Group 1 - The core viewpoint of the articles indicates that despite a decline in performance in the first half of 2025 compared to the same period in 2024, the company shows resilience in its operations, with a slight overall decrease in annual performance compared to 2024 [1] - The number of IVF cycles in the Greater China region is expected to improve, with a reduction in the decline from -5.2% in the first three quarters of 2024 to -1.4% for the entire year of 2025 [1] - The flagship hospital in Chengdu has shown significant improvement, with IVF cycles turning from a decline of -1.9% in the first three quarters of 2025 to a growth of 1.3% for the entire year [1] Group 2 - Looking ahead to 2026 and beyond, the company plans to enhance clinical treatment outcomes, patient care quality, and service supply levels while accelerating the upgrade of core reproductive medical technologies [2] - The company aims to deepen research innovation and clinical translation in reproductive medicine, optimize medical processes, and improve digital service experiences [2] - The company will leverage national fertility support policies and industry development opportunities to strengthen its competitiveness and provide high-quality medical services, ultimately creating long-term stable value for shareholders [2]

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]