Financial Data and Key Metrics Changes - JD Health achieved revenue of RMB 35.3 billion in H1 2025, representing a year-over-year increase of 24.5% [19] - The gross profit margin increased to 25.5%, up 1.6 basis points year-over-year, reflecting improved supply chain efficiency [27] - Non-IFRS net profit rose by 35% year-over-year to RMB 6.36 billion, with a margin of 10.1%, an increase of 80 basis points [31] Business Line Data and Key Metrics Changes - Direct sales revenue increased by 22.7% year-over-year to RMB 29.3 billion, accounting for 83.1% of total revenue [20] - Service revenue reached RMB 6 billion, growing 34.4% year-over-year and representing 16.9% of total revenue [22] - The number of merchants on the online marketplace exceeded 115,000, an increase of over 15,000 since December 31, 2024 [23] Market Data and Key Metrics Changes - The online medical insurance payment services reached nearly 200 million people nationwide [24] - Instant delivery service now connects over 200,000 pharmacies across China [24] - The annual active user count reached 200 million, with a net addition of approximately 20 million compared to the previous year [20] Company Strategy and Development Direction - The company aims to enhance supply chain management and improve accessibility to pharmaceutical and healthcare products [16] - JD Health is focusing on integrating online and offline services to create a comprehensive healthcare ecosystem [17] - The strategy includes leveraging AI technologies to optimize healthcare services and improve user experience [40] Management's Comments on Operating Environment and Future Outlook - Management highlighted the positive trends in health consumption and the expanding market size driven by supportive policies [36] - The company plans to continue promoting technological innovation and enhancing user experience through AI applications [40] - Future strategies will focus on personalized health services and expanding the healthcare service ecosystem [17] Other Important Information - The company launched over 30 new products in H1 2025, including treatments for various health conditions [10] - JD Health has established five core specialty areas in healthcare services, including dermatology and mental health [26] - The company is committed to advancing the Health China 2030 initiative through partnerships and innovative service models [17] Q&A Session Summary Question: What are the middle and long-term strategies of the company? - Management emphasized the importance of adapting to health consumption changes and leveraging AI to meet user needs [36][38] Question: Can you elaborate on the AI strategy? - The company is focused on deploying AI across its services to enhance efficiency and user experience, with significant user engagement reported [42][44] Question: What is the outlook for new business formation in the second half of the year? - Management indicated plans to accelerate the rollout of next-generation pharmacies and enhance synergies between existing and new services [46][48] Question: What developments are there in medical insurance payment services? - The company aims to enhance online matching with medical insurance services and explore new healthcare service scenarios [50][52]

Financial Data and Key Metrics Changes - JD Health achieved revenue of RMB 35.3 billion, up 24.5% year over year [19] - Direct sales revenue increased to RMB 29.3 billion, constituting 83.1% of total revenue, a year-over-year increase of 22.7% [20] - Service revenue reached RMB 6 billion, representing a growth of 34.4% year over year, accounting for 16.9% of total revenue [22] - Gross profit margin increased to 25.5%, up 1.6 basis points year over year [27] - Non-IFRS net profit increased by 35% year over year to RMB 6.36 billion, with a margin of 10.1%, rising 80 basis points year over year [31] Business Line Data and Key Metrics Changes - Over 30 new pharmaceutical products were launched in the first half of the year, including treatments for various health issues [10][21] - Instant delivery service now connects over 200,000 pharmacies nationwide [24] - The number of merchants on the marketplace exceeded 115,000, an increase of over 15,000 since December 31, 2024 [23] Market Data and Key Metrics Changes - Annual active users reached 200 million, with a net addition of approximately 20 million compared to June 30, 2024 [20] - The total sales of China's health care service market is projected to reach RMB 15 trillion by 2030 [7] Company Strategy and Development Direction - The company aims to strengthen its integrated online and offline medical service ecosystem and promote technological innovation [16] - Focus on enhancing supply chain management and improving accessibility of health care products and services [16][17] - Commitment to AI application in health care to improve service efficiency and user experience [15][40] Management Comments on Operating Environment and Future Outlook - Management highlighted the positive trends in health consumption and the expansion of the market size due to supportive policies [36] - The company plans to continue leveraging AI technologies to refine health care services and improve user experience [40][44] Other Important Information - The company has established five core specialty areas in health care services, including dermatology and mental health [26] - JD Health's online hospital has launched over 500 intelligent agents, making it one of the largest online medical platforms in the industry [15] Q&A Session Summary Question: What are the middle and long-term strategies? - Management emphasized the expansion of the health care market and the importance of personalized health services [36][37] Question: Can you share more about the AI strategy? - The company is focused on deploying AI across its services to improve efficiency and user experience [41][42][44] Question: What is the status of new business formation, especially in the second half of the year? - The company is accelerating the rollout of next-generation pharmacies and enhancing user experience through omnichannel supply chain integration [45][46][48] Question: What are the developments in medical insurance payment? - The company aims to enhance online matching purchase with medical insurance services and explore new health care service scenarios [50][52]

Core Insights - JD Health reported a total revenue of 35.3 billion yuan for the first half of 2025, representing a year-on-year growth of 24.5%, with a Non-IFRS net profit of 3.57 billion yuan, up 35% [1] - The company has surpassed 200 million annual active users and has over 150,000 third-party merchants on its platform as of June 30, 2025 [1] - JD Health is focusing on enhancing its supply chain capabilities and integrating online and offline services to meet diverse health needs [1][5] Group 1: Financial Performance - Total revenue for the first half of 2025 reached 35.3 billion yuan, a 24.5% increase year-on-year [1] - Non-IFRS net profit was 3.57 billion yuan, reflecting a 35% growth compared to the previous year [1] Group 2: User Engagement and Market Position - The number of annual active users exceeded 200 million, indicating strong user engagement [1] - The platform has over 150,000 third-party merchants, enhancing its market presence [1][3] Group 3: Supply Chain and Product Offerings - JD Health is strengthening its supply chain through collaborations with leading pharmaceutical companies and health product suppliers [3] - The company launched over 30 innovative drugs online, reinforcing its position as the first stop for new specialty drugs [3] Group 4: Service Integration and User Experience - JD Health is enhancing its "medical, testing, diagnosis, and medication" service loop to cater to personalized health needs [5] - The average daily consultation volume at JD Internet Hospital exceeded 500,000, showcasing its service capacity [5] Group 5: AI Integration in Healthcare - The company is advancing AI applications in healthcare, with over 50 million users served by its AI products [6] - JD Health has launched the "JD Zuo Yi" AI product for hospitals, improving patient service processes [6] Group 6: Social Responsibility Initiatives - JD Health has engaged in various public welfare projects, providing support to over 31,000 rare disease patients [8] - The company donated over 170,000 medical care products to support earthquake relief efforts in Tibet [8] Group 7: Future Outlook - JD Health aims to enhance its supply chain and expand its healthcare service offerings while promoting AI applications for smarter healthcare solutions [8]

央广网北京8月14日消息（记者 马文静）8月14日，京东健康发布2025年中期业绩公告。2025年上 半年，京东健康总收入为人民币353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS） 净利润达35.7亿元，同比增长35%。截至2025年6月30日，京东健康过去12个月的年度活跃用户数量突 破2亿；第三方合作商家数量显著增长，超过15万家，同比接近翻倍。 ...

新浪科技讯 8月14日晚间消息，京东健康发布2025年中期业绩公告。2025年上半年，京东健康总收入为 人民币353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS）净利润达35.7亿元，同比增 长35%。 责任编辑：何俊熹 截至2025年6月30日，京东健康过去12个月的年度活跃用户数量突破2亿，第三方合作商家数量显著增 长，超过15万家，同比接近翻倍。 ...

智通财经APP获悉，8月14日，京东健康(06618)发布2025年中期业绩公告。2025年上半年，京东健康总 收入为人民币353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS）净利润达35.7亿元， 同比增长35%。收入和净利润超出市场预期，显示出京东健康的长期价值持续释放。 2025年上半年，京东健康持续强化供应链能力，加快提升健康商品和服务供给质量、优化用户体验，从 而持续赢得更多消费者信赖。同时，京东健康还精准把握了行业增长趋势，积极推进人工智能技术驱动 服务模式创新，借助有利的行业政策支持，从而实现高质量业绩增长。 ...

8月14日，京东健康(06618)发布2025年中期业绩公告。2025年上半年，京东健康总收入为人民币353亿 元，同比增长24.5%；非国际财务报告准则指标下(Non-IFRS)净利润达35.7亿元，同比增长35%。收入和 净利润超出市场预期，显示出京东健康的长期价值持续释放。 2025年上半年，京东健康持续强化供应链能力，加快提升健康商品和服务供给质量、优化用户体验，从 而持续赢得更多消费者信赖。同时，京东健康还精准把握了行业增长趋势，积极推进人工智能技术驱动 服务模式创新，借助有利的行业政策支持，从而实现高质量业绩增长。 ...

Core Insights - JD Health reported a total revenue of RMB 35.3 billion for the first half of 2025, representing a year-on-year growth of 24.5% [1] - The Non-IFRS net profit reached RMB 3.57 billion, showing a year-on-year increase of 35% [1] - The annual active user count surpassed 200 million, marking a record high and indicating increased brand recognition and trust [1] User Growth and Marketing Strategies - The robust growth in annual active users is attributed to continuous improvements in user experience and a series of marketing strategies [1] - Collaborations with leading pharmaceutical companies and health product suppliers have expanded product offerings [1] - The company has further enhanced its service ecosystem, covering "medical, testing, diagnosis, and medication" to meet diverse and personalized health needs [1] - Key marketing campaigns such as "Happy Weight Loss" and "618 Free Order" have effectively increased user engagement on the platform [1]

Core Insights - JD Health reported a revenue of RMB 35.29 billion for the six months ending June 30, 2025, representing a year-on-year increase of 24.5% [1] - The company's non-IFRS profit reached RMB 3.57 billion, up 35% year-on-year, while the profit attributable to shareholders was RMB 2.596 billion, reflecting a 27.45% increase [1] - The number of active users surpassed 200 million in the past 12 months, with an average of over 500,000 daily consultations during the first half of 2025 [1] Revenue Breakdown - Revenue for the three months ending June 30, 2025, increased by 23.7% to RMB 18.6 billion from RMB 15.1 billion for the same period in 2024 [2] - Revenue from the sale of pharmaceutical and health products rose by 22.7% to RMB 29.3 billion for the six months ending June 30, 2025, compared to RMB 23.9 billion for the same period in 2024 [2] - Service revenue from online platforms and digital marketing increased by 34.4% to RMB 6 billion for the six months ending June 30, 2025, up from RMB 4.4 billion for the same period in 2024 [2]

Financial Performance - JD Health reported a revenue of RMB 35,290,047, representing a year-on-year increase of 24.5% compared to RMB 28,343,961 in the previous year[5] - Gross profit reached RMB 8,891,918, reflecting a 32.7% increase from RMB 6,699,943 year-on-year[5] - Operating profit surged by 105.5% to RMB 2,127,048, up from RMB 1,035,018 in the same period last year[5] - Non-IFRS profit for the period was RMB 3,570,104, marking a 35.0% increase from RMB 2,643,770 year-on-year[5] - Period profit increased from RMB 2,034.4 million for the six months ended June 30, 2024, to RMB 2,591.3 million for the six months ending June 30, 2025[29] - The company reported a net profit of RMB 2,591,347 thousand for the six months ended June 30, 2025, compared to RMB 2,034,378 thousand in 2024, reflecting a year-over-year increase of 27.3%[49] - The net profit attributable to the owners of the company for the six months ended June 30, 2025, was RMB 2,596,445 thousand, representing a 27.5% increase from RMB 2,037,182 thousand in 2024[57] User Engagement and Growth - The number of active users exceeded 200 million, with an average of over 500,000 daily consultations during the reporting period[8] - The number of active users increased, contributing to a 22.7% rise in sales of pharmaceutical and health products, from RMB 23.9 billion to RMB 29.3 billion during the same period[20] - AI services under the "AI京醫" series have served over 50 million users, enhancing health management services[16] - The company aims to enhance user growth and engagement while improving brand awareness through its business expansion efforts[70] Product and Service Expansion - The company launched over 30 innovative drugs online, reinforcing its position as the first platform for new specialty drug launches[10] - The number of merchants on the platform surpassed 150,000, an increase of over 50,000 compared to December 31, 2024[11] - JD Health expanded its "JD Medicine Fast Delivery" service, connecting over 200,000 pharmacies nationwide[12] - The company is actively exploring innovative service models in retail pharmacies, including a strategic partnership with Beijing Children's Hospital[12] - The company expanded its rapid testing services to over 160 types across 23 cities[15] - The company has allocated RMB 9,010 million for business expansion, including the development of retail pharmacy and online healthcare services[70] Financial Position and Cash Flow - Cash and cash equivalents increased to RMB 25.2 billion as of June 30, 2025, from RMB 22.6 billion as of December 31, 2024[33] - The company’s liquidity is primarily supported by cash generated from operating activities, with total cash reserves reaching RMB 66 billion as of June 30, 2025[33] - 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[35] - The net cash used in investing activities decreased from RMB 8,372.8 million for the six months ended June 30, 2024, to RMB 3,556.4 million for the same period in 2025[35] Cost and Expense Management - Sales and marketing expenses increased by 28.8% from RMB 1.4 billion to RMB 1.8 billion, with the percentage of revenue slightly rising from 5.0% to 5.1%[24] - 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] - General and administrative expenses decreased by 10.7% from RMB 685.1 million for the six months ended June 30, 2024, to RMB 611.5 million for the six months ending June 30, 2025, representing 1.7% of revenue, down from 2.4%[26] - Fulfillment expenses as a percentage of revenue decreased from 10.4% to 10.1%, despite an increase in total fulfillment costs[23] Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the six months ending June 30, 2025[66] - The company has confirmed compliance with the "Standard Code" regarding securities trading by directors for the six months ending June 30, 2025[65] - The company has established an audit committee, nomination committee, and remuneration committee to enhance corporate governance[67] - The company will continue to review and monitor its corporate governance practices to maintain high standards[64] Assets and Liabilities - As of June 30, 2025, the total assets amounted to RMB 78,460,123 thousand, an increase from RMB 71,274,993 thousand as of December 31, 2024[50] - Total liabilities as of June 30, 2025, were RMB 20,483,202 thousand, a significant increase from RMB 16,034,155 thousand as of December 31, 2024[59] - Trade payables increased to RMB 13,594,659 thousand as of June 30, 2025, from RMB 10,423,314 thousand at the end of 2024, marking a 30.5% rise[62] - Deferred tax liabilities decreased to RMB 297,735 thousand as of June 30, 2025, from RMB 364,414 thousand as of December 31, 2024[59] Employee and Workforce - Employee headcount increased to 4,572 as of June 30, 2025, compared to 3,177 as of June 30, 2024, reflecting a growth of 44%[43] - Total employee compensation and benefits expenses remained stable at RMB 1,200,000 thousand for both periods ended June 30, 2025, and 2024[43] Dividends and Shareholder Returns - The company did not declare or pay any dividends to ordinary shareholders for the six months ended June 30, 2025, consistent with the previous year[62] - As of June 30, 2025, the company has not proposed any interim dividend distribution[69] Investment and Fundraising - The company has raised approximately RMB 25.7 billion in net proceeds from its global offering, intended for business expansion, potential investments, and working capital needs[70] - The company has a remaining unutilized fundraising amount of RMB 3,490 million as of June 30, 2025[70]