Group 1 - JD Health reported Q1 2025 revenue of 16.645 billion RMB, a year-on-year increase of 25.5%, and operating profit of 1.071 billion RMB, up 119.8% [1] - JD Health solidified its position as the "first station for the online launch of new specialty drugs," introducing several innovative medications in Q1 2025, including products from Pfizer and Esteve [1] - The company deepened collaborations with leading health product firms, enhancing product innovation, digital supply chain, and precise marketing, aiming to expand the health consumption market [1] Group 2 - In Q1 2025, JD Health made significant advancements in the medical AI sector, applying AI technology in healthcare services, specialized disease treatment, and health management [2] - The launch of the "AI Jingyi" product system in January 2025 provided online multi-scenario applications, offering intelligent diagnostic assistance and personalized healthcare services [2] - Over 80% of doctor consultations in JD Health's internet hospital utilized AI services, with a 91% satisfaction rate for AI nutritionist services [2]

智通财经5月13日电，京东健康第一季度营业收入为166.5亿元，同比增长25.5%；非国际财务报告准则 盈利17.7亿元，同比增长47.7%。 ...

Group 1 - The core issue of cat allergies is becoming more prevalent in China, with approximately 36 million households affected by cat allergies or interested in owning cats despite allergies [1][3] - Kantar's research indicates that there are about 22 million households that own cats but are allergic, and around 14 million households that wish to own cats despite allergy concerns [1] - The increasing number of cat owners is leading to greater exposure to cat allergens, making the issue of cat allergies more common [1] Group 2 - JD Health and Nestlé Purina are collaborating to promote education on cat allergies, launching a new anti-allergy cat food product called "Crown Comfort" during the 2025 TOPS Pet Expo [3][4] - The new cat food is designed to significantly reduce allergic reactions in humans when fed to cats for 21 days, with effects stabilizing after 100 days [3][4] - Traditional methods for managing cat allergies, such as medication or environmental cleaning, have limitations, highlighting the need for innovative solutions like the new cat food [3][4] Group 3 - The new cat food utilizes IgY antibody technology to neutralize the Fel d1 protein found in cat saliva, which is the primary allergen causing reactions in humans [4] - There is a growing trend in pet ownership and an increase in awareness of allergens, leading to a rising number of inquiries about cat allergies, reflecting a heightened health consciousness among consumers [4] - The collaboration between JD Health and Nestlé Purina aims to create a more professional and efficient pet ownership experience through a combination of scientific and professional services [4]

本报讯(记者袁传玺)在日前由中国医院协会举办的"公立医院运营效能提升与创新发展"研讨会上，温州 医科大学附属第一医院(以下简称"温医大附一院")全面介绍了该院智慧医院建设的进展情况。据了解， 从2024年起，温医大附一院与京东健康股份有限公司(以下简称"京东健康")围绕"未来数字医院"建设项 目，率先将新一代医疗大模型应用到医院全场景之中，切实优化了患者服务、提升了医生效率，让医院 管理更加高效。 双方将融合视觉、触觉及生物传感技术，打造"全感官数字医生"。通过可穿戴设备实时获取患者的心 率、血压等体征数据，数字分身能够动态调整问诊策略，为患者提供更加精准的建议。双方还将共同打 造数字孪生医院平台，将其建设为医院的数字分身。未来将实现亚毫米级建模与纳秒级数据同步，数字 孪生医院不仅能够精准复刻实体医院的运行状态，还能预测实体世界的未来变化。 目前，温医大附一院和京东健康凭借强大的技术实力和专业的医疗团队，成功上线了一系列创新的医疗 服务平台，涵盖就医主入口、诊前智能预约、预问诊病史采集、诊中数字陪诊、诊后一清单、数字人宣 教等核心应用，全面覆盖患者就医各个环节，实现了门诊患者服务流程的闭环管理。 数字人宣教系 ...

Core Insights - The collaboration between JD Health and Heron aims to enhance pain management services in China, leveraging JD Health's digital healthcare capabilities and Heron's expertise in pain management [1][2][3] - The partnership will focus on creating a comprehensive health service system that covers prevention, diagnosis, treatment, and rehabilitation for pain management [1][3] Group 1: Strategic Collaboration - JD Health and Heron have signed a strategic cooperation agreement to work on three main areas: public education, product promotion, and medical services, utilizing digital methods and innovative models [3] - The collaboration is positioned as an initiative to support the "Healthy China 2030" strategy, aiming to improve national awareness of pain management and contribute to the overall health of the population [3] Group 2: Event Highlights - The signing ceremony included a "Pain-Free Workday" event featuring interactive educational activities, such as pain management quizzes and posture assessments, aimed at raising public awareness [2] - New innovative pain relief products, including Ibuprofen soft capsules and Diclofenac emulsion, were launched during the event to provide effective solutions for various pain scenarios [2] Group 3: Expert Insights - Dr. Zhao Ying, a pain management specialist, emphasized the urgency of improving pain management experiences through public education and diverse solutions [2]

Core Insights - JD Health released its 2024 Environmental, Social, and Governance (ESG) report, showcasing its sustainable development practices in the healthcare sector, emphasizing safety, efficiency, convenience, and warmth in health consumption experiences [1] Compliance and Governance - In 2024, JD Health established a comprehensive compliance system with a focus on user health, implementing a "three-line defense" and "five dimensions" approach to ensure compliance across all operations, including drug management and internet hospital services [3] - The company achieved ISO13485 certification for medical devices, expanding its compliance certifications to cover all business areas, including drug management and internet hospitals [3] - JD Health published standardized treatment paths for 43 diseases and established 4 core medical quality management systems, totaling 265 standardized treatment paths and 16 core systems over two years, enhancing the quality management of online medical services [3] Service Innovation - JD Health innovated its healthcare service model to meet diverse user needs, achieving an average of over 490,000 online consultations per day by the end of 2024 [4] - The company created a closed-loop service model integrating "doctor consultations," "home tests," "home delivery of medications," and "home nursing," allowing patients to access comprehensive healthcare services from home [4] - JD Health expanded its "JD Home Fast Testing" services to 12 cities, offering 149 home testing products, and launched nearly 40 home nursing projects through the "JD Nurse at Home" service [4] Technological Empowerment - JD Health accelerated the application of large model technology across various service scenarios, aiming to provide a seamless online and offline healthcare experience [7] - The company introduced several intelligent health services, including "KangKang" health assistant and "ChatGPT-like" AI psychological companion, enhancing the efficiency and accuracy of healthcare services [7] - JD Health's "Smart Doctor Assistant" became the most widely used intelligent diagnostic tool among doctors, improving clinical decision-making and patient management [7] Social Responsibility - JD Health deepened its corporate social responsibility initiatives, aiding 637 patients through its rare disease care program, with a total value of assistance reaching 6.24 million yuan [8] - The "Medical Heart Station" project, in collaboration with top medical institutions, provided support to over 23,000 patients, improving the healthcare experience for rare disease patients [8] - The company conducted 22 donation activities in 2024, donating over 1.53 million health items to rural communities and disaster relief efforts [10] - JD Health launched a "Expired Medicine Recycling" initiative, successfully collecting and professionally disposing of 11 tons of expired medications, engaging 57,000 users across 315 cities [10]

Financial Performance - JD Health reported a revenue of RMB 58,159,881 thousand for 2024, representing a 8.9% increase from RMB 53,529,941 thousand in 2023[9]. - The gross profit for 2024 was RMB 13,308,577 thousand, up from RMB 11,865,336 thousand in 2023, indicating a growth of 12.1%[9]. - The annual profit attributable to the owners of the company reached RMB 4,161,844 thousand, a significant increase of 94.3% compared to RMB 2,141,841 thousand in 2023[9]. - Revenue for the reporting period reached RMB 58.2 billion, representing an 8.6% year-over-year growth[23]. - Revenue increased by 8.6% from RMB 53.5 billion in 2023 to RMB 58.2 billion in 2024, driven by a 6.9% increase in sales of pharmaceutical and health products[39]. - Active user count as of December 31, 2024, reached 183.6 million, with an average of over 490,000 online consultations per day throughout 2024[23]. - Net profit increased from RMB 2.1 billion in 2023 to RMB 4.2 billion in 2024[49]. - Non-IFRS profit for 2024 was RMB 4,792,278 thousand, compared to RMB 4,135,439 thousand in 2023, reflecting a growth of about 16%[53]. Assets and Equity - Total assets increased to RMB 71,274,993 thousand in 2024 from RMB 64,288,300 thousand in 2023, marking an increase of 10.4%[10]. - The equity attributable to owners of the company rose to RMB 55,231,156 thousand in 2024, up 11.5% from RMB 49,355,752 thousand in 2023[10]. - Cash and cash equivalents increased from RMB 15 billion in 2023 to RMB 22.6 billion in 2024, marking a rise of approximately 50%[54]. - As of December 31, 2024, the company had no outstanding borrowings, indicating a strong liquidity position[61][69]. Operational Developments - JD Health is focusing on enhancing its online health consumption platform and optimizing its multi-channel business layout to strengthen its market position[12]. - The company is actively expanding its product offerings in the health and wellness sector, including partnerships for digital marketing and patient management services[13]. - The application of large model technology in medical service innovation is a key area of focus for JD Health, reflecting its commitment to technological advancement[12]. - The company launched a new instant delivery service for medication, achieving delivery times as fast as 9 minutes in 18 cities across China[14]. - The online medical service platform has integrated a closed-loop service model of "medical + inspection + diagnosis + medication," enhancing user experience[16]. - The company has expanded its offline services, including the opening of traditional Chinese medicine clinics and health check-up centers[17]. - The company has over 100,000 third-party merchants on its platform, enhancing its supply chain capabilities[25]. Strategic Initiatives - JD Health has engaged in strategic collaborations with local governments to distribute senior consumer vouchers, addressing the diverse health needs of the elderly population[13]. - The company aims to create sustainable value for shareholders and society while pursuing long-term high-quality development[12]. - JD Health partnered with global pharmaceutical companies to launch nearly 30 new specialty drugs online, including innovative treatments for type 2 diabetes and pain management[27]. - The company signed strategic cooperation agreements with brands like Swisse and GNC, enhancing brand influence and user traffic, resulting in a comprehensive sales increase[27]. - The company is committed to leveraging artificial intelligence in healthcare, aligning with national policies promoting health consumption and AI applications[22]. Cost and Expenses - Operating costs increased by 7.6% from RMB 41.7 billion in 2023 to RMB 44.9 billion in 2024, aligned with the growth in retail pharmacy and health business[41]. - Fulfillment expenses grew by 14.1% from RMB 5.3 billion in 2023 to RMB 6 billion in 2024, representing 10.4% of revenue, up from 9.9%[43]. - Sales and marketing expenses increased by 14.8% from RMB 2.7 billion in 2023 to RMB 3 billion in 2024, accounting for 5.2% of revenue[44]. - R&D expenses rose by 8.5% from RMB 1.2 billion in 2023 to RMB 1.3 billion in 2024, maintaining a stable percentage of 2.3% of revenue[45]. - General and administrative expenses decreased by 29.0% from RMB 2 billion in 2023 to RMB 1.4 billion in 2024, reducing its share of revenue from 3.7% to 2.4%[46]. Governance and Management - The company has a strong management team, with the CFO having extensive experience in financial reporting and investment management since joining JD.com in 2015[84]. - The board includes independent directors with diverse backgrounds in finance, healthcare, and technology, ensuring robust governance and strategic oversight[74][79]. - The independent non-executive directors bring significant expertise from various industries, enhancing the company's strategic decision-making capabilities[76][80]. - The company has established a compensation committee to determine the remuneration policies for directors and senior management, ensuring alignment with corporate governance standards[144]. Risks and Compliance - The company has faced various risks and uncertainties, which are detailed in the annual report, highlighting the importance of risk management strategies[92]. - The company faces several risks, including reliance on JD.com and regulatory challenges in the pharmaceutical sales sector[103]. - The company has confirmed compliance with listing rules and understands the responsibilities of being a listed company director[83]. Shareholder Information - JD.com indirectly holds approximately 67.2% of the company's issued share capital as of December 31, 2024[98]. - Liu Qiangdong holds 2,184,655,829 shares, representing 68.30% of the company's equity[126]. - The beneficial ownership data reflects compliance with SEC regulations, including shares that can be acquired through stock options within 60 days[131][136]. - The company has implemented employee stock incentive plans to align the interests of management with those of shareholders[144].

Core Insights - JD Health and Heliang have initiated a strategic partnership to launch the "Pain-Free China" ecosystem plan, focusing on pain management as a key area of collaboration [1][2] - The partnership aims to create a comprehensive health service system covering prevention, diagnosis, treatment, and rehabilitation, leveraging JD Health's strengths in digital diagnosis and user lifecycle services [1][2] Group 1: Strategic Collaboration - The collaboration will integrate resources across three dimensions: awareness enhancement, service accessibility, and technological innovation [1] - Both companies will explore product innovation and channel expansion in the pain management sector, providing consumers with diverse options [1][2] Group 2: Marketing and Consumer Engagement - The partnership will increase marketing collaboration through brand and digital marketing strategies to effectively reach core demographics and enhance brand influence [1][2] - Innovative marketing strategies and diverse promotional activities will be employed to raise consumer awareness and importance of pain management [1][2] Group 3: Future Vision - JD Health aims to continue leveraging its advantages and collaborate with more partners to advance China's health sector and contribute to the vision of a "Pain-Free China" [2]

Core Insights - Otsuka Pharmaceutical's third-generation tyrosine kinase inhibitor, Engokshin® (generic name: Ponatinib tablets), has been launched on JD Health, providing new treatment options for patients with chronic myeloid leukemia (CML) and Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) [1][2] - Engokshin® received approval for domestic market launch in September 2024, showcasing strong broad-spectrum specificity, particularly effective against the T315I mutant Bcr-Abl kinase, addressing resistance issues common with earlier generation inhibitors [1][2] Product Efficacy and Safety - In clinical trials, Engokshin® demonstrated remarkable efficacy, with 64% of T315I mutant patients achieving ≤1% BCR-ABL1IS within 48 months, and a 4-year survival rate of 88% in the 45 mg dosage group [2] - Most adverse events related to Ponatinib treatment were grade 1 or 2, manageable through dose adjustments, indicating a controllable safety profile [2] Market Accessibility and Patient Support - JD Health aims to enhance the accessibility of Engokshin® through its comprehensive supply chain and healthcare service capabilities, ensuring safe delivery under controlled temperature conditions [1][2] - The collaboration between JD Health and Otsuka Pharmaceutical includes disease education and patient service initiatives, aimed at improving public health literacy regarding blood cancers [2]

Core Insights - The 91st China International Medical Equipment (Spring) Expo (CMEF) was held from April 8 to 11, showcasing the latest achievements in the global medical device sector and promoting high-quality development across the entire industry chain [1] Strategic Collaborations - JD Health signed a strategic cooperation agreement with Yuyue Medical to jointly develop the Anaitang 5th generation dynamic blood glucose meter, aiming to create a comprehensive diabetes management platform that integrates AI-assisted interventions and home healthcare services, potentially covering over 5 million diabetic households [3] - A partnership with Omron Health was established to enhance AIoT blood pressure management, focusing on new product launches, health data interoperability, and innovative applications of AI technology in health management [3] - JD Health and ResMed are collaborating to reshape respiratory health services, aiming to provide a full-cycle solution from hardware sales to comprehensive health management services [4] Product Launches and Market Growth - JD Health partnered with Inco Medical to launch the Syntex™ synthetic latex gloves, utilizing a rapid delivery network to ensure swift product availability, with projected revenue growth of 200% in 2024 [4] - A collaboration with ZhenDe Medical focuses on customized products like varicose vein stockings and surgical masks, enhancing the internet+ healthcare ecosystem [5] - The company aims to redefine chronic wound care with a 24-hour response system, targeting over 500,000 chronic wound patients by 2025 [6] Industry Trends and Future Outlook - The medical device industry in China is experiencing rapid growth driven by policy incentives and consumer demand, with JD Health emerging as a preferred platform for global medical device companies [6] - JD Health's collaboration with Sanofi resulted in the successful launch of the second-generation dynamic blood glucose meter, achieving sales of over 10,000 units [6] - The company plans to continue promoting high-end products and innovative solutions in the medical device sector, aiming to break away from homogeneous competition and foster sustainable development [8]