Zhi Tong Cai Jing·2025-08-18 06:09Group 1 - The core viewpoint of the report is that based on strong sales momentum, the profit forecasts for JD Health (06618) for 2025 and 2026 have been raised by 15% and 13% respectively, while maintaining an "outperform" rating [1] - The expectation is that in the second half of 2025, the company's revenue will grow by 16% year-on-year, driven by over 25% growth in pharmaceutical sales, with high double-digit growth anticipated in the sales of supplementary products [1] - The adjusted EBIT is expected to remain flat year-on-year due to ongoing investments in O2O business, offline pharmacies, and AI [1] Group 2 - JD Health's performance in the first half of the year met expectations, with revenue increasing by 24.5% to 35.3 billion RMB [1] - The adjusted EBIT rose by 57% to 2.5 billion RMB, indicating strong operational efficiency [1] - In the second quarter, revenue growth of 24% was sustained, primarily benefiting from the successful 618 shopping festival and robust user growth, with pharmaceutical sales increasing due to a shift in demand from hospitals to outpatient settings [1]