Group 1 - The event "Happy Heart Universe: Happiness Exchange" was held on National Mental Health Day, attracting over 3,000 participants, including university students and teachers from affiliated primary and secondary schools [1][2] - The collaboration between Beijing Jiaotong University and JD Health aims to enhance mental health awareness and create a positive campus environment through interactive games and activities [1][2] - The "Rainbow Hug" campus run was a highlight, with over 400 students participating, showcasing a vibrant and dynamic atmosphere [2] Group 2 - The importance of mental health for students is emphasized, with 80% of their time spent online, and the university aims to provide more channels for psychological assistance through "Internet+" initiatives [3] - JD Health has established a comprehensive mental health service system across multiple universities, offering a full-service loop from assessment to treatment [4] - The integration of over 6,000 psychiatrists and 2,000 psychological counselors supports the provision of both online and offline mental health services for students [4] Group 3 - JD Health plans to continue exploring new models and pathways for campus mental health services by connecting schools, medical institutions, and families [5]

转自：北京日报客户端 《教育强国建设规划纲要（2024—2035年）》提出，普及心理健康教育，要建立全国学生心理健康监测 预警系统，分学段完善服务工作机制。京东健康相关负责人说，目前高校的心理素质基建已经越来越完 备，但仍然面临一些挑战，比如在开学季、考试季等节点，学校心理健康老师往往需要面临数量暴增的 学生咨询，互联网平台和人工智能等新技术则可以辅助老师们更好地进行心理辅导，尽早对情绪和心理 问题的"小火苗"防患于未然。 记者在北交大的线上心理服务平台"红果园心驿站"看到，学生打开"心情镜头"，与AI视频聊天约1分 钟，就能获得一份实时抑郁检测报告。据了解，该平台依托京东健康的医疗AI大模型等最新技术应用 成果，通过AI心理陪伴师"聊愈小宇宙"等服务，连同风险预警、趣味测评、解压游戏、正念自助等数字 管理工具，能做到对学生"7乘24小时"的心理陪伴，进一步提升高校学生心理咨询和预防危机事件的效 率。此外，平台依托全国6000余名精神科医生与2000多名心理咨询师团队，还开通了线下就医绿色通 道，能够针对重点学生个案组织开展联合研讨会商，提供危机干预与休学复学评估等综合康复意见。 来源：北京日报客户端 5月2 ...

Core Insights - The rising COVID-19 positivity rate across multiple regions in China highlights the importance of early detection and intervention for respiratory diseases [1] - JD Health's "medical, testing, diagnosis, and medication" one-stop service is transforming how users manage their health, allowing them to receive comprehensive care without leaving home [3] Group 1: Service Adoption and Growth - The volume of consultations related to fever on JD Internet Hospital increased by 20% week-over-week from May 14 to May 20 [4] - Orders for respiratory pathogen testing through JD's fast testing service doubled during the same period [4] - Orders for flu-related medications on JD's online pharmacy surged by over 80%, with sales of specific COVID-19 treatment drugs increasing by 3.5 times [4] Group 2: User Experience and Future Plans - JD Health's closed-loop service model allows users to consult doctors online, conduct tests at home, receive medications at home, and access nursing services, making it a preferred choice for health issues [6] - Users can seamlessly connect to the entire process of consultation, testing, diagnosis, and medication through the JD app, ensuring quick identification of health issues and precise medication [6] - JD Health plans to continuously optimize its service processes to provide more efficient and diverse healthcare services to the public [6]

Core Viewpoint - JD Health is leveraging AI capabilities to provide professional, precise, and personalized nutrition support services, particularly in the maternal and infant nutrition sector, addressing consumer demands for diverse health consumption [1][2]. Group 1: AI Nutritionist Implementation - JD Health has introduced the "AI Nutritionist" utilizing the Qianyi Qianxun model, which integrates a three-dimensional knowledge base covering maternal and infant medical guidelines, online consultation data, and product information [2]. - The AI Nutritionist offers 24/7 consultation through multimodal interactions (text, voice, video) and emotional design, providing tailored scientific feeding plans based on user health records and behavior data [2]. Group 2: User Engagement and Experience - The AI Nutritionist has covered over 200 health categories and has provided scientific feeding guidance to more than 10 million families, achieving a user conversion rate exceeding 45% [4]. - JD Health's AI-driven ecosystem enhances user experience by integrating public and private domain operations, resulting in an 89.81% increase in new user purchases and a 65% cross-category transaction rate [4]. Group 3: Continuous Health Management - JD Health aims to provide long-term, personalized health management services, starting from user health record establishment to content education, dietary therapy, and nutrition guidance [4]. - Since 2020, JD Health has built the largest professional online nutritionist service team in China, with nearly 1,000 nutrition doctors and nutritionists, achieving a consultation volume growth of nearly 100% year-on-year [4].

Group 1 - The core product, Xiaodu Smart Health Screen, is designed for elderly users, integrating health monitoring, medical consultation, and emergency call features, and has received positive feedback from users on JD.com [1][3] - The device provides 24/7 online consultation with top-tier hospital doctors, with an average response time of 30 seconds, enhancing accessibility for elderly users [1][3] - The platform supports multi-party video consultations, allowing family members to join remotely, which facilitates communication between doctors, patients, and family members [3] Group 2 - The increasing aging population is driving demand for home-based elderly care, emphasizing the need for health, safety, and emotional companionship [5] - Xiaodu Technology has been enhancing its products for elderly users since 2018, with over 50 million households using its products, 40% of which are elderly households [5] - The collaboration between JD Internet Hospital and Xiaodu Smart Health Screen represents a significant step in expanding online medical services and exploring health care models for the elderly [5]

Key Insights - The report highlights a significant increase in China's inverter exports in April 2025, with an export value of 5.82 billion, representing a month-on-month growth of 28.0% and a quantity of 4.5292 million units, up 21.4% from the previous month [3] - The average export price of inverters rose to 1,284 yuan per unit, marking a month-on-month increase of 5.5% [3] - The demand growth is attributed to the onset of the summer peak season for household storage and accelerated overseas large-scale storage construction [3] - The report emphasizes the long-term drivers of demand, including power outages, rising electricity prices, and significant growth in wind and solar installations, indicating a shift in inverter demand towards emerging markets [3] - The report recommends companies such as Deye Technology, Sungrow Power Supply, and Sunshine Power for their potential in the inverter market [3] Industry Overview - The macroeconomic context suggests that the Chinese yuan may have upward momentum against the US dollar, driven by structural rebalancing in global asset allocation and diminishing depreciation expectations for the yuan [2] - The report notes that the US has adjusted tariffs on imports, which has implications for global trade dynamics and may affect the competitiveness of Chinese exports [2] - The report also discusses the ongoing trends in the logistics and e-commerce sectors, highlighting a continued focus on price competition and volume growth in the express delivery market, with a year-on-year increase in express delivery volume of 19.1% in April [7] - In the consumer electronics sector, the report indicates strong sales growth for robotic vacuum cleaners and floor washers, driven by promotional activities and consumer demand, with sales volume for robotic vacuum cleaners increasing by 74.49% year-on-year in April [8]

Core Insights - The strategic partnership between LeXin Medical and Ping An Health aims to create a comprehensive health management model focusing on prevention, monitoring, and intervention [1][2] - LeXin Medical specializes in digital chronic disease management and has over 20 years of experience in developing medical-grade remote health monitoring devices [1] - Ping An Health, as a leading internet healthcare company, offers a unique business model based on managed healthcare, family doctor membership, and O2O health services [1] Company Collaboration - The collaboration will leverage the strengths of both companies to focus on conditions such as myocardial infarction and cerebral infarction, establishing a closed-loop digital management pathway [1] - LeXin Medical will provide remote dynamic electrocardiogram services and digital blood pressure management, integrating with Ping An Health's online consultation and health management resources [1] - This initiative aligns with the "Healthy China" strategy and promotes the advancement of medical services towards intelligence and inclusivity [1] Future Expansion - The partnership is seen as a starting point for building a new ecosystem in smart healthcare, with plans to expand into multiple core health management dimensions such as blood sugar, blood pressure, and weight [2] - The goal is to implement a comprehensive digital health service that manages multiple diseases and links various health indicators [2]

证券研究报告 阿里健康 (241 HK) 港股通 自营业务转向高质量发展 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 21 日│中国香港 | 互联网 | 阿里健康 2HFY25 总收入 163 亿元，同比+16.0%，增速好于 Visible Alpha (VA，口径下同)一致预期的+12.6%，经调整净利润 9.7 亿元，同比增长 22.2%，逊于一致预期的 11.0 亿元。在广告业务注入带来的基数效应逐渐 消失后，我们预计阿里健康未来的盈利增速将主要依赖内生业务增速驱动。 后续建议关注：1）医药电商各品类需求修复情况及竞争格局演变；2）淘宝 即时零售战略进展及医药品类近场电商发展情况；3）阿里健康医疗 AI 技术 进展及商业化节奏。"买入"。 广告业务并入贡献坚实增量，淘宝闪购业务发展或带来近场电商领域机会 盈利预测与估值 我们调整 FY26-27 经调整归母净利润预测-8.8/-8.4%至 23/26 亿元，并引入 FY28 预测新值 29 亿元。我们给予公司 35x 目标非 IFRS PE，较可比公司 2026 年均值 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 5.43 [9][10]. Core Insights - The company reported a total revenue of RMB 16.3 billion for 2HFY25, representing a year-on-year growth of 16.0%, which exceeded the consensus expectation of 12.6%. However, the adjusted net profit of RMB 970 million was below the expected RMB 1.1 billion, indicating that future profit growth will rely on organic business growth as the impact of advertising business integration diminishes [1][2]. - The management has set a revenue growth target of 5-10% for FY26, with an adjusted net profit growth target of 10-20%. The focus will be on enhancing merchant empowerment and user experience in core businesses while exploring new growth avenues in innovative sectors like medical AI [4][5]. Revenue and Profit Forecast - The company’s revenue is projected to reach RMB 33.6 billion in FY26, with a year-on-year growth rate of 9.9%. The adjusted net profit is expected to be RMB 2.2 billion, reflecting a growth rate of 17.6% [14][16]. - The adjusted net profit margin is forecasted to improve to 6.8% in FY26, up from previous estimates, indicating better operational efficiency [14][15]. Business Segments Performance - The self-operated business generated RMB 14 billion in revenue for 2HFY25, a year-on-year increase of 13.9%, outperforming the consensus estimate of 9.1%. The e-commerce platform business saw revenue of RMB 1.9 billion, growing 43.6% year-on-year, although it fell short of the expected 57.7% growth [2][3]. - The management highlighted that the integration of advertising business has enhanced service capabilities for platform merchants, leading to improved operational returns and competitiveness in the pharmaceutical e-commerce sector [2][3]. Valuation and Market Position - The company is assigned a target non-IFRS PE of 35x for FY26, which is a premium compared to the average of 16.2x for comparable companies, reflecting the company's ongoing market share acquisition and potential in medical AI [5][16]. - The target price has been revised to HKD 5.43 from a previous value of HKD 4.4, indicating a positive outlook based on the company's growth trajectory and market positioning [5][16].

Core Insights - Alibaba Health reported a revenue of 30.598 billion yuan for the fiscal year 2025, marking a year-on-year growth of 13.2% and a net profit of 1.432 billion yuan, up 62.2% [1][2] - The company's revenue structure is primarily driven by its pharmaceutical e-commerce business, with self-operated pharmaceutical revenue reaching 26.124 billion yuan, a 10.0% increase, while the e-commerce platform revenue surged by 54.0% to 3.588 billion yuan [1][3] - The healthcare and digital services segment saw a decline in revenue, dropping 7.6% to 0.885 billion yuan, attributed to the optimization of certain innovative businesses [3] Revenue Growth - The internet healthcare market in China reached a total market size of 376.4 billion yuan in 2023, reflecting a year-on-year growth of 21.34% [2] - Alibaba Health's revenue surpassed 30 billion yuan for the first time, and its net profit exceeded 1 billion yuan for the first time, achieving significant growth for three consecutive years [2] Competitive Landscape - The internet healthcare sector is experiencing intensified competition, with new entrants and evolving business models impacting traditional players like Alibaba Health [4][5] - The rise of instant retail channels is seen as a key driver for growth in the pharmaceutical retail sector, with predictions indicating a sales scale of 48.7 billion yuan for instant retail in 2024, a 31.3% increase from 2023 [5] - Alibaba Health's business primarily focuses on B2C and B2B, maintaining high levels of next-day delivery service while expanding its reach to 13 cities [5] Innovation and Technology - Alibaba Health is actively integrating new technologies, including AI, into its services, with initiatives like the launch of an AI-assisted traditional Chinese medicine diagnostic system [6][7] - The company has partnered with the China Anti-Cancer Association to enhance cancer prevention and treatment awareness through AI technology [7]