Investment Rating - The investment rating for JD Health (06618.HK) is "Outperform the Market" [2][3][7] Core Views - JD Health's revenue growth is stable, with a 5% year-on-year increase in H1 2024, achieving a total revenue of 28.3 billion yuan. The growth is driven by a 3% increase in product revenue and a 12% increase in service revenue [1][5] - The company's non-IFRS net profit margin improved from 9.0% to 9.3% year-on-year, benefiting from increased other income, although adjusted operating profit margin decreased from 6.4% to 5.6% due to rising fulfillment and sales costs [1][5] - The growth in GMV is primarily driven by an increase in active buyers and purchase frequency, with 181 million annual active users as of H1 2024, representing a 7% year-on-year growth [1][5] Revenue and Profit Forecast - Revenue projections for JD Health from 2024 to 2026 are 57.4 billion, 63.8 billion, and 70.8 billion yuan, respectively, with adjustments of -7%, -11%, and -14% due to a weak consumption environment and regulatory impacts on certain product categories [2][7] - Adjusted net profit forecasts for the same period are 4.4 billion, 4.8 billion, and 5.0 billion yuan, with adjustments of +6%, -3%, and -13% [2][7] Financial Metrics - The company is expected to have a PE ratio of 14x for 2024, with a CAGR of 6% for adjusted net profit from 2024 to 2026 [2][7] - The target price is set between 31 and 33 HKD, indicating a potential upside of 45% to 54% from the current stock price of 21.45 HKD [2][7]

Financial Performance - For the six months ended June 30, 2024, JD Health reported revenue of RMB 28,343,961 thousand, representing a year-on-year increase of 4.6% compared to RMB 27,110,336 thousand in the same period of 2023[3]. - Gross profit for the same period was RMB 6,699,943 thousand, reflecting an 8.0% increase from RMB 6,203,000 thousand in the prior year[3]. - Operating profit increased by 17.7% to RMB 1,035,018 thousand, up from RMB 879,244 thousand year-on-year[3]. - Revenue increased by 4.6% from RMB 271 billion for the six months ended June 30, 2023, to RMB 283 billion for the six months ended June 30, 2024[15]. - Active user growth and increased online penetration in pharmaceutical and health product sales contributed to a 3.2% increase in product revenue from RMB 232 billion to RMB 239 billion[15]. - Service revenue from online platforms and digital marketing rose by 12.5% from RMB 39 billion to RMB 44 billion, driven by an increase in advertisers on the platform[15]. - Gross profit increased from RMB 62 billion to RMB 67 billion, with gross margin improving from 22.9% to 23.6% due to changes in revenue mix[17]. - Period profit increased from RMB 1.56 billion for the six months ended June 30, 2023, to RMB 2.03 billion for the six months ended June 30, 2024[24]. - The net profit attributable to the owners of the company for the six months ended June 30, 2024, was RMB 2.04 billion, up from RMB 1.56 billion in the same period of 2023, indicating a year-over-year increase of approximately 30.8%[37]. - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.65, up from RMB 0.50 in the same period of 2023, representing a growth of 30%[46]. User Engagement and Services - The number of annual active users reached 181 million, with an average of over 480,000 online consultations per day during the first half of 2024[5]. - The online consultation volume for JD Health's internet hospital exceeded 480,000 daily consultations, serving over 15 million patients across various specialties[11]. - JD Health established the largest professional nutritionist online service team in China, with nearly 1,000 nutritionists, achieving a 98% user satisfaction rate[8]. - The company launched a pilot online medical insurance payment service in Beijing, with over 350 retail pharmacies connected to the JD platform by June 30, 2024[9]. - JD Health is expanding its home service offerings, including on-site nursing and home care services, to meet diverse health needs[11]. Strategic Initiatives and Partnerships - The company expanded its partnerships with leading pharmaceutical companies, launching several new specialty drugs on its platform during the reporting period[7]. - JD Health's platform now hosts 80,000 active third-party merchants, indicating significant growth in its marketplace[7]. - Strategic cooperation agreements were signed with over ten medical device brands to enhance product development and marketing efforts[7]. - The company continues to focus on expanding its "Internet + Healthcare" ecosystem, providing a range of medical and health products, internet medical services, and smart healthcare solutions in China[40]. Operational Efficiency - The average delivery time for the "JD Buy Medicine" service improved to 28 minutes, with the fastest delivery at 9 minutes, covering over 490 cities and more than 150,000 partner pharmacies[9]. - The company continues to strengthen its supply chain capabilities and expand its nationwide warehouse network and cold chain delivery services[6]. - JD Health's operating model combines self-operated, online platforms, and instant retail to enhance user experience and maintain competitive pricing[6]. Financial Management - Fulfillment expenses increased by 14.4% from RMB 2.6 billion for the six months ended June 30, 2023, to RMB 2.9 billion for the six months ending June 30, 2024, with fulfillment expenses as a percentage of revenue rising from 9.5% to 10.4%[18]. - Sales and marketing expenses rose by 17.5% from RMB 1.2 billion for the six months ended June 30, 2023, to RMB 1.4 billion for the six months ending June 30, 2024, with expenses as a percentage of revenue increasing from 4.4% to 5.0%[19]. - R&D expenses increased by 4.6% from RMB 616.9 million for the six months ended June 30, 2023, to RMB 645.0 million for the six months ending June 30, 2024, maintaining a stable percentage of revenue at 2.3%[20]. - General and administrative expenses decreased by 21.9% from RMB 876.8 million for the six months ended June 30, 2023, to RMB 685.1 million for the six months ending June 30, 2024, with expenses as a percentage of revenue declining from 3.2% to 2.4%[21]. - Financial income increased by 5.7% from RMB 936.5 million for the six months ended June 30, 2023, to RMB 989.5 million for the six months ending June 30, 2024, primarily due to increased interest income from bank balances and financial products[22]. - Income tax expenses rose by 50.4% from RMB 269.2 million for the six months ended June 30, 2023, to RMB 405.0 million for the six months ending June 30, 2024, mainly due to net growth in deferred tax[23]. Cash Flow and Investments - Operating cash flow for the six months ending June 30, 2024, was RMB 2.23 billion, compared to RMB 368.1 million for the same period in 2023[29]. - Cash and cash equivalents decreased to RMB 8.84 billion as of June 30, 2024, from RMB 11.90 billion as of June 30, 2023[29]. - For the six months ended June 30, 2024, net cash generated from operating activities was RMB 2.2 billion, primarily due to a profit of RMB 2.0 billion, adjusted for a net decrease of RMB 0.4 billion from non-cash and non-operating items[30]. - For the six months ended June 30, 2024, net cash used in investing activities was RMB 8.4 billion, mainly due to net cash payments of RMB 5.7 billion for time deposits and RMB 2.6 billion for financial assets measured at fair value[31]. - For the six months ended June 30, 2024, net cash used in financing activities was RMB 218 million, primarily due to lease payment principal of RMB 178 million[32]. - As of June 30, 2024, the company had no outstanding borrowings, indicating a capital debt ratio of 0%[32]. Corporate Governance - The company has adhered to the Corporate Governance Code and maintained high standards of corporate governance throughout the reporting period[50]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, ensuring compliance with accounting policies and internal controls[52]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the six months ended June 30, 2024[53]. - The board currently includes executive and non-executive directors, ensuring a diverse governance structure[59]. Future Plans and Appointments - The company plans to continue utilizing the raised funds for enhancing user growth and brand awareness, as well as for potential investments and acquisitions[55]. - Professor 廖家傑 has been appointed as an independent non-executive director effective from August 15, 2024[56]. - 廖教授 will receive an annual director's fee of RMB 338,000 and equity-based compensation[56]. - The board welcomes 廖教授's appointment, highlighting his extensive experience in gastroenterology and hepatology[57]. - The mid-term financial report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[58].

Financial Performance - JD Health reported revenue of RMB 53,529,941 thousand for 2023, a 14.0% increase from RMB 46,736,150 thousand in 2022[7] - Gross profit for 2023 was RMB 11,865,336 thousand, up 19.9% from RMB 9,891,508 thousand in the previous year[7] - The company achieved a net profit of RMB 2,142,880 thousand in 2023, compared to a profit of RMB 383,229 thousand in 2022, marking a significant turnaround[7] - The company reported a non-IFRS profit of RMB 4,135,439 thousand for 2023, a substantial increase from RMB 2,616,292 thousand in 2022[7] - Total revenue for 2023 reached RMB 53.5 billion, representing a year-on-year growth of 14.5%[14] - Self-operated sales revenue reached RMB 45.7 billion, a year-on-year increase of 13.1%[16] - Service revenue rose by 23.7% from RMB 6.4 billion in 2022 to RMB 7.9 billion in 2023, attributed to increased digital marketing service fees and commissions from third-party merchants[25] - Revenue increased by 14.5% from RMB 46.7 billion in 2022 to RMB 53.5 billion in 2023, driven by a 13.1% rise in sales of pharmaceutical and health products[25] Assets and Equity - Total assets increased to RMB 64,288,300 thousand in 2023 from RMB 61,277,296 thousand in 2022, reflecting a growth of 4.9%[8] - Equity attributable to owners of the company rose to RMB 49,355,752 thousand in 2023, up from RMB 44,780,248 thousand in 2022, indicating a growth of 11.8%[8] User Engagement and Services - The number of annual active users reached 172.3 million, with an average of over 450,000 online consultations per day in 2023[14] - The company launched the first domestic skin specialty internet hospital and upgraded its mental health service center in 2023[11] - The company opened multiple self-operated community stores in Beijing, offering a "24-hour prescription pickup" service and an average delivery time of 28 minutes for online orders[10] - The company has expanded its local "instant retail" business, enhancing its offline pharmacy network to cover more service scenarios[10] - Instant retail services expanded to over 480 cities, with more than 120,000 partnered offline pharmacies[18] Strategic Focus and Technology - The company emphasized its strategic focus on integrating online and offline health services to enhance user experience and meet evolving health demands[9] - JD Health aims to leverage disruptive technologies to further develop its healthcare services and expand its market presence in response to changing consumer needs[9] - The company introduced the medical large model "Jingyi Qianxun," which is based on health knowledge graphs and big data, to drive AI deployment in products and solutions[12] - JD Health has accelerated the application of medical AI models to improve online diagnosis quality and efficiency[19] Corporate Governance and Management - The company is committed to creating sustainable value for shareholders while fulfilling its corporate social responsibilities in the healthcare sector[9] - The company has a strong management team with extensive experience in finance and investment management, including key positions held by Deng Hui and other executives[52][53] - The board of directors includes a diverse group of experienced individuals, with the CEO having extensive experience in the healthcare and TMT sectors[47] - The company has established a remuneration committee to determine and recommend the remuneration policy for directors and senior management[89] Cash Flow and Investments - Cash and cash equivalents decreased from RMB 187 billion at the end of 2022 to RMB 150 billion at the end of 2023[36] - Net cash generated from operating activities for 2023 was RMB 4,604,778 thousand, down from RMB 5,905,149 thousand in 2022, a decline of approximately 22%[37] - Net cash used in investing activities increased to RMB 8,022,885 thousand in 2023 from RMB 4,235,541 thousand in 2022, reflecting a rise of about 89%[39] - The company made a cash investment of approximately RMB 668 million in Tangshan Hongci Medical Management Co., Ltd. in 2020 for a 49% stake, with plans to acquire the remaining 51%[42] Related Party Transactions - The company has established ongoing related party transactions with JD.com and its affiliates, including JD Technology[120] - Independent non-executive directors have confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms[138] - The company will review and ensure that the terms received from JD.com are fair and reasonable compared to market prices for similar services[136][137] Risk Management and Compliance - The company faces significant risks related to contractual arrangements, particularly if the Chinese government deems these arrangements non-compliant with foreign investment regulations[144] - The company is closely monitoring regulatory developments in China to mitigate risks associated with contractual arrangements[144] - The company has adopted an anti-corruption and whistleblowing policy to support compliance with relevant laws and regulations[192] - The company has complied with all relevant laws and regulations during the reporting period[62] Employee and Board Diversity - The current level of gender diversity on the board is 28.6%, with two out of seven directors being female[186] - The company has achieved a gender diversity ratio of 58.3% female and 41.7% male employees, emphasizing ongoing efforts to enhance gender representation[193] - The board's strategic goal is to become the most trusted health management company and the nation's chief health steward[188] Future Outlook and Strategy - The company aims to continue expanding its business base and strategic new categories in response to the "Healthy China" strategy and market trends[13] - The company is focused on expanding its market reach and developing new technologies to improve healthcare solutions[55] - The company plans to reallocate approximately RMB 7.7 billion from R&D to business expansion after a detailed assessment of its operational situation and business strategy[64]

Investment Rating - The report maintains a "Buy" rating for JD Health (06618 HK) [6] Core Views - JD Health achieved revenue of RMB 53 5 billion in 2023 a YoY increase of 14 5% with self-operated product revenue reaching RMB 456 5 billion (up 13 1%) and service revenue at RMB 78 8 billion (up 23 7%) [1] - The company's gross margin increased by 1 0 percentage points to 22 2% driven by product mix changes and annual profit surged 459 2% to RMB 2 14 billion [1] - Adjusted Non-IFRS net profit reached RMB 4 14 billion a YoY increase of 58 1% [1] - Annual active users grew to 172 million as of December 31 2023 a net increase of 18 million from the previous year [1] - Third-party merchants exceeded 50 000 a YoY growth of over 100% and daily online consultations surpassed 450 000 [1] Business Performance Self-operated Product Revenue - Self-operated product revenue reached RMB 456 5 billion in 2023 with prescription drugs non-prescription drugs and other categories accounting for 41% 29% and 30% respectively [2] - The company's diversified product matrix and digital marketing strategies are expected to drive cross-category purchases [2] Service Revenue - Service revenue grew 23 7% YoY to RMB 78 8 billion driven by increased advertising clients and higher commissions from third-party merchants [2] - The company is expanding its online and offline healthcare integration with daily online consultations exceeding 450 000 [2] Instant Retail and Offline Services - JD Health provides 24-hour instant retail services in over 480 cities and collaborates with more than 120 000 offline pharmacies [2] - The company has launched self-operated community pharmacies in Beijing and operates JD Health physical examination centers and hospitals [2] Financial Metrics - Gross profit increased 20 0% YoY to RMB 118 7 billion with a gross margin of 22 2% up 1 0 percentage point from 2022 [3] - Fulfillment expense ratio was 9 9% (up 0 2 percentage points) sales expense ratio was 5 0% (up 0 3 percentage points) and general and administrative expense ratio improved by 0 9 percentage points to 3 7% [3] - The R&D expense ratio remained stable at 2 3% [3] Future Outlook - Revenue forecasts for 2024 2025 and 2026 are adjusted to RMB 620 billion RMB 727 billion and RMB 854 billion respectively [4] - Adjusted net profit for 2024 2025 and 2026 is projected at RMB 41 billion RMB 48 billion and RMB 53 billion respectively [4] - The company is expected to strengthen its position as a leading self-operated pharmaceutical e-commerce platform with continued user penetration and industry-leading supply chain capabilities [4] Company Data - Total shares outstanding: 3 189 12 million [5] - Market capitalization: HKD 88 338 49 million [5] - Net asset value per share: HKD 17 09 [5] - Asset-liability ratio: 23 20% [5] - 52-week high/low: HKD 60 40/HKD 25 25 [5]

跑出精彩，健康不止步！由京东健康冠名赞助的“迁马·跑在水美酒乡”2024京东宿迁马拉松暨大运河马拉松系列赛(宿迁站)将于3月31日在宿迁市宿城区鸣枪起跑。为保障此次活动的顺利举行，宿迁马拉松的准备工作已经陆续开始。期间，参赛选手可携带个人证件前往宿迁国际体育会展中心2号馆，领取参赛装备，做好赛前准备。 作为宿迁的重要体育赛事，创办于2021年的宿迁马拉松一直备受喜爱。今年，宿迁马拉松在万众期待中重磅回归。2024年宿迁马拉松由江苏省体育局、中共江苏省委宣传部、宿迁市人民政府主办，共设有全程马拉松(42.195公里)、半程马拉松(21.0975公里)、欢乐跑(3.9公里)和亲子跑等四个项目，途经大运河、骆马湖等宿迁知名景点和地标建筑。 备战马拉松，除了规律训练，参赛选手还需要注意哪些事项？医生提醒：马拉松是一场漫长的体力消耗战，赛前要保证充分摄入维生素和钙，让身体保持健康状态；其次要清淡饮食、适当补充碳水化合物以增加肌肉和肝脏中的糖原储存，为比赛做好能量储备。 值得关注的是，本次宿迁马拉松，宿豫医院派出了30余位医护工作人员免费为参赛选手提供测血压心率、肌贴等健康服务 ...

2024 年3 月28 日 医药: 超配 证券研究报告 / 业绩点评报告 京东健康 (6618 HK, 买入, 目标价: HK$43.57) 毛利率有望持续恢复，服务收入有望保持快速增长 目标价: HK$43.57 当前股价: HK$28.35 • 经营效率提升和存款利息增长导致23 年利润增长超市场预期。 股价上行/下行空间 +54% 52周最高/最低价 (HK$) 64.55/25.25 • 2024 年开始疫情影响逐渐减弱，公司产品收入恢复正常增长。 市值 (US$mn) 11,395 • 维持“买入”评级，下调DCF 目标价至HK$43.57。 当前发行数量(百万股) 3,144 三个月平均日交易額 21 2023 年公司利润超市场预期，毛利率止跌回升：根据公司2023 年报告，京东健康2023 (US$mn) 流通盘占比 (%) 15 年实现营业收入535.3 亿元（同比+14.5%）； 2023 年，公司实现盈利21.4 亿元（同比 主要股东 (%) +459%）；调整后Non-IFRS 净利润达到41.4 亿元（同比+58%）。2023 年，由于产品组 京东健康 68 合变动，公司毛利率上升 1 ...

证券研究报告 | 2024年03月25日 京东健康（06618.HK） 增持 2023H2 财报点评：高基数下收入增长平淡，利润亮眼受益于 利息收入提升 核心观点 公司研究·海外公司财报点评 收入端：2023H2，公司实现营业收入264亿元，同比0增长。分拆看，1） 互联网·互联网Ⅱ 2023年下半年商品收入225亿元，同比-2%，主要系疫情防护物资销量 证券分析师：张伦可 联系人：王颖婕 高基数影响；2）服务收入由2022H2的36亿元增加8%至39亿元，在主 0755-81982651 0755-81983057 zhanglunke@guosen.com.cnwangyingjie1@guosen.com.cn 站生态繁荣的战略下，流量向三方商家倾斜，佣金与广告收入快速增长。 S0980521120004 基础数据 利润端：公司non IFRS净利率从去年同期4.9%升至6.4%，主要受益于 利息收入从2亿快速增长至10亿。经调经营利润率从3.8%降至3.0%， 投资评级 增持(维持) 合理估值 31.00 - 33.00港元 主要由于销售费率提升。1）履约开支从去年同期的26亿上升至27亿， 收盘价 ...

研究报告Research Report 23 Mar 2024 京东健康 JD Health International (6618 HK) 业绩增速超预期，全渠道业务布局加速 The Performance Beats Consensus, The Omnichannel Business Strategy Accelerated [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab 维le_ 持Inf 优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：公司发布2023年度报告 评级 优于大市OUTPERFORM 现价 HK$28.05 点评 目标价 HK$79.80 收入稳步增长，第三方商家数量快速扩容。2023 年公司实现收 HTI ESG 4.0-4.0-4.0 入535亿元（+14.5%），其中， E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 1. 医药和健康产品销售业务实现收入 457 亿元（+13 ...

Financial Performance - For the fiscal year ending December 31, 2023, JD Health reported revenue of RMB 53,529,941 thousand, a 14.5% increase from RMB 46,736,150 thousand in 2022[3] - The gross profit for the same period was RMB 11,865,336 thousand, reflecting a 20.0% increase from RMB 9,891,508 thousand in the previous year[3] - Operating profit turned positive at RMB 630,848 thousand, compared to an operating loss of RMB 145,120 thousand in 2022[3] - The annual profit reached RMB 2,142,880 thousand, a significant increase of 459.2% from RMB 383,229 thousand in the prior year[3] - Non-IFRS operating profit was RMB 2,478,637 thousand, up 26.5% from RMB 1,959,158 thousand in 2022[3] - JD Health's total revenue for 2023 reached RMB 53.5 billion, representing a year-on-year growth of 14.5%[10] - Revenue from self-operated products was RMB 45.7 billion, showing a year-on-year increase of 13.1%[12] - Service revenue rose by 23.7% from RMB 6.4 billion in 2022 to RMB 7.9 billion in 2023, attributed to increased digital marketing service fees and commission from third-party merchants[21] - Operating costs increased by 13.1% from RMB 36.8 billion in 2022 to RMB 41.7 billion in 2023, primarily due to higher sales of pharmaceutical and health products[22] - Gross profit grew from RMB 9.9 billion in 2022 to RMB 11.9 billion in 2023, with gross margin improving from 21.2% to 22.2%[23] - The annual profit attributable to the company's owners was RMB 2.14 billion in 2023, significantly up from RMB 383.23 million in 2022[42] - The company reported a basic earnings per share of RMB 0.69 for 2023, compared to RMB 0.12 for 2022[42] - The total comprehensive income for the year was RMB 2.82 billion, down from RMB 3.68 billion in 2022, primarily due to foreign currency translation differences[43] User Engagement and Services - The number of annual active users reached 172.3 million, with an average of over 450,000 online consultations per day in 2023[10] - JD Health is focusing on enhancing its supply chain infrastructure and expanding its online health consumption platform to reach a broader base of users[6] - The company is accelerating its omnichannel strategy, including the launch of a 24-hour prescription pickup service and an average delivery time of 28 minutes for online orders in Beijing[7] - JD Health is constructing an integrated online and offline service system, including the establishment of online dermatology hospitals and mental health centers[8] - The company has introduced various proactive health management services tailored for different user groups, enhancing its service offerings[8] - JD Health's instant retail business has expanded to over 480 cities, with more than 120,000 partnered offline pharmacies, providing 24/7 service to meet user demands[14] - JD Health's online mental health center has provided personalized consultations to over hundreds of thousands of users, addressing various psychological needs[16] Strategic Initiatives and Innovations - JD Health aims to become a leading platform for global brand growth in the health sector, leveraging its digital marketing capabilities[6] - The company is expanding its strategic partnerships with leading pharmaceutical companies to enhance product offerings and market reach[12] - JD Health is focusing on AI-driven healthcare solutions, launching the medical model "JD Medical Qianxun" based on health knowledge graphs and big data[9] - The company has developed a medical large model, "Jingyi Qianxun," integrating clinical guidelines and expert knowledge to improve healthcare efficiency[17] - JD Health launched several innovative drugs, including the first global treatment for severe alopecia areata and a domestically approved targeted oral drug for psoriasis[12] - The company plans to continue expanding its "Internet + Healthcare" ecosystem, focusing on innovative healthcare solutions and market promotion services in China[46] Financial Position and Cash Flow - Cash and cash equivalents decreased from RMB 18.7 billion at the end of 2022 to RMB 15.0 billion at the end of 2023[33] - Net cash generated from operating activities was RMB 4.6 billion in 2023, down from RMB 5.9 billion in 2022, primarily due to changes in working capital[34] - In 2023, the net cash used in investing activities was RMB 8 billion, an increase from RMB 4.2 billion in 2022, primarily due to deposits in time deposits of RMB 33.4 billion and purchases of financial assets at fair value of RMB 10.3 billion[36] - The net cash used in financing activities decreased significantly from RMB 925.4 million in 2022 to RMB 117.2 million in 2023, mainly due to a reduction in share repurchase payments[37] - As of December 31, 2023, the company had no outstanding borrowings, indicating a capital debt ratio of 0%[37] Corporate Governance and Social Responsibility - JD Health is committed to social responsibility, organizing various public welfare activities, including support for rare disease patients and health initiatives for rural women[9] - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring compliance with governance standards[56] - JD Health's charitable initiatives have conducted 56 activities, donating over RMB 60 million in cash, materials, and services[18] - The company did not declare any dividends for the year 2023, consistent with the previous year[52] Workforce and Employee Compensation - The total number of employees focused on business operations increased to 3,118 as of December 31, 2023, compared to 2,739 in the previous year[39] - Total employee compensation and benefits expenses amounted to RMB 2.9 billion in 2023, down from RMB 3.1 billion in 2022[39] Assets and Liabilities - Total assets increased to RMB 64,288,300 thousand as of December 31, 2023, compared to RMB 61,277,296 thousand as of December 31, 2022, representing a growth of 4.9%[44] - Current assets decreased to RMB 47,849,891 thousand as of December 31, 2023, from RMB 56,447,159 thousand in 2022, a decline of 15.3%[44] - The total trade payables as of December 31, 2023, were RMB 9,660,450 thousand, a decrease of 8.2% from RMB 10,526,029 thousand as of December 31, 2022[52] - The company reported a decrease in trade receivables to RMB 347,962 thousand in 2023 from RMB 954,958 thousand in 2022, a reduction of 63.6%[44] - The aging analysis of trade receivables shows that receivables within 3 months were RMB 303,507 thousand, down from RMB 519,165 thousand year-over-year, indicating a significant decline in short-term receivables[51] Future Outlook - JD Health aims to continue expanding its business base and strategic new categories in 2024, driven by the "Healthy China" strategy[9] - The company plans to reallocate approximately RMB 7.7 billion from R&D to business expansion, reflecting a strategic shift in resource allocation[58] - As of December 31, 2023, the unutilized net proceeds for business expansion were RMB 7,635 million after the reallocation[59] - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website on March 20, 2024[60]

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