Investment Rating - The report maintains an "Outperform" rating for JD Health International [2][5][17] Core Insights - JD Health's revenue for Q1 2025 reached a record high of RMB 16.65 billion, reflecting a year-over-year increase of 25.5% and a quarter-over-quarter increase of 0.8%, surpassing the full-year guidance [3][13] - The significant revenue growth is attributed to increased demand during the influenza season, growth in high-value original drugs, and higher sales of health supplements due to increased advertising investments [3][14] - The company achieved an operating profit of RMB 1.07 billion, a 119.8% increase, with an operating margin of 6.4%, leading to a net profit growth of 47.7% [3][14] - JD Health plans to focus on expanding its instant retail initiatives in 10 key cities, leveraging a hybrid B2C+O2O strategy to enhance customer engagement and operational efficiency [4][15] Financial Performance and Forecast - Revenue forecasts for FY25 and FY26 are RMB 66.6 billion and RMB 75.7 billion, representing year-over-year growth of 14.5% and 13.7% respectively [5][17] - Adjusted net profit projections are RMB 4.4 billion for FY25 and RMB 5.4 billion for FY26, with a corresponding P/E ratio of 26x and 21x [5][17] - The report emphasizes the company's strong fundamentals and maintains an optimistic outlook for the first half of 2025 and the full year [5][17]

Group 1: Company Overview and Financial Performance - Xinhua Du completed the restructuring of its wholly-owned subsidiary Jiuai Zhihe in 2016, and by 2022, the strategic flagship product "Six-Year Cellar Treasure Head Qu" achieved a GMV of nearly 100 million yuan since its launch until the end of Q1 2024 [1] - In 2024, the company reached a record GMV of 8.2 billion yuan, representing a year-on-year growth of 7%; revenue was 3.676 billion yuan, up 30.18% year-on-year; net profit attributable to shareholders was 260 million yuan [1] - The company completed the divestiture of its retail business, shifting its main operations to internet marketing [1] Group 2: Market Expansion and E-commerce Strategy - In 2024, the company officially entered the Indonesian market, leveraging its mature domestic e-commerce operations to establish a solid foundation [2] - Collaborated with leading brands like Kimberly-Clark and L'Oréal to provide comprehensive e-commerce services on platforms such as Tiktok, Lazada, Tokopedia, and Shopee [2] Group 3: AI Marketing Initiatives - The company is actively developing AI marketing solutions, integrating systems like "Zhi Zhu Xia," "Jiuai Zhi Xing," and "Jiuai Zhi Ku" for commercial applications in the fast-moving consumer goods sector [2][3] - Most business processes, including sales management, have implemented RPA to reduce costs and enhance profitability [3] - The company has localized the DeepSeekR1 model for applications in marketing, advertising, supply chain, and customer service [4] Group 4: Risk and Disclosure - The activity does not involve any undisclosed significant information and future plans or development goals do not constitute profit forecasts or substantial commitments to investors [4] - Investors are advised to be aware of investment risks due to the complex and variable macroeconomic environment and market conditions [4]

这两个月，打工人的选择困难症状+1：今天用哪个APP点外卖？ 是喝京东3.9元的库迪，还是用美团15-10的券，还是早上8点打开淘宝领一杯免费奶茶？ 京东、美团、淘宝，三个巨头打得难解难分，实际上是争着挤进消费者的30分钟生活半径，抢占即时零售的用户心智。 当即时零售业态逐渐成熟，产品离消费者更近、更易获取，这将给食品饮料行业带来哪些新机会和挑战？ 可以看到，近几年，履约更快、即刻拥有的"本地供给"的需求持续扩大。过去，"吃饭靠外卖"成为了不少人的生活方式，而现在，"万物皆可外卖"正在成 为一种新的高确定性的生活方式，即时零售正在向全品类发展，全方位地为消费者带来更多的生活便利。 当万物皆可外卖成为现实，品牌的竞争已经不再是产品力或渠道的单维比拼，而是谁能聚焦一天24小时里更细分的场景切片，成为消费者在即时需求下的 优先解。 阅读看点： 1、即时零售背后，我们看到的食品品牌商业机会是什么？ 2、2025年，有哪些潜力消费场景值得关注？ 3、龟甲万、伊藤园、多力多滋，如何用场景找到增长突破口？ 1 美团、京东、淘宝打架， 本质上是消费场景的重构 巨头加速争抢的即时零售，并不是新物种。其核心需求本质是消费者对高配 ...

Investment Rating - The report maintains an "Outperform" rating for JD Health International [2][18]. Core Insights - JD Health's Q1 2025 revenue reached a record high of RMB 16.65 billion, reflecting a year-over-year increase of 25.5% and a quarter-over-quarter increase of 0.8%, surpassing the full-year guidance [3][14]. - The revenue growth is attributed to increased demand during the influenza season, growth in high-value original drugs, and higher sales of health supplements due to increased advertising investments [15]. - The company achieved an operating profit of RMB 1.07 billion, a significant increase of 119.8%, with an operating margin of 6.4%, contributing to a net profit growth of 47.7% [15][18]. - JD Health plans to focus on self-operated on-demand drug delivery in 10 key cities in 2025, leveraging a hybrid B2C+O2O strategy to enhance customer stickiness and operational efficiency [4][16]. Financial Performance and Forecast - Revenue forecasts for FY25 and FY26 are RMB 66.6 billion and RMB 75.7 billion, representing year-over-year growth of 14.5% and 13.7% respectively [5][18]. - Adjusted net profit is projected at RMB 4.4 billion for FY25, reflecting a decrease of 7.3%, and RMB 5.4 billion for FY26, indicating an increase of 20.5% [5][18]. - The report estimates a P/E ratio of 26x for FY25 and 21x for FY26, indicating a favorable valuation based on the company's fundamentals [5][18]. Valuation - The DCF model estimates the equity value of JD Health at HKD 136.8 billion, corresponding to a target price of HKD 42.90 per share [8][9].

Core Viewpoint - JD Group reported strong Q1 2025 earnings, with revenue of 301.1 billion RMB, a 15.8% year-on-year increase, marking the highest growth rate in nearly three years [1] Financial Performance - Q1 2025 revenue reached 301.1 billion RMB, exceeding market expectations [1] - Operating profit was 10.5 billion RMB, up 36.4% year-on-year [1] - Net profit attributable to ordinary shareholders was 10.9 billion RMB, a 53.5% increase year-on-year [1] - Non-GAAP net profit attributable to ordinary shareholders was 12.8 billion RMB, a 43.8% increase year-on-year [1] - JD Retail revenue was 263.8 billion RMB, a 16.3% increase year-on-year [6] - JD Logistics revenue was 46.9 billion RMB, an 11.5% increase year-on-year [6] - New business revenue was 5.8 billion RMB, an 18.1% increase year-on-year [6] Business Strategy - JD is focusing on instant retail and food delivery services, with founder Liu Qiangdong actively promoting JD's food delivery business [1][3] - Liu Qiangdong's direct involvement in business innovation is credited for the accelerated growth [1] - JD aims to integrate food delivery into its retail ecosystem, enhancing overall operational capabilities [4] Market Dynamics - The food delivery market is competitive, with JD entering as a new player amidst existing giants like Meituan and Ele.me [2][3] - Regulatory bodies have emphasized the need to protect consumer and worker rights in the food delivery sector, potentially impacting subsidy wars [2] - JD's food delivery service has achieved nearly 20 million daily orders, indicating rapid growth [3] Operational Insights - JD's food delivery service has over 1 million merchant partners and is experiencing a shortage of delivery personnel, prompting accelerated recruitment efforts [5] - The company is focused on long-term sustainable growth rather than short-term gains in the food delivery sector [5] - Liu Qiangdong's leadership has significantly boosted employee morale and cohesion within the company [5][6] Profitability Analysis - JD Retail contributed significantly to operating profit growth, with a 37.8% increase in operating profit [7] - JD Logistics experienced a decline in operating profit, attributed to increased subsidies for food delivery services [7] - New business operations reported a significant increase in losses, reflecting the costs associated with entering the food delivery market [7]

Core Viewpoint - The launch of Taobao's "Flash Purchase" on April 30 marks the beginning of a new round of competition in the food delivery sector, similar to JD's "Instant Delivery," but this competition was curtailed by regulatory intervention on May 13, highlighting the evolving dynamics of e-commerce and food delivery integration [1][5][12] Group 1: Market Dynamics - Taobao's "Flash Purchase" was launched in 50 cities and fully rolled out four days ahead of schedule, with logistics support from Ele.me, initiating a competitive landscape among major platforms like JD, Meituan, and Taobao [3][5] - The competition quickly reverted to a "price war," particularly focusing on low-cost items like coffee and milk tea, reflecting consumer behavior and market strategies [3][5] - Regulatory bodies, including the State Administration for Market Regulation, intervened to address issues arising from intense competition among delivery platforms [5][12] Group 2: Strategic Insights - The competition represents a shift towards integrating high-frequency food delivery with low-frequency e-commerce consumption, creating a closed-loop flow of traffic [5][9] - Taobao's integration of Ele.me's resources allows for a seamless transition from browsing traditional e-commerce categories to ordering food, enhancing the overall consumer experience [5][9] - The focus has shifted from price competition to speed and reliability, with Taobao optimizing delivery times to within 30 minutes and introducing features that encourage impulse buying [6][9] Group 3: Product Management Challenges - The evolving landscape demands higher expectations from product managers, who must balance user experience, operational efficiency, and ethical considerations [8][12] - A holistic approach is necessary to manage traffic, supply chains, and delivery logistics, including dynamic resource allocation based on demand patterns [9][12] - Data-driven decision-making is crucial, as evidenced by Ele.me's successful implementation of targeted promotional strategies based on user behavior analysis [9][12]

Core Insights - JD.com is experiencing rapid growth in its food delivery business, with daily order volume expected to soon exceed 20 million [2][3] - The company reported a revenue of 301.1 billion yuan for Q1, a year-on-year increase of 15.8%, marking the highest growth rate in nearly three years [2] - JD's CEO emphasized the long-term sustainability of the food delivery business, aiming for operational efficiency and synergy with core retail operations [2][3] Business Expansion - JD.com officially entered the food delivery market in February, launching a no-commission strategy and offering substantial subsidies [3] - As of May, the number of stores on the JD food delivery platform surpassed 1 million, with a significant shortage of delivery personnel [3] - The company aims to stabilize daily order volume at 15 million after the 618 shopping festival [3] Market Context - The food delivery sector is seen as a high-frequency service that can enhance customer retention and repurchase rates amid a challenging user acquisition environment [4] - Competitors in the instant retail space include Meituan, Ele.me, and new entrants like Taobao and Douyin, intensifying the competitive landscape [4] Financial Performance - JD's Q1 financial results indicate strong performance across various segments, with a notable increase in the sales of daily necessities and fast-moving consumer goods [6][7] - The company reported a 17.1% year-on-year growth in its core electronics segment, contributing significantly to overall revenue [6] - Active user numbers have seen double-digit growth for six consecutive quarters, exceeding 20% [6] Strategic Focus - JD's management highlighted the synergy between its food delivery and core retail businesses, enhancing user acquisition and overall conversion rates [6] - The company plans to continue investing in high-growth categories, particularly fashion and daily necessities, to drive long-term growth [7] - The upcoming 618 shopping festival is expected to reveal more about the collaboration between food delivery and retail operations [7] Regulatory Environment - The Chinese market regulator has initiated discussions with major food delivery platforms, including JD, to ensure fair competition and consumer protection [5]

Core Viewpoint - JD's recent financial report indicates a strong growth trajectory, with a revenue of 30.11 billion yuan, marking a 15.8% year-on-year increase, the highest growth rate in three years, driven by significant developments in its takeaway, instant retail, and AI sectors [1][3]. Group 1: Takeaway Business - JD's takeaway business has seen daily order volumes approaching 20 million, with over 1 million merchants onboard, indicating robust growth and demand [3]. - CEO Xu Ran emphasized that the takeaway service is a long-term sustainable business for JD, integrated into its overall ecosystem rather than being a standalone service [3]. - The company aims to leverage its existing logistics and fulfillment capabilities to enhance the efficiency and reliability of its takeaway service, addressing common industry challenges [4]. Group 2: Instant Retail - Instant retail is positioned as a natural extension of JD's retail operations, capitalizing on the vast market potential of the Chinese supermarket sector [6]. - JD's supermarket category has experienced double-digit growth for five consecutive quarters, with a 14.9% year-on-year increase in daily necessities revenue [6]. - The integration of instant delivery networks with offline stores is expected to enhance user engagement and drive higher purchase frequencies [6]. Group 3: AI Integration - JD's investment in AI reached 1.456 billion yuan in the first quarter, with over 14,000 internal smart agents deployed, indicating a strong commitment to technological advancement [9]. - AI is being utilized across the entire retail chain, optimizing search algorithms, assisting in supply chain decisions, and enhancing logistics efficiency [9]. - The company aims to transform AI from a cost center into a profit driver, focusing on long-term profitability through data and scenario integration [9]. Group 4: Strategic Coordination - JD's strategy involves using takeaway services to drive high-frequency traffic, expanding coverage through instant retail, and enhancing efficiency with AI, creating a closed loop of users, scenarios, and technology [11]. - The company faces challenges in validating its unit economic model for the takeaway business, balancing investment and returns in instant retail, especially in international markets [11]. - JD's long-term profit margin target remains unchanged, emphasizing the need for focused efficiency and collaboration in its strategic investments [11].

京东一季度收入创下近三年来的最高同比增速纪录。在一位接 近管理层人士看来，这是京东集团创始人刘强东"三年来，直 接坐镇一线，进行业务部署决策的结果"。 作者： 钱玉娟 封图：东方IC 5月13日晚，京东集团发布2025年第一季度业绩报告，一季度实现收入3011亿元，同比增长 15.8%，创下近三年来的最高同比增速纪录。 一位接近京东管理层的人士称，这是京东集团创始人刘强东"三年来，直接坐镇一线，进行业务部 署决策的结果"。 该人士透露，刘强东除了每周对京东管理层进行培训外，还会亲自参与零售、物流等核心业务板块 的日会，他在会上多围绕商品、价格、服务等用户体验给出意见或建议，也会直接解决大部分业务 方向性的问题。 外界最关注的，当属刘强东亲自拍板、在今年2月上线的京东外卖会给京东带来多大的影响。 从财报看，京东的零售与物流两大业务，分别实现收入2638亿元、470亿元，其中零售仍是京东业 绩增长的引擎，不仅收入同比增速达16%，该板块的经营利润高达128亿元，同比增长38%。 包括外卖等业务在内的新业务，在2025年一季度收入58亿元，同比增长18％。 在新业务的收入增长背后，经营费用高企，同比增长65%，达2 ...

文｜任彩茹 编辑｜乔芊 "在我们谈话的同时，京东外卖的订单量已接近2000万单，这又是一个里程碑。" 5月13日晚间的财报后电话会开始不久，京东CEO许冉谈起备受关注的外卖业务，主动释放出500万单、1000万单之后的最新数字。 刚过去的第一季度，京东经历了从略显沉默到高调登台、成为主角的过程。此前几季的业绩沟通会上，分析师们抛出的问题总是离不开"国补的可持续 性"、"高基数之后的增长动力"、"电商竞争格局"、"京东的中长期优势"等等，这一季的最大主角则变成"外卖"的当下与展望。 当然，一个基础条件在于，京东交出的是一份满目"双位数增长"的超预期成绩单。一季度，京东实现3011亿元总收入，同比增长15.8%，创下近三年来的最 高同比增速；调整后净利润128亿元，同比增长43.8%。同时，京东上调2025年的收入及盈利增长预期至双位数。 如今的京东在"双线作战"。最核心的零售业务受益于国补，增长态势仍在持续，但市场期待更多增长新动力。大力投入的新业务外卖，正处于投入资源抢市 场的阶段，未来则要承担起"即时零售心智培养"及"高频带低频"的责任，让用户在京东app产生更多"交叉消费"。 这也是为什么，外界极其关注京 ...