code: 01951 Interim Report 中期報告 2025 錦欣生殖醫療集團有限公司 Jinxin Fertility Group Limited 目錄 頁次 錦欣生殖醫療集團有限公司 2025年中期報告 2 公司概況 本集團預計，隨著中國政府實施鼓勵生育的扶持政策與支持措施，中國輔助生殖服務的滲透率和市場 規模將顯著提高。於2021年7月，中共中央委員會及國務院頒佈《關於優化生育政策促進人口長期均 衡發展的決定》，據此，夫婦獲允許生育最多 ...

Group 1 - The top three companies with the highest short positions as of September 19 are ZTE Corporation (00763) at 15.35%, COSCO Shipping Holdings (01919) at 14.10%, and CATL (03750) at 13.44% [1][2] - The companies with the largest absolute increase in short positions are China Education Holdings (00839) with an increase of 2.61%, Dongfang Electric (01072) with an increase of 2.06%, and Xiexin Technology (03800) also with an increase of 2.06% [1][2] - The companies with the largest absolute decrease in short positions are Hua Hong Semiconductor (01347) with a decrease of -2.52%, Chifeng Jilong Gold Mining (06693) with a decrease of -1.77%, and Laikai Pharmaceutical-B (02105) with a decrease of -1.72% [1][2] Group 2 - The latest short position data shows that ZTE Corporation maintained 116 million shares, COSCO Shipping Holdings had 406 million shares, and CATL had 20.95 million shares [2] - The companies with the largest increase in short positions include China Education Holdings, which rose from 3.73% to 6.33%, and Dongfang Electric, which rose from 7.34% to 9.40% [2] - The companies with the largest decrease in short positions include Hua Hong Semiconductor, which fell from 9.00% to 6.48%, and Chifeng Jilong Gold Mining, which fell from 3.30% to 1.53% [2][3]

Group 1 - The core point of the article is that Jinxin Reproductive Medicine (01951) has proposed a 2025 Share Option Plan, which aims to align the long-term interests of the company's directors and key employees with those of the company, thereby incentivizing them to drive growth and development [1] - The 2025 Share Option Plan will constitute a share option scheme funded through the issuance of new shares, in accordance with Chapter 17 of the Listing Rules [1] - On September 25, 2025, the board resolved to grant a total of 137,235,000 share options to the management under the 2025 Share Option Plan, subject to conditional approval from independent shareholders at a special general meeting [1] Group 2 - Additionally, the board plans to grant a total of 2,400,000 share options and 1,200,000 restricted shares to non-executive participants under the 2025 Share Option Plan [1]

Group 1 - The core point of the article is that Jinxin Reproductive (01951.HK) announced a proposal for a 2025 share plan, which aims to align the long-term interests of the company's directors and key employees with those of the company and incentivize them to drive growth and development [1] Group 2 - The 2025 share plan will constitute a share scheme funded through the issuance of new shares, in accordance with Chapter 17 of the listing rules [1] - On September 25, 2025, contingent upon the effectiveness of the 2025 share plan, the board resolved to grant a total of 137,235,000 stock options to the management, with conditional grants to Dong Yang pending approval at a special general meeting of independent shareholders [1] - Additionally, the board decided to grant a total of 2,400,000 stock options and 1,200,000 restricted shares to non-executive grantees under the 2025 share plan [1]

Core Viewpoint - The company proposes the adoption of the 2025 Share Option Plan, aimed at aligning the long-term interests of its directors and key employees with those of the company, thereby incentivizing them to drive growth and development [1] Summary by Sections Share Option Plan - The 2025 Share Option Plan is subject to shareholder approval and will constitute a share scheme funded through the issuance of new shares in accordance with the Listing Rules Chapter 17 [1] - On September 25, 2025, the board resolved to grant a total of 137,235,000 share options to the management under the 2025 Share Option Plan, with conditional grants to Mr. Dong Yang pending independent shareholder approval at a special general meeting [1] - Additionally, the plan includes the granting of 2,400,000 share options and 1,200,000 restricted shares to non-executive participants [1]