Jinxin Reproductive 2025 Financial Report: Four Major Core Indicators Show Sequential Growth in the Second Half of the Year; 400 Million Yuan Shareholder Return Planned for This Year

Jinxin Fertility (01951.HK) released its 2025 financial report on March 26, which shows an operating income of 2.649 billion yuan, adjusted EBITDA of 491 million yuan, and a total of 28,039 egg retrieval cycles. The report indicates that the performance in H2 2025 has fully rebounded, with significant growth in four major indicators: “number of egg retrieval cycles,” “management income,” “adjusted EBITDA,” and “net profit.”

At the same time, Jinxin Fertility announced a total shareholder return plan for three years, amounting to 50% to 80% of the adjusted EBITDA for the relevant fiscal year, including dividends and share buybacks, with the cash dividend ratio not less than 20% of the adjusted EBITDA. Starting from March 26, a share buyback plan of up to 300 million yuan will be carried out in the open market over the next 12 months, along with a year-end dividend of 100 million yuan, bringing total shareholder returns to as high as 400 million yuan.

Jinxin Fertility CEO Dong Yang stated that the current recovery is not reliant on a single event or a single clinic but is based on a healthier structure, more coordinated platforms, more focused management, and more efficient organization, maintaining cautious optimism for the future.

H2 Sees Comprehensive Recovery in Four Major Indicators with Net Profit Soaring 54.9%

It is noteworthy that Jinxin Fertility’s performance in H2 2025 has fully recovered, showing significant growth in the four major indicators: “number of egg retrieval cycles,” “management income,” “adjusted EBITDA,” and “net profit.”

According to the financial report data, looking at the above four indicators, the number of cycles in the second half increased by 3.1% compared to the first half, management income grew by 3.8%, adjusted EBITDA rose by 18.2%, and adjusted net profit surged by 54.9%. In this regard, multiple institutions analyzed that the decline in performance in the first half was mainly due to impairment of overseas goodwill assets, while the substantial improvement in the second half indicates a solid fundamental performance, with deep industry engagement and technology-driven validation confirming a good long-term development trend. According to its previously released financial report, the number of egg retrieval cycles at the Shenzhen hospital increased by 18% in January-February 2026, and the U.S. business grew by 38%.

The report shows that in the core market centered in Chengdu, the number of third-generation IVF cycles also achieved rapid growth in 2025, completing 1,583 cases, a year-on-year increase of 72.8%. The integrated IVF maternity services in Chengdu have significantly improved, with IVF obstetric delivery volumes doubling; in the Shenzhen market, the number of IVF cycles in the Greater Bay Area in H2 2025 increased by 15.8% compared to H1; meanwhile, in the Kunming area, the number of cycles in H2 2025 increased by 5.3% compared to H1; and the number of egg retrieval cycles in the U.S. business increased by 2.8% in H2 2025 compared to H1.

Dong Yang stated that the current recovery is not dependent on a single event or a single clinic but is based on a healthier structure, more coordinated platforms, more focused management, and more efficient organization, maintaining cautious optimism for the future.

In the Coming Year: 300 Million Yuan Share Buyback, 100 Million Yuan Dividend

On the same day, Jinxin Fertility announced that it will initiate a three-year shareholder return plan, referencing its adjusted free cash flow, through dividends and share buybacks, achieving total shareholder returns amounting to 50% to 80% of the adjusted EBITDA for the relevant fiscal year, with cash dividend ratios not less than 20% of the annual EBITDA. Jinxin Fertility stated that although it faces industry environment challenges and operational management difficulties in 2025, the board has decided to propose a final dividend, which amounts to approximately 20% of the group’s EBITDA for 2025. Data shows that the total amount of the final dividend for FY 2025 is about 100 million yuan, which equates to 3.7 fen per share.

In addition, the announcement states that starting from March 26, it will also invest up to 300 million yuan for stock buybacks over the next 12 months.

Dong Yang commented, “With the smooth implementation of key projects such as the Shenzhen hospital, Jinxin Fertility has surpassed the large-scale capital expenditure cycle. We place great importance on the long-term interests of our shareholders, and this three-year plan not only enhances the dividend ratio but also conveys confidence based on the company’s stable financial performance. In the future, we will balance business growth with capital efficiency, sharing the fruits of the group’s high-quality development with investors through a continuous and transparent return system.”

“Digital + AI Healthcare” Dual-Drive: From Tool Application to System-Level Clinical Empowerment

Jinxin Fertility is accelerating the digitalization and operational implementation of "AI + " in the assisted reproduction industry, gradually completing the leap from single-point applications to a system-level reconstruction of the entire assisted reproduction medical process, increasingly highlighting its role in cost reduction and enhancing industry development levels.

In 2025, Jinxin Fertility’s self-developed IVFormer engine officially landed in clinical practice, establishing an AI intelligent agent cluster covering the entire assisted reproduction process, integrating six major AI agents: IVF knowledge assistant, record management, treatment plan customization, embryo assessment, pregnancy success rate prediction, and postoperative follow-up guidance, achieving intelligent management throughout the entire cycle from the initial diagnosis to pregnancy confirmation. Currently, this AI intelligent agent has gone abroad and is operating in a certain hospital under its brand in China, having handled over 18,000 patient consultations and clinical assistance diagnoses, with an annual visit volume of more than 330,000 for the intelligent operational analysis system. More crucially, in the core embryo screening stage, the AI embryo selection model developed based on the time-lapse dynamic culture system has significantly improved the clinical pregnancy rate of embryos screened with AI among those with the same morphological scoring.

Addressing the clinical pain point of male infertility, Jinxin Fertility collaborated with Harbin Institute of Technology to jointly develop an AI + microfluidic rare sperm identification and extraction system (SpermSeek), achieving a sperm detection rate of 66.67% in real clinical samples and a sorting accuracy rate of up to 95.28%, opening up new diagnostic and treatment pathways for patients with azoospermia and severe oligospermia.

Additionally, the maternal and child AI digital companionship system and the “Xiao Nuan” robot, built on the knowledge graph of assisted reproduction and obstetrics along with dual medical large models, provide 24-hour medical-grade online services, achieving a deep combination of technological empowerment and humanistic care.

Recently, the Sullivan white paper estimated that Jinxin Fertility’s CAPA-IVM and “3F IVF” program, which are being implemented in the assisted reproduction industry in 2025, further enhance the patient experience in assisted reproduction and reduce the difficulty of IVF medical procedures, which will further establish future technological barriers and drive its continued high growth in the industry.

(This article does not constitute any investment advice; the information disclosed is based on the company’s announcements. Investors act at their own risk based on this information.)

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