自願公告 截至2025年9月30日止九個月的主要營運數據 本公告乃由錦欣生殖醫療集團有限公司*（「本公司」）自願刊發，旨在使本公司股東及潛在 投資者了解本公司及其附屬公司（「本集團」）的最新業務進展。 本公司董事會（「董事會」）欣然宣佈，截至2025年9月30日止九個月，本公司在體外受精 （「IVF」）取卵周期數提升方面取得了顯著進展。本公司對行業的長期發展前景及本集團的 未來增長保持高度信心。這一信心源於本集團穩固的行業基礎、國家對行業的持續利好 政策支持，以及本集團在提升臨床效果、優化患者護理及豐富服務內容等方面所作的持 續努力。 於2025年第三季度，在一系列管理及運營改善舉措的推動下，加之該時期呈現出的積極 態勢，本集團的整體IVF取卵周期數跌幅有所放緩，從2024年上半年至2025年上半年的 -8.3%收窄至2024年前三季度至2025年前三季度的-5.2%。具體而言，本集團成都旗艦醫 院的IVF取卵周期數已從2025年上半年的跌幅-6.1%收窄至截至2025年9月30日止九個月的 -1.9%，而本集團深圳醫院的IVF取卵周期數的改善幅度較成都醫院更為緩慢，原因是深 圳醫院正籌備2025年底的醫院搬 ...

Core Insights - The rapid development of assisted reproductive technologies has enabled more infertile families to achieve their dreams of parenthood through methods like IVF and embryo genetic screening [1] - Ensuring the safety and minimizing potential risks associated with these technologies has become a focal point of concern for both the medical community and society [1] - A live session featuring Huang Yuanhua, a leading expert in reproductive medicine, will address safety standards and risk prevention in assisted reproductive technologies [1] Group 1 - Assisted reproductive technologies are increasingly utilized by infertile families [1] - The medical community is focused on the safety and risk management of these technologies [1] - A live discussion will be held to explore these topics in depth [1] Group 2 - Huang Yuanhua is a highly qualified expert in reproductive medicine with extensive credentials [2] - He holds multiple prestigious positions, including Chief Expert in Reproductive Medicine at Hainan Medical University First Affiliated Hospital [2] - His experience includes roles in various medical associations related to reproductive health [2] Group 3 - The live session can be accessed through the People's Good Doctor App [3] - Users can find the session in the "Famous Doctor Live" section of the app [3] - Additional health education content is available through the app and its associated WeChat account [4]

Core Insights - Southbound funds increased their holdings in Jinxin Reproductive Medicine (01951.HK) by 3.83 million shares on October 16, 2025, marking a 0.27% increase in total holdings [1] - Over the past five trading days, there have been three days of net increases, totaling 11.73 million shares, while in the last twenty trading days, there were fifteen days of net increases, amounting to 75.63 million shares [1] - As of now, southbound funds hold 1.439 billion shares of Jinxin Reproductive Medicine, representing 52.15% of the company's total issued ordinary shares [1] Summary by Category Trading Activity - On October 16, 2025, total shares held reached 1.439 billion, with an increase of 3.83 million shares [2] - On October 15, 2025, the total shares held were 1.435 billion, with an increase of 11.23 million shares [2] - On October 14, 2025, total shares held were 1.424 billion, with an increase of 5.13 million shares [2] - On October 13, 2025, total shares held were 1.418 billion, with a decrease of 0.94 million shares [2] - On October 3, 2025, total shares held were 1.419 billion, with a decrease of 7.52 million shares [2] Company Overview - Jinxin Reproductive Medicine 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, and engages in the sale of medical consumables and equipment [2] - Jinxin Reproductive Medicine operates mainly in China and the United States [2]

Group 1 - The chairman of Thailand's King Power Duty Free, Xu Shengyuan, and his wife chose NIC Hospital for IVF treatment, highlighting the institution's authority in high-end reproductive medicine [1] - Xu Shengyuan, a top Thai billionaire with a family wealth of 25 billion RMB, is planning to start a family after their grand wedding in 2024 [1] Group 2 - NIC Hospital employs third-generation IVF technology (PGD/PGS) combined with NGS genetic testing, screening for 274 types of chromosomal abnormalities and single-gene diseases, achieving an embryo health rate of 98% and a success rate of 75%-88% [3] - Professor Matchuporn, a key technical figure, customizes personalized stimulation plans for patients and provides services in Chinese [3] Group 3 - NIC Hospital offers privacy protection for high-net-worth clients, including independent treatment spaces, anonymous channels, and encrypted medical records to avoid media interference [5] - The hospital has gained a positive reputation through celebrity endorsements, including actress Pai Sitang, creating a virtuous cycle of word-of-mouth and technical validation [5] Group 4 - The developments in NIC Hospital are promoting transparency in Thailand's assisted reproduction industry and solidifying the hospital's leading position in Southeast Asia [7]

Group 1 - The core viewpoint of the news is the introduction of 61 local standards in Beijing, including the pioneering "Quality Monitoring and Evaluation Specification for Human Assisted Reproductive Technology," which establishes a comprehensive quality control system for assisted reproductive services [1] - The new standards will be implemented starting January 1, 2026, and aim to enhance service quality in assisted reproduction, supporting the goals of promoting healthy childbirth and building a healthy China [1] - Beijing, as the birthplace of human assisted reproductive technology in China, currently has 12 related institutions that conduct over 60,000 treatment cycles annually [1] Group 2 - The new standards empower various industries, with a focus on safety standards for unmanned platforms and food safety, including the establishment of a safety indicator system for intelligent perception systems [2] - The introduction of the "Service and Operation Specification for Military Retired Cadres Management Institutions" marks the first unified standard in the veteran affairs sector, promoting resource sharing and standard unification among Beijing, Tianjin, and Hebei [2] - As of now, Beijing has a total of 2,374 effective local standards that cover urban governance and public services, providing a solid foundation for high-quality development in the capital [2]

Core Viewpoint - The domestic assisted reproduction industry has been fully included in medical insurance, and with additional support policies such as fertility subsidies, the industry penetration rate is expected to accelerate. As an industry leader, Jinxin Fertility (01951) has significant brand and licensing advantages, and short-term business disruptions do not alter the long-term growth trend. The company is projected to achieve revenues of 26.0, 28.6, and 31.8 billion yuan from 2025 to 2027, with adjusted net profit estimates of 2.8, 3.3, and 3.8 billion yuan respectively. The target stock price is set at 3.23 HKD, maintaining a "recommended" rating [1]. Revenue Performance - In the first half of 2025, the company reported revenues of 12.89 billion yuan, a decrease of 10.7%. Regional performance varied, with Chengdu's medical service revenue at 7.68 billion yuan (-13.1%) and a total of 7,111 egg retrieval cycles (-6.1%). The decline in cycles was attributed to a decrease in initial consultations and a significant increase in the proportion of IUI cycles, which saw a threefold increase in patient numbers to 969. The Greater Bay Area reported medical service revenue of 2.06 billion yuan (-14.9%) with 2,539 egg retrieval cycles (-16.0%). In contrast, revenue from Kunming and Wuhan was 1.31 billion yuan (+0.8%), with 2,059 egg retrieval cycles (-3.5%). Overseas medical service revenue was 4.05 billion yuan (+3.7%), with HRC Medical reporting 2,058 egg retrieval cycles (-8.9%) due to delays in patient visits caused by fluctuations in US-China relations and the postponement of California's IVF insurance coverage legislation [2]. Profitability and Cost Structure - The company's gross profit margin for the first half of 2025 was 30.4%, down by 10.0 percentage points. The decline in gross margin was influenced by two main factors: 1) Revenue decline due to an increased proportion of lower-priced IUI patients among ARS patients, a decrease in average single-cycle prices following medical insurance adjustments, and a 24% drop in traditional delivery volumes leading to a 2% reduction in obstetric revenue; 2) Rising operational costs from the expansion of HRC Medical in the US, which added four new clinics, increasing labor and operational costs, as well as accelerated amortization of renovations in Wuhan and depreciation costs related to the relocation of a new building in Shenzhen. Additionally, goodwill and intangible asset impairments significantly contributed to the profit loss, with a total impairment of 9.93 billion yuan related to US and Laos operations in the first half of 2025, including 9.52 billion yuan related to HRC Management Group and 40.17 million yuan related to the suspension of operations in Laos [3].

Core Viewpoint - The domestic assisted reproduction industry has been fully included in medical insurance, which, along with fertility subsidies and other supportive policies, is expected to accelerate the industry's penetration rate. As an industry leader, Jinxin Fertility (01951) has significant brand and licensing advantages, and short-term business disruptions do not alter the long-term growth trend. The company is projected to achieve revenues of 2.602 billion, 2.867 billion, and 3.178 billion yuan for 2025-2027, with adjusted net profit estimates of 282 million, 325 million, and 376 million yuan respectively. The target stock price is set at 3.23 HKD, maintaining a "recommended" rating [1]. Group 1: Financial Performance - In the first half of 2025, the company reported revenues of 1.289 billion yuan, a decrease of 10.7%. The net loss attributable to shareholders was 1.04 billion yuan, with adjusted net profit down 68.3% to 82 million yuan. Operating cash flow also declined by 30.2% to 268 million yuan [1][2]. Group 2: Regional Performance - Revenue from the Chengdu region was 768 million yuan, down 13.1%, with the number of egg retrieval cycles at 7,111, a decrease of 6.1%. The decline in cycles was attributed to a reduction in new patients and a significant increase in the proportion of IUI cycles, which saw patient numbers grow over threefold to 969. The VIP penetration rate at Sichuan Jinxin Xinan Hospital reached approximately 20.8% [2]. - The Greater Bay Area reported medical service revenue of 206 million yuan, down 14.9%, with egg retrieval cycles at 2,539, a decrease of 16.0%. Similar to Chengdu, the reduction in cycles was influenced by changes in clinical consultation processes and an increase in IUI cycles [2]. - Revenue from Kunming and Wuhan was 131 million yuan, up 0.8%, with egg retrieval cycles at 2,059, down 3.5%, primarily due to short-term operational impacts from hospital renovations [2]. - Overseas medical service revenue reached 405 million yuan, an increase of 3.7%. HRC Medical reported 2,058 egg retrieval cycles, down 8.9%, affected by fluctuations in US-China relations and delays in the implementation of California's IVF insurance coverage legislation [2]. Group 3: Profitability and Cost Structure - The company's gross margin for the first half of 2025 was 30.4%, a decrease of 10.0 percentage points. The decline in gross margin was influenced by two main factors: a decrease in revenue due to a higher proportion of lower-priced IUI patients, a drop in average single-cycle prices following medical insurance adjustments, and a 24% decline in traditional delivery volumes leading to reduced obstetric income. Additionally, operational costs increased due to the expansion of HRC Medical in the US, which added four new clinics, and accelerated amortization costs related to lease adjustments at Wuhan Jinxin Hospital [3]. - A significant factor contributing to the profit loss was the impairment of goodwill and intangible assets, with a total of 993 million yuan recognized in the first half of 2025 related to US and Laos operations. This included 952 million yuan related to HRC Management Group and 40.17 million yuan related to the suspension of operations in Laos [3].

Core Viewpoint - The company has successfully turned around its financial performance by divesting from its photovoltaic business and focusing on its core medical information technology sector, leading to significant profit growth and improved operational efficiency [1][2]. Financial Performance - In the first half of 2025, the company achieved a net profit attributable to shareholders of 28.33 million yuan, a substantial increase of 137.11% year-on-year, marking a return to profitability [1]. - The company's asset-liability ratio has significantly decreased, and cash flow conditions have improved following the divestment of the photovoltaic business [2]. Business Structure - The core business of medical information technology remains stable, with ongoing innovation and expansion into new areas such as health care robots, which are currently in the scenario validation phase [2]. - The company has developed a comprehensive smart robot health care solution that integrates intelligent interaction, big data analysis, and health management, targeting elderly and rehabilitation patients [2]. Research and Development Investment - The company plans to invest 43.55 million yuan in new projects focused on innovative product development, including low-altitude medical rescue and smart medical service robots [3]. - An additional 130 million yuan is earmarked for upgrading products and services based on large model artificial intelligence technology, aiming to enhance the existing smart medical product system [3]. Strategic Focus - The company emphasizes that medical information technology remains its core value, having established applications in over 2,400 medical institutions across the country, which provides a strong foundation and competitive advantage [3]. - The company is strategically positioned in the auxiliary reproductive business, with its Haikou Mary Hospital being the second private hospital in Hainan to obtain a reproductive license, indicating a stable operation in a scarce market [4]. Synergy and Market Opportunities - The company is exploring synergies between its various business segments, leveraging data and technology to enhance overall competitiveness and core value [4]. - The strategic focus on health care robots and low-altitude emergency rescue aligns with national trends, providing significant market opportunities in elder care and rehabilitation [4].

Core Insights - The article highlights the significant progress made by Beikang Medical in the assisted reproduction sector, particularly in the context of supportive fertility policies and the company's focus on high-value business and product optimization [1][3]. Financial Performance - In the first half of 2025, Beikang Medical reported revenue of 1.01 billion yuan, a year-on-year decrease of 19%, attributed to industry slowdown and a strategic reduction in low-margin businesses [3]. - Despite the revenue decline, overseas income grew by 9%, and EBITDA losses decreased by 5%, indicating improved core operational metrics with a 16% increase [3]. - The gross profit margin rose by 6.1 percentage points to 52.5%, with high-margin products increasing their share [3]. - The company achieved a 19% improvement in operating cash flow, with cash and cash equivalents totaling 544 million yuan as of June 30, 2025, reflecting a robust financial structure [3]. PGT Business Growth - The PGT (Preimplantation Genetic Testing) business emerged as a core growth driver, generating revenue of 55.85 million yuan, a 9% increase year-on-year, despite an overall decline in the IVD testing industry [6]. - The company maintained a high bid-winning rate of 83% in PGT business tenders, reinforcing its market share and competitive advantage [6]. Localization of Culturing Solutions - Beikang Medical achieved a significant milestone in localization with the registration of the Geri time-lapse incubator and the VitBase culture medium, marking the first true domestic alternatives to previously imported products [8]. - The embryology laboratory business benefited from this localization trend, with revenue reaching 42.446 million yuan, a 35% increase, driven by the sales of high-value consumables [8]. AI and Full Industry Chain Integration - The company has established a unique position in the industry by achieving an "AI + full industry chain closed loop," covering sperm analysis, embryo culture, and cryopreservation, which is a first in China's assisted reproduction field [12]. - This integration is expected to enhance clinical pregnancy rates and laboratory efficiency, laying a solid foundation for future industry upgrades and long-term growth [14].

Investment Rating - The report maintains an "OUTPERFORM" rating for Jinxin Fertility with a target price of HK$3.06, down 17.3% from previous estimates [2][6]. Core Insights - The company's revenue for 1H25 was RMB 1.29 billion, reflecting a year-on-year decline of 10.7%. Domestic business revenue was RMB 0.99 billion, down 13.4%, primarily due to a high base effect and the adaptation period to new medical insurance policies [3][12]. - The overseas business remained flat at RMB 0.30 billion, impacted by disruptions from California wildfires and delays in the implementation of the SB-729 policy, which mandates IVF coverage in large-group health plans [4][13]. - The gross margin decreased to 30.4%, down 10.0 percentage points, due to the zero-mark-up drug policy in Chengdu and other operational challenges. The company reported a net loss of RMB 1.04 billion, compared to a profit of RMB 0.19 billion in 1H24 [5][14]. - Adjusted net profit for 1H25 was RMB 82.3 million, a decrease of 68.3%, with an adjusted net margin of 6.4% [5][15]. - Revenue forecasts for 2025 and 2026 have been revised to RMB 2.83 billion and RMB 3.04 billion, reflecting slower-than-expected uptake of domestic IVF services and ongoing operational challenges [6][16]. Summary by Sections Financial Performance - Revenue for 1H25 was RMB 1.29 billion, down 10.7% year-on-year. Domestic revenue was RMB 0.99 billion, down 13.4%, while overseas revenue was flat at RMB 0.30 billion [3][12][13]. - The company reported a net loss of RMB 1.04 billion, primarily due to impairments and operational challenges [5][15]. Earnings Forecast - The revenue forecast for 2025 is RMB 2.83 billion, reflecting a growth of 0.7%, and for 2026, it is RMB 3.04 billion, reflecting a growth of 7.2% [6][16]. - Adjusted net profit is expected to be RMB 0.18 billion in 2025 and RMB 0.31 billion in 2026, with significant adjustments made due to various operational impacts [6][16]. Valuation - The target price has been adjusted to HK$3.06 based on a 25x price-to-earnings ratio for 2026, indicating a potential recovery in margins on a low base [6][16].