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近期，全球政治环境与资本市场再次提醒我们：市场情绪的变化可能非常迅速，一个突发事件，往往就能在几天之内重估风险。在这样的市场环境下，我们认为更看重一些“简单但关键”的能力：需求韧性、抗通胀属性，以及纪律性的长期复利增长。

自2025年年中新的管理团队到位并持续推进落地执行以来，过去六个月我们在经营层面稳步推进，并对今年年初的经营动能感到鼓舞。我们在1月与2月看到集团网络内的患者活跃度与服务量展现出良好势头与健康执行力。我们将继续按照监管要求披露季度信息，但这些早期信号进一步增强了我们对生殖医疗需求基本面的信心，也增强了我们将需求转化为稳健单体经济模型的信心。

宏观上：需求韧性与抗通胀的经营模型

生殖医疗服务根植于长期家庭规划与必要的医疗决策。过去两年，在宏观环境、人口结构变化以及房地产周期对居民信心与支付意愿的传导叠加影响下，行业需求在时间上出现一定延后。但重要的是：需求可能延迟，但不会消失。我们在2026年初看到的积极动能，也进一步印证了这一趋势。我们的核心战略，是持续提升患者信任，在大湾区强化临床能力，同时以高度纪律性推进整合与运营优化——尤其是在成都通过整合与标准化，打造更高效率、更高质量的“一站式”生殖与女性健康服务流程，持续提升临床质量与患者体验。从人口结构看，1990—1999年出生的人群不仅是中国近代史上规模较大的核心人群之一，同时也具备更强的健康消费意识与对高质量医疗服务的支付意愿。即便生育决策在时间上延后，对优质医疗服务与家庭规划的投入意愿并不会削弱。我们也预计，计量开始的两会以及未来政策层面将持续朝着更有利于年轻一代家庭规划与医疗可及性的方向演进。综合这些因素，我们认为“抗通胀、强韧性”的医疗平台并不只是增长本身，而是能够在控制成本、提升效率、保持现金转化能力的前提下，实现高质量增长与长期复利。

微观上：美国业务顺风与深圳增长动能

在美国，政策与雇主端对生殖健康支持的持续扩大，正在进一步提升医疗可及性并强化结构性需求。与此同时，我们也预计：随着去年因等待报销政策相关明确而被延后的部分周期逐步回归常态，美国业务的服务量将出现更积极的强势增长。随着雇主与支付方覆盖更广泛、生殖医疗福利更“主流化”，我们认为行业将具备更可持续的利用率与更好的患者可负担性，为长期增长打下坚实基础。在中国，我们尤其对深圳扩张所带来的早期动能感到鼓舞。通过一系列提升患者可及性与体验的运营动作，我们在深圳香港看到与战略目标一致的积极信号。深圳具备独特的人口结构与人才集聚优势，是我们大湾区战略的重要支点。我们将持续推进可复制的临床模型，强化患者流量与运营效率，打造具备长期生命力的区域中心。我们的方向非常清晰：在美国抓住结构性顺风，在深圳打造高质量区域增长引擎，并以稳健执行力推动患者动能持续增强。

股东回报纪律性：信心与承诺

我们同样关注经营成果如何更直接地转化为股东价值。延续我们的承诺，展望今年，我们对集团正常化可持续“自由现金流”创造能力与资本配置纪律性更有信心。我们讲从4月开始尝试按合规要求按季度予以披露。我们计划在即将召开的董事会会议中讨论并推动形成一套更清晰的股东回报框架，以体现我们对主动型资本回报的承诺。在满足董事会审议、市场环境与相关监管要求的前提下，我们的核心原则不变：以约50%—80%的规范化自由现金流，通过更积极且纪律性的方式回馈股东。深圳搬家完成后，我们将加大对资本支出的纪律性。我们不会追求稀释回报的增长。我们将把资本投向具备明确动能与高质量经济模型的方向，同时保持资产负债表灵活性，并在提升每股长期价值的前提下，稳健推进股东回报。

结语

在一个可能快速波动的市场中，我们认为“稳定”本身就是一种竞争力。我们坚定致力于将JXR打造成为一个横跨中美的、具备抗通胀属性与强需求韧性的医疗服务平台——以患者信任为根基，以稳健单体经济模型为支撑，以纪律性资本配置为方法论，并以清晰的股东回报承诺为长期价值创造的体现。

Recently, the global political environment and equity markets have been reminded how quickly sentiment can shift—headline-driven shocks can reprice risk in days, not quarters. In that kind of tape, we believe investors increasingly value something simple: demand resilience, inflation defensiveness, and disciplined compounding.

After six months of execution under the new leadership team since mid-2025, we are encouraged by the operating momentum we have seen at the start of this year. Across our network, patient activity and service volumes in January and February reflected strong traction and healthy execution. While we will continue to communicate performance in line with regulatory requirements, we believe these early signals reinforce our confidence in the underlying demand for fertility care—and in our ability to translate that demand into resilient unit economics.

Demand resilience with an inflation-defensive operating modelFertility care is anchored in long-term family planning and essential medical decision-making. Over the past two years, demand has been meaningfully impacted by a range of macro factors—including slower economic sentiment, demographic shifts, and the second-order effects of the property downturn on household confidence and discretionary capacity. Importantly, demand may shift in timing, but it does not disappear. The early traction we are seeing in 2026 further reinforces our conviction in this trajectory.

Our focus is to broaden patient trust, strengthen clinical capability in the Greater Bay Area, and integrate our operations with discipline—particularly through the consolidation and standardization of facilities in Chengdu—so we can deliver a streamlined, one-stop solution for fertility and women’s healthcare with consistently high clinical quality and patient experience.

Demographics also support our long-term confidence. The cohort born between 1990 and 1999 is not only one of the largest population groups in China’s modern history, but also a group with strong willingness to invest in quality healthcare and family planning. While decisions may be delayed, the demand and willingness for high-quality healthcare does not fade. We also expect policy direction to continue evolving in ways that support the younger generation in family planning and healthcare accessibility. Together, these factors reinforce what makes a healthcare platform inflation-defensive and demand-resilient in practice: not simply the ability to grow, but the ability to grow with operational resilience, cost control, and consistent cash conversion.

US tailwinds and Shenzhen momentum

In the US, policy and employer-driven support for reproductive healthcare continues to broaden access and reinforce structural demand. Importantly, we expect a solid rebound in volumes as certain cycles that were delayed last year—while patients and employers awaited reimbursement-related clarity—begin to normalize. As coverage becomes more mainstream across employers and payers, we see a supportive backdrop for sustained utilization and improving affordability for patients—an important foundation for durable growth.

In China, we are particularly encouraged by the early traction associated with our Shenzhen expansion and related operational actions to improve patient accessibility and experience. Shenzhen’s demographic profile and talent concentration make it a strategic region, and the early momentum we are seeing is consistent with our intent: build a scalable clinical model, strengthen patient flow, and establish a durable hub in the Greater Bay Area.

We will continue to communicate performance in line with regulatory requirements, but our direction is clear: strengthen the US growth engine under supportive tailwinds, and build Shenzhen into a high-quality regional hub with increasing patient traction.

Shareholder returns: confidence and commitment to rewardsWe are equally focused on how operating strength translates into shareholder value. As we look ahead to this year, we have growing confidence in our ability to generate normalized free cash flow and deploy capital with discipline.

Accordingly, we plan to bring a shareholder rewards framework for board discussion that reflects our commitment to proactive capital returns. Subject to board review, market conditions, and applicable regulatory requirements, we are aligned around a clear principle: allocate approximately 50%–80% of normalized free cash flow toward rewarding shareholders through proactive and disciplined actions.

Our approach will remain pragmatic and return-driven. We will not chase growth that dilutes returns. We will invest where we see strong traction and high-quality economics, maintain balance sheet flexibility, and return capital where it enhances long-term per-share value.

Closing

In a market that can swing quickly, we believe consistency matters. Our conviction is to build JXR as an inflation-defensive, demand-resilient healthcare platform across the US and China—grounded in patient trust, resilient unit economics, disciplined capital allocation, and a clear commitment to shareholder rewards.

来源：公众号 我是董阳

关于锦欣生殖

锦欣生殖 （01951.HK）是专业的、具有全球影响力的辅助生殖和妇儿医疗服务提供商，旗下医疗机构分布在中国内地，香港，美国和东南亚地区。目前在中国内地拥有及经营四川锦欣西囡妇女儿童医院静秀院区、四川锦欣西囡妇女儿童医院毕升院区、深圳中山妇产医院（原“深圳中山泌尿外科医院”）、武汉锦欣中西医结合妇产医院、云南锦欣九洲医院和昆明锦欣和万家妇产医院，以及向多家生殖中心提供管理服务；在香港拥有香港生育康健中心（“感恩医疗中心”）和香港辅助生育中心；在美国管理HRC生殖中心（南加州大学凯克医学院附属生殖中心）。

凭借数十年的发展，锦欣生殖旗下医疗机构在试管婴儿（“IVF”）成功率、医疗质量、患者体验以及运营管理等方面均拥有显著优势，积累了良好的患者口碑。锦欣生殖以辅助生殖业务为核心，积极拓展生育全周期的产品和服务，致力于为患者提供最优质的生育一体化服务，并助力国家人口健康发展。

注：本信息不构成锦欣生殖的信息披露或投资建议