Investment Rating - The report maintains an "Outperform" rating for JD Health International [1][2][17]. Core Insights - JD Health International continues to show strong revenue and profit growth, with Q3 2025 revenue reaching RMB 17.12 billion, a year-on-year increase of 28.7%, and net profit of RMB 1.84 billion, up 97.2% year-on-year [3][13][14]. - The company has raised its full-year revenue growth guidance to approximately 22.0% from the previous 20.0%, and adjusted profit target to RMB 6.20 billion from RMB 5.60 billion, reflecting strong Q3 performance [4][15]. - The report highlights the company's effective marketing investments and improved bargaining power in the pharmaceutical category as key drivers of growth [14][16]. Financial Performance Summary - For FY 2025, revenue is projected to be RMB 71.05 billion, representing a 22.1% year-on-year growth, while adjusted profit is expected to be RMB 6.21 billion, a 30% increase [5][16]. - The gross profit margin is expected to improve to 24.6% in FY 2025, with a net profit margin of 7.5% [10][16]. - The company’s DCF valuation predicts an equity value of HKD 227.44 billion, corresponding to a target share price of HKD 71.07, reflecting a 4.3% increase in target price [5][17].

Core Points - The theme for World AIDS Day on December 1 is "Social Co-governance, Upholding Integrity and Innovation, Ending AIDS," aimed at uniting various sectors to advance high-quality development in AIDS prevention and treatment [1] - JD Health is leveraging its supply chain and medical service resources to build an integrated "Prevention-Testing-Care" system for AIDS, disseminating professional and scientific prevention knowledge to a broader audience [1] Group 1 - JD Health has partnered with well-known brands like Abbott, Wantai, and Jissbon to conduct various AIDS prevention activities, utilizing online platforms, content marketing, short video releases, and offline campus outreach to promote AIDS prevention knowledge [1] - Early detection and diagnosis are emphasized as key factors in improving AIDS prevention outcomes, with JD Health providing HIV self-test kits that deliver results in as little as 15 minutes while ensuring patient privacy through discreet shipping [1] - JD Health has launched the fourth-generation HIV test kit in collaboration with Abbott, which allows for combined antigen-antibody testing, significantly reducing the window period for detection [1] Group 2 - JD Daojia has introduced HIV antibody testing services in select areas of Beijing and Shanghai, allowing users to order through the JD app, with professional nurses providing home blood collection and reports available within an average of 3 hours [2] - JD Health aims to deepen collaboration with partners to integrate professional medical health services, enhance public awareness of AIDS prevention, and improve accessibility to medical resources for AIDS prevention and treatment, contributing to the goal of a "World Without AIDS" [2]

Core Viewpoint - The theme for World AIDS Day on December 1st is "Social Co-governance, Integrity Innovation, and Ending AIDS," aiming to unite various sectors to advance high-quality development in AIDS prevention and treatment [1] Group 1: Initiatives and Collaborations - JD Health collaborates with leading brands like Abbott, Wantai, and Jissbon to conduct diverse AIDS prevention activities, utilizing online platforms, content marketing, short video releases, and offline campus events to disseminate professional AIDS prevention knowledge [2] - A "Youth AIDS Prevention Carnival" was held in collaboration with Jissbon and the Hubei Provincial Center for Disease Control at Wuhan University of Science and Technology, featuring knowledge quizzes, interactive games, and free consultations [4] - JD Health launched an online "AIDS Prevention Experience Program" with brands like Yugan, 37.5, and Mingliu, organizing live broadcasts with health experts to explain prevention knowledge and distribute 100,000 free condom samples [4] Group 2: Testing and Privacy Measures - JD Health offers convenient HIV self-testing kits that provide results in as little as 15 minutes, with a focus on privacy through "discreet shipping" [5] - The company has partnered with Abbott to introduce a fourth-generation HIV test that significantly reduces the window period for detection [5] - JD Health's home testing service for HIV antibody detection is available in select areas of Beijing and Shanghai, with professional nurses providing blood collection and reporting results within an average of 3 hours [5] Group 3: Future Goals - JD Health plans to deepen collaboration with partners to integrate professional healthcare resources, enhance public awareness of AIDS prevention, and improve accessibility to AIDS treatment resources, contributing to the goal of a "world without AIDS" [6]

另一方面，京东健康近期全网独家首发可威®奥司他韦颗粒15mg×18袋疗程装，精准聚焦儿童流感治疗 中"剂量不匹配、药品易浪费"的痛点。该规格基于5天标准疗程设计，可覆盖1岁以上、体重低于15kg儿 童的全周期用药，实现"一次购药、覆盖全疗程"，极大简化了家长的备药与用药流程，有效避免药品浪 费。首发以来，该产品日均成交额增速超100%，成为众多家庭流感备药的首选。 本文源自：智通财经网 智通财经获悉，京东健康(06618)早盘涨近4%，截至发稿，涨3.19%，报63港元，成交额1.49亿港元。 消息面上，近日，据动脉网报道，随着各地流感高峰到来，呼吸道传染病检测需求攀升，京东健康数据 显示流感检测试剂盒销量大增，多联检试剂盒成新趋势。为应对需求，京东健康联合品牌商家启动专项 保障机制，确保稳定供应不涨价。其医疗器械部门上月联合多家品牌及企业成立IVD品牌联盟，提前预 测需求，科学备货。同时，京东健康升级履约时效，部分地区最快半小时送达。 ...

每经AI快讯，京东健康(06618.HK)早盘涨近4%，截至发稿，涨3.19%，报63港元，成交额1.49亿港元。 ...

Core Viewpoint - JD Health (06618) has seen a significant increase in stock price, rising nearly 4% in early trading, attributed to the surge in demand for respiratory disease testing kits amid the flu season [1] Group 1: Stock Performance - JD Health's stock price increased by 3.19%, reaching HKD 63, with a trading volume of HKD 149 million [1] Group 2: Market Demand and Response - The demand for flu testing kits has surged, leading JD Health to implement a special supply guarantee mechanism in collaboration with brand partners to ensure stable supply without price increases [1] - JD Health's medical device department formed an IVD brand alliance with multiple brands and companies to anticipate demand and manage inventory effectively [1] Group 3: Product Launch and Innovation - JD Health has launched an exclusive product, Oseltamivir granules (15mg×18 bags), specifically designed for children's flu treatment, addressing issues of dosage mismatch and medication waste [1] - The new product is designed for a 5-day standard treatment course, simplifying the medication process for parents and significantly reducing drug waste [1] - Since its launch, the product has seen an average daily sales growth of over 100%, becoming a preferred choice for families preparing for flu season [1]

京东健康(06618)早盘涨近4%，截至发稿，涨3.19%，报63港元，成交额1.49亿港元。 另一方面，京东健康近期全网独家首发可威奥司他韦颗粒15mg×18袋疗程装，精准聚焦儿童流感治疗 中"剂量不匹配、药品易浪费"的痛点。该规格基于5天标准疗程设计，可覆盖1岁以上、体重低于15kg儿 童的全周期用药，实现"一次购药、覆盖全疗程"，极大简化了家长的备药与用药流程，有效避免药品浪 费。首发以来，该产品日均成交额增速超100%，成为众多家庭流感备药的首选。 消息面上，近日，据动脉网报道，随着各地流感高峰到来，呼吸道传染病检测需求攀升，京东健康数据 显示流感检测试剂盒销量大增，多联检试剂盒成新趋势。为应对需求，京东健康联合品牌商家启动专项 保障机制，确保稳定供应不涨价。其医疗器械部门上月联合多家品牌及企业成立IVD品牌联盟，提前预 测需求，科学备货。同时，京东健康升级履约时效，部分地区最快半小时送达。 ...

Core Insights - The demand for respiratory infectious disease testing is rising sharply as flu peaks arrive across various regions, with significant sales growth in flu test kits reported by JD Health [1] - JD Health has established a special guarantee mechanism in collaboration with brand merchants to ensure stable supply without price increases in response to the growing user demand [1] - Multi-detection test kits that can simultaneously test for influenza A, influenza B, COVID-19, and mycoplasma pneumonia have emerged as a new trend this year [1] Group 1 - JD Health has formed an IVD (in vitro diagnostics) brand alliance with multiple test kit brands and manufacturers to predict flu season demand and ensure stable product supply during peak periods [1] - The company has upgraded its fulfillment efficiency, enabling priority receipt and rapid shelving of flu test kits, with some regions able to achieve delivery in as fast as half an hour [1] Group 2 - JD Health offers a comprehensive solution for flu prevention and treatment through its unique "medical-testing-diagnosis-drug" closed-loop service capability, allowing users to consult with doctors online after receiving test results [2] - The company plans to continue monitoring respiratory disease trends and user demand changes, leveraging its supply chain and medical service resources to support early screening and family health management during the flu season [2]

Core Insights - The demand for respiratory infectious disease testing is surging as flu peaks arrive across various regions, with flu test kit sales doubling year-on-year, particularly in Beijing, Tianjin, and Hebei [1][2] - JD Health is leveraging its supply chain advantages to ensure stable supply and prevent price increases, having established a special guarantee mechanism in collaboration with brand merchants [1] - Multi-detection test kits that can simultaneously test for influenza A, influenza B, COVID-19, and mycoplasma pneumonia are emerging as a new trend to meet user needs for rapid diagnosis [1] Supply Chain and Logistics - JD Health has formed an IVD brand alliance with multiple test kit brands and manufacturers to predict flu season demand and ensure stable product supply during peak periods [1] - The company has upgraded its fulfillment efficiency, enabling priority receipt and rapid listing of flu test kits, with some regions like Beijing, Shanghai, Guangzhou, Tianjin, and Shenzhen offering delivery in as fast as 30 minutes [1][2] Healthcare Services - JD Health provides a comprehensive solution for flu prevention and treatment through its unique "medical-testing-diagnosis-drug" closed-loop service, allowing users to consult with doctors online after receiving test results [2] - The company emphasizes its commitment to monitoring respiratory disease trends and user demand, aiming to support early screening and detection for family health management during the flu season [2]

Core Insights - The demand for respiratory infectious disease testing is increasing as flu peaks arrive in various regions [1] - JD Health Medical Devices reported that the sales of flu test kits have doubled in the past week [1] Company Summary - JD Health Medical Devices has seen a significant surge in the sales of flu test kits, indicating a strong market response to the rising demand for testing [1] Industry Summary - The respiratory infectious disease testing market is experiencing heightened activity due to seasonal flu outbreaks, reflecting a broader trend in public health response [1]