Company: NIVFW
Filing Date: 2025-08-21
Form Type: DRS
Source: 0001213900-25-079301
Chunk: 118

Company: NewGenIvf Group Ltd
Filing Date: 2025-08-21
Form: DRS
Chunk 118
---

into a violent scam ring in an unnamed Southeast Asian country after accepting lucrative overseas job offers, and the continuing social
media coverage may have brought fears and safety concerns to Chinese tourists of being scammed and kidnapped in Thailand and Cambodia.
In addition, in October 2023, a 14-year-old with a gun opened fire in a luxury shopping mall in downtown Bangkok, killing two people and
injuring five in one of Thailand’s most popular tourist destinations. These conditions may cause NewGenIvf difficulty in attracting
clients from the PRC to travel to Thailand, Cambodia and Kyrgyzstan for NewGenIvf’s services, which could materially and adversely
affect NewGenIvf’s operations and financial results.

Given the uncertainty of the
local and global conditions and the countries’ future policy regarding international traveling, all of which are beyond NewGenIvf’s
control, NewGenIvf’s results of operation may be materially and adversely affected by any changes in international travelling conditions.

<div align='center'>67</div>

Key Components of Results of Operations

NewGenIvf’s revenues
were derived from two types of services: IVF treatment services and surrogacy and ancillary caring services.

Revenue

The following table sets forth
a breakdown of NewGenIvf’s revenue by the types of services, in absolute amounts and as percentages of total revenue, for the periods
indicated.

|                                         |     | For the Year ended December 31, |      2024 |     |   |       |     |     |      2023 |     |   |       |
|:----------------------------------------|:----|:--------------------------------|----------:|:----|:--|------:|:----|:----|----------:|:----|:--|------:|
|                                         |     | US$                             |           |     | % |       |     | US$ |           |     | % |       |
| IVF treatment services(1)               |     |                                 | 5,433,375 |     |   | 100.0 |     |     | 4,021,696 |     |   |  78.3 |
| Surrogacy and ancillary caring services |     |                                 |         - |     |   |     - |     |     | 1,114,457 |     |   |  21.7 |
| Total revenues                          |     |                                 | 5,433,375 |     |