近日，全球辅助生殖领域的重要学术会议——西班牙生殖生物学研究协会第十三届大会（ASEBIR 2025）在巴塞罗那顺利举行。西班牙作为欧洲辅助生殖技术发展较为成熟的国家之一，拥有超过200家 合规生殖中心，全年完成试管婴儿周期数超过22万例，占欧洲总量的35%以上，连续多年在欧洲保持较 高的临床规模。本届大会以"创新驱动生殖健康未来"为主题，吸引了来自32个国家的近千名专家学者， 包括多位诺贝尔生理学或医学奖提名学者及各国生殖医学学会负责人，共同探讨行业前沿进展。 在此背景下，贝康医疗旗下Genea Biomedx（简称GENEA BIOMEX）以"AI重塑辅助生殖未来"为主题 参与大会，EMEA区域总经理Manuel De la Llave、全球首席胚胎学家Sara Leiva Alfaro博士、基因组学总 监Senthil Natesan博士等核心成员全程参与，与多家欧洲顶尖生殖中心负责人进行了深入交流。众多行 业意见领袖也主动关注并分享GENEA BIOMEX展台内容，使其成为大会期间备受瞩目的品牌之一。 亮点一：AI胚胎学研讨会荣获大会最高评分，定义行业新标准 由GENEA BIOMEX首次主导举办的A ...

Core Insights - The average treatment age for women undergoing IVF in China has risen to 33.6 years, indicating a significant trend towards advanced maternal age in reproductive health [1] - The value of third-generation IVF technology (PGT) is increasingly highlighted, with a clinical pregnancy rate (CPR) of 60.2% in 2021, surpassing traditional IVF and ICSI techniques [1] - The demand for precision reproductive technologies like PGT is expected to grow alongside the trend of advanced maternal age [1][11] Industry Developments - The introduction of the "GERI+GEMS+AI" system by Beikang Medical aims to enhance IVF success rates through a fully non-interfering cultivation system [3] - Data from the IVIRMA group indicates that the non-interfering system has improved blastocyst formation rates by 5%, clinical pregnancy rates by 16.4%, and live birth rates by 5.8% [3] - The GERI incubator, which received regulatory approval in July, is the first of its kind to enable continuous monitoring of embryo development in a non-interfering manner [5] Market Dynamics - The PGT market in China is projected to exceed 1 billion yuan by 2025-2030, driven by the increasing average treatment age and the rising incidence of chromosomal abnormalities in embryos [12] - Currently, only 27.3% of IVF institutions in China possess PGT technology, indicating a significant supply gap in the market [12] - Beikang Medical has established over 60 localized laboratories across major reproductive centers, covering more than 80% of institutions qualified for third-generation IVF [12] Technological Advancements - The GEMS culture medium, developed from a 30-year-old IVF center in Sydney, is set to achieve local production and has received multiple international certifications [7] - The AI system integrated into the GERI incubator, Eeva, is the first AI embryo assessment tool to receive both FDA and CE certifications, significantly improving embryo selection efficiency [9] - Beikang Medical's focus on high-value products and domestic production aligns with national policies aimed at enhancing the accessibility of third-generation IVF technologies [14] Financial Performance - Beikang Medical's gross margin improved to 52.5%, reflecting enhanced profitability through strategic adjustments [16] - The company reported a 19% year-on-year improvement in operating cash flow, indicating ongoing financial health [16] - As of June 30, 2025, Beikang Medical had cash and cash equivalents of 544 million yuan, providing strong support for future growth [16] Strategic Positioning - The combination of aging population demands, domestic production policies, and rising precision reproductive needs positions Beikang Medical as a key beneficiary in the assisted reproductive industry [16] - The company's advancements in technology and market coverage suggest a need for a reevaluation of its industry valuation, as it transitions from a medical device supplier to a leader in smart reproductive ecosystems [17]

Core Insights - The average treatment age for women undergoing IVF in China has risen to 33.6 years, indicating a significant trend towards advanced maternal age [1] - The value of third-generation IVF technology (PGT) is increasingly highlighted, with a clinical pregnancy rate (CPR) of 60.2% in 2021, surpassing traditional IVF and ICSI techniques [1] - The demand for PGT and other precision reproductive technologies is expected to grow in response to the aging population and associated risks of chromosomal abnormalities [1][12] Industry Trends - The market for assisted reproductive technology (ART) in China has expanded dramatically, with cycles increasing from 223,700 in 2009 to 1,413,900 in 2023, currently three times that of the U.S. [13] - The PGT market in China is projected to exceed 1 billion yuan by 2025-2030, driven by the rising average treatment age and the increasing prevalence of chromosomal abnormalities [13] - There is a notable supply gap in the market, with only 27.3% of IVF institutions in China offering PGT technology [13] Company Developments - Beikang Medical has launched a "GERI+GEMS+AI" system, enhancing embryo culture conditions and improving clinical outcomes, particularly for older patients [4][10] - The GERI incubator, developed in collaboration with Merck, is the first wet-type time-lapse incubator approved in China, providing a stable environment for embryo development [6] - Beikang Medical's GEMS culture medium, which has received multiple international certifications, is set to break the long-standing foreign monopoly in high-end culture media [8][15] Financial Performance - Beikang Medical's gross margin improved to 52.5% as of mid-2025, reflecting a focus on high-value products and cost efficiency [19] - The company reported a 19% year-on-year improvement in operating cash flow, indicating enhanced financial health [19] - With a cash balance of 544 million yuan as of June 30, 2025, Beikang Medical is well-positioned for future growth [19] Market Position - Beikang Medical has established a strong presence in the assisted reproduction sector, deploying over 60 localized laboratories across major reproductive centers in China [13] - The company is recognized as a leading player in the PGT market, with coverage of over 80% of institutions qualified for third-generation IVF [13] - The recent advancements in technology and product offerings position Beikang Medical as a leader in the smart reproductive ecosystem, warranting a reassessment of its market valuation [19]