Investment Rating - The report maintains an "Outperform" rating for JD Health [6][18]. Core Insights - JD Health achieved a revenue of 35.3 billion yuan in H1 2025, representing a year-on-year increase of 25%. The growth was driven by an increase in active user numbers and the online penetration of health products [10][18]. - The company reported a non-IFRS net profit margin increase from 9.3% to 10.1% year-on-year, with operating profit margin rising from 3.6% to 6.2% [2][11]. - Active users surpassed 200 million, with a 10% year-on-year growth, and daily consultation volume exceeded 500,000 [3][12]. Revenue Summary - In H1 2025, product revenue reached 29.3 billion yuan, up 23% year-on-year, while service revenue was 6 billion yuan, reflecting a 34% increase [10][18]. - The number of merchants increased to over 150,000, up more than 50,000 from the end of the previous year [10][18]. Profitability Summary - The gross profit margin for H1 2025 was 25.2%, an increase of 1.6 percentage points year-on-year, attributed to growth in advertising revenue and improved supply chain capabilities [2][11]. - Fulfillment expenses rose from 2.9 billion yuan to 3.6 billion yuan, but the fulfillment cost rate decreased from 10.4% to 10.1% due to cost dilution from increased order volume [2][11]. Operational Data Summary - The company is actively promoting instant retail services, connecting over 200,000 pharmacies, and expanding online medical insurance payment services to nearly 200 million people [3][12]. - JD Health has launched AI medical products, with over 50 million users served by AI medical assistants by the end of June [3][12]. Financial Forecast - Revenue projections for 2025-2027 are 70.1 billion, 80.8 billion, and 90.9 billion yuan, with adjustments of +7%, +10%, and +11% respectively [18]. - Adjusted net profit forecasts for the same period are 5.5 billion, 6.2 billion, and 6.9 billion yuan, with adjustments of +25%, +27%, and +28% respectively [18].

京东健康（06618.HK） 优于大市 2025H1 财报点评：业绩表现亮眼，年活跃用户破 2 亿 证券研究报告 | 2025年08月22日 收入端：2025H1，公司实现营业收入 353 亿元，同比+25%。分拆看，1）上 半年商品收入 293 亿元，同比+23%，主要受益于活跃用户数量增加以及用户 的额外购买、医药和健康产品销售的线上渗透率不断提高以及产品品类的丰 富，25H1 超过 30 个创新药物在京东健康首发；2）服务收入 60 亿元，同比 +34%，广告和佣金收入保持高增速，公司持续的用户增长吸引品牌方加大了 广告投入，商家种类也持续丰富，25H1 商家数量超过 15 万，较去年末增加 超过 5 万家。 利润端：公司 non IFRS 净利率从去年同期 9.3%升至 10.1%，公司经营利 润率从 3.6%提升至 6.2%，主要受益于毛利率和行政管理费率优化。1） 25H1 毛利率达到 25.2%，同比+1.6pcts，主要受益于广告收入的增长以 及供应链能力的深化；2）履约开支从去年同期的 29 亿上升至 36 亿， 配送服务的使用随着产品销量的增加而增加，履约费率从 10.4%下降至 10.1 ...