CICC International: Upgraded Jin Xin Reproduction (01951.HK) to "Buy" with a target price of HKD 3.1.

According to the Zhixin APP, CICC has raised its investment rating on Jinxin Reproduction (01951.HK) to "buy" with a target price of 3.1 Hong Kong dollars. CICC pointed out that from January to April 2026, the number of new infertility patients increased by 7.5%, and the number of cycles increased by 5.2%. The business in the Greater Bay Area (18% increase in new infertility patients), Kunming/Wuhan (16% increase in number of cycles), and overseas (37% increase in number of cycles) all performed well. Operating cash flow has shown a significant breakthrough, and capital expenditures in 2026 will be reduced to below 50 million RMB, laying a solid foundation for increased shareholder returns through buybacks, etc.