Jinxin Fertility swings back to the black as margins improve and U.S. unit gains traction

The assisted reproduction services provider posted a net profit of 110 million yuan in the first half of 2026, as its revenue rose 6.6%

By Teri Yu

Jinxin Fertility Group Ltd. (1951.HK) returned to the black in the first half of 2026, as improving margins, higher treatment volumes and a recovery in its U.S. business lifted profitability for the Hong Kong-listed assisted reproductive services provider.

The company’s net profit reached 110.3 million yuan ($15.5 million) for the six months through June, reversing a 1.04 billion yuan loss a year earlier, when it booked significant impairment and other non-recurring charges. Its revenue rose 6.6% to 1.37 billion yuan, the company said in its announcement on Aug. 21. Its gross profit rose 31.1% to 513.3 million yuan, while non-IFRS adjusted EBITDA climbed 49.8% to 336.5 million yuan.

Jinxin said its non-IFRS adjusted EBITDA margin increased 7.1 percentage points to 24.5%, while its gross margin rose to 37.4% from 30.4% a year earlier. Its non-IFRS adjusted net profit increased 79.8% to 148.0 million yuan.

The company completed 14,653 egg-retrieval cycles during the period, up 6.1% from a year earlier, while first-time infertility consultations rose 9.1%.

Jinxin, one of China’s largest private assisted-reproductive services providers by egg-retrieval cycles, operates fertility and women’s health facilities in Chengdu, Shenzhen, Wuhan, Kunming and California, and is expanding its in-vitro fertilization (IVF) centred services model to include maternity and related women’s healthcare.

Its U.S. operation, HRC Fertility, which runs a network of clinics and IVF laboratories across California, was the company’s fastest-growing operation in the first half, completing 2,990 egg-retrieval cycles, up 45.3% year-on-year. Its overseas revenue rose 27.8% to 387.5 million yuan, while overseas segment EBITDA increased 129.2% to 57.1 million yuan. California’s expanded insurance coverage for infertility treatment also supported demand at HRC.

In Greater China, the company’s revenue remained broadly stable at 985.8 million yuan, while EBITDA rose 6.9% to 281.7 million yuan. The company said its newer facilities in Kunming and Wuhan continued to ramp up, completing a combined 2,377 egg-retrieval cycles in the first half, up 15.4% from a year earlier.

Jinxin is also seeking to raise revenue per patient through premium offerings and a broader set of adjacent services centered on the full reproductive-health journey of IVF patients. Its Shenzhen operation continued to build its premium-service mix, while revenue from women’s health and related services rose 9.3% to 173.5 million yuan.

The company has been expanding an integrated service model that combines fertility treatment with obstetric and maternity care, a strategy designed to extend its relationship with patients across the IVF journey and make greater use of its existing clinical resources.

CEO Dong Yang said the first-half results showed the company had entered a phase of “higher-quality growth,” citing the rise in non-IFRS adjusted EBITDA, stronger gross margin and improved overseas profitability.

“Our next phase is focused on converting existing capacity into volume, margin and cash flow,” Dong said. “We will continue to prioritize medical outcomes, disciplined growth and sustainable shareholder value.”

Jinxin held 759.6 million yuan in cash and bank balances as of June 30, as well as about 1.21 billion yuan in undrawn bank facilities. The company repurchased 83.9 million shares for about HK$189.2 million during the period. Under its 2026-2028 shareholder-return framework, Jinxin is targeting annual dividends and share repurchases equivalent to 50% to 80% of annual non-IFRS adjusted EBITDA.

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