Group 1 - The core viewpoint of the report is that Credit Lyonnais has raised the adjusted net profit forecasts for JD Health (06618) by 5% and 6% for 2025 and 2026 respectively, reflecting better cost control [1] - The target price for JD Health has been increased from HKD 45 to HKD 56, indicating a positive outlook for the company [1] - JD Health is identified as a major beneficiary of JD Group's investment strategy focused on increasing app user growth [1] Group 2 - JD Health's performance in the first half of 2025 is reported to be strong, with total revenue growing by 23% year-on-year, reaching RMB 34.8 billion [1] - The revenue growth is attributed to the successful 618 shopping festival, particularly in the sales of nutritional health products and medical devices [1] - The outflow of original research drugs from hospital channels continues to support the demand for pharmaceuticals [1] Group 3 - The adjusted EBITDA is expected to increase by 57% year-on-year, reaching RMB 2.5 billion, driven by improved gross margins and strict control over investments in immediate demand [1]

Core Viewpoint - Credit Suisse has raised the adjusted net profit forecasts for JD Health (06618) for 2025 and 2026 by 5% and 6% respectively, reflecting better cost control, and increased the target price from HKD 45 to HKD 56 [1] Group 1: Financial Performance - JD Health's total revenue for the first half of 2025 is expected to grow by 23% year-on-year, reaching RMB 34.8 billion, driven by strong performance during the 618 shopping festival, particularly in the sales of nutritional health products and medical devices [1] - The adjusted EBITDA is projected to increase by 57% year-on-year, reaching RMB 2.5 billion, supported by improved gross margins and strict control over investments in immediate demand [1] Group 2: Market Position and Strategy - JD Health is identified as a major beneficiary of JD Group's aggressive investment strategy in app user growth [1] - The continued outflow of original research drugs from hospital channels is further supporting the demand for pharmaceuticals [1]

Core Viewpoint - Credit Suisse expects JD Health to show strong performance in the first half of 2025, with total revenue projected to grow by 23% year-on-year to reach 34.8 billion yuan, driven by the successful 618 shopping festival, particularly in the nutrition and medical device categories [1] Financial Performance - Total revenue for JD Health is expected to reach 34.8 billion yuan in the first half of 2025, reflecting a year-on-year growth of 23%, with a 20% increase in Q2 and a 26% increase in Q1 [1] - Adjusted EBITDA is projected to grow by 57% year-on-year to 2.5 billion yuan, supported by improved gross margins and strict control over investments in real-time demand [1] Profit Forecasts - Credit Suisse has raised its adjusted net profit forecasts for JD Health by 5% and 6% for 2025 and 2026, respectively, due to better cost control [1] - The target price for JD Health has been increased from 45 HKD to 56 HKD [1] Market Position - JD Health is identified as a major beneficiary of JD's aggressive investment strategy in app user growth [1] - The company maintains an "outperform" rating according to Credit Suisse [1]

"三招搞定糖尿病""来预约针灸，可根治白内障""点击直播间链接，领取定制中药"……某些社交平 台上，一些所谓的"网红医生"，有的打着科普的幌子吓唬病人、推销"神药"；有的打着祖传的旗号，自 称包治百病、无所不能；有的号称专家权威，擦边色情、收割流量……这些"网红医生"，以治病救人之 名，行流量变现之实，坑害患者、玷污医卫行业声誉、败坏网络生态环境，需要下猛药治治他们的流量 沉疴。 所谓的"网红医生"，有些是注册的真医生，有些只是在医院上班的护士或技师，更多的则是冒牌 货、假医生。但在网络平台上，这些人身上穿着白大褂，嘴里飙着医学名词，是不是名副其实的专业医 生，普通网民难以分辨。 互联网诊疗活动，国家严格实行准入管理。根据《互联网诊疗管理办法（试行）》等文件，只有具 有相关资质并获主管部门审核的医疗机构，才可以开展互联网诊疗。具有行医资格的医师，需要所执业 注册的机构同意，才能开展互联网诊疗活动。 国家市场监督管理总局2023年发布的《互联网广告管理办法》明确规定，禁止以介绍健康、养生知 识等形式，变相发布医疗、药品、医疗器械、保健食品、特殊医学用途配方食品广告。 对照这些规定，不少所谓的"网红医生"的行为， ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, considering its supply chain advantages, self-operated brand strengths, and the ability to continuously attract third-party merchants and expand O2O services, which are expected to drive steady growth in performance [6][7]. Core Insights - The company has transitioned from a pharmaceutical e-commerce platform to a comprehensive healthcare service provider, offering health product sales, medical services, and smart healthcare solutions, thereby achieving an online closed loop of medical services [14][17]. - The company's self-operated business is the core driver of its performance, with a significant revenue contribution from pharmaceutical and health product sales, which accounted for 84% of total revenue in 2024, growing by 6.9% year-on-year [6][17]. - The online healthcare market is expected to see accelerated penetration, particularly in non-pharmaceutical categories like nutritional supplements and home medical devices, while the pharmaceutical market's online penetration is anticipated to increase due to changing consumer behaviors and regulatory support [6][39]. Financial Data and Profit Forecast - The company forecasts revenues of 63.65 billion, 69.65 billion, and 76.55 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 4.52 billion, 5.04 billion, and 5.79 billion CNY for the same years [6][7]. - The projected earnings per share (EPS) are expected to be 1.41, 1.58, and 1.81 CNY for 2025, 2026, and 2027 respectively, with a net asset return rate gradually increasing to 8.21% by 2027 [6][7]. Market Dynamics - The competitive landscape in the online healthcare sector is expected to stabilize by 2025, with the company leveraging its supply chain, service ecosystem, and AI capabilities to create competitive barriers [6][44]. - The report highlights that the online healthcare service market is still in its early stages, with significant growth potential driven by increased health awareness and the demand for personalized healthcare solutions [41][44]. Key Assumptions - The company anticipates continued growth in pharmaceutical and health product sales through deep collaboration with brand partners, supported by its supply chain advantages [8]. - The platform and advertising services are expected to grow rapidly, with revenue projections of 10.92 billion, 12.38 billion, and 14.04 billion CNY for 2025, 2026, and 2027 respectively [8].

Group 1 - Zhang Kun has made significant adjustments to his investment strategy, moving from a heavy reliance on Kweichow Moutai to a more balanced allocation that includes Wuliangye and Luzhou Laojiao as top holdings [1][2][7] - The top ten holdings now account for 83.85% of the portfolio, indicating a concentrated investment approach while diversifying within the liquor sector [1] - The shift in focus suggests a reevaluation of Moutai's investment value and market elasticity, reflecting a potential downtrend in its attractiveness as an investment [2][4] Group 2 - New investments in companies like SF Express and Yum China indicate a broader strategy that encompasses macroeconomic recovery signals and consumer confidence [3][4] - The inclusion of JD Health marks a departure from previous investment interests, suggesting a search for new growth opportunities beyond traditional sectors [4][7] - The adjustments in the portfolio reflect a proactive approach to risk management and a desire to establish a "second growth curve" for the fund [4][7]

叮当健康(09886.HK)公布，2025年中期的净亏损预期较2024年同期约人民币8980万元的净亏损收窄逾 40%。此改善主要归因于毛利率提升所致毛利增加及2025年中期的一般及行政开支减少。2025年中期经 调整净亏损(非国际财务报告准则计量)预期较截至2024年6月30日止六个月约人民币2640万元的经调整 净亏损收窄逾人民币2000万元。 ...

格隆汇8月1日丨叮当健康(09886.HK)公告，2025年中期净亏损预期较2024年同期约人民币8980万元净亏 损收窄逾40%。此改善主要归因于毛利率提升所致毛利增加及2025年中期的一般及行政开支减少。2025 年中期经调整净亏损注(非国际财务报告准则计量)预期较截至2024年6月30日止6个月约人民币2640万元 经调整净亏损收窄逾人民币2000万元。 ...

智通财经APP讯，叮当健康(09886)公布，2025年中期的净亏损预期较2024年同期约人民币8980万元的净 亏损收窄逾40%。此改善主要归因于毛利率提升所致毛利增加及2025年中期的一般及行政开支减少。 2025年中期经调整净亏损(非国际财务报告准则计量)预期较截至2024年6月30日止六个月约人民币2640 万元的经调整净亏损收窄逾人民币2000万元。 ...

证券之星消息，7月31日互联网医疗板块较上一交易日下跌0.68%，佛慈制药领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。互联网医疗板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300579 | 数字认证 | 36.60 | 20.00% | 35.66万 | 12.53亿 | | 002424 | 贵州自灵 | 5.94 | 10.00% | 113.22万 | 6.45亿 | | 002315 | 焦点科技 | 53.62 | 5.10% | 18.83万 | 10.05 亿 | | 301126 | 达嘉维康 | 12.52 | 3.81% | - 33.74万 | 4.37亿 | | 688246 | 嘉和美康 | 36.51 | 3.60% | 6.25万 | 2.27亿 | | 300049 | 福瑞股份 | 44.82 | 2.94% | 10.27万 | 4.59 Z | | 300247 | 融蔓 ...