Core Viewpoint - JD Health (06618) is experiencing a positive market response, with a stock price increase of 3.5% to HKD 63.6, supported by strong sales in proprietary medicines and nutritional products, as well as expectations for continued growth in advertising revenue [1] Group 1: Financial Performance - Morgan Stanley forecasts a year-on-year revenue growth of approximately 24% for JD Health in Q3, driven by robust sales in chronic disease medications and better-than-expected performance in nutritional products [1] - The expected sales of medical devices are anticipated to meet projections, contributing to overall revenue stability [1] - Adjusted operating profit is projected to reach RMB 3.5 billion, with adjusted net profit estimated at RMB 5.3 billion, indicating potential upside in revenue forecasts for FY2025 [1] Group 2: Business Expansion - JD Health is focusing on expanding its offline business, having opened over 50 pharmacy stores in Q3 and planning to add approximately 150 more in Q4 [1] - The company has achieved partial reimbursement qualifications for OTC (over-the-counter) drugs in seven cities, an increase from three, which is seen as a significant step towards broader coverage in the coming years [1] Group 3: Profitability and Investment - The growth rate of advertising revenue is expected to continue outpacing product sales, which will support further improvements in profit margins [1] - The company’s operational leverage and disciplined execution are highlighted as key factors for its financial performance, alongside lower-than-previously expected offline investment by RMB 100 million [1]

大摩认为，京东健康线下投资与报销范围扩大为关键焦点领域，其持续扩张线下业务，第三季度开设50 多家药房门市，并计划第四季度新增约150家门市。值得注意，京东线上药房现已于7个城市(之前3个) 获得部分OTC(非处方)药个别帐户报销资格，包括北京、深圳、广州、东莞、渖阳、合肥及济南，视此 为未来数年更广泛覆盖的鼓舞性一步。 智通财经APP获悉，京东健康(06618)涨超3%，截至发稿，涨3.5%，报63.6港元，成交额2.41亿港元。 大摩发布研报指出，预期京东健康第三季度收入按年增约24%，主要是受到自有药品销售强劲(尤其是 慢性病领域)、营养产品超出预期支持，而医疗器械销售应符合预期。大摩续指，京东健康广告收入增 长速度应持续比产品销售更快，支持利润率进一步改善。凭借营运杠杆、严谨执行，以及线下投资可能 低于先前预期(比之前预期少1亿元人民币)，看到当前对2025财年收入预测增长20%、调整后营业利润35 亿元人民币及调整后净利润53亿元人民币，存在上行空间。 ...

Group 1 - The Ministry of Industry and Information Technology and six other departments have jointly issued the "Implementation Plan for Promoting Innovative Development of Service-Oriented Manufacturing (2025-2028)", which emphasizes strengthening the construction of new information infrastructure and deepening the integration and large-scale application of "5G + Industrial Internet" [1] - The plan aims to enhance the supply of industrial data elements, promote the resourceization, assetization, and elementization of data, and build a number of high-quality industry data sets [1] Group 2 - As of October 13, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) has decreased by 0.92%, with component stocks showing mixed performance [1] - Kingsoft (03888) led the gains with an increase of 17.50%, while Yidian Tianxia (301171) experienced the largest decline at 3.88% [1] - The Online Consumption ETF (159793) has decreased by 0.62%, with a latest price of 1.12 yuan, but has seen a cumulative increase of 21.04% over the past three months as of October 10, 2025 [1] Group 3 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index tracks 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 55.76% of the total index weight, including Alibaba-W (09988), Tencent Holdings (00700), and Kuaishou-W (01024) [2]

Core Insights - The "Mind Art Exhibition" held from October 6 to October 10 coincides with World Mental Health Day, attracting over ten thousand visitors who participated in a collaborative painting activity [3][4] - JD Health, in collaboration with Wuhan University People's Hospital and Wuhan Mental Health Center, unveiled a large-scale community artwork titled "Free Heart," symbolizing a joint effort to promote mental health awareness and services [3][4] - The initiative represents an innovative approach to mental health services, emphasizing accessibility and community involvement through art and professional support [3][4] Company Initiatives - JD Health has established a comprehensive mental health service platform, featuring over 6,000 specialized doctors and 2,000 certified psychological counselors, offering services such as online psychological screening, assessments, consultations, and follow-ups [4] - The company aims to deepen collaborations with medical institutions, focusing on building a "famous doctors and hospitals" knowledge-sharing network, expanding "art therapy" services, and creating innovative academic platforms [4] - JD Health is committed to being a strong advocate for mental health, striving to make mental health services more understandable, accessible, and affordable for the public [4]

Core Insights - JD Health hosted the "Second Conference on Integration and Innovation in the Field of Mental Health" in Wuhan, highlighting its commitment to mental health services [1] - The new insomnia treatment drug, Daridorexant, achieved sales of over 5,000 boxes within 20 days of its launch [1] - JD Pharmacy launched a "Sleep Care Center" that integrates professional consultation, medication guidance, and health education to provide personalized sleep health services [1] Product Approval and Market Expansion - Daridorexant has received approvals in Europe, Switzerland, the UK, the US, Canada, and Japan, with the Chinese National Medical Products Administration approving it for market entry on June 20, 2025 [1] - The drug is indicated for the treatment of adult insomnia and is not classified under the "Controlled Psychotropic Substances" list [1] Future Development Plans - JD Health plans to continue promoting the integration of mental health and sleep medicine, enhancing collaboration with medical institutions and experts [1] - The company aims to improve service models to provide better sleep service experiences for users [1]

Group 1 - The core viewpoint highlights a significant shift towards "health consumption" during the recent National Day and Mid-Autumn Festival holidays, indicating a growing public awareness of health and a transformation in consumer attitudes [1] - During the 8-day holiday, traditional health products such as bird's nest, Ejiao cake, and Western ginseng saw explosive sales growth, with a year-on-year increase of 205% [1] - Modern nutritional supplements like lysine, protein powder, and glucosamine also experienced strong sales, with year-on-year growth rates of 200%, 85%, and 76% respectively, reflecting consumers' preference for practical and caring health products [1] Group 2 - The health consumption trend continues with the upcoming 11.11 shopping festival, where consumers can participate in promotional activities while purchasing health-related products [2] - During the 11.11 event, the number of limited-time free draw opportunities will double, and the maximum cash back amount will triple, enhancing the consumer experience [2]

Group 1 - Beijing Yaojing JD Health Comprehensive Clinic Co., Ltd. has been established with a registered capital of 5 million yuan [1] - The business scope includes clinic services, remote health management services, and retail of clothing and accessories [1] - The company is wholly owned by Suqian JD Tianning Health Technology Co., Ltd. [1]

Core Insights - The annual incidence of lung cancer in China reaches 1.06 million, with non-small cell lung cancer (NSCLC) accounting for approximately 85% of cases, and the EGFR gene mutation being the most common driver gene with a mutation rate of about 50% [1] - There is a pressing demand for innovative treatment options with better efficacy and lower side effects for the large patient population [1] Group 1 - In August, JD Health signed a strategic cooperation agreement with Johnson & Johnson Innovation Pharmaceuticals to explore new product launches and academic exchanges, aiming to build a patient-centered healthcare service system [1] - JD Health will leverage its comprehensive pharmaceutical supply chain and nationwide distribution network to ensure that innovative specialty drugs, including Lico®, can safely and efficiently reach users across the country [1] Group 2 - On October 9, Johnson & Johnson's innovative targeted drug Lico® (lanzetini mesylate tablets) was launched online on JD Health, designed for first-line treatment of EGFR mutation-positive advanced NSCLC in combination with evinacumab [3] - Lico® offers significant survival benefits and safety advantages, providing a breakthrough treatment option for the large lung cancer patient population in China [3] - JD Health aims to enhance the accessibility of this innovative treatment solution, allowing more Chinese lung cancer patients to benefit from it as early as possible [3]

Core Insights - Johnson & Johnson's innovative targeted drug, Lico® (lanzetini mesylate tablets), has been launched online on JD Health, providing a breakthrough treatment option for a large population of lung cancer patients in China [1][2] - The drug is used in combination with evan monoclonal antibody for first-line treatment of EGFR mutation-positive advanced non-small cell lung cancer (NSCLC), offering significant overall survival benefits and safety advantages [1] - JD Health aims to enhance the accessibility of this innovative treatment through its "first station for new specialty drugs" capabilities, ensuring more lung cancer patients can benefit from it [1] Industry Context - According to the 2024 National Cancer Report, there are 1.06 million new lung cancer patients annually in China, with approximately 85% being non-small cell lung cancer [1] - The mutation rate of the EGFR gene, the most common driver gene in NSCLC, is about 50%, indicating a high demand for more effective and safer innovative treatment options [1] - In August, JD Health signed a strategic cooperation agreement with Johnson & Johnson's Innovative Pharmaceuticals to leverage JD Health's supply chain and service capabilities alongside Johnson & Johnson's innovative drug portfolio in oncology and other key disease areas [1]

Core Viewpoint - Johnson & Johnson's innovative targeted drug, Lico (Lanzetini Mesylate Tablets), has been launched online on JD Health, providing a breakthrough treatment option for patients with EGFR mutation-positive advanced non-small cell lung cancer (NSCLC) [1] Group 1: Product Launch - Lico is positioned as a first-line treatment in combination with Avelumab for advanced NSCLC, offering significant overall survival benefits and safety advantages [1] - The online launch on JD Health aims to enhance accessibility for a large population of lung cancer patients in China [1] Group 2: Strategic Partnership - JD Health and Johnson & Johnson Innovation Pharmaceuticals signed a strategic cooperation agreement in August, leveraging JD Health's supply chain and service capabilities [1] - The partnership will explore new product launches and academic exchanges, focusing on building a patient-centered healthcare service system [1]