Core Viewpoint - Morgan Stanley reports that JD Health (06618) management is confident in achieving or exceeding its 2025 revenue growth target of 22% year-on-year, raising its adjusted net profit target to 6.2 billion RMB from the previous estimate of approximately 5.6 to 5.7 billion RMB [1] Financial Performance - Adjusted operating profit is expected to increase by 59.9% year-on-year, while adjusted net profit is projected to grow by 42.4% year-on-year, both exceeding market expectations by 39% and 15% respectively [1] - For Q3 2025, JD Health's revenue is anticipated to grow by 28.7% year-on-year, reaching 17.1 billion RMB, which is 4% higher than market expectations [1] Revenue Drivers - The strong performance is attributed to robust first-party sales, primarily in pharmaceuticals, and advertising revenue mainly from nutritional health products [1] - By product category, pharmaceuticals maintain a strong year-on-year growth momentum of over 30%, while nutritional health products also show solid growth of approximately 30%. However, the growth of medical devices in Q3 is relatively slow [1]

摩根士丹利发表研报指，京东健康第三季营收年增28.7%，达到171亿元，较市场预期高出4%，这主要 得益于强劲的第一方销售(以药品为主)和广告收入(主要来自营养保健产品)。按产品组合划分，药品维 持30%以上的强劲年增长动能，营养保健产品亦表现稳健，增长约30%。由于毛利率扩张和审慎的成本 控制，调整后营业利润(按年增59.9%)和调整后净利润(按年增42.4%)分别较市场预期高出39%和15%。 京东健康管理层有信心达成或超越其2025年营收年增22%的目标，并将调整后净利润目标上调至62亿元 (原先约为56亿至57亿元)。大摩予京东健康"与大市同步"评级，目标价60港元。 ...

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Technology Index dropping over 2%, while internet healthcare stocks rose against the trend [1] - JD Health reported a revenue of 17.12 billion yuan for Q3 2025, marking a year-on-year increase of 28.7%, and an operating profit of 1.243 billion yuan, up 125.3% year-on-year [1] - JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, Eisai China, and Bayer China [1] Group 2 - The online pharmacy sales share of retail pharmacy terminals increased from 3.2% in 2015 to 32.5% in 2023, driven by factors such as lower prices, a wide variety of products, and improved consumer purchasing habits [2] - Regulatory policies for online pharmaceutical sales have gradually relaxed since 2022, allowing prescription drugs to be purchased online with real-name verification [2]

考虑到第三季业绩胜预期，该行将2025年收入增长预测由22%上调至23%，并将经调整净利润预测上调 10%至62亿元人民币。针对2026年，虽然公司未有目标指引，该行仍对其增长保持乐观，且不认为O2O 投资会大幅增加。 美银证券发布研报称，京东健康(06618)第三季业绩胜预期，收入同比增长加速至29%，对比上半年为 25%;经调整经营利润维持同比60%快速增长，经调整经营利润率扩张至8%的历史新高。至于第四季， 该行保守维持原有预期，等待流感季节进一步明朗化。目标价由71港元升至75港元，重申"买入"评级。 ...

考虑到第三季业绩胜预期，该行将2025年收入增长预测由22%上调至23%，并将经调整净利润预测上调 10%至62亿元人民币。针对2026年，虽然公司未有目标指引，该行仍对其增长保持乐观，且不认为O2O 投资会大幅增加。 智通财经APP获悉，美银证券发布研报称，京东健康(06618)第三季业绩胜预期，收入同比增长加速至 29%，对比上半年为25%; 经调整经营利润维持同比60%快速增长，经调整经营利润率扩张至8%的历史 新高。 至于第四季，该行保守维持原有预期，等待流感季节进一步明朗化。目标价由71港元升至75港 元，重申"买入"评级。 ...

针对2026年，虽然公司未有目标指引，该行仍对其增长保持乐观，且不认为O2O投资会大幅增加；目标 价由71港元上调至75港元，重申"买入"评级。 美银证券发表研究报告指，京东健康第三季业绩胜预期，收入按年增长加速至29%，经调整经营利润维 持按年60%快速增长，经调整经营利润率扩张至8%的历史新高。该行将2025年收入增长预测由22%上调 至23%，并将经调整净利润预测上调10%至62亿元。 ...

每经AI快讯，京东健康(06618.HK)绩后涨超5%，截至发稿，涨5.35%，报67.9港元，成交额2.53亿港 元。 ...

Core Viewpoint - JD Health's stock rose over 5% following the release of its Q3 2025 earnings report, reflecting strong financial performance and strategic partnerships in the pharmaceutical sector [1] Financial Performance - JD Health reported revenue of 17.12 billion yuan for Q3 2025, representing a year-on-year increase of 28.7% [1] - The company's operating profit reached 1.243 billion yuan, showing a significant year-on-year growth of 125.3% [1] Strategic Partnerships - In Q3 2025, JD Health signed strategic cooperation agreements with major pharmaceutical companies including Eli Lilly, Innovent Biologics, Eisai China, and Bayer China [1] - Notable new drugs launched on JD Health's platform include Eisai's new drug "Dabigatran" and Bayer's "Lactulose" [1] Innovation and Technology - JD Health partnered with Huazhong University of Science and Technology's Tongji Medical College Affiliated Union Hospital to develop a leading smart outpatient service platform [1] - The collaboration aims to implement JD's AI product "JD Zhuoyi" in outpatient services, enhancing patient experience through a comprehensive AI-assisted consultation system [1] - The partnership will also explore new models of "Internet + healthcare" services, focusing on remote medical care [1]

Group 1 - JD Health's stock rose over 5% following the release of its Q3 2025 earnings, with a current price of HKD 67.9 and a trading volume of HKD 253 million [1] - For Q3 2025, JD Health reported revenue of RMB 17.12 billion, a year-on-year increase of 28.7%, and operating profit of RMB 1.243 billion, up 125.3% year-on-year [1] - The company signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, Eisai China, and Bayer China, further establishing its position as the "first station for the online launch of new specialty drugs" [1] Group 2 - In September 2025, JD Health partnered with Huazhong University of Science and Technology Tongji Medical College Affiliated Union Hospital to create a leading smart outpatient service platform [2] - The collaboration aims to implement JD's AI product "JD Zhuoyi" in outpatient services, establishing a comprehensive AI accompaniment system for patients [2] - Both parties will deepen cooperation in telemedicine and explore new models of "Internet + healthcare" services [2]

Investment Rating - The report assigns a "Buy" rating for JD Health (6618.HK) [2] Core Views - The report highlights the significant growth potential in the online healthcare market, driven by the advantages of digitalization, scale, and AI medical applications [6][9] - JD Health has established a comprehensive "medical-testing-diagnosis-drug" service chain, leveraging its partnership with JD Group to enhance its competitive edge [10][18] - The company has shown impressive financial growth, with a revenue CAGR of approximately 40% over the past seven years and an adjusted net profit CAGR of about 56% [29][34] Summary by Sections 1. Company Overview - JD Health, a subsidiary of JD Group, focuses on healthcare services and has become the largest revenue-generating channel in the pharmaceutical retail sector in China [18] - The company offers a wide range of services, including online consultations, prescription renewals, and chronic disease management, supported by a team of healthcare professionals [18][20] 2. Market Dynamics - The online pharmacy market has seen a significant increase in its share of retail pharmacy sales, rising from 3.2% in 2015 to 32.5% in 2023, driven by changing consumer habits and regulatory relaxations [6][9] - The report notes that the online healthcare user base is expected to grow, with an estimated CAGR of 18% from 2020 to 2024 [6][9] 3. Competitive Advantages - JD Health benefits from its collaboration with JD Group, which provides advantages in traffic, fulfillment, technology, and marketing, creating a strong competitive barrier [9][10] - The integration of AI technology into its services, such as the "京医千询" model, enhances service efficiency and quality, further solidifying its market position [6][9][10] 4. Financial Performance - The company is projected to achieve revenues of approximately 70.93 billion yuan, 81.10 billion yuan, and 92.79 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 5.16 billion yuan, 6.03 billion yuan, and 7.15 billion yuan [8][29] - The adjusted net profit margin has shown a consistent upward trend, reaching 10.12% in the first half of 2025 [34][41] 5. Business Segments - JD Health's self-operated business is expected to generate around 48.8 billion yuan in revenue for 2024, accounting for approximately 84% of total revenue, with a CAGR of about 37% from 2018 to 2024 [10][29] - The online platform and digital marketing services are also significant contributors, with a high gross margin maintained between 92% and 99% from 2018 to 2024 [10][11]