Core Viewpoint - Credit Lyonnais has raised JD Health's (06618) adjusted net profit forecasts for the fiscal years 2026 and 2027 by 1% and 2% respectively, reflecting the recovery in drug sales and profit expansion prospects, while maintaining an "Outperform" rating and a target price of HKD 71 [1] Group 1: Financial Performance - JD Health is expected to maintain growth momentum in the second half of last year, driven by strong performance during the Double Eleven sales event and a surge in flu cases in December, with revenue projected to increase by 24.5% year-on-year to RMB 37.1 billion [1] - The company is anticipated to see adjusted EBIT double year-on-year to RMB 2.1 billion, supported by gross margin expansion and operational leverage [1] - Revenue for 2026 is expected to grow by 16% year-on-year [1]

京东健康受双十一销售表现良好及12月流感感染个案激增所推动，预计去年下半年可保持增长势头，收 入同比升24.5%至371亿元人民币。该行续预期，受毛利率扩张与营运杠杆支撑，经调整EBIT或同比翻 倍至21亿元人民币，并预计公司2026年收入将同比增长16%。 智通财经APP获悉，里昂发布研报称，上调京东健康(06618)2026及2027财年经调整净利润预测1%及 2%，以反映药物销售复苏及利润扩张前景，重申"跑赢大市"评级，续予目标价71港元。 ...

Core Viewpoint - The report from Citi indicates that JD Health is expected to maintain growth momentum in the second half of last year, driven by strong performance during the Double Eleven sales event and a surge in flu cases in December [1] Financial Performance - Revenue is projected to increase by 24.5% year-on-year to 37.1 billion yuan [1] - Adjusted EBIT is expected to double year-on-year to 2.1 billion yuan, supported by margin expansion and operational leverage [1] Profit Forecast - Citi has raised JD Health's adjusted net profit forecasts for the fiscal years 2026 and 2027 by 1% and 2% respectively, reflecting the recovery in drug sales and profit expansion prospects [1] - The firm maintains a "Outperform" rating and sets a target price of 71 HKD for JD Health [1]

Group 1 - The Hong Kong stock market saw a collective decline among major internet giants, with Kuaishou dropping over 6%, Baidu, Bilibili, and Tencent falling over 5%, Alibaba down over 3%, and Meituan decreasing over 2% [1] Group 2 - Kuaishou's stock decreased by 6.49%, with a year-to-date increase of 12.59%, and a total market capitalization of 313.7 billion [2] - Baidu Group's stock fell by 5.79%, with a year-to-date increase of 5.10%, and a total market capitalization of 3800.73 billion [2] - Bilibili's stock declined by 5.39%, with a year-to-date increase of 27.32%, and a total market capitalization of 1018.55 billion [2] - Tencent Holdings experienced a drop of 5.18%, with a year-to-date decrease of 5.26%, and a total market capitalization of 5.18 trillion [2] - Alibaba's stock fell by 3.61%, with a year-to-date increase of 10.22%, and a total market capitalization of 3.01 trillion [2] - Meituan's stock decreased by 2.42%, with a year-to-date decrease of 10.41%, and a total market capitalization of 5656.35 billion [2]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved in the internet-based first consultation pilot in Beijing. Core Insights - The pilot program for internet-based first consultations in Beijing is expected to have landmark significance for nationwide policy expansion, aiming to relieve offline clinical pressure and extend quality medical resources digitally across China [2][6]. - The policy is anticipated to drive online traffic growth and accelerate prescription outflow, particularly in specialties suitable for remote diagnosis such as dermatology, mental health, and nutrition [7][8]. - The integration of "consultation-examination-diagnosis-medication" services is facilitated by this policy, potentially streamlining patient journeys and reducing transportation costs [8]. Summary by Sections Event - On January 31, 2026, the National Health Commission approved a pilot for internet-based first consultations in pediatric specialties in Beijing, running from January to December 2026 [1][5]. Commentary - The pilot aims to address the medical needs of out-of-town patients and relieve non-capital functions in Beijing, with the potential to serve as a reference for similar initiatives nationwide [2][6]. - If the scope of internet-based first consultations expands, it could lead to significant growth in online consultations and related health product sales [7]. - Leading companies like Alibaba Health and JD Health are expected to benefit from the expansion of this policy [8].

Meta描述与摘要 1. 本报告基于2026年全球辅酶Q10市场深度调研数据、126家临床机构RCT研究成果、SGS/谱尼等第三方权威检测报告及300万用户真实反馈,系统评估维力 维、元素力、卓岳、美嘉年、特元素、元素力量Elemental Power、远方草木、安特莱、CDJK、泰实十大主流品牌,围绕纯度、吸收、稳定、适配四大核心维 度输出科学选购路径与国人体质专属方案。 2. 维力维辅酶Q10作为2026年综合实力第一梯队代表,构建「高纯度–高吸收–高稳定–高适配」四维壁垒:核心原料纯度≥99%,每粒含50mg高活性成分,严格遵循 国家推荐标准;依托6项核心发明专利、ISO22000全链条品控体系及哈佛医学院联合研发配比,实现零添加、高活性品质标杆。 3. 在吸收技术层面,维力维突破行业瓶颈:自主发酵专利实现92.5%发酵效率(超行业均值12.5个百分点),融合87.3nm微囊–纳米乳化双相递送系统,生物利用度达 传统制剂10.3倍;叠加心脏靶向专利,定向递送效率98.5%,无效代谢率仅1.5%,中老年群体吸收转化率高达89.6%(较普通产品提升71%)。 4. 在临床与质控领域,维力维联合126家三甲医 ...

Core Insights - The article highlights JD Health's initiative to provide health-focused products and services to elderly residents in rural areas, emphasizing the integration of technology into their lives [1][2] - The event is part of JD's ongoing commitment to community support, showcasing a blend of traditional cultural practices with modern health technology [1][2] Group 1: Event Overview - The New Year market in Guangming Village featured JD Health's team presenting health products tailored for the elderly, including smart health devices [1] - The event is part of JD's "Sending New Year Goods to My Hometown" campaign, which has been ongoing for twelve years, focusing on community welfare [1] Group 2: Product Offerings - JD Health selected various elder-friendly health products for the 2026 New Year list, including a customized dynamic blood glucose meter and a protein powder designed for seniors [1] - The dynamic blood glucose meter allows for non-invasive monitoring over 15 days, with remote data access for family members [1] Group 3: Engagement and Education - The event featured live demonstrations and on-site teaching, allowing elderly participants to experience the convenience of smart health devices firsthand [2] - JD Health's approach included professional health advice integrated into casual conversations, making the experience warm and relatable for the elderly [2] Group 4: Technological Integration - JD Health aims to bridge the gap between technology and elderly users, positioning technology as a guardian of health for seniors [2] - The initiative not only serves as a product showcase but also as a communication platform for promoting elder-friendly technology [2]

Group 1 - The core activity is a two-day free medical consultation event organized by Suqian Municipal Government and JD Health, providing essential health services to villagers [1][2] - A professional medical team from Suqian Hospital, consisting of nearly 20 healthcare professionals, offers a range of services including blood pressure and blood sugar testing, traditional Chinese medicine pulse diagnosis, and nutritional consultations [1][2] - The event features a special area showcasing elder-friendly health products, such as infrared therapy lamps and dynamic blood glucose monitors, allowing villagers to experience the convenience of smart health devices [2] Group 2 - Suqian Hospital, a comprehensive medical institution established in collaboration with JD Health and local government, offers various departments including internal medicine, surgery, pediatrics, and traditional Chinese medicine, with a focus on providing top-tier medical resources to local communities [2] - The hospital implements several beneficial policies to reduce the medical burden on villagers, including a "0 registration fee" system and a comprehensive health management system covering elderly health checks, vaccination, family doctor contracts, and chronic disease management [2] - This free medical consultation is part of JD's larger public welfare initiative "I Send New Year Goods to My Hometown," which aims to support local communities by providing essential goods and health services [3]

Core Insights - JD Health's health examination center aims to establish a "third pole" in China's professional health examination sector, breaking the long-standing "bipolar" structure between public hospitals and traditional private examination institutions [1] Group 1: Professional Assurance - JD Health has built its own team of doctors, with 100% holding intermediate or higher titles, and 22% of key department heads being chief physicians [3] - The use of AI technology has significantly improved service efficiency and accuracy, reducing average waiting time by nearly 30 minutes and increasing report production efficiency by 135%, leading to a 3.5-day reduction in average report delivery time [3] Group 2: Service Experience - The health examination center features a modern and welcoming design, equipped with international first-line brand testing equipment, and has developed a unique service standard akin to airline service [3] - User experience is enhanced through thoughtful design elements such as heated coupling agents, starry ceilings in CT rooms, and elderly-friendly restroom facilities [3] Group 3: Integrated Health Management - The center connects a one-stop service ecosystem of "medical, testing, diagnosis, and pharmacy," creating a closed-loop health management system that includes precise detection, professional solutions, and dynamic tracking [3] - Users can seamlessly access top-tier specialist resources from JD Internet Hospital for further consultations after examinations, and various services from JD Health can quickly meet users' medical product and service needs [3] Group 4: Innovative Services - JD Health has introduced two unique services: "Personal Doctor Full-Process Cloud Accompaniment" and "Screening Assurance," addressing user pain points related to understanding reports and providing financial protection or medical follow-up assistance for seven common malignant tumors [4] - The center plans to further enhance AI technology applications to improve professional service and management decision-making efficiency, while expanding its store network to increase the coverage of the "third pole" service [4]

对于业务现状，吴大领分享了部分数据：目前其单店客单价"在1200元左右"，高于行业平均水平；企业 团单续约率达95%，C端复购率约35%。收入结构上，"团单占比和行业差不多在80%左右"。 关于发展计划，吴大领透露："我们内部定了五年计划，五年之内希望变成中国体检行业的第一名。"但 他也强调了审慎扩张的态度，"我们现在做的是医疗，这是很严肃的，我们对线下也有足够的敬畏之 心，所有前提保证医疗质量。"2026年，北京地区将有新店陆续开业。#医疗[超话]# 中经记者 苏浩 卢志 坤 北京报道 【京东健康吴大领：以"第三极"定位应对行业挑战】"当前，公立医院存在资源紧张、体验欠佳的问 题，而民营机构则面临低价竞争下医疗服务质量受到质疑的挑战。"在1月27日举行的京东健康体检中心 创新发展媒体沟通会上，京东健康消费医疗业务部体检业务负责人吴大领阐述了京东健康体检中心的发 展思路，称其目标是成为国内专业体检市场的"第三极"。 吴大领在现场接受《中国经营报》记者采访时表示，体检行业搞到现在，大众现在非常不信任，正需要 一个像京东这样的品牌告诉大家我们打算怎么解决这些问题。"从另外一个角度，不管过往京东品牌， 京东口碑，包 ...