Group 1 - The event "Doctors Have Light - 2025 China Physician Day Special Event" was held by JD Health to honor medical professionals and promote respect for healthcare workers [1] - The event recognized 40 outstanding doctors from across the country and highlighted their contributions to internet healthcare, enhancing service accessibility through innovative technologies [1][2] - The campaign "Thank You, My Treasure Doctor" launched by JD Health, Health China, and Sina Weibo engaged over 1.4 million people, with more than 150,000 participants sharing over 260,000 stories of gratitude towards doctors [1] Group 2 - JD Internet Hospital reported an average of over 500,000 online consultations per day as of June 30, further solidifying its position as the "first entry point for online diagnosis and treatment" [2] - The hospital has established a five-specialty system focusing on dermatology, mental health, traditional Chinese medicine, oncology, and andrology, enhancing the quality and efficiency of online medical services [2] - A total of 4,408 doctors were awarded the "Five-Year Big Shot Doctor" honor, recognizing their contributions and commitment to the internet healthcare sector [3] Group 3 - The event served to strengthen communication and understanding between doctors and patients, fostering a positive social atmosphere that respects healthcare professionals [3] - JD Health aims to continue innovating healthcare service models, providing better platforms for doctors and more accessible services for patients, contributing to the implementation of the Healthy China strategy [3]

在京东，有一个"不成文"的规定：如果员工在职满五年，就会被称为"五年大佬"。从2024年起，这一内 部优良传统，被延续扩大至京东互联网医院的合作医生。 今年，京东互联网医院共有4408位医生被授予"五年大佬医生"荣誉，包括江苏省人民医院皮肤科主任医 师侯麦花、河北中石油中心医院急诊科主任医师边毓尧、首都医科大学附属首都儿童医学中心心血管内 科主任医师江河等10位"五年大佬医生"代表登上舞台接受致敬。 本报讯 （记者梁傲男）8月17日，在第八个中国医师节到来之际，由京东健康股份有限公司（以下简 称"京东健康"）主办的"医者有光——2025中国医师节特别活动"在北京举办，旨在向全国广大医务工作 者致以最崇高的敬意。 本次活动聚焦时代医者精神，共有来自全国40位优秀医生代表在现场接受致敬和祝福，营造了尊医重卫 的浓厚社会氛围；活动还表彰了一批在互联网医疗领域精耕细作的优秀医生代表，感谢他们利用创新技 术拓展医疗服务边界、提升可及性所做出的突出贡献。 8月6日起，由京东健康联合健康中国、新浪微博等共同发起的"谢谢你，我的宝藏医生"故事征集，邀请 广大网友分享与医生之间的暖心瞬间。活动上线以来，话题总互动人数超过140 ...

中金认为，京东健康1H25业绩超市场预期，分业务板块看，公司实现产品收入293.3亿元 (+22.7%YoY)，服务收入59.6亿元(+34.4%YoY)，整体表现强劲。该行测算2Q25单季度实现收入186.5亿 元(+23.7%YoY)，预计京东集团主站在1H期间进行的即时零售投流活动或间接为京东健康带来流量导引 获益；截至1H25末，公司过去十二个月(LTM)活跃用户数超2亿，创历史新高。同时，该行预计药品品 类在1H期间或实现高于整体收入端的增速，仍为核心驱动品类。此外，该行认为公司虽坚定AI及线下 零售体系的业务布局，但反内卷基调之下整体投入或有所控制，对全年基本面亦带来正向贡献。 本文源自：智通财经网 京东健康(06618)再涨超10%，绩后累计涨超20%。截至发稿，涨9.71%，报67.2港元，成交额10.73亿港 元。 消息面上，近日，京东健康公布上半年业绩。华泰证券指出，京东健康今年上半年总收入352.9亿元， 按年增24.5%，高于市场一致预期的增长20.2%。该行认为，京东健康有望持续受益于京东主站的快速 流量增长(据QuestMobile，2025年5月至7月，京东APP的日活跃用户(D ...

Core Insights - JD Health (06618) reported a revenue of 35.29 billion RMB in the first half of the year, representing a year-on-year growth of 24.5% [1] - The non-IFRS net profit reached 3.57 billion RMB, up 35% year-on-year, with a non-IFRS net profit margin of 10.1%, an increase of 0.8 percentage points, exceeding market expectations [1] - The strong performance is attributed to the robust growth in the pharmaceutical category and favorable collaborations with pharmaceutical companies [1] Financial Projections - The company has raised its net profit forecasts for 2025 and 2026 by 30% and 21%, respectively, to 4.51 billion RMB and 5.28 billion RMB [1] - The overall valuation of the sector has recently increased, leading to a maintained "outperform" rating for the company [1] Market Performance - JD Health's stock price performed strongly in the first half of the year, benefiting from immunity to external demand factors such as tariffs and a stable competitive landscape in the domestic market [1] - Both quarters of the first half exceeded market expectations, and the overall rise in Hong Kong stock valuations contributed to the company's strong performance as a weighted stock in multiple indices [1] Valuation and Growth Potential - Despite the current valuation being relatively high compared to recent years, the company's strong growth potential provides fundamental support [1] - The recent positive sentiment in the Hong Kong stock sector suggests that the company may experience a valuation uplift in line with market trends [1]

Core Viewpoint - Macquarie's report indicates that JD Health (06618) has achieved a 25% year-on-year revenue growth to RMB 35.3 billion, with adjusted operating profit rising by 57%, exceeding both the bank's and market expectations by 8% and 11% respectively [1] Group 1: Financial Performance - JD Health's total revenue increased by 25% year-on-year to RMB 35.3 billion [1] - Adjusted operating profit rose by 57%, surpassing market expectations [1] - The bank has raised its profit forecasts for 2025 and 2026 by 30% and 24% respectively based on the first half performance and supply chain advantages [1] Group 2: Strategic Insights - The company is benefiting from a clear "pharmaceutical and health" closed-loop ecological strategy and channel expansion, marking a development turning point [1] - JD Health's core supply chain competitiveness is expected to translate into stronger pricing power, further driving margin expansion [1] Group 3: Market Position and Future Outlook - JD Group (09618) is actively promoting its food delivery business, which is contributing to user traffic growth for JD Health [1] - The bank anticipates that sales and marketing cost savings will continue into the second half of the year [1] - The forecast for the second half of 2025 indicates a 22% year-on-year revenue growth, with an expected 30 basis points expansion in adjusted net profit margin for the full year [1]

另外，母公司京东集团(09618) 持续推动食品外卖业务，为京东健康带来用户流量增长，该行料销售及 推广费用节省将延续至下半年;现预测2025年下半年收入同比增长22%，全年经调整净利润率有望扩张 30个基点。 智通财经APP获悉，麦格里发布研报称，京东健康(06618)总收入同比增长25%至353亿元人民币，经调 整经营利润升57%，较该行及市场预期高8%及11%。该行认为公司凭借清晰的"医药与健康"闭环生态战 略，以及渠道扩张布局，已迎来发展拐点;其供应链核心竞争力有望转化为更强的定价能力，进一步推 动利润率扩张。基于上半年业绩及供应链优势，该行将2025及26年盈利预测分别上调30%及24%，评级 升至"跑赢大市"。 ...

中金认为，京东健康1H25业绩超市场预期，分业务板块看，公司实现产品收入293.3亿元 (+22.7%YoY)，服务收入59.6亿元(+34.4%YoY)，整体表现强劲。该行测算2Q25单季度实现收入186.5亿 元(+23.7%YoY)，预计京东集团主站在1H期间进行的即时零售投流活动或间接为京东健康带来流量导引 获益；截至1H25末，公司过去十二个月(LTM)活跃用户数超2亿，创历史新高。同时，该行预计药品品 类在1H期间或实现高于整体收入端的增速，仍为核心驱动品类。此外，该行认为公司虽坚定AI及线下 零售体系的业务布局，但反内卷基调之下整体投入或有所控制，对全年基本面亦带来正向贡献。 消息面上，近日，京东健康公布上半年业绩。华泰证券指出，京东健康今年上半年总收入352.9亿元， 按年增24.5%，高于市场一致预期的增长20.2%。该行认为，京东健康有望持续受益于京东主站的快速 流量增长(据QuestMobile，2025年5月至7月，京东APP的日活跃用户(DAU)按年增长44.8%、33.4%、 46.4%)，在受惠上游合作伙伴增量广告需求的同时，通过持续加强的全渠道医疗服务能力(B2C+O2O)逐 ...

智通财经APP获悉，京东健康(06618)再涨超10%，绩后累计涨超20%。截至发稿，涨9.71%，报67.2港 元，成交额10.73亿港元。 中金认为，京东健康1H25业绩超市场预期，分业务板块看，公司实现产品收入293.3亿元 (+22.7%YoY)，服务收入59.6亿元(+34.4%YoY)，整体表现强劲。该行测算2Q25单季度实现收入186.5亿 元(+23.7%YoY)，预计京东集团主站在1H期间进行的即时零售投流活动或间接为京东健康带来流量导引 获益；截至1H25末，公司过去十二个月(LTM)活跃用户数超2亿，创历史新高。同时，该行预计药品品 类在1H期间或实现高于整体收入端的增速，仍为核心驱动品类。此外，该行认为公司虽坚定AI及线下 零售体系的业务布局，但反内卷基调之下整体投入或有所控制，对全年基本面亦带来正向贡献。 消息面上，近日，京东健康公布上半年业绩。华泰证券指出，京东健康今年上半年总收入352.9亿元， 按年增24.5%，高于市场一致预期的增长20.2%。该行认为，京东健康有望持续受益于京东主站的快速 流量增长(据QuestMobile，2025年5月至7月，京东APP的日活跃用户(DA ...

Core Viewpoint - The report from Credit Lyonnais indicates a strong sales momentum for JD Health, leading to upward adjustments in net profit forecasts for 2025 and 2026 by 15% and 13% respectively, while maintaining an "outperform" rating [1] Financial Performance - JD Health's revenue for the first half of the year increased by 24.5% to 35.3 billion RMB [1] - Adjusted EBIT rose by 57% to 2.5 billion RMB [1] - The second quarter revenue growth was 24%, supported by strong performance during the 618 shopping festival and significant user growth [1] Sales Growth Drivers - The anticipated revenue growth of 16% year-on-year in the second half of 2025 is primarily driven by over 25% growth in pharmaceutical sales [1] - The sales of health supplements are expected to see high double-digit year-on-year growth [1] - The shift in demand for original factory drugs from hospitals to outpatient settings has contributed to the increase in pharmaceutical sales [1] Investment Focus - The company continues to invest in O2O (online-to-offline) business, offline pharmacies, and AI technologies [1] - Adjusted EBIT is expected to remain stable year-on-year due to these ongoing investments [1]

Group 1 - The core viewpoint of the report is that based on strong sales momentum, the profit forecasts for JD Health (06618) for 2025 and 2026 have been raised by 15% and 13% respectively, while maintaining an "outperform" rating [1] - The expectation is that in the second half of 2025, the company's revenue will grow by 16% year-on-year, driven by over 25% growth in pharmaceutical sales, with high double-digit growth anticipated in the sales of supplementary products [1] - The adjusted EBIT is expected to remain flat year-on-year due to ongoing investments in O2O business, offline pharmacies, and AI [1] Group 2 - JD Health's performance in the first half of the year met expectations, with revenue increasing by 24.5% to 35.3 billion RMB [1] - The adjusted EBIT rose by 57% to 2.5 billion RMB, indicating strong operational efficiency [1] - In the second quarter, revenue growth of 24% was sustained, primarily benefiting from the successful 618 shopping festival and robust user growth, with pharmaceutical sales increasing due to a shift in demand from hospitals to outpatient settings [1]