中金发布研报称，考虑锦欣生殖(01951)2H25业务有所回暖，上调25年经调净利润预测19%至2.0亿元;考 虑26年深圳新院区增加折摊及利息费用财务确认方法调整，下调26年预测34%至2.8亿元，引入27年预 测3.6亿元，当前股价对应26年24.8倍P/E(基于经调净利润口径，下同)。维持"跑赢行业"评级，考虑盈利 预测变化但板块估值中枢回调，下调目标价10%至3.5港元，对应26年34.9倍P/E，较当前有41.1%空间。 经营质量及资产结构优化，期待利润端及现金流回暖 1H25公司完成海外资产减值等风险事项处理;该行预计25FY表观仍有较大额的一次性亏损，经调净利润 约2.0亿元，下半年环比已有明显改善。随着公司持续推进结构优化、成本治理、资产质量改善，26年 利润端有望继续体现成效，该行预计26FY EBITDA有望回到~5.5亿元，对应净利润及自由现金流亦有同 步好转。 聚焦核心业务，回笼资金、加强股东回报 公司预计深圳新院1Q26将全面完成搬迁，期待核心业务市场份额加速提升。根据公司公众号，公司积 极推进美国HRC重组，预计1H26末出现明显改善、回笼资金;同时公司公众号披露公司计划在杠杆率下 ...

中金发布研报称，考虑锦欣生殖(01951)2H25业务有所回暖，上调25年经调净利润预测19%至2.0亿元;考 虑26年深圳新院区增加折摊及利息费用财务确认方法调整，下调26年预测34%至2.8亿元，引入27年预 测3.6亿元，当前股价对应26年24.8倍P/E(基于经调净利润口径，下同)。维持"跑赢行业"评级，考虑盈利 预测变化但板块估值中枢回调，下调目标价10%至3.5港元，对应26年34.9倍P/E，较当前有41.1%空间。 中金主要观点如下： 预测25FY经调净利润约2.0亿元 锦欣生殖将于3月下旬发布2025年全年业绩，该行预计公司25FY收入端同比略微下降，经调整净利润约 2.0亿元，其中2H25在收入利润端均有较明显环比改善。 2H25周期数逐季改善，预计26年重回稳健增长 受辅助生殖纳入医保政策影响，公司整体周期中人工授精(IUI)周期占比提升，影响客单价及收入。 2H25起出现明显修复，根据公司公告25FY累计周期数同比-1.4%，对比1H25/1-3Q25的-8.3%/-5.2%有明 显收窄。考虑1H25客单价仍有一定压力，该行预计25FY收入端同比仍有小幅下降;但在经营改善趋势 下，26 ...

机构：中金公司 研究员：李千翊/张琎 预测25FY经调净利润约2.0 亿元 锦欣生殖将于3 月下旬发布2025 年全年业绩，我们预计公司25FY收入端同比略微下降，经调整净利润 约2.0 亿元，其中2H25 在收入利润端均有较明显环比改善。 关注要点 经营质量及资产结构优化，期待利润端及现金流回暖。1H25 公司完成海外资产减值等风险事项处理； 我们预计25FY表观仍有较大额的一次性亏损，经调净利润约2.0 亿元，下半年环比已有明显改善。随着 公司持续推进结构优化、成本治理、资产质量改善，26 年利润端有望继续体现成效，我们预计26FY EBITDA有望回到~5.5 亿元，对应净利润及自由现金流亦有同步好转。 聚焦核心业务，回笼资金、加强股东回报。公司预计深圳新院1Q26 将全面完成搬迁，期待核心业务市 场份额加速提升。根据公司公众号1，公司积极推进美国HRC重组，预计1H26 末出现明显改善、回笼 资金；同时公司公众号披露公司计划在杠杆率下降后启动中长期股票回购方案。 盈利预测与估值 考虑2H25 业务有所回暖，上调25 年经调净利润预测19%至2.0亿元；考虑26 年深圳新院区增加折摊及 利息费用财务确认 ...

Group 1 - The stock price of Jinxin Reproductive Medicine (01951) increased by 1.99% to HKD 2.56, with a trading volume of HKD 66.02 million [2][5] - The National Medical Security Work Conference held on December 13 emphasized the need to adapt to population development strategies and promote the development of maternity insurance and long-term care insurance [2][5] - By 2025, all 31 provinces and regions, including Xinjiang Production and Construction Corps, are expected to include eligible assisted reproductive projects in medical insurance, with 7 provinces achieving full coverage of hospitalization costs for childbirth [2][5] Group 2 - Jinxin Reproductive Medicine announced a share buyback plan with a total price of no less than HKD 100 million, having repurchased 23.224 million shares for HKD 57.717 million last week [2][5] - As of now, the company has completed the buyback of 30.946 million shares this month, totaling HKD 77.515 million [2][5] - The company aims to focus on improving operational performance and enhancing intrinsic value to create sustainable returns for shareholders [2][5]

Core Viewpoint - The stock of Jinxin Fertility (01951) has increased by over 3%, currently trading at 2.6 HKD with a transaction volume of 45.4 million HKD, following the announcement of supportive policies for reproductive health insurance in China [1] Group 1: Industry Developments - The National Medical Security Work Conference held on December 13 in Beijing emphasized the need to adapt to population development strategies and promote the growth of maternity insurance and long-term care insurance [1] - The conference aims for nationwide basic realization of "no out-of-pocket" expenses for childbirth within the policy scope, with a target for 2025 that all 31 provinces (regions, municipalities) and the Xinjiang Production and Construction Corps will include eligible assisted reproductive projects in medical insurance [1] - Seven provinces are expected to achieve full coverage of hospitalization expenses for childbirth within the policy scope, and 95% of coordinated areas will directly distribute maternity allowances to insured individuals [1] Group 2: Company Actions - Jinxin Fertility announced a decision by its board to utilize buyback authorization to repurchase shares in the open market for a total price of no less than 100 million HKD [1] - Last week, the company repurchased 23.2 million shares at a cost of 57.7 million HKD, and as of now, it has completed the buyback of 30.9 million shares this month, totaling 77.5 million HKD [1] - The company stated its commitment to focus on improving operational performance and driving intrinsic value growth to create sustainable returns for shareholders [1]