Investment Rating - The report assigns a "Buy" rating for JD Health (6618.HK) [2] Core Views - The report highlights the significant growth potential in the online healthcare market, driven by the advantages of digitalization, scale, and AI medical applications [6][9] - JD Health has established a comprehensive "medical-testing-diagnosis-drug" service chain, leveraging its partnership with JD Group to enhance its competitive edge [10][18] - The company has shown impressive financial growth, with a revenue CAGR of approximately 40% over the past seven years and an adjusted net profit CAGR of about 56% [29][34] Summary by Sections 1. Company Overview - JD Health, a subsidiary of JD Group, focuses on healthcare services and has become the largest revenue-generating channel in the pharmaceutical retail sector in China [18] - The company offers a wide range of services, including online consultations, prescription renewals, and chronic disease management, supported by a team of healthcare professionals [18][20] 2. Market Dynamics - The online pharmacy market has seen a significant increase in its share of retail pharmacy sales, rising from 3.2% in 2015 to 32.5% in 2023, driven by changing consumer habits and regulatory relaxations [6][9] - The report notes that the online healthcare user base is expected to grow, with an estimated CAGR of 18% from 2020 to 2024 [6][9] 3. Competitive Advantages - JD Health benefits from its collaboration with JD Group, which provides advantages in traffic, fulfillment, technology, and marketing, creating a strong competitive barrier [9][10] - The integration of AI technology into its services, such as the "京医千询" model, enhances service efficiency and quality, further solidifying its market position [6][9][10] 4. Financial Performance - The company is projected to achieve revenues of approximately 70.93 billion yuan, 81.10 billion yuan, and 92.79 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 5.16 billion yuan, 6.03 billion yuan, and 7.15 billion yuan [8][29] - The adjusted net profit margin has shown a consistent upward trend, reaching 10.12% in the first half of 2025 [34][41] 5. Business Segments - JD Health's self-operated business is expected to generate around 48.8 billion yuan in revenue for 2024, accounting for approximately 84% of total revenue, with a CAGR of about 37% from 2018 to 2024 [10][29] - The online platform and digital marketing services are also significant contributors, with a high gross margin maintained between 92% and 99% from 2018 to 2024 [10][11]

Major Events - Shanghai Industrial Holdings (00363) plans to sell 49% stake in Shanghai Shanshi Medical Beauty Hospital for 73.598 million yuan [1] - Hengrui Medicine (01276) received approval for clinical trial of Rivoceranib tablets [1] - CanSino Biologics (06185) initiated Phase I clinical trial of inhaled tuberculosis vaccine in Indonesia, completing the enrollment of the first subject [1] - Zhonghui Biotech-B (02627) started Phase I clinical trials for quadrivalent and trivalent influenza virus subunit vaccines [1] - Zhiyun Health (09955) signed a service cooperation agreement with JD Health (06618) to expand online sales and service channels for Livermore tablets and other P2M pipeline products [1] - China Resources Land (01109) plans to place shares of China Resources Mixc Lifestyle (01209) to diversify shareholder structure [1] - Shoucheng Holdings (00697) announced investment in Star Motion Era by Beijing Robotics Fund [1] Financial Performance - Tencent Holdings (00700) reported third-quarter revenue and profit growth, with non-IFRS profit attributable to shareholders reaching 70.551 billion yuan [1] - JD Group-SW (09618) reported third-quarter total revenue of 299.059 billion yuan, a year-on-year increase of 14.85% [1] - JD Logistics (02618) reported third-quarter revenue of 55.084 billion yuan, a year-on-year growth of 24.1% [1] - JD Health (06618) reported third-quarter operating profit of 1.243 billion yuan, a year-on-year increase of 125.3% [1] - SMIC (00981) reported third-quarter profit attributable to shareholders of approximately 192 million USD, a quarter-on-quarter increase of 44.7% and a year-on-year increase of 28.9% [1] - Bilibili-W (09626) reported a net profit of 469 million yuan in the third quarter, turning profitable year-on-year, with all core user metrics reaching historical highs [1] - China Pacific Insurance (02601) reported original insurance premium income of 241.322 billion yuan for the first ten months, a year-on-year increase of 9.9% [1]

Group 1 - JD Health reported a revenue of 17.12 billion yuan for Q3 2025, representing a year-on-year growth of 28.7%, with operating profit increasing by 125.3% to 1.24 billion yuan [1] - The company signed strategic cooperation agreements with major pharmaceutical companies including Eli Lilly, Innovent Biologics, and Bayer China, reinforcing its position as the first choice for the online launch of new specialty drugs [1] - JD Health also launched several health products online, including new generation vitamins and specialized medical foods, further establishing its market presence [1] Group 2 - In September 2025, JD Health formed a Smart Interconnection Ecological Alliance with leading medical device brands to create a comprehensive smart blood glucose management system, aiming to expand into other health monitoring areas [2] - A partnership was established with Huazhong University of Science and Technology to develop a leading smart outpatient service platform, enhancing patient experience through AI-driven services [2] Group 3 - Zhiyun Health announced a service cooperation agreement with JD Health to enhance online sales channels for its products, leveraging JD Health's extensive user base and platform resources [3] - The opening of online medical insurance purchasing rights is seen as a significant short-term catalyst for the industry, with JD Health positioned to benefit from this trend [3][4] - JD Health is recognized as a leading player in the pharmaceutical e-commerce sector, expected to gain from the increasing online penetration of pharmaceutical products and the opening of online medical insurance payment permissions [4]

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

JD Health International Inc. 地址為 為京東健康股份有限公司（「本公司」）股本中每股面值0.0000005美元的 股 普通股 （附註2） 的登記持有人，茲委任大會主席或 （附註3） 地址為 作為本人╱吾等受委代表並代表本人╱吾等出席本公司將於2025年12月8日（星期一）上午十時假座中國北京市經 濟技術開發區科創十一街20號院2號園區C座舉行的股東特別大會（「大會」）及其任何續會，並依照以下指示代表 本人╱吾等及以本人╱吾等名義就有關決議案投票 （附註4） 。 擬於2025年12月8日召開的股東特別大會適用之代理人委任表格 | | （附註6） 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 確認、批准及追認本公司與JD.com, Inc.（「JD.com」）就提供技術和流量 | | | | | 支持服務訂立的日期為2025年9月29日的協議（「2026年技術和流量支持 | | | | | 服務框架協議」）及其項下擬進行的交易，更多詳情載於本公司日期為 | | | | | 2025年11月13日的通函（「通 ...

Group 1 - JD Health reported Q3 2025 revenue of 17.12 billion RMB, a year-on-year increase of 28.7%, and operating profit of 1.243 billion RMB, up 125.3% year-on-year [1] - The company signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, Eisai China, and Bayer China, further establishing its position as the first choice for the online launch of new specialty drugs [1] - JD Health launched various health products, including new generation vitamins and specialized medical foods, achieving their online debut on the platform [1] Group 2 - In September 2025, JD Health partnered with Huazhong University of Science and Technology Tongji Medical College Affiliated Union Hospital to create a leading smart outpatient service platform [2] - The collaboration aims to implement the "JD Zhuoyi" AI product in outpatient services, establishing a comprehensive AI accompaniment system for patients [2] - Both parties will deepen cooperation in telemedicine, exploring new models of "Internet + healthcare" services [2]

Group 1 - JD Health reported Q3 2025 revenue of 17.12 billion RMB, a year-on-year increase of 28.7%, and operating profit of 1.243 billion RMB, up 125.3% year-on-year [1] - The company signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, Eisai China, and Bayer China, further establishing its position as the "first station for the online launch of new specialty drugs" [1] - JD Health launched several health products online, including new drugs from major pharmaceutical companies and a new generation of vitamins and specialized medical foods [1] Group 2 - In September 2025, JD Health partnered with Huazhong University of Science and Technology Tongji Medical College Affiliated Union Hospital to create a leading smart outpatient service platform [2] - The collaboration aims to implement the "JD Zhaoyi" AI product in outpatient services, establishing a full-process AI accompaniment system for patients [2] - Both parties will deepen cooperation in telemedicine and explore new models of "Internet + healthcare" services [2]

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 茲通告京东健康股份有限公司（「本公司」）將於2025年12月8日（星期一）上午十時三十分 假座中國北京市經濟技術開發區科創十一街20號院2號園區C座舉行股東特別大會（「股 東特別大會」），以考慮及酌情通過下列普通決議案（不論有否修訂）： 普通決議案 「動議： 1 1. 確認、批准及追認本公司與JD.com, Inc.（「JD.com」）就提供技術和流量支持服務訂立 的日期為2025年9月29日的協議（「2026年技術和流量支持服務框架協議」）及其項下擬 進行的交易，更多詳情載於本公司日期為2025年11月13日的通函（「通函」），及一般 及無條件授權本公司任何一名董事（「董事」）就實行2026年技術和流量支持服務框架 協議及其項下擬進行的交易及╱或使其生效或其他相關事項進行其認為屬必要、適 宜、適當或權宜的一切有關進一步行動及 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有京东健康股份有限公司之股份，應立即將本通函連同隨附之代表 委託表格送交買主或承讓人或經手買賣或轉讓之銀行、股票經紀或其他代理商，以便轉交買主 或承讓人。 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通函的內容概不負責，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通函全部或任何部分內容而產生或因依賴 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）） (1)續簽現有持續關連交易 及 (2)股東特別大會通告 獨立董事委員會及獨立股東之 獨立財務顧問 獨立董事委員會致獨立股東之函件載於本通函第23頁。嘉林資本函件載於本通函第24至46頁， 當中載有其向獨立董事委員會及獨立股東提供之意見。 京东健康股份有限公司將於2025年12月8日（星期一）上午十時三十分假座 ...

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）） 內幕消息 2025 年第三季度之未經審計最新資料 本公告乃由京东健康股份有限公司（「本公司」或「京東健康」，連同其子公司及關聯併表 實體統稱「本集團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規 則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義 見上市規則）而刊發。 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。 業務最新資料 2025年第三季度，京東健康與禮來、信達生物、衛材中國及拜耳中國等知名藥企簽署戰 略合作協定。衛材藥企旗下原研新藥達衛可® （萊博雷生片）、恒瑞旗下乾眼症新藥恆沁® （全氟己基辛烷滴眼液）、拜耳旗下達喜® 乳果糖等新藥也選擇在京東健康全網首發，繼 續鞏固京東健康「新特藥全網首發第一站」心智。除藥 ...