本文字数：1553，阅读时长大约3分钟 作者 | 第一财经 林靖 2025.12. 11 当前，生育支持体系正持续完善。 近日，荆门市发布完善生育支持政策体系措施，降低生育、养育、教育成本。该措施将于2026年1 月1日起施行。其中，对需辅助生殖的家庭，人工授精最高补贴3000元，试管婴儿最高补贴10000 元。 我国目前育龄人群的不孕不育发生率为12%～15%，辅助生殖技术给想要孩子但必须借助技术手段 的人带来希望。辅助生殖技术是治疗不孕不育症的重要方法，指采用医疗辅助手段帮助不孕夫妇妊娠 的技术，包括人工授精（IUI）、配子移植、体外受精-胚胎移植（IVF-ET），其中应用最广的是人 工授精和试管婴儿技术（IVF）。 但辅助生殖尤其是试管婴儿技术价格较高，辅助生殖纳入医保的同时，也有不少地方对辅助生殖进行 补贴，以降低生育成本。 今年7月25日起实施的《攀枝花市辅助生殖补贴实施细则》规定，为符合条件的孕产妇给予一次性 5000元的辅助生殖补贴。湖北天门对天门市户籍夫妇在市内定点医院进行人工授精辅助生育的，给 予一次性辅助生殖补贴。其中人工授精补贴3000元、试管婴儿补贴10000元。 首都经济贸易大学劳动 ...

据湖北日报，荆门市近日发布完善生育支持政策体系措施，降低生育、养育、教育成本。该措施将于2026年1月1日起施行。 休假方面，生育二孩、三孩的职工，分别延长产假15天、30天，配偶护理假分别延长5天、10天。二孩、三孩家庭在中心城区购买新建商品住房，分别可 获2万元、4万元一次性购房补贴，且可与其他补贴叠加。 据了解，2024年末荆门市常住人口为255.07万人。同年荆门通过产业吸引、政策扶持等方式实现人口回流4.9万人，引进大学生3.65万人，全年新增8.5万常 住人口。 在生育成本减免上，有多项"真金白银"政策。比如，新婚夫妻可免费享婚前医学检查，备孕夫妻免费享孕前优生健康检查，荆门市户籍孕妇免费享无创产 前基因检测，新生儿免费享遗传代谢疾病筛查。 对需辅助生殖的家庭，人工授精最高补贴3000元，试管婴儿最高补贴10000元。 据国家医疗保障局待遇保障司副司长刘娟介绍，截至今年7月末，全国31个省（区、市）及新疆兵团全面将辅助生殖技术纳入报销，2024年已有超100万人 次享受待遇，助力万千家庭圆了"生育梦"。部分省份将分娩镇痛纳入报销，为孕产妇减负又减痛。同时，我们加快新生儿护理、"亲情陪产"等价格项目 ...

据湖北日报，荆门市近日发布完善生育支持政策体系措施，降低生育、养育、教育成本。该措施将于2026年1 月1日起施行。 在生育成本减免上，有多项"真金白银"政策。比如，新婚夫妻可免费享婚前医学检查，备孕夫妻免费享孕前优 生健康检查，荆门市户籍孕妇免费享无创产前基因检测，新生儿免费享遗传代谢疾病筛查。 F 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 对需辅助生殖的家庭，人工授精最高补贴3000元，试管婴儿最高补贴10000元。休假方面，生育二孩、三孩的 职工，分别延长产假15天、30天，配偶护理假分别延长5天、10天。二孩、三孩家庭在中心城区购买新建商品 住房，分别可获2万元、4万元一次性购房补贴，且可与其他补贴叠加。 责编：王璐璐 校对： ...

微信编辑：夏木 封图：AI生成 据湖北日报， 荆门市近日发布完善生育支持政策体系措施，降低生育、养育、教育成本。该措施将 于2026年1月1日起施行。 在生育成本减免上，有多项"真金白银"政策。比如，新婚夫妻可免费享婚前医学检查，备孕夫妻免费 享孕前优生健康检查，荆门市户籍孕妇免费享无创产前基因检测，新生儿免费享遗传代谢疾病筛查。 对需辅助生殖的家庭，人工授精最高补贴3000元，试管婴儿最高补贴10000元。 休假方面，生育二 孩、三孩的职工，分别延长产假15天、30天，配偶护理假分别延长5天、10天。二孩、三孩家庭在中 心城区购买新建商品住房，分别可获2万元、4万元一次性购房补贴，且可与其他补贴叠加。 ...

据湖北日报， 荆门市近日发布完善生育支持政策体系措施，降低生育、养育、教育成本。该措施将于2026年1月1日起施行。 在生育成本减免上，有多项"真金白银"政策。比如，新婚夫妻可免费享婚前医学检查，备孕夫妻免费享孕前优生健康检查，荆门市户籍孕妇免费享无 创产前基因检测，新生儿免费享遗传代谢疾病筛查。 对需辅助生殖的家庭，人工授精最高补贴3000元，试管婴儿最高补贴10000元。 休假方面，生育二孩、三孩的职工，分别延长产假15天、30天，配偶 护理假分别延长5天、10天。二孩、三孩家庭在中心城区购买新建商品住房，分别可获2万元、4万元一次性购房补贴，且可与其他补贴叠加。 ...

来源：湖北日报 近日，荆门市发布完善生育支持政策体系措施，降低生育、养育、教育成本。该措施将于2026年1月1日 起施行。 在生育成本减免上，有多项"真金白银"政策。比如，新婚夫妻可免费享婚前医学检查，备孕夫妻免费享 孕前优生健康检查，荆门市户籍孕妇免费享无创产前基因检测，新生儿免费享遗传代谢疾病筛查。 对需辅助生殖的家庭，人工授精最高补贴3000元，试管婴儿最高补贴10000元。 此外，参加生育保险男职工的未就业配偶，可比照享受生育医疗费用待遇；生育保险门诊产前检查待遇 提高至1000元，分娩镇痛、辅助生殖项目纳入医保支付范围，生育津贴实现"即申即办"直接发放至女职 工本人。 休假方面，生育二孩、三孩的职工，分别延长产假15天、30天，配偶护理假分别延长5天、10天。 在养育和教育方面，也有多项补贴措施。比如，对落户荆门的3周岁以下婴幼儿，每月发放300元育儿补 贴，三孩家庭提高至500元/月。 推行免费学前教育。免除公办幼儿园学前一年保育教育费，三孩学前保育教育费全免。民办幼儿园就读 儿童，参照同类型公办园标准减免费用。多子女家庭还可享受"长幼随学"政策，二孩、三孩可协调就读 同一学校（幼儿园）。 二孩、 ...

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 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]

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].

Core Viewpoint - The article highlights the significant impact of national fertility policies on the reproductive health industry, particularly focusing on the strategic adjustments made by Jinxin Reproductive Medicine (1951.HK) to navigate short-term challenges while positioning for future growth [1][18]. Financial Performance - In the first half of 2025, Jinxin Reproductive Medicine reported total revenue of 1.289 billion yuan, a year-on-year decline of 10.7%, and adjusted net profit of 82.26 million yuan, down 68.3% [2]. - The number of IVF egg retrieval cycles decreased by 8.3% to 13,808 cycles, primarily due to the inclusion of assisted reproductive technology in medical insurance, which disrupted demand for high-priced services [2][7]. - The company undertook asset impairment totaling over 1.1 billion yuan, including a 952 million yuan impairment for HRC business goodwill and intangible assets, reflecting a commitment to risk clearance [2][3]. Strategic Adjustments - Jinxin Reproductive Medicine is focusing on core business areas and has initiated a series of strategic adjustments to enhance growth potential, including the termination of non-core investments and the restructuring of its U.S. operations [2][12]. - The company plans to upgrade its southern headquarters and expects to complete the relocation of new facilities by the first quarter of 2026, which will significantly increase its operational capacity [8]. Market Outlook - The domestic market is expected to benefit from the release of policy dividends and an increase in patient consultations, indicating strong underlying demand for reproductive services [8][18]. - The company is also exploring new business segments, such as fertility preservation, which is anticipated to become a significant market opportunity, leveraging innovative models and advanced technologies [13][14]. Management Changes - A management transformation is underway, with the return of CEO Dong Yang to a core management role, aiming to streamline decision-making and focus on financial recovery and shareholder returns [11][12]. - The management has outlined a strategy to enhance cash flow, reduce leverage, and improve shareholder value through stock buybacks and other measures [12][18]. Future Growth Potential - Despite short-term pressures, the core business remains stable, with a 3.2% year-on-year growth in domestic assisted reproductive treatment cycles [7]. - The company anticipates a recovery in performance by 2026, with expectations of returning to 2024 levels and potential for further growth in 2027, driven by policy support and operational improvements [15][18].