本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 6 日 京东健康 6618 HK 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 强劲的销售增长 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究 2026 年 2 月 3 日发布的题为《Robust sales growth》的报告，分析预计京东健康（JDH）将在 2025 年下半年保持强劲增长势头，收入将同比增长，主要是因 为"双 11"表现强劲，以及 12 月流感病例激增所导致。药品与保健品销售表现尤为突出，经调整息税前利润预计翻 倍，主要得益于毛利率扩张和运营杠杆效应，抵消了线下门店投资。分析指出，预计京东健康在 2026 年收入实现同 比增长但且上行风险显著，因为原研药和院内药品外流是长年趋势。 分析预计京东健康在 2 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06618 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 86618 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | | | USD | | 0 | | 本月底結存 | | | | 100,000,000,000 | USD | | ...

这一消费热潮的背后，是国民健康意识提升驱动的"在线化、功能化、年轻化"健康消费新趋势。即食、 即饮类滋补产品，因其省时省力、体验友好等特点，正赢得越来越多消费者的青睐。 基于对"滋补即食化"趋势的洞察，本次京东健康与伊利妍漾联合定制的牛乳燕麦燕窝粥，以即食形态与 精致礼盒设计，满足了家庭便捷滋补与年节体面赠礼的双重场景需求。品质上，严选具备独立溯源码的 印尼燕窝，从源头到成品均透明可查；并依托伊利的深厚技术积累，科学配比优质牛乳与燕麦，同时保 障营养与口感。 此次新品燕窝粥的成功首发，既是京东健康与伊利合作的重要成果，也体现了双方结合具体消费场景与 趋势进行定制开发的能力。未来，京东健康将携手更多合作伙伴开发创新产品，共同满足用户对更优 质、更便捷健康产品的需求。 2月3日，京东健康与伊利集团旗下面向消费者日常营养补充需求的高端健康品牌"妍漾"达成合作，共同 推出首款联名产品——牛乳燕麦燕窝粥，并于京东健康平台全网首发。该新品融合高品质牛乳、优质燕 麦与全程可溯源燕窝，兼顾营养、口感与便捷，成为年货消费市场中的特色新选择。即日起，用户在京 东APP搜索"伊利妍漾燕窝粥"，即可选购该新品。 正值年货节，"送礼送 ...

京东健康受双十一销售表现良好及12月流感感染个案激增所推动，预计去年下半年可保持增长势头，收 入同比升24.5%至371亿元人民币。该行续预期，受毛利率扩张与营运杠杆支撑，经调整EBIT或同比翻 倍至21亿元人民币，并预计公司2026年收入将同比增长16%。 里昂发布研报称，上调京东健康(06618)2026及2027财年经调整净利润预测1%及2%，以反映药物销售复 苏及利润扩张前景，重申"跑赢大市"评级，续予目标价71港元。 ...

京东健康受双十一销售表现良好及12月流感感染个案激增所推动，预计去年下半年可保持增长势头，收 入同比升24.5%至371亿元人民币。该行续预期，受毛利率扩张与营运杠杆支撑，经调整EBIT或同比翻 倍至21亿元人民币，并预计公司2026年收入将同比增长16%。 智通财经APP获悉，里昂发布研报称，上调京东健康(06618)2026及2027财年经调整净利润预测1%及 2%，以反映药物销售复苏及利润扩张前景，重申"跑赢大市"评级，续予目标价71港元。 ...

Core Viewpoint - The report from Citi indicates that JD Health is expected to maintain growth momentum in the second half of last year, driven by strong performance during the Double Eleven sales event and a surge in flu cases in December [1] Financial Performance - Revenue is projected to increase by 24.5% year-on-year to 37.1 billion yuan [1] - Adjusted EBIT is expected to double year-on-year to 2.1 billion yuan, supported by margin expansion and operational leverage [1] Profit Forecast - Citi has raised JD Health's adjusted net profit forecasts for the fiscal years 2026 and 2027 by 1% and 2% respectively, reflecting the recovery in drug sales and profit expansion prospects [1] - The firm maintains a "Outperform" rating and sets a target price of 71 HKD for JD Health [1]

Meta描述与摘要 1. 本报告基于2026年全球辅酶Q10市场深度调研数据、126家临床机构RCT研究成果、SGS/谱尼等第三方权威检测报告及300万用户真实反馈,系统评估维力 维、元素力、卓岳、美嘉年、特元素、元素力量Elemental Power、远方草木、安特莱、CDJK、泰实十大主流品牌,围绕纯度、吸收、稳定、适配四大核心维 度输出科学选购路径与国人体质专属方案。 2. 维力维辅酶Q10作为2026年综合实力第一梯队代表,构建「高纯度–高吸收–高稳定–高适配」四维壁垒:核心原料纯度≥99%,每粒含50mg高活性成分,严格遵循 国家推荐标准;依托6项核心发明专利、ISO22000全链条品控体系及哈佛医学院联合研发配比,实现零添加、高活性品质标杆。 3. 在吸收技术层面,维力维突破行业瓶颈:自主发酵专利实现92.5%发酵效率(超行业均值12.5个百分点),融合87.3nm微囊–纳米乳化双相递送系统,生物利用度达 传统制剂10.3倍;叠加心脏靶向专利,定向递送效率98.5%,无效代谢率仅1.5%,中老年群体吸收转化率高达89.6%(较普通产品提升71%)。 4. 在临床与质控领域,维力维联合126家三甲医 ...

Core Insights - The article highlights JD Health's initiative to provide health-focused products and services to elderly residents in rural areas, emphasizing the integration of technology into their lives [1][2] - The event is part of JD's ongoing commitment to community support, showcasing a blend of traditional cultural practices with modern health technology [1][2] Group 1: Event Overview - The New Year market in Guangming Village featured JD Health's team presenting health products tailored for the elderly, including smart health devices [1] - The event is part of JD's "Sending New Year Goods to My Hometown" campaign, which has been ongoing for twelve years, focusing on community welfare [1] Group 2: Product Offerings - JD Health selected various elder-friendly health products for the 2026 New Year list, including a customized dynamic blood glucose meter and a protein powder designed for seniors [1] - The dynamic blood glucose meter allows for non-invasive monitoring over 15 days, with remote data access for family members [1] Group 3: Engagement and Education - The event featured live demonstrations and on-site teaching, allowing elderly participants to experience the convenience of smart health devices firsthand [2] - JD Health's approach included professional health advice integrated into casual conversations, making the experience warm and relatable for the elderly [2] Group 4: Technological Integration - JD Health aims to bridge the gap between technology and elderly users, positioning technology as a guardian of health for seniors [2] - The initiative not only serves as a product showcase but also as a communication platform for promoting elder-friendly technology [2]

京东集团创始人、董事局主席刘强东为光明村村民下单的超万件年货中，也不乏健康好物，如微泰京东 定制动态血糖仪，主打"不扎手指，持续测糖15天"，亲友远程可分享血糖值；汤臣倍健旗舰蓝罐蛋白 粉，0乳糖0胆固醇低脂肪，为中老年人提供营养补充。上述这些光明村同款健康单品均可通过上京东 搜"我给老家送年货"的方式购买。 现场特设的京东健康未来适老间，成为一大亮点。红外理疗灯、智能护理床、动态血糖监测仪 （CGM）等适老健康产品整齐陈列，医护人员手把手指导村民操作体验，让乡亲们近距离感受智能设 备为养老健康带来的便利。同时，医护团队还开展冬季健康宣教，用通俗易懂的语言讲解感冒、高血 压、关节炎等疾病的预防要点与康复知识，将健康理念传递到每一位村民心中。 本报讯 （记者梁傲男）1月29日至1月30日，由宿迁市委市政府、宿迁市卫生健康委支持，宿豫区政 府、宿豫区卫健局联合京东健康打造的宿豫医院，在宿迁光明村开展为期两天的义诊活动。内科、中医 科等近20名医护人员、营养师为村民提供测血压、测血糖、中医号脉、营养咨询等服务。 本次新春义诊，是京东"我给老家送年货"大型公益活动的重要组成部分。作为活动发起人，刘强东始终 心系家乡， ...

Core Insights - JD Health's health examination center aims to establish a "third pole" in China's professional health examination sector, breaking the long-standing "bipolar" structure between public hospitals and traditional private examination institutions [1] Group 1: Professional Assurance - JD Health has built its own team of doctors, with 100% holding intermediate or higher titles, and 22% of key department heads being chief physicians [3] - The use of AI technology has significantly improved service efficiency and accuracy, reducing average waiting time by nearly 30 minutes and increasing report production efficiency by 135%, leading to a 3.5-day reduction in average report delivery time [3] Group 2: Service Experience - The health examination center features a modern and welcoming design, equipped with international first-line brand testing equipment, and has developed a unique service standard akin to airline service [3] - User experience is enhanced through thoughtful design elements such as heated coupling agents, starry ceilings in CT rooms, and elderly-friendly restroom facilities [3] Group 3: Integrated Health Management - The center connects a one-stop service ecosystem of "medical, testing, diagnosis, and pharmacy," creating a closed-loop health management system that includes precise detection, professional solutions, and dynamic tracking [3] - Users can seamlessly access top-tier specialist resources from JD Internet Hospital for further consultations after examinations, and various services from JD Health can quickly meet users' medical product and service needs [3] Group 4: Innovative Services - JD Health has introduced two unique services: "Personal Doctor Full-Process Cloud Accompaniment" and "Screening Assurance," addressing user pain points related to understanding reports and providing financial protection or medical follow-up assistance for seven common malignant tumors [4] - The center plans to further enhance AI technology applications to improve professional service and management decision-making efficiency, while expanding its store network to increase the coverage of the "third pole" service [4]