Stock Codes: 6618 (HKD counter) and 86618 (RMB counter) 股份代號：6618 (港幣櫃台)及 86618 (人民幣櫃台) JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司）(A company incorporated in the Cayman Islands with limited liability) Interim Report 2025 中期報 告 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 管理層討論與分析 | | 14 | 其他資料 | | 29 | 簡明合併財務報表的審閱報告 | | 30 | 簡明合併損益表 | | 31 | 簡明合併綜合收益表 | | 32 | 簡明合併財務狀況表 | | 34 | 簡明合併權益變動表 | | 35 | 簡明合併現金流量表 | | 36 | 簡明合併財務報表附註 | | 57 | 釋義 | 公司資料 董事會 執行董事 金恩林 （首席執行官） 非執行董事 劉強東 （主席） Qingqing Yi 獨立非執行董事 陳興 ...

Core Insights - The China Securities Index for online consumption (931481) has shown a strong increase of 1.45% as of September 5, 2025, with notable gains in constituent stocks such as China Film (600977) up by 10.04% and Giant Network (002558) up by 8.14% [1] - The online consumption ETF (159793) has risen by 2.71%, currently priced at 1.06 yuan, and has accumulated a 5.62% increase over the past month [1] - The ETF is positioned as an AI application ETF, closely tracking the online consumption index, which is expected to benefit from the explosion of AI applications [1] - The current price-to-earnings ratio (PE-TTM) of the online consumption ETF is 22.7, indicating it is at a historical low, being below 84.38% of the time over the past five years [1] Company and Industry Summary - The top ten weighted stocks in the online consumption index account for 51.84% of the total index, with Tencent Holdings (00700) and Alibaba-W (09988) being the largest contributors [2] - The performance of the top ten stocks includes Tencent Holdings up by 2.11% and Alibaba-W up by 1.00%, while JD Health (06618) has decreased by 1.48% [4] - The index includes companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption-related companies in the mainland and Hong Kong markets [1]

Short Selling Ratios - AIA Group Limited (81299) and JD Health (86618) have the highest short selling ratios at 100.00% each, followed closely by JD Group (89618) at 99.04% [1] - Other notable companies with high short selling ratios include BYD Company Limited (81211) at 89.57% and Tencent Holdings Limited (00700) at 84.79% [1] Short Selling Amounts - Alibaba Group (09988) leads in short selling amount with HKD 3.29 billion, followed by Tencent Holdings (00700) at HKD 1.01 billion and Xiaomi Corporation (01810) at HKD 978 million [1] - Other significant short selling amounts include Meituan (03690) at HKD 969 million and BYD Company (01211) at HKD 921 million [1] Deviation Values - JD Group (89618) has the highest deviation value at 45.15%, indicating a significant difference from its average short selling ratio over the past 30 days [1] - Other companies with high deviation values include Xiehe New Energy (00182) at 41.14% and Tencent Holdings (80700) at 38.67% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 京东健康股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06618 | | 說明 | | | | | | | | 多櫃檯證券代號 | 86618 | RMB | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | | USD | | 0 | | 本月底結存 | | | 100,000,000, ...

Group 1 - The top three stocks with the highest short-selling ratios are China Resources Beer (100.00%), Lenovo Group (100.00%), and Anta Sports (100.00%) [1][2] - The top three stocks with the highest short-selling amounts are Alibaba (2.283 billion), Tencent Holdings (1.289 billion), and Xiaomi Group (1.113 billion) [1][2] - The top three stocks with the highest deviation values are China Resources Beer (50.97%), Lenovo Group (46.84%), and Tencent Holdings (44.51%) [1][2] Group 2 - The top ten short-selling ratio rankings include China Resources Beer, Lenovo Group, and Anta Sports, all at 100.00% [2] - The top ten short-selling amounts show Alibaba leading with 22.83 billion, followed by Tencent Holdings and Xiaomi Group [2] - The top ten deviation values highlight China Resources Beer and Lenovo Group with significant deviations from their average short-selling ratios [2]

Core Insights - JD Health Exploration Institute (JDHXLab) presented two chronic disease prediction studies at the European Society of Cardiology Congress, highlighting the potential of e-commerce behavior data and disease trajectory analysis in predicting chronic disease risks [2][5] Group 1: E-commerce Behavior Data Study - The first study linked e-commerce purchasing behavior with health conditions, creating a "category index" covering 13,354 product categories to predict risks for eight common chronic diseases [3] - The model indicated that individuals identified as high-risk had a significantly higher actual disease incidence, with an average risk ratio (RR) of 4.07, suggesting that high-risk individuals are over four times more likely to develop diseases compared to low-risk individuals [3] - Key behavioral features beyond traditional demographic risk factors were identified, such as the purchase of "plus-size clothing," "alcohol," and "smoking accessories," which were significantly associated with obesity risk [3] Group 2: Disease Trajectory Analysis Study - The second study analyzed 207 million medical records from 37.38 million patients in Northern China from 2016 to 2024, constructing a "temporal comorbidity network" involving 351 chronic diseases and 8,672 associated pathways [4] - Cardiovascular-kidney-metabolic (CKM) diseases were found to be central in disease progression, with over half of the common comorbidities for hypertension patients being CKM diseases, including chronic ischemic heart disease (47.79%) and stroke (43.34%) [4] - The research utilized Monte Carlo simulation techniques to predict potential future chronic disease pathways for individuals, aiding in early identification and intervention for high-risk patients [4] Group 3: Industry Implications - These studies provide new methodologies for chronic disease risk prediction, potentially leading to more accurate personal health risk assessments and improved public health management [5] - JD Health aims to deepen research in chronic disease prediction and management, contributing to global health initiatives and encouraging societal focus on chronic disease prevention [5]

Group 1 - FTSE Russell announced changes to the FTSE China 50 Index and FTSE China A50 Index, effective after market close on September 19, 2025 [1] - The FTSE China A50 Index will include companies such as BeiGene Ltd (688235.SH), Xinyisheng (300502.SZ), WuXi AppTec (603259.SH), and Zhongji Xuchuang (300308.SZ) [1] - Companies removed from the FTSE China A50 Index include China National Nuclear Power (601985.SH), China Unicom (600050.SH), Guodian Nanjing Automation (600406.SH), and Wanhua Chemical (600309.SH) [1] Group 2 - The FTSE China A50 Index serves as an important reference for overseas investors, and historical adjustments to the index typically attract significant passive capital from abroad [1] - The FTSE China 50 Index remains unchanged, with only the list of candidate stocks updated to include China Hongqiao Group (01378), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [1]

Group 1 - The core viewpoint of the news highlights a significant rise in Hong Kong's internet healthcare stocks, particularly Ping An Good Doctor, which saw an increase of over 16%, reaching a new high [1] - Companies like Ping An Good Doctor, Alibaba Health, JD Health, and WeDoctor are increasingly investing in AI, which is believed to provide greater capital imagination and allow these platforms to move away from low-margin businesses such as selling drugs, advertising, and appointment bookings [1] - The National Healthcare Security Administration has included AI-assisted diagnosis in the pricing structure, indicating a policy shift that could reshape the cost structure, service radius, and business models in the healthcare industry over the next decade [1] Group 2 - Stock performance data shows that Ping An Good Doctor is priced at 22.740 with an increase of 8.39%, Ark Health at 4.220 with a rise of 6.03%, Alibaba Health at 6.310 with a gain of 3.27%, Dingdang Health at 0.810 with an increase of 2.53%, and JD Health at 63.750 with a rise of 1.11% [2]

Group 1 - The Hong Kong stock market opened higher on September 3, with the Hang Seng Index rising by 0.64% and the Hang Seng Tech Index increasing by 0.99% [1] - Gold stocks strengthened due to the continuous rise in New York gold futures prices, while automotive stocks also showed active performance [1] - The Hang Seng Tech Index ETF (513180) followed the index's upward trend, with major holdings like NIO, Baidu, JD.com, Li Auto, and JD Health leading the gains, particularly NIO which surged over 4% at one point [1] Group 2 - Dongwu Securities indicated that if U.S. PMI and non-farm employment data weaken, it would lower dollar interest rates, directly boosting the valuation of the Hang Seng Tech Index [2] - Conversely, if the data exceeds expectations, rising U.S. Treasury yields could suppress the tech sector [2] - The Hang Seng Tech Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain, with companies like Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD expected to become the "Seven Giants" of Chinese tech stocks [2]

Group 1 - The core viewpoint of the news highlights the integration of AI technologies in the automotive sector, specifically with Tesla's new Model Y L featuring advanced AI models for enhanced user interaction and experience [1] - The online consumption ETF fund is positioned to benefit from the expected growth in AI applications, closely tracking the CSI Hong Kong-Shenzhen Online Consumption Theme Index [1] - As of September 2, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index has decreased by 2.39%, with mixed performance among its constituent stocks [1] Group 2 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index comprises 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of the online consumption sector in the mainland and Hong Kong markets [2] - As of July 31, 2025, the top ten weighted stocks in the index account for 53.33% of the total index weight, including major players like Tencent, Alibaba, and Meituan [2]