Core Viewpoint - In the first half of 2025, the company achieved revenue of 35.29 billion yuan, a year-on-year increase of 24.51%, and a Non-IFRS net profit of 3.57 billion yuan, a year-on-year increase of 35.04%, exceeding Bloomberg consensus expectations [1] - The company raised its revenue growth guidance for 2025 to 20% and Non-IFRS net profit growth guidance to 15% [1] - The current valuation remains at a moderate historical level, with potential for further expansion due to competitive landscape, high growth rates, and shareholder returns [2] Event Summary - On August 14, 2025, the company announced its mid-year performance, with revenue of 35.29 billion yuan and Non-IFRS net profit of 3.57 billion yuan, both exceeding Bloomberg consensus expectations [1] - The second quarter revenue growth was 23.67%, with adjusted net profit growth of 24.6% year-on-year [1] - The company’s GMV growth rate significantly outpaced the industry, attributed to its supply chain advantages and the shift of market share from offline pharmacies to online [1] Financial Performance - The company’s revenue growth for the first half of 2025 was driven by nearly 30% growth in pharmaceuticals, high-teens growth in health products, and low-teens growth in medical devices, with market share increasing in all three categories [1] - The net profit increase was influenced by stable interest income, better-than-expected revenue growth, and rising gross margins [1] - The company plans to invest approximately 300 million yuan in instant retail/pharmacy-related initiatives for the year, with cautious spending due to competition [1] Future Outlook - The company expects to maintain a steady dividend policy, with progress on tax identity changes in Hong Kong [1] - B2C health insurance contributions to growth are currently limited, but there is potential for future growth [1] - Revenue forecasts for 2025 and 2026 are projected at 69.79 billion yuan and 79.30 billion yuan, respectively, with Non-IFRS net profits of 5.52 billion yuan and 5.98 billion yuan [2]

Core Viewpoint - The company reported strong performance in 1H25, exceeding market expectations with a revenue of 35.29 billion yuan, a year-on-year increase of 24.5%, and a non-IFRS net profit of 3.57 billion yuan, up 35.0% year-on-year, driven by robust growth in the pharmaceutical category [1]. Business Performance - The company's revenue from product sales reached 29.33 billion yuan, a 22.7% year-on-year increase, while service revenue was 5.96 billion yuan, up 34.4% year-on-year, indicating strong overall performance [1]. - In 2Q25, the company achieved a revenue of 18.65 billion yuan, reflecting a 23.7% year-on-year growth, benefiting from the traffic generated by JD Group's instant retail activities [1]. - The active user count exceeded 200 million by the end of 1H25, marking a historical high [1]. Profitability - The gross margin for 1H25 was 25.2%, an increase of 1.6 percentage points year-on-year, attributed to the scaling of revenue and the dilution of procurement costs across various categories [2]. - The normalized operating profit margin, excluding interest income and treating stock incentive expenses as regular, was approximately 6.2%, up 2.6 percentage points year-on-year, indicating effective cost control [2]. Market Outlook - The company's stock performed strongly in 1H25, supported by a stable competitive landscape and the absence of overseas business exposure to tariff impacts [3]. - Despite a relatively high valuation, the company's strong growth potential is expected to provide fundamental support, with the possibility of valuation uplift in line with market sentiment [3]. - The profit forecasts for 2025 and 2026 have been raised by 30% and 21% respectively, to 4.51 billion yuan and 5.28 billion yuan, reflecting better-than-expected contributions from pharmaceutical collaborations [3]. Valuation Adjustment - The target price has been increased by 45% to 60.6 HKD, indicating a potential upside of 10.5% from the latest closing price, while maintaining an outperform rating [3].

Core Viewpoint - JD Health reported strong financial results for H1 2025, with significant year-on-year growth in revenue and profits, driven by robust drug sales and advertising revenue [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 35.3 billion yuan, a year-on-year increase of 24.5% [1][2]. - Adjusted operating profit reached 2.5 billion yuan, reflecting a 57% year-on-year growth, while adjusted net profit was 3.6 billion yuan, up 35% year-on-year [1][2]. - The adjusted operating profit margin (OPM) was 7.0%, and the adjusted net profit margin was 10.1% [2]. User Growth and Service Expansion - The number of active users surpassed 200 million over the past 12 months, with daily online consultation volume exceeding 500,000 [2]. - The number of third-party merchants increased by over 50,000 compared to the end of 2024, totaling more than 150,000 [2]. - The "JD Buy Medicine Fast Delivery" service linked to over 200,000 pharmacies nationwide, and online medical insurance payment services expanded to cover nearly 200 million people [2]. AI and Medical Services - In February 2025, JD Health launched the JD Medical Inquiry model, becoming the first fully open-source model in the domestic medical industry [3]. - Over 80% of doctors in JD Health's internet hospital utilized AI services, with a satisfaction rate of 91% for AI nutritionist services [3]. - The AI JD series applications, including AI doctors, pharmacists, and nutritionists, have served over 50 million users by H1 2025 [3]. Profit Forecast and Investment Rating - Due to the strong performance in H1 2025, the company raised its profit forecasts, expecting revenues of 70 billion, 80.5 billion, and 91.1 billion yuan for 2025-2027, with adjusted net profits of 5.5 billion, 6.3 billion, and 7.7 billion yuan respectively [3]. - Corresponding adjusted P/E ratios are projected to be 29x, 26x, and 21x for the same period, maintaining a "Buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for JD Health (6618.HK) [1] Core Insights - JD Health's revenue and profit for H1 2025 significantly exceeded expectations, leading to an upward revision of the full-year performance forecast [6] - The company achieved a revenue of 35.3 billion RMB, a year-on-year increase of 24.5%, with adjusted operating profit reaching 2.5 billion RMB, up 57% year-on-year, and adjusted net profit of 3.6 billion RMB, a 35% increase year-on-year [6][7] Revenue and Profit Performance - In H1 2025, JD Health's revenue was 35.3 billion RMB, reflecting a 25% year-on-year growth; adjusted operating profit margin (OPM) reached 7.0%, and adjusted net profit margin was 10.1% [6] - The strong profit performance was attributed to impressive drug sales and robust growth in advertising revenue, which improved the gross margin by 1.6 percentage points year-on-year [6] User Engagement and Service Expansion - As of H1 2025, the number of active users surpassed 200 million, with daily online consultation exceeding 500,000 and over 150,000 third-party merchants, an increase of more than 50,000 compared to the end of 2024 [6] - The company's instant retail service "JD Buy Medicine Fast Delivery" linked to over 200,000 pharmacies nationwide, and online medical insurance payment services expanded to nearly 200 million people, enhancing the efficiency of medical insurance fund usage and reducing user medication costs [6] AI and Medical Services - JD Health's AI applications in medical services continue to expand, with over 80% of doctors' consultations utilizing AI services, and the satisfaction rate for AI nutritionist services reaching 91% [7] - By H1 2025, the cumulative number of users served by AI medical assistants exceeded 50 million [7] Earnings Forecast and Valuation - The report projects revenues for 2025, 2026, and 2027 to be 70 billion RMB, 80.5 billion RMB, and 91.1 billion RMB respectively, with adjusted net profits of 5.5 billion RMB, 6.3 billion RMB, and 7.7 billion RMB [7][10] - Corresponding adjusted P/E ratios are estimated at 29x, 26x, and 21x for the years 2025, 2026, and 2027 [7]

Core Insights - Johnson & Johnson's innovative drug, Erdafitinib (brand name: 博珂®), has been launched online through JD Health, targeting patients with locally advanced or metastatic urothelial carcinoma carrying FGFR3 gene mutations [1][3] - The drug offers a new treatment option for patients who have previously progressed on at least one line of therapy involving anti-PD-1 or anti-PD-L1 agents [3] Group 1: Drug Details - Erdafitinib is a novel oral targeted therapy classified as a multi-kinase inhibitor, specifically targeting the FGFR1-4 receptor family [3] - The drug's mechanism involves selectively inhibiting the activity of these receptors, effectively blocking tumor growth signaling pathways [3] - Clinical trial results show a 45.6% overall response rate and a significant increase in median overall survival from 7.8 months to 12.1 months, with Asian patients experiencing even greater benefits [3] Group 2: Market Context - Bladder cancer is one of the top ten most common tumors among men in China, with urothelial carcinoma accounting for approximately 90% of cases [3] - About 20% of metastatic urothelial carcinoma patients have FGFR gene mutations, and the prognosis for these patients is generally poor, with a five-year survival rate of only 5% for late-stage patients [3] Group 3: Collaboration and Future Plans - JD Health aims to enhance the accessibility of Erdafitinib through its comprehensive supply chain and healthcare service capabilities [1][4] - The partnership with Johnson & Johnson will further enrich JD Health's offerings in the oncology treatment sector and improve patient experiences from consultation to medication [4] - Both companies plan to deepen their collaboration to explore new pathways and methods for precision cancer treatment, ultimately benefiting more cancer patients [4]

互联网医疗股逆势走高，截至发稿，叮当健康(09886)涨21.31%，报0.74港元；京东健康(06618)涨 12.03%，报61.4港元；众安在线(06060)涨3.79%，报19.15港元；阿里健康(00241)涨3.54%，报5.26港 元。 消息面上，京东健康发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币352.9亿元(单 位下同)，同比增加24.5%；期间非国际财务报告准则盈利35.7亿元，同比增加35%；归属于公司所有者 的期间盈利25.96亿元，同比增加27.45%；每股基本盈利0.82元。里昂指出，京东健康上半年业绩符合 预期，在618的良好表现和强劲的用户增长带动下，营收较去年同期增长24.5%至353亿元，Ebit较去年 同期增长57%至25亿元。由于原研药的需求由医院内转移至医院外，药物销售亦有所增长。 中信证券此前指出，得益于政策优化、商保推动和AI赋能，需求或业绩修复趋势或将延续全年，预计 有望看到医疗健康产业整体的收入、利润、现金流修复向好。其中收入端有望得到商保增量支付拉动， 利润端有望受益于集采政策等优化，现金流有望受益于医院回款向好、化债回款支持和生物 ...

Group 1 - Hong Kong stock market indices fell over 1%, with the Hang Seng Index down 1.19%, losing over 300 points, while the Hang Seng China Enterprises Index and Hang Seng Tech Index dropped 1.26% and 1.08% respectively [1] - JD Health's mid-term performance significantly exceeded expectations, leading to a strong recovery in the healthcare sector, with related ETFs seeing increased trading volume and capital inflow into innovative drugs and internet healthcare [1] - The Hong Kong Innovative Drug Selected ETF (520690) experienced a nearly 1.5% increase, with a trading volume exceeding 80 million and a turnover rate over 20%, attracting a net inflow of 32 million over the past five days [1] Group 2 - Institutions noted that JD Health's fundamental recovery exceeded expectations, validating the feasibility of the internet healthcare flow-to-conversion-to-profitability model, which has led to a revaluation of the sector [2] - The Hang Seng Medical ETF (513060) and its linked products cover core assets in Hong Kong's healthcare sector, including pharmaceuticals, medical devices, and services, making them attractive for investors [2] - The Hong Kong Innovative Drug Selected ETF (520690) closely tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index, focusing on leading innovative drug companies and high R&D attributes, which are worth investors' attention [2]

中信证券此前指出，得益于政策优化、商保推动和AI赋能，需求或业绩修复趋势或将延续全年，预计 有望看到医疗健康产业整体的收入、利润、现金流修复向好。其中收入端有望得到商保增量支付拉动， 利润端有望受益于集采政策等优化，现金流有望受益于医院回款向好、化债回款支持和生物医药融资环 境触底回暖等因素。建议全面关注医疗健康产业投资机会，业绩和估值从全年角度来看，或有望迎来双 击，现在布局正当时。 消息面上，京东健康发布截至2025年6月30日止6个月的中期业绩，该集团取得收入人民币352.9亿元(单 位下同)，同比增加24.5%；期间非国际财务报告准则盈利35.7亿元，同比增加35%；归属于公司所有者 的期间盈利25.96亿元，同比增加27.45%；每股基本盈利0.82元。里昂指出，京东健康上半年业绩符合 预期，在618的良好表现和强劲的用户增长带动下，营收较去年同期增长24.5%至353亿元，Ebit较去年 同期增长57%至25亿元。由于原研药的需求由医院内转移至医院外，药物销售亦有所增长。 智通财经APP获悉，互联网医疗股逆势走高，截至发稿，叮当健康(09886)涨21.31%，报0.74港元；京东 健康(0661 ...

Group 1: Market Performance - The Hang Seng Tech ETF (513260) experienced a decline of 0.56%, while attracting over 300 million yuan in the past five days, bringing its total size to over 5.6 billion yuan [1] - The financing balance for the ETF has exceeded 140 million yuan, indicating strong interest from investors [1] - The Huatai Securities report highlights that the performance of the Hong Kong stock market in August will be crucial for determining the continuation of the market trend [9] Group 2: Company Performance - Tencent reported a revenue of 364.53 billion yuan for the first half of 2025, a year-on-year increase of 14%, with a net profit of 124.38 billion yuan, up 16% [6] - JD Health achieved a total revenue of 35.3 billion yuan in the first half of 2025, reflecting a growth of 24.5%, with a net profit of 3.57 billion yuan, up 35% [6] - Tencent's advertising revenue for Q2 2025 reached 35.8 billion yuan, marking a 20% increase year-on-year, driven by AI applications [7] Group 3: Industry Trends - The digital infrastructure in China is leading globally, with 4.55 million 5G base stations and 226 million gigabit broadband users expected by mid-2025 [5] - The AI sector is becoming a significant growth driver for companies, with applications in gaming, advertising, and financial technology [7] - The "anti-involution" policy is expected to benefit certain sectors, including solar energy, rare earths, and pharmaceuticals, as the market shifts focus from liquidity to performance [9][10]

Group 1 - The core viewpoint of the articles highlights the strong performance of AI healthcare and smart medical indices in the Hong Kong stock market, with the Hong Kong medical ETF (159366) rising by 2.58% and achieving a trading volume exceeding 300 million RMB, indicating active market participation [1] - JD Health reported a significant increase in its mid-year performance for 2025, with total revenue reaching 35.3 billion RMB, a year-on-year growth of 24.5%, and a Non-IFRS net profit of 3.57 billion RMB, up 35% [1] - Over the past three months, the Hong Kong medical ETF (159366) has seen a remarkable increase of over 37% in its adjusted net asset value [1] Group 2 - The National Development and Reform Commission has approved the establishment of a "National AI Application Pilot Base" in the medical field, led by Zhongshan Hospital affiliated with Fudan University, focusing on clinical research and addressing industry pain points [2] - AI healthcare is expected to shift the diagnostic and treatment paradigm from an "experience-driven" model to a "data-driven" model, despite current challenges such as data barriers [2] - The Hong Kong medical ETF (159366) includes a selection of 50 listed companies in the medical field, reflecting the overall performance of the sector within the Hong Kong Stock Connect [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Medical Theme Index (932069) include WuXi Biologics, JD Health, WuXi AppTec, Alibaba Health, Sinopharm, Kingstar Bio, Weigao Group, China Biologic Products, CanSino Biologics, and MicroPort Scientific, collectively accounting for 56.9% of the index [3]