Core Viewpoint - JD Health (06618) is expected to outperform market expectations in the second half of 2025, driven by a surge in flu cases leading to increased demand for pharmaceuticals [1] Group 1: Financial Performance - JD Health's stock rose over 6%, reaching HKD 62 with a trading volume of HKD 411 million [1] - Nomura forecasts that JD Health's revenue for Q4 2025 will reach RMB 20 billion, representing a year-on-year growth of 22% [1] - The growth in Q4 2025 is attributed to sales increases in pharmaceuticals (30%), nutritional products (20%), and medical devices (10%) [1] Group 2: Market Trends - The increase in flu cases in Q4 2025 is expected to significantly boost pharmaceutical sales, contributing a high single-digit percentage to total sales [1] - The sales of medical devices, such as home oxygen concentrators, are also anticipated to rise due to the flu season [1] - Nutritional brands will continue effective marketing campaigns in Q4 2025, reinforcing their growth trajectory [1] Group 3: Strategic Partnerships - CICC noted strong revenue performance for JD Health in 2025, with quarterly growth rates around 25% year-on-year for Q1 to Q3 [1] - The company has signed strategic cooperation agreements with pharmaceutical companies like Eli Lilly, Innovent Biologics, and Bayer China, enhancing its unique business model of launching new drugs online [1] - The ongoing trend of increasing original drug volumes is expected to support strong revenue performance in Q4 2025 [1]

Core Viewpoint - JD Health is expected to outperform market expectations in the second half of 2025, primarily due to a surge in flu cases driving up demand for pharmaceuticals [1] Group 1: Financial Performance - JD Health's revenue for Q4 2025 is projected to reach 20 billion RMB, representing a year-on-year growth of 22%, driven by sales growth in pharmaceuticals, nutritional products, and medical devices at 30%, 20%, and 10% respectively [1] - The company has shown strong revenue performance throughout 2025, with each quarter from Q1 to Q3 achieving approximately 25% year-on-year growth [1] - The overall revenue growth for JD Health in 2025 is anticipated to be close to 25% year-on-year [1] Group 2: Market Dynamics - The increase in flu cases in Q4 2025 is expected to significantly contribute to pharmaceutical sales, accounting for a high single-digit percentage of total pharmaceutical revenue [1] - The sales of medical devices, such as home oxygen concentrators, are also expected to rise due to the flu outbreak [1] - JD Health's nutritional brands will continue to implement effective marketing strategies in Q4 2025, reinforcing their growth trajectory [1] Group 3: Strategic Partnerships - JD Health has signed strategic cooperation agreements with pharmaceutical companies such as Eli Lilly, Innovent Biologics, and Bayer China, enhancing its business model of launching new drugs online [1]

消息面上，野村发表报告，预计京东健康2025年下半年业绩将好过市场预期，主要因2025年第四季流感 病例激增带动药品需求上升。该机构预估京东健康2025年第四季营收将达200亿元人民币，按年增长 22%，受惠来自药品/营养品/医疗器材业务分别实现30%、20%及10%按年销售增长。2025年第四季流感 病例扩散带动相关药品，占药品销售额高单位数百分比，及医疗设备如家用氧气浓缩机销售。与此同 时，营养品牌在2025年第四季持续推行有效营销活动，强化其稳健增长态势。 中金发布研报称，考虑到原研品类放量趋势依旧且流感品种需求强劲，上调京东健康25年及26年收入预 测2%至725亿元及817亿元，同时考虑毛利率改善趋势及潜在利息收入波动的综合影响，该行分别上调 25年及26年non-IFRS净利润4%及1%至65亿元及64亿元。首次引入27年收入预测912亿元及non-IFRS净 利润预测68亿元。考虑到近期板块表现略有波动，基于SOTP维持目标价71.4港币不变(23%上行空间)， 维持跑赢行业评级。 金吾财讯 | 京东健康(06618)股价上行，截至发稿，涨5.58%，报61.45港元，成交额2.3亿港元。 消息 ...

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HKD 77.40 [7][18]. Core Insights - JD Health is expected to continue strong revenue growth in 4Q25, with a projected year-on-year increase of 22.7% to RMB 20.26 billion, driven by the increasing online penetration of pharmaceuticals and the company's competitive advantages in supply chain management [2][15]. - The company is anticipated to achieve a non-IFRS operating profit of RMB 260 million in 4Q25, reflecting a non-IFRS operating profit margin of 1.3%, an improvement of 0.4 percentage points year-on-year [2]. - The report highlights the importance of monitoring the supply iteration of new medical products, the impact of weight-loss drugs entering the medical insurance list, the penetration of AI medical applications, and the expansion of JD Health's O2O business [1]. Revenue and Profit Forecast - JD Health's total revenue for 4Q25 is expected to grow by 22.7% year-on-year to RMB 20.26 billion, with pharmaceuticals projected to see over 30% growth in GMV [2][15]. - For the full year of 2025, revenue is forecasted to increase by 25% to RMB 72.7 billion, with a non-IFRS operating profit of RMB 4.11 billion, corresponding to a non-IFRS operating profit margin of 5.7%, an improvement of 1.2 percentage points year-on-year [2][15]. Offline Business Development - JD Health is set to open over 200 new offline pharmacy stores in the second half of 2025, with 150 stores expected to open in 4Q25, enhancing user reach and brand exposure [3]. - The company's medical insurance payment coverage has expanded to 8 cities, including Shanghai, which is anticipated to drive user penetration and performance growth [3]. New Product Launches and AI Integration - JD Health continues to strengthen partnerships with upstream medical brands, achieving multiple collaborations for new drug launches, thereby enhancing its channel value [4]. - The report notes the positive reception of JD Health's AI doctor, which has achieved a satisfaction rate of 98%, reinforcing its capabilities in internet medical services [4]. Profitability Adjustments - The profit forecasts for 2025-2027 have been raised by 11.6%, 15.6%, and 22.4% respectively, due to improved revenue expectations and the anticipated release of operating leverage [5][15]. - The target valuation for 2026 has been adjusted to a non-IFRS PE of 30.0x, reflecting a premium over comparable companies, driven by JD Health's efficiency in the pharmaceutical market and its advantages in AI medical applications [18].

Core Viewpoint - Nomura forecasts that JD Health's performance in the second half of 2025 will exceed market expectations, primarily driven by a surge in flu cases in the fourth quarter, leading to increased demand for pharmaceuticals [1] Revenue Projections - Nomura estimates that JD Health's revenue in the fourth quarter of 2025 will reach 20 billion yuan, representing a year-on-year growth of 22% [1] - The growth is attributed to the pharmaceutical, nutritional, and medical device segments, which are expected to achieve year-on-year sales growth of 30%, 20%, and 10% respectively [1] Market Drivers - The spread of flu cases in the fourth quarter is expected to significantly contribute to pharmaceutical sales, accounting for a high single-digit percentage of total pharmaceutical revenue [1] - Sales of medical devices, such as home oxygen concentrators, are also anticipated to increase due to the flu outbreak [1] Marketing Strategies - Nutritional brands are expected to continue effective marketing campaigns in the fourth quarter, reinforcing their robust growth trajectory [1]

Core Viewpoint - CICC has raised JD Health's revenue forecasts for 2025 and 2026 by 2% to 72.5 billion yuan and 81.7 billion yuan respectively, driven by the ongoing growth of original drug categories and strong demand for flu products [1] Group 1: Revenue Performance - The company is expected to show strong revenue growth, with a projected year-on-year increase of nearly 25% for the entire year of 2025, supported by the continuous release of original drugs and the rising demand for flu prevention since Q4 2025 [2] - In the first three quarters of 2025, the company achieved a quarterly revenue growth rate of approximately 25% year-on-year [2] Group 2: Profitability Outlook - The company's non-IFRS net profit margins for the first three quarters of 2025 were 10.6%, 9.7%, and 11.1%, showing varying degrees of improvement year-on-year, primarily due to increased advertising and marketing investments by pharmaceutical and health product companies [3] - Despite the typical increase in expenditures during Q4 2025, the company is expected to maintain a stable profit margin for the year, reflecting strong competitive capabilities [3] - The company has significant cash reserves, and potential fluctuations in interest income due to interest rate cuts may impact non-IFRS net profit in the coming quarters [3]

Group 1 - The core viewpoint is that JD Health's revenue forecasts for 2025 and 2026 have been raised by 2% to 72.5 billion and 81.7 billion respectively, driven by the strong demand for flu products and the ongoing trend of original research products [1] - The company is expected to achieve a year-on-year revenue growth of approximately 25% in 2025, with strong quarterly performance observed in the first three quarters [2] - The non-IFRS net profit for 2025 and 2026 has been adjusted upwards by 4% and 1% to 6.5 billion and 6.4 billion respectively, with a new revenue forecast for 2027 set at 91.2 billion and non-IFRS net profit at 6.8 billion [1] Group 2 - The company has shown a steady improvement in non-IFRS net profit margins, with rates of 10.6%, 9.7%, and 11.1% in the first three quarters of 2025, attributed to increased marketing investments by pharmaceutical and health product companies [3] - Despite the potential fluctuations in interest income due to cash management strategies, the overall profit performance is expected to remain robust, reflecting the company's strong competitive position [3] - The company has signed strategic cooperation agreements with major pharmaceutical firms, enhancing its business model for new drug launches [2]

Core Insights - The demand for health supplements, particularly ginseng, has surged during the New Year holiday, with sales increasing by 55% year-on-year according to JD Health's data [1] - JD Health has established a "one ginseng, one certificate" quality traceability system, allowing consumers to verify product origins, growth years, and testing results through QR codes [1][3] Group 1: Industry Overview - Jilin Province is recognized as the original and core production area for ginseng in China, benefiting from unique ecological conditions and extensive cultivation experience [3] - The province has developed a comprehensive ginseng industry system that integrates planting, processing, and research, positioning itself as a key player in the global ginseng market [3] - JD Health is collaborating with Jilin Province to enhance the ginseng industry from a resource advantage to a brand and value advantage, promoting high-quality, traceable ginseng products [3] Group 2: Product Standards and Quality Control - In 2023, JD Health, in collaboration with authoritative institutions, launched the "JD Good Ginseng" standards, which set clear and strict requirements for ginseng definition, age labeling, and testing certification, exceeding national standards in some areas [3] - JD Health applies rigorous quality control and traceability systems to both everyday health supplements and high-grade, rare ginseng resources, ensuring a regulated display and certification environment [4] - A notable auction of a century-old wild ginseng from Changbai Mountain showcased a specimen weighing 123 grams, surpassing national standards for premium wild ginseng [4] Group 3: Future Developments - JD Health plans to continue enhancing its quality control standards and traceability systems while deepening collaboration with local governments and industry in Jilin Province to promote standardized, transparent, and scalable development of health supplements [5]

京东健康(06618)发布公告，于2026年1月1日，公司根据首次公开发售后股份奖励计划向承授人授出了 涉及53.65万股新股份的53.65万股奖励股份，约占于授出日期已发行股份总数的0.02%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6618（港幣櫃台）及86618（人民幣櫃台）） 授出股份獎勵 董事會宣佈，於2026年1月1日，本公司根據首次公開發售後股份獎勵計劃向承授人授出 了涉及536,489股新股份的536,489股獎勵股份，約佔於授出日期已發行股份總數的0.02%。 授出的詳情如下： (iii) 86,560股獎勵股份將於授出日期起1至4年內歸屬。 授出74,078股獎勵股份的歸屬期間少於12個月，原因為該 等股份為出於行政管理原因在一年內分批授出的部分獎 勵。 1 授出日期： 2026年1月1日 承授人： 本集團僱員（不包括本集團董事及高級管理人員） 授出的對價： 零 授出獎勵股份的數目： 536,489股 授出日期股份的市價： 每股55.500港元 （附註） 歸屬期間： (i) 61,494股獎勵 ...