京东健康（6618.HK）2025 年三季报点评 营收增长逐季攀升，医保与 AI 双轮驱动增长 2025 年 11 月 18 日 ➢ 事件：2025 年第三季度，京东健康实现营业收入 171.2 亿元，较去年同期 133 亿元同比增长 28.7%，增速较第二季度的 23.7%进一步加快。公司经营盈利 为 12.43 亿元，同比大幅增长 125.3%；非国际财务报告准则（Non-IFRS）经 营盈利为 13.78 亿元，同比增长 59.9%；非国际财务报告准则（Non-IFRS）盈 利为 19.02 亿元，同比增长 42.4%，盈利增长动能持续强化。 资料来源：Wind，民生证券研究院预测；（注：股价为2025年11月17日收盘价，汇率1HKD=0.9143RMB） 推荐 首次评级 当前价格： 69.40 港元 [Table_Author] 分析师 孔蓉 执业证书： S0100525110001 邮箱： kongrong@glms.com.cn 分析师 曹睿 执业证书： S0100525100002 邮箱： caorui@glms.com.cn 运营数据：2025 年第三季度期内，京东健康持续推进医保支付扩面与 ...

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]

2025年第三季度，京东健康与礼来、信达生物、卫材中国及拜耳中国等知名药企签署战略合作协定。卫 材药企旗下原研新药达卫可 (莱博雷生片)、恒瑞旗下干眼症新药恒沁 (全氟己基辛烷滴眼液)、拜耳旗下 达喜 乳果糖等新药也选择在京东健康全网首发，继续巩固京东健康"新特药全网首发第一站"心智。除 药品外，赫力昂旗下银善存 新一代维生素、圣桐特医推出的国内首款苯丙酮尿症配方特医食品"特爱本 佳"等更多健康新品，也在京东健康实现全网首发。 2025年9月，京东健康与华中科技大学同济医学院附属协和医院完成合作签约，致力于打造全国领先的 智慧门诊患者服务平台。双方将推进"京东卓医"AI产品在医院门诊服务场景中的全面应用，建立全流程 AI陪诊系统，为患者提供更便捷的就医体验。双方还将在远程医疗领域深化合作，共同探索"互联网 +医疗健康"服务新模式。 京东健康(06618)绩后涨超5%，截至发稿，涨5.35%，报67.9港元，成交额2.53亿港元。 消息面上，11月13日，京东健康发布2025年第三季度业绩，该集团期内取得收入171.2亿元(人民币，单 位下同)，同比增加28.7%；经营盈利12.43亿元，同比增加125.3%。 ...

消息面上，11月13日，京东健康发布2025年第三季度业绩，该集团期内取得收入171.2亿元(人民币，单 位下同)，同比增加28.7%；经营盈利12.43亿元，同比增加125.3%。 智通财经APP获悉，京东健康(06618)绩后涨超5%，截至发稿，涨5.35%，报67.9港元，成交额2.53亿港 元。 2025年9月，京东健康与华中科技大学同济医学院附属协和医院完成合作签约，致力于打造全国领先的 智慧门诊患者服务平台。双方将推进"京东卓医"AI产品在医院门诊服务场景中的全面应用，建立全流程 AI陪诊系统，为患者提供更便捷的就医体验。双方还将在远程医疗领域深化合作，共同探索"互联网 +医疗健康"服务新模式。 2025年第三季度，京东健康与礼来、信达生物、卫材中国及拜耳中国等知名药企签署战略合作协定。卫 材药企旗下原研新药达卫可®(莱博雷生片)、恒瑞旗下干眼症新药恒沁® (全氟己基辛烷滴眼液)、拜耳 旗下达喜®乳果糖等新药也选择在京东健康全网首发，继续巩固京东健康"新特药全网首发第一站"心 智。除药品外，赫力昂旗下银善存®新一代维生素、圣桐特医推出的国内首款苯丙酮尿症配方特医食 品"特爱本佳"等更多健康新品，也 ...

2025年9月，京东健康与华中科技大学同济医学院附属协和医院完成合作签约，将携手打造全国领先的 智慧门诊患者服务平台。双方将推进"京东卓医"AI产品在医院门诊服务场景中的全面应用，建立全流程 AI陪诊系统，为患者提供更便捷的就医体验。双方还将在远程医疗领域深化合作，共同探索"互联网 +医疗健康"服务新模式。 财通证券（601108）日前发表研报称，线上医保购药权限放开成为行业中短期重要催化因素：自2020年 国家医保局发布《关于积极推进"互联网+"医疗服务医保支付工作的指导意见》以来，各地区陆续通过 不同形式落实相关政策，2024年各地区逐步向主流线上购药平台开放线上医保结算权限，构建重要流量 入口。同时，医保控费政策延续，未中标集采的原研药企或调整策略，转向私立医院、零售药店或自费 渠道销售，医药电商平台成为满足用户对原研药需求的重要选择。 2025年9月，京东健康与鱼跃、三诺、微泰等多个医疗器械头部品牌达成合作，共同成立智慧互联生态 联盟，依托京东健康AI智慧体，双方将为用户搭建覆盖监测、分析、干预及跟踪于一体的智慧血糖管 理体系。未来，还将继续拓展至血压、心电、呼吸制氧等更多领域，致力于打造从疾病预防到 ...

Group 1 - JD Health reported Q3 2025 revenue of 17.12 billion RMB, a year-on-year increase of 28.7%, and operating profit of 1.243 billion RMB, up 125.3% year-on-year [1] - The company signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, Eisai China, and Bayer China, further establishing its position as the first choice for the online launch of new specialty drugs [1] - JD Health launched various health products, including new generation vitamins and specialized medical foods, achieving their online debut on the platform [1] Group 2 - In September 2025, JD Health partnered with Huazhong University of Science and Technology Tongji Medical College Affiliated Union Hospital to create a leading smart outpatient service platform [2] - The collaboration aims to implement the "JD Zhuoyi" AI product in outpatient services, establishing a comprehensive AI accompaniment system for patients [2] - Both parties will deepen cooperation in telemedicine, exploring new models of "Internet + healthcare" services [2]

京东健康(06618)发布2025年第三季度业绩，该集团期内取得收入171.2亿元(人民币，单位下同)，同比 增加28.7%;经营盈利12.43亿元，同比增加125.3%。 2025年第三季度，京东健康与礼来、信达生物、卫材中国及拜耳中国等知名药企签署战略合作协定。卫 材药企旗下原研新药达卫可 (莱博雷生片)、恒瑞旗下干眼症新药恒沁 (全氟己基辛烷滴眼液)、拜耳旗下 达喜 乳果糖等新药也选择在京东健康全网首发，继续巩固京东健康"新特药全网首发第一站"心智。除 药品外，赫力昂旗下银善存 新一代维生素、圣桐特医推出的国内首款苯丙酮尿症配方特医食品"特爱本 佳"等更多健康新品，也在京东健康实现全网首发。 2025年9月，京东健康与鱼跃、三诺、微泰等多个医疗器械品牌达成合作，共同成立智慧互联生态联 盟，依托京东健康AI智慧体，为用户搭建覆盖监测、分析、干预及跟踪于一体的智慧血糖管理体系。 未来，还将继续拓展至血压、心电、呼吸制氧等更多领域，致力于打造从疾病预防到慢病管理的服务生 态，满足使用者的长期健康管理需求。 2025年9月，京东健康与华中科技大学同济医学院附属协和医院完成合作签约，致力于打造全国领先的 智慧门诊 ...

JD Health International Inc. 京東健康股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6618（港幣櫃台）及86618（人民幣櫃台）） 內幕消息 2025 年第三季度之未經審計最新資料 本公告乃由京东健康股份有限公司（「本公司」或「京東健康」，連同其子公司及關聯併表 實體統稱「本集團」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規 則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義 見上市規則）而刊發。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 業務最新資料 2025年第三季度，京東健康與禮來、信達生物、衛材中國及拜耳中國等知名藥企簽署戰 略合作協定。衛材藥企旗下原研新藥達衛可® （萊博雷生片）、恒瑞旗下乾眼症新藥恆沁® （全氟己基辛烷滴眼液）、拜耳旗下達喜® 乳果糖等新藥也選擇在京東健康全網首發，繼 續鞏固京東健康「新特藥全網首發第一站」心智。除藥 ...

Core Viewpoint - The recent leadership change at Weining Health follows the sentencing of former chairman Zhou Wei for bribery, with Liu Ning elected as the new chairman amid ongoing strategic transformation efforts in the company [1][2]. Group 1: Leadership Changes - Zhou Wei resigned from all his positions within the company after being sentenced to 18 months in prison for corporate bribery, with a fine of 200,000 yuan [1]. - Liu Ning, a co-founder of the company, has been elected as the new chairman, with his term starting immediately and lasting until the current board's term ends [2]. - Zhou Cheng, son of Zhou Wei, is being nominated as a non-independent director candidate for the board [3]. Group 2: Company Background - Liu Ning has a history with the company, having served in various roles since 2004, and currently holds 4.68% of the company's shares [2]. - Zhou Cheng has been with Weining Health since 2020 and currently holds 2.85% of the company's shares, with the family and associated entities holding a total of 19.15% [3]. Group 3: Strategic Transformation - Weining Health is undergoing a strategic transformation, having shifted its focus to healthcare services since 2015 and recently upgrading its strategy to "1+X" to enhance digital health applications [3]. Group 4: Financial Performance - The company has faced declining financial performance, with a reported revenue of 2.782 billion yuan in 2024, down 12.05% year-on-year, and a net profit of 87.89 million yuan, down 75.45% [4]. - For the first three quarters of 2025, Weining Health reported a revenue of 1.296 billion yuan, a decrease of 32.27%, and a net loss of 241 million yuan [4].

Core Insights - The company reported a revenue of 7.425 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 4.60% [1] - The net profit attributable to the parent company for the same period was 924 million yuan, showing a significant increase of 34.47% year-on-year [1] - However, the net profit excluding non-recurring gains and losses decreased by 19.32% to 484 million yuan [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 2.511 billion yuan, which is a decline of 2.90% year-on-year [1] - The net profit attributable to the parent company in Q3 was 214 million yuan, marking a substantial increase of 113.04% year-on-year [1] - The net profit excluding non-recurring gains and losses for Q3 was 84 million yuan, reflecting a decrease of 25.87% year-on-year [1] Group 2: Market Position and Strategy - The company is a leading global supplier of personal protective equipment, particularly disposable gloves, with an annual production capacity of 87 billion pieces [2] - The company has been recognized as the top seller of disposable gloves and nitrile gloves in China by a prominent market research firm [2] - The company is enhancing its brand marketing efforts in the domestic market, successfully entering high-end retail channels and achieving top sales rankings during promotional events [2] Group 3: Revenue Forecast - Revenue projections for 2025 to 2027 are 9.928 billion yuan, 12.328 billion yuan, and 15.400 billion yuan, with year-on-year growth rates of 4.25%, 24.18%, and 24.92% respectively [3] - Expected net profit attributable to the parent company for the same period is 1.270 billion yuan, 2.043 billion yuan, and 3.091 billion yuan, with year-on-year growth rates of -13.37%, 60.94%, and 51.28% respectively [3] - The projected price-to-earnings (PE) ratios for 2025 to 2027 are 20.19, 12.55, and 8.29, while the price-to-earnings growth (PEG) ratios are -1.51, 0.21, and 0.16 [3]