公司成都地区医疗服务收入7.68亿元(-13.1%)，取卵周期数7,111个(-6.1%)。该行认为周期数下滑主要受 初诊患者减少及人工授精(IUI)周期比例大幅提升影响，IUI患者数同比增长超三倍至969人。业务亮点在 于四川锦欣西囡医院(毕昇院区)VIP渗透率持续提升至约20.8%。 华创证券发布研报称，国内辅助生殖已全面纳入医保，叠加生育补贴等支持政策，行业渗透率有望加速 提升。锦欣生殖(01951)作为行业龙头，品牌和牌照优势显著，短期业务扰动不改长期增长趋势。该行 预计25-27年公司收入为26.0228.6731.78亿元;经调整归母净利润预测值为2.823.253.76亿元。该行给予目 标股价3.23港元。维持"推荐"评级。 华创证券主要观点如下： 事项 公司发布25年年中业绩公告。25年公司实现收入12.89亿元(-10.7%)，本公司拥有人应占期内净亏损10.4 亿元，非国际财务报告准则经调整纯利0.82亿元(-68.3%)，经营性现金流2.68亿元(-30.2%)。 收入端承压，区域表现较为分化 公司2025H1实现收益12.89亿元(-10.7%)，2025H1分地区看： 大湾区医疗服务 ...

智通财经APP获悉，华创证券发布研报称，国内辅助生殖已全面纳入医保，叠加生育补贴等支持政策， 行业渗透率有望加速提升。锦欣生殖(01951)作为行业龙头，品牌和牌照优势显著，短期业务扰动不改 长期增长趋势。该行预计25-27年公司收入为26.02\28.67\31.78亿元;经调整归母净利润预测值为 2.82\3.25\3.76亿元。该行给予目标股价3.23港元。维持"推荐"评级。 华创证券主要观点如下： 事项 公司发布25年年中业绩公告。25年公司实现收入12.89亿元(-10.7%)，本公司拥有人应占期内净亏损10.4 亿元，非国际财务报告准则经调整纯利0.82亿元(-68.3%)，经营性现金流2.68亿元(-30.2%)。 公司成都地区医疗服务收入7.68亿元(-13.1%)，取卵周期数7,111个(-6.1%)。该行认为周期数下滑主要受 初诊患者减少及人工授精(IUI)周期比例大幅提升影响，IUI患者数同比增长超三倍至969人。业务亮点在 于四川锦欣西囡医院(毕昇院区)VIP渗透率持续提升至约20.8%。 大湾区医疗服务收入为2.06亿元(-14.9%)，取卵周期数为2,539个(-16.0%)。周期 ...

Core Insights - The stock price of Madi Technology closed at 15.45 yuan on August 20, 2025, with a slight increase of 0.19% from the previous trading day, and a trading volume of 215 million yuan [1] - Madi Technology has shifted its focus back to the medical information sector after divesting its photovoltaic business and has been included in Huawei's Global Medical Partner Alliance [1] - The company reported a net profit of 28.33 million yuan for the first half of 2025, marking a turnaround from a loss in the same period last year, primarily due to the sale of its photovoltaic subsidiary and asset optimization [1] - Madi Technology is advancing its health care robot project and has established strategic partnerships with multiple medical institutions [1] Financial Performance - The company achieved a net profit of 28.33 million yuan in the first half of 2025, compared to a loss in the previous year [1] - The financial improvement is attributed to the divestiture of the photovoltaic business and restructuring of assets [1] Business Focus - Madi Technology specializes in clinical medical management information system software and assisted reproductive medical services [1] - The company has completed the domestic adaptation of its critical care software and has upgraded its anesthesia and emergency systems with AI technology [1]