香港交易及結算所有限公司及香港聯合交易所有限公司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倚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）） 持續關連交易 終止現有合同安排 及 訂立新合同安排 茲提述招股章程有關（其中包括）原合同安排及首次公開發售豁免的「合同安排」及「關 連交易」章節，以及有關現有合同安排的公告。根據現有合同安排，宿遷天寧的登記 股東為繆欽先生（持有45%）、李婭雲女士（持有30%）及張雱女士（持有25%）。 董事會謹此宣佈，為提高行政效率，李婭雲女士於2026年3月26日訂立股權轉讓協議， 據此李婭雲女士同意將於宿遷天寧持有的30%股權轉讓予隋婷婷女士，其是京東集團 副總裁。由於一名登記股東變更，宿遷天寧、外商獨資企業及新登記股東訂立新合同 安排，現有合同安排同時終止。根據新合同安排，新登記股東為繆欽先生（持有45%）、 隋婷婷女士（持有30%）及張雱 ...

Investment Rating - The investment rating for JD Health (06618.HK) is "Outperform the Market" [6][16] Core Insights - JD Health reported a significant revenue growth of 28% year-on-year, achieving a total revenue of 38.15 billion yuan in the second half of 2025. The growth was driven by an increase in active user numbers and a wider range of product categories, particularly in the pharmaceutical segment, which saw over 30% growth [2][9] - The company's non-IFRS net profit margin improved from 7.2% to 7.8% year-on-year, benefiting from enhanced operating profit margins, despite some offset from declines in interest income and other revenues. The management plans to increase long-term strategic investments to capitalize on structural changes in the market [3][10] Revenue Summary - For the second half of 2025, JD Health's revenue breakdown includes: - Product revenue of 31.6 billion yuan, up 27% year-on-year, with pharmaceutical revenue growth exceeding 30% and health products growing over 20% [2][9] - Service revenue increased by 34% to 6.6 billion yuan, driven by a rise in the number of advertisers [2][9] Profitability Summary - The company’s non-IFRS net profit margin increased to 7.8%, with operating profit margin improvements being a key factor. Fulfillment expenses rose from 3.1 billion yuan to 4.1 billion yuan, while sales expenses increased from 1.6 billion yuan to 2 billion yuan [3][10] - The management fee rate decreased from 2.5% to 1.4%, primarily due to reduced share-based payment expenses [3][10] Operational Data - As of the second half of 2025, JD Health had 218 million annual active users, a 19% increase year-on-year, with a main site user penetration rate of 31%. The online penetration rate in the outpatient market is currently around 15%, indicating significant growth potential [4][11] - The average transaction value saw a decline year-on-year, but this was offset by an increase in shopping frequency among users [4][11] Financial Forecast - Revenue projections for 2026 and 2027 are set at 87.18 billion yuan and 98.11 billion yuan, respectively, with a 7.9% upward adjustment from previous estimates. The adjusted net profit forecasts for the same years are 6.6 billion yuan and 7.5 billion yuan [4][16] - The company is expected to achieve a revenue of 110.4 billion yuan by 2028, with a corresponding adjusted net profit of 9 billion yuan [4][16]

Investment Rating - The investment rating for JD Health (06618.HK) is "Outperform the Market" [6][16]. Core Insights - JD Health reported a significant revenue growth of 28% year-on-year, achieving a total revenue of 38.15 billion yuan in the second half of 2025. The growth was driven by an increase in active user numbers and a wider range of product categories, particularly in the pharmaceutical segment, which saw over 30% growth [2][9]. - The company's non-IFRS net profit margin improved from 7.2% to 7.8% year-on-year, benefiting from enhanced operating profit margins, despite some offset from declines in interest income and other revenues [3][10]. - The active user base reached 218 million, a 19% increase year-on-year, with a main site user penetration rate of 31%, indicating substantial growth potential in the future [4][11]. Revenue and Profit Forecast - Revenue projections for 2026 and 2027 are set at 87.18 billion yuan and 98.11 billion yuan, respectively, with a 7.9% upward adjustment from previous estimates. The 2028 revenue forecast is 110.4 billion yuan [4][16]. - Adjusted net profit forecasts for 2026 and 2027 are 6.6 billion yuan and 7.5 billion yuan, respectively, also reflecting upward adjustments of 6.1% and 9.8% from prior estimates. The 2028 adjusted net profit is projected at 9 billion yuan [4][16]. Financial Metrics - The company’s adjusted net profit margin is expected to be 7.5% in 2026 and 7.7% in 2027, with an adjusted earnings per share of 2.04 yuan in 2026 and 2.35 yuan in 2027 [5][18]. - The price-to-earnings ratio (P/E) for 2026 is projected at 22x, indicating a favorable valuation relative to expected earnings growth [4][16].

Investment Rating - The report maintains a "Buy" rating for JD Health [3][8]. Core Insights - JD Health achieved a revenue of 73.44 billion RMB in 2025, representing a year-on-year growth of 26.3%. The company's product revenue grew by 24.8% to 60.88 billion RMB, while service revenue increased by 34.1% to 12.56 billion RMB [8]. - The gross margin improved by 1.9 percentage points to 24.8%, driven by a higher proportion of high-margin service revenue and optimization of product structure [8]. - The annual profit reached 5.37 billion RMB, a 29.1% increase year-on-year, with Non-IFRS net profit hitting 6.53 billion RMB, up 36.3%, marking a historical high [8]. - The number of active users increased to 218 million, a net addition of 34.1 million from the previous year [8]. - The company launched over 100 new drugs in 2025, significantly up from more than 30 in 2024, reinforcing its position as a leader in new drug launches [8]. - The service revenue growth was fueled by an increase in the number of platform advertisers, leading to a rise in digital marketing service fees [8]. - JD Health's AI-enabled services and expansion of offline stores contributed to a comprehensive health service model, integrating online and offline operations [8]. - The report forecasts revenue growth for 2026-2028 at 85.57 billion RMB, 97.99 billion RMB, and 108.05 billion RMB, respectively, with adjusted net profits of 6.6 billion RMB, 7.6 billion RMB, and 8.4 billion RMB [8]. Financial Metrics Summary - Revenue for 2025 is projected at 73.44 billion RMB, with a growth rate of 26.3% [2]. - Adjusted net profit for 2025 is estimated at 6.53 billion RMB, reflecting a growth rate of 36% [2]. - The earnings per share (EPS) based on adjusted net profit is expected to be 2.03 RMB for 2025, with a price-to-earnings (P/E) ratio of 21 [2]. - The price-to-book (P/B) ratio is projected to be 2.3 for 2025 [2].

Investment Rating - The report maintains an "Outperform" rating for JD Health International with a target price of HKD 71.07 per share, based on a current price of HKD 49.18 [2][19]. Core Insights - JD Health International's FY2025 revenue reached RMB 73.4 billion, representing a year-on-year growth of 26.3%, exceeding market expectations. The adjusted net profit was RMB 6.5 billion, up 36.3% year-on-year, with an adjusted net margin of 8.9%, the highest since the company's listing [3][13]. - The company has seen a consistent increase in revenue growth, with Q4 2025 revenue accelerating to RMB 21.0 billion, a 27.5% increase year-on-year, driven by strong performance in drugs, health supplements, and advertising [14]. - Service revenue growth outpaced product revenue growth, with product revenue at RMB 60.9 billion (+24.8% YoY) and service revenue at RMB 12.6 billion (+34.1% YoY), indicating enhanced platform monetization capabilities [15]. - The expansion of offline pharmacy stores and the integration of medical insurance payment services into 29 cities are expected to improve service efficiency and enhance online-offline integration [16]. - The introduction of AI products, including "AI Jingyi" and "JD Zhuoyi," has created a comprehensive matrix that supports user engagement and service delivery, with high satisfaction rates reported [17]. Financial Summary - Revenue projections for 2026 and 2027 are set at RMB 86.9 billion and RMB 100.1 billion, respectively, with expected year-on-year growth rates of 18.3% and 15.2% [6][18]. - Adjusted net profit forecasts for 2026 and 2027 are RMB 6.5 billion and RMB 7.6 billion, reflecting a growth of 0.2% and 16.4% year-on-year [6][18]. - The gross margin is expected to improve to 25.0% in 2026 and 25.3% in 2027, indicating ongoing operational efficiency [6][18].

Investment Rating - The investment rating for JD Health (06618) is maintained as "Buy" [2] Core Insights - JD Health reported a significant revenue growth of 26.3% year-on-year, reaching 73.44 billion RMB in 2025, which exceeded market expectations by 3.1% [7] - The company's Non-IFRS operating profit margin and net profit margin reached historical highs, benefiting from optimized revenue structure and improved operational efficiency [7] - The company continues to see strong growth in its core e-commerce business, with pharmaceutical and health product sales increasing by 24.8% to 60.9 billion RMB [7] - The active user base reached 217.7 million, a 19% increase year-on-year, with over 100 new drugs launched on the platform in 2025 [7] - JD Health is actively exploring AI applications across various scenarios, enhancing platform conversion efficiency [7] Financial Forecast - Revenue projections for 2026-2028 are estimated at 86.26 billion RMB, 98.96 billion RMB, and 111.65 billion RMB respectively, with corresponding net profits of 6.57 billion RMB, 7.63 billion RMB, and 8.72 billion RMB [6][8] - The company is expected to maintain a robust growth trajectory, with a net profit growth rate of 5.6% in 2026 and 16.84% in 2027 [6] - The earnings per share (EPS) is projected to increase from 1.70 RMB in 2025 to 2.40 RMB in 2028 [6] Key Financial Metrics - The company reported a cash reserve of 69.5 billion RMB at the end of 2025 [7] - The return on equity (ROE) is expected to improve from 8.95% in 2025 to 9.76% in 2028 [6] - The price-to-earnings (P/E) ratio is projected to decrease from 28.73 in 2025 to 17.72 in 2028, indicating potential valuation improvement [6]

Summary of JD Health International (6618.HK) Conference Call Company Overview - **Company**: JD Health International (6618.HK) - **Industry**: Healthcare Technology Key Financial Highlights - **2H25 Revenue**: Rmb38.2 billion, up 28% year-over-year (yoy), exceeding expectations by 5% compared to Goldman Sachs estimates and Visible Alpha Consensus Data [1] - **Non-IFRS Net Profit**: Rmb3 billion, a 38% yoy increase, beating estimates by 16% and 5% [1] - **Adjusted Net Profit Margin**: 7.8%, the highest margin for 2H in the company's history, with gross margin improving to 24.4%, up 0.8 percentage points from estimates [1] - **4Q25 Projections**: Revenue growth expected at 27% yoy and adjusted net profit growth at 30% yoy [1] Growth Drivers and Outlook - **Management Confidence**: Sustained growth momentum with FY26 revenue guidance of high-teens to 20% yoy, driven by strong drug and nutrition product sales, as well as advertising growth [2] - **Drug Sales Growth**: Expected to grow approximately 25% yoy in FY26, supported by original drugs and strong user mindshare [2] - **Nutrition Products**: Targeting around 15% yoy growth in FY26, benefiting from resource allocation and successful collaborations [2] - **Medical Devices**: Anticipated growth of about 10% yoy for FY26, reflecting steady industry growth [2] Margin and Profitability Insights - **Adjusted Operating Profit Margin**: Expected to remain at least flat yoy in FY26, benefiting from improved gross margins and advertising revenue growth [2] - **Investment in Technology**: Continuous improvement in gross margins is anticipated despite rising expenses due to investments in on-demand delivery and AI initiatives [2] Investment Rating and Price Target - **Rating**: Buy - **12-Month Target Price**: HK$75 per share, implying a 57.9% upside from the current price of HK$47.50 [3][9] Risks and Challenges - **Sales Growth Risks**: Potential for slower-than-expected sales growth in 2026, particularly in drug and non-drug categories [3][6] - **Margin Dynamics**: Concerns regarding margin dynamics due to ongoing investments in technology and competition from online pharmacies and e-commerce peers [6] Additional Financial Metrics - **Market Capitalization**: HK$151.5 billion / $19.4 billion [9] - **Revenue Forecasts**: Projected revenues for FY26 are Rmb83.1 billion, with EBITDA expected to reach Rmb4.1 billion [9] - **P/E Ratio**: Expected to be 19.1x in FY26 [9] Conclusion - JD Health International demonstrates strong financial performance with significant revenue and profit growth, driven by robust sales in drug and nutrition categories. The company maintains a positive outlook for FY26, although it faces potential risks related to sales growth and competitive pressures. The investment rating remains bullish with a substantial upside potential.

Investment Rating - The investment rating for JD Health (6618.HK) is "Buy" (maintained) [1][9] Core Views - JD Health reported strong revenue and profit growth for 2025, with revenue reaching 73.4 billion RMB, a year-on-year increase of 26.3%. Adjusted operating profit was 4.39 billion RMB, up 69% year-on-year, and adjusted net profit was 6.53 billion RMB, a 36% increase [4][5] - The company is actively building a new infrastructure for "AI + supply chain" in healthcare, enhancing its competitive edge in the pharmaceutical supply chain and the synergy between self-operated and platform services [5][8] Financial Performance - In 2025, revenue from pharmaceutical and health products grew by 25% to 60.9 billion RMB, while revenue from online platforms/digital marketing and other services increased by 34% to 12.6 billion RMB [5] - The annual active user count reached 218 million by December 31, 2025, with a net increase of over 34 million users compared to 2024 [5] - As of December 31, 2025, the company's total cash reserves amounted to 69.5 billion RMB [5] Business Development - JD Health launched over 100 new drugs in 2025, significantly increasing from over 30 in 2024, aiming to become the "first stop for new drug launches" [5] - The company has over 7,000 health supplement brands that have seen continuous sales growth for three consecutive years, focusing on high-potential categories such as infant development and anti-aging [5] - The instant retail business is rapidly developing, with over 300 self-operated pharmacy stores opened, and the JD Home Health Check service saw an 81.9% increase in order volume in 2025 [5][8] Future Projections - Revenue projections for 2026-2028 are 87.4 billion RMB, 100.4 billion RMB, and 112.2 billion RMB, respectively, with adjusted net profits of 6.64 billion RMB, 7.48 billion RMB, and 8.21 billion RMB [7][8] - The company is expected to benefit from the increasing online penetration of pharmaceuticals and the expansion of online medical insurance payment services [8]

Investment Rating - The report assigns a positive investment rating to JD Health, indicating strong performance and growth potential [4]. Core Insights - JD Health's performance in the second half of 2025 significantly exceeded expectations, with revenue growing by 28% year-on-year to 38.2 billion yuan and adjusted EBITDA increasing by 88% to 1.9 billion yuan [4]. - The company is expected to maintain revenue momentum into 2026, primarily driven by prescription drugs, with adjusted net profit growth projected to remain in the low single digits due to increased investments in O2O, offline pharmacies, and AI [4]. Summary by Sections Revenue Growth - Direct sales revenue increased by 28% year-on-year to 38.2 billion yuan in the second half of 2025, with pharmaceutical sales growing by 30% and nutritional products by 20% [5]. - The number of active users rose to 218 million, a 19% increase year-on-year, representing about 30% of JD's active buyers [5]. Platform and Advertising Revenue - Revenue from platforms, digital marketing, and other services grew by 34% year-on-year to 6.6 billion yuan, driven by increased digital marketing service fees and a rise in the number of advertisers [6]. Profitability - Adjusted EBITDA surged by 88% year-on-year, with a profit margin increase of 1.6 percentage points to 5% due to operational optimization and advertising growth [7]. - Adjusted net profit grew by 38% year-on-year, with a profit margin of 7.7%, reflecting a 0.6 percentage point increase [7]. Catalysts - Support from JD Group's traffic and revenue sharing from advertising, along with favorable policies in the internet and healthcare sectors, are seen as key catalysts for growth [8].

Investment Rating - The investment rating for JD Health (6618.HK) is "Buy" [1] Core Insights - The company reported a revenue of 73.441 billion yuan for 2025, representing a year-on-year growth of 26.28%. The pre-tax profit was 6.03 billion yuan, up 25.7%, and the net profit attributable to shareholders was 5.367 billion yuan, reflecting a 29.1% increase. The non-IFRS profit was 6.533 billion yuan, showing a growth of 36.3% [2][3] - The growth in revenue is driven by an increase in active users, category expansion, and improved penetration rates. The number of active users reached 218 million in 2025, a year-on-year increase of approximately 19% [3] - The company has strengthened its position as the "first station for the launch of new drugs online," with over 100 new drugs launched in 2025, compared to over 30 in 2024 [3] - The AI healthcare services have been expanded, providing comprehensive health management services, including an AI doctor that has completed hundreds of millions of interactions with a 98% satisfaction rate [3][4] Financial Summary - For 2026, the projected revenue is approximately 87.602 billion yuan, with a year-on-year growth rate of 19%. The net profit is expected to be around 5.437 billion yuan, with a growth rate of 1% [5][6] - The gross margin is projected to improve to 25.57% in 2026, with a net profit margin of 8.9% [5][6] - The earnings per share (EPS) for 2026 is estimated at 1.69 yuan, with a price-to-earnings (P/E) ratio of 25.15 [5][6]