Core Insights - JD Health and H&H Group have signed a strategic cooperation agreement aiming for a combined business target of 10 billion yuan over the next three years, marking an upgrade to a comprehensive and deep strategic partnership after ten years of close collaboration [1][2] Group 1: Partnership Details - The partnership will focus on enhancing supply chain efficiency, user health management, and data-driven innovation, leveraging JD Health's integrated sales and supply chain capabilities to effectively reach target users for H&H Group's diverse nutrition product lines [2] - H&H Group's CEO, Li Fengting, emphasized the importance of JD Health as a key partner in the Chinese market, aiming to integrate global quality nutrition resources with JD Health's digital technology and user insights [2] Group 2: Market Context - The collaboration comes amid a backdrop of continuous upgrades in health consumption, aiming to drive the health industry towards a more professional, systematic, and personalized development phase, providing richer health products and more convenient shopping experiences for Chinese families [3]

针对黄褐斑易复发的痛点，孚立美®在8周标准治疗后可采用梯度维持方案：第9周至12周隔天一 次，第13周至16周每周两次，第17周至20周每周一次，有效降低复发风险，让祛斑效果更持久。 目前，孚立美®已在京东健康正式开启独家预约，用户可通过京东APP搜索"孚立美"，在线咨询专 业医师后完成处方开具与购买，足不出户即可获得规范治疗方案。针对首次预约用户，还可享受医师一 对一用药指导、全程疗效跟踪等专属服务，让科学祛斑更省心、更安心。 （编辑 郭之宸） 本报讯 （记者梁傲男）12月25日，孚诺医药旗下新药孚立美®氟轻松氢醌维A酸乳膏在京东健康开 启独家预约，为中重度黄褐斑患者带来科学祛斑新方案。用户通过京东APP搜索"孚立美"即可预约。 黄褐斑的发病与遗传、日光照射、激素变化密切相关，尤其多见于30-39岁育龄女性、妊娠后女 性、长期日晒或熬夜的职场人群。孚立美®适用于在防晒措施下，对面部中、重度黄褐斑的短期治疗， 无论是活动期的基础治疗，还是稳定期联合光电治疗的辅助方案，均被《中国黄褐斑诊疗专家共识 （2021版）》推荐为一线用药。 作为国内首款获批的Kligman配方制剂，孚立美®配方包含0.01%氟轻松、4% ...

本报讯(记者梁傲男)12月25日，孚诺医药旗下新药孚立美氟轻松氢醌维A酸乳膏在京东健康开启独家预 约，为中重度黄褐斑患者带来科学祛斑新方案。用户通过京东APP搜索"孚立美"即可预约。 黄褐斑的发病与遗传、日光照射、激素变化密切相关，尤其多见于30-39岁育龄女性、妊娠后女性、长 期日晒或熬夜的职场人群。孚立美适用于在防晒措施下，对面部中、重度黄褐斑的短期治疗，无论是活 动期的基础治疗，还是稳定期联合光电（300691）治疗的辅助方案，均被《中国黄褐斑诊疗专家共识 (2021版)》推荐为一线用药。 作为国内首款获批的Kligman配方制剂，孚立美配方包含0.01%氟轻松、4%氢醌、0.05%维A酸三种精准 配比的活性成分，三者协同发力：氢醌强效阻断黑素生成，维A酸加速色素脱落并促进药物渗透，氟轻 松则减轻皮肤刺激、稳定皮肤状态。 针对黄褐斑易复发的痛点，孚立美在8周标准治疗后可采用梯度维持方案：第9周至12周隔天一次，第13 周至16周每周两次，第17周至20周每周一次，有效降低复发风险，让祛斑效果更持久。 目前，孚立美已在京东健康正式开启独家预约，用户可通过京东APP搜索"孚立美"，在线咨询专业医师 后完成处 ...

12月25日，孚诺医药旗下新药孚立美®氟轻松氢醌维A酸乳膏在京东健康开启独家预约，为中重度黄褐 斑患者带来科学祛斑新方案。用户通过京东APP搜索"孚立美"即可预约。 目前，孚立美®已在京东健康正式开启独家预约，用户可通过京东APP搜索"孚立美"，在线咨询专业医 师后完成处方开具与购买，足不出户即可获得规范治疗方案。针对首次预约用户，还可享受医师一对一 用药指导、全程疗效跟踪等专属服务，让科学祛斑更省心、更安心。 作为国内首款获批的Kligman配方制剂，孚立美®配方包含0.01%氟轻松、4%氢醌、0.05%维A酸三种精 准配比的活性成分，三者协同发力：氢醌强效阻断黑素生成，维A酸加速色素脱落并促进药物渗透，氟 轻松则减轻皮肤刺激、稳定皮肤状态。 临床数据显示，使用孚立美®治疗4周即可看到明显淡斑效果，8周为一个标准疗程，整体有效率高达 68.57%，部分患者治疗12个月后完全或接近清除率可达94%。更值得关注的是，其疗效与原研产品等 效，且不良反应发生率更低，安全性更优。 针对黄褐斑易复发的痛点，孚立美®在8周标准治疗后可采用梯度维持方案：第9-12周隔天一次，第13- 16周每周两次，第17-20周每周一次 ...

Core Viewpoint - JD Health and H&H Group have signed a strategic cooperation agreement to deepen their collaboration over the next three years, aiming for a combined business target of 10 billion [2][7]. Group 1: Partnership Development - The partnership marks an upgrade to a comprehensive and in-depth strategic relationship after ten years of close cooperation [2][7]. - Since their first collaboration in 2015, JD Health and H&H Group have worked together for a decade [4][9]. Group 2: Product and Marketing Initiatives - In 2025, H&H Group's key products, including Swisse high-purity fish oil and Biostime super probiotics, will be launched exclusively on JD Health [4][9]. - The two companies have collaborated on significant marketing initiatives, including sponsoring the popular variety show "Flowers and Youth: Together Season" and creating the "Ace Super Product Day" marketing IP [4][9]. Group 3: Future Collaboration Focus - In 2026, the partnership will focus on four key areas: products, marketing, user experience, and mechanisms, with increased resource investment to achieve new growth breakthroughs [4][9]. - Future collaboration will enhance supply chain efficiency, user health management, and data-driven innovation, leveraging JD Health's integrated sales and supply chain capabilities [5][9]. Group 4: Strategic Goals and Vision - JD Health aims to provide more precise and personalized health solutions for families, supporting the long-term sustainable development of H&H Group's diverse nutrition product lines [5][9]. - H&H Group's CEO expressed that JD Health is one of their most important partners in the Chinese market, emphasizing the integration of global quality nutrition resources with JD Health's digital technology and user insights [5][9]. - JD Health's CEO stated the intention to deepen strategic collaboration across all channels and links, aiming for reliable and scientifically professional nutrition health services to reach more families [5][9].

本报讯(记者袁传玺)近日，京东互联网医院医疗质量管理委员会第五次全体会议召开，会上发布了新增 的52种疾病标准化诊疗路径，覆盖喉炎、近视、肥胖等18个专科常见的疾病。 近年来，京东健康深耕AI技术应用，推出AI医生"大为"和智能辅诊工具，通过每周迭代的更新机制，在 诊疗逻辑、图片识别和用药剂量等方面给予医生建议。京东健康"京医千询"大模型则创新性构建循证数 据、临床病例、医患交互仿真三大核心引擎，融合千万级高质量医学文献与临床指南。在此基础上，京 东健康与北京大学肿瘤医院共建消化道肿瘤大模型，与广州医科大学附属第一医院国家呼吸医学中心合 作开发呼吸系统专病大模型，惠及广大患者。 数据显示，我国互联网医疗线上问诊人数达4.18亿，占全国网民人数的37.7%，互联网医院数量达3700 多家。随着互联网医疗产业的持续发展，医疗服务质量和医生执业体验成为全社会关注的话题。一直以 来，京东互联网医院坚持以用户为中心，致力于构建全面、科学、高效的互联网医疗质量管理体系，日 均咨询量已超50万，成为国内线上诊疗第一入口。 本次会议的成功举办，促进了互联网医疗行业向更高质量、更规范化发展。京东互联网医院相关负责人 表示，未来 ...

近日，京东互联网医院医疗质量管理委员会第五次全体会议召开，会上发布了新增的52种疾病标准化诊疗路径，覆盖 喉炎、近视、肥胖等18个专科常见的疾病。多位临床专家、医疗质量管理专家及政策研究专家出席会议，围绕标准化 诊疗路径、AI技术应用、专科建设等进行了研讨。 研讨会期间，与会专家围绕医疗质量提升、技术融合创新及专科建设等议题展开了深度交流，促进院内院外、线上线 下共建，引领行业规范化建设。 在AI技术赋能医疗服务方面，中南大学精神研究所所长王小平指出互联网医院应重视人工智能在精神心理等专科领域 的合规应用，建议构建严谨的伦理与风险管理体系，并通过与线下医疗机构的协同，保障AI辅助诊疗全过程的规范、 安全与透明。 截至目前，京东互联网医院医疗质量管理委员会已累计发布317种疾病标准化诊疗路径，为互联网医院医疗质量管理 树立标杆，进一步促进互联网医疗服务规范化水平提升。 新增52种疾病标准化诊疗路径 持续强化医疗质量安全管理 数据显示，我国互联网医疗线上问诊人数达4.18亿，占全国网民人数的37.7%，互联网医院数量达3700多家。随着互联 网医疗产业的持续发展，医疗服务质量和医生执业体验成为全社会关注的话题。一 ...

Core Insights - Dain Pharmaceutical has launched the melatonin granules, Manlejing®, for the treatment of sleep disorders in children with neurodevelopmental disorders, marking it as the only approved melatonin medication in China for this purpose [1][2] - The introduction of Manlejing® addresses a significant health challenge, as nearly half of children with conditions like autism spectrum disorder and attention deficit hyperactivity disorder experience sleep issues that affect their overall development [1] Group 1 - Manlejing® is designed in a granule form with a sweet taste, making it easier for children to consume [1] - Clinical studies indicate that after two weeks of using Manlejing®, children's sleep onset latency is reduced by over 36 minutes, significantly alleviating difficulties in falling asleep [2] - Continuous use of Manlejing® leads to improvements in both nighttime sleep and daytime behavior, helping to reduce issues such as hyperactivity, irritability, and inappropriate language [2] Group 2 - The International Pediatric Sleep Association (IPSA) and the American Academy of Neurology (AAN) recommend that children use pharmaceutical-grade melatonin, reinforcing the credibility of Manlejing® [2] - JD Health plans to leverage its robust pharmaceutical health service ecosystem to collaborate with Dain Pharmaceutical and other renowned companies to introduce cutting-edge therapeutic drugs, aiming to provide comprehensive digital health management solutions for affected children [2]

Group 1 - China Merchants Securities maintains an "Accumulate" rating for JD Health (06618.HK), highlighting its "medicine + pharmacy" dual-driven model and leading market share in retail pharmacies, with O2O delivery times as fast as 9 minutes [1] - China Everbright Securities International maintains an "Accumulate" rating for Biren Technology (06082.HK), noting its position as the first company in China to use 2.5D chip packaging technology and its strong commercial progress with over 2 billion yuan in unfulfilled orders [1] - Huachuang Securities maintains a "Strong Buy" rating for Hesai Technology (02525.HK), emphasizing its leadership in the global LiDAR market and significant cost reductions achieved through self-developed chips, with a delivery target of 200,000 units by 2025 [1] Group 2 - CICC maintains an "Outperform" rating for Haidilao (06862.HK), reporting stable table turnover rates in H2 and better-than-expected cost optimization, with new brand strategies accelerating growth [2] - CICC maintains an "Outperform" rating for Shuangdeng Co. (06960.HK), identifying it as a leader in communication and data center energy storage, benefiting from increased capital expenditure in global AIDC and the trend of lithium battery replacing lead-acid [2] Group 3 - CITIC Securities maintains a "Buy" rating for Kintor Group (00148.HK), noting the positive impact of price increases on its CCL business and the expected growth in PCB business volume [3] - CITIC Securities maintains a "Buy" rating for Shougang Resources (00639.HK), highlighting its resource scarcity and leading cost control, with expected performance growth amid rising coking coal prices in 2026-27 [3] - Shenwan Hongyuan maintains a "Buy" rating for Beautiful Garden Medical Health (02373.HK), emphasizing its accelerated industry consolidation through acquisitions and a significant increase in store numbers [3] - China Merchants Securities maintains an "Accumulate" rating for Baiguoyuan Group (02411.HK), noting its stock incentive plan and strategic upgrades aimed at restoring same-store growth and opening pace [3]

Core Insights - The concept of "reward economy" is gaining traction, defined as consumers purchasing non-essential goods or experience services to cope with work-life stress and fulfill psychological needs, leading to immediate gratification and self-affirmation [1] Group 1: Market Performance - As of December 23, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) shows mixed performance among its constituent stocks, with Perfect World (002624) leading at a 2.74% increase, followed by Kaiying Network (002517) at 1.79%, and Gome Retail (06808) at 1.69% [1] - The Online Consumption ETF (159793) is currently priced at 1.01 yuan [1] Group 2: Index Composition - 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 online consumption theme stocks in the mainland and Hong Kong markets [2] - The top ten weighted stocks in the index include Alibaba-W (09988), Tencent Holdings (00700), Meituan-W (03690), Kuaishou-W (01024), JD Health (06618), Giant Network (002558), Bilibili-W (09626), iFLYTEK (002230), Kunlun Wanwei (300418), and Kaiying Network (002517), collectively accounting for 55.21% of the index [2]