Core Insights - The company primarily engages in the "Internet + Healthcare" ecosystem, providing pharmaceutical and health products, internet medical services, health management, and smart healthcare solutions, mainly in the domestic market [6] Financial Performance - The company's revenue and net profit growth rates have shown fluctuations over the years, with significant changes noted in 2023 and projections for 2024 and 2025 [9][10] - In the first half of 2025, the company reported a revenue composition of 293.3 billion from pharmaceutical and health product sales, with additional service income from platforms and advertising [10] - The average return on equity for the first half of 2025 was 4.62%, an increase of 0.62 percentage points compared to the same period last year [16] Cash Flow and Assets - The net cash flow from operating activities for the first half of 2025 was 62.45 billion, while financing and investment activities showed negative cash flows [19] - Significant changes in assets include a 58.12% decrease in trading financial assets and a 27.6% increase in inventory, affecting the overall asset composition [27] Liabilities and Ratios - The company experienced a 30.43% increase in accounts payable and a 26.62% rise in other payables, impacting the total asset ratio [30] - As of the first half of 2025, the current ratio was 2.92 and the quick ratio was 2.55, indicating strong liquidity [33]

Group 1 - Omron will launch five new electronic blood pressure monitors on JD Health, enhancing health management for consumers [1] - The demand for home electronic blood pressure monitors is increasing due to the rise in hypertension patients, which currently stands at 245 million in China [3] - The X1-A smart blood pressure monitor features medical-grade measurement standards and a comfortable cuff design, making it user-friendly and efficient for health monitoring [3] Group 2 - JD Health and Omron have maintained a stable partnership for over a decade, focusing on business resource integration and consumer research [3] - A new strategic cooperation will deepen collaboration in three areas: new product launches, efficient health data connectivity, and AI technology applications in health management [4] - Recent product launches include the intelligent atrial fibrillation risk alert blood pressure monitor, aimed at providing accessible cardiovascular disease screening services [4]

Financial Performance - JD Health reported revenue of RMB 35.3 billion for the first half of 2025, representing a year-on-year growth of 24.5%[9] - Revenue increased by 24.5% from RMB 28.3 billion for the six months ended June 30, 2024, to RMB 35.3 billion for the six months ended June 30, 2025[20] - Active user numbers contributed to a 22.7% increase in product revenue from RMB 23.9 billion to RMB 29.3 billion during the same period[20] - Service revenue rose by 34.4% from RMB 4.4 billion to RMB 6.0 billion, driven by an increase in the number of advertisers on the platform[20] - Gross profit increased from RMB 6.7 billion with a gross margin of 23.6% to RMB 8.9 billion with a gross margin of 25.2%[22] - The net profit for the period was RMB 2,591.35 million, an increase of 27.3% compared to RMB 2,034.38 million in 2024[105] - Basic earnings per share for the period was RMB 0.82, compared to RMB 0.65 in the previous year, reflecting a 26.2% increase[105] User Engagement and Growth - The number of annual active users exceeded 200 million as of June 30, 2025, with an average of over 500,000 daily consultations during the first half of the year[9] - JD Health reported a significant increase in annual active users, reaching 100 million, representing a growth of 25% year-over-year[176] - The company anticipates a continued upward trend in user growth, projecting an increase to 120 million annual active users by the end of 2025[176] - The company reported a customer retention rate of 85%, reflecting strong user engagement and satisfaction[176] Product and Service Innovations - The company launched over 30 innovative drugs online during the reporting period, reinforcing its position as the first station for new specialty drug launches[11] - JD Health is actively promoting AI-driven service innovations to improve user experience and operational efficiency[9] - The company is focusing on new health consumption scenarios such as sports, home essentials, and elderly care, aligning with consumer demand trends[12] - Strategic partnerships were established with major pharmaceutical companies, including Novo Nordisk and Roche, to enhance service offerings in chronic disease management[11] Financial Position and Cash Flow - Operating cash flow for the six months ended June 30, 2025, was RMB 6,244.7 million, significantly up from RMB 2,230.2 million for the same period in 2024[36] - Cash and cash equivalents increased to RMB 25.18 billion as of June 30, 2025, from RMB 22.63 billion at the beginning of the period[36] - The company’s liquidity position is supported by operating cash flow and global fundraising efforts, with cash reserves amounting to RMB 66 billion as of June 30, 2025[35] - The company reported a net increase in cash and cash equivalents of RMB 2,658.1 million for the six months ended June 30, 2025, compared to a decrease of RMB 6,164.5 million for the same period in 2024[36] Research and Development - The company is investing RMB 500 million in research and development for new healthcare technologies and products over the next two years[176] - R&D expenses increased by 14.2% from RMB 645.0 million for the six months ended June 30, 2024, to RMB 736.4 million for the six months ending June 30, 2025, accounting for 2.1% of revenue, down from 2.3%[25] Market Expansion and Strategic Plans - JD Health plans to expand its market presence by launching new health management services in 50 additional cities by the end of 2025[176] - The company aims to support the "Healthy China 2030" initiative, contributing to the projected market size of over RMB 16 trillion in the health service industry by 2030[8] - JD Health is exploring potential acquisitions to enhance its service offerings and market share, with a focus on digital health startups[176] Cost Management and Profitability - JD Health's gross margin improved to 18%, up from 15% in the previous year, indicating better cost management and pricing strategies[176] - The company aims to achieve a net profit margin of 10% by the end of 2025, up from 7% in the previous year[176] Employee and Management Information - The number of full-time employees focused on business operations as of June 30, 2025, was 4,572, an increase from 3,177 as of June 30, 2024[46] - Total employee compensation and benefits expenses, including share-based payment expenses, remained stable at RMB 1.2 billion for the six months ended June 30, 2025, consistent with the same period in 2024[49] - The total compensation for key management personnel for the six months ended June 30, 2025, was RMB 92,460 thousand, a decrease of 1.4% from RMB 150,575 thousand in the same period of 2024[168] Corporate Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period, except for the absence of the chairman at the annual general meeting[87] - The audit committee has reviewed the interim report and the unaudited consolidated financial statements for the six months ending June 30, 2025[90] Shareholder Information - The company’s directors and senior management held a total of 2,184,655,829 shares, representing 68.27% of the voting rights as of June 30, 2025[53] - As of June 30, 2025, Liu Qiangdong holds a total of 345,605,330 shares, representing 12.1% of the ordinary shares and 72.2% of the total voting rights[59] - The company has established three equity incentive plans, including pre-IPO employee equity incentive plan and post-IPO stock option plan[68]

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: 2025年8月31日 狀態: 新提交 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: 2025年9月4日 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, ...

Core Insights - JD Health Exploration Institute (JDHXLab) presented two chronic disease prediction studies at the European Society of Cardiology Congress, highlighting the potential of e-commerce behavior data and disease trajectory analysis in predicting chronic disease risks [2][5] Group 1: E-commerce Behavior Data Study - The first study linked e-commerce purchasing behavior with health conditions, creating a "category index" covering 13,354 product categories to predict risks for eight common chronic diseases [3] - The model indicated that individuals identified as high-risk had a significantly higher actual disease incidence, with an average risk ratio (RR) of 4.07, suggesting that high-risk individuals are over four times more likely to develop diseases compared to low-risk individuals [3] - Key behavioral features beyond traditional demographic risk factors were identified, such as the purchase of "plus-size clothing," "alcohol," and "smoking accessories," which were significantly associated with obesity risk [3] Group 2: Disease Trajectory Analysis Study - The second study analyzed 207 million medical records from 37.38 million patients in Northern China from 2016 to 2024, constructing a "temporal comorbidity network" involving 351 chronic diseases and 8,672 associated pathways [4] - Cardiovascular-kidney-metabolic (CKM) diseases were found to be central in disease progression, with over half of the common comorbidities for hypertension patients being CKM diseases, including chronic ischemic heart disease (47.79%) and stroke (43.34%) [4] - The research utilized Monte Carlo simulation techniques to predict potential future chronic disease pathways for individuals, aiding in early identification and intervention for high-risk patients [4] Group 3: Industry Implications - These studies provide new methodologies for chronic disease risk prediction, potentially leading to more accurate personal health risk assessments and improved public health management [5] - JD Health aims to deepen research in chronic disease prediction and management, contributing to global health initiatives and encouraging societal focus on chronic disease prevention [5]

Core Viewpoint - JD Health (06618.HK) announced the issuance of 1.36 million new shares under its share incentive plan adopted on November 23, 2020, with the issuance date set for August 29, 2025 [1] Related Events - JD Health issued 1.36 million new shares according to its share incentive plan [1] - JD Health's H1 2025 performance review showed both revenue and profit increased, indicating ongoing operational efficiency improvements [1]

京东健康(06618)发布公告，根据采纳于2020年11月23日的首次公开发售后股份奖励计划，于2025年8月 29日发行136万股。 ...

Group 1 - JD Health (06618) announced the issuance of 1.36 million shares on August 29, 2025, as part of the share incentive plan adopted on November 23, 2020, following its initial public offering [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 京东健康股份有限公司 呈交日期： 2025年8月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 06618 | 說明 | | | | | | | | 多櫃檯證券代號 | 86618 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | ...

Core Insights - JD Health is leveraging AI technology to innovate service models and promote high-quality development in the healthcare industry [1][3] - The company has made significant early investments in medical AI, establishing a leading position in the industry [1] - JD Health's AI products cover the entire patient journey, including pre-diagnosis, diagnosis, and post-diagnosis [1] Group 1: AI Technology and Applications - JD Health has launched several AI products, including "AI Jingyi," "JD Zhuoyi," and "Kangkang," following breakthroughs in large model technology in 2023 [1] - The company has achieved large-scale applications of its medical AI in various fields, such as common disease diagnosis, chronic disease management, mental health intervention, and critical care rehabilitation [1] - The skin and sleep digital therapies developed by JD Health have received approval as Class II medical devices, demonstrating high accuracy and consistency in treatment plans [2] Group 2: AI Health Assistant and Monitoring - The AI health assistant "Kangkang" offers services such as symptom consultation, medication guidance, report interpretation, and rapid appointment scheduling, connecting over 2,000 top-tier hospitals and more than 50,000 non-top-tier hospitals [2] - The ABC health intelligent detection platform utilizes smartphone cameras and AI algorithms to measure health indicators like blood oxygen, blood pressure, blood sugar, and skin health, outperforming traditional wearable devices [2] Group 3: Future Directions - JD Health aims to deepen collaboration with medical institutions, pharmaceutical companies, and technology firms to build an "AI-enabled health ecosystem" [3] - The company plans to focus on three key technologies: enhancing complex reasoning capabilities, achieving deep integration of multimodal data, and strengthening advanced learning capabilities for AI model optimization [2]