Group 1 - The event "Doctors Shine - 2025 China Physician Day Special Event" was hosted by JD Health to honor medical professionals and promote respect for healthcare workers [1] - The event recognized 40 outstanding doctors from across the country and highlighted their contributions to internet healthcare, enhancing service accessibility through innovative technologies [1][2] - A story collection campaign titled "Thank You, My Treasure Doctor" was launched, engaging over 1.4 million people and collecting more than 260,000 patient-doctor stories [1] Group 2 - JD Internet Hospital reported an average of over 500,000 online consultations per day as of June 30, further solidifying its position as the "first entry point for online diagnosis and treatment" [2] - The hospital has established a five-specialty system focusing on dermatology, mental health, traditional Chinese medicine, oncology, and urology, enhancing the quality and efficiency of online medical services [2] - A total of 4,408 doctors were awarded the "Five-Year Veteran Doctor" honor, recognizing their commitment and contributions to the internet healthcare sector [3] Group 3 - The event served to enhance communication and understanding between doctors and patients, fostering a positive social atmosphere that respects healthcare professionals [3] - JD Health aims to continue innovating healthcare service models, providing better platforms for doctors and more accessible services for patients, contributing to the implementation of the Healthy China strategy [3]

中金认为，京东健康1H25业绩超市场预期，分业务板块看，公司实现产品收入293.3亿元 (+22.7%YoY)，服务收入59.6亿元(+34.4%YoY)，整体表现强劲。该行测算2Q25单季度实现收入186.5亿 元(+23.7%YoY)，预计京东集团主站在1H期间进行的即时零售投流活动或间接为京东健康带来流量导引 获益；截至1H25末，公司过去十二个月(LTM)活跃用户数超2亿，创历史新高。同时，该行预计药品品 类在1H期间或实现高于整体收入端的增速，仍为核心驱动品类。此外，该行认为公司虽坚定AI及线下 零售体系的业务布局，但反内卷基调之下整体投入或有所控制，对全年基本面亦带来正向贡献。 本文源自：智通财经网 京东健康(06618)再涨超10%，绩后累计涨超20%。截至发稿，涨9.71%，报67.2港元，成交额10.73亿港 元。 消息面上，近日，京东健康公布上半年业绩。华泰证券指出，京东健康今年上半年总收入352.9亿元， 按年增24.5%，高于市场一致预期的增长20.2%。该行认为，京东健康有望持续受益于京东主站的快速 流量增长(据QuestMobile，2025年5月至7月，京东APP的日活跃用户(D ...

Core Insights - JD Health (06618) reported a revenue of 35.29 billion RMB in the first half of the year, representing a year-on-year growth of 24.5% [1] - The non-IFRS net profit reached 3.57 billion RMB, up 35% year-on-year, with a non-IFRS net profit margin of 10.1%, an increase of 0.8 percentage points, exceeding market expectations [1] - The strong performance is attributed to the robust growth in the pharmaceutical category and favorable collaborations with pharmaceutical companies [1] Financial Projections - The company has raised its net profit forecasts for 2025 and 2026 by 30% and 21%, respectively, to 4.51 billion RMB and 5.28 billion RMB [1] - The overall valuation of the sector has recently increased, leading to a maintained "outperform" rating for the company [1] Market Performance - JD Health's stock price performed strongly in the first half of the year, benefiting from immunity to external demand factors such as tariffs and a stable competitive landscape in the domestic market [1] - Both quarters of the first half exceeded market expectations, and the overall rise in Hong Kong stock valuations contributed to the company's strong performance as a weighted stock in multiple indices [1] Valuation and Growth Potential - Despite the current valuation being relatively high compared to recent years, the company's strong growth potential provides fundamental support [1] - The recent positive sentiment in the Hong Kong stock sector suggests that the company may experience a valuation uplift in line with market trends [1]

Core Viewpoint - Macquarie's report indicates that JD Health (06618) has achieved a 25% year-on-year revenue growth to RMB 35.3 billion, with adjusted operating profit rising by 57%, exceeding both the bank's and market expectations by 8% and 11% respectively [1] Group 1: Financial Performance - JD Health's total revenue increased by 25% year-on-year to RMB 35.3 billion [1] - Adjusted operating profit rose by 57%, surpassing market expectations [1] - The bank has raised its profit forecasts for 2025 and 2026 by 30% and 24% respectively based on the first half performance and supply chain advantages [1] Group 2: Strategic Insights - The company is benefiting from a clear "pharmaceutical and health" closed-loop ecological strategy and channel expansion, marking a development turning point [1] - JD Health's core supply chain competitiveness is expected to translate into stronger pricing power, further driving margin expansion [1] Group 3: Market Position and Future Outlook - JD Group (09618) is actively promoting its food delivery business, which is contributing to user traffic growth for JD Health [1] - The bank anticipates that sales and marketing cost savings will continue into the second half of the year [1] - The forecast for the second half of 2025 indicates a 22% year-on-year revenue growth, with an expected 30 basis points expansion in adjusted net profit margin for the full year [1]

另外，母公司京东集团(09618) 持续推动食品外卖业务，为京东健康带来用户流量增长，该行料销售及 推广费用节省将延续至下半年;现预测2025年下半年收入同比增长22%，全年经调整净利润率有望扩张 30个基点。 智通财经APP获悉，麦格里发布研报称，京东健康(06618)总收入同比增长25%至353亿元人民币，经调 整经营利润升57%，较该行及市场预期高8%及11%。该行认为公司凭借清晰的"医药与健康"闭环生态战 略，以及渠道扩张布局，已迎来发展拐点;其供应链核心竞争力有望转化为更强的定价能力，进一步推 动利润率扩张。基于上半年业绩及供应链优势，该行将2025及26年盈利预测分别上调30%及24%，评级 升至"跑赢大市"。 ...

Core Viewpoint - JD Health's strong performance in the first half of the year exceeded market expectations, driven by significant revenue growth and user engagement [1][2] Group 1: Financial Performance - JD Health reported total revenue of 35.29 billion yuan in the first half of the year, representing a year-on-year increase of 24.5%, surpassing the market consensus growth of 20.2% [1] - The company achieved product revenue of 29.33 billion yuan (+22.7% YoY) and service revenue of 5.96 billion yuan (+34.4% YoY) [2] - In Q2, JD Health's revenue reached 18.65 billion yuan, reflecting a year-on-year growth of 23.7% [2] Group 2: User Engagement and Growth - As of the end of the first half of the year, JD Health had over 200 million active users in the past twelve months, marking a historical high [2] - The daily active users (DAU) of the JD app grew by 44.8%, 33.4%, and 46.4% year-on-year from May to July 2025, indicating strong traffic growth [1] Group 3: Strategic Initiatives - JD Health is expected to benefit from the rapid traffic growth of JD's main platform and increased advertising demand from upstream partners [1] - The company's ongoing investment in medical AI is seen as a key driver for improving operational efficiency and enhancing user experience [1]

智通财经APP获悉，京东健康(06618)再涨超10%，绩后累计涨超20%。截至发稿，涨9.71%，报67.2港 元，成交额10.73亿港元。 中金认为，京东健康1H25业绩超市场预期，分业务板块看，公司实现产品收入293.3亿元 (+22.7%YoY)，服务收入59.6亿元(+34.4%YoY)，整体表现强劲。该行测算2Q25单季度实现收入186.5亿 元(+23.7%YoY)，预计京东集团主站在1H期间进行的即时零售投流活动或间接为京东健康带来流量导引 获益；截至1H25末，公司过去十二个月(LTM)活跃用户数超2亿，创历史新高。同时，该行预计药品品 类在1H期间或实现高于整体收入端的增速，仍为核心驱动品类。此外，该行认为公司虽坚定AI及线下 零售体系的业务布局，但反内卷基调之下整体投入或有所控制，对全年基本面亦带来正向贡献。 消息面上，近日，京东健康公布上半年业绩。华泰证券指出，京东健康今年上半年总收入352.9亿元， 按年增24.5%，高于市场一致预期的增长20.2%。该行认为，京东健康有望持续受益于京东主站的快速 流量增长(据QuestMobile，2025年5月至7月，京东APP的日活跃用户(DA ...

Core Viewpoint - The report from Credit Lyonnais indicates a strong sales momentum for JD Health, leading to upward adjustments in net profit forecasts for 2025 and 2026 by 15% and 13% respectively, while maintaining an "outperform" rating [1] Financial Performance - JD Health's revenue for the first half of the year increased by 24.5% to 35.3 billion RMB [1] - Adjusted EBIT rose by 57% to 2.5 billion RMB [1] - The second quarter revenue growth was 24%, supported by strong performance during the 618 shopping festival and significant user growth [1] Sales Growth Drivers - The anticipated revenue growth of 16% year-on-year in the second half of 2025 is primarily driven by over 25% growth in pharmaceutical sales [1] - The sales of health supplements are expected to see high double-digit year-on-year growth [1] - The shift in demand for original factory drugs from hospitals to outpatient settings has contributed to the increase in pharmaceutical sales [1] Investment Focus - The company continues to invest in O2O (online-to-offline) business, offline pharmacies, and AI technologies [1] - Adjusted EBIT is expected to remain stable year-on-year due to these ongoing investments [1]

Group 1 - The core viewpoint of the report is that based on strong sales momentum, the profit forecasts for JD Health (06618) for 2025 and 2026 have been raised by 15% and 13% respectively, while maintaining an "outperform" rating [1] - The expectation is that in the second half of 2025, the company's revenue will grow by 16% year-on-year, driven by over 25% growth in pharmaceutical sales, with high double-digit growth anticipated in the sales of supplementary products [1] - The adjusted EBIT is expected to remain flat year-on-year due to ongoing investments in O2O business, offline pharmacies, and AI [1] Group 2 - JD Health's performance in the first half of the year met expectations, with revenue increasing by 24.5% to 35.3 billion RMB [1] - The adjusted EBIT rose by 57% to 2.5 billion RMB, indicating strong operational efficiency [1] - In the second quarter, revenue growth of 24% was sustained, primarily benefiting from the successful 618 shopping festival and robust user growth, with pharmaceutical sales increasing due to a shift in demand from hospitals to outpatient settings [1]

Core Viewpoint - Macquarie's report indicates that JD Health's total revenue for the first half of the year grew by 25% year-on-year to 35.3 billion yuan, with adjusted operating profit increasing by 57%, exceeding both the bank's and market expectations by 8% and 11% respectively [1] Group 1: Financial Performance - JD Health's total revenue reached 35.3 billion yuan, reflecting a 25% year-on-year growth [1] - Adjusted operating profit rose by 57%, surpassing expectations [1] - The bank forecasts a 22% year-on-year revenue growth for the second half of 2025, with an expected expansion of 30 basis points in annual adjusted net profit margin [1] Group 2: Strategic Insights - The company is seen to have reached a development inflection point due to its clear pharmaceutical and health ecosystem strategy and channel expansion [1] - JD Health's core supply chain competitiveness is expected to translate into stronger pricing power, further driving profit margin expansion [1] Group 3: Market Position and Projections - The parent company, JD Group, is actively promoting its food delivery business, contributing to user traffic growth for JD Health [1] - The bank has raised its earnings forecasts for 2025 and 2026 by 30% and 24% respectively, with the target price significantly increased from 26.18 HKD to 62.14 HKD, and the rating upgraded to "outperform" [1]