本报记者梁傲男 截至今年6月末，京东健康过去12个月的年度活跃用户数量突破2亿；第三方合作商家数量超过15万家； 京东互联网医院日均问诊单量超过50万。 上半年，京东健康通过强化全渠道供应链能力，提升医药健康商品可及性和用户体验，进一步巩固"线 上健康消费第一入口"优势地位。同时，京东健康持续完善"医+检+诊+药"服务闭环，深入推进线上线 下服务业态融合，以满足用户多层次、个性化的健康需求。此外，在AI深度融入产业应用趋势下，京 东健康聚焦实际场景价值，实现AI产品多场景、规模化落地，引领国内医疗智能化转型。 （文章来源：证券日报） 8月14日，京东健康股份有限公司（以下简称"京东健康"）发布2025年中期业绩公告。上半年，京东健 康总收入为353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS）净利润达35.7亿元，同 比增长35%。 ...

Core Viewpoint - The company, Saily Medical, has experienced a significant stock price increase of over 250% this year, despite reporting a tenfold increase in losses for the first half of 2025, highlighting a stark contrast between stock performance and financial results [2][9]. Financial Performance - The company expects a net loss attributable to shareholders of between 55 million to 66 million yuan for the first half of 2025, which is an increase in losses of 50.23 million to 61.23 million yuan compared to the same period last year [3]. - The first quarter of 2025 showed a net loss of 14.32 million yuan, indicating a worsening trend in the second quarter [3][6]. - Revenue for the first half of 2025 is projected to decline by 40.75% compared to the previous year, with a significant drop in net profit of 553.66% [4][6]. Business Operations - The company has been trapped in a cycle of increasing revenue without corresponding profit since 2020, with a net profit loss that has expanded for four consecutive years [4][6]. - The main business areas, particularly the SPD business, are showing signs of fatigue, with revenue growth of only 10.23% in 2024, while costs have risen nearly in tandem, leading to minimal improvement in gross margins [6][10]. Market Position and Investor Sentiment - Despite the financial struggles, Saily Medical's stock price has surged, creating a disconnect between market valuation and financial fundamentals, raising concerns about sustainability [10][14]. - Analysts suggest that the current high valuation may not be supported by the company's fundamentals, and caution against blindly following market trends without a thorough analysis of the company's core business improvements [10][14]. Strategic Direction and Challenges - The company is focusing on a transformation towards medical intelligence, including areas like brain-computer interfaces and innovative drugs, but faces skepticism regarding the feasibility and timeline of these initiatives [10][12]. - R&D investment remains low, with only 2.58% of revenue allocated to R&D in 2024, which is insufficient to support the ambitious multi-line strategy [10][12]. Financial Health and Credit Rating - Saily Medical has faced liquidity pressures, with multiple instances of overdue repayment of raised funds, leading to criticism of management [12][13]. - The company's credit rating was downgraded from "BBB-" to "BB+" due to increasing losses, long customer payment cycles, and high financial leverage, indicating a deteriorating financial outlook [14].