Zhi Tong Cai Jing·2025-08-18 06:34Core Viewpoint - Macquarie's report indicates that JD Health (06618) has achieved a 25% year-on-year revenue growth to RMB 35.3 billion, with adjusted operating profit rising by 57%, exceeding both the bank's and market expectations by 8% and 11% respectively [1] Group 1: Financial Performance - JD Health's total revenue increased by 25% year-on-year to RMB 35.3 billion [1] - Adjusted operating profit rose by 57%, surpassing market expectations [1] - The bank has raised its profit forecasts for 2025 and 2026 by 30% and 24% respectively based on the first half performance and supply chain advantages [1] Group 2: Strategic Insights - The company is benefiting from a clear "pharmaceutical and health" closed-loop ecological strategy and channel expansion, marking a development turning point [1] - JD Health's core supply chain competitiveness is expected to translate into stronger pricing power, further driving margin expansion [1] Group 3: Market Position and Future Outlook - JD Group (09618) is actively promoting its food delivery business, which is contributing to user traffic growth for JD Health [1] - The bank anticipates that sales and marketing cost savings will continue into the second half of the year [1] - The forecast for the second half of 2025 indicates a 22% year-on-year revenue growth, with an expected 30 basis points expansion in adjusted net profit margin for the full year [1]