上半年营收353亿，活跃用户首破2亿，京东健康：AI+全渠道实力强劲，股价已飙升136%

Core Viewpoint - The article highlights the strong performance of the pharmaceutical industry, particularly focusing on JD Health's significant growth driven by policy support, market demand, and continuous optimization of its core business areas, including user experience, supply chain, medical services, and AI technology [3][4][18]. Group 1: Financial Performance - As of August 18, 2025, the average increase in A-share pharmaceutical stocks was 43.3%, while Hong Kong pharmaceutical ETFs rose over 82%, with JD Health's stock soaring 136% this year [3]. - JD Health reported a record revenue of 35.3 billion yuan for the first half of 2025, marking a 24.5% year-on-year growth, significantly up from 4.3% in the same period last year [3][4]. Group 2: User Engagement and Market Position - JD Health is positioned as the primary entry point for online health consumption, with active user numbers projected to reach 172.3 million in 2023 and 183.6 million in 2024, surpassing 200 million by 2025 [5]. - The daily consultation volume increased from 450,000 in 2023 to over 500,000 currently, indicating rising user engagement and brand loyalty [5]. Group 3: Supply Chain and Operational Efficiency - JD Health's supply chain is a core business foundation, leveraging a self-operated logistics system and stringent quality control to enhance service efficiency and user experience [7][8]. - The gross margin is expected to rise from 21.16% in 2022 to 25.20% by 2025, while the average revenue per user (ARPU) is projected to increase from 300 yuan in 2022 to 353 yuan in 2025 [6]. Group 4: Innovation and Product Launches - JD Health has launched over 30 innovative drugs online in the first half of 2025, establishing itself as a leader in the online debut of new medications [10]. - The company has also expanded its product offerings in medical devices and health supplements, collaborating with various brands for exclusive online launches [11]. Group 5: AI Integration and Healthcare Services - JD Health has developed the "京医千询" AI model, which is the first fully open-source vertical medical model in China, enhancing service efficiency and quality across various healthcare applications [16][17]. - The company has integrated AI into its services, with over 5 million users benefiting from AI-driven healthcare solutions, including AI doctors and nutritionists [17]. Group 6: Future Outlook - The growth of JD Health is attributed to favorable policies, increasing user base, enhanced brand loyalty, deep collaborations, and the integration of online and offline services [18].