Zhi Tong Cai Jing·2025-11-13 06:57Group 1 - The core viewpoint of the report is that JD Health is positioned as a leading player in the domestic pharmaceutical e-commerce sector, with significant supply chain and fulfillment advantages, and is expected to benefit from the increasing online penetration of pharmaceutical categories and the opening of online payment permissions for medical insurance [1][2] - JD Health, established in 2018, aims to create a comprehensive health management platform that covers the entire lifecycle of users, focusing on pharmaceutical and health product supply, supported by the group's traffic, supply chain capabilities, and logistics system [2] - The opening of online medical insurance purchasing permissions is identified as a crucial short-term catalyst for the industry, with various regions expected to gradually allow mainstream online drug platforms to access online insurance settlement permissions by 2024 [2] Group 2 - The company is enhancing its "self-operated + platform + instant retail" multi-channel collaboration strategy, consolidating brand recognition through self-operated businesses, enriching the third-party merchant ecosystem, and meeting urgent medication needs through instant retail [3] - As of the first half of 2025, the company's online medical insurance payment services are expected to cover nearly 200 million people, which will effectively promote user conversion to online drug purchases [3] - The advantages of the pharmaceutical e-commerce platform, including price competitiveness, timely delivery, and diverse SKUs, will be highlighted as a result of the integration of medical insurance settlement access [3]