FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 京东健康股份有限公司 呈交日期： 2025年8月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 06618 | 說明 | | | | | | | | 多櫃檯證券代號 | 86618 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | ...

Core Insights - JD Health is leveraging AI technology to innovate service models and promote high-quality development in the healthcare industry [1][3] - The company has made significant early investments in medical AI, establishing a leading position in the industry [1] - JD Health's AI products cover the entire patient journey, including pre-diagnosis, diagnosis, and post-diagnosis [1] Group 1: AI Technology and Applications - JD Health has launched several AI products, including "AI Jingyi," "JD Zhuoyi," and "Kangkang," following breakthroughs in large model technology in 2023 [1] - The company has achieved large-scale applications of its medical AI in various fields, such as common disease diagnosis, chronic disease management, mental health intervention, and critical care rehabilitation [1] - The skin and sleep digital therapies developed by JD Health have received approval as Class II medical devices, demonstrating high accuracy and consistency in treatment plans [2] Group 2: AI Health Assistant and Monitoring - The AI health assistant "Kangkang" offers services such as symptom consultation, medication guidance, report interpretation, and rapid appointment scheduling, connecting over 2,000 top-tier hospitals and more than 50,000 non-top-tier hospitals [2] - The ABC health intelligent detection platform utilizes smartphone cameras and AI algorithms to measure health indicators like blood oxygen, blood pressure, blood sugar, and skin health, outperforming traditional wearable devices [2] Group 3: Future Directions - JD Health aims to deepen collaboration with medical institutions, pharmaceutical companies, and technology firms to build an "AI-enabled health ecosystem" [3] - The company plans to focus on three key technologies: enhancing complex reasoning capabilities, achieving deep integration of multimodal data, and strengthening advanced learning capabilities for AI model optimization [2]

Core Insights - JD Health and Eli Lilly China have signed a strategic cooperation agreement to integrate quality medical resources and digital services for chronic disease management, focusing on obesity, diabetes, and alopecia [1][2] - Eli Lilly, a leading global pharmaceutical company with nearly 150 years of history, has made significant advancements in various fields, including diabetes and obesity, benefiting millions of patients worldwide [1] - The partnership aims to create a comprehensive management model that combines drug accessibility, health education, and digital services, enhancing patient trust and access to high-quality medications and healthcare services [1][2] Company Collaboration - JD Health will leverage its supply chain system to ensure stable direct supply of treatment products, supported by professional cold chain logistics for efficient and safe nationwide delivery [2] - The collaboration will include the establishment of a disease education section to improve patient awareness and self-management capabilities, along with online consultation and follow-up services through JD Internet Hospital [2] - Both companies will develop specialized tools and educational resources for healthcare professionals to enhance their diagnostic and management capabilities [2] Product Offerings - Eli Lilly has 25 products available for sale on JD Health, including the innovative drug Mounjaro (tirzepatide injection), which has gained significant attention since its launch on the platform [1] - The recent introduction of the multi-dose prefilled pen for Mounjaro provides patients with a more flexible and convenient medication option, enriching the treatment experience [1]

Core Insights - AbbVie's innovative drug, Venclexta® (generic name: Venetoclax), has been launched exclusively on JD Health in 10mg and 50mg formulations, providing a new treatment option for chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) patients who have undergone at least one treatment and have 17p deletion [1][3] - This marks the second indication approved for Venclexta® in China, following its approval for acute myeloid leukemia (AML) [1] - JD Health aims to leverage its capabilities as the "first station for new specialty drugs" to enhance the accessibility of innovative medications for patients [1] Industry Context - CLL and SLL are mature B lymphocyte clonal proliferative tumors primarily affecting the elderly, often considered different clinical manifestations of the same disease, characterized by abnormal accumulation of B lymphocytes in the bone marrow, blood, and lymphatic tissues, which impairs normal hematopoiesis [3] - The incidence of CLL/SLL is expected to rise with the aging population in China, and the 17p deletion is found in over 30% of relapsed or refractory CLL cases, representing a high-risk factor for patient prognosis [3] - Venclexta® is the first BCL-2 inhibitor approved globally and in China for targeted therapy in CLL patients, selectively binding and inhibiting B-cell lymphoma 2 (Bcl-2) protein, aiding in the restoration of tumor cell apoptosis [3] - The drug specifically targets the high-risk group of CLL/SLL patients with 17p deletion, offering an effective and safe new treatment option for this population [3] - JD Health plans to continue optimizing the online accessibility of innovative specialty drugs through collaboration with global pharmaceutical partners, aiming to build a more efficient ecosystem for innovative drug services for users [3]

Market Performance - The Hang Seng Healthcare Index (HSHCI) decreased by 1.23% as of August 28, 2025, with mixed performance among constituent stocks [3] - The Hang Seng Medical ETF (513060) fell by 1.15%, with a latest price of 0.69 yuan, but showed a 6.26% increase over the past month, ranking in the top third among comparable funds [3] - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) dropped by 1.02%, with the Hong Kong Innovative Drug Selection ETF (520690) down by 0.81% to 0.98 yuan [4] Company Highlights - Innovent Biologics reported a 50.6% year-on-year revenue increase to 5.95 billion yuan for the first half of 2025, achieving a gross margin of 86% and a net profit of 830 million yuan, driven by pipeline expansion in oncology and new product launches [4] - The company has over 2 billion USD in cash reserves to support future innovation pipeline advancements [4] Policy and Industry Developments - The Ministry of Commerce and Jiangsu Provincial Government issued a plan to enhance the biopharmaceutical industry in Jiangsu Free Trade Zone by 2030, focusing on large molecule biologics, cell and gene therapy, and innovative medical devices [5] - Recent market pressure on the pharmaceutical sector was noted, with the Hang Seng Healthcare Index dropping over 2.1%, influenced by U.S. tariff proposals on imported drugs that could disrupt the global pharmaceutical industry [5] Analyst Insights - Analysts suggest that the recent decline in the Hong Kong pharmaceutical sector is a short-term fluctuation and does not alter the long-term industry outlook, with ongoing favorable policies expected to drive more cross-border business development transactions [6] - The Chinese innovative drug assets are gaining international recognition, presenting structural opportunities in the medium to long term [6] ETF Performance and Metrics - The Hang Seng Medical ETF has seen a significant increase in scale by 46.87 million yuan this month, ranking in the top third among comparable funds [8] - The ETF's share count increased by 92.5 million shares over the past week, also ranking in the top third [9] - The ETF recorded a net inflow of 74.96 million yuan recently, with a total of 65.92 million yuan accumulated over the last five trading days [10] - The ETF's financing net purchase reached 2.5072 million yuan this month, with a financing balance of 268 million yuan [11] Risk and Return Metrics - The Hang Seng Medical ETF has achieved a 48.60% net value increase over the past two years, with a maximum monthly return of 28.34% since inception [11] - The ETF's Sharpe ratio for the past year is 2.41, indicating strong risk-adjusted returns [12] - The ETF has the lowest relative drawdown among comparable funds, with a drawdown of 0.63% year-to-date [13] Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Medical ETF is 30.9, which is below the historical average, indicating a potentially undervalued position [15]

Industry Overview - The GLP-1 receptor agonists are becoming a new focus in the pharmaceutical retail market in China, driven by policy support for "Internet + Healthcare" and increasing consumer health demands [1][2] - The market for GLP-1 is expected to exceed 100 billion by 2030, with e-commerce channels projected to capture over 50% of the market share this year, potentially rising to over 70% in the future [1] Company Strategies - JD Health has established extensive collaborations in the GLP-1 sector, partnering with multinational pharmaceutical companies like Novo Nordisk and domestic innovators such as Innovent Biologics and Yino Pharma to ensure a stable supply of quality products [2][6] - During the 618 shopping festival, JD Health reported a more than threefold year-on-year increase in sales of GLP-1 medications [2] Market Dynamics - JD Health's market share in the GLP-1 sector is higher than that of other platforms, attributed to its strong supply chain and user engagement capabilities [2][11] - The user demographic for GLP-1 products primarily consists of individuals aged 26 to 45, with a significant portion being office workers who are more health-conscious [9][10] Competitive Landscape - JD Health is competing with other e-commerce giants like Alibaba and Meituan in the GLP-1 market, leveraging its established user base and logistics capabilities to maintain a competitive edge [11][12] - The company emphasizes the importance of user education and long-term patient management in the context of chronic diseases associated with obesity, aiming to provide comprehensive health solutions [12] Logistics and Supply Chain - JD Health has developed a nationwide cold chain logistics network to ensure the safe storage and transportation of temperature-sensitive GLP-1 medications, achieving a next-day delivery rate of 99% [8]

Core Insights - The 27th Asia Pet Expo was held in Shanghai, showcasing over 2,600 exhibitors and more than 20,000 brands, highlighting the growth and importance of the pet industry in Asia [1] - JD Health is enhancing its pet health management solutions by integrating quality resources and collaborating with brands and professional institutions [1] - The launch of the oral dewormer FRONTPRO® by Boehringer Ingelheim at the expo signifies a shift towards more convenient and efficient pet care solutions [2] Group 1: Industry Trends - The online consumption of pet deworming products is experiencing rapid growth, with a projected search volume increase of over 50% for oral deworming products by 2025 [3] - The aging pet population in China is driving a significant rise in health demands for middle-aged and senior pets [4] Group 2: Company Collaborations - JD Health and Hanwei Pet Health have deepened their collaboration to develop health products and services specifically for middle-aged pets, leveraging Hanwei's 17 years of experience in pet medicine [4] - The partnership aims to enhance public awareness of the special health needs of older pets and promote standardization and digitalization in the industry [4] Group 3: Service Integration - JD Health is committed to providing a comprehensive service model that includes pet medicine, diagnostics, and treatment, serving over one million pet families annually [4] - The integration of product offerings with professional consultation services through JD Health's online platform aims to create a seamless experience for pet owners [2]

Investment Rating - The report maintains a "Positive" outlook on the computer industry, indicating expectations for the sector to outperform the overall market performance in the coming months [2]. Core Insights - The domestic AI chip market is experiencing robust supply and demand, with significant developments from companies like DeepSeek, Huawei, and Cambricon, which are forming a comprehensive ecosystem for domestic chips [4][16]. - Key companies such as Kingsoft Office, JD Health, and Taiji Co. are showing strong performance, with Kingsoft's AI commercialization accelerating and JD Health exceeding revenue expectations [4][31][35]. - The report highlights the increasing capital expenditure among domestic internet giants, which is expected to drive demand for domestic computing power [25][27]. Summary by Sections Domestic AI Chips - The release of DeepSeek's V3.1 model emphasizes a shift towards domestic computing power, indicating a gradual transition from reliance on NVIDIA chips [4][6]. - Major domestic chip manufacturers like Huawei, Cambricon, and Haiguang are establishing their ecosystems, with Huawei's Ascend chips nearing the performance of NVIDIA's H100 [17][19]. - The report notes the importance of "super nodes" in AI computing, showcasing advancements in system-level integration and interconnectivity [13][15]. Key Company Updates - **Kingsoft Office**: Reported H1 2025 revenue of 2.66 billion, up 10.1% YoY, with AI-driven growth in its WPS365 platform [31][32]. - **JD Health**: Achieved H1 2025 revenue of 35.3 billion, a 25% increase YoY, driven by strong sales in pharmaceuticals and digital marketing [35][36]. - **Taiji Co.**: Focused on AI solutions for healthcare and legal sectors, with its "ZhiLing" medical AI solution recognized as a benchmark case in the industry [37][38]. Capital Expenditure Trends - Domestic internet giants are expected to increase their capital expenditures, with Q2 2025 showing a significant rise in spending, reflecting strong demand for AI cloud services [25][27][28]. - The report compares domestic and overseas capital expenditure intensity, noting that domestic firms have room for growth in this area [25][26]. Investment Targets - The report identifies several investment targets across different segments, including AIGC applications, digital economy leaders, and AI computing power providers [39].

Core Viewpoint - JD Health reported strong revenue growth and improved profitability in the first half of 2025, driven by increased sales of pharmaceutical and health products, as well as digital marketing services [1][2][3] Group 1: Financial Performance - In the first half of 2025, JD Health achieved revenue of 35.3 billion yuan, a year-on-year increase of 24.5% from 28.3 billion yuan [1] - The company's operating profit reached 2.127 billion yuan, up 105.5% year-on-year, while Non-IFRS operating profit was 2.483 billion yuan, a 56.7% increase [1][2] - Non-IFRS net profit grew by 35% to 3.57 billion yuan, with a net profit margin of 10.1%, reflecting a 0.8 percentage point increase year-on-year [2] Group 2: Revenue Breakdown - Product revenue from the sale of pharmaceuticals and health products amounted to 29.3 billion yuan, a 22.7% increase year-on-year, accounting for 83% of total revenue [1] - Digital marketing services revenue reached 6 billion yuan, a 34.4% increase, driven by a rise in the number of advertisers [1][2] Group 3: Strategic Developments - JD Health has established over 200,000 links to offline pharmacies for instant delivery and expanded online medical insurance payments to nearly 200 million people [2] - The company has partnered with Beijing Children's Hospital to create a dedicated pediatric pharmacy, enhancing prescription flow and insurance payment processes [2] - The introduction of AI technologies, including AI doctors and pharmacists, has served over 50 million users, indicating a significant advancement in service capabilities [3] Group 4: Future Outlook - The company is expected to benefit from the deepening application of medical AI and the "Healthy China" strategy, which is likely to release health demand [3] - Revenue forecasts for 2025-2027 have been adjusted to 70 billion, 80.5 billion, and 92.6 billion yuan, respectively, with net profit estimates revised to 5.5 billion, 6.5 billion, and 7.6 billion yuan [3]

Core Viewpoint - Meituan Medical Beauty is focusing on upstream supply chain solutions rather than establishing its own medical beauty clinics, emphasizing its platform identity and ecosystem role [1] Group 1: Company Strategy - Meituan Medical Beauty will not open its own medical beauty clinics, which is a long-term strategic direction [1] - The company is enhancing its supply chain by providing traceable solutions to address issues in the medical beauty industry, such as counterfeit products and lack of logistics traceability [1] - Meituan Medical Beauty aims to increase the penetration rate of medical beauty users among its members, with only 2.2% of its platinum-level users currently engaged in medical beauty services [3][4] Group 2: Industry Insights - The Chinese medical beauty industry is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 13.2% over the next five years, although this is a slowdown compared to the previous decade [3] - The number of illegal practitioners in the medical beauty industry is nine times that of compliant practitioners, and the number of black clinics is six times that of regular clinics [2] - Water light needles are the most popular injection project, with a monthly verification growth rate exceeding 106.89% [3] Group 3: Marketing and Brand Promotion - Meituan Medical Beauty is increasing its brand awareness through promotional activities, including partnerships with variety shows and dramas, which marks a shift from its previous lack of brand promotion [4] - The company is providing free medical beauty project benefits to its high-tier members to boost engagement [4]