Core Viewpoint - Macquarie's report indicates that JD Health (06618) has achieved a 25% year-on-year revenue growth to RMB 35.3 billion, with adjusted operating profit rising by 57%, exceeding both the bank's and market expectations by 8% and 11% respectively [1] Group 1: Financial Performance - JD Health's total revenue increased by 25% year-on-year to RMB 35.3 billion [1] - Adjusted operating profit rose by 57%, surpassing market expectations [1] - The bank has raised its profit forecasts for 2025 and 2026 by 30% and 24% respectively based on the first half performance and supply chain advantages [1] Group 2: Strategic Insights - The company is benefiting from a clear "pharmaceutical and health" closed-loop ecological strategy and channel expansion, marking a development turning point [1] - JD Health's core supply chain competitiveness is expected to translate into stronger pricing power, further driving margin expansion [1] Group 3: Market Position and Future Outlook - JD Group (09618) is actively promoting its food delivery business, which is contributing to user traffic growth for JD Health [1] - The bank anticipates that sales and marketing cost savings will continue into the second half of the year [1] - The forecast for the second half of 2025 indicates a 22% year-on-year revenue growth, with an expected 30 basis points expansion in adjusted net profit margin for the full year [1]

Core Viewpoint - Macquarie's report indicates that JD Health's total revenue for the first half of the year grew by 25% year-on-year to 35.3 billion yuan, with adjusted operating profit increasing by 57%, exceeding both the bank's and market expectations by 8% and 11% respectively [1] Group 1: Financial Performance - JD Health's total revenue reached 35.3 billion yuan, reflecting a 25% year-on-year growth [1] - Adjusted operating profit rose by 57%, surpassing expectations [1] - The bank forecasts a 22% year-on-year revenue growth for the second half of 2025, with an expected expansion of 30 basis points in annual adjusted net profit margin [1] Group 2: Strategic Insights - The company is seen to have reached a development inflection point due to its clear pharmaceutical and health ecosystem strategy and channel expansion [1] - JD Health's core supply chain competitiveness is expected to translate into stronger pricing power, further driving profit margin expansion [1] Group 3: Market Position and Projections - The parent company, JD Group, is actively promoting its food delivery business, contributing to user traffic growth for JD Health [1] - The bank has raised its earnings forecasts for 2025 and 2026 by 30% and 24% respectively, with the target price significantly increased from 26.18 HKD to 62.14 HKD, and the rating upgraded to "outperform" [1]