(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。 ...

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。 智通财经APP获悉，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。 ...

Investment Rating - The report maintains an "Outperform" rating for JD Health International [1][2][17]. Core Insights - JD Health International continues to show strong revenue and profit growth, with Q3 2025 revenue reaching RMB 17.12 billion, a year-on-year increase of 28.7%, and net profit of RMB 1.84 billion, up 97.2% year-on-year [3][13][14]. - The company has raised its full-year revenue growth guidance to approximately 22.0% from the previous 20.0%, and adjusted profit target to RMB 6.20 billion from RMB 5.60 billion, reflecting strong Q3 performance [4][15]. - The report highlights the company's effective marketing investments and improved bargaining power in the pharmaceutical category as key drivers of growth [14][16]. Financial Performance Summary - For FY 2025, revenue is projected to be RMB 71.05 billion, representing a 22.1% year-on-year growth, while adjusted profit is expected to be RMB 6.21 billion, a 30% increase [5][16]. - The gross profit margin is expected to improve to 24.6% in FY 2025, with a net profit margin of 7.5% [10][16]. - The company’s DCF valuation predicts an equity value of HKD 227.44 billion, corresponding to a target share price of HKD 71.07, reflecting a 4.3% increase in target price [5][17].

Core Points - The theme for World AIDS Day on December 1 is "Social Co-governance, Upholding Integrity and Innovation, Ending AIDS," aimed at uniting various sectors to advance high-quality development in AIDS prevention and treatment [1] - JD Health is leveraging its supply chain and medical service resources to build an integrated "Prevention-Testing-Care" system for AIDS, disseminating professional and scientific prevention knowledge to a broader audience [1] Group 1 - JD Health has partnered with well-known brands like Abbott, Wantai, and Jissbon to conduct various AIDS prevention activities, utilizing online platforms, content marketing, short video releases, and offline campus outreach to promote AIDS prevention knowledge [1] - Early detection and diagnosis are emphasized as key factors in improving AIDS prevention outcomes, with JD Health providing HIV self-test kits that deliver results in as little as 15 minutes while ensuring patient privacy through discreet shipping [1] - JD Health has launched the fourth-generation HIV test kit in collaboration with Abbott, which allows for combined antigen-antibody testing, significantly reducing the window period for detection [1] Group 2 - JD Daojia has introduced HIV antibody testing services in select areas of Beijing and Shanghai, allowing users to order through the JD app, with professional nurses providing home blood collection and reports available within an average of 3 hours [2] - JD Health aims to deepen collaboration with partners to integrate professional medical health services, enhance public awareness of AIDS prevention, and improve accessibility to medical resources for AIDS prevention and treatment, contributing to the goal of a "World Without AIDS" [2]

今年12月1日是第38个世界艾滋病日，今年的主题为"社会共治，守正创新，终结艾滋"，旨在呼吁各界 凝聚合力、突破创新，共同推进艾滋病防治事业高质量发展。京东健康依托供应链与医疗服务资源优 势，联合多个行业合作伙伴，持续构建"防-检-护"一体化防艾体系，将专业、科学的预防知识、有效的 筛查手段以及正确面对疾病的态度传递给更广泛的公众。 联合杰士邦、羽感等头部品牌 开展多元"防艾"科普活动 今年艾滋病日前夕，京东健康联合雅培、万孚、杰士邦等国内外知名品牌，持续开展多种防艾活动，通 过线上专区、内容种草、短视频发布以及线下进校园等丰富多样的形式，普及专业艾滋病防治知识。 早检测、早发现也是提升艾滋病防治效果的关键。依托"医-检-诊-药"的医疗服务闭环优势，京东健康为 有精准检测需求的用户，提供HIV自测试纸，操作简单、过程便捷，最快仅需15分钟即可获取结果；检 测产品还将采用"隐私发货"，最大程度保护患者隐私。值得一提的是，京东健康还联合雅培上线HIV四 代试纸，可以实现抗原抗体联合检测，大幅缩短窗口期时间。用户在京东APP搜索"雅培四代666" "雅培 艾滋HIV6"即可直达购买。 京东到家快检服务还在北京、上海 ...

Group 1: Stock Movements and Market Reactions - Hengdeli (03389) resumed trading and rose over 10% after announcing a voluntary cash offer at HKD 0.14 per share for all issued shares, excluding those already owned by the offeror and Mr. Feng Jiaqiao [1] - Anjuke Food (02648) increased nearly 5% following a report from Huachuang Securities after attending its 2025 first extraordinary general meeting, where management addressed operational and product channel strategies [1] - Copper stocks collectively surged, with Jiangxi Copper (00358) up 8.08%, China Daye Nonferrous Metals (00661) up 8.6%, and others, driven by a significant rise in LME copper futures, which exceeded USD 11,200, marking a historical high [1] Group 2: Industry-Specific Developments - Lichun Resources (02245) rose over 3% as reports indicated a major Chinese-controlled nickel smelter in Indonesia is cutting production due to tailings management issues [2] - Yuhua Education (06169) saw a nearly 1.89% increase after reporting a revenue of RMB 2.497 billion for the year ending August 31, 2025, a 5.4% year-on-year increase, with adjusted net profit rising 95.6% to RMB 914 million [2] - Jiantao Laminates (01888) increased nearly 7% as AI-driven demand for high-end PCBs surged, leading to price increases for key materials [2] Group 3: Strategic Partnerships and Collaborations - ZTE Corporation (00763) rose over 11% following reports of an upcoming AI phone launch in collaboration with ByteDance [2] - JD Health (06618) increased nearly 4% as demand for respiratory disease testing kits surged with the flu season, indicating a growing market for health-related products [3] - Xindong Company (02400) rose over 3% after announcing a strategic cooperation agreement with Golden Arc, including a financing agreement for USD 40 million [3] Group 4: Financial Performance Highlights - Bawang Tea (CHA.US) rose 6.09% after reporting Q3 results with a total GMV of RMB 7.93 billion and net income of RMB 3.208 billion, with overseas GMV increasing by 75.3% year-on-year [7]

另一方面，京东健康近期全网独家首发可威®奥司他韦颗粒15mg×18袋疗程装，精准聚焦儿童流感治疗 中"剂量不匹配、药品易浪费"的痛点。该规格基于5天标准疗程设计，可覆盖1岁以上、体重低于15kg儿 童的全周期用药，实现"一次购药、覆盖全疗程"，极大简化了家长的备药与用药流程，有效避免药品浪 费。首发以来，该产品日均成交额增速超100%，成为众多家庭流感备药的首选。 本文源自：智通财经网 智通财经获悉，京东健康(06618)早盘涨近4%，截至发稿，涨3.19%，报63港元，成交额1.49亿港元。 消息面上，近日，据动脉网报道，随着各地流感高峰到来，呼吸道传染病检测需求攀升，京东健康数据 显示流感检测试剂盒销量大增，多联检试剂盒成新趋势。为应对需求，京东健康联合品牌商家启动专项 保障机制，确保稳定供应不涨价。其医疗器械部门上月联合多家品牌及企业成立IVD品牌联盟，提前预 测需求，科学备货。同时，京东健康升级履约时效，部分地区最快半小时送达。 ...