JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6618（港幣櫃台）及86618（人民幣櫃台）） 內幕消息 2025 年第三季度之未經審計最新資料 本公告乃由京东健康股份有限公司（「本公司」或「京東健康」，連同其子公司及關聯併表 實體統稱「本集團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規 則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義 見上市規則）而刊發。 香港交易及結算所有限公司及香港聯合交易所有限公司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倚賴該等內容而引致的任何損失承擔任何 責任。 業務最新資料 2025年第三季度，京東健康與禮來、信達生物、衛材中國及拜耳中國等知名藥企簽署戰 略合作協定。衛材藥企旗下原研新藥達衛可® （萊博雷生片）、恒瑞旗下乾眼症新藥恆沁® （全氟己基辛烷滴眼液）、拜耳旗下達喜® 乳果糖等新藥也選擇在京東健康全網首發，繼 續鞏固京東健康「新特藥全網首發第一站」心智。除藥 ...

Group 1 - The core viewpoint of the report is that JD Health is positioned as a leading player in the domestic pharmaceutical e-commerce sector, with significant supply chain and fulfillment advantages, and is expected to benefit from the increasing online penetration of pharmaceutical categories and the opening of online payment permissions for medical insurance [1][2] - JD Health, established in 2018, aims to create a comprehensive health management platform that covers the entire lifecycle of users, focusing on pharmaceutical and health product supply, supported by the group's traffic, supply chain capabilities, and logistics system [2] - The opening of online medical insurance purchasing permissions is identified as a crucial short-term catalyst for the industry, with various regions expected to gradually allow mainstream online drug platforms to access online insurance settlement permissions by 2024 [2] Group 2 - The company is enhancing its "self-operated + platform + instant retail" multi-channel collaboration strategy, consolidating brand recognition through self-operated businesses, enriching the third-party merchant ecosystem, and meeting urgent medication needs through instant retail [3] - As of the first half of 2025, the company's online medical insurance payment services are expected to cover nearly 200 million people, which will effectively promote user conversion to online drug purchases [3] - The advantages of the pharmaceutical e-commerce platform, including price competitiveness, timely delivery, and diverse SKUs, will be highlighted as a result of the integration of medical insurance settlement access [3]

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]