Company: NIVFW
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001213900-25-033966
Chunk: 71

Company: NewGenIvf Group Ltd
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 71
---
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion
of our financial condition and results of operations is based upon, and should be read in conjunction with, our audited consolidated financial
statements and the related notes included in this Report. This Report contains forward-looking statements. See “ Forward-Looking
Information.” In evaluating our business, you should carefully consider the information provided under the caption “ Item 3
Key Information - D. Risk Factors” in this Report. We caution you that our businesses and financial performance are subject
to substantial risks, changes and uncertainties.

Unless the context otherwise
requires, all references in this Item 5 to “ NewGenIvf” refers to NewGenIvf Group Limited and its subsidiaries pursuant to
a Business Combination which came to effect on April 3, 2024.

We incorporated by reference the
discussion of the operating results comparing the years ended December 31, 2024 and 2023.

Overview

NewGenIvf is an assisted
reproductive services (“ ARS”) provider in Asia Pacific. Since the establishment of its first clinic in Thailand in 2014, it
has established itself as a long-standing ARS provider in the region. NewGenIvf’s mission is to assist couples and individuals across
Asia Pacific, regardless of fertility challenges that they may face, to fulfil their dreams of building families and to increase their
access to fertility treatments. Its strategic presence in Thailand, Cambodia, and Kyrgyzstan positions the company to take advantage of
opportunities across Asia Pacific.

NewGenIvf is still in the
early stage of materializing its long-term objective of building a comprehensive, sophisticated and high-end ARS platform for its clients
and providing personalized solutions based on NewGenIvf’s brands and client-generated services. NewGenIvf plans to offer full fertility
services for fertility tourists across Asia Pacific, continue to invest in laboratories and facilities updates, increase its brand awareness
and market share, as well as expand service reach through acquisitions and partnerships, which NewGenIvf believes will help expand its
client base and enhance expertise attraction, and in turn strengthen NewGenIvf’s monetization capabilities.

Key Factors Affecting NewGenIvf’s Results of Operations

NewGenIvf’s results
of operation are principally affected by the following factors:

Regulatory environment

The ARS market in Asia-Pacific
region is highly regulated. The implementation and enforcement of laws, regulations and government