Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 77

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 77
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          -                   34,038        0.7  
  Kyrgyzstan                                               2,656,596       48.9                3,123,593       60.8  
  Cambodia                                                   601,526       11.1                  621,619       12.1  
  Thailand                                                 2,175,253       40.0                1,356,903       26.4  
  Total revenues                                           5,433,375      100.0                5,136,153      100.0  

NewGenIvf’s revenue
results are affected by, among others, changes in sales price and the fluctuation of foreign currency rates with US dollars. A 5% change
in sales price would cause 5% change in NewGenIvf’s revenue. Based on the breakdown of the revenue contribution in terms of currencies
used by customers for 2024, a 5% change in foreign currency rates with US dollars would cause approximately 2.4% change in NewGenIvf’s
revenue.

IVF treatment services

NewGenIvf generated revenue
from IVF treatment services provided at facilities that NewGenIvf operated in Thailand and Cambodia. In addition, NewGenIvf also recognized
revenues from IVF treatments included in surrogacy services performed in Kyrgyzstan. NewGenIvf’s revenue from IVF treatment service
amounted to US$5,433,375 and US$4,021,696, representing approximately 100% and 78.3% of its total revenues in 2024 and 2023, respectively.

IVF treatment involves the
performance of a series of medical treatment as well as procedures and eventually brings benefits to clients when embryo is successfully
implanted. Revenue from IVF treatment is recognized at a point in time when different treatment and/or procedure completed in clinic.
The completion of the respective treatments and/or procedures are evidenced by treatment cards and reports maintained in the patient files
indicating successful completion of respective promised obligations.

Surrogacy and ancillary caring services

NewGenIvf also generated
revenue of US$1,114,457 from surrogacy and related ancillary caring services, approximately 21.7% of its total revenue in 2023, provided
at facilities that NewGenIvf operated in Kyrgyzstan. In 2024, due to the reorganization of the Kyrgyzstan operations, NewGen