Ge Long Hui·2025-11-13 04:03Group 1 - The core viewpoint of the article emphasizes the establishment of a comprehensive health management platform by JD Health, focusing on pharmaceutical e-commerce and medical services to cover the entire user lifecycle [1][2] - JD Health, founded in 2018, has become the largest pharmaceutical health retail channel in China, leveraging the advantages of the parent company's traffic, supply chain capabilities, and logistics system [1] - The opening of online medical insurance purchasing rights is identified as a significant short-term catalyst for the industry, with various regions expected to gradually open online medical insurance settlement rights to mainstream online drug purchasing platforms by 2024 [1] Group 2 - The company is strengthening its "self-operated + platform + instant retail" multi-channel collaboration, enhancing brand recognition through self-operated businesses and meeting urgent medication needs through instant retail [2] - By the first half of 2025, the company's online medical insurance payment services are projected to cover nearly 200 million people, which will effectively promote user conversion to online drug purchases [2] - The company is expected to benefit from the increasing online penetration of pharmaceutical products and the opening of online medical insurance payment rights, with projected revenues of 70.9 billion, 82.4 billion, and 94.2 billion yuan for 2025-2027, and adjusted net profits of 5.7 billion, 6.2 billion, and 7.2 billion yuan respectively [2]