（原标题：贝康医疗-B(02170.HK)：BMX闪耀西班牙，ASEBIR 2025展现全球领导力） 亮点一：AI胚胎学研讨会荣获大会最高评分，定义行业新标准 由GENEA BIOMEX主导、IVI RMA Global博士前研究员Lorena Bori-Arnal博士领衔的主题研讨会 ——"人工智能驱动的胚胎学：如何选择合适的平台并为未来做准备？"，基于18个月的临床实践积累， 荣获大会最高分评价。该研讨会吸引了全球300多位生殖医学专家与胚胎学家参与，现场互动提问超过 30次，反响热烈。Lorena Bori-Arnal博士来自欧洲西班牙规模最大的胚胎实验室—IVI瓦伦西亚研究所， 长期致力于辅助生殖前沿研究，其深厚的专业背景进一步提升了研讨会的学术公信力。 今年10月在第81届ASRM年会首次亮相的贝康下一代AI Toolbox胚胎评估系统，依托深度学习算法分析 胚胎发育时序图像，可将优质胚胎筛选效率提升40%，并实现无创预测胚胎种植潜力。配合GERI时差 培养箱，该系统支持胚胎从受精到囊胚的全程无干扰培养，有效降低传统人工观察带来的物理影响，真 正实现"精准而温和"的胚胎筛选。此次ASEBIR研讨会的 ...

近日，全球辅助生殖领域的重要学术会议——西班牙生殖生物学研究协会第十三届大会（ASEBIR 2025）在巴塞罗那顺利举行。西班牙作为欧洲辅助生殖技术发展较为成熟的国家之一，拥有超过200家 合规生殖中心，全年完成试管婴儿周期数超过22万例，占欧洲总量的35%以上，连续多年在欧洲保持较 高的临床规模。本届大会以"创新驱动生殖健康未来"为主题，吸引了来自32个国家的近千名专家学者， 包括多位诺贝尔生理学或医学奖提名学者及各国生殖医学学会负责人，共同探讨行业前沿进展。 在此背景下，贝康医疗旗下Genea Biomedx（简称GENEA BIOMEX）以"AI重塑辅助生殖未来"为主题 参与大会，EMEA区域总经理Manuel De la Llave、全球首席胚胎学家Sara Leiva Alfaro博士、基因组学总 监Senthil Natesan博士等核心成员全程参与，与多家欧洲顶尖生殖中心负责人进行了深入交流。众多行 业意见领袖也主动关注并分享GENEA BIOMEX展台内容，使其成为大会期间备受瞩目的品牌之一。 亮点一：AI胚胎学研讨会荣获大会最高评分，定义行业新标准 由GENEA BIOMEX首次主导举办的A ...

Core Insights - The average treatment age for women undergoing IVF in China has risen to 33.6 years, indicating a significant trend towards advanced maternal age in reproductive health [1] - The value of third-generation IVF technology (PGT) is increasingly highlighted, with a clinical pregnancy rate (CPR) of 60.2% in 2021, surpassing traditional IVF and ICSI techniques [1] - The demand for precision reproductive technologies like PGT is expected to grow alongside the trend of advanced maternal age [1][11] Industry Developments - The introduction of the "GERI+GEMS+AI" system by Beikang Medical aims to enhance IVF success rates through a fully non-interfering cultivation system [3] - Data from the IVIRMA group indicates that the non-interfering system has improved blastocyst formation rates by 5%, clinical pregnancy rates by 16.4%, and live birth rates by 5.8% [3] - The GERI incubator, which received regulatory approval in July, is the first of its kind to enable continuous monitoring of embryo development in a non-interfering manner [5] Market Dynamics - The PGT market in China is projected to exceed 1 billion yuan by 2025-2030, driven by the increasing average treatment age and the rising incidence of chromosomal abnormalities in embryos [12] - Currently, only 27.3% of IVF institutions in China possess PGT technology, indicating a significant supply gap in the market [12] - Beikang Medical has established over 60 localized laboratories across major reproductive centers, covering more than 80% of institutions qualified for third-generation IVF [12] Technological Advancements - The GEMS culture medium, developed from a 30-year-old IVF center in Sydney, is set to achieve local production and has received multiple international certifications [7] - The AI system integrated into the GERI incubator, Eeva, is the first AI embryo assessment tool to receive both FDA and CE certifications, significantly improving embryo selection efficiency [9] - Beikang Medical's focus on high-value products and domestic production aligns with national policies aimed at enhancing the accessibility of third-generation IVF technologies [14] Financial Performance - Beikang Medical's gross margin improved to 52.5%, reflecting enhanced profitability through strategic adjustments [16] - The company reported a 19% year-on-year improvement in operating cash flow, indicating ongoing financial health [16] - As of June 30, 2025, Beikang Medical had cash and cash equivalents of 544 million yuan, providing strong support for future growth [16] Strategic Positioning - The combination of aging population demands, domestic production policies, and rising precision reproductive needs positions Beikang Medical as a key beneficiary in the assisted reproductive industry [16] - The company's advancements in technology and market coverage suggest a need for a reevaluation of its industry valuation, as it transitions from a medical device supplier to a leader in smart reproductive ecosystems [17]

Core Insights - The average treatment age for women undergoing IVF in China has risen to 33.6 years, indicating a significant trend towards advanced maternal age [1] - The value of third-generation IVF technology (PGT) is increasingly highlighted, with a clinical pregnancy rate (CPR) of 60.2% in 2021, surpassing traditional IVF and ICSI techniques [1] - The demand for PGT and other precision reproductive technologies is expected to grow in response to the aging population and associated risks of chromosomal abnormalities [1][12] Industry Trends - The market for assisted reproductive technology (ART) in China has expanded dramatically, with cycles increasing from 223,700 in 2009 to 1,413,900 in 2023, currently three times that of the U.S. [13] - The PGT market in China is projected to exceed 1 billion yuan by 2025-2030, driven by the rising average treatment age and the increasing prevalence of chromosomal abnormalities [13] - There is a notable supply gap in the market, with only 27.3% of IVF institutions in China offering PGT technology [13] Company Developments - Beikang Medical has launched a "GERI+GEMS+AI" system, enhancing embryo culture conditions and improving clinical outcomes, particularly for older patients [4][10] - The GERI incubator, developed in collaboration with Merck, is the first wet-type time-lapse incubator approved in China, providing a stable environment for embryo development [6] - Beikang Medical's GEMS culture medium, which has received multiple international certifications, is set to break the long-standing foreign monopoly in high-end culture media [8][15] Financial Performance - Beikang Medical's gross margin improved to 52.5% as of mid-2025, reflecting a focus on high-value products and cost efficiency [19] - The company reported a 19% year-on-year improvement in operating cash flow, indicating enhanced financial health [19] - With a cash balance of 544 million yuan as of June 30, 2025, Beikang Medical is well-positioned for future growth [19] Market Position - Beikang Medical has established a strong presence in the assisted reproduction sector, deploying over 60 localized laboratories across major reproductive centers in China [13] - The company is recognized as a leading player in the PGT market, with coverage of over 80% of institutions qualified for third-generation IVF [13] - The recent advancements in technology and product offerings position Beikang Medical as a leader in the smart reproductive ecosystem, warranting a reassessment of its market valuation [19]

Group 1 - The overall fertility rate in China is declining, with younger women (20-29 years) contributing less and older women (30-39 years) contributing more to births, leading to a net decrease in birth rates [2][3] - The average age of women seeking assisted reproductive technology (ART) has increased from the early 30s to 38 years, indicating a trend towards later motherhood [3][4] - The success rate of ART for women aged 38 is less than 50%, highlighting the challenges faced by older women in achieving pregnancy [4][23] Group 2 - The demand for ART services has increased significantly, with hospitals reporting a rise in the number of cycles performed, reflecting the trend of late marriage and childbearing [31][32] - As of October 2023, all provinces in China have included ART in health insurance, benefiting over 1 million people [32] - The industry is experiencing a "high-level stable state," with growth slowing but demand remaining strong, as more women seek ART services in urban areas [31][33] Group 3 - The psychological burden on women undergoing ART is significant, with many experiencing anxiety and stress during the treatment process, particularly during the waiting period after embryo transfer [24][30] - The focus of the ART industry is shifting from merely achieving pregnancy to ensuring the safety and health of mothers and babies, with an emphasis on reducing complications associated with high-risk pregnancies [27][30] - There is a growing trend of women actively choosing to pursue motherhood for personal reasons rather than societal pressures, indicating a shift in the perception of fertility and reproductive health [35]

Core Viewpoint - The company, Madi Technology, reported a significant improvement in its financial performance for the first three quarters of 2025, driven by the successful divestment of its photovoltaic business and a strategic focus on its core medical information technology operations [1][6]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 223 million yuan, with a 63% decrease in operating costs compared to the previous year [1]. - The net profit attributable to shareholders reached 34.27 million yuan, marking a substantial increase of 120.49% year-on-year, successfully turning around from a loss [1][6]. - The gross profit margin for the first three quarters improved significantly, attributed to the divestment of the loss-making photovoltaic business and enhanced operational efficiency [1][2]. Cost and Cash Flow Management - The company's asset-liability ratio dropped from 74.56% to 32.41% following the completion of the photovoltaic business divestiture, indicating a significant optimization of its financial structure [2]. - The net cash flow from operating activities increased by 58.4 million yuan year-on-year, turning positive and reflecting improved cash management [2]. Business Segments and Competitive Advantages - The company has established a strong position in the medical information technology sector, leveraging 20 years of industry experience to develop a comprehensive product matrix for critical clinical scenarios [2]. - The company is actively enhancing its research and development efforts, integrating advanced technologies such as AI and big data into its core products to increase customer loyalty and system dependency [2]. Strategic Partnerships and Innovations - Madi Technology has partnered with Huawei to implement a "5G + Smart Medical" solution, which has been deployed in multiple hospitals, enhancing regional emergency response capabilities [3]. - The company is also advancing its initiatives in the smart healthcare sector, collaborating with industry partners to develop intelligent care systems for elderly care [4]. ESG and Governance - The company has integrated ESG principles into its long-term development strategy, focusing on sustainable operations and social responsibility [5]. - Madi Technology is committed to enhancing its governance framework and investor relations, ensuring transparency and accountability in its operations [5].

Summary of Madi Technology Conference Call Company Overview - Madi Technology has divested its photovoltaic business, resulting in a significant reduction in debt-to-equity ratio to 32.41%, indicating a substantial optimization of its financial structure [1][4] - The company operates in the medical information technology sector, covering 32 provinces and cities in China, serving over 2,400 hospitals [2][5] Key Achievements and Developments - Madi Technology has established high barriers in the medical information field, participating in the formulation of regional emergency data exchange standards and collaborating deeply with Huawei to create a regional emergency rescue network [2][5][6] - Since acquiring Haikou Mary Hospital in 2019, Madi Technology has achieved steady growth in asset scale, revenue, and profit through scientific management and optimized treatment plans [2][7] - The company’s health care robot won a silver award at the Shenzhen International Smart Elderly Care Industry Expo, indicating its commitment to exploring smart elderly care service robots [2][8] Financial Performance - In the first three quarters of 2025, Madi Technology reported revenue of approximately 220 million yuan, with a 63% decrease in operating costs compared to the previous year [4] - The total profit exceeded 38 million yuan, with a net profit attributable to shareholders of 34.27 million yuan, marking a turnaround from losses [4] - Operating cash flow increased by 128.11% year-on-year, significantly boosted by cash inflows from the divestiture of the photovoltaic subsidiary [4] Innovations and Collaborations - Madi Technology has launched an automated AED drone rescue solution in collaboration with Northwestern Polytechnical University, aiming to enhance medical rescue efficiency with a 4-minute emergency response circle [2][9][10] - The company is actively exploring the application of smart elderly care robots in various settings, addressing current challenges such as high costs and insufficient suitability for the elderly [2][8] Future Strategy - Madi Technology plans to continue promoting high-quality development in smart healthcare and drive industry integration, focusing on emerging fields such as low-altitude economy and health care robots [3][11] - The company aims to leverage AI intelligent services and the medical care market, integrating self-developed software platforms with AI models to create an efficient collaborative smart health care platform [3][11]

Core Insights - The company has made progress in the number of IVF egg retrieval cycles as of September 30, 2025, showing confidence in industry prospects and its own growth due to solid industry fundamentals and national policy support [1] Group 1: IVF Cycle Performance - The overall decline in IVF egg retrieval cycles has slowed, with a decrease of -5.2% from the first three quarters of 2024 to the first three quarters of 2025, compared to a decline of -8.3% from the first half of 2024 to the first half of 2025 [1] - The flagship hospital in Chengdu experienced a reduced decline in IVF egg retrieval cycles, from -6.1% in the first half of 2025 to -1.9% over the nine-month period [1] - The Shenzhen hospital's improvement is slower due to a planned relocation at the end of the year [1] Group 2: Market Conditions - In the U.S. market, the decline in IVF egg retrieval cycles aligns with expectations due to the postponement of California Senate Bill SB729 [1]

Core Viewpoint - The company, Jinxin Fertility, has made significant progress in the number of IVF egg retrieval cycles, maintaining strong confidence in the long-term development prospects of the industry and future growth of the group due to solid industry fundamentals and supportive national policies [1] Group 1: IVF Cycle Performance - For the nine months ending September 30, 2025, the overall decline in IVF egg retrieval cycles has slowed from -8.3% in the first half of 2024 to -5.2% in the first three quarters of 2025 [1] - The flagship hospital in Chengdu saw a reduction in IVF egg retrieval cycles from a decline of -6.1% in the first half of 2025 to -1.9% for the nine months ending September 30, 2025 [1] - The Shenzhen hospital's improvement in IVF egg retrieval cycles is slower due to preparations for a relocation planned for the end of 2025 [1] Group 2: Market Conditions - In the U.S. market, the delay in the implementation of California Senate Bill SB729, which requires commercial insurance to cover assisted reproduction, has led to a postponement in IVF egg retrieval cycles, resulting in a decline that aligns with expectations for the company's U.S. operations [1]

Core Viewpoint - The company, Jinxin Fertility (01951), has made significant progress in the number of IVF cycles as of September 30, 2025, and maintains a strong confidence in the long-term development prospects of the industry and its future growth [1] Group 1: Company Performance - The overall decline in IVF cycles has slowed from -8.3% in the first half of 2024 to -5.2% in the first three quarters of 2025, indicating operational improvements [1] - The flagship hospital in Chengdu saw a reduction in IVF cycles' decline from -6.1% in the first half of 2025 to -1.9% in the nine months ending September 30, 2025 [1] - The Shenzhen hospital's improvement in IVF cycles is slower due to preparations for a relocation planned for the end of 2025 [1] Group 2: Industry Context - The company attributes its confidence to a solid industry foundation, ongoing favorable national policies, and continuous efforts to enhance clinical outcomes, optimize patient care, and diversify service offerings [1] - In the U.S. market, the delay in the implementation of California Senate Bill SB729, which requires commercial insurance to cover assisted reproduction, has led to a predictable decline in IVF cycles [1]