Jin Xin Fertility (01951) announced its 2025 financial results, with revenue reaching approximately 2.649 billion yuan and gross profit of about 887 million yuan. The company achieved an adjusted net profit of around 209 million yuan and proposed a final dividend of 4.18 Hong Kong cents per share.
The Chengdu regional business experienced a noticeable decline in the first half of the year, with the number of egg retrieval cycles decreasing by 6.1% compared to the first half of 2024. During the second half, the company actively addressed various challenges by optimizing patient management and improving the medical experience, which enhanced patient retention and reduced attrition. The return visit rate within three months for patients with failed intrauterine insemination (IUI) increased by 6 percentage points year-over-year, while the rate for patients with prior treatment history at other hospitals rose by 2 percentage points. As a result, the full-year cycle count achieved a year-over-year growth, increasing by 1.3% from 13,884 cycles in 2024 to 14,070 cycles in 2025. Additionally, the VIP penetration rate at the Chengdu Bisheng campus continued to rise, reaching approximately 21.2%, up 1 percentage point from 2024.
Furthermore, the number of IUI patients grew from 660 in the year ended December 31, 2024, to 1,947 in the year ended December 31, 2025. During the reporting period, the total number of treatment cycles (including IUI and oocyte pickup cycles) for the Chengdu business continued to increase, with overall treatment cycles rising by 10.1%.
Starting from the second half of 2025, the Greater Bay Area business showed ongoing recovery. The Shenzhen campus optimized its diagnostic and treatment processes and improved management for IUI failure cases, significantly increasing the conversion rate of IUI failure patients to in vitro fertilization cycles. Compared to the first half of 2025, IVF cycles in the Greater Bay Area increased by 13.8% in the second half. The total number of treatment cycles (IUI and OPU) for the Greater Bay Area business also continued to grow, with an overall increase of 10.5% during the reporting period.
The new Shenzhen campus completed its relocation and commenced official operations in February 2026, achieving an 18% year-over-year increase in business volume in the first two months. The new facility covers approximately 40,000 square meters, with cycle capacity expanding nearly fourfold. Leveraging its production advantages and supportive policies in the Greater Bay Area, the company expects strong growth not only in IVF services but also in VIP treatments, specialized departments, and international medical services.
In 2025, the Kunming and Wuhan regions achieved significant results in operational optimization, reducing marketing expenses by 10.9% year-over-year and effectively controlling costs. Meanwhile, the proportion of patients acquired through word-of-mouth continued to rise steadily, highlighting the growing value of patient referrals. Building on these achievements, the campuses in Kunming and Wuhan will further refine their operational strategies, reduce marketing expenditures, and allocate more resources toward maintaining existing referral patients, expanding new word-of-mouth acquisitions, and enhancing two-way referral channels. By establishing a patient acquisition system centered on reputation, the company aims to leverage the influence of existing patients to attract more high-quality referrals, creating a virtuous cycle that lowers overall acquisition costs and supports sustainable, high-quality business development.
Despite operational challenges such as the delayed implementation of SB 729 and wildfires in Los Angeles in January, HRC Fertility maintained steady growth in management revenue, increasing by 5.1% compared to 2024. Additionally, through continuous improvements in medical quality and patient services, HRC strengthened its pricing power in a competitive market. In 2025, its comprehensive average selling price rose by 11.8% compared to the previous year.
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