Core Viewpoint - The pharmaceutical e-commerce industry is experiencing a turnaround, with leading companies like JD Health demonstrating sustained performance, indicating the end of the bottom cycle and the beginning of a new upward trend [1][3]. Financial Performance - JD Health reported a revenue of 35.29 billion yuan in the first half of the year, a year-on-year increase of 24.5% [1]. - The non-IFRS profit reached 3.57 billion yuan, up 35% year-on-year, while the net profit attributable to shareholders was 2.59 billion yuan, reflecting a 27.4% increase [1]. - Gross profit stood at 8.89 billion yuan, with a gross margin of 25.2%, indicating a high level of profitability [1]. User Engagement and Market Response - As of the end of Q2 2025, JD Health had over 200 million annual active users and more than 150,000 third-party partner merchants [3]. - Following the earnings report, JD Health's stock surged over 11%, with market capitalization briefly exceeding 200 billion HKD, marking a two-year high [3]. - Year-to-date, JD Health's stock has risen over 117%, with a dynamic P/E ratio exceeding 38 times, significantly higher than the industry average of 11.96 times [3]. Industry Context and Competitive Landscape - The pharmaceutical e-commerce sector has faced valuation declines due to market biases against the retail industry, but it is evolving beyond just a drug-selling platform to a comprehensive industry driven by "medical services + pharmaceutical retail + AI" [3][5]. - JD Health, established in 2019, has rapidly expanded and became the largest online retail pharmacy in China by revenue, capturing a market share of 29.8% by 2019 [7]. Strategic Developments - JD Health has enhanced its service offerings, achieving an average of over 500,000 daily consultations through its internet hospital by mid-2025 [9]. - The company has expanded its at-home healthcare services to cover 64 items across seven categories, including home care and rehabilitation [9]. - In the AI sector, JD Health has launched various AI products, serving over 50 million users and enhancing the online healthcare experience [10]. Future Outlook - Analysts expect JD Health to benefit from increased collaboration with pharmaceutical manufacturers and a focus on the online market, projecting a 30% and 21% increase in net profit forecasts for 2025 and 2026, respectively [11].
半年净赚25.9亿，刘强东的医药生意大爆发
3 6 Ke·2025-08-17 02:33