上半年，京东健康年度活跃用户数的稳健增长，得益于持续的用户体验提升和一系列的营销增长策略， 包括积极拓展与行业领先的制药公司和健康产品供货商的合作，不断扩大商品供给，以及进一步完善 "医、检、诊、药" 服务闭环，来满足用户多层次和个性化的健康需求。同时，上半年京东买药"快乐减 重"、京东买药618免单等重点营销IP活动的开展，也有效增加了平台的用户黏性。 8月14日，京东健康发布2025年中期业绩公告。2025年上半年，京东健康总收入为人民币353亿元，同比 增长24.5%；非国际财务报告准则指标下（Non-IFRS）净利润达35.7亿元，同比增长35%。截至2025年6 月30日，京东健康过去12个月的年度活跃用户数量突破2亿创新高，用户对京东健康品牌的认知度和信 赖度不断提升。 ...

Core Insights - JD Health reported a revenue of RMB 35.29 billion for the six months ending June 30, 2025, representing a year-on-year increase of 24.5% [1] - The company's non-IFRS profit reached RMB 3.57 billion, up 35% year-on-year, while the profit attributable to shareholders was RMB 2.596 billion, reflecting a 27.45% increase [1] - The number of active users surpassed 200 million in the past 12 months, with an average of over 500,000 daily consultations during the first half of 2025 [1] Revenue Breakdown - Revenue for the three months ending June 30, 2025, increased by 23.7% to RMB 18.6 billion from RMB 15.1 billion for the same period in 2024 [2] - Revenue from the sale of pharmaceutical and health products rose by 22.7% to RMB 29.3 billion for the six months ending June 30, 2025, compared to RMB 23.9 billion for the same period in 2024 [2] - Service revenue from online platforms and digital marketing increased by 34.4% to RMB 6 billion for the six months ending June 30, 2025, up from RMB 4.4 billion for the same period in 2024 [2]

財務摘要 截至6月30日止六個月 | | 2025年 | 2024年 | 同比變動 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | （%） | | | （未經審計）（未經審計） | | | | 收入 | 35,290,047 | 28,343,961 | 24.5 | | 毛利 | 8,891,918 | 6,699,943 | 32.7 | | 經營盈利(1) | 2,127,048 | 1,035,018 | 105.5 | | 除稅前盈利 | 2,863,666 | 2,439,342 | 17.4 | | 期間盈利 | 2,591,347 | 2,034,378 | 27.4 | | 期間非國際財務報告準則盈利(2) | 3,570,104 | 2,643,770 | 35.0 | 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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依賴該等內容而引致的任 何損失承擔任何責任。 JD Health International I ...

Group 1 - JD Health participated in the "Weight Management Industry Conference 2025" and shared its advantages in providing convenient and scientific weight management solutions through an integrated online and offline retail supply chain and professional healthcare services [1] - The new generation weight loss drug "Masitide" (brand name: Xin Er Mei®) from Innovent Biologics was launched on JD Health's platform shortly after its approval, highlighting the collaboration to promote health knowledge related to weight loss and diabetes [3] - From July 4 to August 4, the search volume for "Xin Er Mei" on JD's platform exceeded one million, with over 30,000 users served in the first month, indicating a strong demand for scientific weight loss medications [3] Group 2 - JD Health's nationwide layout of 33 pharmaceutical warehouses ensures that 90% of orders can be delivered on the same or next day, with cold chain delivery for GLP-1 drugs available within 2 hours [3] - The "JD Buy Medicine Fast Delivery" service can deliver medications in as little as 9 minutes, allowing users to access necessary drugs promptly [3] - JD Health plans to deepen its collaboration with Innovent Biologics to enhance its comprehensive health weight management system, aiming to benefit more individuals in need of innovative medications [4]

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [58]. Core Insights - The report highlights the significant advancements in AI applications, particularly with the release of OpenAI's GPT-5, which is expected to accelerate commercialization in various high-frequency, high-value verticals [7][5]. - Companies like Duolingo, Palantir, and AppLovin have reported earnings that exceeded market expectations, showcasing the growing revenue contributions from AI capabilities [7][5]. - The report suggests a focus on companies with high retention rates and growth potential in sectors such as education, e-commerce, advertising, and enterprise data analysis [7][5]. Summary by Sections Key Company Financials - **Palantir**: Q2 revenue reached $1.004 billion, a 48% year-over-year increase, with a GAAP operating income of $269 million and an adjusted gross margin of 82% [14]. - **AMD**: Q2 revenue was $7.685 billion, a 32% year-over-year increase, with a gross margin of 54% and operating income of $897 million [19]. - **AppLovin**: Q2 advertising revenue grew 77% year-over-year to approximately $1.26 billion, with an adjusted EBITDA of $1.02 billion [24]. - **Duolingo**: Q2 revenue reached $252.3 million, a 41% year-over-year increase, with a gross margin of 72.4% [29]. - **Datadog**: Q2 revenue was $827 million, a 28% year-over-year increase, with a gross margin of 80.9% [33]. Global AI Developments - OpenAI launched two new large language models, gpt-oss-120b and gpt-oss-20b, which are open-weight models aimed at enhancing AI application performance [36]. - Google DeepMind introduced Genie 3, a model capable of generating interactive virtual worlds in real-time, marking a significant milestone in world modeling [40]. - Anthropic released Claude Opus 4.1, which shows improvements in coding and reasoning capabilities compared to its predecessor [45]. - OpenAI's GPT-5 was officially released, featuring a significant reduction in hallucination rates and enhanced reasoning capabilities [49].

Market Performance - As of August 8, 2025, the CSI Hong Kong Internet Index (931637) decreased by 1.33% with mixed performance among constituent stocks [3] - Leading gainers included Dongfang Zhenxuan (01797) up 7.38%, and Lion Group Holdings (02562) up 3.19%, while leading decliners were Qutoutiao (00917) down 6.40% and Kingsoft Cloud (03896) down 5.10% [3] - The Hong Kong Internet ETF (159568) fell by 1.10%, currently priced at 1.8 yuan, but has seen a 0.55% increase over the past week [3] Liquidity and Trading Activity - The Hong Kong Internet ETF had a turnover rate of 19.46% with a trading volume of 62.965 million yuan, indicating active market participation [3] - Over the past year, the average daily trading volume of the Hong Kong Internet ETF was 187 million yuan [3] User Engagement and Ecosystem - Bilibili's user ecosystem is thriving, with 368 million monthly active users and 107 million daily active users as of Q1 2025 [3] - The platform has 32 million monthly paying users and an average daily usage time of 108 minutes, with a 70% penetration rate among Gen Z users [3] ETF Performance Metrics - As of August 7, 2025, the Hong Kong Internet ETF has seen a net value increase of 72.24% over the past year, ranking 138 out of 2949 in the index fund category [5] - The ETF's highest monthly return since inception was 30.31%, with a longest consecutive monthly gain of 3 months and an average monthly return of 8.62% [5] Risk and Fee Structure - The management fee for the Hong Kong Internet ETF is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [7] - The ETF's tracking error over the past three months was 0.050%, indicating high tracking precision compared to similar funds [7] Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Hong Kong Internet ETF is 23.8, which is below the 80.03% historical average over the past five years, suggesting a low valuation [7] - The CSI Hong Kong Internet Index consists of 30 publicly listed companies related to internet businesses, reflecting the overall performance of internet-themed stocks within the Hong Kong Stock Connect [7][8]

Group 1 - KIM, a South Korean investment management company, launched an ETF focused on China's AI sector, tracking 50 leading AI companies, which was listed on July 29 [1][2] - The ETF, named "KIM ACE China AI Big Tech TOP2+ Active ETF," aims to capture investment opportunities in artificial intelligence, digital platforms, and smart industrial technologies [2] - The underlying index, developed by Solactive, selects 25 companies from two main fields: cognitive technology and digital platforms, ensuring that selected companies have substantial AI technology layouts [2][3] Group 2 - Morgan Stanley predicts that China will become a global AI leader by 2030, with the core AI industry expected to reach a scale of $140 billion and an overall industry chain expansion to $1.4 trillion [3] - International capital has shown strong interest in Chinese tech stocks, particularly in emerging fields like AI, with the KraneShares China Overseas Internet ETF seeing a significant increase in assets under management, growing over 40% from $5.414 billion at the end of last year to $7.667 billion by August 5 [4][5] - The average price-to-sales ratio of comparable Chinese AI companies is around 15 times, significantly lower than that of typical American AI companies, which averages 42 times, indicating that Chinese AI firms may be undervalued [8]

京东健康股份有限公司是中国最大的在线医疗健康平台,也是医疗产业链数字化改造的领跑者,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,数字驱动的用户全生命周期全场景的健康管理平台。 其零售药房和在线医疗健康服务业务可以满足用户对于健康领域的各方面需求,让国民享有易得、便 捷、优质和可负担的医疗健康产品与服务。 截至8月6日收盘，京东健康（06618.HK）报52.300港元，较上个交易日上涨2.65%，当日盘中最高价触 及52.600港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流入4756.55万港元。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 京东健康股份有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06618 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 86618 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | | | USD | | 0 | | 本月底結存 ...