Core Viewpoint - The report from Credit Lyonnais indicates that JD Health's performance in the first half of the year met expectations, driven by strong user growth and good performance during the 618 shopping festival [1] Financial Performance - JD Health's revenue increased by 24.5% year-on-year to 35.3 billion yuan [1] - Earnings before interest and taxes (EBIT) rose by 57% year-on-year to 2.5 billion yuan [1] Market Trends - There has been a shift in demand for original research drugs from hospitals to outpatient settings, contributing to an increase in drug sales [1] Future Outlook - Credit Lyonnais raised JD Health's net profit forecasts for 2025 and 2026 by 15% and 13% respectively [1] - The target price for JD Health was increased from 56 HKD to 64 HKD, maintaining an "outperform" rating [1]

Group 1 - The Hang Seng Biotechnology ETF (159615) has seen a 2.27% increase, marking a three-day rising streak with an active trading volume of 35.71% and a transaction value of 131 million yuan [1] - The Hang Seng Biotechnology Index, which the ETF tracks, rose by 1.67%, with notable increases in constituent stocks such as JD Health (up 12.22%) and Sihuan Pharmaceutical (up 8.49%) [1] - The ETF has accumulated a 2.72% increase over the past week, ranking first among comparable funds, and its latest scale reached 352 million yuan, a three-month high [1] Group 2 - According to Guojin Securities, China's innovative drugs are on the rise, entering the initial phase of innovation results realization, with significant opportunities for independent development and large-scale transactions in the future [2] - In the oncology field, two main directions are highlighted: the multidimensional iteration of ADCs (antibody-drug conjugates) and innovations in the combination of immune therapy molecular components [2] - The Hang Seng Biotechnology Index reflects the overall performance of the largest 50 biotechnology companies listed in Hong Kong, with top-weighted stocks including BeiGene, Innovent Biologics, and WuXi Biologics [2]

Group 1 - JD Health (6618.HK) saw its stock price rise over 12% to HKD 61.5, reaching a new high since March 2023 [1] - The company reported a revenue of RMB 35.29 billion for the first half of the year, representing a year-on-year growth of 24.5% [1] - Net profit for the same period was RMB 2.596 billion, with a year-on-year increase of 27.5% [1] Group 2 - The gross profit margin improved from 23.6% in the same period last year to 25.2%, primarily due to changes in the revenue mix [1] - As of the end of June, the number of annual active users exceeded 200 million, with an average of over 500,000 consultations per day in the first half of the year [1]

人民财讯8月15日电，京东健康今日开盘后持续拉升，盘中最大涨幅超16%，最高价达64港元，刷新 2023年2月以来新高。8月14日，京东健康发布2025年中期业绩公告显示，2025年上半年，京东健康总收 入为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%。 转自：证券时报 ...

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% [1] - The Non-IFRS net profit reached 3.57 billion yuan, showing a year-on-year increase of 35% [1] - The number of active users exceeded 200 million, and the number of third-party partners surpassed 150,000 [1] Group 1: Business Expansion and Partnerships - JD Health strengthened its omni-channel model by enhancing cooperation with leading pharmaceutical companies and health product suppliers [1] - Over 30 innovative drugs were launched online for the first time on JD Health's platform [1] - Strategic partnerships were established with Novo Nordisk and Roche to provide comprehensive treatment services for diseases like obesity and diabetes [1][2] Group 2: Retail and Service Innovations - JD Health's instant retail business connected over 200,000 pharmacies nationwide, expanding online medical insurance payment services to nearly 200 million people [2] - The company is exploring innovative service models for retail pharmacies, including a pediatric pharmacy model in collaboration with Beijing Children's Hospital [2] - JD Health is enhancing its service capabilities by developing a closed-loop service model that integrates medical, testing, diagnosis, and medication services [2][3] Group 3: AI and Technology Integration - JD Health launched the AI Jingyi series products, which include various AI-driven services for users and healthcare professionals [3] - The AI services have reached over 50 million users, covering the entire online healthcare process [3] - The company introduced the first AI product for hospitals, "JD Zhuoyi," which has been implemented in multiple medical institutions [3]

8月15日早盘，港股三大指数集体低开，恒生指数跌0.77%，报25322.10点，恒生科指跌1.20%，国企指 数跌0.81%。盘面上，科网股普跌，加密货币概念股走低，中资券商股回调，生物技术股部分上涨，银 诺医药上市首日高开逾285%。开盘后，A股同赛道规模领先的恒生科技指数ETF（513180）跟随指数小 幅下行，持仓股中，京东集团、舜宇光学科技、美团、地平线机器人、理想汽车等跌幅居前，京东健康 绩后一度涨超13%。 消息面上，8月14日晚间，京东健康发布2025年中期业绩公告显示，上半年实现总收入为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；京东互联网医院日均问诊单量超过50万。 华泰证券指出，展望后续，得益于与母公司京东集团的协同，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5-7月京东APP的DAU同比增长44.8/33.4/46.4%），在受益于上游合 作伙伴的增量广告需求的同时，通过持续加强的全渠道医疗服务能力 ...

每经AI快讯，8月15日，港股互联网医疗概念涨幅居前，京东健康涨超15%，平安好医生涨超8%。 ...

Core Insights - The Hong Kong internet healthcare stocks experienced a significant rally, with JD Health rising over 13%, Ping An Good Doctor nearly 10%, and Alibaba Health close to 7% [1] - JD Health reported a mid-term revenue of RMB 35.29 billion for the six months ending June 30, 2025, representing a year-on-year increase of 24.5%, and a non-IFRS profit of RMB 3.57 billion, up 35% year-on-year [1] - The strong performance of JD Health has boosted market confidence and injected vitality into the AI healthcare sector, which is characterized by a comprehensive service loop covering medical, testing, diagnosis, and pharmacy [1] - The Chinese government has reinforced its support for AI applications in healthcare, with a focus on AI pathology diagnosis, AI imaging, and AI pharmaceuticals, which are expected to accelerate commercialization [1] Company and Industry Summary - JD Health has established itself as a leader in AI healthcare and internet pharmacy, continuously upgrading and launching full-scenario AI medical products to meet diverse patient and doctor needs [1] - The Hong Kong Stock Connect Medical ETF (520510), which includes major players like JD Health, Ping An Good Doctor, and Alibaba Health, has become a convenient tool for investors looking to capitalize on this high-potential sector [2] - The ongoing exploration of AI applications in healthcare is expected to provide continuous growth momentum for pharmaceutical innovation [1]

Summary of JD Health International (6618.HK) 1H25 Results and Management Briefing Company Overview - **Company**: JD Health International (6618.HK) - **Industry**: Healthcare Technology Key Financial Highlights - **1H25 Revenue**: Rmb 35.3 billion, up 25% year-over-year (yoy) [1] - **1H25 Adjusted Operating Profit (OP)**: Rmb 2.5 billion, up 57% yoy [1] - **1H25 Operating Margin (OPM)**: 7.0%, close to historical highs [1] - **Gross Margin**: Improved to 25.2% [1] - **2Q25 Revenue Growth**: Implied at 24% yoy [1] - **Adjusted OP Growth for 2Q25**: Implied at 41% yoy [1] Management Guidance and Expectations - **FY25 Revenue Guidance**: Raised to +20% yoy, driven by strong drug and advertising growth [2] - **Drug Sales Growth**: Expected to grow 25% yoy in 2H25 [2] - **Nutrition Products**: Targeted growth of high-teens% yoy for FY25 [2] - **Medical Devices**: Expected to maintain low-teens% yoy growth for FY25 [2] - **Investment in On-Demand Delivery and AI**: Reduced to Rmb 300 million for FY25 [2] Operational Insights - **Self-Built Warehouses**: Target of 200 warehouses in 10 cities, with over 100 already established [2] - **Sales and Marketing (S&M) Expenses**: Expected notable savings due to traffic from parent company's food delivery initiative [2] - **Unit Losses**: Lower than expected, with management anticipating skew towards 2H25, especially in 4Q25 [2] Margin Dynamics - **Operating Margin Expansion**: Supported by gross margin improvement and a higher portion of advertising revenue [3] - **Cost Management**: Better cost control in drugs and fulfillment expenses contributing to margin expansion [6] Risks and Challenges - **Sales Growth Risks**: Potential slower-than-expected sales growth in 2H25 [7] - **Policy Roll-Out Risks**: Delays in medical insurance reimbursement for online orders [7] - **Competition Risks**: Intensified competition from online pharmacies and e-commerce peers [7] Investment Rating - **Current Rating**: Buy - **12-Month Target Price**: HK$ 45.80, with a downside of 16.5% from the current price of HK$ 54.85 [11] Additional Financial Metrics - **Market Capitalization**: HK$ 172.4 billion / $22.0 billion [11] - **Projected Revenue for FY25**: Rmb 69.4 billion [11] - **Projected EBITDA for FY25**: Rmb 1.96 billion [11] - **Projected EPS for FY25**: Rmb 1.55 [11] This summary encapsulates the key financial results, management expectations, operational insights, risks, and investment outlook for JD Health International based on the provided conference call records.

Core Viewpoint - The Hong Kong Medical ETF (159366) has shown significant growth, with JD Health (6618) being a major contributor, reflecting strong performance in the healthcare sector driven by AI integration and innovative service offerings [1][4]. Group 1: ETF Performance - As of August 15, 2025, the Hong Kong Medical ETF has risen over 2%, with JD Health increasing by more than 10%, making it the second-largest component of the ETF, accounting for over 10% [1]. - The ETF has seen active trading, with an average daily turnover of 292 million RMB over the past month as of August 14 [1]. Group 2: Company Performance - JD Health reported a revenue of 35.3 billion RMB for the first half of 2025, marking a 24.5% increase, with Q2 revenue reaching 18.645 billion RMB, up 23.67% [4]. - The company is accelerating the construction of an AI-enabled healthcare ecosystem, integrating services across various medical fields [5]. Group 3: AI Integration in Healthcare - JD Health is enhancing its online medical service capabilities, offering a comprehensive service loop from online consultations to medication delivery, and expanding its at-home nursing services [5]. - The company has launched AI-driven products, including AI doctors and AI pharmacists, to improve health management services [5]. - A partnership with Wenzhou Medical University First Affiliated Hospital has been established to create a closed-loop service process for outpatient patients, serving over 2.2 million patients [5]. Group 4: Industry Trends - The National Development and Reform Commission has approved the establishment of a national AI application pilot base in the medical field, focusing on clinical research and addressing industry challenges [6]. - AI is becoming a core driver of transformation in the healthcare sector, although challenges such as data standardization and clinical application integration remain [6]. - The collaboration between CRO companies and AI technology is enhancing drug discovery efficiency, as seen in the partnership between Crystal Holdings and DoveTree [6].