Core Viewpoint - JD Health reported strong Q1 2025 earnings, exceeding market expectations, leading to a significant stock price increase and highlighting its position as a leader in the pharmaceutical e-commerce sector [1] Group 1: Financial Performance - In Q1 2025, JD Health achieved revenue of 16.645 billion RMB, a year-on-year increase of 25.5% [1] - The operating profit was 1.071 billion RMB, representing a substantial year-on-year growth of 119.8% [1] - Adjusted net profit reached 1.3 billion RMB, up 73.4% from 754 million RMB in the same period last year [1] Group 2: Product and Service Innovation - JD Health solidified its position as the "first station for the online launch of new specialty drugs" by introducing several innovative medications in Q1 2025 [1] - The company launched multiple new drugs, including those from Pfizer and Esteve, expanding treatment options for patients [1] - JD Health made significant advancements in the medical AI sector, launching the "AI Jingyi" product system and achieving over 80% usage of AI services in online consultations [2] Group 3: Strategic Partnerships and Collaborations - JD Health deepened collaborations with leading health product companies like Tongrentang and Yanzhiwu, focusing on product innovation and digital supply chain [2] - At the fifth JD Health Partner Conference, the company established cooperation intentions for new products with nearly 50 global brands [2] - A strategic partnership with China National Pharmaceutical Group was announced, focusing on comprehensive supply chain and innovative marketing across various disease areas [3] Group 4: Market Expansion and Competitive Advantage - JD Health aims to enhance its offline capabilities to provide comprehensive services to suppliers, thereby increasing bargaining power [3] - The company's strong supply chain remains a core competitive advantage, contributing to robust growth in patented drugs, health products, and medical devices [3] - JD Health plans to prioritize self-built models in its offline expansion strategy before considering acquisition opportunities [3]

港股公司报告 | 公司点评 京东健康（06618） 证券研究报告 25Q1 业绩点评：收入与盈利实现双增，持续加码医疗 AI 布局 事件：北京时间 2025 年 5 月 13 日，京东健康（06618.HK）发布 2025 年第一季度未经审计业绩。公司 2025 年第一季度实现营业收入 166.45 亿元，较去年同期 132.67 亿元同比增长 25.5%；经营盈利为 10.71 亿元，同比增长 119.8%；非国际准则（Non-IFRS）经营盈利 为 13.08 亿元，同比增长 73.4%；非国际财务报告准则（Non-IFRS） 盈利为 17.68 亿元，同比增长 47.7%。期内，公司持续强化"自营+ 平台+即时零售"全渠道能力，并深化医疗 AI 技术应用，推动服务 效率与用户满意度提升。 点评： 自营商品创新与全渠道协同。2025 年第一季度，京东健康进一步巩 固"新特药全网首发第一站"优势，线上首发辉瑞、银诺医药等多 家企业的创新药品，包括泰泽纳、怡诺轻等，满足患者多元化用药 需求。同时，公司与汤臣倍健、燕之屋等健康品牌深化合作，通过 产品创新、数智化供应链及精准营销协同，助力品牌新品曝光与转 化效率 ...

Market Overview - Hong Kong stocks surged today, with all three major indices rising over 2%. The Hang Seng Index increased by 2.3% or 532.38 points, closing at 23640.65 points, with a total turnover of 2228.41 million HKD [1] - The positive sentiment in the market is attributed to the unexpected progress in the first round of trade negotiations between China and the US, which is expected to continue in a constructive direction [1] Blue-Chip Stocks Performance - JD Health (06618) saw a notable increase of 5.13%, closing at 39.95 HKD, contributing 3.56 points to the Hang Seng Index. The company reported Q1 2025 revenue of 16.645 billion RMB, a year-on-year growth of 25.5%, and operating profit of 1.071 billion RMB, up 119.8% [2] - Other blue-chip stocks included China Life (02628) rising by 6.55% to 16.26 HKD, AIA (01299) up 5.15% to 65.3 HKD, while Link REIT (00823) fell by 1.34% to 40.45 HKD [2] Sector Performance - Large technology stocks collectively rose, with Baidu increasing over 4% and Alibaba and JD both rising over 3% [3] - Financial stocks experienced a significant rally, with China Pacific Insurance (02601) up 6.77% to 24.45 HKD, China Life (02628) up 6.55%, and GF Securities (01776) up 6.31% to 11.46 HKD [3] Shipping Sector - The shipping sector performed well, with Pacific Basin Shipping (02343) rising by 7.78% to 1.94 HKD and Seafront International (01308) up 6.51% to 22.9 HKD. The improvement is linked to the easing of tariff conflicts and a seasonal increase in container shipping demand [4][5] Automotive Sector - The automotive sector saw widespread gains, with Li Auto (02015) rising by 4.54% to 112.8 HKD and Xpeng Motors (09868) up 3.87% to 81.8 HKD. The retail sales of new energy passenger vehicles reached 905,000 units in April, a year-on-year increase of 33.9% [6][5] Coal Sector - The coal sector showed positive movement, with China Coal Energy (01898) up 4.91% to 8.55 HKD. Despite recent price declines, analysts suggest that demand may improve as summer approaches [7] Notable Stock Movements - Tencent Music (01698) surged by 12.84% to 61.5 HKD, reporting Q1 2025 revenue of 7.36 billion RMB, with online music service revenue growing by 15.9% [8] - Smoore International (06969) reached a new high, increasing by 10.18% to 17.32 HKD, amid rising sales of new tobacco products [9] - MicroPort Scientific (02252) saw a decline of 8.12% to 16.52 HKD due to a share placement announcement [10] - Samsonite (01910) dropped by 8.58% to 14.06 HKD after reporting a 7.3% decrease in net sales for Q1 2025 [11]

Group 1 - The China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index (930965) increased by 0.21% as of May 14, 2025, with notable gains from JD Health (06618) up 5.79%, China Biopharmaceutical (01177) up 4.95%, and Alibaba Health (00241) up 2.51% [1] - The Hong Kong Pharmaceutical ETF (159718) rose by 0.29%, with a recent price of 0.69 yuan, and has accumulated a 4.37% increase over the past month [1] - The average daily trading volume of the Hong Kong Pharmaceutical ETF reached 92.78 million yuan in the last month, with a significant weekly scale growth of 999.97 million yuan and an increase of 19 million shares [1] Group 2 - Over 1,000 listed companies have received institutional research in May, with more than 90% of these companies achieving positive returns since the beginning of the month [2] - The most concentrated sectors for institutional research include machinery, electronics, and biopharmaceuticals, with a focus on structural investment opportunities in humanoid robots, electronic sub-sectors, innovative drugs, and pharmaceutical exports [2] Group 3 - Several U.S. healthcare AI companies reported Q1 earnings that exceeded expectations, with many raising their full-year guidance, boosting market confidence in healthcare AI [3] - OpenAI launched a new open-source health benchmark, HealthBench, designed to evaluate large models in real-world medical scenarios, developed over 11 months with input from 262 doctors across 60 countries [3] Group 4 - Ping An Securities recommends continued attention to the innovative pharmaceutical sector supported by policy, as well as consumer-oriented traditional Chinese medicine and healthcare sectors [4] Group 5 - Yongxing Securities believes that the competitiveness of domestic innovative drugs is continuously improving, particularly in their overseas market prospects [5] - Guoyuan Securities notes that all annual reports for 2024 and Q1 2025 in the pharmaceutical industry have been disclosed, with a shift in market focus from earnings to changes in industry and company fundamentals [5] - The innovative drug sector is entering a phase of results realization, with significant R&D progress expected to remain a key investment theme for 2025 [5] Group 6 - The China Securities Pharmaceutical and Medical Device Innovation Index (931484) decreased by 0.40%, with mixed performance among constituent stocks [8] - The Medical Innovation ETF (516820) fell by 0.59%, with a recent price of 0.34 yuan, while it has seen a 0.29% increase over the past week [9] - The Medical Innovation ETF has an average daily trading volume of 49.06 million yuan over the past week [9] Group 7 - The top ten weighted stocks in the China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index account for 60.54% of the index, with notable stocks including BeiGene (06160) and WuXi Biologics (02269) [11] - The top ten weighted stocks in the China Securities Pharmaceutical and Medical Device Innovation Index represent 66.51% of the index, with leading companies such as Hengrui Medicine (600276) and WuXi AppTec (603259) [14]

Group 1 - The core viewpoint of the news highlights the positive performance of Hong Kong's technology ETF and the strong earnings report from JD.com, indicating growth in revenue and operating profit [1][2] - JD.com reported a revenue of 16.645 billion RMB for Q1 2025, representing a year-on-year growth of 25.5%, and an operating profit of 1.071 billion RMB, up 119.8% year-on-year [1] - The company launched several innovative drugs in Q1 2025, expanding treatment options for patients, and made significant advancements in the application of AI technology in healthcare services [1] Group 2 - According to a report from Credit Lyonnais, JD.com is expected to see a 15% year-on-year increase in total revenue for Q1, driven by increased demand for pharmaceuticals due to a flu outbreak and improved user traffic from trade-in promotions [2] - The report estimates a 20% year-on-year increase in pharmaceutical sales and over 10% growth in health products and medical devices [2] - The company is projected to achieve a 14% year-on-year revenue growth in the first half of the year, with a stable net profit margin of 6.6% [2] Group 3 - The Hong Kong technology sector is benefiting from high demand in AI computing and applications, with strong performance in smart driving and industrial intelligence [2] - Analysts from two firms emphasize the importance of tracking technological advancements and commercialization impacts on the fundamentals of related companies [2]

Group 1 - JD Health's stock rose over 6% following the release of its Q1 2025 earnings, reaching HKD 40.3 with a trading volume of HKD 145 million [1] - For Q1 2025, JD Health reported revenue of RMB 16.645 billion, a year-on-year increase of 25.5%, and operating profit of RMB 1.071 billion, up 119.8% year-on-year [1] - The company launched several innovative drugs in Q1 2025, expanding treatment options for patients [1] Group 2 - According to a report by Credit Lyonnais, JD Health's Q1 performance indicators are expected to be robust, with total revenue projected to increase by 15% year-on-year to RMB 15.3 billion [2] - The increase in revenue is attributed to heightened demand for pharmaceuticals due to a flu outbreak since January and improved user traffic from a trade-in promotion on the JD platform [2] - The report anticipates a 20% year-on-year increase in pharmaceutical sales, with health products and medical devices expected to maintain over 10% growth [2]

2025 业内普遍认为 agent元年，大小厂商都在卷，垂类和通用都在卷。算力卷了，也该来点应用了 国产 AI 智能体 Manus 开放注册：Manus 宣布向所有人开放注册，所有注册用户每日均可免费执行一 项任务，并获得 300 积分的奖励，新用户还将一次性获得 1000 积分的额外馈赠。 是的，之前被骂骗子的那个公司正式回来了（仅限海外版），之前本号发文力挺他。目前依然没有找到 超越他的，同时和注册用过的一些用户交流了一下，依然是基本正面反馈。 月费分别为19美元、39美 元、199美元，对应基础功能扩展、算力优先调度、企业级API权限等服务。对应国内来说c端用户来说 有点小贵 OpenAI 宣布重磅更新：Sam Altman 发推称将发布重大更新，可能与 GPT - 4.5 模型、个性化助手系统 或多模态能力升级有关。此外，OpenAI 于 5 月 13 日推出医疗开源测试基准 HealthBench，由 262 位全 球医生合作打造，包含 5000 段真实健康对话及 48562 个评分标准，覆盖多种医疗场景，推动医疗 AI 标准化评估 。 大厂自建健康团队搞垂类基准，一定是看到其中的空间了 。 Hea ...

京东集团第一季度调整后每ADS收益 8.41元人民币，预估7.09元人民币；调整后运营利润率3.9％，上年同期3.4％，预估 3.54％；经调整EBITDA利润率4.6％，上年同期4.1％，预估4.07％； 周二，京东发布一季度财报，以下是具体财务表现： 营收：总收入达到人民币3011亿元，同比增长15.8%；净营收3010.8亿元人民币，同比增长16%，超出预估的2894.4亿元人民 币。 利润：经营利润为人民币105亿元（约合15亿美元），去年同期为77亿元；调整后EBITDA 137.0亿元人民币，同比增长 27%，超出预估126.4亿元人民币； 电商巨头京东发布了2025年第一季度的业绩报告，净营收、利润双双超预期，核心业务京东零售盈利能力增强，包括外卖业 务在内的新业务收入大幅增长18.1%，但同时亏损也有所扩大。 京东零售依然是业绩增长的引擎，收入同比增长 16.3%，增速进一步加快，不含未分配项目的经营利润率从去年同期的4.1% 提升到了4.9%。 | | | 截至以下日期止三個月 | | | --- | --- | --- | --- | | | 2024年 | 2025年 | 2025年 | ...

京东健康(06618)发布2025年第一季度业绩，收入166.45亿元(人民币，下同)，同比增长25.5%;经营盈利 10.71亿元，同比增长119.8%。 京东健康进一步夯实"新特药全网首发第一站"的优势能力。2025年第一季度，京东健康在线上首发多款 创新药品，包括辉瑞旗下泰泽纳(甲苯磺酸他拉唑帕利胶囊)、Esteve旗下的利舒仁(米托坦片)、银诺医药 旗下怡诺轻(依苏帕格鲁肽α注射液)、健民集团（600976）旗下龙牡小儿紫贝宣肺糖浆等，为广大患者 提供了更多用药选择。京东健康还与汤臣倍健（300146）、燕之屋、乐福思等多家领先的健康产品企业 深化合作，在产品创新、数智化供应链、精準营销等方面展开深度协同。在第五届京东健康合作伙伴大 会上，京东健康与全球近50个品牌达成2025年新品合作意向，助力品牌提升新品曝光及转化效率，为用 户提供更丰富和差异化的商品供给，共同开拓健康消费市场增量空间。 2025年第一季度，京东健康在医疗AI领域取得多项进展，持续推动AI技术在医疗健康服务、专病诊 疗、健康管理等方面的应用。2025年1月，京东健康发布"AI京医"产品体系，实现线上多场景应用，为 医生提供智能诊疗 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Insights - The report highlights a significant rebound in the stock prices of leading US healthcare AI companies, with Tempus and Grail both experiencing a 65% increase over the past month. This sector is noted for its rapid implementation and growing investor interest [8][10]. - It suggests focusing on domestic companies that are likely to benefit from the overseas AI healthcare performance, specifically mentioning companies like RunDa Medical and YiMaiTong as having strong potential for AI-driven revenue growth [5][10]. Summary by Sections 1. Focus on US AI Leaders and Domestic Opportunities - The report emphasizes the recent stock price rebounds of US healthcare AI leaders, with notable increases of 65% for Tempus and Grail, and suggests that AI in healthcare is one of the fastest-growing fields [8]. - It recommends monitoring companies such as RunDa Medical, YiMaiTong, and others that are expected to achieve rapid AI performance growth [10]. 2. Weekly Market Review and Hotspot Tracking (May 6 - May 9, 2025) - The report notes that the Shenwan Pharmaceutical and Biotechnology Index rose by 1.01% during the week, underperforming the CSI 300 Index by 1.0%. Year-to-date, the index has increased by 1.19%, outperforming the CSI 300 by 3.44% [32]. - The top five performing stocks during this period included Changshan Pharmaceutical (up 23.59%), Xiangxue Pharmaceutical (up 19.64%), and others [44]. 3. Company Highlights - RunDa Medical has established deep collaborations with Huawei for AI applications across various healthcare settings, providing digital solutions to over 80 hospitals by the end of 2024 [12][13]. - YiMaiTong, a leading online professional physician platform, has seen its registered physician count grow from 228,000 in 2018 to 867,000 in 2024, with a compound annual growth rate (CAGR) of 24.9% [17][20]. The company’s revenue increased from 83.46 million yuan to 558.46 million yuan from 2018 to 2024, reflecting a CAGR of 37.3% [20]. 4. Monthly Investment Portfolio - The report lists a monthly investment portfolio that includes companies such as Kangfang Biotech, Zai Lab, and others, indicating a focus on innovative drugs and companies with emerging performance [5]. 5. Market Valuation and Trading Volume - As of May 9, 2025, the overall valuation of the Shenwan Pharmaceutical sector was 32.3, with a slight increase from the previous week [38]. The total trading volume for the sector reached 287.2 billion yuan, accounting for 5.3% of the total A-share trading volume [40].