Core Viewpoint - JD Health Traditional Chinese Medicine Hospital launched a user care activity "Buy Chinese Medicine, Get a Sweet Treat" to enhance user experience and break the stereotype of traditional Chinese medicine being bitter [1][2] Group 1: User Care Activity - The activity offers users a small treat, such as "Hawthorn strips," with their purchase of Chinese medicine, aiming to alleviate the discomfort of taking medicine and convey a warm service experience [1] - The initiative emphasizes the combination of attentive service and professional medical care, making traditional Chinese medicine more accessible and pleasant for users [1] Group 2: Medical Team and Services - JD Health Traditional Chinese Medicine Hospital covers 29 specialties and has a team of over 7000 clinical Chinese medicine practitioners, including national-level masters and senior doctors [1][2] - The platform provides 24/7 online consultation services with an average response time of just 30 seconds, significantly improving the efficiency and experience of accessing Chinese medicine services [1] Group 3: Supply Chain and Quality Assurance - The hospital has established an efficient nationwide supply chain with over 2300 Chinese medicine SKUs, supporting various forms of medicine such as pills, powders, and decoctions [2] - The delivery rate for orders within 48 hours is as high as 92%, ensuring timely access to medications [2] - The hospital collaborates with quality pharmacies and traditional brands to ensure that all medicinal materials meet pharmacopoeia standards, promoting quality and affordability [2] Group 4: Future Development - JD Health Traditional Chinese Medicine Hospital aims to continue the digitalization, standardization, and humanization of Chinese medicine services, making high-quality resources more accessible to the public [2]

在痛风防治领域，双方将共同探索构建覆盖尿酸监测、用药管理及长期随访的数字化防治体系；在呼吸 与过敏领域，依托专业管线产品，聚焦于构建从预防、诊断到治疗与康复的线上支持体系，让专业健康 服务更加可及；在营养补充领域，双方将整合研发与渠道优势，最终旨在为各年龄段人群提供精准营养 与体重管理解决方案等。 据介绍，随着本次战略合作的达成，金赛药业全球首款长效痛风药物"金蓓欣"伏欣奇拜单抗将在京东健 康开启预约。 此前在11月13日晚间，京东健康发布的2025年第三季度业绩报告显示，期内实现收入171.2亿元，同比 增长28.7%；非国际财务报告准则指标下(Non-IFRS)净利润为19亿元，同比增长42.4%。报告期内，京东 健康全网首发超30款新特药，持续巩固"新特药全网首发第一站"优势。 11月26日，京东健康与金赛药业签署战略合作协议。双方将聚焦儿童健康、痛风、呼吸与过敏、女性健 康、营养补充等六大领域，打造以患者为中心的疾病全周期健康管理解决方案。 官网显示，金赛药业是一家创新驱动的全产业链制药企业。作为长春高新（000661）控股子公司，金赛 药业拥有完整的研产销全产业链体系，年营收超百亿元，已推出核心产品 ...

FY25 guidance 25 November 2025 | 2:22AM HKT Equity Research JD Health International (6618.HK): Internet Trip takeaways: continued share gain across categories, drugs momentum to continue; Buy We hosted JD Health (JDH) Investor Relations team with investors on Nov 24 in Beijing during our China internet trip, where investors' key focus and our takeaways were centered around: 1) FY25 revenue and profit guidance; 2) recent trend by product category; 3) thoughts and investments on O2O initiatives; 4) update on ...

今年8月份，京东健康与知原药业签署战略合作协议，未来双方聚焦皮肤健康领域，从医药供应链、全 域营销、跨境药品等方面，展开全方位、多维度、深层次的合作。此次与知原药业新品首发的合作，是 双方探索合作的进一步落地。 未来双方还将持续加深合作，合力构建更智能、完善的皮肤全周期健康服务生态，为消费者提供全方位 健康保障。 （编辑 李波） 本报讯 （记者袁传玺）近日，知原药业旗下的丽芙®丙酸氟替卡松乳膏宣布将在京东健康线上首发， 为湿疹、特应性皮炎等皮肤疾病患者提供更加便捷的购药渠道与专业服务。 丙酸氟替卡松乳膏作为一种糖皮质激素类药物，具有抗炎、抗过敏和免疫抑制的多重作用。该药通过抑 制炎症反应，减少炎症介质的释放和炎症细胞的浸润，达到抗炎效果，同时能够有效抑制过敏反应，缓 解患者瘙痒、红肿等过敏性症状。同时，丙酸氟替卡松乳膏适用于成年人及儿童多种皮肤炎症性疾病的 治疗，包括湿疹、特应性皮炎、银屑病等。凭借其抗炎、止痒及快速缓解症状的特点，在全球市场广受 认可。 知原药业是一家专注于皮肤疾病领域创新研发与生产的制药企业，建有国家博士后科研工作站、江苏省 工程研究中心、江苏省企业技术中心、江苏省工程技术研究中心等研发创 ...

Core Insights - Livor Fluticasone Propionate Cream, launched by Zhiyuan Pharmaceutical, will be available on JD Health, providing a convenient purchasing channel and professional services for patients with skin diseases such as eczema and atopic dermatitis [1] Company Overview - Zhiyuan Pharmaceutical specializes in innovative research and production in the field of skin diseases, with established research platforms including a national postdoctoral research station and various engineering research centers in Jiangsu [1] - The company has developed a strong influence in its niche market over more than 20 years of development [1] Product Details - Fluticasone Propionate Cream is a corticosteroid with anti-inflammatory, anti-allergic, and immunosuppressive properties, effective in treating various inflammatory skin diseases in both adults and children [1] - The cream is recognized globally for its ability to suppress inflammation and alleviate allergic symptoms such as itching and redness [1] Strategic Partnership - In August, JD Health and Zhiyuan Pharmaceutical signed a strategic cooperation agreement focusing on skin health, covering areas such as pharmaceutical supply chain, comprehensive marketing, and cross-border pharmaceuticals [1] - The launch of the new product is a further step in the collaboration between the two companies, aiming to enhance their partnership [1] Future Collaboration - The two companies plan to deepen their cooperation to build a more intelligent and comprehensive skin health service ecosystem, providing consumers with all-around health protection [2]

恒指跌2.38%，恒生科技指数跌3.21%，科网、半导体股跌幅靠前，京东健康跌逾8%，中芯国际、华虹 半导体跌逾6%，腾讯音乐、百度集团跌逾5%，阿里巴巴跌逾4%。（AI生成） ...

Group 1 - The core point of the article is that southbound funds have reduced their holdings in JD Health (06618.HK) by 644,800 shares on November 20, 2025, with a total net reduction of 1,712,100 shares over the past five trading days [1][2] - Over the last 20 trading days, southbound funds have reduced their holdings on 9 days, resulting in a total net reduction of 1,725,100 shares [1][2] - As of now, southbound funds hold 277 million shares of JD Health, accounting for 8.66% of the company's total issued ordinary shares [1][2] Group 2 - JD Health is primarily engaged in providing pharmaceutical and health products, internet medical health services, health management, and intelligent medical health solutions [2] - The company's business includes retail pharmacy and medical health services, with retail pharmacy operations conducted through self-operated and online platforms as well as instant retail channels [2] - Medical health services are mainly provided through internet hospitals and medical large models, along with online marketing services such as advertising [2]

京东健康相关负责人表示，未来将继续深化与医疗机构的战略协作，将此次糖尿病管理的成功模式推广至更广泛的疾病领 域，让"健康中国"的战略蓝图通过一次次有温度、有实效的创新服务，真正落地生根，惠及千家万户。 （编辑 李家琪 张昕） 本报讯 （记者袁传玺）近日，京东健康联合上海交通大学医学院附属仁济医院、中山大学附属第一医院、南方医科大学南 方医院等国内权威医疗机构，并汇聚多家爱心企业，共同启动"科学控糖乐享生活——2025世界糖尿病日健康嘉年华"系列活 动。此次系列活动旨在通过线上线下融合的互动形式，推动糖尿病防治从"被动诊疗"向"主动健康"转变，助力"健康中国"战略 落地。 本次活动自11月13日起陆续在多家医院展开。本次活动的核心在于超越传统义诊模式，共同构建覆盖"筛-诊-管-护-防"全链 条的健康管理新生态。活动现场，从免费筛查检测与专家义诊，到趣味互动问答与游戏，再到发布的权威科普手册《糖友健康 管理实用指南》，共同将严肃医疗场景转化为富有参与感与获得感的健康嘉年华。这一系列设计旨在引导公众转变健康观念， 切实破解患者"知易行难"的困境，让科学控糖知识成为患者乐于接受、易于掌握的生活技能。 在这一生态的构建 ...

Core Insights - JD Health achieved a revenue of 17.12 billion yuan in Q3 2025, a year-on-year increase of 28.7% from 13.3 billion yuan, with growth accelerating from 23.7% in Q2 2025 [1][2] - The company's operating profit reached 1.243 billion yuan, a significant year-on-year increase of 125.3%, while Non-IFRS operating profit was 1.378 billion yuan, up 59.9% [1][2] - Non-IFRS net profit was 1.902 billion yuan, reflecting a year-on-year growth of 42.4%, with net profit margin improving from 10.1% in the first half of the year to 11.1% [2] Operational Data - JD Health expanded its online medical insurance payment services to nearly 200 million people, a substantial increase from over 100 million a year ago [2] - The number of platform merchants exceeded 150,000, growing by over 50,000 since the end of 2024 [2] - The "AI Jingyi" intelligent service user base surpassed 50 million, and offline service expansion included the opening of new medical beauty and health check-up centers [2] Strategic Collaborations - In Q3 2025, JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, and Bayer China, reinforcing its position in the high-end drug supply chain [3] - The company is developing a leading smart outpatient service platform in collaboration with Huazhong University of Science and Technology, aiming to enhance patient experience through AI-assisted services [3] Investment Outlook - JD Health's leading position in the pharmaceutical e-commerce sector is expected to be bolstered by ongoing online medical insurance payment policies and the scaling of AI services [4] - Revenue forecasts for 2025-2027 are projected at 71 billion, 82.9 billion, and 95.5 billion yuan, with adjusted net profits of 6.3 billion, 7.4 billion, and 8.5 billion yuan respectively [4]

Core Viewpoint - The company reported Q3 2025 financial results that exceeded expectations, with significant growth in revenue and profit metrics, indicating strong operational performance and market demand [1][2]. Financial Performance - Q3 2025 revenue reached 17.12 billion, representing a year-over-year increase of 28.7%, while adjusted operating profit was 1.38 billion, up 59.9%. Adjusted net profit stood at 1.90 billion, reflecting a 42.4% increase, surpassing market expectations of approximately 24% revenue growth and 27% net profit growth [1]. - For the first three quarters of 2025, total revenue was 52.41 billion, up 25.8%, with operating profit at 3.37 billion, a remarkable increase of 112.4%, and adjusted net profit at 5.47 billion, up 37.5% [1]. Growth Drivers - The primary drivers for the exceeded expectations include: 1. **Pharmaceutical Sales Growth**: In H1 2025, pharmaceutical and health product sales generated 29.33 billion in revenue, a year-over-year increase of 22.7%, driven by strong growth in original research drugs and chronic disease categories [2]. 2. **Increased Advertising Revenue**: Online platform and digital marketing revenue reached 5.96 billion in H1 2025, up 34.4% year-over-year, attributed to an increase in advertisers [2]. 3. **AI Integration**: AI-driven consultation services improved user engagement and conversion rates [2]. 4. **Supply Chain Advantages**: Adjusted net profit margin for Q3 2025 was 11.1%, up 1.1 percentage points year-over-year, with a margin of 10.4% for the first three quarters, up 0.9 percentage points, indicating improved procurement costs and policies [2]. Strategic Collaborations - In Q3 2025, the company signed strategic cooperation agreements with major pharmaceutical firms such as Eli Lilly, Innovent Biologics, and Bayer, launching several new drugs on its platform [2]. Market Performance - During the Double 11 shopping festival, over 7,000 brands saw their transaction volumes double year-over-year, with more than 2,500 pharmaceutical brands and health products also experiencing similar growth [3]. - AI consultations showed significant value, with over 30% of user inquiries occurring late at night, a 60%+ increase in consultation numbers, and a user satisfaction rate exceeding 98% [3]. Future Outlook - The company plans to expand its AI health ecosystem, collaborating with brands to establish a smart interconnected ecosystem for health management, with future expansions into various health monitoring areas [3]. - Revenue forecasts for 2025-2027 have been revised upward to 70.95 billion, 82.00 billion, and 93.49 billion, respectively, with net profit estimates adjusted to 4.74 billion, 5.66 billion, and 6.76 billion, reflecting optimism about sustained growth driven by supply chain and AI advantages [3].