中金发表研报，预测京东健康今年第三季或延续上半年表现，有望实现收入端约25%的按年增速水平。 考虑到公司持续投入全渠道体系建设，中金预计今年第三季或实现non-IFRS净利润约双位数水平按年增 速。 考虑到药品和药企合作贡献超预期，且反内卷基调下后续投入或相对可控，中金上调京东健康2025及 2026年non-IFRS(扣除非经常性损益)净利润5%及4%，至57.2亿与63.1亿元。考虑到伴随全渠道体系持续 推进，公司竞争力日趋稳固，中金上调公司11.2%目标价至67.4港元，维持"跑赢行业"评级，认为其第 三季基本面或延续强劲增长态势。 ...

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].