Group 1 - The Hang Seng Medical Index ETF has shown significant liquidity with a turnover of 1% and a transaction volume of 2.6148 million yuan, with an average daily transaction volume of 27.4616 million yuan over the past month [2] - The ETF's scale has increased by 28.6087 million yuan in the past month, ranking first among comparable funds, with a share increase of 12 million units in the last two weeks, also the highest among peers [2] - In terms of capital inflow, the ETF has seen net inflows on 5 out of the last 8 trading days, totaling 14.5271 million yuan [2] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 23.4, which is in the 4.36% percentile over the past year, indicating a valuation lower than 95.64% of the time in the past year, suggesting historical low valuations [2] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 57.09% of the index, including companies like WuXi Biologics and BeiGene [2] Group 2 - Since the reform of new drug research and development policies in 2015, China's innovative drug industry has developed a strong ecosystem, integrating excellent resources in preclinical and clinical stages, which has gained recognition from multinational corporations (MNCs) [3] - The pharmaceutical and biotechnology sector's Q1 2025 financial reports show stable revenue and profit performance, with notable improvements in certain sub-industries, indicating a return of market enthusiasm for the sector [3] - There is a recommendation to focus on international biotech companies, revaluation of innovative pipelines in generic companies, and companies in the CXO industry with significant order and operational improvements [3] - Investors without stock accounts can access investment opportunities in the Hong Kong medical sector through the Hang Seng Medical Index ETF linked fund (018433) [3]

Core Insights - The launch of the domestic antiviral drug Yisuda® (generic name: Moshurashave tablets) marks a significant advancement in China's flu treatment options, being the first drug targeting the flu virus RNA polymerase PA subunit developed in the country [1][3] - Yisuda® is designed for the treatment of both type A and B influenza in adolescents and adults aged 12 and above, requiring only a single dose for the entire treatment course, which is a notable improvement over traditional flu medications [1][3] - The drug has a low resistance mutation rate of less than 1%, indicating more stable treatment effects compared to similar antiviral drugs [3] Industry Context - The flu poses a serious public health threat, significantly impacting daily life and work, with China's antiviral market historically reliant on imported medications, leading to shortages during peak flu seasons [3] - The introduction of Yisuda® fills a gap in the domestic innovative drug market, providing a new treatment option for Chinese patients and ensuring stable drug supply through local production [3] - JD Health has established itself as a leading platform for the online launch of new specialty drugs, leveraging its supply chain capabilities to enhance accessibility and provide timely treatment options for patients [4]

Group 1 - The event on May 15 aimed to support disabled individuals in Beijing by providing health services through a donation from JD Health [2][4] - JD Health donated 3,000 home testing kits valued at approximately 520,000 yuan, including tests for Helicobacter pylori, HPV, and trace elements [4] - The initiative emphasizes the importance of health as a basic need for families and aims to enhance the quality of life for disabled individuals through accessible health services [2][4] Group 2 - The donation event was attended by various stakeholders, including representatives from JD Health, the Beijing Disabled Persons' Federation, and other supportive organizations [6] - The home testing service is designed to alleviate the burden of medical visits for disabled individuals, making health checks more convenient and less time-consuming [4] - A disabled representative expressed gratitude for the support received, highlighting the challenges faced in accessing healthcare services [4]

Investment Rating - The report maintains an "Outperform" rating for JD Health International [2][5][17] Core Insights - JD Health's revenue for Q1 2025 reached a record high of RMB 16.65 billion, reflecting a year-over-year increase of 25.5% and a quarter-over-quarter increase of 0.8%, surpassing the full-year guidance [3][13] - The significant revenue growth is attributed to increased demand during the influenza season, growth in high-value original drugs, and higher sales of health supplements due to increased advertising investments [3][14] - The company achieved an operating profit of RMB 1.07 billion, a 119.8% increase, with an operating margin of 6.4%, leading to a net profit growth of 47.7% [3][14] - JD Health plans to focus on expanding its instant retail initiatives in 10 key cities, leveraging a hybrid B2C+O2O strategy to enhance customer engagement and operational efficiency [4][15] Financial Performance and Forecast - Revenue forecasts for FY25 and FY26 are RMB 66.6 billion and RMB 75.7 billion, representing year-over-year growth of 14.5% and 13.7% respectively [5][17] - Adjusted net profit projections are RMB 4.4 billion for FY25 and RMB 5.4 billion for FY26, with a corresponding P/E ratio of 26x and 21x [5][17] - The report emphasizes the company's strong fundamentals and maintains an optimistic outlook for the first half of 2025 and the full year [5][17]

14 May 2025 京东健康 JD Health International (6618 HK) 25Q1 业绩大幅超市场预期，建议关注后续大促季表现和即时零售布局展开 25Q1 beat, attention on upcoming promotional season and instant retail initiatives 研究报告 Research Report [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$39.95 目标价 HK$42.90 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$127.83bn / US$16.40bn 日交易额 (3 个月均值) US$95.85mn 发行股票数目 3,200mn 自由流通股 (%) 32% 1 年股价最高最低值 HK$40.80-HK$19.82 注：现价 HK$ ...

Core Viewpoint - JD Health reported strong Q1 2025 earnings, exceeding market expectations, leading to a significant stock price increase and highlighting its position as a leader in the pharmaceutical e-commerce sector [1] Group 1: Financial Performance - In Q1 2025, JD Health achieved revenue of 16.645 billion RMB, a year-on-year increase of 25.5% [1] - The operating profit was 1.071 billion RMB, representing a substantial year-on-year growth of 119.8% [1] - Adjusted net profit reached 1.3 billion RMB, up 73.4% from 754 million RMB in the same period last year [1] Group 2: Product and Service Innovation - JD Health solidified its position as the "first station for the online launch of new specialty drugs" by introducing several innovative medications in Q1 2025 [1] - The company launched multiple new drugs, including those from Pfizer and Esteve, expanding treatment options for patients [1] - JD Health made significant advancements in the medical AI sector, launching the "AI Jingyi" product system and achieving over 80% usage of AI services in online consultations [2] Group 3: Strategic Partnerships and Collaborations - JD Health deepened collaborations with leading health product companies like Tongrentang and Yanzhiwu, focusing on product innovation and digital supply chain [2] - At the fifth JD Health Partner Conference, the company established cooperation intentions for new products with nearly 50 global brands [2] - A strategic partnership with China National Pharmaceutical Group was announced, focusing on comprehensive supply chain and innovative marketing across various disease areas [3] Group 4: Market Expansion and Competitive Advantage - JD Health aims to enhance its offline capabilities to provide comprehensive services to suppliers, thereby increasing bargaining power [3] - The company's strong supply chain remains a core competitive advantage, contributing to robust growth in patented drugs, health products, and medical devices [3] - JD Health plans to prioritize self-built models in its offline expansion strategy before considering acquisition opportunities [3]

港股公司报告 | 公司点评 京东健康（06618） 证券研究报告 25Q1 业绩点评：收入与盈利实现双增，持续加码医疗 AI 布局 事件：北京时间 2025 年 5 月 13 日，京东健康（06618.HK）发布 2025 年第一季度未经审计业绩。公司 2025 年第一季度实现营业收入 166.45 亿元，较去年同期 132.67 亿元同比增长 25.5%；经营盈利为 10.71 亿元，同比增长 119.8%；非国际准则（Non-IFRS）经营盈利 为 13.08 亿元，同比增长 73.4%；非国际财务报告准则（Non-IFRS） 盈利为 17.68 亿元，同比增长 47.7%。期内，公司持续强化"自营+ 平台+即时零售"全渠道能力，并深化医疗 AI 技术应用，推动服务 效率与用户满意度提升。 点评： 自营商品创新与全渠道协同。2025 年第一季度，京东健康进一步巩 固"新特药全网首发第一站"优势，线上首发辉瑞、银诺医药等多 家企业的创新药品，包括泰泽纳、怡诺轻等，满足患者多元化用药 需求。同时，公司与汤臣倍健、燕之屋等健康品牌深化合作，通过 产品创新、数智化供应链及精准营销协同，助力品牌新品曝光与转 化效率 ...

Market Overview - Hong Kong stocks surged today, with all three major indices rising over 2%. The Hang Seng Index increased by 2.3% or 532.38 points, closing at 23640.65 points, with a total turnover of 2228.41 million HKD [1] - The positive sentiment in the market is attributed to the unexpected progress in the first round of trade negotiations between China and the US, which is expected to continue in a constructive direction [1] Blue-Chip Stocks Performance - JD Health (06618) saw a notable increase of 5.13%, closing at 39.95 HKD, contributing 3.56 points to the Hang Seng Index. The company reported Q1 2025 revenue of 16.645 billion RMB, a year-on-year growth of 25.5%, and operating profit of 1.071 billion RMB, up 119.8% [2] - Other blue-chip stocks included China Life (02628) rising by 6.55% to 16.26 HKD, AIA (01299) up 5.15% to 65.3 HKD, while Link REIT (00823) fell by 1.34% to 40.45 HKD [2] Sector Performance - Large technology stocks collectively rose, with Baidu increasing over 4% and Alibaba and JD both rising over 3% [3] - Financial stocks experienced a significant rally, with China Pacific Insurance (02601) up 6.77% to 24.45 HKD, China Life (02628) up 6.55%, and GF Securities (01776) up 6.31% to 11.46 HKD [3] Shipping Sector - The shipping sector performed well, with Pacific Basin Shipping (02343) rising by 7.78% to 1.94 HKD and Seafront International (01308) up 6.51% to 22.9 HKD. The improvement is linked to the easing of tariff conflicts and a seasonal increase in container shipping demand [4][5] Automotive Sector - The automotive sector saw widespread gains, with Li Auto (02015) rising by 4.54% to 112.8 HKD and Xpeng Motors (09868) up 3.87% to 81.8 HKD. The retail sales of new energy passenger vehicles reached 905,000 units in April, a year-on-year increase of 33.9% [6][5] Coal Sector - The coal sector showed positive movement, with China Coal Energy (01898) up 4.91% to 8.55 HKD. Despite recent price declines, analysts suggest that demand may improve as summer approaches [7] Notable Stock Movements - Tencent Music (01698) surged by 12.84% to 61.5 HKD, reporting Q1 2025 revenue of 7.36 billion RMB, with online music service revenue growing by 15.9% [8] - Smoore International (06969) reached a new high, increasing by 10.18% to 17.32 HKD, amid rising sales of new tobacco products [9] - MicroPort Scientific (02252) saw a decline of 8.12% to 16.52 HKD due to a share placement announcement [10] - Samsonite (01910) dropped by 8.58% to 14.06 HKD after reporting a 7.3% decrease in net sales for Q1 2025 [11]

Core Viewpoint - JD Health's stock price has surged significantly, driven by strong financial performance in Q1 2025, exceeding market expectations [2][7]. Financial Performance - In Q1 2025, JD Health reported revenue of 16.645 billion RMB, a year-on-year increase of 25.5% [4]. - Operating profit reached 1.071 billion RMB, a remarkable growth of 119.8% compared to the previous year [4]. - Non-IFRS operating profit was 1.308 billion RMB, reflecting a 73.4% increase year-on-year [4]. - The company's net profit for the period was 934 million RMB, a slight increase of 4.6% [4]. Market Trends - The internet healthcare sector in Hong Kong saw a collective rise, with notable increases in stock prices for companies like ZhongAn Online and Alibaba Health [3]. - The rapid development of AI and large models in healthcare is recognized as a key driver for competition in the industry [5]. Technological Advancements - JD Health has launched several innovative drugs and AI products, enhancing its service offerings [4][5]. - The "AI Jingyi" product system and the "Jingyi Qianxun" open-source model are significant advancements in providing intelligent diagnostic support [5]. - Over 80% of doctors in JD Health's online hospital utilize AI services, with a 91% satisfaction rate for AI nutritionist services [5]. Competitive Position - JD Health is positioned as a leader in the domestic internet healthcare market, benefiting from its supply chain capabilities and integrated online retail model [6]. - The release of the Jingyi Qianxun model is expected to further solidify JD Health's dominance as the largest online healthcare platform in China [7].

恒生指数涨2%，恒生科技指数涨2.2%。京东健康涨超6%，小鹏汽车涨超5%。 ...