Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 67

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 4
Chunk 67
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 31, 2024 and 2023, the majority of NewGenIvf’s clients were from China (including mainland China and Hong Kong). The
number of Thai and Cambodian local patients generally increased in 2023 and 2024 compared with earlier years due to the impact of COVID-19
on international travel. NewGenIvf enters into a verbal contract with each of its customers that outline, among other things, the scope
of services, service fees, payment terms and rights, responsibilities and obligations of each party. Consent is obtained from the patients
prior to the provision of the various treatments. Customers are not entitled to enjoy the relevant services until outstanding amounts
have been settled pursuant to the relevant contract. Sales to individual consumers did not vary significantly and none of the customers
contribute more than 10% of NewGenIvf’s revenue for the years ended December 31, 2024 and 2023.

In addition to significant
customers using NewGenIvf’s IVF treatment services and surrogacy and ancillary caring services, NewGenIvf also has customers who
utilize the access to the freezing and storage facility and other relatively insignificant services, such as check-ups services, blood
test services and other minor services (the latter category of customers are referred to as “consultation customers”).

Sales and Marketing

For the years ended December 31,
2024 and 2023, NewGenIvf promoted brand awareness through its sales teams and, in many cases, through cooperating with third-party agencies
and partners.

NewGenIvf’s sales teams
have broad experience in fertility services and are responsible for identifying potential clients and managing the overall sales process.
NewGenIvf’s sales team primarily relies on social media marketing, word-of-mouth referrals, recognition of its brand, printed advertisements
and marketing events. NewGenIvf spends marketing expenses on placing advertisements through popular social media platforms, maintaining
the official website of NewGenIvf and sending information through its official accounts on social media platforms.

Supply and Procurement

NewGenIvf’s procurement
is mainly for medications, laboratory media and reagents, laboratory consumables, and blood test reagents. As of December 31, 2024
and 2023, there were Nil and one supplier individually contributed more than 10% of the Group’s trade payable respectively, in aggregate
accounting for Nil% and 30.6% of the Group’s trade payables, respectively. For both the