Ge Long Hui·2025-10-17 06:52Core Viewpoint - Macquarie's research report anticipates a robust performance from JD Health in the third quarter, leading to a projected year-on-year revenue growth of 22% in the second half of the year [1] Group 1: Company Performance - JD Health is expected to maintain its position as a major distribution channel for healthcare products, further increasing market share and consolidating the market despite the diminishing impact of offline pharmacies [1] - The company is adopting a cautious strategy regarding the expansion of offline stores, which is reflected in its operational approach [1] Group 2: Financial Projections - For the second half of the year, adjusted net profit margin is projected to increase by 90 basis points year-on-year to 8.1%, with the corresponding adjusted net profit estimated at 2.9 billion yuan [1] - Macquarie has raised its target price for JD Health from 62.14 HKD to 74.57 HKD, corresponding to a forecasted price-to-earnings ratio of 30 times for the next year, while maintaining an "outperform" rating [1]