Ge Long Hui·2025-11-19 20:09Core Insights - JD Health achieved a revenue of 17.12 billion yuan in Q3 2025, a year-on-year increase of 28.7% from 13.3 billion yuan, with growth accelerating from 23.7% in Q2 2025 [1][2] - The company's operating profit reached 1.243 billion yuan, a significant year-on-year increase of 125.3%, while Non-IFRS operating profit was 1.378 billion yuan, up 59.9% [1][2] - Non-IFRS net profit was 1.902 billion yuan, reflecting a year-on-year growth of 42.4%, with net profit margin improving from 10.1% in the first half of the year to 11.1% [2] Operational Data - JD Health expanded its online medical insurance payment services to nearly 200 million people, a substantial increase from over 100 million a year ago [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, and offline service expansion included the opening of new medical beauty and health check-up centers [2] Strategic Collaborations - In Q3 2025, JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, and Bayer China, reinforcing its position in the high-end drug supply chain [3] - The company is developing a leading smart outpatient service platform in collaboration with Huazhong University of Science and Technology, aiming to enhance patient experience through AI-assisted services [3] Investment Outlook - JD Health's leading position in the pharmaceutical e-commerce sector is expected to be bolstered by ongoing online medical insurance payment policies and the scaling of AI services [4] - 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 [4]