智通财经网·2025-11-18 07:43Core Viewpoint - JD Health (06618) shows strong revenue and profit growth in Q3 2025, driven by the expansion of medical insurance payments, offline service development, 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, accelerating from 23.7% growth 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] - The net profit margin improved from 10.1% in the first half of the year to 11.1% [2] Operational Data - JD Health has expanded online medical insurance payments to nearly 200 million people, a substantial increase from over 100 million year-on-year [2] - The number of platform merchants exceeded 150,000, growing by over 50,000 since the end of 2024 [2] - The "AI Jingyi" intelligent service user base surpassed 50 million [2] - Offline service expansion included the opening of three new health check centers and a significant increase in overall order volume, which grew over four times year-on-year [2] Strategic Cooperation - In Q3 2025, JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, and Bayer China, enhancing its supply chain advantages in high-end pharmaceuticals [3] Medical AI Applications - JD Health partnered with Huazhong University of Science and Technology to create a leading smart outpatient service platform, promoting the comprehensive application of AI products in hospital outpatient services [4] - The collaboration aims to establish a full-process AI accompaniment system to enhance patient experience and improve medical resource utilization [4] Investment Recommendations - JD Health's leading position in pharmaceutical e-commerce is expected to be bolstered by ongoing online medical insurance payment policies and the scaling of AI services [5] - 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 [5] - The current stock price corresponds to P/E ratios of 32, 28, and 24 times for the respective years [5]