Zhi Tong Cai Jing·2025-11-18 07:40Core Viewpoint - JD Health (06618) shows strong revenue and profit growth in Q3 2025, with accelerating growth rates, supported by expanded insurance payment coverage, offline service expansion, and deepening AI medical applications, reinforcing its leading position in the pharmaceutical e-commerce sector [1] Performance - In Q3 2025, JD Health achieved revenue of 17.12 billion yuan, a year-on-year increase of 28.7% from 13.3 billion yuan, with growth accelerating from 23.7% in Q2 [2] - Operating profit reached 1.243 billion yuan, a significant year-on-year increase of 125.3% [2] - Non-IFRS operating profit was 1.378 billion yuan, up 59.9% year-on-year, while Non-IFRS net profit was 1.902 billion yuan, reflecting a 42.4% increase [2] Operational Data - JD Health continues to expand insurance payment coverage and upgrade service networks, with online insurance payments benefiting nearly 200 million people, a substantial increase from over 100 million year-on-year [3] - As of June 30, 2025, the platform had over 150,000 merchants, an increase of over 50,000 from the end of 2024 [3] - The "AI Jingyi" intelligent service user base surpassed 50 million, and offline service expansion included the opening of new medical beauty stores and health check centers [3] Strategic Cooperation - In Q3 2025, JD Health signed strategic cooperation agreements with several well-known pharmaceutical companies, including Eli Lilly and Bayer China, to strengthen its position in the high-end drug supply chain [4] Medical AI Applications - JD Health partnered with Huazhong University of Science and Technology to create a leading smart outpatient service platform, promoting the application of AI products in hospital outpatient services [5] - The AI accompaniment system aims to enhance patient experience and improve medical resource utilization, with potential for replication in more hospital settings [5] Investment Recommendations - JD Health's leading position in pharmaceutical e-commerce is solid, with ongoing online insurance payment policies and the scaling of AI services expected to provide short- to medium-term catalysts [6] - Revenue forecasts for 2025-2027 are projected at 71 billion, 82.9 billion, and 95.5 billion yuan, with adjusted net profits of 6.3 billion, 7.4 billion, and 8.5 billion yuan, respectively [6] - The current stock price corresponds to P/E ratios of 32, 28, and 24 times for the respective years [6]