临近世界男性健康日，京东健康将于10月20日－11月10日开展一系列活动，通过名医义诊、名医科普、 医患故事讲述等，增进大众对男性健康的了解。10月27日，京东健康还将主办"第一届男性健康行业峰 会"，邀请医学专家解析男科诊疗现状、探讨互联网诊疗规范、药品品质需求等话题，共同守护男性健 康。 京东健康专科医疗业务负责人表示，京东互联网男科中心期待携手行业协会及权威专家进行临床规范制 定、疑难病例会诊、专业人才培养及科学研究、健康科普内容创作，共同推动互联网男科诊疗高质量发 展，为患者提供更便捷、更专业、更安全的医疗服务。 （编辑 郭之宸） 与会专家指出，当前互联网医院男科建设还存在营销推广不规范、治疗收费不透明、隐私保障不到位等 现象，男科规范性亟待提高。针对互联网男科建设痛点，京东互联网医院着力构建专业医疗团队与服务 矩阵，提升男科规范化水平。 2024年，京东互联网医院全面发力男科中心建设，与中国非公立医疗机构协会男科专业委员会达成战略 合作，共同打造全国首家"互联网医院男科规范诊疗示范基地"。截至目前，男科中心汇聚超1500名注册 医师，其中三甲医院医生超1000名。依托京东健康医药供应链优势，中心覆盖 ...

Core Insights - The article discusses the seasonal increase in blood pressure among hypertension patients during autumn and winter, emphasizing the importance of accurate blood pressure measurement [1][3] - A collaboration between Hanwang and JD Health has been established to launch the "Precise Measurement: Nurse at Home" initiative, aimed at providing home guidance for blood pressure measurement in 20 cities across China [1][3] Group 1 - The "Precise Measurement: Nurse at Home" service includes four main components: demonstration of professional blood pressure measurement standards, explanation of the Korotkoff sound principle, comparison with traditional mercury sphygmomanometers, and personalized reminders for users [3] - The new Hanwang Korotkoff electronic blood pressure monitor KSY3610 provides five key indicators: blood pressure, heart rate, pulse pressure, atrial fibrillation screening, and irregular pulse detection, with alerts for potential health issues [3] - Measurement data from the KSY3610 can be transmitted in real-time to the Hanwang Health APP, allowing users and healthcare providers to track trends and generate reports for better health management [3] Group 2 - The service is initially available in major cities such as Shanghai, Tianjin, Chongqing, Wuhan, and Chengdu, targeting existing users of the Hanwang Korotkoff electronic blood pressure monitor [3]

Group 1 - The core viewpoint of the article is the strategic partnership between JD Health and Guangzhou Pharmaceutical Group, aimed at enhancing supply chain efficiency through integrated solutions [1] Group 2 - JD Health will provide an all-channel sales and supply chain integration solution to Guangzhou Pharmaceutical Group [1] - The collaboration will focus on precise procurement, intelligent inventory management, and automated replenishment [1] - The goal is to build a more agile and efficient supply chain system [1]

每经AI快讯，京东健康(06618.HK)早盘涨超5%，截至发稿，涨3.95%，报63.15港元，成交额8099.76万 港元。 ...

Core Viewpoint - JD Health's stock price has shown significant upward movement, with a notable increase of over 5% in early trading, reflecting positive market sentiment regarding its future performance [1] Group 1: Financial Performance Expectations - Bank of America Securities has released a report indicating that JD Health's performance in the first half of 2025 is expected to significantly exceed market expectations, with continued strong growth anticipated in the second half [1] - The firm has revised its forecasts for JD Health's third quarter, expecting the company to maintain rapid revenue growth momentum seen in the first half [1] - For the fourth quarter, Bank of America remains conservative with its predictions, awaiting more visibility post the Double Eleven shopping festival [1] Group 2: Margin and Growth Projections - Bank of America anticipates that JD Health's gross margin will expand year-on-year in the second half of the year [1] - Macquarie forecasts that JD Health will continue to experience strong growth in the second half, driven by the direct launch of new drugs and increased advertising spending from merchants [1] - Macquarie expects that the enhanced contribution from drug sales will positively impact overall gross margin, projecting a year-on-year expansion of 1.5 percentage points to 23.7% in the second half [1]

Core Viewpoint - JD Health's stock price has shown significant upward movement, with a notable increase of over 5% in early trading, reflecting positive market sentiment driven by strong performance expectations for the second half of 2025 [1] Group 1: Performance Expectations - Bank of America has released a report indicating that JD Health's performance in the first half of 2025 will significantly exceed expectations, with continued strong performance anticipated in the second half [1] - The bank has revised its forecasts for JD Health's third quarter, expecting the company to maintain rapid revenue growth momentum seen in the first half [1] - For the fourth quarter, Bank of America remains conservative with its predictions, awaiting more visibility post the Double Eleven shopping festival [1] Group 2: Margin and Growth Projections - Macquarie forecasts that JD Health will continue to experience strong growth in the second half, benefiting from the direct launch of new drugs and increased advertising spending from merchants [1] - The firm anticipates that the enhanced contribution from drug sales will positively impact overall gross margins, projecting a year-on-year expansion of 1.5 percentage points to 23.7% in the second half [1] - Macquarie believes that the growth rates across product categories (drugs > supplements > devices) will remain stable, and the company's supply chain capabilities along with faster-growing market revenues will offset any potential margin pressures [1]

该行对其目标价由62.14港元上调至74.57港元，相当预测明年市盈率30倍，维持"跑赢大市"评级。 麦格理发表研究报告指，预期京东健康第三季表现稳健，推动下半年收入按年增长22%。在线下药房影 响力减弱下，公司将继续巩固其作为主要医疗保健产品分销渠道的地位，进一步获取市场份额并整合市 场。考虑到公司在线下门店扩张方面采取审慎策略，以及第四季度促销活动的支出较大，该行预期下半 年经调整净利润率将按年升90个基点至8.1%，相应经调整净利润为29亿元。 ...

麦格理发布研报称，上调京东健康(06618)目标价20%，从62.14港元升至74.57港元，维持"跑赢大市"的 投资评级。麦格理对该公司盈利预测保持不变。麦格理预计，京东健康2025年第三季度趋势良好，可以 在下半年录得22%的收入同比增长。预计在线下药房疲弱之下，该公司将继续巩固其在主要医疗保健产 品分销渠道中的地位，进一步提升市场份额并整合市场。 麦格理预计该公司下半年增长强劲势头持续，受惠于更多新药的直接推出以及来自商家更强劲的广告花 费。麦格理预计药品销售贡献的增强将影响整体毛利率，认为相关品类的增长率(药品>补充剂>器械)不 会出现明显变化，相信公司的供应链能力和更快增长的市场收入，可以抵消这一拖累，并推动集团毛利 率下半年同比扩张1.5个百分点至23.7%。 考虑到公司在线下门店扩张方式谨慎，以及第四季度促销期间的花费增加，麦格理预计下半年经调整净 利润率将达到8.1%，同比增长90个基点。 ...

Core Viewpoint - Macquarie has raised the target price for JD Health (06618) by 20%, from HKD 62.14 to HKD 74.57, while maintaining an "Outperform" rating. The earnings forecast for the company remains unchanged [1]. Group 1: Revenue Growth and Market Position - JD Health is expected to achieve a 22% year-on-year revenue growth in the second half of 2025, driven by a strong trend in the third quarter [1]. - The company is anticipated to solidify its position in key healthcare product distribution channels, enhancing market share and market integration despite weak performance in offline pharmacies [1]. Group 2: Profitability and Margin Expectations - The company is projected to maintain strong growth momentum in the second half, benefiting from the direct launch of new drugs and increased advertising spending from merchants [1]. - An increase in drug sales is expected to positively impact overall gross margin, with a projected year-on-year expansion of 1.5 percentage points to 23.7% in the second half [1]. - Adjusted net profit margin is expected to reach 8.1% in the second half, reflecting a year-on-year increase of 90 basis points, considering cautious expansion in offline stores and increased spending during the fourth quarter promotional period [1].

Core Insights - JD Health officially opened its first self-operated independent medical beauty store, JD Medical Beauty (Guomao Store), on October 15, aiming to provide a "strictly selected medical device" service guarantee [1] - The establishment of the "Jingmei Anxin Alliance" signifies JD Health's strategic deepening in the medical beauty field, focusing on user needs and promoting the professionalization and refinement of medical beauty repair products and services [3] Summary by Sections Store Opening and Service Offering - JD Health leverages its supply chain and service advantages to collaborate with well-known medical beauty brands, launching the "Jingmei Anxin Alliance" to enhance the medical beauty service ecosystem [1] - The alliance plans to invest significant resources, including a multi-dimensional upgrade of repair products and a 28-day repair plan, to provide a safer, more transparent, and effective medical beauty experience [1] Market Demand and Product Trends - There is a growing demand for post-surgery repair in medical beauty, with JD Health's self-operated medical beauty product sales expected to grow by 18% year-on-year in the first half of 2025, outpacing the online industry growth rate [1] - According to JD Health's latest white paper, 92% of users believe post-surgery repair can consolidate treatment effects, and 85% place high importance on it [2] Product Innovation and Consumer Solutions - JD Health has successfully launched multiple new medical beauty products through its "Crazy New Products" initiative, with the "White Membrane Next Throw" product achieving over 300,000 units sold on its launch day, setting multiple industry records [2] - To address consumer pain points regarding product selection and usage duration, JD Health introduced the "28-day repair plan," offering comprehensive skin health management from surface repair to deep barrier reconstruction [2]