消息面上，野村发表报告，预计京东健康2025年下半年业绩将好过市场预期，主要因2025年第四季流感 病例激增带动药品需求上升。该机构预估京东健康2025年第四季营收将达200亿元人民币，按年增长 22%，受惠来自药品/营养品/医疗器材业务分别实现30%、20%及10%按年销售增长。2025年第四季流感 病例扩散带动相关药品，占药品销售额高单位数百分比，及医疗设备如家用氧气浓缩机销售。与此同 时，营养品牌在2025年第四季持续推行有效营销活动，强化其稳健增长态势。 中金发布研报称，考虑到原研品类放量趋势依旧且流感品种需求强劲，上调京东健康25年及26年收入预 测2%至725亿元及817亿元，同时考虑毛利率改善趋势及潜在利息收入波动的综合影响，该行分别上调 25年及26年non-IFRS净利润4%及1%至65亿元及64亿元。首次引入27年收入预测912亿元及non-IFRS净 利润预测68亿元。考虑到近期板块表现略有波动，基于SOTP维持目标价71.4港币不变(23%上行空间)， 维持跑赢行业评级。 金吾财讯 | 京东健康(06618)股价上行，截至发稿，涨5.58%，报61.45港元，成交额2.3亿港元。 消息 ...

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HKD 77.40 [7][18]. Core Insights - JD Health is expected to continue strong revenue growth in 4Q25, with a projected year-on-year increase of 22.7% to RMB 20.26 billion, driven by the increasing online penetration of pharmaceuticals and the company's competitive advantages in supply chain management [2][15]. - The company is anticipated to achieve a non-IFRS operating profit of RMB 260 million in 4Q25, reflecting a non-IFRS operating profit margin of 1.3%, an improvement of 0.4 percentage points year-on-year [2]. - The report highlights the importance of monitoring the supply iteration of new medical products, the impact of weight-loss drugs entering the medical insurance list, the penetration of AI medical applications, and the expansion of JD Health's O2O business [1]. Revenue and Profit Forecast - JD Health's total revenue for 4Q25 is expected to grow by 22.7% year-on-year to RMB 20.26 billion, with pharmaceuticals projected to see over 30% growth in GMV [2][15]. - For the full year of 2025, revenue is forecasted to increase by 25% to RMB 72.7 billion, with a non-IFRS operating profit of RMB 4.11 billion, corresponding to a non-IFRS operating profit margin of 5.7%, an improvement of 1.2 percentage points year-on-year [2][15]. Offline Business Development - JD Health is set to open over 200 new offline pharmacy stores in the second half of 2025, with 150 stores expected to open in 4Q25, enhancing user reach and brand exposure [3]. - The company's medical insurance payment coverage has expanded to 8 cities, including Shanghai, which is anticipated to drive user penetration and performance growth [3]. New Product Launches and AI Integration - JD Health continues to strengthen partnerships with upstream medical brands, achieving multiple collaborations for new drug launches, thereby enhancing its channel value [4]. - The report notes the positive reception of JD Health's AI doctor, which has achieved a satisfaction rate of 98%, reinforcing its capabilities in internet medical services [4]. Profitability Adjustments - The profit forecasts for 2025-2027 have been raised by 11.6%, 15.6%, and 22.4% respectively, due to improved revenue expectations and the anticipated release of operating leverage [5][15]. - The target valuation for 2026 has been adjusted to a non-IFRS PE of 30.0x, reflecting a premium over comparable companies, driven by JD Health's efficiency in the pharmaceutical market and its advantages in AI medical applications [18].

Core Viewpoint - Nomura forecasts that JD Health's performance in the second half of 2025 will exceed market expectations, primarily driven by a surge in flu cases in the fourth quarter, leading to increased demand for pharmaceuticals [1] Revenue Projections - Nomura estimates that JD Health's revenue in the fourth quarter of 2025 will reach 20 billion yuan, representing a year-on-year growth of 22% [1] - The growth is attributed to the pharmaceutical, nutritional, and medical device segments, which are expected to achieve year-on-year sales growth of 30%, 20%, and 10% respectively [1] Market Drivers - The spread of flu cases in the fourth quarter is expected to significantly contribute to pharmaceutical sales, accounting for a high single-digit percentage of total pharmaceutical revenue [1] - Sales of medical devices, such as home oxygen concentrators, are also anticipated to increase due to the flu outbreak [1] Marketing Strategies - Nutritional brands are expected to continue effective marketing campaigns in the fourth quarter, reinforcing their robust growth trajectory [1]

Core Viewpoint - CICC has raised JD Health's revenue forecasts for 2025 and 2026 by 2% to 72.5 billion yuan and 81.7 billion yuan respectively, driven by the ongoing growth of original drug categories and strong demand for flu products [1] Group 1: Revenue Performance - The company is expected to show strong revenue growth, with a projected year-on-year increase of nearly 25% for the entire year of 2025, supported by the continuous release of original drugs and the rising demand for flu prevention since Q4 2025 [2] - In the first three quarters of 2025, the company achieved a quarterly revenue growth rate of approximately 25% year-on-year [2] Group 2: Profitability Outlook - The company's non-IFRS net profit margins for the first three quarters of 2025 were 10.6%, 9.7%, and 11.1%, showing varying degrees of improvement year-on-year, primarily due to increased advertising and marketing investments by pharmaceutical and health product companies [3] - Despite the typical increase in expenditures during Q4 2025, the company is expected to maintain a stable profit margin for the year, reflecting strong competitive capabilities [3] - The company has significant cash reserves, and potential fluctuations in interest income due to interest rate cuts may impact non-IFRS net profit in the coming quarters [3]

Group 1 - The core viewpoint is that JD Health's revenue forecasts for 2025 and 2026 have been raised by 2% to 72.5 billion and 81.7 billion respectively, driven by the strong demand for flu products and the ongoing trend of original research products [1] - The company is expected to achieve a year-on-year revenue growth of approximately 25% in 2025, with strong quarterly performance observed in the first three quarters [2] - The non-IFRS net profit for 2025 and 2026 has been adjusted upwards by 4% and 1% to 6.5 billion and 6.4 billion respectively, with a new revenue forecast for 2027 set at 91.2 billion and non-IFRS net profit at 6.8 billion [1] Group 2 - The company has shown a steady improvement in non-IFRS net profit margins, with rates of 10.6%, 9.7%, and 11.1% in the first three quarters of 2025, attributed to increased marketing investments by pharmaceutical and health product companies [3] - Despite the potential fluctuations in interest income due to cash management strategies, the overall profit performance is expected to remain robust, reflecting the company's strong competitive position [3] - The company has signed strategic cooperation agreements with major pharmaceutical firms, enhancing its business model for new drug launches [2]

Core Insights - The demand for health supplements, particularly ginseng, has surged during the New Year holiday, with sales increasing by 55% year-on-year according to JD Health's data [1] - JD Health has established a "one ginseng, one certificate" quality traceability system, allowing consumers to verify product origins, growth years, and testing results through QR codes [1][3] Group 1: Industry Overview - Jilin Province is recognized as the original and core production area for ginseng in China, benefiting from unique ecological conditions and extensive cultivation experience [3] - The province has developed a comprehensive ginseng industry system that integrates planting, processing, and research, positioning itself as a key player in the global ginseng market [3] - JD Health is collaborating with Jilin Province to enhance the ginseng industry from a resource advantage to a brand and value advantage, promoting high-quality, traceable ginseng products [3] Group 2: Product Standards and Quality Control - In 2023, JD Health, in collaboration with authoritative institutions, launched the "JD Good Ginseng" standards, which set clear and strict requirements for ginseng definition, age labeling, and testing certification, exceeding national standards in some areas [3] - JD Health applies rigorous quality control and traceability systems to both everyday health supplements and high-grade, rare ginseng resources, ensuring a regulated display and certification environment [4] - A notable auction of a century-old wild ginseng from Changbai Mountain showcased a specimen weighing 123 grams, surpassing national standards for premium wild ginseng [4] Group 3: Future Developments - JD Health plans to continue enhancing its quality control standards and traceability systems while deepening collaboration with local governments and industry in Jilin Province to promote standardized, transparent, and scalable development of health supplements [5]

京东健康(06618)发布公告，于2026年1月1日，公司根据首次公开发售后股份奖励计划向承授人授出了 涉及53.65万股新股份的53.65万股奖励股份，约占于授出日期已发行股份总数的0.02%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 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） （股份代號：6618（港幣櫃台）及86618（人民幣櫃台）） 授出股份獎勵 董事會宣佈，於2026年1月1日，本公司根據首次公開發售後股份獎勵計劃向承授人授出 了涉及536,489股新股份的536,489股獎勵股份，約佔於授出日期已發行股份總數的0.02%。 授出的詳情如下： (iii) 86,560股獎勵股份將於授出日期起1至4年內歸屬。 授出74,078股獎勵股份的歸屬期間少於12個月，原因為該 等股份為出於行政管理原因在一年內分批授出的部分獎 勵。 1 授出日期： 2026年1月1日 承授人： 本集團僱員（不包括本集團董事及高級管理人員） 授出的對價： 零 授出獎勵股份的數目： 536,489股 授出日期股份的市價： 每股55.500港元 （附註） 歸屬期間： (i) 61,494股獎勵 ...

Core Viewpoint - The Hong Kong stock market's Hang Seng Technology Index achieved a remarkable annual increase of 23.45% in 2025, marking its best performance since 2020, with 22 out of 30 constituent stocks rising [1] Group 1: Stock Performance - Among the 30 constituent stocks, notable performers included Hua Hong Semiconductor, which surged by 243.19%, Horizon Robotics with a rise of 140.56%, and SMIC increasing by 124.69% [1] - Other significant gainers were JD Health at 97.51%, Alibaba-W at 77.50%, Xpeng Motors-W at 70.10%, Baidu Group-SW at 59.01%, and Tencent Music-SW at 58.44% [1][2] Group 2: Investment Preferences - The first tier of investment preference is in semiconductor manufacturing (Hua Hong, SMIC) and core AI chips (Horizon Robotics), reflecting a strong focus on hard technology and domestic substitution logic [1] - The second tier includes growth sectors such as smart electric vehicles (Xpeng, Li Auto), AI applications (Baidu, SenseTime), and digital health (JD Health), which benefit from industry trends but still face competitive and profitability uncertainties [1] - The third tier consists of value recovery in platform internet giants (Alibaba, Tencent) and mature applications (NetEase, Kuaishou, Tencent Music), with gains primarily driven by profit realization and value reassessment through dividends and buybacks, categorized as "high-quality mature assets" [1]

Core Insights - The Hong Kong stock market closed 2025 with the Hang Seng Index rising by 27.77%, marking its best annual performance since 2017 [1] - Among the constituents of the Hang Seng Index, China Hongqiao surged by 203.72%, leading the gains, followed by Zijin Mining at 162.29%, and SMIC at 124.69% [1][2] Group 1: Performance Highlights - China Hongqiao's stock price reached 32.620 with a year-to-date increase of 203.72% [2] - Zijin Mining's stock price was 35.660, reflecting a year-to-date rise of 162.29% [2] - SMIC's stock price stood at 71.450, with a year-to-date increase of 124.69% [2] - Hansoh Pharmaceutical increased by 113.33% year-to-date, with a stock price of 36.080 [2] - Pop Mart's stock price was 37.700, showing a year-to-date rise of 111.46% [2] - Innovent Biologics saw a year-to-date increase of 108.33%, with a stock price of 76.250 [2] - Chow Tai Fook's stock price was 12.390, reflecting a year-to-date increase of 100.16% [2] - China Biologic Products had a stock price of 6.180, with a year-to-date rise of 98.71% [2] - JD Health's stock price was 55.500, showing a year-to-date increase of 97.51% [2] - China Life's stock price stood at 27.380, with a year-to-date increase of 96.60% [2] Group 2: Sector Analysis - The performance of the top stocks reflects four main themes: cyclical resources, hard technology, innovative pharmaceuticals, and niche consumption [1] - Stocks like China Hongqiao and Zijin Mining benefited from global inflation and industrial demand [1] - SMIC represents the core of domestic substitution and technological self-reliance [1] - Companies like Hansoh and Innovent are being valued for genuine innovation and international pricing [1] - Niche consumption sectors, represented by Pop Mart, Chow Tai Fook, and JD Health, demonstrate strong vitality even in a weak recovery environment [1]