Group 1 - The core viewpoint of the report is that JD Health is expected to maintain a strong performance in Q3 2023, with an anticipated revenue growth rate of approximately 25% year-on-year [1] - The company is projected to achieve a non-IFRS net profit growth at a double-digit level year-on-year for Q3 2023, driven by ongoing investments in its omnichannel system [1] - Due to better-than-expected contributions from pharmaceutical partnerships and manageable future investments, the profit forecasts for JD Health's non-IFRS net profit for 2025 and 2026 have been raised by 5% and 4% respectively, reaching 5.72 billion and 6.31 billion yuan [1] Group 2 - The ongoing development of the omnichannel system is expected to enhance the company's competitiveness, leading to an upward adjustment of the target price by 11.2% to 67.4 HKD [1] - The report maintains an "outperform" rating for JD Health, indicating confidence in the company's ability to sustain strong growth in its fundamentals for Q3 [1]

Core Viewpoint - The company is expected to achieve a strong revenue growth of approximately 25% year-on-year in Q3 2025, driven by robust performance in its core pharmaceutical business, particularly in the original drug segment [1][2]. Revenue Growth - The company demonstrated strong performance in the first half of 2025, with expectations for continued robust growth in Q3 2025, primarily benefiting from the growth in the pharmaceutical category, especially original drugs [1]. - The company is also observing increased efforts from foreign original drug companies to strengthen their presence in the outpatient market and enhance online channel collaborations, contributing to the anticipated revenue growth [1]. Strategic Investments - The company is committed to a strong investment strategy while also focusing on profit generation. It is enhancing its online pharmaceutical e-commerce B2C competitiveness and expanding its offline store presence in major cities like Beijing, Shanghai, and Shenzhen [2]. - The company is not only increasing new drug launches and expanding original drug categories but is also focusing on comprehensive services such as digital marketing, which positively impacts gross profit and operating profit [2]. Profit Forecast and Valuation - Due to better-than-expected contributions from pharmaceutical collaborations and a manageable investment outlook, the company has raised its non-IFRS net profit forecasts for 2025 and 2026 by 5% and 4% to 5.72 billion and 6.31 billion respectively [2]. - The target price has been adjusted upward by 11.2% to 67.4 HKD, indicating a potential upside of 7.7%, while maintaining an outperform rating in the industry [2].