Ge Long Hui·2026-01-06 02:49Core Viewpoint - Nomura forecasts that JD Health's performance in the second half of 2025 will exceed market expectations, primarily driven by a surge in flu cases in the fourth quarter, leading to increased demand for pharmaceuticals [1] Revenue Projections - Nomura estimates that JD Health's revenue in the fourth quarter of 2025 will reach 20 billion yuan, representing a year-on-year growth of 22% [1] - The growth is attributed to the pharmaceutical, nutritional, and medical device segments, which are expected to achieve year-on-year sales growth of 30%, 20%, and 10% respectively [1] Market Drivers - The spread of flu cases in the fourth quarter is expected to significantly contribute to pharmaceutical sales, accounting for a high single-digit percentage of total pharmaceutical revenue [1] - Sales of medical devices, such as home oxygen concentrators, are also anticipated to increase due to the flu outbreak [1] Marketing Strategies - Nutritional brands are expected to continue effective marketing campaigns in the fourth quarter, reinforcing their robust growth trajectory [1]