新浪科技讯 12月3日晚间消息，今日，京东健康公布了以省心的用户体验、丰富的优质供给、高效的品 牌增长为三大核心战略，在优化用户体验、助力品牌长效增长等方面的最新成果，并启动"S100项目"。 京东健康正式宣布启动S100项目，旨在汇聚营养保健行业头部优质品牌，聚焦货品、营销、体验、机 制四大维度，倾斜更多平台资源，助力品牌在2026年实现增长新突破。 此外，京东健康也将持续加码全域营销资源。2026年，京东健康将翻倍投入16亿营销资源，持续打造 "翻倍计划""千万上新""超有礼"，及明星营销、场景营销五大营销IP。 责任编辑：何俊熹 新浪科技讯 12月3日晚间消息，今日，京东健康公布了以省心的用户体验、丰富的优质供给、高效的品 牌增长为三大核心战略，在优化用户体验、助力品牌长效增长等方面的最新成果，并启动"S100项目"。 京东集团SEC委员、京东健康CEO曹冬表示，营养保健行业的可持续增长，需要与各位品牌方、合作伙 伴们一道，在全产业链上进行深度协同和价值共创。京东健康将携手各方，以专业夯实整个行业的信任 基石，助力国民营养健康水平提升。 京东集团SEC委员、京东健康CEO曹冬表示，营养保健行业的可持续增 ...

Core Insights - JD Health and Boehringer Ingelheim Animal Health (Shanghai) Co., Ltd. signed a strategic cooperation agreement to enhance the pet health industry in China through resource integration and complementary advantages [1][2] - The partnership aims to improve supply chain efficiency and business growth quality by optimizing cooperation models and enhancing brand performance in e-commerce channels [1][2] - JD Health has established a comprehensive pet health service ecosystem covering "medical, testing, pharmaceuticals, and insurance," with a significant increase in pet medicine sales [2] Group 1 - JD Health's strategic cooperation with Boehringer Ingelheim will leverage JD's "super pharmaceutical supply chain" and extensive medical service resources [1] - The collaboration will focus on all-channel supply chain, brand co-construction, and user service [1] - Boehringer Ingelheim's innovative oral external parasite control product, Fuweien, led the pet health category on JD Health for 21 consecutive days after its exclusive online launch [1] Group 2 - JD Health has the most comprehensive online pet medicine supply chain, covering 132 pet medicine approvals and core categories such as deworming and prescription drugs [2] - The platform has over 5,500 licensed veterinarians and offers online doctor education services to effectively communicate brand concepts and product advantages [2] - The partnership is expected to drive sales growth and optimize the pet health industry ecosystem [2] Group 3 - JD Health plans to continue collaborating with global pharmaceutical companies to enhance its pet health product and service matrix [3] - The focus will be on building an efficient and professional pet pharmaceutical distribution system [3] - The commitment to providing convenient and professional health solutions for pet-owning families will be upheld [3]

Group 1 - FTSE Russell announced the new candidate stocks for the FTSE China 50 Index, which include China Aluminum (601600)(02600), Hansoh Pharmaceutical (03692), Huatai Securities (601688)(06886), JD Health (06618), and New China Life Insurance (601336)(01336) [1] - On December 3, FTSE Russell announced adjustments to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [2] - The adjustments will include the addition of China Hongqiao (01378), CATL (300750)(03750), and Heng Rui Medicine (600276)(01276) to the FTSE China 50 Index, while removing CITIC Securities H-share (06066), Great Wall Motor H-share (02333), and Li Auto-W (02015) [2]

Core Insights - The health supplement market in China is rapidly expanding, with projections indicating it will exceed 400 billion RMB by 2025, driven by increasing health awareness among consumers [1][4] - Online sales channels have surged, now accounting for nearly 60% of the market share, surpassing traditional channels like direct sales and supermarkets [1] - Trust and quality are becoming critical in the competitive landscape of health supplements, as consumers face information asymmetry and marketing noise [2][11] Market Trends - JD Health reported that its annual repurchase rate for health supplements significantly exceeds the industry average, with a third-quarter growth rate three times that of the projected annual growth for 2024 [2][4] - Over 7,000 brands have experienced sales growth for three consecutive years, with new user numbers increasing by 30% and new product sales rising by 40% [4] Consumer Behavior - Consumers are increasingly discerning, focusing on ingredients, efficacy, and scientific backing rather than just price when selecting health supplements [5][9] - The introduction of AI nutritionists has improved user experience, with 95% of professional consultations now handled by AI, serving over 20 million users annually [7][21] Product Development and Standards - JD Health is establishing an evidence-based nutrition system to evaluate health supplements, ensuring they meet standards of "good ingredients, good manufacturing, and good absorption" [9][19] - The company is collaborating with brands to develop new products based on consumer insights, leading to successful launches such as high-purity fish oil and probiotics [19][20] Marketing and User Engagement - JD Health's marketing strategy includes initiatives like the "S100 project," which focuses on building long-term partnerships with top brands, providing significant resource support for marketing and product launches [19][21] - The company is enhancing user engagement through personalized marketing strategies, aiming to convert potential customers into loyal users [14][21] Supply Chain and Logistics - JD Health is leveraging its supply chain capabilities to improve logistics for cross-border health products, significantly reducing delivery times and costs [10][21] - The company plans to invest 1.6 billion RMB in marketing resources for 2026, focusing on key areas such as children's nutrition and anti-aging products [20][21]

Core Viewpoint - FTSE Russell announced adjustments to several indices including the FTSE China 50 Index, which will take effect after market close on December 19, 2025 [1] Group 1: Index Adjustments - The FTSE China 50 Index will include new constituents such as China Hongqiao (01378), CATL (03750), and Heng Rui Pharmaceutical (01276) [1] - The index will exclude companies like CITIC Securities H (06066), Great Wall Motors H (02333), and Li Auto-W (02015) [1] Group 2: Alternative Stocks - FTSE Russell released a list of alternative stocks for the FTSE China 50 Index, which includes companies like Aluminum Corporation of China (02600), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [1]

Group 1 - The flu season has seen a significant increase in cases, with flu-related medication sales on JD's platform rising by 242% from November 24 to 30 compared to the previous week, particularly in Guangdong, Jiangsu, and Shanghai [1] - Specific medications such as Sufuda saw a 230% increase in sales, Kewai increased by 310%, and flu test kits surged by 337% during the same period [1] - The demand for antiviral medications has skyrocketed, with searches for Oseltamivir increasing nearly 500 times compared to last year, and sales of flu medications growing 32 times year-on-year [1] Group 2 - Several domestic antiviral drugs have been launched this year, with three key products debuting on JD Health: Mashu Lashawei on May 16, Angladiwei on June 27, and Masi Luoshawei on October 13 [2] - Sales of Mashu Lashawei increased by 60% week-on-week, while Angladiwei saw a growth of over 2.7 times, and Masi Luoshawei's sales surged over 10 times [2] - The trend of home rapid testing for flu has gained popularity, with a 79.2% increase in orders for respiratory virus testing and a positive detection rate of 71.5% [2] Group 3 - The influx of patients at offline hospitals has led to a peak in consultations, prompting JD Internet Hospital to establish a fever clinic and launch a flu consultation section on December 1 [2] - The online consultation service aims to alleviate pressure on physical hospitals and reduce the risk of cross-infection by providing 24-hour access to top-tier doctors for professional advice and medication guidance [2] - JD's integrated service model combines medical consultation, testing, and medication delivery, creating a closed-loop service for patients [2]

(999益气清肺颗粒于京东健康首发上市) 在明确的临床与市场需求下，针对999益气清肺颗粒，华润三九从研发端到生产端构建了全方位的品质 保障体系，致力于将该药打造成为让消费者安心的现代中药典范。 研发方面，尽管999益气清肺颗粒基于经典名方开发，无需开展临床试验，但为了进一步保证用药安 全，华润三九研发团队与张伯礼院士及团队决定主动开展药品的确证性临床研究。999益气清肺颗粒多 中心、随机、双盲、平行对照临床试验研究结果均显示，该药对改善呼吸道感染康复期出现的干咳、乏 力、气短、胃脘痞闷等症状安全有效。基于扎实的循证证据，该药通过了国家中医理论、人用经验、临 床研究"三结合"的审评证据体系。 近年来，各类呼吸道感染疾病高发催生了庞大的用药市场，但细分领域发展不均衡的结构性矛盾也逐渐 显现。据国家卫生部统计，我国每年有近3亿人感染呼吸系统疾病，城乡居民咳嗽患病率在15%以上。 观研天下调研指出，呼吸系统和肺部疾病药物市场将在2030年突破4500亿元，年复合增长率预计为 5.8%。 而纵观当前呼吸系统用药市场，产品高度集中在"预防"，如疫苗、维生素C和"治疗"，如感冒灵颗粒、 抗病毒药、抗生素这两大环节。当感染 ...

Core Insights - The National Health Commission has released the "Adult Health Examination Project Recommendation Guidelines (2025 Edition)" which emphasizes the importance of personalized health assessments and medical examinations [2][3] - JD Health's health examination center has quickly adapted to these guidelines by optimizing the entire examination process, moving from standardized screening to personalized risk assessment and medical-level physical examinations [2] Group 1 - The guidelines categorize adult health examination projects into "basic examination items" and "chronic disease risk screening items," specifying applicable populations and assessment standards for each category [3] - JD Health's examination center utilizes an intelligent system to display examination items according to national standards, providing easy-to-understand medical explanations to help users comprehend the significance and necessity of each test [3] Group 2 - JD Health has implemented a "real doctor full-process cloud accompaniment" service, allowing for personalized consultations and risk assessments based on individual lifestyle, medical history, and family genetics [2] - The health examination center has expanded its presence in various districts in Beijing and Shenzhen, focusing on digital upgrades and enhancing service experiences in line with the guidelines [3]

Market Overview - A-shares experienced a broad pullback, with the ChiNext Index dropping over 1% and the Shanghai Composite Index closing down 0.42% at 3897.71 points [2] - The total trading volume in the Shanghai and Shenzhen markets was 16,073 billion yuan, a decrease of over 280 billion yuan compared to the previous day [2] - The technology sector, including semiconductor and brokerage stocks, collectively retreated, while consumer sectors like retail and food & beverage saw gains [2] Sector Performance - The food and beverage sector showed strong performance, with stocks like Hai Xin Food and An Ji Food hitting the daily limit, and Xue Tian Salt Industry rising nearly 5% [4][5] - The home furnishing sector also performed well, with stocks such as Hao Li Ke and Meng Tian Home hitting the daily limit, and Meng Tian Home achieving a cumulative increase of approximately 114% over the last 10 trading days [7] Conceptual Trends - The cross-strait integration concept saw significant gains, with stocks like Jia Rong Technology and Zhao Biao Shares hitting the daily limit, supported by new policies from the Fujian government aimed at promoting cross-strait development [10][12] - Fujian's government announced 12 new policy measures to support Taiwanese enterprises, including land and sea guarantees for Taiwanese businesses and tax service optimizations [12][13] Company-Specific Developments - Yun Zong Technology experienced a sharp decline, hitting the daily limit down after a significant increase of over 90% in the previous six trading days [14][16] - The company confirmed that its main business operations remain normal, focusing on consumer electronics and automotive electronics, with no major changes in market conditions or industry policies [16]

瑞银又指，阿里健康与主要竞争对手京东健康(06618)之间的差距正在扩大，而后者似乎已在用户认知 度与药品供应链建立了竞争优势，并在全渠道布局抢得先机，并认为阿里健康目前对应明后两年调整后 32倍、27倍市盈率，可能无法充分支撑对其2025至2028财年收入及调整后盈利年复合增长率分别13%、 19%的预测。 瑞银发布研报称，将阿里健康(00241)相对估值方法由市销率改为调整后市盈率，将阿里健康2026至 2028财年盈利预测上调17%至21%，以反映更强劲的第一方平台销售增长。基于2027财年23倍调整后市 盈率，将目标价从3.8港元上调至4.7港元，但维持"沽售"评级。 自5月下调阿里健康评级以来，公司的第一方平台销售(1P)增长超越该行预期，但认为当中更多是药品 供应从线下转向线上的结构性变化，而非公司战略转向侧重第一方平台或第一方平台药品销售，亦相信 同行的龙头企业均能从此结构性趋势中尽早获利。 ...