JD HEALTH(06618)2025-03-06 09:00Financial Performance - Revenue for the year ended December 31, 2024, was RMB 58,159,881,000, representing an 8.6% increase from RMB 53,529,941,000 in 2023[4] - Gross profit increased by 12.2% to RMB 13,308,577,000, up from RMB 11,865,336,000 in the previous year[4] - Operating profit surged by 132.9% to RMB 1,469,464,000, compared to RMB 630,848,000 in 2023[4] - Annual profit reached RMB 4,157,014,000, a 94.0% increase from RMB 2,142,880,000 in the prior year[4] - 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 product sales from RMB 45.7 billion to RMB 48.8 billion[36] - Service revenue rose by 18.9% from RMB 7.9 billion in 2023 to RMB 9.4 billion in 2024, attributed to increased digital marketing service fees due to a higher number of advertisers[36] - Annual profit increased from RMB 2.1 billion in 2023 to RMB 4.2 billion in 2024[46] - Total revenue for 2024 was RMB 58.16 billion, an increase of 8.5% from RMB 53.53 billion in 2023[70] - Gross profit for 2024 was RMB 13.31 billion, representing a gross margin of 22.9%, compared to RMB 11.87 billion and a gross margin of 22.1% in 2023[70] - Annual profit for 2024 was RMB 4.16 billion, a significant increase of 94.2% from RMB 2.14 billion in 2023[71] User Engagement and Services - As of December 31, 2024, the annual active user count reached 183.6 million, with an average of over 490,000 online consultations per day throughout the year[17] - Daily online consultation volume at the company's internet hospital exceeded 490,000 by December 31, 2024[27] - The company has established the largest online team of licensed pharmacists and nutritionists in the country, enhancing personalized health consultation services[23] - JD Health's online medical services have expanded to include nearly 40 home healthcare services, enhancing user experience[10] - The company upgraded its instant delivery service, achieving delivery times as fast as 9 minutes for consumers nationwide[9] Product Development and Innovation - The company launched nearly 30 new specialty drugs online, reinforcing its position as the first station for new specialty drug launches[20] - The company has introduced 149 rapid testing products, covering over 1.5 billion people across 12 core cities[10] - The company launched 149 home testing service products across 12 cities, providing equivalent testing services to offline medical institutions[28] - The company is actively involved in the development of AI-driven products and solutions for healthcare, including smart health assistants and AI psychological companions[16] - The company has introduced AI health assistant products and smart doctor assistant services to enhance online healthcare service experiences[30] Strategic Partnerships and Market Position - Strategic partnerships were signed with brands like Swisse and GNC to enhance product co-creation and marketing efforts, improving brand influence and sales[21] - The company is focused on building a unified online entry point for users to access quality healthcare services efficiently[16] - The company aims to strengthen its advantages in the pharmaceutical health supply chain by enhancing cost, efficiency, and user experience[14] - The company is committed to driving "technology for the public" to ensure equitable healthcare access through innovative solutions[16] Financial Position and Cash Flow - Cash and cash equivalents rose from RMB 15.0 billion in 2023 to RMB 22.6 billion in 2024, reflecting a net increase of RMB 7.4 billion[51] - Operating cash flow for 2024 was RMB 4.3 billion, compared to RMB 4.6 billion in 2023, while investment activities generated a net cash inflow of RMB 3.1 billion[52] - The net cash used in investing activities in 2024 was RMB 3.1 billion, mainly due to the maturity of fixed deposits amounting to RMB 35 billion[56] - The net cash used in financing activities decreased from RMB 117.2 million in 2023 to RMB 45.6 million in 2024, primarily due to the absence of share repurchase payments in 2024[57] - The company had no outstanding borrowings as of December 31, 2024, indicating a strong financial position[68] Operational Efficiency - Operating costs increased by 7.6% from RMB 41.7 billion in 2023 to RMB 44.9 billion in 2024, primarily due to higher sales volumes of pharmaceutical and health products[37] - Fulfillment expenses increased by 14.1% from RMB 5.3 billion in 2023 to RMB 6.0 billion in 2024, with fulfillment expenses as a percentage of revenue rising from 9.9% to 10.4%[39] - R&D expenses grew by 8.5% from RMB 1.2 billion in 2023 to RMB 1.3 billion in 2024, maintaining a stable percentage of revenue at 2.3%[42] - General and administrative expenses decreased by 29.0% from RMB 2.0 billion in 2023 to RMB 1.4 billion in 2024, with the percentage of revenue dropping from 3.7% to 2.4%[43] Assets and Liabilities - Total assets increased to RMB 71,274,993 thousand in 2024 from RMB 64,288,300 thousand in 2023, representing a growth of approximately 15%[74] - Current assets increased to RMB 58,460,415 thousand in 2024, up from RMB 47,849,891 thousand in 2023, showing a growth of approximately 22%[74] - Non-current assets decreased to RMB 12,814,578 thousand in 2024 from RMB 16,438,409 thousand in 2023, a decline of about 22%[74] - Trade receivables rose to RMB 551,370 thousand in 2024 from RMB 347,962 thousand in 2023, an increase of about 58%[87] - Trade payables increased to RMB 10,423,314 thousand in 2024 from RMB 9,660,450 thousand in 2023, reflecting a growth of approximately 8%[88] Governance and Compliance - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2024[94] - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[90] - No purchases, sales, or redemptions of the company's listed securities occurred during the reporting period[96] - The annual results announcement will be published on the Hong Kong Stock Exchange website and the company's website[101]