以宝宝便秘场景为例，用户在京东APP搜索"6个月宝宝便秘"关键词，"AI营养师"不仅能推荐相关商 品，还可同步提供辅食食谱、按摩手法视频及医学指导，实现问题的一站式解决。 目前，京东健康"AI营养师"已覆盖200多个保健类目，累计为超过1000万家庭提供科学喂养指导方案， 用户转化率达45%以上，显著提升了母婴营养品类购买用户的购买体验。 第十一届全民营养周正式启动，作为国内AI健康第一入口，京东健康利用AI营养师能力，提供专业、 精准、个性化的营养支持服务，并在母婴营养、特殊医学配方食品等多个垂直品类高效应用落地，满足 更多消费者升级、多元的健康消费需求。 日前，在杭州举行的"AI+健康未来论坛"上，京东健康营养保健业务部负责人介绍了AI营养师在母婴健 康领域的具体实践。根据《2025年京东母婴营养品用户消费心智洞察调研报告》，妈妈们在为孩子选购 营养品时，面临用法用量难把控、产品功效难甄别、宝宝年龄难适配等核心痛点。基于此，京东健康认 为，提供专业、精准、个性化的服务将是母婴营养品类破局的关键。其中，含有专业成分的产品将越来 越被认可，定制化垂直化的产品渗透会越来越广，用户对于组合式产品方案的需求将越来越 ...

Core Insights - JD Health's self-developed medical model "Jingyi Qianxun" is set to launch its 2.0 version, focusing on advancing AI in healthcare through technological innovation and ecosystem openness [1][2] - The upgrade aims to enhance clinical decision-making and patient health management by transitioning from general services to more complex specialized disease areas [1][2] Group 1: Technological Advancements - The upgraded "Jingyi Qianxun" model utilizes multi-modal perception and deep retrieval technology to integrate diverse clinical information, creating a decision support system that mirrors real-world scenarios [2] - The model balances AI's certainty with the flexibility required in medical decision-making, providing doctors with a more reliable auxiliary tool to improve clinical practicality [2] Group 2: Industry Impact - Since its open-source launch in February, dozens of hospitals, health management centers, pharmaceutical retail companies, and elderly care institutions have begun using the "Jingyi Qianxun" model for service upgrades and model transformations [2] - The 2.0 upgrade represents a significant milestone for JD Health in the medical AI sector, focusing on specialized diseases, enhancing evidence-based reasoning, and expanding application scenarios [2] Group 3: Future Directions - JD Health plans to deepen collaborations with hospitals, pharmaceutical companies, and research institutions to explore the potential of AI in healthcare, aiming to balance the distribution of medical resources and extend quality healthcare services to a broader population [2]

Group 1: Consumer Electronics Sector - The CSI Consumer Electronics Theme Index (931494) decreased by 0.13% as of May 22, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Xunwei Communication (300136) up 3.30%, Wenta Technology (600745) up 2.63%, and Silan Microelectronics (600460) up 2.33% [1] - The Consumer Electronics ETF (561600) also fell by 0.13%, with a latest price of 0.78 yuan, but showed a 1.42% increase over the past month [1] - The ETF's trading volume was 287.16 million yuan with a turnover rate of 1.49% [1] - Over the past two weeks, the ETF's scale increased by 16.72 million yuan, ranking it in the top 1/5 among comparable funds [1] - The ETF's share count rose by 26 million shares in the same period, also placing it in the top 1/5 among comparable funds [1] - Recent capital inflow was balanced, with a total of 22.05 million yuan attracted over the last 10 trading days [1] Group 2: Artificial Intelligence Sector - The CSI Artificial Intelligence Theme Index (930713) declined by 0.06% as of May 22, 2025, with varied performance among its constituent stocks [2] - Top performers included Kunlun Wanwei (300418) up 7.89%, New Yisheng (300502) up 1.87%, and Shitou Technology (688169) up 1.82% [2] - The AI ETF (512930) decreased by 0.15%, with a latest price of 1.31 yuan, but recorded a 2.26% increase over the past month [2] - The ETF's trading volume was 28.19 million yuan with a turnover rate of 1.44% [3] - The latest scale of the AI ETF reached 1.95 billion yuan [3] - Recent net capital inflow was 1.31 million yuan, with a total of 32.98 million yuan attracted over the last five trading days [3] - Leveraged funds are actively participating, with the latest margin buying amounting to 4.44 million yuan and a margin balance of 90.18 million yuan [3] Group 3: Online Consumption Sector - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) fell by 0.79% as of May 22, 2025, with mixed results among its constituent stocks [4] - Leading gainers included High Xin Retail (06808) up 10.24%, Kunlun Wanwei (300418) up 6.48%, and Youzu Network (002174) up 4.86% [4] - The Online Consumption ETF (159793) decreased by 0.78%, with a latest price of 0.89 yuan, but showed a 3.46% increase over the past month [4] - The index comprises 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [13] - The top ten weighted stocks in the index account for 56.94% of the total weight, with Alibaba-W (09988) having the highest weight at 14.37% [13]

Core Insights - JD Health's self-developed medical model "Jingyi Qianxun" is set to undergo a significant upgrade to version 2, following its full open-source release in February this year [1] - The upgraded model utilizes multimodal perception and deep retrieval technology to integrate clinical multi-source information, creating a decision support system that closely resembles real-world scenarios [1] - In the field of specialized disease treatment, "Jingyi Qianxun" 2 demonstrates breakthrough value, particularly in complex scenarios related to malignant tumors and cardiovascular diseases [1] Company Developments - The new version of "Jingyi Qianxun" combines evidence-based medicine with individual patient data to provide personalized treatment recommendations for clinicians [1] - The imaging pathology diagnosis module can quickly analyze imaging and pathological images, significantly reducing the burden on doctors and assisting in treatment decisions [1]

2025.05. 20 本文字数：1264，阅读时长大约3分钟 作者 | 第一财经 林志吟 在线下药店陷入关店潮之际，医药电商巨头的业绩却反而持续增长。 5月19日晚间，阿里健康（00241.HK）发布的2025财年（截至2025年3月31日止年度）业绩显示， 截至2025年3月31日，该公司实现营收305.98亿元，同比增长13.2%；净利润14.32亿元，同比增长 62.2%。 这已经是阿里健康连续三年实现盈利，并且已突破10亿元净利润大关。 另外一医药电商巨头京东健康（06618.HK）近期也发布了2025年第一季度之未经审计的业绩。 2025年第一季度，京东健康实现收入166.45亿元，同比增长25.5%；经营盈利为10.71亿元，同比 增长119.8%；期间盈利为9.34亿元，同比增长4.6%。 近期有跨国药企人士对第一财经记者表示，十年前，他们的学术推广，更多是在线下进行的，因为医 生主要集中在线下。如今医生自己的业余时间用在线上诊疗的现象越来越多，这让他们也看到了线上 渠道市场的机会。 从2022年以来，京东健康也连续实现盈利。 与医药电商业绩形成鲜明对比的是，当前，线下药店的日子并不好过。 以 ...

Core Viewpoint - The performance of online pharmaceutical giants like Alibaba Health and JD Health continues to grow, contrasting sharply with the struggles faced by offline pharmacies in the current market environment [2][4]. Company Performance - Alibaba Health reported a revenue of 30.598 billion yuan for the fiscal year 2025, marking a year-on-year increase of 13.2%, with a net profit of 1.432 billion yuan, up 62.2% [2][3]. - JD Health achieved a revenue of 16.645 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 25.5%. The operating profit was 1.071 billion yuan, up 119.8%, and the net profit was 934 million yuan, a 4.6% increase [3]. Industry Trends - Offline pharmacies are experiencing a downturn, with five out of eight listed pharmacy companies reporting a decline in net profit for 2024. In the first quarter of 2025, half of these companies continued to see a drop in net profit [4]. - The total number of pharmacies in China decreased by 0.5% at the end of 2024 compared to the third quarter, marking the first quarterly decline in recent years. In the fourth quarter of 2024, 10,700 new stores opened while 14,100 closed, resulting in a net decrease of 3,395 stores [4]. - The online penetration of pharmaceutical retail is accelerating, with the drug sales scale in China's retail market reaching 501.9 billion yuan in 2024, a slight increase of 0.8%. Online drug sales accounted for 64.5 billion yuan, growing at a rate of 4.6%, surpassing the growth of physical pharmacies [5]. New Product Launches - JD Health has solidified its position as the "first station for online launch of new specialty drugs," introducing several innovative drugs in the first quarter of 2025 [6]. - Alibaba Health continues to leverage its platform for the launch of new drugs, collaborating with well-known pharmaceutical companies to facilitate the introduction of multiple new products [6].

PureWick®碧舒芯TM是碧迪医疗全球首创的女性卧床排尿管理创新解决方案，其中包括专门为女性卧 床排尿而设计的非侵入式导尿产品。该产品能够借助负压装置，更加舒适地收集患者排出的尿液，并导 入集液桶中，为临床女性患者及护理人员提供简单、非侵入式排尿管理方案，从而在很大程度上改善卧 床女性的护理体验和生活质量，简化了护理人员的工作流程、提高了效率，也让女性患者的舒适度与尊 严得到了更好的保障。 即日起，北京地区用户在京东App上的"秒送"页面搜索"purewick"即可下单，同时将获得京东护士到家 提供的产品操作、护理指导等服务。该服务的提供者均为来自京东护士到家服务团队的执业护士，他们 具有丰富的临床护理经验，且大部分拥有三级及以上医院的临床护理从业经历。在保证专业护理服务质 量的同时，也能最大程度地保护女性患者隐私。 本报讯 （记者袁传玺）近日，京东健康股份有限公司（以下简称"京东健康"）与全球领先的医疗技术 公司碧迪医疗共同推出"关爱卧床女性健康·专业护理暖心到家"服务。该服务以北京为试点，用户通过 京东买药秒送购买PureWick®碧舒芯TM相关产品，可同时获得京东护士到家提供的产品操作、护理指 导等 ...

港股科网股走强，京东健康(06618.HK)涨超4%，京东(09618.HK)、小米集团(01810.HK)涨超3%，阿里 巴巴(09988.HK)、百度(09888.HK)等跟涨。 ...

Group 1 - The core initiative is the "Home Testing, Love Assistance for the Disabled" public welfare activity launched by JD Health and JD Public Welfare in collaboration with the Beijing Disabled Persons Welfare Foundation, aimed at providing health services to the disabled community in Beijing [1][2] - JD Health, in partnership with three national laboratories, donated home testing services valued at a total of 520,000 yuan, which includes tests for Helicobacter pylori C13, HPV 23 typing, and trace elements such as iodine [1] - The service allows disabled individuals to receive high-quality health testing from home, facilitating a full process of "sample collection delivered to home, professional laboratory testing, and interpretation of reports by top-tier hospitals" [1] Group 2 - The event highlights the social responsibility and compassion of JD Health, JD Public Welfare, and the collaborating laboratories, showcasing how technology and innovation can lower health management barriers for special groups [2] - The initiative is not only a public welfare action but also a call for more social forces to join in supporting the disabled community, aiming to create a better life for them [2] - The event was marked by an 83-year-old hearing-impaired artist presenting a piece of art to express gratitude, symbolizing the emotional connection and appreciation fostered by the initiative [2]

Investment Rating - The stock rating for JD Health International Inc. is Underweight [5] - The industry view is Attractive [5] Core Insights - JD Health International Inc. maintained its 2025 targets despite a strong performance in Q1 2025, aiming for mid-teens revenue growth and flat operating profit [3][8] - The company expects over 20% growth in drug sales, mid-teens growth in nutritional products, and high single-digit growth in medical devices for the full year 2025 [3] - The gross profit margin (GPM) is anticipated to improve due to supply chain management efficiencies and increased advertising income, particularly in nutritional products [3] - JD Health's strategic focus includes enhancing B2C drug sales, especially for originator drugs, which currently represent approximately 30% of total drug sales [4] - The company plans to increase offline investments through greenfield projects rather than large-scale mergers and acquisitions [4] Financial Performance - In Q1 2025, JD Health reported revenue of RMB 16.6 billion, reflecting a year-over-year increase of 25.5%, which was 11% above consensus estimates [8] - The adjusted operating profit grew by 73% year-over-year to RMB 1.31 billion, with an adjusted operating profit margin of 7.9%, up 2.2 percentage points year-over-year [8] - Adjusted net profit rose by 47.7% year-over-year to RMB 1.77 billion, with an adjusted net margin of 10.6% [8]