Financial Data and Key Metrics Changes - In 2025, the company's revenue reached RMB 73.4 billion, representing a year-over-year increase of 26.3% [7][18] - Non-IFRS profit totaled RMB 6.5 billion, up 36.3% year-over-year, with a non-IFRS profit margin of 8.9% [8][25] - The fourth quarter revenue was RMB 21 billion, reflecting a year-over-year increase of 27.4% [7][18] Business Line Data and Key Metrics Changes - Direct sales revenue reached RMB 16.9 billion in 2025, up 24.8% year-over-year, accounting for 82.9% of total revenue [19] - Service revenue increased to RMB 12.6 billion, up 34.1% year-over-year, representing 17.1% of total revenue [19] - The company introduced over 100 new drugs in 2025, a significant increase from 13 in 2024 [8] Market Data and Key Metrics Changes - The annual active user accounts reached approximately 220 million, with an addition of 34 million compared to the previous year [18] - The company established over 300 self-operated pharmacies nationwide, integrating them with on-demand retail services [12] Company Strategy and Development Direction - The company aims to deepen its presence in key healthcare segments through an omnichannel approach and AI-powered healthcare services [6] - Future growth will focus on expanding partnerships with pharmaceutical companies and enhancing the user experience through innovative health solutions [9][15] - The company plans to leverage its supply chain strengths and direct sales capabilities to maintain leadership in the healthcare retail market [15] Management Comments on Operating Environment and Future Outlook - The management expressed confidence in the company's growth potential, citing a large market size of RMB 3 trillion-4 trillion for the pharmaceutical sector [30] - The company is committed to enhancing user experiences and improving cost efficiency through AI technologies [26] - Management highlighted the importance of a steady and cautious approach to offline business expansion, emphasizing the integration of AI in healthcare services [49] Other Important Information - The company achieved a growth margin of 24.8% in 2025, up 1.9 percentage points year-over-year [22] - The fulfillment expense ratio was 10.4%, and the selling and marketing expense ratio remained flat at 5.2% [23] - Cash flow from operating activities reached RMB 10.2 billion for the full year [25] Q&A Session Summary Question: Near term and three-year middle term prospects - Management indicated that the pharmaceutical sector, health products, and medical devices present significant growth opportunities, with plans to deepen engagement with pharmaceutical companies and enhance product offerings [29][30][34] Question: Competition landscape - Management expressed confidence in the company's ability to stand out among competitors by leveraging supply chain management and maintaining high product quality [40][41] Question: Plans for brick-and-mortar stores and M&A - Management clarified that there are no plans for large-scale M&A but emphasized the importance of offline practices and the integration of pharmacies to enhance user experiences [43][44][46]

Financial Data and Key Metrics Changes - In 2025, the company's revenue reached RMB 73.4 billion, representing a year-over-year increase of 26.3% [7][18] - Non-IFRS profit totaled RMB 6.5 billion, up 36.3% year-over-year, with a non-IFRS profit margin of 8.9% [8][25] - The fourth quarter revenue was RMB 21 billion, reflecting a year-over-year increase of 27.4% [7][18] Business Line Data and Key Metrics Changes - Direct sales revenue reached RMB 16.9 billion in 2025, a year-over-year increase of 24.8%, accounting for 82.9% of total revenue [19] - Service revenue was RMB 12.6 billion, up 34.1% year-over-year, representing 17.1% of total revenue [19] - The company introduced over 100 new drugs during the year, a significant increase from 30 in 2024 [8] Market Data and Key Metrics Changes - The annual active user accounts reached approximately 200 million, with an addition of 34 million compared to the previous year [18] - The company established more than 300 self-operated pharmacies nationwide, integrating them with on-demand retail services [12] Company Strategy and Development Direction - The company aims to deepen its presence across key healthcare segments through an omnichannel approach and AI-powered healthcare services [6] - Future growth will focus on expanding partnerships with pharmaceutical companies and enhancing the user experience through innovative health solutions [9][15] - The company plans to leverage its supply chain strengths and direct sales capabilities to maintain leadership in the healthcare retail market [15][26] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the company's growth potential, citing a large market size of RMB 3 trillion-4 trillion for the pharmaceutical sector [30] - The company is committed to enhancing user experiences and improving cost efficiency through AI-powered health service scenarios [26] - Management acknowledged the competitive landscape but emphasized the company's strengths in supply chain management and product quality [42] Other Important Information - The company has invested in AI technologies, with Dr. Dawei completing hundreds of millions of user interactions and achieving a 98% satisfaction rate [21][37] - The fulfillment expense ratio was 10.4%, and the selling and marketing expense ratio remained stable at 5.2% [23] Q&A Session Summary Question: Near term and three-year middle term prospects - Management highlighted the growth potential in the pharmaceutical sector and the importance of expanding product offerings and partnerships [29][34] Question: Competition landscape - Management expressed confidence in standing out among competitors due to strong supply chain management and product quality [42] Question: Plans for brick-and-mortar stores and M&A - Management clarified that there are no plans for large-scale M&A and emphasized a cautious approach to offline practices [48][52] Question: Progress of AI applications - Management discussed the positive outcomes from AI technologies and the potential for future commercialization [56][60]

Financial Data and Key Metrics Changes - In 2025, JD Health's revenue reached RMB 73.4 billion, representing a year-over-year increase of 26.3% [4][15] - Non-IFRS profit totaled RMB 6.5 billion, up 36.3% year-over-year, with a non-IFRS profit margin of 8.9% [5][21] - The fourth quarter revenue was RMB 21 billion, a 27.4% increase year-over-year, with net profit of RMB 1.1 billion, up 13.5% year-over-year [4][15] Business Line Data and Key Metrics Changes - Direct sales revenue reached RMB 16.9 billion in 2025, up 24.8% year-over-year, accounting for 82.9% of total revenue [16] - Service revenue increased to RMB 12.6 billion, up 34.1% year-over-year, accounting for 17.1% of total revenue [16] - The company introduced over 100 new drugs during the year, a significant increase from 13 in 2024 [5] Market Data and Key Metrics Changes - JD Health's annual active user accounts reached approximately 220 million, with an addition of 34 million compared to the previous year [15] - The healthcare market size is estimated to be around RMB 3 trillion to 4 trillion, indicating significant growth potential for JD Health [24] Company Strategy and Development Direction - JD Health aims to deepen its presence across key healthcare segments through an omnichannel approach and AI-powered healthcare services [4] - The company is committed to enhancing user experience and cost efficiency by leveraging AI technologies in healthcare services [12][20] - Future growth will focus on expanding partnerships with pharmaceutical companies and enhancing the product portfolio, particularly in innovative drugs and health supplements [26][27] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the company's growth potential, citing a strong market position and ongoing improvements in operational efficiency [22][31] - The company plans to continue investing in AI technologies and expanding its healthcare service offerings to meet evolving market demands [20][44] Other Important Information - JD Health's fulfillment expense ratio was 10.4%, and the selling and marketing expense ratio remained stable at 5.2% [19] - The company established over 300 self-operated pharmacies nationwide, integrating them with its on-demand retail business [10] Q&A Session Summary Question: Near term and three-year middle term prospects - Management highlighted the growth potential in the pharmaceutical sector and the need to deepen user engagement and product offerings [23][24] Question: Competition landscape - Management emphasized JD Health's strengths in supply chain management and product quality as key differentiators in a competitive market [31][32] Question: Plans for brick-and-mortar stores and M&A - Management stated there are no plans for large-scale M&A but will continue to develop offline pharmacies to enhance service delivery [33][36]

Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue of RMB 73.44 billion, representing a year-on-year growth of 26.3%[4] - Gross profit for the same period was RMB 18.20 billion, with a year-on-year increase of 36.7%[4] - Operating profit reached RMB 3.80 billion, marking a significant growth of 158.5% compared to the previous year[4] - The non-IFRS profit for the year was RMB 6.53 billion, up 36.3% from the previous year, with a net profit margin of 8.9%[5] - In 2025, JD Health achieved revenue of RMB 73.4 billion, a year-on-year increase of 26.3%, with non-IFRS profit reaching RMB 6.5 billion, up 36.3%, and a net profit margin of 8.9%[11] - Revenue increased by 26.3% from RMB 58.2 billion in 2024 to RMB 73.4 billion in 2025, driven by a 24.8% increase in sales of pharmaceutical and health products[22] - Active user growth and increased online penetration of pharmaceutical and health product sales contributed to revenue growth, with service revenue rising by 34.1% to RMB 12.6 billion[22] - Gross profit rose to RMB 18.2 billion in 2025, with a gross margin of 24.8%, up from RMB 13.3 billion and a margin of 22.9% in 2024[24] - Net profit for 2025 was RMB 5.4 billion, an increase from RMB 4.2 billion in 2024[31] - For the fiscal year ending December 31, 2025, the company's annual profit was RMB 5,367,109 thousand, an increase from RMB 4,157,014 thousand in 2024, representing a growth of approximately 29%[33] - The non-IFRS profit for 2025 was RMB 6,533,004 thousand, compared to RMB 4,792,278 thousand in 2024, indicating a year-over-year increase of about 36%[33] - Basic earnings per share for 2025 increased to RMB 1.70 from RMB 1.32 in 2024, reflecting a 28.8% growth[49] - Net profit for 2025 was RMB 5,367,109 thousand, representing a 29.0% increase compared to RMB 4,157,014 thousand in 2024[50] User Engagement and Growth - The number of annual active users reached 217.7 million, reflecting the company's strong user engagement[5] - The number of annual active users reached 217.7 million by December 31, 2025[11] - The instant retail business saw a remarkable growth, with order volume increasing by 81.9% year-on-year[8] - JD Health launched over 100 new drugs throughout the year, significantly increasing its competitive advantage in the pharmaceutical supply chain[11] - The company expanded its home testing services to cover 27 cities, with a significant increase in order volume during the flu peak period[12] - JD Health established strategic partnerships with over a thousand expert doctors to enhance online diagnosis service quality[12] - The company signed strategic cooperation agreements with major pharmaceutical companies, including Novo Nordisk and Bayer, to explore innovations in digital marketing and patient services[14] - JD Health opened over 300 self-operated pharmacy stores by the end of 2025, enhancing its immediate retail capabilities[16] Expenses and Costs - Operating costs increased by 23.2% to RMB 55.2 billion in 2025, reflecting growth in self-operated sales of pharmaceutical and health products[23] - Fulfillment expenses grew by 26.3% to RMB 7.6 billion, maintaining a stable percentage of 10.4% of revenue[25] - Sales and marketing expenses increased by 26.0% to RMB 3.8 billion, also maintaining a stable percentage of 5.2% of revenue[26] - R&D expenses rose by 22.8% to RMB 1.6 billion, accounting for 2.2% of revenue, down from 2.3% in 2024[27] - General and administrative expenses decreased by 18.1% to RMB 1.2 billion, reducing its percentage of revenue from 2.4% to 1.6%[28] Cash Flow and Liquidity - The net cash generated from operating activities for 2025 was RMB 10,173,949 thousand, significantly higher than RMB 4,332,367 thousand in 2024, reflecting an increase of approximately 135%[35] - The total cash and cash equivalents at the end of 2025 amounted to RMB 31,784,669 thousand, up from RMB 22,628,872 thousand at the end of 2024, marking a growth of around 40%[35] - The company had no outstanding borrowings as of December 31, 2025, indicating a capital debt ratio of 0%[40] - The company reported a net cash outflow from investing activities of RMB 590,651 thousand in 2025, compared to a net inflow of RMB 3,146,444 thousand in 2024[35] - The company anticipates meeting its liquidity requirements through cash generated from operations and net proceeds from global offerings[35] Assets and Liabilities - The company reported a total asset increase to RMB 81,586,601 thousand in 2025, up from RMB 71,274,993 thousand in 2024[54] - Non-current assets rose significantly to RMB 25,237,863 thousand in 2025, compared to RMB 12,814,578 thousand in 2024[52] - Inventory increased to RMB 6,858,213 thousand in 2025, up from RMB 5,842,656 thousand in 2024, indicating a 17.4% rise[52] - Total liabilities increased to RMB 21,513,391 thousand in 2025 from RMB 16,034,155 thousand in 2024, reflecting a 34.3% rise[54] - Trade payables increased significantly to RMB 13,209,545 thousand in 2025 from RMB 10,423,314 thousand in 2024, reflecting a growth of 26.9%[61] Corporate Governance and Compliance - The company did not recommend any final dividend for the year ended December 31, 2025, consistent with 2024[62] - The company has complied with all applicable corporate governance codes, except for the absence of the chairman at the annual general meeting due to other commitments[63] - The audit committee has reviewed the audited consolidated financial statements for the year ended December 31, 2025, ensuring compliance with accounting policies and internal controls[66] - No securities were purchased, sold, or redeemed by the company or its subsidiaries during the reporting period[68] Future Plans and Investments - The company plans to deepen supply chain advantages and explore technological innovations and AI applications in 2026[8] - The net proceeds from the global offering, after deducting underwriting commissions and expenses, amount to approximately RMB 25.7 billion[70] - As of January 1, 2025, the unutilized net proceeds allocation includes RMB 9.01 billion for business expansion, specifically in retail pharmacy and online healthcare services[70] - Potential investments and acquisitions or strategic alliances are allocated RMB 2.911 billion, expected to be fully utilized within 12 to 36 months from March 6, 2025[70] - Working capital needs and general corporate purposes account for RMB 648 million, with RMB 579 million expected to be utilized within the same timeframe[70] - The total unutilized net proceeds as of December 31, 2025, is projected to be RMB 3.49 billion[70]

致：香港交易及結算所有限公司 公司名稱: 京东健康股份有限公司 呈交日期: 2026年3月5日 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2月28日 狀態: 新提交 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 ...

Core Viewpoint - The launch of Oseltamivir Phosphate Granules by Huize Pharmaceutical on JD Health marks a significant step in providing effective antiviral treatment for influenza, especially for vulnerable populations such as children and the elderly [1][4]. Group 1: Product Overview - Oseltamivir Phosphate Granules are designed for the treatment of influenza, with a broad antiviral activity against both type A and B influenza viruses [1]. - The product is suitable for individuals aged one year and older, offering a convenient oral administration method that reduces the risk of missed doses and resistance [1][2]. - The granule form is particularly child-friendly, making it easier for children to take the medication [1]. Group 2: Efficacy and Safety - The medication has shown significant efficacy in benefiting influenza patients, with sufficient evidence supporting its use for COVID-19 and hand-foot-mouth disease patients as well [2]. - It is deemed safe for use in infants over 14 days old, pregnant women, and the elderly [3]. Group 3: Quality Assurance and Company Background - The product has passed the national consistency evaluation and is classified under the national medical insurance category B [4]. - Huize Pharmaceutical, established in 2014, is recognized as one of the top 20 CRO companies in China and has received various accolades, including being a national high-tech enterprise [4]. Group 4: Strategic Collaboration - The online launch is a starting point for deeper collaboration between Huize Pharmaceutical and JD Health, leveraging JD Health's marketing resources and supply chain to enhance patient access to the medication [4]. - Future cooperation will focus on the entire cycle of influenza prevention and treatment, including drug accessibility, patient education, and influenza warning systems [4].

Core Viewpoint - JD Health (06618.HK) announced that it will hold a board meeting on March 5, 2026, to approve the annual performance for the year ending December 31, 2025, and to consider the proposal for the final dividend payment, if any [1] Group 1 - The board meeting is scheduled for March 5, 2026 [1] - The meeting will focus on approving the annual performance of the company and its subsidiaries for the year ending December 31, 2025 [1] - The board will also consider the proposal for the final dividend payment [1]

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）） 董事會會議日期 京东健康股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將於 2026年3月5日(星期四)舉行董事會會議，以（其中包括）批准本公司及其子公司截至2025 年12月31日止年度之年度業績及其發佈，以及考慮建議派付末期股息（如有）。 本公司管理層將於2026年3月5日(星期四)下午五時正（北京╱香港時間）舉行電話會議， 以討論本公司及其子公司截至2025年12月31日止年度的財務業績。 普通話頻道參會者密碼：187150 英文頻道參會者密碼： 611787 更多國家及地區撥入號碼，請點擊此處： https://smart.quanshi.com/initAccessNumberPageActio ...

Core Insights - JD Health has launched a special user appreciation campaign for the Spring Festival, collaborating with various health brands to offer customized health gift packages to loyal users [1][3] Group 1: User Engagement and Loyalty - The campaign targets loyal users who have been purchasing from JD Health for six years, with a consistent monthly order for 72 months, showcasing diverse consumer profiles [3] - The ongoing orders reflect a narrative of care and lifestyle, driving JD Health to continuously optimize its products and services [3] Group 2: Market Trends and Consumer Behavior - During the New Year shopping festival, JD Health reported a 13-fold increase in daily visitor traffic for health gift products, with a 3.5-fold increase in searches for "New Year gift boxes" [3] - Searches for specific categories like fish oil, bird's nest, and protein powder doubled, indicating a shift towards more professional and precise gift choices among consumers [3] Group 3: Professional Services and Support - Along with the health products, users receive a year-long free one-on-one service from professional nutritionists, available for online consultations regarding nutritional products and dietary advice [5] - The nutritionist team will be available during the Spring Festival to provide tailored dietary suggestions for various demographics, including those with specific health concerns [5] Group 4: Strategic Direction - JD Health is integrating emotional connection with professional services, evolving health care from one-time gifts to long-term support, establishing itself as a reliable choice for health management during festive seasons [7]

Core Viewpoint - The "New Year Garden Party" organized by JD Health and CAFF in Yunnan provided over fifty children from disadvantaged families with gifts, emphasizing community support and engagement through the "Idle Becomes New Year Goods" initiative [1][3][5]. Group 1: Event Overview - The event allowed children to earn points through participation in various activities, which they could exchange for gifts, creating a sense of achievement and joy [3]. - Gifts included AI toys, lamps, clocks, and educational materials, donated by JD Health and its partners, ensuring a blend of fun and practicality [3][5]. Group 2: Community Engagement - The "Idle Becomes New Year Goods" initiative called for donations of unused items from the public, with JD Logistics providing discounted shipping and collection services [5]. - The CAFF project team ensured that all donated items were carefully reviewed and repackaged to guarantee that each gift was filled with love [5]. Group 3: Ongoing Support and Future Plans - Starting in 2023, JD Health will continue to support families of individuals with mental disabilities, including donating laptops to university students from these families for three consecutive years [7]. - The CAFF project has gained national attention, with a new initiative set to launch in 2025, supported by the Chinese government, highlighting the increasing focus on mental health issues [7].