Assisted reproductive technology provider JinXin Reproductive releases annual report: total revenue of 2.649 billion yuan, with 28,000 egg retrieval cycles.

Assisted reproductive integration service provider Jinxin Reproductive has released its 2025 financial report, which shows an operating income of 2.649 billion yuan and 28,039 egg retrieval cycles. Notably, Jinxin Reproductive’s performance in 2025 presented a “tale of two cities,” with significant growth in the second half of the year across four key metrics: egg retrieval cycles, management income, adjusted EBITDA, and adjusted net profit.

Jinxin Reproductive CEO Dong Yang stated that this indicates that the recovery is not just a rebound of a single metric, but is reflected in the growth of business volume, income, and profit. It signifies not only a recovery in business but also structural optimization and efficiency improvements, built on a healthier structure, more coordinated platform, focused management, and a more efficient organization.

According to a recent white paper released by Sullivan titled “2026 Development White Paper on China’s Assisted Reproductive Industry” (hereinafter referred to as the white paper), Jinxin Reproductive has become the largest IVF medical service provider in China based on the number of egg retrieval cycles.

Based on the financial report data, the four key metrics show that the number of cycles in the second half of the year 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%.

The financial report indicates that in the Chengdu market, the number of third-generation IVF cycles achieved rapid growth in 2025, totaling 1,583 cycles, a year-on-year increase of 72.8%. The integrated IVF obstetrics performance in Chengdu significantly improved, with the number of IVF deliveries doubling; in the Shenzhen market, the number of IVF cycles in the Greater Bay Area increased by 13.8% in the second half of 2025; meanwhile, the Kunming area saw a 5.3% increase in cycles in the second half of 2025 compared to the first half; U.S. operations experienced a 2.8% increase in egg retrieval cycles in H2 2025 compared to H1.

The report shows that although the overall birth population in China is on a declining trend, the penetration rate of assisted reproduction continues to rise, increasing from 7.0% in 2018 to 10.5% in 2025. However, during the same period, the penetration rates in the U.S. and the European Union were 34.5% and 36.5%, respectively. Mao Hua, a partner and managing director at Sullivan, stated that trends such as the aging of women of childbearing age and the postponement of marriage and childbirth still provide significant room for the rigid demand for assisted reproduction to be released, and the gap in penetration rates with Europe and the U.S. will narrow.

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Editor: Jiang Yuhan