研究报告Research Report 23 Mar 2024 京东健康 JD Health International (6618 HK) 业绩增速超预期，全渠道业务布局加速 The Performance Beats Consensus, The Omnichannel Business Strategy Accelerated [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab 维le_ 持Inf 优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：公司发布2023年度报告 评级 优于大市OUTPERFORM 现价 HK$28.05 点评 目标价 HK$79.80 收入稳步增长，第三方商家数量快速扩容。2023 年公司实现收 HTI ESG 4.0-4.0-4.0 入535亿元（+14.5%），其中， E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 1. 医药和健康产品销售业务实现收入 457 亿元（+13 ...

Financial Performance - For the fiscal year ending December 31, 2023, JD Health reported revenue of RMB 53,529,941 thousand, a 14.5% increase from RMB 46,736,150 thousand in 2022[3] - The gross profit for the same period was RMB 11,865,336 thousand, reflecting a 20.0% increase from RMB 9,891,508 thousand in the previous year[3] - Operating profit turned positive at RMB 630,848 thousand, compared to an operating loss of RMB 145,120 thousand in 2022[3] - The annual profit reached RMB 2,142,880 thousand, a significant increase of 459.2% from RMB 383,229 thousand in the prior year[3] - Non-IFRS operating profit was RMB 2,478,637 thousand, up 26.5% from RMB 1,959,158 thousand in 2022[3] - JD Health's total revenue for 2023 reached RMB 53.5 billion, representing a year-on-year growth of 14.5%[10] - Revenue from self-operated products was RMB 45.7 billion, showing a year-on-year increase of 13.1%[12] - Service revenue rose by 23.7% from RMB 6.4 billion in 2022 to RMB 7.9 billion in 2023, attributed to increased digital marketing service fees and commission from third-party merchants[21] - Operating costs increased by 13.1% from RMB 36.8 billion in 2022 to RMB 41.7 billion in 2023, primarily due to higher sales of pharmaceutical and health products[22] - Gross profit grew from RMB 9.9 billion in 2022 to RMB 11.9 billion in 2023, with gross margin improving from 21.2% to 22.2%[23] - The annual profit attributable to the company's owners was RMB 2.14 billion in 2023, significantly up from RMB 383.23 million in 2022[42] - The company reported a basic earnings per share of RMB 0.69 for 2023, compared to RMB 0.12 for 2022[42] - The total comprehensive income for the year was RMB 2.82 billion, down from RMB 3.68 billion in 2022, primarily due to foreign currency translation differences[43] User Engagement and Services - The number of annual active users reached 172.3 million, with an average of over 450,000 online consultations per day in 2023[10] - JD Health is focusing on enhancing its supply chain infrastructure and expanding its online health consumption platform to reach a broader base of users[6] - The company is accelerating its omnichannel strategy, including the launch of a 24-hour prescription pickup service and an average delivery time of 28 minutes for online orders in Beijing[7] - JD Health is constructing an integrated online and offline service system, including the establishment of online dermatology hospitals and mental health centers[8] - The company has introduced various proactive health management services tailored for different user groups, enhancing its service offerings[8] - JD Health's instant retail business has expanded to over 480 cities, with more than 120,000 partnered offline pharmacies, providing 24/7 service to meet user demands[14] - JD Health's online mental health center has provided personalized consultations to over hundreds of thousands of users, addressing various psychological needs[16] Strategic Initiatives and Innovations - JD Health aims to become a leading platform for global brand growth in the health sector, leveraging its digital marketing capabilities[6] - The company is expanding its strategic partnerships with leading pharmaceutical companies to enhance product offerings and market reach[12] - JD Health is focusing on AI-driven healthcare solutions, launching the medical model "JD Medical Qianxun" based on health knowledge graphs and big data[9] - The company has developed a medical large model, "Jingyi Qianxun," integrating clinical guidelines and expert knowledge to improve healthcare efficiency[17] - JD Health launched several innovative drugs, including the first global treatment for severe alopecia areata and a domestically approved targeted oral drug for psoriasis[12] - The company plans to continue expanding its "Internet + Healthcare" ecosystem, focusing on innovative healthcare solutions and market promotion services in China[46] Financial Position and Cash Flow - Cash and cash equivalents decreased from RMB 18.7 billion at the end of 2022 to RMB 15.0 billion at the end of 2023[33] - Net cash generated from operating activities was RMB 4.6 billion in 2023, down from RMB 5.9 billion in 2022, primarily due to changes in working capital[34] - In 2023, the net cash used in investing activities was RMB 8 billion, an increase from RMB 4.2 billion in 2022, primarily due to deposits in time deposits of RMB 33.4 billion and purchases of financial assets at fair value of RMB 10.3 billion[36] - The net cash used in financing activities decreased significantly from RMB 925.4 million in 2022 to RMB 117.2 million in 2023, mainly due to a reduction in share repurchase payments[37] - As of December 31, 2023, the company had no outstanding borrowings, indicating a capital debt ratio of 0%[37] Corporate Governance and Social Responsibility - JD Health is committed to social responsibility, organizing various public welfare activities, including support for rare disease patients and health initiatives for rural women[9] - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring compliance with governance standards[56] - JD Health's charitable initiatives have conducted 56 activities, donating over RMB 60 million in cash, materials, and services[18] - The company did not declare any dividends for the year 2023, consistent with the previous year[52] Workforce and Employee Compensation - The total number of employees focused on business operations increased to 3,118 as of December 31, 2023, compared to 2,739 in the previous year[39] - Total employee compensation and benefits expenses amounted to RMB 2.9 billion in 2023, down from RMB 3.1 billion in 2022[39] Assets and Liabilities - Total assets increased to RMB 64,288,300 thousand as of December 31, 2023, compared to RMB 61,277,296 thousand as of December 31, 2022, representing a growth of 4.9%[44] - Current assets decreased to RMB 47,849,891 thousand as of December 31, 2023, from RMB 56,447,159 thousand in 2022, a decline of 15.3%[44] - The total trade payables as of December 31, 2023, were RMB 9,660,450 thousand, a decrease of 8.2% from RMB 10,526,029 thousand as of December 31, 2022[52] - The company reported a decrease in trade receivables to RMB 347,962 thousand in 2023 from RMB 954,958 thousand in 2022, a reduction of 63.6%[44] - The aging analysis of trade receivables shows that receivables within 3 months were RMB 303,507 thousand, down from RMB 519,165 thousand year-over-year, indicating a significant decline in short-term receivables[51] Future Outlook - JD Health aims to continue expanding its business base and strategic new categories in 2024, driven by the "Healthy China" strategy[9] - The company plans to reallocate approximately RMB 7.7 billion from R&D to business expansion, reflecting a strategic shift in resource allocation[58] - As of December 31, 2023, the unutilized net proceeds for business expansion were RMB 7,635 million after the reallocation[59] - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website on March 20, 2024[60]

日前，2024年全国“两会”在京召开。3月5日的2024年国务院政府工作报告中，明确提到要培育壮大新型消费，实施健康消费促进政策，推动养老等服务扩容提质。并明确要求，要实施积极应对人口老龄化国家战略，加强老年用品和服务供给,大力发展银发经济。 作为国内领先的新型医疗健康服务企业，京东健康近年来积极响应国家政策，全面升级“适老”服务体系，致力于提供更加精准、个性化的健康管理解决方案，以满足老年人群体的多样化健康需求。 发挥“线上健康消费第一入口”优势  打造养老消费新体验  为提升老年人对优质健康产品的可及性，京东健康充分发挥“线上健康消费第一入口”优势，上线健康养老频道，打造一站式、综合型健康养老消费新体验，用户通过京东App搜索“健康养老”即可体验。 针对老年人线下消费不便的痛点，京东健康养老频道内设有专业导购指南，辅助老年用户挑选决策，满足包括监测治疗、起居护理、助行助浴、中医理疗、适老智能、食疗滋补、慢病用药、上门护理等八大健康养老消费需求。养老频道还推出护理床上门安装/换新、365天只换不修、助听器上门验配等专属个性化服务，让老年人使用更省心。 另外，京东健康养老频道还 ...

JD Health International JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司）(A company incorporated in the Cayman Islands with limited liability) Inc. 股份代號：6618 (港幣櫃台)及 86618 (人民幣櫃台) 京東健康股份有限公司 Stock Codes: 6618 (HKD counter) and 86618 (RMB counter) ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並表明概不就本公告全部或任何部分內容所導致或因依賴該等內容而引致的任何損失 承擔任何責任。 JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6618（港幣櫃台）及86618（人民幣櫃台）） 截 至 2023 年 6 月 30 日 止 六 個 月 的 中 期 業 績 公 告 京东健康股份有限公司（「本公司」或「京東健康」）董事（「董事」）會（「董事會」）欣然宣佈 本公司及其子公司與關聯併表實體（統稱「本集團」）截至2023年6月30日止六個月（「報告 期」）的未經審計合併業績。該等中期業績已經本公司審計委員會（「審計委員會」）審閱。 於本公告中，「我們」指本公司（定義見上文），倘文義另有所指，指本集團（定義見上 文）。此外，「京東集團」指JD.com, Inc（. 納斯達克代碼：JD；香港聯交所代號：9618（港 幣櫃台）及89618（人民幣櫃台））及其子公司，包括京东物流股份有限公司（「京東物流」， 香港聯 ...

京東健康股份有限公司 JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司） 股份代號 : 6618 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6618） 截 至 2022 年 12 月 31 日 止 年 度 的 年 度 業 績 公 告 京东健康股份有限公司（「本公司」或「京東健康」）董事（「董事」）會（「董事會」）欣然宣佈本 公司及其子公司與關聯併表實體（統稱「本集團」）截至2022年12月31日止年度（「報告期」） 的經審計合併業績。該等年度業績已經本公司審計委員會（「審計委員會」）審閱。 於本公告中，「我們」指本公司（定義見上文），倘文義另有所指，指本集團（定義見上 文）。此外，「京東集團」指JD.com, Inc（. 納斯達克代碼：JD；香港聯交所代號：9618）及 其子公司，包括京东物流股份有限公司（「京東物流」，香港聯交所代號：2618）及其關聯 併表實體，不包括本集團。 財務摘要 截至12月 ...

Financial Performance - JD Health's total revenue for the first half of 2022 reached RMB 20.2 billion, representing a year-on-year growth of 48.3%[8] - Revenue increased by 48.3% from RMB 136 billion for the six months ended June 30, 2021, to RMB 202 billion for the six months ended June 30, 2022[25] - Sales of pharmaceutical and health products rose by 48.6% from RMB 118 billion to RMB 175 billion during the same period, driven by an increase in active users and online penetration[25] - Service revenue from online platforms and digital marketing grew by 46.2% from RMB 19 billion to RMB 27 billion, attributed to an increase in advertisers and sales from third-party merchants[25] - Revenue for the six months ended June 30, 2022, was RMB 20,225,212 thousand, a significant increase from RMB 13,637,832 thousand in the same period of 2021, representing a growth of approximately 48.5%[113] - Gross profit for the same period was RMB 4,414,559 thousand, up from RMB 3,307,459 thousand, indicating a gross margin improvement[113] - The net profit attributable to the owners of the company for the six months ended June 30, 2022, was RMB 222,958 thousand, compared to a loss of RMB 454,213 thousand in the prior year[114] User Growth and Engagement - The number of annual active users increased to 131.3 million, with a net addition of 2.27 million users compared to the previous year[8] - Daily consultation volume in healthcare services exceeded 250,000 during the reporting period[8] - Daily online consultation inquiries exceeded 250,000, driven by the introduction of new consultation services such as "Expert Online" and "Night Emergency"[16] - The average Days of Therapy (DOT) for users increased by 62% due to the upgrade of the JD Pharmacy single disease care center, enhancing patient compliance[13] Business Operations and Strategy - The self-operated business segment generated revenue of RMB 17.5 billion, showing a year-on-year increase of 48.6%[10] - JD Health has expanded its offline self-operated DTP pharmacies to 26 provincial-level administrative regions, enhancing the integration of online and offline membership systems[10] - The company has strengthened cooperation with pharmaceutical companies and health product suppliers to enhance supply chain management capabilities[10] - JD Health's cold chain capability for pharmaceuticals now covers over 240 cities, expanding the variety and fulfillment capacity of cold chain medicines[10] - The company continues to focus on digital healthcare services, aligning with national policies promoting the development of internet healthcare[7] - The strategic positioning emphasizes user health-centered value creation and collaboration with partners for comprehensive healthcare services[8] - The company is committed to enhancing user experience through refined operations and technological upgrades[8] Research and Development - Over 400 ongoing I-III phase clinical trial projects have been launched in collaboration with CROs and pharmaceutical companies, accelerating new drug development and market entry[12] - The company is focusing on consumer health products, launching various health consumption scenarios and providing professional health information through online services[13] Financial Position and Cash Flow - As of June 30, 2022, cash and cash equivalents amounted to RMB 16.7 billion, down from RMB 17.3 billion as of December 31, 2021, with net cash generated from operating activities of RMB 2.26 billion[37] - The net cash generated from operating activities was RMB 2.3 billion, an increase from RMB 1.9 billion for the same period in 2021, primarily due to a profit of RMB 200 million during the period[39] - The net cash used in investing activities for the six months ended June 30, 2022, was RMB 2.8 billion, compared to RMB 15 billion for the same period in 2021, mainly due to deposits in fixed-term savings[40][41] - The net cash used in financing activities for the six months ended June 30, 2022, was RMB 631.5 million, significantly higher than RMB 26.2 million for the same period in 2021, primarily due to share repurchases[42] Corporate Governance and Compliance - The company remains committed to maintaining high standards of corporate governance and has adopted the new corporate governance code effective from January 1, 2022[103] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2022[105] - The company has confirmed compliance with the standard code for securities transactions by directors for the six months ended June 30, 2022[104] Shareholder Information - As of June 30, 2022, JD.com had a total of 3,178,400,261 shares issued, with Liu Qiangdong holding 404,141,973 shares, representing 12.9% of beneficial ownership and 74.1% of total voting rights[58] - Liu Qiangdong directly held 368,007,423 Class B shares and 36,134,550 Class A shares, with a significant portion of voting rights attributed to him through various entities[61] - The company has granted stock options under its employee incentive plan, with Liu Qiangdong eligible for up to 13,160,000 Class A shares[61] Employee Compensation and Incentives - The total employee compensation and benefits expense, including share-based payment expenses, amounted to RMB 1.5 billion for the six months ended June 30, 2022, unchanged from the same period in 2021[48] - The total compensation for directors and other key management personnel was RMB 377,716 thousand for the six months ended June 30, 2022, down from RMB 570,644 thousand in the same period of 2021, a decrease of 33.8%[181] - The company aims to attract and retain talent through its equity incentive plans, which include both stock options and restricted share units[154] Market Expansion and Future Outlook - The company is focused on expanding its health management platform, positioning itself as a go-to health management service provider[188] - The company is actively exploring new strategies for market expansion and product development in the health sector[188]

JDH京东健康 JD Health International Inc. 京东健康股份有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 6618 or 年度報告 4 | --- | --- | |-------|-------------------------| | | 目錄 | | 2 | 公司資料 | | 4 | 財務摘要 | | 5 | 首席執行官致辭 | | 8 | 管理層討論與分析 | | 20 | 董事及高級管理人員 | | 26 | 董事會報告 | | 67 | 企業管治報告 | | 87 | 獨立核數師報告 | | 91 | 合併損益表 | | 92 | 合併綜合收益╱（虧損）表 | | 93 | 合併財務狀況表 | | 95 | 合併權益變動表 | | 96 | 合併現金流量表 | | 98 | 合併財務報表附註 | | | | 180 釋義 公司資料 | --- | --- | |-----------------------------------------------------------------------|----------------------------- ...