Core Viewpoint - Morgan Stanley reports that JD Health (06618) continues to show robust performance in Q3, providing upward potential for its FY2025 targets, with expected revenue growth of approximately 24% year-on-year, driven by strong sales in proprietary pharmaceuticals, particularly in chronic disease management, and better-than-expected nutrition product sales [1] Group 1: Financial Performance - Q3 revenue is expected to grow by about 24% year-on-year, supported by strong sales in proprietary pharmaceuticals and nutrition products [1] - Medical device sales are anticipated to meet expectations [1] - The company is projected to achieve a 20% revenue growth forecast for FY2025, with adjusted operating profit of 3.5 billion RMB and adjusted net profit of 5.3 billion RMB, indicating potential for upward revisions [1] Group 2: Advertising and Profitability - Advertising revenue growth is expected to continue outpacing product sales, contributing to further improvements in profit margins [1] - Operational leverage and disciplined execution are highlighted as key factors for profitability enhancement [1] Group 3: Expansion and Market Reach - JD Health's expansion into offline business is a critical focus area, with over 50 new pharmacy stores opened in Q3 and plans to add approximately 150 more in Q4 [1] - The online pharmacy has gained partial OTC reimbursement qualifications in seven cities, up from three, including major cities like Beijing and Shenzhen, marking a significant step towards broader coverage in the coming years [1]

Core Viewpoint - The company is expected to achieve a strong revenue growth of approximately 25% year-on-year in Q3 2025, driven by robust performance in its core pharmaceutical business, particularly in the original drug segment [1][2]. Revenue Growth - The company demonstrated strong performance in the first half of 2025, with expectations for continued robust growth in Q3 2025, primarily benefiting from the growth in the pharmaceutical category, especially original drugs [1]. - The company is also observing increased efforts from foreign original drug companies to strengthen their presence in the outpatient market and enhance online channel collaborations, contributing to the anticipated revenue growth [1]. Strategic Investments - The company is committed to a strong investment strategy while also focusing on profit generation. It is enhancing its online pharmaceutical e-commerce B2C competitiveness and expanding its offline store presence in major cities like Beijing, Shanghai, and Shenzhen [2]. - The company is not only increasing new drug launches and expanding original drug categories but is also focusing on comprehensive services such as digital marketing, which positively impacts gross profit and operating profit [2]. Profit Forecast and Valuation - Due to better-than-expected contributions from pharmaceutical collaborations and a manageable investment outlook, the company has raised its non-IFRS net profit forecasts for 2025 and 2026 by 5% and 4% to 5.72 billion and 6.31 billion respectively [2]. - The target price has been adjusted upward by 11.2% to 67.4 HKD, indicating a potential upside of 7.7%, while maintaining an outperform rating in the industry [2].

Core Viewpoint - UBS expects JD Health's strong revenue growth momentum in the first half of this year to continue into the third quarter, driven by robust performance in various product categories, particularly pharmaceuticals [1] Revenue Growth - UBS slightly raised its full-year revenue growth forecast from over 20% to between 21% and 22% [1] - The adjusted net profit is expected to exceed the previous guidance by 100 million to 200 million [1] Product Performance - Both proprietary and third-party products are showing strong growth [1] - The pharmaceutical e-commerce business is anticipated to maintain a growth rate higher than its peers [1] Profitability - Strong advertising revenue growth and slight expansion in product sales gross margin are expected to drive an increase in gross margin year-on-year for the third quarter [1] Target Price and Rating - UBS sets a target price of HKD 78.5 for the next 12 months based on a projected price-to-earnings ratio of 29 times adjusted earnings for 2027, implying a growth rate of 1.2 times [1] - The rating for the company is "Buy" [1]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 00700 | 腾讯控股 | 0.00% | 9.65% | | 09988 | 阿里巴巴-W | 0.74% | 9.25% | | 03690 | 美团-W | 0.60% | 8.37% | | 01024 | 快手-W | -1.49% | 6.05% | | 06618 | 京东健康 | 3.50% | 3.98% | | 002230 | 科大讯飞 | -0.20% | 3.88% | | 09626 | 昨週時頃-W | -3.24% | 3.52% | | 03888 | 金山软件 | -4.21% | 2.78% | | 002517 | 恺英网络 | 0.65% | 2.61% | | 002558 | 巨人网络 | 0.17% | 2.53% | 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 线上消费ETF基金紧密跟踪中证沪港深线上消费主题指数，中证沪港深线上消费主题指数从内地与香港市场中选取50只主营业务涉及线上购物、数字娱乐、 在线教育以及远程医疗等 ...

Core Viewpoint - Morgan Stanley's research report indicates that JD Health's performance in the third quarter remains robust, providing upward potential for its fiscal year 2025 targets [1] Revenue Performance - The third quarter revenue is expected to increase by approximately 24% year-on-year, driven by strong sales of proprietary medicines, particularly in the chronic disease sector, and better-than-expected performance in nutritional products [1] - Medical device sales are anticipated to meet expectations [1] Profitability and Growth - Advertising revenue growth is expected to continue outpacing product sales, supporting further improvement in profit margins [1] - Current forecasts for fiscal year 2025 include a revenue growth of 20%, adjusted operating profit of 3.5 billion, and adjusted net profit of 5.3 billion, indicating potential for upward revisions [1] Strategic Expansion - JD Health's expansion of offline investments and reimbursement scope is identified as a key focus area [1] - The company opened over 50 pharmacy stores in the third quarter and plans to add approximately 150 more in the fourth quarter [1] - JD's online pharmacy has gained partial OTC reimbursement qualifications in seven cities, up from three, including Beijing, Shenzhen, Guangzhou, Dongguan, Shenyang, Hefei, and Jinan, which is seen as an encouraging step for broader coverage in the coming years [1] Stock Rating - Morgan Stanley sets a target price of HKD 52.5 for the stock, maintaining a "Market Perform" rating [1]

Core Viewpoint - JD Health (06618) is experiencing a positive market response, with a stock price increase of 3.5% to HKD 63.6, supported by strong sales in proprietary medicines and nutritional products, as well as expectations for continued growth in advertising revenue [1] Group 1: Financial Performance - Morgan Stanley forecasts a year-on-year revenue growth of approximately 24% for JD Health in Q3, driven by robust sales in chronic disease medications and better-than-expected performance in nutritional products [1] - The expected sales of medical devices are anticipated to meet projections, contributing to overall revenue stability [1] - Adjusted operating profit is projected to reach RMB 3.5 billion, with adjusted net profit estimated at RMB 5.3 billion, indicating potential upside in revenue forecasts for FY2025 [1] Group 2: Business Expansion - JD Health is focusing on expanding its offline business, having opened over 50 pharmacy stores in Q3 and planning to add approximately 150 more in Q4 [1] - The company has achieved partial reimbursement qualifications for OTC (over-the-counter) drugs in seven cities, an increase from three, which is seen as a significant step towards broader coverage in the coming years [1] Group 3: Profitability and Investment - The growth rate of advertising revenue is expected to continue outpacing product sales, which will support further improvements in profit margins [1] - The company’s operational leverage and disciplined execution are highlighted as key factors for its financial performance, alongside lower-than-previously expected offline investment by RMB 100 million [1]

大摩认为，京东健康线下投资与报销范围扩大为关键焦点领域，其持续扩张线下业务，第三季度开设50 多家药房门市，并计划第四季度新增约150家门市。值得注意，京东线上药房现已于7个城市(之前3个) 获得部分OTC(非处方)药个别帐户报销资格，包括北京、深圳、广州、东莞、渖阳、合肥及济南，视此 为未来数年更广泛覆盖的鼓舞性一步。 智通财经APP获悉，京东健康(06618)涨超3%，截至发稿，涨3.5%，报63.6港元，成交额2.41亿港元。 大摩发布研报指出，预期京东健康第三季度收入按年增约24%，主要是受到自有药品销售强劲(尤其是 慢性病领域)、营养产品超出预期支持，而医疗器械销售应符合预期。大摩续指，京东健康广告收入增 长速度应持续比产品销售更快，支持利润率进一步改善。凭借营运杠杆、严谨执行，以及线下投资可能 低于先前预期(比之前预期少1亿元人民币)，看到当前对2025财年收入预测增长20%、调整后营业利润35 亿元人民币及调整后净利润53亿元人民币，存在上行空间。 ...

Group 1 - The Ministry of Industry and Information Technology and six other departments have jointly issued the "Implementation Plan for Promoting Innovative Development of Service-Oriented Manufacturing (2025-2028)", which emphasizes strengthening the construction of new information infrastructure and deepening the integration and large-scale application of "5G + Industrial Internet" [1] - The plan aims to enhance the supply of industrial data elements, promote the resourceization, assetization, and elementization of data, and build a number of high-quality industry data sets [1] Group 2 - As of October 13, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index (931481) has decreased by 0.92%, with component stocks showing mixed performance [1] - Kingsoft (03888) led the gains with an increase of 17.50%, while Yidian Tianxia (301171) experienced the largest decline at 3.88% [1] - The Online Consumption ETF (159793) has decreased by 0.62%, with a latest price of 1.12 yuan, but has seen a cumulative increase of 21.04% over the past three months as of October 10, 2025 [1] Group 3 - The CSI Hong Kong-Shenzhen Online Consumption Theme Index tracks 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption theme stocks in the mainland and Hong Kong markets [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 55.76% of the total index weight, including Alibaba-W (09988), Tencent Holdings (00700), and Kuaishou-W (01024) [2]

据悉，10月6日，心理周期"心迷艺术展"开启后，上万名参观者前来打卡，并参与现场"泼画"活动，自 由地把不同颜色的颜料泼洒在画布上。 本报讯 （记者袁传玺）10月10日是一年一度的"世界精神卫生日"，为期五天的心理周期"心迷艺术 展"接近尾声。 未来，京东健康将继续与医疗机构深化合作，重点在"名医名院"科普矩阵共建、"艺术疗愈"服务内涵拓 展、"学术引领"创新平台建设等方面发力，共同推动行业创新，继续做心理健康事业的坚定推动者，让 更多"自由之心"在人们心中生根发芽。 （编辑 张昕） 京东健康互联网医疗业务负责人在活动中表示，感谢每一位参与"自由之心"创作的市民，每一滴泼洒的 色彩，都是对"人人享有心理健康"这一愿景的真挚回应。这次活动通过各方的紧密合作，探索出了一 条"艺术破圈、专业支撑、社会参与"的创新路径，打造了民众可理解、可接受、可负担的心理健康服务 新模式。 一直以来，京东健康致力于精神心理健康领域的深耕。京东互联网医院精神心理中心由6000余位名医名 院精神专科医生和2000多位国家认证心理咨询师组成，已实现线上心理筛查、心理健康评估、心理咨 询、精神疾病诊疗、康复随访等全周期服务，服务场景包含职 ...

Core Insights - JD Health hosted the "Second Conference on Integration and Innovation in the Field of Mental Health" in Wuhan, highlighting its commitment to mental health services [1] - The new insomnia treatment drug, Daridorexant, achieved sales of over 5,000 boxes within 20 days of its launch [1] - JD Pharmacy launched a "Sleep Care Center" that integrates professional consultation, medication guidance, and health education to provide personalized sleep health services [1] Product Approval and Market Expansion - Daridorexant has received approvals in Europe, Switzerland, the UK, the US, Canada, and Japan, with the Chinese National Medical Products Administration approving it for market entry on June 20, 2025 [1] - The drug is indicated for the treatment of adult insomnia and is not classified under the "Controlled Psychotropic Substances" list [1] Future Development Plans - JD Health plans to continue promoting the integration of mental health and sleep medicine, enhancing collaboration with medical institutions and experts [1] - The company aims to improve service models to provide better sleep service experiences for users [1]