Core Insights - The launch of the new product, Beshuhen Silicone Gel Scar Patch, by Menarini on JD Health marks a significant step in scar management and reflects the growing market demand for effective scar treatment solutions [1][2] - The scar management market is experiencing rapid growth, with JD Health reporting a compound annual growth rate of 62% in scar removal market sales from 2019 to 2024 [1] - The Beshuhen Silicone Gel Scar Patch incorporates multiple technological innovations to meet consumer demands for secure adhesion, long-lasting repair, soothing care, and natural appearance [1] Company Collaboration - The partnership between Menarini and JD Health is not only a product collaboration but also an important step in building a scar management ecosystem [2] - Menarini aims to leverage its leadership in the global scar management field to deliver innovative products to consumers more effectively through collaboration with JD Health [2] - JD Health plans to continue its collaboration with renowned medical device brands to establish a new product launch IP focused on innovative products and services in the scar management sector [2]

Group 1 - The 2025 China International Service Trade Fair was held in Beijing, where JD Health showcased its latest practices and technological breakthroughs in internet medical services, attracting a large audience [1] - The Ministry of Commerce and other departments have launched a plan to promote health consumption, indicating a growing potential in the health service industry [1] - JD Health has established itself as a leading provider of medical health products, services, and solutions in China by focusing on user health needs and enhancing its multi-channel model [1] Group 2 - In the first half of 2025, JD Health launched 30 global innovative drugs and health products, reinforcing its position as the first stop for new specialty drugs [2] - The company has expanded its services to cater to the elderly population, implementing national subsidy policies in multiple cities to meet the health and elderly care needs of 300 million seniors [2] - JD Health has enhanced the online purchasing experience for medications, benefiting nearly 200 million insured users through its online pharmacy services [2] Group 3 - JD Health introduced the AI Jingyi series products, including AI doctors, pharmacists, and nutritionists, providing intelligent health management services to over 50 million users [3] - The intelligent health assistant "Kangkang" offers users health-related answers and connects them to online consultations and other medical resources [3] - The company aims to drive high-quality growth in health consumption by focusing on user experience and technological innovation in the "internet + healthcare" sector [3]

Core Viewpoint - The 2025 China International Service Trade Fair showcases JD Health's advancements in internet medical services and AI applications, highlighting the potential of health consumption to drive high-quality economic development [1][3]. Group 1: Health Consumption and Market Strategy - JD Health emphasizes that health consumption is a key driver for high-quality economic growth, leveraging "Internet + Healthcare" to enhance service efficiency and user experience [1][3]. - The company has launched 30 innovative global health products in the first half of the year, focusing on improving accessibility and catering to the health needs of the elderly population [3][5]. - JD Health's online pharmacy services have expanded to nearly 200 million insured users, providing convenient access to medication [3][5]. Group 2: Service Innovations and User Experience - JD Health has established a comprehensive "medical inspection, diagnosis, and medication" service model, allowing users to access medical consultations, home testing, and medication delivery seamlessly [5][6]. - The company has developed AI-driven products, including AI doctors and pharmacists, which have served over 50 million users, enhancing the online healthcare management experience [6][8]. - JD Health's collaboration with hospitals, such as the partnership with Wenzhou Medical University First Affiliated Hospital, has successfully implemented AI-driven patient service processes, benefiting over 2.2 million patients [8]. Group 3: Compliance and Quality Management - JD Health integrates compliance management into all aspects of its operations, having published 265 standardized treatment pathways and 16 core medical quality management systems over the past three years [5][6]. - The company aims to promote industry standardization through its nutritional and health product standards, ensuring user safety and trust [5]. Group 4: Future Outlook - JD Health plans to continue focusing on user experience and technological innovation to drive the development of "Internet + Healthcare," expanding service scenarios and enhancing service quality [8].

Core Insights - The company primarily engages in the "Internet + Healthcare" ecosystem, providing pharmaceutical and health products, internet medical services, health management, and smart healthcare solutions, mainly in the domestic market [6] Financial Performance - The company's revenue and net profit growth rates have shown fluctuations over the years, with significant changes noted in 2023 and projections for 2024 and 2025 [9][10] - In the first half of 2025, the company reported a revenue composition of 293.3 billion from pharmaceutical and health product sales, with additional service income from platforms and advertising [10] - The average return on equity for the first half of 2025 was 4.62%, an increase of 0.62 percentage points compared to the same period last year [16] Cash Flow and Assets - The net cash flow from operating activities for the first half of 2025 was 62.45 billion, while financing and investment activities showed negative cash flows [19] - Significant changes in assets include a 58.12% decrease in trading financial assets and a 27.6% increase in inventory, affecting the overall asset composition [27] Liabilities and Ratios - The company experienced a 30.43% increase in accounts payable and a 26.62% rise in other payables, impacting the total asset ratio [30] - As of the first half of 2025, the current ratio was 2.92 and the quick ratio was 2.55, indicating strong liquidity [33]

Group 1 - Omron will launch five new electronic blood pressure monitors on JD Health, enhancing health management for consumers [1] - The demand for home electronic blood pressure monitors is increasing due to the rise in hypertension patients, which currently stands at 245 million in China [3] - The X1-A smart blood pressure monitor features medical-grade measurement standards and a comfortable cuff design, making it user-friendly and efficient for health monitoring [3] Group 2 - JD Health and Omron have maintained a stable partnership for over a decade, focusing on business resource integration and consumer research [3] - A new strategic cooperation will deepen collaboration in three areas: new product launches, efficient health data connectivity, and AI technology applications in health management [4] - Recent product launches include the intelligent atrial fibrillation risk alert blood pressure monitor, aimed at providing accessible cardiovascular disease screening services [4]

Financial Performance - JD Health reported revenue of RMB 35.3 billion for the first half of 2025, representing a year-on-year growth of 24.5%[9] - Revenue increased by 24.5% from RMB 28.3 billion for the six months ended June 30, 2024, to RMB 35.3 billion for the six months ended June 30, 2025[20] - Active user numbers contributed to a 22.7% increase in product revenue from RMB 23.9 billion to RMB 29.3 billion during the same period[20] - Service revenue rose by 34.4% from RMB 4.4 billion to RMB 6.0 billion, driven by an increase in the number of advertisers on the platform[20] - Gross profit increased from RMB 6.7 billion with a gross margin of 23.6% to RMB 8.9 billion with a gross margin of 25.2%[22] - The net profit for the period was RMB 2,591.35 million, an increase of 27.3% compared to RMB 2,034.38 million in 2024[105] - Basic earnings per share for the period was RMB 0.82, compared to RMB 0.65 in the previous year, reflecting a 26.2% increase[105] User Engagement and Growth - The number of annual active users exceeded 200 million as of June 30, 2025, with an average of over 500,000 daily consultations during the first half of the year[9] - JD Health reported a significant increase in annual active users, reaching 100 million, representing a growth of 25% year-over-year[176] - The company anticipates a continued upward trend in user growth, projecting an increase to 120 million annual active users by the end of 2025[176] - The company reported a customer retention rate of 85%, reflecting strong user engagement and satisfaction[176] Product and Service Innovations - The company launched over 30 innovative drugs online during the reporting period, reinforcing its position as the first station for new specialty drug launches[11] - JD Health is actively promoting AI-driven service innovations to improve user experience and operational efficiency[9] - The company is focusing on new health consumption scenarios such as sports, home essentials, and elderly care, aligning with consumer demand trends[12] - Strategic partnerships were established with major pharmaceutical companies, including Novo Nordisk and Roche, to enhance service offerings in chronic disease management[11] Financial Position and Cash Flow - Operating cash flow for the six months ended June 30, 2025, was RMB 6,244.7 million, significantly up from RMB 2,230.2 million for the same period in 2024[36] - Cash and cash equivalents increased to RMB 25.18 billion as of June 30, 2025, from RMB 22.63 billion at the beginning of the period[36] - The company’s liquidity position is supported by operating cash flow and global fundraising efforts, with cash reserves amounting to RMB 66 billion as of June 30, 2025[35] - The company reported a net increase in cash and cash equivalents of RMB 2,658.1 million for the six months ended June 30, 2025, compared to a decrease of RMB 6,164.5 million for the same period in 2024[36] Research and Development - The company is investing RMB 500 million in research and development for new healthcare technologies and products over the next two years[176] - R&D expenses increased by 14.2% from RMB 645.0 million for the six months ended June 30, 2024, to RMB 736.4 million for the six months ending June 30, 2025, accounting for 2.1% of revenue, down from 2.3%[25] Market Expansion and Strategic Plans - JD Health plans to expand its market presence by launching new health management services in 50 additional cities by the end of 2025[176] - The company aims to support the "Healthy China 2030" initiative, contributing to the projected market size of over RMB 16 trillion in the health service industry by 2030[8] - JD Health is exploring potential acquisitions to enhance its service offerings and market share, with a focus on digital health startups[176] Cost Management and Profitability - JD Health's gross margin improved to 18%, up from 15% in the previous year, indicating better cost management and pricing strategies[176] - The company aims to achieve a net profit margin of 10% by the end of 2025, up from 7% in the previous year[176] Employee and Management Information - The number of full-time employees focused on business operations as of June 30, 2025, was 4,572, an increase from 3,177 as of June 30, 2024[46] - Total employee compensation and benefits expenses, including share-based payment expenses, remained stable at RMB 1.2 billion for the six months ended June 30, 2025, consistent with the same period in 2024[49] - The total compensation for key management personnel for the six months ended June 30, 2025, was RMB 92,460 thousand, a decrease of 1.4% from RMB 150,575 thousand in the same period of 2024[168] Corporate Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period, except for the absence of the chairman at the annual general meeting[87] - The audit committee has reviewed the interim report and the unaudited consolidated financial statements for the six months ending June 30, 2025[90] Shareholder Information - The company’s directors and senior management held a total of 2,184,655,829 shares, representing 68.27% of the voting rights as of June 30, 2025[53] - As of June 30, 2025, Liu Qiangdong holds a total of 345,605,330 shares, representing 12.1% of the ordinary shares and 72.2% of the total voting rights[59] - The company has established three equity incentive plans, including pre-IPO employee equity incentive plan and post-IPO stock option plan[68]

Core Insights - The China Securities Index for online consumption (931481) has shown a strong increase of 1.45% as of September 5, 2025, with notable gains in constituent stocks such as China Film (600977) up by 10.04% and Giant Network (002558) up by 8.14% [1] - The online consumption ETF (159793) has risen by 2.71%, currently priced at 1.06 yuan, and has accumulated a 5.62% increase over the past month [1] - The ETF is positioned as an AI application ETF, closely tracking the online consumption index, which is expected to benefit from the explosion of AI applications [1] - The current price-to-earnings ratio (PE-TTM) of the online consumption ETF is 22.7, indicating it is at a historical low, being below 84.38% of the time over the past five years [1] Company and Industry Summary - The top ten weighted stocks in the online consumption index account for 51.84% of the total index, with Tencent Holdings (00700) and Alibaba-W (09988) being the largest contributors [2] - The performance of the top ten stocks includes Tencent Holdings up by 2.11% and Alibaba-W up by 1.00%, while JD Health (06618) has decreased by 1.48% [4] - The index includes companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption-related companies in the mainland and Hong Kong markets [1]

Short Selling Ratios - AIA Group Limited (81299) and JD Health (86618) have the highest short selling ratios at 100.00% each, followed closely by JD Group (89618) at 99.04% [1] - Other notable companies with high short selling ratios include BYD Company Limited (81211) at 89.57% and Tencent Holdings Limited (00700) at 84.79% [1] Short Selling Amounts - Alibaba Group (09988) leads in short selling amount with HKD 3.29 billion, followed by Tencent Holdings (00700) at HKD 1.01 billion and Xiaomi Corporation (01810) at HKD 978 million [1] - Other significant short selling amounts include Meituan (03690) at HKD 969 million and BYD Company (01211) at HKD 921 million [1] Deviation Values - JD Group (89618) has the highest deviation value at 45.15%, indicating a significant difference from its average short selling ratio over the past 30 days [1] - Other companies with high deviation values include Xiehe New Energy (00182) at 41.14% and Tencent Holdings (80700) at 38.67% [1]

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8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9月4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 | | | 100,000,000, ...

Group 1 - The top three stocks with the highest short-selling ratios are China Resources Beer (100.00%), Lenovo Group (100.00%), and Anta Sports (100.00%) [1][2] - The top three stocks with the highest short-selling amounts are Alibaba (2.283 billion), Tencent Holdings (1.289 billion), and Xiaomi Group (1.113 billion) [1][2] - The top three stocks with the highest deviation values are China Resources Beer (50.97%), Lenovo Group (46.84%), and Tencent Holdings (44.51%) [1][2] Group 2 - The top ten short-selling ratio rankings include China Resources Beer, Lenovo Group, and Anta Sports, all at 100.00% [2] - The top ten short-selling amounts show Alibaba leading with 22.83 billion, followed by Tencent Holdings and Xiaomi Group [2] - The top ten deviation values highlight China Resources Beer and Lenovo Group with significant deviations from their average short-selling ratios [2]