智通财经APP获悉，财通证券发布研报称，首次覆盖京东健康(06618)，给予"买入"评级，预计公司 2025-2027年收入分别为709/824/942亿元，经调整归母净利润分别为57/62/72亿元。公司作为国内医药电 商龙头，供应链及履约优势显著，未来将持续受益于医药品类线上化率提升及医保在线支付权限开放等 利好，看好其长期投资价值。 财通证券主要观点如下： 医药电商为基，协同医疗服务打造全场景健康管理平台 京东健康于2018年成立，是京东集团旗下专注于医疗健康业务的子集团，公司致力于打造以医药及健康 产品供应为核心，医疗服务为抓手，覆盖用户全生命周期全场景的健康管理平台。公司依托集团主站流 量、供应链能力与物流体系建立显著优势，目前已经成为国内收入规模最大的医药健康零售渠道。 线上医保购药权限放开成为行业中短期重要催化因素 自2020年国家医保局发布《关于积极推进"互联网+"医疗服务医保支付工作的指导意见》起，各地区陆 续通过不同形式落实相关政策，2024年各地区逐步向主流线上购药平台开放线上医保结算权限，构建重 要流量入口。医保控费政策延续，未中标集采的原研药企或调整策略，转向私立医院、零售药店或自费 ...

财通证券（601108）发布研报称，首次覆盖京东健康(06618)，给予"买入"评级，预计公司2025-2027年 收入分别为709/824/942亿元，经调整归母净利润分别为57/62/72亿元。公司作为国内医药电商龙头，供 应链及履约优势显著，未来将持续受益于医药品类线上化率提升及医保在线支付权限开放等利好，看好 其长期投资价值。 线上医保购药权限放开成为行业中短期重要催化因素 自2020年国家医保局发布《关于积极推进"互联网+"医疗服务医保支付工作的指导意见》起，各地区陆 续通过不同形式落实相关政策，2024年各地区逐步向主流线上购药平台开放线上医保结算权限，构建重 要流量入口。医保控费政策延续，未中标集采的原研药企或调整策略，转向私立医院、零售药店或自费 渠道销售，医药电商平台成为满足用户对原研药需求的重要选择。 持续强化"自营+平台+即时零售"全渠道协同 公司通过自营业务巩固品牌心智，通过丰富第三方商家生态补齐长尾供给，通过即时零售业务满足用户 急用药需求，实现全渠道布局。截至2025H1，公司线上医保支付服务已覆盖近两亿人口。医保结算接 入将有效促进用户线上购药转化，医药电商平台的价格优势、配送及 ...

Core Viewpoint - The collaboration between Zhiyun Health and JD Health aims to enhance online sales and service channels for Livermore tablets and other P2M pipeline products, providing patients with a more convenient purchasing experience and comprehensive health management services [1] Group 1: Partnership Details - Zhiyun Health has signed a service cooperation agreement with JD Health to expand the online sales and service channels for its products [1] - JD Health is recognized as the largest pharmaceutical e-commerce platform in China, offering a vast user base and extensive platform resources [1] - The partnership represents a strong alliance that will effectively promote high-quality and cost-effective medications [1] Group 2: Company Strengths - Zhiyun Health is a leading platform in chronic disease management, possessing a unique product pipeline and expertise in patient management [1] - The collaboration leverages the strengths of both companies to enhance patient access to medications and health services [1]

Core Viewpoint - The collaboration between Zhiyun Health (09955) and JD Health (06618) aims to enhance online sales and service channels for Livermore tablets and other P2M pipeline products, providing patients with a more convenient purchasing experience and comprehensive health management services [1] Group 1: Partnership Details - Zhiyun Health has entered into a service cooperation agreement with JD Health to expand the online sales and service channels for its products [1] - JD Health, as the largest pharmaceutical e-commerce platform in China, offers a vast user base and extensive platform resources [1] - The partnership represents a strong alliance that will effectively promote high-quality and cost-effective medications [1] Group 2: Market Implications - The collaboration is expected to leverage the unique product pipeline and patient management expertise of Zhiyun Health, enhancing the overall service offering [1] - This strategic move aligns with the growing trend of digital health solutions and e-commerce in the pharmaceutical industry [1]

Core Viewpoint - The collaboration between Zhiyun Health and JD Health aims to enhance online sales and service channels for Lifemin tablets and other P2M pipeline products, providing patients with a more convenient purchasing experience and comprehensive health management services [1] Group 1: Partnership Details - Zhiyun Health has entered into a service cooperation agreement with JD Health to expand the online sales and service channels for its products [1] - JD Health is recognized as the largest pharmaceutical e-commerce platform in China, boasting a vast user base and extensive platform resources [1] - The partnership signifies a strong alliance that will effectively promote high-quality and cost-effective medications [1] Group 2: Company Strengths - Zhiyun Health is a leading platform in chronic disease management, possessing unique product pipelines and professional capabilities in doctor-patient management [1] - The collaboration leverages the strengths of both companies to enhance patient access to medications and health services [1]

Core Viewpoint - Zhiyun Health has entered into a service cooperation agreement with JD Health to expand online sales and service channels for Livermore tablets and other P2M pipeline products, aiming to provide patients with a more convenient purchasing experience and professional full-cycle health management services [1] Group 1 - The partnership with JD Health is intended to enhance the accessibility of Zhiyun Health's products [1] - The agreement focuses on improving the online sales channels for Livermore tablets and other products in the P2M pipeline [1] - The initiative aims to offer patients a more convenient way to purchase medications and access health management services [1]

Core Viewpoint - The collaboration between Zhiyun Health and JD Health aims to enhance online sales and service channels for Livermore tablets and other P2M pipeline products, providing patients with a more convenient purchasing experience and comprehensive health management services [1] Group 1: Partnership Details - Zhiyun Health has entered into a service cooperation agreement with JD Health, a major player in the Chinese pharmaceutical e-commerce market [1] - The partnership is expected to leverage JD Health's extensive user base and platform resources to promote high-quality and cost-effective medications [1] Group 2: Strategic Implications - This collaboration represents a strong alliance between a leading chronic disease management platform and a prominent e-commerce platform, enhancing the overall service offering to patients [1] - The initiative is positioned to improve patient access to medications and health management services, aligning with the growing trend of digital health solutions in China [1]

Core Viewpoint - The collaboration between Zhiyun Health and JD Health aims to enhance online sales and service channels for Lifemin tablets and other P2M pipeline products, providing patients with a more convenient purchasing experience and comprehensive health management services [1] Group 1: Partnership Details - Zhiyun Health has entered into a service cooperation agreement with JD Health [1] - JD Health is recognized as the largest pharmaceutical e-commerce platform in China, boasting a vast user base and extensive platform resources [1] - The partnership signifies a strong alliance that will effectively promote high-quality and cost-effective medications [1] Group 2: Strategic Implications - The collaboration is expected to leverage Zhiyun Health's unique product pipeline and expertise in chronic disease management [1] - The initiative aims to provide professional full-cycle health management services to patients [1]

Core Viewpoint - The collaboration between Zhiyun Health and JD Health aims to enhance online sales and service channels for Livermore tablets and other P2M pipeline products, providing patients with a more convenient purchasing experience and comprehensive health management services [1] Group 1: Partnership Details - Zhiyun Health has entered into a service cooperation agreement with JD Health, a major player in the Chinese pharmaceutical e-commerce market [1] - The partnership is expected to leverage JD Health's extensive user base and platform resources to promote high-quality and cost-effective medications [1] Group 2: Company Strengths - JD Health is recognized as the largest pharmaceutical e-commerce platform in China, indicating its significant market presence [1] - Zhiyun Health is noted for its leadership in chronic disease management, possessing a unique product pipeline and expertise in patient management [1]

Core Viewpoint - The collaboration between Zhiyun Health and JD Health aims to enhance online sales and service channels for Livermore tablets and other P2M pipeline products, providing patients with a more convenient purchasing experience and comprehensive health management services [1] Group 1: Partnership Details - Zhiyun Health has entered into a service cooperation agreement with JD Health, a major player in the Chinese pharmaceutical e-commerce market [1] - The partnership is expected to leverage JD Health's extensive user base and platform resources to promote high-quality and cost-effective medications [1] Group 2: Strategic Implications - This collaboration represents a strong alliance between two leading companies in their respective fields, enhancing the potential for effective promotion of health management solutions [1] - The partnership will facilitate better patient access to medications and health management services, aligning with the growing trend of digital health solutions in China [1]