Group 1 - The core point of the article highlights that southbound funds reduced their holdings in Jinxin Reproductive Medicine (01951.HK) by 4.8555 million shares on February 11, with a total net reduction of 5.5385 million shares over the last five trading days [1] - Over the past 20 trading days, southbound funds increased their holdings on 14 days, resulting in a cumulative net increase of 19.0741 million shares [1] - As of now, southbound funds hold 1.466 billion shares of Jinxin Reproductive Medicine, accounting for 53.15% of the company's total issued ordinary shares [1] Group 2 - Jinxin Reproductive Medicine Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [1] - The company offers a range of services through its subsidiaries, including assisted reproductive services, management services, ambulatory surgical center facility services, auxiliary medical services, and maternal and pediatric medical services, as well as the sale of medical consumables and equipment [1] - The company primarily operates in China and the United States [1]

Core Viewpoint - Southbound funds have increased their holdings in Jinxin Fertility (01951.HK), indicating growing investor interest in the company and its services in the assisted reproductive sector [1] Group 1: Shareholding Activity - On February 10, southbound funds increased their holdings by 679,000 shares of Jinxin Fertility [1] - Over the past five trading days, there have been four days of net increases in holdings, totaling 3.4365 million shares [1] - In the last 20 trading days, there were 14 days of net increases, amounting to 20.0356 million shares [1] - Currently, southbound funds hold 1.471 billion shares of Jinxin Fertility, representing 53.33% of the company's issued ordinary shares [1] Group 2: Company Overview - Jinxin Fertility Medical Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [1] - The company offers a range of services through its subsidiaries, including assisted reproductive services, management services, mobile surgical center facilities, auxiliary medical services, and obstetrics and pediatrics medical services [1] - Jinxin Fertility operates mainly in China and the United States, also engaging in the sale of medical consumables and equipment [1]

Group 1 - Southbound funds reduced their holdings in Jinxin Fertility (01951.HK) by 4.7445 million shares on February 9 [1] - Over the past 5 trading days, southbound funds increased their holdings on 4 days, with a total net increase of 13.3475 million shares [1] - In the last 20 trading days, there were 13 days of net increases in holdings by southbound funds, totaling 13.3616 million shares [1] - Currently, southbound funds hold 1.47 billion shares of Jinxin Fertility, accounting for 53.31% of the company's issued ordinary shares [1] Group 2 - Jinxin Fertility Medical Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [1] - The company offers assisted reproductive services, management services, mobile surgical center facility services, auxiliary medical services, obstetrics and pediatrics medical services, as well as sales of medical consumables and equipment [1] - The company primarily operates in China and the United States [1]

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Jinxin Reproductive Medicine (01951.HK) by 2.947 million shares on February 5, with a total net increase of 17.619 million shares over the last five trading days [1] - Over the past 20 trading days, southbound funds have increased their holdings on 13 days, resulting in a cumulative net increase of 16.8501 million shares [1] - As of now, southbound funds hold 1.474 billion shares of Jinxin Reproductive Medicine, accounting for 53.45% of the company's total issued ordinary shares [1] Group 2 - Jinxin Reproductive Medicine Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [1] - The company offers a range of services through its subsidiaries, including assisted reproductive services, management services, mobile surgical center facility services, auxiliary medical services, obstetrics and pediatrics medical services, as well as the sale of medical consumables and equipment [1] - The company's services are mainly provided in China and the United States [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 錦欣生殖醫療集團有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01951 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 ...

Core Viewpoint - The report from CICC indicates an upward revision of the 2025 adjusted net profit forecast for Jinxin Fertility (01951) by 19% to 200 million yuan, while the 2026 forecast is lowered by 34% to 280 million yuan due to increased costs and changes in financial confirmation methods [1] Group 1: Financial Performance - The expected adjusted net profit for FY 2025 is approximately 200 million yuan, with a slight year-on-year decline in revenue, but a noticeable improvement in the second half of 2025 [1] - The company anticipates a recovery in the number of cycles starting from the second half of 2025, with a projected return to stable growth in 2026, expecting a growth rate of 5-10% in cycles and revenue [1][2] Group 2: Operational Improvements - The company has completed the handling of overseas asset impairment and other risk issues in the first half of 2025, with a significant improvement expected in the second half [2] - The company is focusing on core business operations, aiming to enhance market share and improve cash flow, with plans for a long-term stock buyback after reducing leverage [2]

Core Viewpoint - The company Jin Xin Reproductive (01951) is expected to see a recovery in its business in the second half of 2025, leading to a 19% increase in the adjusted net profit forecast for 2025 to 200 million yuan. However, the forecast for 2026 has been reduced by 34% to 280 million yuan due to increased costs and changes in financial confirmation methods, with a new forecast for 2027 set at 360 million yuan. The current stock price corresponds to a 24.8 times P/E ratio for 2026, and the target price has been lowered by 10% to 3.5 HKD, indicating a potential upside of 41.1% from the current level [1]. Group 1 - The adjusted net profit for fiscal year 2025 is projected to be approximately 200 million yuan, with a slight year-on-year decline in revenue expected [2]. - The company is anticipated to release its full-year results for 2025 in late March, with significant quarter-on-quarter improvements expected in the second half of 2025 [2]. Group 2 - The company is expected to see a gradual improvement in cycle numbers starting from the second half of 2025, with a return to stable growth in 2026, driven by the inclusion of assisted reproduction in health insurance policies [3]. - The overall cycle count for fiscal year 2025 is projected to decline by 1.4% year-on-year, a significant improvement compared to earlier periods [3]. Group 3 - The company has completed the handling of overseas asset impairment and other risk issues in the first half of 2025, with a notable improvement in the second half of the year [4]. - The adjusted net profit for fiscal year 2025 is expected to be around 200 million yuan, with EBITDA for 2026 projected to return to approximately 550 million yuan, indicating improvements in net profit and free cash flow [4]. Group 4 - The company is focusing on its core business and plans to enhance shareholder returns, with the new Shenzhen hospital expected to be fully operational by the first quarter of 2026 [5]. - The company is actively pursuing a restructuring of its U.S. HRC operations, with significant improvements and capital recovery expected by the end of the first half of 2026 [5].

Core Viewpoint - The company is expected to report a slight decline in revenue for FY25, with an adjusted net profit of approximately 200 million yuan, but a noticeable improvement in both revenue and profit is anticipated in the second half of FY25 [1][2]. Group 1: Revenue and Profit Forecast - For FY25, the company anticipates a year-on-year decline in revenue, with a cumulative cycle count down by 1.4% compared to previous periods, but this is an improvement from declines of 8.3% and 5.2% in the first half of FY25 and the first three quarters of FY25, respectively [1]. - The company expects a recovery in cycle counts and revenue growth of 5-10% in FY26, driven by the inclusion of assisted reproduction in health insurance policies, which is expected to increase the proportion of artificial insemination (IUI) cycles [1]. Group 2: Operational Quality and Asset Structure - The company has completed the handling of overseas asset impairment and other risk issues in the first half of FY25, leading to a forecasted adjusted net profit of approximately 200 million yuan for FY25, with significant improvements expected in the second half [2]. - Continuous efforts in structural optimization, cost management, and asset quality improvement are expected to yield positive results in FY26, with an EBITDA forecast of around 550 million yuan, alongside improvements in net profit and free cash flow [2]. Group 3: Strategic Focus and Shareholder Returns - The company plans to complete the relocation of its new Shenzhen hospital by the first quarter of FY26, aiming to enhance its market share in core business areas [2]. - The company is actively pursuing a restructuring of its U.S. HRC operations, with significant improvements and capital recovery expected by the end of the first half of FY26, and plans to initiate a long-term stock repurchase program after reducing leverage [2]. Group 4: Earnings Forecast and Valuation - The adjusted net profit forecast for FY25 has been raised by 19% to 200 million yuan due to business recovery in the second half, while the FY26 forecast has been lowered by 34% to 280 million yuan, with a new forecast for FY27 set at 360 million yuan [2]. - The current stock price corresponds to a P/E ratio of 24.8 times for FY26 based on adjusted net profit, with a target price adjustment of 10% down to 3.5 HKD, reflecting a potential upside of 41.1% [2].

Group 1 - The core viewpoint of the article highlights the significant increase in southbound capital holdings in Jinxin Reproductive Medicine (01951.HK), with a net increase of 1,745,250 shares over the last five trading days [1] - Over the past 20 trading days, there have been 11 days of net reductions in southbound capital holdings, totaling a decrease of 13,433,500 shares [1] - As of now, southbound capital holds 1.454 billion shares of Jinxin Reproductive Medicine, accounting for 52.73% of the company's total issued ordinary shares [1] Group 2 - Jinxin Reproductive Medicine Group Limited is an investment holding company primarily providing in vitro fertilization (IVF) services [1] - The company offers a range of services through its subsidiaries, including assisted reproductive services, management services, ambulatory surgical center facility services, auxiliary medical services, obstetrics and pediatrics medical services, as well as the sale of medical consumables and equipment [1] - The company's services are mainly provided in China and the United States [1]