1 / 51 2021 01 22 - -2020.12.8 - -2020.9.27 - - -2020.9.17 S0790520050003 S0790520070001 4 IVF 80% + 17% 1 SGF IVI 2 CNY 3 HRC 4 / / AI -34% -17% 0% 17% 34% 51% 69% 2020-01 2020-05 2020-09 2021-01 3002 / 51 1 . 5 1.1 . 5 1.2 . 6 1.2.1 . 6 1.2.2 IVF . 7 1.3 2023 400 9 1.4 . 12 1.5 . 15 1.5.1 80% . 15 1.5.2 . 17 1.5.3 . 17 1.5.4 . 18 1.6 + + . 18 1.6.1 . 18 1.6.2 . 19 1.6.3 . 20 2 21 2.1 2018-2023 CAGR5.9% . 21 2.2 . 22 2.3 . 23 2.3.1 . 23 2.3.2 . 23 2.4 60% 2017 IVF 500 . 26 2.5 . 27 2.6 . 28 2.7 : + . 29 3 . 29 4 . 32 4.1 SGF 2017 . 32 4.2 IVI . 34 4.3 CNY . 35 4.4 HRC . 37 4.5 . 38 4.6 . 39 5 . 41 5.1 / . 41 5.2 . 43 5.3 . 48 6 . 48 7 . 493 / 51 1 . 5 2 . 5 3 . 6 4 35 . 6 5 . 6 6 3 . 6 7 . 7 8 . 8 9 . 9 10 2018 2019-2023 . 10 11 . 12 12 . 12 13 . 13 14 31 15 . 14 15 . 15 16 2019 . 15 17 10 . 16 18 . 16 19 . 19 20 . 20 21 2014-2023 IVF . 21 22 2016-2023 . 21 23 2016-2023 . 22 24 . 24 25 80% SART . 25 26 90% . 25 27 . 26 28 60% IVF 500 . 27 29 15 . 27 30 . 30 31 IVI RMA Global . 35 32 CNY . 36 33 CNY . 37 34 . 40 35 . 43 36 . 44 37 . 46 38 IT . 47 1 2019-2023 . 11 2 100% 13.54% . 12 3 2019 27 . 13 4 . 184 / 51 5 . 22 6 . 28 7 . 30 8 . 31 9 2017 SGF . 33 10 2017 5 2 . 34 11 . 39 12 . 41 13 . 44 14 . 45 15 . 495 / 51 1 1.1 40% 30-40% 20-30% 57% 23% 15% 5% 1 35% 41.9% 20% 24.2% 16.7% 20.9% 1 2 2018 1990 2017 3 23.4 26.8 2013-2018 35 1 . . 2019 2 A 6 / 4 2016 9 2017 9 35.0% 20.0% 16.7% 15.0% 10.0% 3.3% 41.9% 24.2% 20.9% 6.5% 4.8% 1.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.06 / 51 3 4 35 2018 Wind 35 20-25 25-30 30-35 35-40 40-45 6% 9% 15% 30% 64% 2 2014 2015 2016 0.88 2017 2019 5 6 3 Wind 1.2 1.2.1 ART 2 . . 2008 24 5 299-301. 23.4 26.8 21.0 22.0 23.0 24.0 25.0 26.0 27.0 28.0 1990 2017 0% 20% 40% 60% 80% 100% 2013 2014 2015 2016 2017 2018 20-24 25-29 30-34 35-39 40 以上 0% 10% 20% 30% 40% 50% 60% 70% 20-25 25-30 30-35 35-40 40-45 -15% -10% -5% 0% 5% 10% 0 2 4 6 8 10 12 14 2013 2014 2015 2016 2017 2018 20197 / 51 AI / - IVF-ET - 4 - IVF-ET ICSI PGT GVT 4 7 2018 1.2.2 IVF IVF IVF IVF 3 AMH B 3 . . / 2013 1 32 1 .8 / 51 8 A global perspective on assisted reproductive technology fertility treatment: an 8-country fertility specialist survey 8 PGT 5 100 PGT PGT 4 B 4 . . 2019 3 19 3 .9 / 51 9 ICSI Coda air IVF 1.3 2023 400 = 3 = = / 2018 4780 7% 56.810 / 51 16.98% Reproductive Biology and Endocrinology 20% ART IVF ART 16.98% IVF 68.4 252 IVF 95% IVF : =19/7 2018 2018 IVF 3.5 0.5 2019-2023 2019-2023 10 2018 2019-2023 A global perspective on assisted reproductive technology fertility treatment: an 8-country fertility specialist survey 8 8 50 38% ART 50 25 1 1 ART 38% 16.98% 2019-2023 IVF 0.5% IVF IVF 2016- 2018 1.24 1.28 1.24 2018 2019-2023 274.75 399.3111 / 51 1 2019-2023 2018 2019E 2020E 2021E 2022E 2023E 29875 29200 28700 28200 27800 27600 16.00% 16.40% 16.90% 17.30% 17.70% 18.20% 4780 4789 4850 4879 4921 5023 16.98% 17.48% 17.98% 18.48% 18.98% 19.48% 811 837 872 901 934 978 7.00% 7.40% 7.90% 8.30% 8.70% 9.20% 56.8 61.9 68.9 74.8 81.2 90.0 1.6 1.6 1.6 1.6 1.6 1.6 93.6 102.1 113.5 123.3 133.9 148.3 IVF 68.4 74.6 82.9 90.1 97.8 108.4 25.2 27.5 30.6 33.2 36.0 39.9 IVF 239.40 261.01 290.30 315.32 342.38 379.34 12.60 13.74 15.28 16.60 18.02 19.97 252.00 274.75 305.58 331.91 360.40 399.31 0.5% 2014-2018 140 252 CAGR 13.6% 2018-2023 CAGR 9.64% 7% 30% 15-20% 24-25.5% 3 1 2018 7% 2 0.4- 0.5% 3 2019-2023 25% 2023 113 303.82 2023 148 399.31 2023 403 1085.0812 / 51 11 12 1.4 2019 12 31 517 10% 517 83 - 396 ICSI 396 70 5 44 8.5% 100% 16.05% 76.6% 76.6% 13.54% 15% 40-60% 2 100% 13.54% 517 100% 15% 83 16.05% 15% - 396 76.6% 40-60% 396 76.6% 40-60% 70 13.54% 60% 2018 31 100% 2 5 0 100 200 300 400 500 2019E 2020E 2021E 2022E 2023E 7% 25% 渗透率逐年上升 0 200 400 600 800 1,000 1,200 2019E 2020E 2021E 2022E 2023E 7% 25% 渗透率逐年上升13 / 51 7 6 10 7 6 5 13 - 2019 27 100 26 , 2 1 2 3 2019 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 0 10 20 30 40 50 60 -14 / 51 17 18 19 20 21 22 23 24 25 26 27 31 56 33 31 31 4 2 2 1 300 15 15 7 5 18 11 14 31 15 Wind 2018 TOP 10 26% TOP 20 36% 0 10 20 30 40 50 6015 / 51 40000 IVF 5.8% 6.2% 15 1.5 1.5.1 80% 2001 2003 AIH AIH 2015 300 2019 517 467 50 300 9 41 16 2019 Wind 40000 28000 20958 19000 17900 0% 1% 2% 3% 4% 5% 6% 7% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 IVF IVF 95 356 451 498 517 467 0 100 200 300 400 500 600 2007 2012 2016 2018 201916 / 51 10 4 0.5-1 1 1 1 2 3 2 PGT 4-5 9.5-10.5 17 10 2018 2 18 2018 1. 2. 50 50 150 15% 20% 3. 4. 2 5. 12 50017 / 51 80% 80% 1000 6000 10% 2018 IVF 68.4 396 IVF 1727 10 6000 3-5 50% 40% 25% 2018 26.5% 1.5.2 IVF IVF 20%- 30% 3-4 2-3 6 1-2 1 1 20 0.5-1 2 1 2 1.5.3 4 1 1518 / 51 2 3 4 1.5.4 15% 3-5% 4 2018 968 1350 1010 1448 252 45% 55% 80% 20% 80% 20% 20% 80% 91% 9% 1% 20-25% 10% 15% 3-5% 45% 40% 45% 60-70% 70% 10-20% 5-12% 10-15% 10-20% 30% Wind 50 IVF IVF 1.6 + + 1.6.1 0.5 IVF 3.5 8 50 35 1 43% 35-39 61% 40-4219 / 51 74% IVF IVF 2 7 19 Wind 2017 20-35 1 3 20 1 3 1.6.2 + + 2 4 1 2 3 4 3 1 57% 39% 26% 25% 26% 32% 29% 26% 12% 18% 23% 26% 6% 11% 22% 23% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 42 1 2 3 320 / 51 2 3 5 20 + 1.6.3 / 5 . + . 2017 4 118-119 84.21 / 51 2 2.1 2018-2023 CAGR5.9% 2014 28.7 2018 37.1 6.6% 2023 49.3 LGBT 30.2% 21 2014-2023 IVF 22 2016-2023 183.6 194.8 213.2 224.4 234.4 248 262.9 276.6 290.4 304.3 6.1% 9.4% 5.3% 4.5% 5.8% 6.0% 5.2% 5.0% 4.8% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 50 100 150 200 250 300 350 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E IVF IVF 29.80% 30.00% 30.20% 30.50% 31.20% 32.00% 32.50% 33.00% 28% 29% 30% 31% 32% 33% 34% 2016 2017 2018 2019E 2020E 2021E 2022E 2023E22 / 51 2012 486 2016 502 PGD/PGS 2018 495 70 15.5% 217,100 5 2018 2019E 2020E 2021E 2022E 2023E 2,854 2,857 2,860 2,863 2,865 2,868 29,875 29,200 28,700 28,200 27,800 27,600 16.00% 16.30% 16.80% 17.20% 17.50% 17.90% 16.00% 16.40% 16.90% 17.30% 17.70% 18.20% 495 501 507 513 519 525 4,780 4,789 4,850 4,879 4,921 5,023 30.20% 30.50% 31.20% 32.00% 32.50% 33.00% 7.00% 7.40% 7.90% 8.30% 8.70% 9.20% CDC 2.2 2017 400 LGBT 23 2016-2023 2018 8,600 63% 2014 2,900 2018 5,400 CAGR 16.8% 2023 13,50023 / 51 2018 CAGR 20.1% 2015 2.3 2.3.1 6 FDA (Human Reproductive Tissue Bank) (Accreditation Association for Ambulatory Health Care AAAHC) AAAHC 3 (the Clinical Laboratory Improvement Act CLIA) CLIA CDC SART 2.3.2 CDC FDA 1985 1992 Fertility Clinic Success Rate and Certification Act (FCSRCA, or Public Law 102-493) CDC 624 / 51 CDC 2017 98% CDC 40 20 10 2017 CDC 34 2,014 4% 24 SART25 / 51 ( American Society for Reproductive Medicine ASRM) Society For Assisted Reproductive Technology SART) ASRM SART ASRM SART 80% SART SART , SART (National ART Surveillance System NASS) CDC 25 80% SART SART (the Fertility ClinicSuccess Rate and Certification Act) 1999 CDC (the College of American Pathologists CAP) CDC 26 90% SART 81.92% 18.08% SART SART 91.52% 7.59% 0.8926 / 51 FDA 2.4 60% 2017 IVF 500 2017 10 19.21% 20 28.56% 27 CDC ART 2017 63.62% 500 IVF 35 2,000 ART 5.58% 50-100 17% 7 7 FertilityIQ27 / 51 28 60% IVF 500 CDC 2.5 15 2013 2018 1,481 29 15 USMLE28 / 51 Fertility Clinic Success Rate and Certification Act (FCSRCA, or Public Law 102-493) CDC CDC SART 2017 4 San Diego Fertility Center 2.6 2020 8 19 Infertility Insurance Laws 13 IVF IVF 1 19 10 8 fertility preservation laws 6 Infertility Insurance Laws IVF Insurance Laws Fertility preservation laws 829 / 51 Infertility Insurance Laws IVF Insurance Laws Fertility preservation laws resolve 2.7 : + 7 15 CDC 2017 1.2-1.5 IVF 44.8% 87% 3 IVF 2017 35 51.6% 40.4% 9 37.9% 10 34.1% 11 1995 2017 31.9% 12 2017 9 Assisted reproductive technology in Australia and New Zealand 2018 10 (RAHR) 11 100 12 2017 ART Fertility Clinic Success Rates Report30 / 51 1.26% 13 2017 4.2% 14 30 CDC 30,000 40,000 15 23,000-40,000 16 7 2017 35 51.6% 35- 37 37.5% 38-40 23.5% 41-42 11.8% 43 2018 IVF 45% 2018 IVF 24.5% 30 40.4% 30-34 33.7% 35-39 2017 35 37.9% 35- 37 33.1% 38-40 24% 40 10.7% 34 34.1% 35-39 25.9% 40 14.5% 13 2017 14 100 15 : 16 IVF Fertility Centre31 / 51 3.4% 24.8% 40-44 9.5% 45 0.8% 2017 284385 75.0% ICSI 31.9% PGS/PGD ICSI 76.6% PGS/PGD 13.54% 2018 ICSI 60.3% PGS/PGD 12.36% 2017 28846 44.9% ICSI 4.2% PGS/PGD 23,000-40,000 150,819- 262,295 17 30,000-40,000 9,000-10,000 43,040- 47,823 18 120,000- 500,000 27,576 -114,900 19 2,000 -5,000 15,567- 38,917 20 ( ) ( ) ; , 2020 5 / CDC NPESU 8 - - - 17 1 =6.56 18 1 =4.78 19 1 =0.23 20 1 =7.7832 / 51 - - - - - - + 4 4.1 SGF 201733 / 51 SGF SHADY GROVE FERTILITY-ROCKVILLE 1993 36 700 2017 SGF 9940 3.5% SGF ERIC D. LEVENS 85 (The Journal of the American Medical Association,JAMA) Levens Infertility National Advisory Boards American Medical Association SART Society for Reproductive Endocrinology and Infertility , Eric A. Widra, M.D. SART 2017 22,728 1,288 SGF 5.6% SGF 62% 2017 100 53 12% SGF 1,000 9 2017 SGF SHADY GROVE FERTILITY-ROCKVILLE 327 107 803 51 CNY FERTILITY CENTER 55 170 355 17 SAN DIEGO FERTILITY CENTER 38 1 466 25 HRC FERTILITY- PASADENA 8 1 453 19 CDC Shared Donor Egg Program 18-21 50% SGF34 / 51 4.2 IVI REPRODUCTIVE MEDICINE ASSOCIATES RMA 1999 2017 5 2 REPRODUCTIVE MEDICINE ASSOCIATES OF NEW JERSEY REPRODUCTIVE MEDICINE ASSOCIATES OF NEW YORK, LLP 2 35 35-37 60 51.6% 37.5% 10 2017 5 2 35 35-37 38-40 41-42 SHADY GROVE FERTILITY- ROCKVILLE MARYLAND 45.9% 42.1% 34.3% 26.7% REPRODUCTIVE MEDICINE ASSOCIATES OF NEW JERSEY NEW JERSEY 66.2% 60.2% 55.9% 43.9% WEILL CORNELL MEDICINE NEW YORK 45.4% 38.7% 31.8% 21.8% CNY FERTILITY CENTER NEW YORK 38.5% 32.2% 20.8% 10.1% REPRODUCTIVE MEDICINE ASSOCIATES OF NEW YORK, LLP NEW YORK 48.5% 41.3% 32.4% 16.9% 2017 ART Fertility Clinic Success Rates Report CDC 2019 8 1 RMA Instituto Valenciano de Infertilidad IVI) IVI- RMA IVI RMA Global , IVI 70% RMA 30 IVI 1990 32 IVI-RMA 65 11 / 2400 200 30035 / 51 31 IVI RMA Global IVI RMA Global 4.3 CNY CNY CNY FERTILITY CENTER 1997 Kiltz 1/3 CNY36 / 51 32 CNY CNY FERTILITY CENTER Society of Reproductive Medicine SEM IVF 12,000 CNY 35 46% CNY37 / 51 35 20,000 6 6 75% 33 CNY CNY FERTILITY CENTER CNY CNY 2 2-4 2-7 50% CNY CNY CNY 4.4 HRC HRC Medical RSA HRC Medical 1988 5 IVF-ET ICSI IVF38 / 51 IVF HRC Medical 3 Pasadena Encino Newport Beach 6 Rancho Cucamonga Oceanside West Los Angeles West Lake Village Fullerton Laguna Hills IVF 80,212 HRC Fertility 2016 2017 2018 HRC Fertility 1,050 1,180 1,430 IVF HRC Medical IVF 25.2% 27.0% 31.8% 2018 12 HRC Management 100% HRC HRC HRC Fertility HRC Fertility HRC Fertility HRC Fertility 3 Facebook HRC Fertility HRC 4.5 2002 琇 2019 5.2 2018 1/4 62.6% 琇 琇 1983 1988 2000 2005 PGD/PGS 2012 2002 2900 琇39 / 51 琇 24.5% PGD 13 12 60% AIH AID - IVT-ET ISCI 25 30 11 - 517 83 396 396 70 27 4.6 PPOS40 / 51 34 30,000-40,00041 / 51 5 5.1 / HRC Fertility 3 IVF 2019 6 25 12 / / / 2018 2019, 2010.3 11005 6.28 2013.5 2019.1 21 - - 2004.5 2017.1 5352 3.03( )+0.33( ) RSA 2008.1 2018.12 22 - - NexGenomics PGS 2015.2 2018.12 - - 2006.2 2020.6 75% - - IVF 2020 2020.3 - - IVF 2003.1 2016.9 4601 1.04( ) 2016.4 2016.9-2018.3 23 - - HRC Medical 1988.5 2017.7 HRC Management 4500 5.44( )+0.35( 21 2019 1 22 HRC Management 2017 7 RSA RSA RSA HRC Management 23 2018 342 / 51 / / / 2018 2019, 2018.12 HRC Management ) 9 John G. Wilcox HRC Management HRC Medical 15 154 John G. Wilcox BradfordA. Kolb Robert Boonstafar 20 AID AIH IVF-ET ICSI IVF PGD/PGS 5 2016 451 327 IVF 10% 4 2018 20,958 3.1% 2019 12 31 IVF 27,854 2020 IVF 9,643 IVF 54% 52% 62% 49% 50% 53% 1-2 VIP VIP43 / 51 35 HRC China IVF 75% 2,000 IVF IVF-ET / ICSI HRC Management 2020 3 ARS IVF 5.2 2005 2019 9 2020 6 2020 844 / 51 2020 8 14.96% 14.7%+ 0.26% 5.81% 21.17% 4.82% 2.27% 36 3 3 2 3 13 2011 2004 2016 9 1996 15 20 20 / / / / / / / / / / / / / 14 83 22 270 2 145 / 51 8 14 30 20 33 140 AIH IVF-ET ICSI AIH AID AIH IVF-ET ICSI AIH AID IVF-ET ICSI 8 18 10 18 2 3 2 1 5 11 3 3 2020 1-6 1610.05 2020 1-5 16.5 2020 1-6 3019.85 - 2020 1-6 510.18 2020 1-5 -103.4 2020 1-6 -700.11 - 51% 3886.2 20% 51% 16500 3 - P/E 30-40 25 P/E 15 P/E 14 1 P/E 3886.2 51%+ 49% 508.39 15 20% -103.4 - 16000 51% -3454.46 - 2013 PPOS 2019 346 / 51 3 83 22 8 14 270 30 1 AI 2020 8 13 23 10 15 10 3747 / 51 IT 2019 11 22 4 38 IT 4.99% AIH AID IVF 2748 / 51 5.3 2001 20 6 11 2019 60.43% IVF Barry Behr 2010 2015 IVF Japan Group 2016 FISH 2014 3 2 649 / 51 15 P/E 2019A 2020E 2021E 2022E 2019A 2020E 2021E 2022E 603990.SH 32.00 -15.5 13.9 139.4 49.7 112 99 41 28 1951.HK 17.22 145.87 1.96 38.42 21.89 55 84 60 49 Wind 2021 1 22 2020-2022 P/E Wind 750 / 51 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50051 / 51 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065