重庆市妇幼保健院生殖医学中心 罗红 目前，随着以试管婴儿为代表的辅助生殖技术的发展与成熟，全球已有超过一千万个小生命通过这项技 术降临人间。面对这项有着生命启航"临时港湾"之称的新技术，我们应当注意些什么？又该如何科学认 识和选择呢？ 揭开"试管婴儿"的神秘面纱 我们常说的"试管婴儿"，其医学专业名称是体外受精-胚胎移植技术。它是辅助生殖技术中最主要和最 具代表性的一种。可以简单理解为精子和卵子暂时离开身体，在培养皿内结合，发育成早期胚胎后，就 被医生用一根细软的管子，送回母体子宫里，待其着床并继续生长发育，直到分娩。 哪些情况能够适用 在自然受孕过程中，女性输卵管是精卵结合的唯一场所，也是将早期胚胎运送至子宫的通道。当女性输 卵管出现卵巢排卵障碍等问题时，试管婴儿技术则可取出卵子，使其与精子在体外结合。 如果男方精子数量少、活力差，自然环境下难以抵达终点。试管技术就如同"精卵直达专列"，大大缩短 相遇距离。 如果出现不明原因的无法自然怀孕，也能通过试管婴儿技术探明是否存在受精困难。 如何正确选择合适的技术 一代试管婴儿，即把一批精子和卵子放一起，自由竞争、结合，主要解决女性不孕问题，尤其是输卵管 问题；二代 ...

Group 1 - The demand for assisted reproductive technology in China is expected to reach a turning point due to increasing average maternal age and rising proportion of older mothers [1] - From 2023 to 2025, assisted reproduction will be included in national health insurance, which is anticipated to release significant demand following policy implementation [1] - The company, as a leading private player in assisted reproduction, is expected to benefit from tightened licensing and its technical advantages in third-generation IVF [1] Group 2 - The company's overseas business, particularly in the U.S., is experiencing strong growth, with an expected 18.2% year-on-year increase in egg retrieval cycles in 2024 [1] - The U.S. team is expanding, with plans to grow from 23 to 40 doctors by 2027, which will enhance operational capacity [1] - A new policy in California requiring group insurance to cover IVF treatments is expected to directly benefit the company's operations on the West Coast [1] Group 3 - The company has demonstrated resilience in profitability, with a projected domestic gross margin of approximately 27.6% in 2024 [2] - Adjusted net profit is expected to be 420 million yuan, with a profit margin of 14.8%, gradually recovering from the pandemic period [2] - Cost control measures have effectively alleviated pressure on overseas profit margins, with sales and management expense ratios optimized to 22.5% [2] Group 4 - Revenue projections for 2025 and 2026 are estimated at 2.99 billion yuan and 3.26 billion yuan, with growth rates of 6.4% and 9.0% respectively [2] - Adjusted net profit forecasts for 2025 and 2026 are 420 million yuan and 470 million yuan, with growth rates of 0.9% and 10.5% respectively [2] - The company maintains a target price of HKD 3.69 per share, corresponding to 22x and 20x PE for 2025 and 2026, reflecting confidence in long-term value and industry recovery [2]