Core Viewpoint - Credit Suisse expects JD Health to show strong performance in the first half of 2025, with total revenue projected to grow by 23% year-on-year to reach 34.8 billion yuan, driven by the successful 618 shopping festival, particularly in the nutrition and medical device categories [1] Financial Performance - Total revenue for JD Health is expected to reach 34.8 billion yuan in the first half of 2025, reflecting a year-on-year growth of 23%, with a 20% increase in Q2 and a 26% increase in Q1 [1] - Adjusted EBITDA is projected to grow by 57% year-on-year to 2.5 billion yuan, supported by improved gross margins and strict control over investments in real-time demand [1] Profit Forecasts - Credit Suisse has raised its adjusted net profit forecasts for JD Health by 5% and 6% for 2025 and 2026, respectively, due to better cost control [1] - The target price for JD Health has been increased from 45 HKD to 56 HKD [1] Market Position - JD Health is identified as a major beneficiary of JD's aggressive investment strategy in app user growth [1] - The company maintains an "outperform" rating according to Credit Suisse [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, considering its supply chain advantages, self-operated brand strengths, and the ability to continuously attract third-party merchants and expand O2O services, which are expected to drive steady growth in performance [6][7]. Core Insights - The company has transitioned from a pharmaceutical e-commerce platform to a comprehensive healthcare service provider, offering health product sales, medical services, and smart healthcare solutions, thereby achieving an online closed loop of medical services [14][17]. - The company's self-operated business is the core driver of its performance, with a significant revenue contribution from pharmaceutical and health product sales, which accounted for 84% of total revenue in 2024, growing by 6.9% year-on-year [6][17]. - The online healthcare market is expected to see accelerated penetration, particularly in non-pharmaceutical categories like nutritional supplements and home medical devices, while the pharmaceutical market's online penetration is anticipated to increase due to changing consumer behaviors and regulatory support [6][39]. Financial Data and Profit Forecast - The company forecasts revenues of 63.65 billion, 69.65 billion, and 76.55 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 4.52 billion, 5.04 billion, and 5.79 billion CNY for the same years [6][7]. - The projected earnings per share (EPS) are expected to be 1.41, 1.58, and 1.81 CNY for 2025, 2026, and 2027 respectively, with a net asset return rate gradually increasing to 8.21% by 2027 [6][7]. Market Dynamics - The competitive landscape in the online healthcare sector is expected to stabilize by 2025, with the company leveraging its supply chain, service ecosystem, and AI capabilities to create competitive barriers [6][44]. - The report highlights that the online healthcare service market is still in its early stages, with significant growth potential driven by increased health awareness and the demand for personalized healthcare solutions [41][44]. Key Assumptions - The company anticipates continued growth in pharmaceutical and health product sales through deep collaboration with brand partners, supported by its supply chain advantages [8]. - The platform and advertising services are expected to grow rapidly, with revenue projections of 10.92 billion, 12.38 billion, and 14.04 billion CNY for 2025, 2026, and 2027 respectively [8].

Core Viewpoint - Shenwan Hongyuan has initiated coverage on JD Health International Co., Ltd. with a "Buy" rating, indicating a positive outlook for the company's future performance [1] Company Summary - JD Health International Co., Ltd. is being closely monitored, with the next earnings report scheduled for August 14 [1]

Core Viewpoint - Eli Lilly's MuFenda® (Tirzepatide injection multi-dose pen) has been launched online on JD Health, marking a significant advancement in the treatment of type 2 diabetes and long-term weight management, leveraging its unique dual-action mechanism and efficacy [1][2]. Group 1: Product Launch and Features - MuFenda® is the first and only GIP/GLP-1 receptor agonist approved for type 2 diabetes and long-term weight management globally [1]. - The new multi-dose pen design incorporates an innovative "4-dose integration," allowing patients to use one dose per week, fulfilling a month's treatment needs [1]. - The pen can be stored at room temperature (not exceeding 30°C) for 30 days after the first use, enhancing convenience for patients [1]. Group 2: Patient Experience and Accessibility - The multi-dose pen is designed for ease of use, with simple steps for loading the needle, expelling air, adjusting the dose, and injecting, which improves patient comfort [2]. - JD Health expressed enthusiasm for collaborating with Eli Lilly to introduce MuFenda® multi-dose pen, aiming to enhance the purchasing experience for patients [2]. - The launch on JD Health is expected to benefit more patients with type 2 diabetes and obesity, promoting healthier lifestyles [2].

本报讯(记者袁传玺) 日前，礼来制药旗下穆峰达(替尔泊肽注射液多剂量预装笔)在京东健康股份有限公司(以下简称"京东健 康")线上首发。穆峰达作为全球首个且目前唯一获批用于2型糖尿病和长期体重管理的GIP/GLP-1受体激 动剂，自上市以来便以其独特的双重作用机制和显著的疗效，赢得了广大患者的信赖与好评。此次替尔 泊肽注射液多剂量预装笔，是礼来制药推出的新型注射装置，将为患者带来全新的选择。 京东健康相关负责人表示："我们非常高兴能够与礼来制药合作，率先引入穆峰达多剂量预装笔。这款 改进剂型将在京东买药秒送独家首发，并同步在京东买药上线，给患者带来更加方便、快捷的购买体 验。未来，我们将继续与全球药企紧密合作，共同推动新特药的普及和可及性，为更多患者提供精准、 高效的治疗方案。" 随着穆峰达多剂量预装笔在京东健康平台的线上首发，相信将有更多2型糖尿病和肥胖患者从中受益， 实现更加健康、美好的生活。 此次，礼来制药改进了穆峰达的注射装置。穆峰达(替尔泊肽注射液多剂量预装笔)采用了创新的"4剂集 成"设计，每支笔包含四个固定剂量，每周使用一个剂量，即可满足患者一个月的治疗需求。这一设计 不仅简化了用药流程，减少了患 ...

Group 1 - The core viewpoint of the article highlights the launch of Eli Lilly's Mounjaro® (tirzepatide injection multi-dose prefilled pen) on JD Health, marking it as the first and only GIP/GLP-1 receptor agonist approved for type 2 diabetes and long-term weight management [1][2] - Mounjaro® features an innovative "4-dose integration" design, allowing patients to use one fixed dose per week, thus simplifying the medication process and improving adherence [1] - The multi-dose prefilled pen can be stored at room temperature not exceeding 30°C for 30 days after the first use, enhancing convenience for patients during travel or daily use [1] Group 2 - The user experience of Mounjaro® multi-dose prefilled pen is emphasized, with simple operation steps and a fine needle that reduces pain during injection, improving patient comfort [2] - JD Health expresses excitement about collaborating with Eli Lilly to exclusively launch Mounjaro® on their platform, aiming to enhance accessibility and convenience for patients [2] - The launch of Mounjaro® is expected to benefit more patients with type 2 diabetes and obesity, promoting healthier lifestyles [2]

Core Insights - The implementation of the "Childcare Subsidy System" by the Chinese government aims to reduce family childbirth costs and boost the maternal and infant consumption market [1] - The shift in purchasing behavior among young parents from "basic prevention" to "scientific parenting" is driving significant market growth [1] - The domestic maternal and infant nutrition market is projected to reach 130 billion yuan by 2025, with increasing demand for scientifically formulated products [1] Group 1: Market Trends - Young parents are becoming more selective in their parenting choices, leading to a demand for products that cater to specific nutritional needs during different stages of pregnancy and childcare [1][2] - The market is experiencing rapid growth in niche categories such as DHA and probiotics, driven by the trend towards refined parenting [1][2] Group 2: Company Strategies - PERDAYS, an Australian brand, focuses on "staged nutrition" tailored to different phases of pregnancy and motherhood, addressing specific consumer pain points [2][4] - The brand has successfully launched products like active folic acid tablets and sugar-free iron supplements, which cater to the unique needs of pregnant women [2][4] Group 3: Marketing and Collaboration - PERDAYS collaborates with JD Health to enhance its marketing strategy, utilizing targeted advertising and promotional activities to increase product visibility and sales [4][5] - The partnership has resulted in significant sales growth, with some products achieving a fourfold increase in transaction value [4][6] Group 4: Industry Position - JD Health has established itself as a leading online sales channel for maternal and infant nutrition products, achieving the highest market share in the second quarter of 2025 [5][6] - The collaboration between PERDAYS and JD Health exemplifies how deep consumer insights and precise marketing can redefine the value of scientific parenting [6]

Core Points - JD Health (06618.HK) announced that it will hold a board meeting on August 14, 2025, to approve the unaudited interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend, if any [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何 責任。 JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6618（港幣櫃台）及86618（人民幣櫃台）） 董事會會議日期 京东健康股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將於 2025年8月14日（星期四）舉行董事會會議，以（其中包括）批准本公司及其子公司截至2025 年6月30日止六個月之未經審計中期業績及其發佈，以及考慮建議派付中期股息（如有）。 本公司管理層將於2025年8月14日（星期四）下午七時正（北京╱香港時間）舉行電話會議， 以討論本公司及其子公司截至2025年6月30日止六個月的中期業績。 有意參加電話會議的參與者請在電話會議計劃開始時間前至少10分鐘進行撥入，並按照 提示輸入參會者密碼以進入電話會議。 撥入號碼： 普通話頻道參會者密碼：452174 英文頻道參會者密碼： 182612 ...

Group 1 - The Hong Kong internet healthcare stocks have surged, with Ping An Good Doctor leading the rise with an increase of nearly 9%, reaching a new high, followed by Alibaba Health with over 4% and JD Health with 3.4% [1] - The internet healthcare industry is experiencing multiple favorable developments, including policy support, technological innovation, market performance, and corporate collaboration [1] - The National Medical Products Administration released measures to support the innovation of high-end medical devices, focusing on AI imaging diagnosis, surgical robots, and brain-machine interfaces, with a goal to accelerate the establishment of relevant technical standards by July 2025 [1] Group 2 - Beijing's "AI + Pharmaceutical Health" action plan aims to build an "AI + Pharmaceutical Health" innovation ecosystem by 2027, promoting the implementation of over 30 core technologies and innovative products [1] - Analysts indicate that the internet healthcare industry is entering a rapid development phase driven by policies, technology, capital, and market demand, with significant growth potential in AI diagnosis, telemedicine, and digital therapeutics [1]