Xinda Securities·2025-08-18 12:01Investment Rating - The investment rating for JD Health (6618.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth potential [1][12]. Core Viewpoints - JD Health reported a revenue of approximately 35.29 billion yuan for H1 2025, representing a year-on-year increase of 24.5%. The pre-tax profit was 2.864 billion yuan, up 17.4% year-on-year, and the net profit attributable to shareholders was about 2.591 billion yuan, reflecting a 27.4% increase [2][3]. - The growth in revenue is driven by an increase in active user numbers, improved penetration rates, and an expansion of product categories. The active user count exceeded 200 million, with an average of over 500,000 daily consultations in H1 2025 [3][4]. - The company continues to expand its product launch lineup, including innovative drugs and non-pharmaceutical products, which are expected to enhance sales and user engagement [3][4]. Financial Summary - For the fiscal years 2024A to 2027E, total revenue is projected to grow from 58.16 billion yuan in 2024 to 93.737 billion yuan in 2027, with year-on-year growth rates of 9%, 21%, 15%, and 16% respectively [5][6]. - The pre-tax profit is expected to increase from 4.797 billion yuan in 2024 to 7.13 billion yuan in 2027, with corresponding growth rates of 78.13%, 14.93%, 12.10%, and 15.37% [5][6]. - The gross margin is anticipated to improve from 22.88% in 2024 to 25.18% in 2027, indicating enhanced profitability [5][6]. User Engagement and AI Integration - The company has integrated AI into its healthcare services, with the "AI Jingyi" platform serving over 50 million users by June 30, 2025. This includes various AI-driven services for patients and healthcare professionals [3][4]. - JD Health is also enhancing its specialized medical capabilities, focusing on areas such as dermatology, mental health, and traditional Chinese medicine, which have collectively served over 20 million patients [4].