Group 1 - JD Health reported Q3 2025 revenue of 17.12 billion yuan, a year-on-year increase of 28.7%, and a Non-IFRS net profit of 1.9 billion yuan, up 42.4% year-on-year [1] - During the 11.11 shopping festival, JD Health's nutrition and health brands achieved over 2,500 related brands with sales doubling year-on-year, and nearly 100 subcategories also saw 100% growth [3] - The company is focusing on a dual-driven model of "super pharmaceutical supply chain + professional medical health services" to enhance its market position [3] Group 2 - JD Health has established a professional nutritionist team to provide scientific nutrition knowledge through live broadcasts and online consultations, addressing consumer decision-making anxiety [4] - The AI nutritionist has handled over 90% of online consultations during the 11.11 event, covering over 200 nutrition categories and providing personalized nutrition advice based on user data [4] - The company aims to deepen its super supply chain layout and integrate global quality nutrition products with professional services to drive the health and nutrition industry towards standardization and precision [4]

Core Viewpoint - JD Health reported strong financial performance for Q3 2025, with revenue of 17.12 billion yuan, a year-on-year increase of 28.7%, and a Non-IFRS net profit of 1.9 billion yuan, up 42.4% year-on-year [1] Group 1: Financial Performance - JD Health achieved revenue of 17.12 billion yuan in Q3 2025, reflecting a 28.7% year-on-year growth [1] - The Non-IFRS net profit for the same period was 1.9 billion yuan, representing a 42.4% increase compared to the previous year [1] Group 2: Market Trends and Consumer Behavior - During the 11.11 shopping festival, JD Health's nutrition and health brands saw transaction volumes double year-on-year, with nearly 100 subcategories also experiencing 100% growth [3] - The trend in China's nutrition consumption is shifting from "general health" to "precise nutrition," focusing on specific groups and scenarios, while consumer decision-making is becoming more rational and evidence-based [3] Group 3: Strategic Initiatives - JD Health is leveraging its "global health new product online launch platform" to establish quality barriers and provide brands with efficient access to the Chinese market [3] - The company has formed partnerships with nine global nutrition and health brands during the recent import expo, aiming to introduce high-quality products to the Chinese market [3] Group 4: Service Innovations - JD Health has established a professional nutritionist team to provide scientific nutrition knowledge through live broadcasts and online consultations, addressing consumer decision-making anxiety [4] - The introduction of the "AI Nutritionist" has enabled over 90% of online nutrition consultations during the 11.11 event to be handled by AI, covering over 200 nutrition categories and serving more than 20 million users [4] - The company aims to deepen its supply chain layout and integrate global nutrition products with professional services to drive the health and nutrition industry towards standardization and precision [4]

大摩指出，京东健康2025年第三季营收同增28.7%，达到171亿元人民币，较市场预期高出4%，这主要 得益于强劲的第一方销售(以药品为主)和广告收入(主要来自营养保健产品)。按产品组合划分，药品维 持30%以上的强劲年增长动能，营养保健产品亦表现稳健，增长约30%，而医疗设备在第三季的增长则 较为缓慢。 摩根士丹利发布研报称，京东健康(06618)管理层有信心达成或超越其2025年营收同增22%的目标，并将 调整后净利润目标上调至62亿元人民币(原先约为56亿至57亿元人民币)。由于毛利率扩张和审慎的成本 控制，调整后营业利润(同比增59.9%)和调整后净利润(同比增42.4%)分别较市场预期高出39%和15%。 ...

Core Viewpoint - Morgan Stanley reports that JD Health (06618) management is confident in achieving or exceeding its 2025 revenue growth target of 22% year-on-year, raising its adjusted net profit target to 6.2 billion RMB from the previous estimate of approximately 5.6 to 5.7 billion RMB [1] Financial Performance - Adjusted operating profit is expected to increase by 59.9% year-on-year, while adjusted net profit is projected to grow by 42.4% year-on-year, both exceeding market expectations by 39% and 15% respectively [1] - For Q3 2025, JD Health's revenue is anticipated to grow by 28.7% year-on-year, reaching 17.1 billion RMB, which is 4% higher than market expectations [1] Revenue Drivers - The strong performance is attributed to robust first-party sales, primarily in pharmaceuticals, and advertising revenue mainly from nutritional health products [1] - By product category, pharmaceuticals maintain a strong year-on-year growth momentum of over 30%, while nutritional health products also show solid growth of approximately 30%. However, the growth of medical devices in Q3 is relatively slow [1]

摩根士丹利发表研报指，京东健康第三季营收年增28.7%，达到171亿元，较市场预期高出4%，这主要 得益于强劲的第一方销售(以药品为主)和广告收入(主要来自营养保健产品)。按产品组合划分，药品维 持30%以上的强劲年增长动能，营养保健产品亦表现稳健，增长约30%。由于毛利率扩张和审慎的成本 控制，调整后营业利润(按年增59.9%)和调整后净利润(按年增42.4%)分别较市场预期高出39%和15%。 京东健康管理层有信心达成或超越其2025年营收年增22%的目标，并将调整后净利润目标上调至62亿元 (原先约为56亿至57亿元)。大摩予京东健康"与大市同步"评级，目标价60港元。 ...

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Technology Index dropping over 2%, while internet healthcare stocks rose against the trend [1] - JD Health reported a revenue of 17.12 billion yuan for Q3 2025, marking a year-on-year increase of 28.7%, and an operating profit of 1.243 billion yuan, up 125.3% year-on-year [1] - JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, Eisai China, and Bayer China [1] Group 2 - The online pharmacy sales share of retail pharmacy terminals increased from 3.2% in 2015 to 32.5% in 2023, driven by factors such as lower prices, a wide variety of products, and improved consumer purchasing habits [2] - Regulatory policies for online pharmaceutical sales have gradually relaxed since 2022, allowing prescription drugs to be purchased online with real-name verification [2]

Market Overview - The Hang Seng Index fell by 1.26%, down 340 points, closing at 26,732 points, while the Hang Seng Tech Index dropped by 2.20% [1] - Early trading volume in the Hong Kong stock market reached HKD 125 billion [1] Hydrogen Energy Sector - The hydrogen energy sector experienced significant gains following the National Energy Administration's encouragement of green hydrogen utilization in coal chemical projects [1] - Reshaping Energy (02570) surged over 55% [1] - Guofu Hydrogen Energy (02582) rose over 11% [1] - Guohong Hydrogen Energy (09663) increased by over 5% [1] - Yihua Tong (02402) saw a rise of 6.8% [1] Pharmaceutical Sector - Basestone Pharmaceuticals-B (02616) increased by over 14% as GIC continued to increase its stake, surpassing 7% ownership [1] - Gilead Sciences (01672) rose over 14%, marking five consecutive days of gains, as it develops ASC36 into a monthly therapy [1] - Laika Pharmaceuticals-B (02105) gained 11.96% after securing a significant BD order worth CNY 2.045 billion for a breast cancer target [1] - Yu Yuan Group (00551) rose over 4% due to an increase in shoe prices and potential market share expansion through overseas capacity growth [1] - JS Global Life (01691) increased by 3.5% as a new product from Joyoung became popular, leading to a two-day stock limit increase for Joyoung Co., Ltd. (002242.SZ) [1] - JD Health (06618) rose by 6.8% post-earnings, with a year-on-year operating profit increase of over 125% and strategic partnerships with several well-known pharmaceutical companies [1] Technology Sector - The Hang Seng Tech Index followed the Nasdaq's decline, dropping over 2% [1] - Alibaba fell by 3.46% [1] - Tencent dropped by 0.91% post-earnings [1] Cryptocurrency Sector - Cryptocurrency-related stocks declined, with Boya Interactive (00434) falling over 5% as Bitcoin dropped below the USD 100,000 mark [2]

考虑到第三季业绩胜预期，该行将2025年收入增长预测由22%上调至23%，并将经调整净利润预测上调 10%至62亿元人民币。针对2026年，虽然公司未有目标指引，该行仍对其增长保持乐观，且不认为O2O 投资会大幅增加。 美银证券发布研报称，京东健康(06618)第三季业绩胜预期，收入同比增长加速至29%，对比上半年为 25%;经调整经营利润维持同比60%快速增长，经调整经营利润率扩张至8%的历史新高。至于第四季， 该行保守维持原有预期，等待流感季节进一步明朗化。目标价由71港元升至75港元，重申"买入"评级。 ...

考虑到第三季业绩胜预期，该行将2025年收入增长预测由22%上调至23%，并将经调整净利润预测上调 10%至62亿元人民币。针对2026年，虽然公司未有目标指引，该行仍对其增长保持乐观，且不认为O2O 投资会大幅增加。 智通财经APP获悉，美银证券发布研报称，京东健康(06618)第三季业绩胜预期，收入同比增长加速至 29%，对比上半年为25%; 经调整经营利润维持同比60%快速增长，经调整经营利润率扩张至8%的历史 新高。 至于第四季，该行保守维持原有预期，等待流感季节进一步明朗化。目标价由71港元升至75港 元，重申"买入"评级。 ...

针对2026年，虽然公司未有目标指引，该行仍对其增长保持乐观，且不认为O2O投资会大幅增加；目标 价由71港元上调至75港元，重申"买入"评级。 美银证券发表研究报告指，京东健康第三季业绩胜预期，收入按年增长加速至29%，经调整经营利润维 持按年60%快速增长，经调整经营利润率扩张至8%的历史新高。该行将2025年收入增长预测由22%上调 至23%，并将经调整净利润预测上调10%至62亿元。 ...