FY25 guidance 25 November 2025 | 2:22AM HKT Equity Research JD Health International (6618.HK): Internet Trip takeaways: continued share gain across categories, drugs momentum to continue; Buy We hosted JD Health (JDH) Investor Relations team with investors on Nov 24 in Beijing during our China internet trip, where investors' key focus and our takeaways were centered around: 1) FY25 revenue and profit guidance; 2) recent trend by product category; 3) thoughts and investments on O2O initiatives; 4) update on ...

今年8月份，京东健康与知原药业签署战略合作协议，未来双方聚焦皮肤健康领域，从医药供应链、全 域营销、跨境药品等方面，展开全方位、多维度、深层次的合作。此次与知原药业新品首发的合作，是 双方探索合作的进一步落地。 未来双方还将持续加深合作，合力构建更智能、完善的皮肤全周期健康服务生态，为消费者提供全方位 健康保障。 （编辑 李波） 本报讯 （记者袁传玺）近日，知原药业旗下的丽芙®丙酸氟替卡松乳膏宣布将在京东健康线上首发， 为湿疹、特应性皮炎等皮肤疾病患者提供更加便捷的购药渠道与专业服务。 丙酸氟替卡松乳膏作为一种糖皮质激素类药物，具有抗炎、抗过敏和免疫抑制的多重作用。该药通过抑 制炎症反应，减少炎症介质的释放和炎症细胞的浸润，达到抗炎效果，同时能够有效抑制过敏反应，缓 解患者瘙痒、红肿等过敏性症状。同时，丙酸氟替卡松乳膏适用于成年人及儿童多种皮肤炎症性疾病的 治疗，包括湿疹、特应性皮炎、银屑病等。凭借其抗炎、止痒及快速缓解症状的特点，在全球市场广受 认可。 知原药业是一家专注于皮肤疾病领域创新研发与生产的制药企业，建有国家博士后科研工作站、江苏省 工程研究中心、江苏省企业技术中心、江苏省工程技术研究中心等研发创 ...

Core Insights - Livor Fluticasone Propionate Cream, launched by Zhiyuan Pharmaceutical, will be available on JD Health, providing a convenient purchasing channel and professional services for patients with skin diseases such as eczema and atopic dermatitis [1] Company Overview - Zhiyuan Pharmaceutical specializes in innovative research and production in the field of skin diseases, with established research platforms including a national postdoctoral research station and various engineering research centers in Jiangsu [1] - The company has developed a strong influence in its niche market over more than 20 years of development [1] Product Details - Fluticasone Propionate Cream is a corticosteroid with anti-inflammatory, anti-allergic, and immunosuppressive properties, effective in treating various inflammatory skin diseases in both adults and children [1] - The cream is recognized globally for its ability to suppress inflammation and alleviate allergic symptoms such as itching and redness [1] Strategic Partnership - In August, JD Health and Zhiyuan Pharmaceutical signed a strategic cooperation agreement focusing on skin health, covering areas such as pharmaceutical supply chain, comprehensive marketing, and cross-border pharmaceuticals [1] - The launch of the new product is a further step in the collaboration between the two companies, aiming to enhance their partnership [1] Future Collaboration - The two companies plan to deepen their cooperation to build a more intelligent and comprehensive skin health service ecosystem, providing consumers with all-around health protection [2]

Group 1 - JD Industrial Co., Ltd. is undergoing a hearing with the Hong Kong Stock Exchange for its potential IPO [2] - If JD Industrial successfully lists, it will become the sixth publicly traded company under Liu Qiangdong's leadership [2]

恒指跌2.38%，恒生科技指数跌3.21%，科网、半导体股跌幅靠前，京东健康跌逾8%，中芯国际、华虹 半导体跌逾6%，腾讯音乐、百度集团跌逾5%，阿里巴巴跌逾4%。（AI生成） ...

Market Overview - The Hong Kong stock market experienced significant declines, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21%. This week marked a cumulative decline of 7.18%, resulting in four consecutive weeks of losses [1][2]. - The market turnover increased to 285.70 billion HKD, up from 245.14 billion HKD in the previous trading session [1]. Sector Performance - The technology and semiconductor sectors faced the largest declines, with JD Health falling over 8%, SMIC and Hua Hong Semiconductor dropping more than 6%, and Tencent Music and Baidu Group declining over 5%. Other notable declines included NIO, Alibaba, and Alibaba Health, which fell over 4%, while NetEase and BYD Electronic dropped over 3% [2]. - In contrast, Xiaomi Group saw an increase of over 1%, and Kingsoft experienced a slight rise [2]. Global Market Context - European stock indices opened lower, with the Euro Stoxx 50 down by 1.57%, the FTSE 100 down by 1.04%, the CAC 40 down by 1.29%, and the DAX 30 down by 1.48% [3]. - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 9% to below 82,000 USD, Ethereum falling nearly 11%, and BNB down over 8%. The total market capitalization of cryptocurrencies fell below 3 trillion USD [3].

Market Performance - The Hong Kong stock market experienced significant declines, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21%. This week marked a cumulative decline of 7.18%, resulting in four consecutive weeks of losses [1][3]. - The market turnover increased to 285.70 billion HKD, up from 245.14 billion HKD in the previous trading day [1]. Sector Performance - The technology and semiconductor sectors faced the largest declines, with JD Health falling over 8%, SMIC and Hua Hong Semiconductor dropping more than 6%, and Tencent Music and Baidu Group decreasing over 5%. Other notable declines included NIO, Alibaba, and Alibaba Health, which fell over 4%, while NetEase and BYD Electronics dropped over 3% [3]. - In contrast, Xiaomi Group saw an increase of over 1%, and Kingsoft experienced a slight rise [3]. Global Market Trends - Major European stock indices opened lower, with the Euro Stoxx 50 Index down by 1.57%, the UK FTSE 100 Index down by 1.04%, the French CAC 40 Index down by 1.29%, the German DAX 30 Index down by 1.48%, and the Italian FTSE MIB Index down by 1.48% [3]. Cryptocurrency Market - The cryptocurrency market faced a sharp decline, with Bitcoin dropping over 9% to below 82,000 USD per coin, Ethereum falling nearly 11%, BNB decreasing over 8%, and Solana dropping over 12%. The total market capitalization of cryptocurrencies fell below 3 trillion USD, with Bitcoin prices dropping below the average purchase price of the US Bitcoin ETF [3].

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

Core Points - The Hang Seng Index closed down by 2.38% and the Hang Seng Tech Index fell by 3.21% [1] - JD Health experienced a decline of over 8%, while SMIC and Hua Hong Semiconductor dropped by more than 6% [1] - Alibaba and Xpeng Motors both saw declines exceeding 4% [1]

Group 1 - The core point of the article is that southbound funds have reduced their holdings in JD Health (06618.HK) by 644,800 shares on November 20, 2025, with a total net reduction of 1,712,100 shares over the past five trading days [1][2] - Over the last 20 trading days, southbound funds have reduced their holdings on 9 days, resulting in a total net reduction of 1,725,100 shares [1][2] - As of now, southbound funds hold 277 million shares of JD Health, accounting for 8.66% of the company's total issued ordinary shares [1][2] Group 2 - JD Health is primarily engaged in providing pharmaceutical and health products, internet medical health services, health management, and intelligent medical health solutions [2] - The company's business includes retail pharmacy and medical health services, with retail pharmacy operations conducted through self-operated and online platforms as well as instant retail channels [2] - Medical health services are mainly provided through internet hospitals and medical large models, along with online marketing services such as advertising [2]