华福证券 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 1、消费与医疗周报——中国医械监管"双轨"新 纪元：全周期责任体系深化与全球创新催化剂共 振——2025 2、从政策优化到价值发现：医药产业升级下的投 资新机遇——2025 3、如何看待美股回调？——2025 2025 年 12 月 20 日 医疗与消费周报——技术驱动医疗智能化，数据 重塑服务新生态（2025.12.15-2025.12.19） 投资要点： ➢ 近期观点 1、医药指数本周关注 4 个子行业录得正收益，2 个子行业录得负 收益。 2、中国互联网医疗市场正处高速扩张期，2024 年整体规模已破千 亿，AI 精准医疗细分赛道增长尤为显著。政策体系持续完善，推 动"互联网+医疗健康"与 AI 技术向临床深度整合。技术驱动下， 医疗大模型与多模态数据融合正推动服务模式向个性化、全周期 健康管理演进。与此同时，数据安全合规、算法可靠性成为关键挑 战与未来发展的核心命题。 ➢ 风险提示 合规监管风险；数据与算法安全；资源与认知失衡风险 证 券 研 究 报 告 诚信专业 发现价值 1 请务必 ...

转自：全国政协 以"同心科创工程"立基 用"AI+医疗健康"破题 全国政协委员、九三学社宁夏回族自治区委会主委 马秀珍 作为一名全国政协委员，我时常在想：如何在履职路上留下真正坚实的脚印？如何以担当为墨，书写无 愧于时代的答卷？通过长期的履职实践和思考，我认为，好的建言从不是一蹴而就的，它需要深耕一域 的专注和跟踪，持续用力地坚持和执着，更需要汇聚众智的胸怀和担当。 过去一年，我的履职方向在实践的锤炼下日益明晰：一端深耕"同心科创工程"，构筑支撑未来的战略基 础；另一端锐意突破"AI+医疗健康"，直面时代关切的民生前沿。这一"立"一"破"，像驱动履职前进的 双轮，让我在服务大局与贴近民生的交汇点上，找到了持续发力的支点。 站在岁末回望，我欣喜地看到，"同心科创工程"持续深化，正在为宁夏不断汇聚起澎湃的"创新动能"。 难忘今年5月"同心科创工程"推进会在银川召开，九三学社中央领导到场指导，共商深化合作大计，共 同致力于将宁夏打造为九三学社社员施展才华、成果转化的热土，成就地方创新发展与民主党派自身建 设的"双向奔赴"。截至目前，来自九三学社的15个院士专家团队带着技术与智慧扎根宁夏，梳理关键技 术需求241项， ...

在秦巴山脉的崇山峻岭间，陕西省商洛市柞水县人民医院正经历一场深刻的数字化变革。近年来，乘着 苏陕协作的东风，特别是在江苏省医疗人才"组团式"帮扶模式的强力助推下，这家县级医院锐意创新， 将"互联网+医疗健康"理念深植于基层实践，打造出智慧医院建设的"柞水样板"，让优质医疗服务跨越 山海，普惠百姓。 苏陕协作为钥，开启互联网医院之门 "以前带娃看病，挂号、候诊折腾大半天，现在在家就能通过视频和医生面对面，太方便了！"柞水县居 民王女士的便捷体验，源于2024年10月正式上线的商洛市首家县级互联网医院。这所"云端医院"已集成 预约挂号、在线诊疗、预约体检等功能，覆盖儿科、内科等多科室，线上注册医护人员330人，服务用 户超2000人。 这一突破性进展的背后，是苏陕协作机制的坚实支撑与江苏省医疗人才"组团式"帮扶团队的智慧注入。 在苏陕"组团式"帮扶框架下，2022年12月签署《南京鼓楼医院与柞水县人民医院合作协议》，成为南京 鼓楼医院集团成员单位，得到技术成熟、运营经验丰富的南京鼓楼医院互联网医院团队的支持。来自江 苏的帮扶专家团队将后方医院的成功模式、管理经验与技术标准"带土移植"，全程参与规划、设计与培 训， ...

此外，京东健康与武汉大学人民医院还将共建远程医疗中心。依托京东互联网医院，将武汉大学人民医院的优质专家 资源辐射至全国，尤其助力医疗资源薄弱地区的患者便捷获取高水平诊疗服务。双方还将联合开展健康科普项目，通 过专家直播、短视频、图文专栏等形式，将专业的医学知识转化为通俗易懂的内容，精准推送至公众，共同致力于提 升全民健康素养。 武汉大学人民医院院长程帆表示，作为百年公立医院，医院始终坚持"一切为了人民健康"，将百姓对于优质医疗资源 的可及性和便捷性放在首位，不断提升患者的就医获得感。此次医院与京东健康的合作，是"医疗+科技"赋能惠民服务 的生动体现，双方将共同推动优质医疗资源下沉，创新服务模式，让更多百姓享受到便捷、温暖、可信的健康服务。 京东健康互联网医疗业务相关负责人表示，京东健康始终致力于通过数智技术和社会化服务，助力医疗健康行业提质 增效。与武汉大学人民医院的系列合作，是京东健康推动"互联网+医疗健康"生态建设的重要实践，旨在通过科技与生 态能力，助力医院拓展服务半径、优化服务流程、提升运营效率，共同为"健康中国2030"战略落地贡献力量。未来， 双方还计划在远程手术指导、影像诊断、专病管理、诊后随访 ...

中新网银川12月2日电 (记者 李佩珊)宁夏银川的冬日，屋外清冽，屋里暖意十足。社区"宝宝屋"里，孩 子们搭积木、听儿歌，咿呀笑声驱散了寒意；"医养托"中心里，老人们喝着热茶拉家常、做拉伸，满脸 舒坦。这些日常小温暖，就是银川民生改善最实在的样子。 在银川，幸福在每个人心里有着不一样的模样。对职场妈妈李月荣来说，幸福是孩子能托付家门口"宝 宝屋"，在咿呀互动中慢慢开朗；对求职者胡凡来说，幸福是社区实训营练会技能，找到心仪工作、工 资到账的踏实；对老年人来说，幸福是身边有814个养老设施、98处乐龄大学(教学点)，养老休闲都方 便；对孩子们来说，幸福是500多个儿童之家遍地开花，能尽情玩耍成长…… 目前，银川市城乡居民人均可支配收入分别达到49164元、22299元，五年年均增长5.7%和7.9%，持续 高于经济增速。城乡收入比由2.4:1优化至2.2:1，稳居沿黄九省区省会(首府)城市前列。这五年，银川通 过"五大工程"和"十心"实事，持续为民生"加码"、为幸福"加速"。从收入增长到教育提质，从医疗升级 景岳小学学生观看阅兵式。(资料图) 兴庆区融媒体中心供图 到养老托幼完善，每一项举措都瞄准群众需求，每一个 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HKD 5.69, reflecting a 5.0% increase from the previous target price [2][7]. Core Insights - The company achieved a revenue of RMB 16.70 billion for FY9/25, representing a year-on-year growth of 17.0%. The gross profit margin improved to 25.1%, and the adjusted net profit increased by 38.7% to RMB 1.36 billion [3][14]. - The self-operated pharmaceutical business generated revenue of RMB 14.38 billion, growing by 18.6% year-on-year, driven by increases in pharmaceutical and medical device categories. The number of self-operated SKUs expanded significantly [18][14]. - The pharmaceutical e-commerce platform business reported revenue of RMB 1.84 billion, up 7.5% year-on-year, with improvements in operational capabilities and a significant increase in the number of merchants [18][14]. - The healthcare and digital services business generated revenue of RMB 480 million, reflecting an 8.2% year-on-year growth, with a notable increase in contracted healthcare professionals [18][14]. - The company has optimized its supply chain efficiency, with a reduction in fulfillment costs and an overall operating expense ratio of 18.3%, down 0.9 percentage points [15][14]. Financial Forecasts - Revenue forecasts for FY26 and FY27 are set at RMB 34.90 billion and RMB 39.38 billion, respectively, indicating year-on-year growth of 14.1% and 12.8% [16][7]. - Adjusted net profit forecasts for FY26 and FY27 are RMB 2.48 billion and RMB 2.83 billion, representing growth rates of 27.1% and 14.3% [16][7]. - The company's equity value is projected to be HKD 92.08 billion, corresponding to a share price of HKD 5.69 per share based on a DCF valuation [16][7].

Core Viewpoint - The Chinese government has initiated a three-year action plan to promote the integration of medical and elderly care services, aiming to enhance home and community-based care for the elderly, with a target of achieving at least 80% coverage of family doctor contracts for special elderly groups by the end of 2027 [1] Group 1: Policy and Implementation - The action plan will focus on developing home and community-based medical and elderly care services, improving the quality and effectiveness of family doctor contracts [1] - By the end of 2027, the coverage rate of family doctor contracts for elderly individuals with disabilities, high age, or other special difficulties is expected to reach no less than 80% [1] Group 2: Community and Institutional Support - In Chengdu's Wenjiang District, 10 grassroots medical institutions have formed 107 family doctor service teams to provide chronic disease management and vaccination services for elderly residents [4] - In Wanyuan County, Jiangxi Province, six township health centers have been transformed into nursing homes, providing over 500 nursing beds to support elderly care [11] Group 3: Training and Workforce Development - There is a significant shortage of certified elderly care workers in China, with only 500,000 available for a population of over 40 million disabled elderly individuals, indicating a potential demand for over 10 million caregivers [13] - The government plans to expand the training of elderly care professionals and support higher education institutions in establishing related programs, with a goal of adding no less than 30 new programs by the end of 2027 [19] Group 4: Technological Integration - The integration of "Internet + healthcare" and "Internet + nursing services" is being promoted to provide home-based medical services for elderly individuals [20] - Smart wearable devices are being utilized in elderly care communities to monitor health conditions and provide timely medical responses, enhancing the reliability of care services [21][24] Group 5: Rehabilitation and Community Services - The establishment of intelligent rehabilitation centers in rural areas aims to provide convenient access to rehabilitation training for elderly individuals, improving their quality of life [25] - The integration of traditional Chinese medicine and rehabilitation services is being emphasized to enhance the overall care provided to the elderly [27]

Core Viewpoint - The Chinese government is launching a three-year initiative to promote integrated medical and elderly care services, aiming to enhance home and community-based care for the elderly, with a target of achieving at least 80% coverage of family doctor contracts for elderly individuals with disabilities, high age, or other special difficulties by the end of 2027 [1] Group 1: Policy and Initiative - The initiative involves the development of home and community-based integrated medical and elderly care services [1] - By 2027, the government aims for a family doctor contract coverage rate of no less than 80% for elderly individuals facing special difficulties [1] Group 2: Implementation and Case Studies - In Chengdu's Wenjiang District, 10 grassroots medical institutions have formed 107 family doctor service teams to provide chronic disease management and vaccination services to elderly residents [3] - In Jiangxi's Wanyuan County, six township health centers have been transformed into nursing homes, providing over 500 nursing beds [9] - A 76-year-old resident in Wanyuan County showed significant health improvement after receiving care in a local nursing home [7] Group 3: Talent Development and Training - There is a significant demand for elderly care professionals, with over 10 million potential caregivers needed based on the current ratio of certified caregivers to elderly individuals [10] - The government plans to expand the training of elderly care professionals, with at least 30 new programs in medical and elderly care management by the end of 2027 [12] Group 4: Technological Integration - The initiative will leverage digital platforms and artificial intelligence to enhance the reliability and professionalism of elderly care services [15] - Smart devices are being used to improve medical care for the elderly, such as wearable technology that monitors health conditions and alerts medical teams in emergencies [17] Group 5: Community and Rehabilitation Services - The establishment of intelligent rehabilitation centers in rural areas aims to facilitate recovery for elderly individuals at their doorstep [19] - These centers will integrate traditional Chinese medicine with modern rehabilitation techniques, enhancing the overall quality of care [19]

Investment Rating - The report initiates coverage with a "Buy" rating for JD Health, indicating a positive outlook for the company's stock performance in the next 12 months [5]. Core Insights - JD Health's revenue for Q3 2025 reached 17.12 billion RMB, a year-on-year increase of 28.7%, with growth accelerating from 23.7% in Q2 [1][2]. - The company's operating profit surged by 125.3% year-on-year to 1.243 billion RMB, while the Non-IFRS net profit grew by 42.4% to 1.902 billion RMB, reflecting strong profit growth momentum [1][2]. - Strategic partnerships with major pharmaceutical companies like Eli Lilly and Bayer have reinforced JD Health's position as a leading platform for new specialty drugs [2][3]. Revenue and Profitability - Revenue growth is expected to continue, with projections of 71.01 billion RMB in 2025, 82.90 billion RMB in 2026, and 95.48 billion RMB in 2027, reflecting growth rates of 22.1%, 16.7%, and 15.2% respectively [4]. - Adjusted net profit is forecasted to be 6.256 billion RMB in 2025, with a growth rate of 30% [4]. Strategic Developments - JD Health is enhancing its digital healthcare services through collaborations with hospitals to develop AI-driven patient service platforms, aiming to improve patient experience and resource utilization [3]. - The company is expanding its online medical insurance payment services, which now cover nearly 200 million people, significantly increasing from the previous year [1][2]. Financial Metrics - The report provides a detailed financial forecast, including an expected EPS of 1.95 RMB for 2025, with a P/E ratio of 32 [4]. - The company's net profit margin is projected to improve from 10.1% in the first half of 2025 to 11.1% in Q3 2025, indicating enhanced operational efficiency [2].

Core Viewpoint - JD Health (06618) shows strong revenue and profit growth in Q3 2025, driven by the expansion of medical insurance payments, offline service development, and deepening AI medical applications, reinforcing its leading position in the pharmaceutical e-commerce sector [1] Performance - In Q3 2025, JD Health achieved revenue of 17.12 billion yuan, a year-on-year increase of 28.7% from 13.3 billion yuan, accelerating from 23.7% growth in Q2 [2] - Operating profit reached 1.243 billion yuan, a significant year-on-year increase of 125.3% [2] - Non-IFRS operating profit was 1.378 billion yuan, up 59.9% year-on-year, while non-IFRS net profit was 1.902 billion yuan, reflecting a 42.4% increase [2] - The net profit margin improved from 10.1% in the first half of the year to 11.1% [2] Operational Data - JD Health has expanded online medical insurance payments to nearly 200 million people, a substantial increase from over 100 million year-on-year [2] - The number of platform merchants exceeded 150,000, growing by over 50,000 since the end of 2024 [2] - The "AI Jingyi" intelligent service user base surpassed 50 million [2] - Offline service expansion included the opening of three new health check centers and a significant increase in overall order volume, which grew over four times year-on-year [2] Strategic Cooperation - In Q3 2025, JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, and Bayer China, enhancing its supply chain advantages in high-end pharmaceuticals [3] Medical AI Applications - JD Health partnered with Huazhong University of Science and Technology to create a leading smart outpatient service platform, promoting the comprehensive application of AI products in hospital outpatient services [4] - The collaboration aims to establish a full-process AI accompaniment system to enhance patient experience and improve medical resource utilization [4] Investment Recommendations - JD Health's leading position in pharmaceutical e-commerce is expected to be bolstered by ongoing online medical insurance payment policies and the scaling of AI services [5] - Revenue forecasts for 2025-2027 are projected at 71 billion, 82.9 billion, and 95.5 billion yuan, with adjusted net profits of 6.3 billion, 7.4 billion, and 8.5 billion yuan respectively [5] - The current stock price corresponds to P/E ratios of 32, 28, and 24 times for the respective years [5]