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]

Group 1 - JD Health participated in the "Weight Management Industry Conference 2025" and shared its advantages in providing convenient and scientific weight management solutions through an integrated online and offline retail supply chain and professional healthcare services [1] - The new generation weight loss drug "Masitide" (brand name: Xin Er Mei®) from Innovent Biologics was launched on JD Health's platform shortly after its approval, highlighting the collaboration to promote health knowledge related to weight loss and diabetes [3] - From July 4 to August 4, the search volume for "Xin Er Mei" on JD's platform exceeded one million, with over 30,000 users served in the first month, indicating a strong demand for scientific weight loss medications [3] Group 2 - JD Health's nationwide layout of 33 pharmaceutical warehouses ensures that 90% of orders can be delivered on the same or next day, with cold chain delivery for GLP-1 drugs available within 2 hours [3] - The "JD Buy Medicine Fast Delivery" service can deliver medications in as little as 9 minutes, allowing users to access necessary drugs promptly [3] - JD Health plans to deepen its collaboration with Innovent Biologics to enhance its comprehensive health weight management system, aiming to benefit more individuals in need of innovative medications [4]

京东健康股份有限公司是中国最大的在线医疗健康平台,也是医疗产业链数字化改造的领跑者,致力于打 造以医药及健康产品供应为核心,医疗服务为抓手,数字驱动的用户全生命周期全场景的健康管理平台。 其零售药房和在线医疗健康服务业务可以满足用户对于健康领域的各方面需求,让国民享有易得、便 捷、优质和可负担的医疗健康产品与服务。 截至8月6日收盘，京东健康（06618.HK）报52.300港元，较上个交易日上涨2.65%，当日盘中最高价触 及52.600港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流入4756.55万港元。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 ...

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7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8月6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 ...

研究员：洪依真/林起贤/刘洋/张静含/周文远/任梦妮/陈晴华/黄俊儒 机构：申万宏源研究 风险提示：互联网医疗政策环境变化、线上渗透率不及预期、行业竞争加剧。 自营医药为核心，拓展至综合医疗健康服务。京东健康为京东集团在医疗健康领域的核心子公司，14 年2 月至今已从医药电商拓展为涵盖健康商品销售和营销、医疗健康服务、企业健康解决方案、智慧医 疗解决方案等的综合服务商。 竞争趋缓，供应链+服务+AI 协同破局。2021 年起互联网医疗的竞争激烈，以美团买药为代表的O2O、 以抖音快手平台为代表的短视频直播电商带来了大健康领域竞争格局的较大变化，至2025 年互联网医 疗电商的竞争或陆续趋于平缓。公司除供应链优势外，服务生态上已形成医检诊药闭环，AI 技术端发 布京医千询大模型并开源，构建用户、医生、医院端产品矩阵，多方协同下有望打开未来增长空间。 首次覆盖，给予买入评级。考虑到公司供应链优势、自营品牌优势、持续引入第三方商家和拓展O2O 下能推动业绩稳健增长， 我们预测2025-2027 年收入预计为636.5/696.5/765.5 亿，归母净利润分别为 45.2/50.4/57.9 亿。考虑到公司在供应链 ...

Core Insights - The article highlights that JD Health has been recognized for its leading AI capabilities and applications in the healthcare sector, being included in the "2025 Sustainable Innovation Case Recommendation List" at the World Artificial Intelligence Conference [1][3]. Group 1: Recognition and Achievements - JD Health was selected for its significant contributions to sustainable innovation in the healthcare industry, alongside over 30 other renowned companies [3]. - The company has developed a series of AI medical products, including the "JD Medical Inquiry" model, which is the first fully open-source vertical model in China's medical industry [3][4]. Group 2: AI Model Development - The "JD Medical Inquiry" model is continuously upgraded, focusing on a "three engines + four models" architecture to enhance its capabilities in complex disease areas [4][10]. - The upgraded version "JD Medical Inquiry 2.0" integrates multi-source clinical information to provide reliable decision support for doctors, particularly in specialized disease treatment [8][9]. Group 3: Application and Impact - JD Health's AI applications have rapidly expanded across various healthcare scenarios, serving over 30 million users within six months of launching the "Kangkang" health assistant [11]. - The AI-driven services have lowered the barriers for users to access online medical consultations, allowing them to receive scientific advice without needing to visit a doctor first [12][13]. Group 4: Future Directions - JD Health aims to further enhance its AI capabilities by developing deep reasoning and multi-modal models to provide personalized and precise medical consultations [10]. - The company plans to expand its AI doctor program, aiming to cover more specialized areas and enhance the integration of online and offline healthcare services [11][13].

Group 1 - The core viewpoint of the report is that Credit Lyonnais has raised the adjusted net profit forecasts for JD Health (06618) by 5% and 6% for 2025 and 2026 respectively, reflecting better cost control [1] - The target price for JD Health has been increased from HKD 45 to HKD 56, indicating a positive outlook for the company [1] - JD Health is identified as a major beneficiary of JD Group's investment strategy focused on increasing app user growth [1] Group 2 - JD Health's performance in the first half of 2025 is reported to be strong, with total revenue growing by 23% year-on-year, reaching RMB 34.8 billion [1] - The revenue growth is attributed to the successful 618 shopping festival, particularly in the sales of nutritional health products and medical devices [1] - The outflow of original research drugs from hospital channels continues to support the demand for pharmaceuticals [1] Group 3 - The adjusted EBITDA is expected to increase by 57% year-on-year, reaching RMB 2.5 billion, driven by improved gross margins and strict control over investments in immediate demand [1]

Core Viewpoint - Credit Suisse has raised the adjusted net profit forecasts for JD Health (06618) for 2025 and 2026 by 5% and 6% respectively, reflecting better cost control, and increased the target price from HKD 45 to HKD 56 [1] Group 1: Financial Performance - JD Health's total revenue for the first half of 2025 is expected to grow by 23% year-on-year, reaching RMB 34.8 billion, driven by strong performance during the 618 shopping festival, particularly in the sales of nutritional health products and medical devices [1] - The adjusted EBITDA is projected to increase by 57% year-on-year, reaching RMB 2.5 billion, supported by improved gross margins and strict control over investments in immediate demand [1] Group 2: Market Position and Strategy - JD Health is identified as a major beneficiary of JD Group's aggressive investment strategy in app user growth [1] - The continued outflow of original research drugs from hospital channels is further supporting the demand for pharmaceuticals [1]