Core Viewpoint - The company, Jinxin Reproductive, has demonstrated continuous operational improvement in Q4, with a notable reduction in the year-on-year decline of IVF egg retrieval cycles from 5.2% in the previous three quarters to 1.4% by the end of 2025, indicating strong business resilience [1][3]. Group 1: Operational Performance - The Greater China region has benefited from ongoing optimization in market expansion, operational efficiency, and customer service, showcasing significant business resilience [1][3]. - The flagship IVF center in Chengdu has shown a remarkable improvement, with the year-on-year decline in egg retrieval cycles decreasing from -1.9% in the previous three quarters to a growth of 1.3% for the entire year of 2025 [1][3]. - The incubation centers have further improved, achieving a year-on-year growth of 1.5% in egg retrieval cycles [1][3]. - In overseas markets, despite the impact of the delay in the U.S. reproductive health coverage legislation SB729, the decline in cycle numbers has also narrowed [1][3]. Group 2: Strategic Developments - Jinxin Reproductive plans to complete the relocation of the Shenzhen Zhongshan Maternal and Child Health Hospital by early 2026, establishing a southern headquarters that will increase the hospital's area by seven times, enhancing service capacity, research capabilities, and overall strength [2][4]. - The southern headquarters, centered around the Shenzhen Zhongshan Maternal and Child Health Hospital, is positioned to lead in research capabilities within the industry, having published over 30 SCI papers in 2025, with more than 500 citations, and secured seven national and provincial research projects [2][4].