活动现场，许多健康养老好物也与老人们见面。鱼跃电动轮椅轻便灵活，三诺电子血压仪伸手即测，科 大讯飞助听器、迈德斯特电动护理床、医仑特折叠洗澡椅等适老健康产品，让老年人获得便捷舒适的产 品体验。同时，老金磨方黑芝麻丸、银善存多维元素片等健康产品也让老年人有了更多选择。此外，京 东健康的皮肤检测、春季流感检测、护士到家中医按摩调理服务等项目，也被更多活动参与者所了解。 随着我国老龄化进程的加速，银发经济正成为社会关注的焦点。为了更好地服务老年群体，倡导健康养 老的生活方式，4月15日，京东健康在北京陶然亭公园举办了一场别开生面的"老友迎春会"。此次活动 不仅为老年人提供了一个集健康服务、娱乐互动和社交于一体的场合，更是京东健康在推动健康养老产 业高质量发展方面的一次积极探索。 "老友迎春会"精彩纷呈 活动被"点赞" 活动当天，陶然亭公园洋溢着活力与温暖。活动现场设置了多个板块，将健康服务、互动游戏、文艺表 演和养老产品体验有机融合，为老年人带来一场丰富多彩的春日盛会。 在健康服务方面，由三甲医院医生、心理咨询师、京东健康全职营养师、京东护士到家服务团队、之业 堂推拿正骨医师等组成的京东健康专家团，为老年人提供免费 ...

近日，南京正大天晴旗下希诺彤®(通用名：罗沙司他胶囊)与晴万瑞®(通用名：瑞戈非尼)在京东健康全 网首发。这两款重磅新药的上线，将为慢性肾脏病贫血患者及肿瘤患者提供全新的治疗选择。京东健康 将充分发挥其全渠道供应链和全场景医疗健康服务能力，全面提升药品可及性。 当前，慢性肾脏病已经成为中国重要的公共健康问题。贫血是慢性肾脏病患者最常见的并发症之一，肾 性贫血可加速慢性肾脏病进展，增加透析频率、住院率，严重影响生活质量和疾病预后。而在肿瘤治疗 领域，肝癌、肠癌等恶性肿瘤发病率居高不下，晚期患者治疗选择有限，亟需更多创新药物突破治疗瓶 颈。希诺彤®和晴万瑞®的上市，正是针对这些未满足的临床需求，为患者带来新的用药方案。 希诺彤®(罗沙司他胶囊)于2024年12月17日获批上市，适用于慢性肾脏病引起的贫血，涵盖透析和非透 析患者。罗沙司他是一种小分子低氧诱导因子脯氨酰羟化酶抑制剂(HIF-PHI)类治疗肾性贫血的药物， 具有全新作用机制，与现有常规治疗药物相比，可口服给药，在提高铁利用率、无需静脉补铁等方面具 有临床优势。作为国产罗沙司他，希诺彤®通过了严格的质量和疗效一致性评价，确保了与原研药相当 的疗效和安全性 ...

Core Viewpoint - JD Health collaborates with the Civil Aviation Administration of China to enhance smart healthcare and patient services, aiming to improve hospital operational efficiency and patient experience [1][2]. Group 1: Collaboration Details - The partnership focuses on multiple areas including smart healthcare, supply chain services, and patient services [1]. - JD Health will leverage its strengths in pharmaceutical supply chain, medical big data, and artificial intelligence to provide comprehensive technical support to the Civil Aviation General Hospital [1]. - The collaboration aims to create an AI-based patient service system, utilizing JD Health's large model product, JD Zhuoyi (JOY DOC), to offer solutions like intelligent triage and pre-appointment registration [1]. Group 2: Service Innovations - The initiative promotes a new model of healthcare that combines online and offline services, enhancing convenience for patients [2]. - JD Health will provide online platforms, technical services, and operational support to the Civil Aviation General Hospital, including home nursing services such as intravenous blood collection and post-operative care [1][2]. - The collaboration will also explore the integration of JD Logistics' supply chain capabilities to offer comprehensive pharmaceutical logistics services, ensuring efficient access to necessary medications and materials [2]. Group 3: Future Directions - Both parties plan to deepen their cooperation and explore more innovative models and services to provide convenient, efficient, and high-quality healthcare services [2].

Core Insights - The 2025 Wuzhen Health Conference, featuring a special session by JD Health, focused on the theme of "Unlocking New Growth Curves through Digital Transformation" in the pharmaceutical and health industry [1] - JD Health is leveraging innovative practices and comprehensive growth strategies to invigorate the pharmaceutical health sector amid a dual-driven transformation by policy and market forces [1] Industry Overview - The pharmaceutical industry is undergoing significant changes driven by both policy and market dynamics, with the normalization of national drug procurement accelerating the outflow of prescriptions [1] - The opening of online medical insurance payment policies is expected to release a market potential worth trillions, while the awakening of user health awareness is creating diverse demands [1] Company Strategy - JD Health, as a leading pharmaceutical retail channel, is building an ecological closed loop through four capabilities: "omni-channel marketing, full-scenario coverage, infinite shelf, and AI-driven" [2] - The company has achieved a 45% extension in the chronic disease medication cycle (DOT) and has successfully launched multiple popular products through its "infinite shelf" model [2] Marketing and User Engagement - JD Health has broken down traffic barriers by achieving efficient collaboration between online and offline channels, providing brands with precise user reach and effective traffic conversion [2] - The company utilizes the Jingzhun Tong platform to offer brands controllable advertising marketing tools, aiding in user engagement and brand sales growth [2] Service Capabilities - JD Health has established a service closed loop encompassing "medicine + testing + diagnosis + drugs" through its internet hospital platform and home testing services [3] - The company plans to expand its capabilities in niche areas such as traditional Chinese medicine and DTP pharmacies, aiming to create an integrated online and offline super pharmacy ecosystem [3] Future Outlook - The special session at the 2025 Wuzhen Health Conference showcased JD Health's innovative practices and provided valuable insights for the future development of the pharmaceutical health industry [3] - Through digital upgrades, user experience reconstruction, and comprehensive growth strategies, JD Health is collaborating with industry partners to pioneer a new future in the pharmaceutical health sector [3]

Core Insights - JD Health and United Imaging's subsidiary, United Imaging Microelectronics, have formed a strategic partnership to promote innovative medical technology products, particularly focusing on hearing aids for the hearing-impaired population [1][2] Group 1: Strategic Partnership - The partnership was announced at the 91st China International Medical Equipment Fair (CMEF) [1] - JD Health will exclusively launch United Imaging's new hearing aid series, uOrigin u16, in 2025, along with the u12 Lite model [1][2] - Both companies aim to leverage their strengths to explore innovative models in the hearing health sector [2][3] Group 2: Product Features - The uOrigin u16 hearing aid features 64 signal processing channels and 16 software adjustable channels, tailored for Chinese language characteristics [2] - The product utilizes AI technology for enhanced performance in noise reduction, battery life, and customization [2] - United Imaging also introduced a remote professional fitting service during the CMEF, providing personalized support for hearing rehabilitation [2] Group 3: Market Context - The hearing aid market is experiencing rapid growth due to an aging population and increasing demand for hearing health solutions [2] - JD Health is committed to utilizing internet technology to provide comprehensive medical health solutions [2] - United Imaging has a strong background in high-end medical equipment and AI, which supports the development of hearing aids suitable for Chinese users [2][3]

Core Insights - JD Health and United Imaging's subsidiary, United Imaging Microelectronics, have formed a strategic partnership to promote innovative medical technology products, specifically focusing on hearing solutions for the hearing-impaired population [1][2] Group 1: Strategic Partnership - The partnership was formalized at the 91st China International Medical Equipment Fair (CMEF) with the exclusive launch of United Imaging's new hearing aid series, uOrigin u16, on JD Health [1] - The collaboration aims to leverage JD Health's platform advantages and United Imaging's technological expertise to explore innovative models in the hearing health sector [2][3] Group 2: Product Features - The uOrigin u16 hearing aid features 64 signal processing channels and 16 software-adjustable channels, tailored for Chinese language characteristics to enhance listening clarity and comfort [2] - United Imaging also introduced the uOrigin u12 Lite hearing aid and a remote professional fitting service during the CMEF, providing comprehensive support for hearing rehabilitation [2] Group 3: Market Context - The hearing aid market is experiencing rapid growth due to increasing demand driven by an aging population and heightened awareness of hearing health [2] - JD Health is actively exploring internet technology to provide one-stop medical health solutions, emphasizing the importance of the hearing aid business's rapid development [3]

Core Viewpoint - The article highlights the importance of comprehensive management for constipation and digestive system diseases, emphasizing the role of JD Health in providing accessible and professional health services for patients [1][2][4]. Group 1: Disease Prevalence and Impact - Constipation affects 4% to 6% of adults in China, with the prevalence increasing with age, reaching up to 22% in individuals over 60 years old [2]. - Long-term constipation can lead to serious health issues, including abdominal pain, anal diseases, and cardiovascular problems [2]. Group 2: Comprehensive Health Services - JD Health advocates for a full-cycle management approach for constipation, offering services from prevention and diagnosis to treatment and rehabilitation [2]. - The platform provides extensive educational content on symptoms, causes, prevention, and treatment of digestive system diseases, presented in an easy-to-understand format [2]. Group 3: Diagnostic and Treatment Support - JD Health integrates online and offline resources to facilitate convenient online consultations with top digestive specialists from renowned medical institutions [2]. - The company offers a wide range of medications and personalized medication guidance from professional pharmacists, ensuring safe and effective treatment [3]. Group 4: Long-term Health Management - JD Health employs big data analysis to provide personalized health assessments and management recommendations, including dietary adjustments and exercise plans [3]. - The company collaborates with offline pharmacies and medical institutions to create a comprehensive healthcare network, enhancing service accessibility and efficiency [3]. Group 5: Future Directions - JD Health aims to continue innovating service models to provide more professional, convenient, and efficient health services for constipation patients, while promoting standardized diagnosis and management of digestive system diseases [4].

Core Viewpoint - JD Health is leveraging AI to enhance medical health services, focusing on high-quality development through AI-driven solutions in health management and patient care [1][2]. Group 1: AI in Healthcare - AI is recognized as a new production factor that should address deep-rooted issues across various industries, particularly in healthcare [2]. - JD Health's "Jingyi Qianxun" medical model has been fully open-sourced, making it the first vertical model in the domestic healthcare sector to do so, which will lower the development barriers for medical AI applications [2][3]. - The AI diagnosis assistant 2.0 boasts a triage accuracy rate of 99.5%, with a 120% increase in electronic medical record writing efficiency and over 90% problem-solving rate [3]. Group 2: AI Products and Services - JD Health has launched several AI-driven services, including the intelligent health assistant "Kangkang" and the AI psychological companion "Therapeutic Little Universe," creating an online medical service ecosystem [3]. - The AI doctor digital entity is designed to provide 24/7 responses to patient inquiries, enhancing the efficiency of medical services [3]. Group 3: Data Security and Privacy - The company emphasizes that AI models learn from de-identified "knowledge data" rather than clinical data, addressing data security and privacy concerns [3]. - Patients are informed about the use of their data, allowing them to choose between protecting or sharing their information [3]. Group 4: Future Directions - JD Health aims to continuously explore the potential of AI in healthcare, focusing on technological innovation to build a safer, more efficient, and convenient medical service system [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5][3]. Core Insights - The company reported a revenue of 58.2 billion (+8.6%) for the full year 2024, with a notable increase in service revenue by 18.9% to 9.4 billion, reflecting a strategic focus on expanding market share [1]. - Non-IFRS net profit reached 4.79 billion (+15.9%), with a significant increase in attributable net profit by 94.3% to 4.16 billion, showcasing strong profitability growth [1][3]. - The company is leveraging AI technology and digital tools to enhance operational efficiency, resulting in a reduction of administrative costs by 1.3 percentage points [2]. Financial Summary - The company achieved a gross profit of 13.3 billion (+12.2%) with a gross margin of 22.9% (+0.7 percentage points) in 2024 [1]. - The projected revenues for 2025, 2026, and 2027 are 66.9 billion, 76.1 billion, and 86.5 billion respectively, with attributable net profits expected to be 3.59 billion, 4.13 billion, and 4.79 billion [3][4]. - The earnings per share (EPS) are forecasted to be 1.12, 1.29, and 1.50 yuan for the years 2025, 2026, and 2027 respectively [3][4]. User Growth and Market Position - The company has expanded its active user base to 184 million (+6.6%), with an average revenue per user (ARPU) of 317 yuan (+2.0%) [1]. - Daily online consultations have exceeded 490,000 (+8.9%), indicating a strong demand for its services [2]. - The integration of AI in healthcare services is expected to open new commercial pathways, particularly in B2B services, under the supportive policy environment for "AI + healthcare" [2].

Core Viewpoint - The report from Huaxing Securities indicates that JD Health is expected to achieve steady growth in product sales in 2024, supported by an optimized multi-channel layout and enhanced collaboration with well-known pharmaceutical companies [1] Group 1: Product Sales Growth - In 2024, JD Health achieved product sales revenue of 48.8 billion yuan, with the second half of the year impacted by a high base from the previous year [1] - The company is continuously optimizing its multi-channel business layout, enhancing collaboration between online platforms and instant retail, which is expected to lead to steady sales growth in 2025 [1] - JD Health has deepened partnerships with domestic and international pharmaceutical companies, achieving breakthroughs in new drug launches, multi-channel expansion, and digital marketing, while also improving user experience and repurchase rates [1] Group 2: Supply Chain and Healthcare Ecosystem - JD Health is strengthening its pharmaceutical health supply chain capabilities and increasing support for third-party merchants, with over 100,000 third-party merchants on the platform by the end of 2024 [1] - The company is actively promoting online medical insurance payment services, covering 18 cities nationwide and connecting with over 3,000 designated medical insurance pharmacies [1] - JD Health is accelerating the advancement of smart healthcare and digital innovation, launching AI health assistant "Kangkang" and AI psychological companion "Liaoyu Xiaoyuzhou," and collaborating with Wenzhou Medical University First Affiliated Hospital to build a new generation of smart hospitals [1]