Summary of JD Health International (6618.HK) Conference Call Company Overview - **Company**: JD Health International (JDH) - **Ticker**: 6618.HK - **Market Cap**: HK$199.5 billion / $25.6 billion - **Industry**: Healthcare Technology Key Takeaways FY25 Guidance - Management reiterated FY25 revenue guidance of **+22% year-over-year** and net profit of **RMB 6.2 billion** [3][19] Recent Trends by Product Category - **Nutrition Products**: Achieved **30%+ year-over-year growth**, contributing significantly to topline growth [4][7] - **Drugs**: Sustained strong momentum with **30%+ year-over-year growth**; expected to continue due to: - Shift in demand from in-hospital to out-of-hospital channels - Increased online penetration as online pharmacies capture user demand [7][8] - **New Drug Launches**: Approximately **30 new drugs** expected to launch on JDH in Q4 2025, similar to previous periods [7] O2O Initiatives - Management views B2C as the core market, with O2O initiatives aimed at fulfilling complete user needs and enhancing supply chain capabilities [8] - **National Medical Insurance Policy**: Currently, JDH has minimal revenue from medical insurance, which is expected to primarily aid traffic growth rather than profit [8] - **Investment in Offline Pharmacies**: JDH invested approximately **RMB 200 million** in offline pharmacies and preposition warehouses for 2025, lower than the initial budget of **RMB 300-400 million** [8] Market Dynamics - The total addressable market (TAM) for out-of-hospital drugs is approximately **RMB 500 billion**, with chronic disease drugs potentially exceeding **RMB 100 billion** [8] - Urgent-use products like cold and fever medicines are expected to account for a smaller share of the market [8] Financial Performance - JDH's revenue for FY23 was **RMB 53.53 billion**, with a projected increase to **RMB 71.50 billion** in FY25 [19][22] - Non-IFRS net profit for FY23 was **RMB 4.14 billion**, expected to rise to **RMB 6.13 billion** in FY25 [19] Risks and Challenges - Key downside risks include: - Slower-than-expected sales growth in 2H25 - Delays in the rollout of medical insurance reimbursement for online orders - Margin pressures due to investments in on-demand delivery initiatives - Increased competition from online pharmacies and O2O peers [21] Price Target and Valuation - **12-Month Target Price**: HK$75 per share, representing an upside of **19.9%** from the current price of HK$62.55 [20][22] Additional Insights - Management emphasized the importance of branding and marketing activities in driving sales growth, particularly in nutrition products [8] - The company is focusing on developing elderly-friendly medical devices to tap into the growing elderly population [8] This summary encapsulates the key points discussed during the conference call, highlighting JD Health's growth prospects, market dynamics, and strategic initiatives.

今年8月份，京东健康与知原药业签署战略合作协议，未来双方聚焦皮肤健康领域，从医药供应链、全 域营销、跨境药品等方面，展开全方位、多维度、深层次的合作。此次与知原药业新品首发的合作，是 双方探索合作的进一步落地。 未来双方还将持续加深合作，合力构建更智能、完善的皮肤全周期健康服务生态，为消费者提供全方位 健康保障。 （编辑 李波） 本报讯 （记者袁传玺）近日，知原药业旗下的丽芙®丙酸氟替卡松乳膏宣布将在京东健康线上首发， 为湿疹、特应性皮炎等皮肤疾病患者提供更加便捷的购药渠道与专业服务。 丙酸氟替卡松乳膏作为一种糖皮质激素类药物，具有抗炎、抗过敏和免疫抑制的多重作用。该药通过抑 制炎症反应，减少炎症介质的释放和炎症细胞的浸润，达到抗炎效果，同时能够有效抑制过敏反应，缓 解患者瘙痒、红肿等过敏性症状。同时，丙酸氟替卡松乳膏适用于成年人及儿童多种皮肤炎症性疾病的 治疗，包括湿疹、特应性皮炎、银屑病等。凭借其抗炎、止痒及快速缓解症状的特点，在全球市场广受 认可。 知原药业是一家专注于皮肤疾病领域创新研发与生产的制药企业，建有国家博士后科研工作站、江苏省 工程研究中心、江苏省企业技术中心、江苏省工程技术研究中心等研发创 ...

Core Insights - Livor Fluticasone Propionate Cream, launched by Zhiyuan Pharmaceutical, will be available on JD Health, providing a convenient purchasing channel and professional services for patients with skin diseases such as eczema and atopic dermatitis [1] Company Overview - Zhiyuan Pharmaceutical specializes in innovative research and production in the field of skin diseases, with established research platforms including a national postdoctoral research station and various engineering research centers in Jiangsu [1] - The company has developed a strong influence in its niche market over more than 20 years of development [1] Product Details - Fluticasone Propionate Cream is a corticosteroid with anti-inflammatory, anti-allergic, and immunosuppressive properties, effective in treating various inflammatory skin diseases in both adults and children [1] - The cream is recognized globally for its ability to suppress inflammation and alleviate allergic symptoms such as itching and redness [1] Strategic Partnership - In August, JD Health and Zhiyuan Pharmaceutical signed a strategic cooperation agreement focusing on skin health, covering areas such as pharmaceutical supply chain, comprehensive marketing, and cross-border pharmaceuticals [1] - The launch of the new product is a further step in the collaboration between the two companies, aiming to enhance their partnership [1] Future Collaboration - The two companies plan to deepen their cooperation to build a more intelligent and comprehensive skin health service ecosystem, providing consumers with all-around health protection [2]

Group 1 - JD Industrial Co., Ltd. is undergoing a hearing with the Hong Kong Stock Exchange for its potential IPO [2] - If JD Industrial successfully lists, it will become the sixth publicly traded company under Liu Qiangdong's leadership [2]

恒指跌2.38%，恒生科技指数跌3.21%，科网、半导体股跌幅靠前，京东健康跌逾8%，中芯国际、华虹 半导体跌逾6%，腾讯音乐、百度集团跌逾5%，阿里巴巴跌逾4%。（AI生成） ...

Market Overview - The Hong Kong stock market experienced significant declines, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21%. This week marked a cumulative decline of 7.18%, resulting in four consecutive weeks of losses [1][2]. - The market turnover increased to 285.70 billion HKD, up from 245.14 billion HKD in the previous trading session [1]. Sector Performance - The technology and semiconductor sectors faced the largest declines, with JD Health falling over 8%, SMIC and Hua Hong Semiconductor dropping more than 6%, and Tencent Music and Baidu Group declining over 5%. Other notable declines included NIO, Alibaba, and Alibaba Health, which fell over 4%, while NetEase and BYD Electronic dropped over 3% [2]. - In contrast, Xiaomi Group saw an increase of over 1%, and Kingsoft experienced a slight rise [2]. Global Market Context - European stock indices opened lower, with the Euro Stoxx 50 down by 1.57%, the FTSE 100 down by 1.04%, the CAC 40 down by 1.29%, and the DAX 30 down by 1.48% [3]. - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 9% to below 82,000 USD, Ethereum falling nearly 11%, and BNB down over 8%. The total market capitalization of cryptocurrencies fell below 3 trillion USD [3].

Market Performance - The Hong Kong stock market experienced significant declines, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21%. This week marked a cumulative decline of 7.18%, resulting in four consecutive weeks of losses [1][3]. - The market turnover increased to 285.70 billion HKD, up from 245.14 billion HKD in the previous trading day [1]. Sector Performance - The technology and semiconductor sectors faced the largest declines, with JD Health falling over 8%, SMIC and Hua Hong Semiconductor dropping more than 6%, and Tencent Music and Baidu Group decreasing over 5%. Other notable declines included NIO, Alibaba, and Alibaba Health, which fell over 4%, while NetEase and BYD Electronics dropped over 3% [3]. - In contrast, Xiaomi Group saw an increase of over 1%, and Kingsoft experienced a slight rise [3]. Global Market Trends - Major European stock indices opened lower, with the Euro Stoxx 50 Index down by 1.57%, the UK FTSE 100 Index down by 1.04%, the French CAC 40 Index down by 1.29%, the German DAX 30 Index down by 1.48%, and the Italian FTSE MIB Index down by 1.48% [3]. Cryptocurrency Market - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 9% to below 82,000 USD per coin, Ethereum falling nearly 11%, BNB decreasing over 8%, and Solana dropping over 12%. The total market capitalization of cryptocurrencies fell below 3 trillion USD, with Bitcoin prices dropping below the average purchase price of the US Bitcoin ETF [3].

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

Core Points - The Hang Seng Index closed down by 2.38% and the Hang Seng Tech Index fell by 3.21% [1] - JD Health experienced a decline of over 8%, while SMIC and Hua Hong Semiconductor dropped by more than 6% [1] - Alibaba and Xpeng Motors both saw declines exceeding 4% [1]

Group 1 - The core point of the article is that southbound funds have reduced their holdings in JD Health (06618.HK) by 644,800 shares on November 20, 2025, with a total net reduction of 1,712,100 shares over the past five trading days [1][2] - Over the last 20 trading days, southbound funds have reduced their holdings on 9 days, resulting in a total net reduction of 1,725,100 shares [1][2] - As of now, southbound funds hold 277 million shares of JD Health, accounting for 8.66% of the company's total issued ordinary shares [1][2] Group 2 - JD Health is primarily engaged in providing pharmaceutical and health products, internet medical health services, health management, and intelligent medical health solutions [2] - The company's business includes retail pharmacy and medical health services, with retail pharmacy operations conducted through self-operated and online platforms as well as instant retail channels [2] - Medical health services are mainly provided through internet hospitals and medical large models, along with online marketing services such as advertising [2]