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]

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]