Core Viewpoint - The report from交银国际 indicates that锦欣生殖(01951) experienced a significant decline in revenue and net loss in the first half of the year, prompting a downward revision of revenue and profit forecasts for the coming years [1] Financial Performance - Revenue decreased by 11% to 1.29 billion RMB in the first half of the year [1] - Net loss amounted to 1.04 billion RMB [1] - Gross margin fell by 10 percentage points to 30.4% [1] - Adjusted net profit was approximately 82 million RMB, representing a 68% year-on-year decline [1] Forecast Adjustments - Revenue forecasts for 2025 to 2027 have been reduced by 17% to 18% [1] - Adjusted net profit predictions have been cut by about 50% [1] - Target price has been lowered to 3.3 HKD, with the rating downgraded to "neutral" [1] Management Plans - Management's reform plans include restructuring and financing for the US business, halting further investments in Laos to optimize the debt structure and reduce financial costs [1] - Plans for share buybacks and dividends will be considered at appropriate times [1] - Focus will be on key domestic businesses, with a new Shenzhen facility relocation set to begin in the first quarter of next year [1] - The incubation facilities in Yunnan and Wuhan are expected to exceed 5,000 cycles in the short term, with improved profitability [1] - Strategic layout for fertility preservation business is also planned [1]