Ge Long Hui A P P·2025-08-04 05:36Core Viewpoint - Credit Suisse expects JD Health to show strong performance in the first half of 2025, with total revenue projected to grow by 23% year-on-year to reach 34.8 billion yuan, driven by the successful 618 shopping festival, particularly in the nutrition and medical device categories [1] Financial Performance - Total revenue for JD Health is expected to reach 34.8 billion yuan in the first half of 2025, reflecting a year-on-year growth of 23%, with a 20% increase in Q2 and a 26% increase in Q1 [1] - Adjusted EBITDA is projected to grow by 57% year-on-year to 2.5 billion yuan, supported by improved gross margins and strict control over investments in real-time demand [1] Profit Forecasts - Credit Suisse has raised its adjusted net profit forecasts for JD Health by 5% and 6% for 2025 and 2026, respectively, due to better cost control [1] - The target price for JD Health has been increased from 45 HKD to 56 HKD [1] Market Position - JD Health is identified as a major beneficiary of JD's aggressive investment strategy in app user growth [1] - The company maintains an "outperform" rating according to Credit Suisse [1]