Shenwan Hongyuan Securities·2025-08-19 05:23Investment Rating - The report maintains a "Buy" rating for JD Health (06618) [2] Core Insights - JD Health's H1 2025 financial results exceeded expectations, with revenue reaching 35.3 billion RMB, a year-on-year increase of 25%, and adjusted net profit of 3.6 billion RMB, up 35% year-on-year [7] - The growth was driven by increased sales in pharmaceuticals and digital marketing, along with an improvement in gross margin [7] - The company has strengthened its ecosystem in healthcare services and upgraded its AI products for both consumer and business segments [7] - Revenue forecasts for 2025-2027 have been revised upward due to strong performance in pharmaceutical and health product sales, with projected revenues of 70.1 billion, 81.3 billion, and 91.0 billion RMB respectively [7] Financial Data and Profit Forecast - Revenue projections for JD Health are as follows: - 2023: 53.53 billion RMB - 2024: 58.16 billion RMB - 2025E: 70.09 billion RMB - 2026E: 81.35 billion RMB - 2027E: 91.02 billion RMB - The expected growth rates for these years are 15%, 9%, 21%, 16%, and 12% respectively [6][8] - Adjusted net profit forecasts are as follows: - 2025E: 4.23 billion RMB - 2026E: 5.09 billion RMB - 2027E: 5.93 billion RMB [6][8]