Zhi Tong Cai Jing·2025-10-14 09:20Core Viewpoint - Bank of America Securities reports that JD Health (06618) significantly outperformed expectations in the first half of 2025, with continued strong performance anticipated for the second half [1] Group 1: Financial Performance - Bank of America has raised its revenue growth forecast for JD Health in 2025 from 20% to 22% [1] - The adjusted operating profit growth forecast for 2025 has been increased from 32% to 40% [1] - The adjusted net profit forecast for JD Health from 2025 to 2027 has been raised by 3% based on a more optimistic growth outlook [1] Group 2: Target Price and Rating - The discounted cash flow target price for JD Health has been increased from HKD 68 to HKD 71 [1] - The rating for JD Health remains "Buy" based on the improved growth prospects [1] Group 3: Quarterly Expectations - For the third quarter, Bank of America has revised its forecasts for JD Health, expecting the company to maintain rapid revenue growth momentum seen in the first half [1] - The fourth quarter forecast remains conservative, pending more visibility after the Double Eleven shopping festival [1] - It is anticipated that JD Health's gross margin will expand year-on-year in the second half [1]