央广网北京8月14日消息（记者 马文静）8月14日，京东健康发布2025年中期业绩公告。2025年上 半年，京东健康总收入为人民币353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS） 净利润达35.7亿元，同比增长35%。截至2025年6月30日，京东健康过去12个月的年度活跃用户数量突 破2亿；第三方合作商家数量显著增长，超过15万家，同比接近翻倍。 ...

新浪科技讯 8月14日晚间消息，京东健康发布2025年中期业绩公告。2025年上半年，京东健康总收入为 人民币353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS）净利润达35.7亿元，同比增 长35%。 责任编辑：何俊熹 截至2025年6月30日，京东健康过去12个月的年度活跃用户数量突破2亿，第三方合作商家数量显著增 长，超过15万家，同比接近翻倍。 ...

智通财经APP获悉，8月14日，京东健康(06618)发布2025年中期业绩公告。2025年上半年，京东健康总 收入为人民币353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS）净利润达35.7亿元， 同比增长35%。收入和净利润超出市场预期，显示出京东健康的长期价值持续释放。 2025年上半年，京东健康持续强化供应链能力，加快提升健康商品和服务供给质量、优化用户体验，从 而持续赢得更多消费者信赖。同时，京东健康还精准把握了行业增长趋势，积极推进人工智能技术驱动 服务模式创新，借助有利的行业政策支持，从而实现高质量业绩增长。 ...

8月14日，京东健康(06618)发布2025年中期业绩公告。2025年上半年，京东健康总收入为人民币353亿 元，同比增长24.5%；非国际财务报告准则指标下(Non-IFRS)净利润达35.7亿元，同比增长35%。收入和 净利润超出市场预期，显示出京东健康的长期价值持续释放。 2025年上半年，京东健康持续强化供应链能力，加快提升健康商品和服务供给质量、优化用户体验，从 而持续赢得更多消费者信赖。同时，京东健康还精准把握了行业增长趋势，积极推进人工智能技术驱动 服务模式创新，借助有利的行业政策支持，从而实现高质量业绩增长。 ...

Core Insights - JD Health reported a total revenue of RMB 35.3 billion for the first half of 2025, representing a year-on-year growth of 24.5% [1] - The Non-IFRS net profit reached RMB 3.57 billion, showing a year-on-year increase of 35% [1] - The annual active user count surpassed 200 million, marking a record high and indicating increased brand recognition and trust [1] User Growth and Marketing Strategies - The robust growth in annual active users is attributed to continuous improvements in user experience and a series of marketing strategies [1] - Collaborations with leading pharmaceutical companies and health product suppliers have expanded product offerings [1] - The company has further enhanced its service ecosystem, covering "medical, testing, diagnosis, and medication" to meet diverse and personalized health needs [1] - Key marketing campaigns such as "Happy Weight Loss" and "618 Free Order" have effectively increased user engagement on the platform [1]

Core Insights - JD Health reported a revenue of RMB 35.29 billion for the six months ending June 30, 2025, representing a year-on-year increase of 24.5% [1] - The company's non-IFRS profit reached RMB 3.57 billion, up 35% year-on-year, while the profit attributable to shareholders was RMB 2.596 billion, reflecting a 27.45% increase [1] - The number of active users surpassed 200 million in the past 12 months, with an average of over 500,000 daily consultations during the first half of 2025 [1] Revenue Breakdown - Revenue for the three months ending June 30, 2025, increased by 23.7% to RMB 18.6 billion from RMB 15.1 billion for the same period in 2024 [2] - Revenue from the sale of pharmaceutical and health products rose by 22.7% to RMB 29.3 billion for the six months ending June 30, 2025, compared to RMB 23.9 billion for the same period in 2024 [2] - Service revenue from online platforms and digital marketing increased by 34.4% to RMB 6 billion for the six months ending June 30, 2025, up from RMB 4.4 billion for the same period in 2024 [2]

Financial Performance - JD Health reported a revenue of RMB 35,290,047, representing a year-on-year increase of 24.5% compared to RMB 28,343,961 in the previous year[5] - Gross profit reached RMB 8,891,918, reflecting a 32.7% increase from RMB 6,699,943 year-on-year[5] - Operating profit surged by 105.5% to RMB 2,127,048, up from RMB 1,035,018 in the same period last year[5] - Non-IFRS profit for the period was RMB 3,570,104, marking a 35.0% increase from RMB 2,643,770 year-on-year[5] - Period profit increased from RMB 2,034.4 million for the six months ended June 30, 2024, to RMB 2,591.3 million for the six months ending June 30, 2025[29] - The company reported a net profit of RMB 2,591,347 thousand for the six months ended June 30, 2025, compared to RMB 2,034,378 thousand in 2024, reflecting a year-over-year increase of 27.3%[49] - The net profit attributable to the owners of the company for the six months ended June 30, 2025, was RMB 2,596,445 thousand, representing a 27.5% increase from RMB 2,037,182 thousand in 2024[57] User Engagement and Growth - The number of active users exceeded 200 million, with an average of over 500,000 daily consultations during the reporting period[8] - The number of active users increased, contributing to a 22.7% rise in sales of pharmaceutical and health products, from RMB 23.9 billion to RMB 29.3 billion during the same period[20] - AI services under the "AI京醫" series have served over 50 million users, enhancing health management services[16] - The company aims to enhance user growth and engagement while improving brand awareness through its business expansion efforts[70] Product and Service Expansion - The company launched over 30 innovative drugs online, reinforcing its position as the first platform for new specialty drug launches[10] - The number of merchants on the platform surpassed 150,000, an increase of over 50,000 compared to December 31, 2024[11] - JD Health expanded its "JD Medicine Fast Delivery" service, connecting over 200,000 pharmacies nationwide[12] - The company is actively exploring innovative service models in retail pharmacies, including a strategic partnership with Beijing Children's Hospital[12] - The company expanded its rapid testing services to over 160 types across 23 cities[15] - The company has allocated RMB 9,010 million for business expansion, including the development of retail pharmacy and online healthcare services[70] Financial Position and Cash Flow - Cash and cash equivalents increased to RMB 25.2 billion as of June 30, 2025, from RMB 22.6 billion as of December 31, 2024[33] - The company’s liquidity is primarily supported by cash generated from operating activities, with total cash reserves reaching RMB 66 billion as of June 30, 2025[33] - 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[35] - The net cash used in investing activities decreased from RMB 8,372.8 million for the six months ended June 30, 2024, to RMB 3,556.4 million for the same period in 2025[35] Cost and Expense Management - Sales and marketing expenses increased by 28.8% from RMB 1.4 billion to RMB 1.8 billion, with the percentage of revenue slightly rising from 5.0% to 5.1%[24] - 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] - General and administrative expenses decreased by 10.7% from RMB 685.1 million for the six months ended June 30, 2024, to RMB 611.5 million for the six months ending June 30, 2025, representing 1.7% of revenue, down from 2.4%[26] - Fulfillment expenses as a percentage of revenue decreased from 10.4% to 10.1%, despite an increase in total fulfillment costs[23] Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the six months ending June 30, 2025[66] - The company has confirmed compliance with the "Standard Code" regarding securities trading by directors for the six months ending June 30, 2025[65] - The company has established an audit committee, nomination committee, and remuneration committee to enhance corporate governance[67] - The company will continue to review and monitor its corporate governance practices to maintain high standards[64] Assets and Liabilities - As of June 30, 2025, the total assets amounted to RMB 78,460,123 thousand, an increase from RMB 71,274,993 thousand as of December 31, 2024[50] - Total liabilities as of June 30, 2025, were RMB 20,483,202 thousand, a significant increase from RMB 16,034,155 thousand as of December 31, 2024[59] - Trade payables increased to RMB 13,594,659 thousand as of June 30, 2025, from RMB 10,423,314 thousand at the end of 2024, marking a 30.5% rise[62] - Deferred tax liabilities decreased to RMB 297,735 thousand as of June 30, 2025, from RMB 364,414 thousand as of December 31, 2024[59] Employee and Workforce - Employee headcount increased to 4,572 as of June 30, 2025, compared to 3,177 as of June 30, 2024, reflecting a growth of 44%[43] - Total employee compensation and benefits expenses remained stable at RMB 1,200,000 thousand for both periods ended June 30, 2025, and 2024[43] Dividends and Shareholder Returns - The company did not declare or pay any dividends to ordinary shareholders for the six months ended June 30, 2025, consistent with the previous year[62] - As of June 30, 2025, the company has not proposed any interim dividend distribution[69] Investment and Fundraising - The company has raised approximately RMB 25.7 billion in net proceeds from its global offering, intended for business expansion, potential investments, and working capital needs[70] - The company has a remaining unutilized fundraising amount of RMB 3,490 million as of June 30, 2025[70]

Group 1 - JD Health participated in the "Weight Management Industry Conference 2025" and shared its advantages in providing convenient and scientific weight management solutions through an integrated online and offline retail supply chain and professional healthcare services [1] - The new generation weight loss drug "Masitide" (brand name: Xin Er Mei®) from Innovent Biologics was launched on JD Health's platform shortly after its approval, highlighting the collaboration to promote health knowledge related to weight loss and diabetes [3] - From July 4 to August 4, the search volume for "Xin Er Mei" on JD's platform exceeded one million, with over 30,000 users served in the first month, indicating a strong demand for scientific weight loss medications [3] Group 2 - JD Health's nationwide layout of 33 pharmaceutical warehouses ensures that 90% of orders can be delivered on the same or next day, with cold chain delivery for GLP-1 drugs available within 2 hours [3] - The "JD Buy Medicine Fast Delivery" service can deliver medications in as little as 9 minutes, allowing users to access necessary drugs promptly [3] - JD Health plans to deepen its collaboration with Innovent Biologics to enhance its comprehensive health weight management system, aiming to benefit more individuals in need of innovative medications [4]

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [58]. Core Insights - The report highlights the significant advancements in AI applications, particularly with the release of OpenAI's GPT-5, which is expected to accelerate commercialization in various high-frequency, high-value verticals [7][5]. - Companies like Duolingo, Palantir, and AppLovin have reported earnings that exceeded market expectations, showcasing the growing revenue contributions from AI capabilities [7][5]. - The report suggests a focus on companies with high retention rates and growth potential in sectors such as education, e-commerce, advertising, and enterprise data analysis [7][5]. Summary by Sections Key Company Financials - **Palantir**: Q2 revenue reached $1.004 billion, a 48% year-over-year increase, with a GAAP operating income of $269 million and an adjusted gross margin of 82% [14]. - **AMD**: Q2 revenue was $7.685 billion, a 32% year-over-year increase, with a gross margin of 54% and operating income of $897 million [19]. - **AppLovin**: Q2 advertising revenue grew 77% year-over-year to approximately $1.26 billion, with an adjusted EBITDA of $1.02 billion [24]. - **Duolingo**: Q2 revenue reached $252.3 million, a 41% year-over-year increase, with a gross margin of 72.4% [29]. - **Datadog**: Q2 revenue was $827 million, a 28% year-over-year increase, with a gross margin of 80.9% [33]. Global AI Developments - OpenAI launched two new large language models, gpt-oss-120b and gpt-oss-20b, which are open-weight models aimed at enhancing AI application performance [36]. - Google DeepMind introduced Genie 3, a model capable of generating interactive virtual worlds in real-time, marking a significant milestone in world modeling [40]. - Anthropic released Claude Opus 4.1, which shows improvements in coding and reasoning capabilities compared to its predecessor [45]. - OpenAI's GPT-5 was officially released, featuring a significant reduction in hallucination rates and enhanced reasoning capabilities [49].