Zhi Tong Cai Jing·2025-11-11 03:30Group 1 - The core viewpoint of the report is that Citi has raised its revenue growth forecast for JD Health (06618) for the full year 2025 to 22%, with an expected EBIT margin of 5.7%, up from the previous forecast of 5.0% [1] - The company has also increased its adjusted net profit forecasts for the next two years by 5% and 4% respectively, and raised the target price from HKD 64 to HKD 66, maintaining an "Outperform" rating [1] - JD Health's drug sales in Q3 showed a robust year-on-year growth of over 30%, driven by prescription drugs and chronic disease medications, while health products maintained a year-on-year growth of over 20% [1] Group 2 - The total revenue for JD Health in Q3 is expected to increase by 25% year-on-year to RMB 16.6 billion [1] - The company plans to open 200 stores in the second half of the year, but only opened 50 stores in Q3, leading to an adjusted EBIT expected to rise by over 40% year-on-year to RMB 1.2 billion [1] - For the outlook of the second half of the year, the firm anticipates a year-on-year revenue growth of 20%, indicating a 16% year-on-year increase in Q4 [1]