Core Viewpoint - The report from Huaxing Securities indicates that JD Health is expected to achieve steady growth in product sales in 2024, supported by an optimized multi-channel layout and enhanced collaboration with well-known pharmaceutical companies [1] Group 1: Product Sales Growth - In 2024, JD Health achieved product sales revenue of 48.8 billion yuan, with the second half of the year impacted by a high base from the previous year [1] - The company is continuously optimizing its multi-channel business layout, enhancing collaboration between online platforms and instant retail, which is expected to lead to steady sales growth in 2025 [1] - JD Health has deepened partnerships with domestic and international pharmaceutical companies, achieving breakthroughs in new drug launches, multi-channel expansion, and digital marketing, while also improving user experience and repurchase rates [1] Group 2: Supply Chain and Healthcare Ecosystem - JD Health is strengthening its pharmaceutical health supply chain capabilities and increasing support for third-party merchants, with over 100,000 third-party merchants on the platform by the end of 2024 [1] - The company is actively promoting online medical insurance payment services, covering 18 cities nationwide and connecting with over 3,000 designated medical insurance pharmacies [1] - JD Health is accelerating the advancement of smart healthcare and digital innovation, launching AI health assistant "Kangkang" and AI psychological companion "Liaoyu Xiaoyuzhou," and collaborating with Wenzhou Medical University First Affiliated Hospital to build a new generation of smart hospitals [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company's revenue and profit growth for 2024 exceeded Bloomberg consensus expectations, driven by increases in product sales and advertising revenue [7]. - The company has strengthened its self-operated advantages and enhanced the competitiveness of its online platform and instant retail business, achieving complementary advantages across three business models [7]. - The daily average transaction amount reached 1,164.74 million HKD, with over 1.84 million active users by the end of 2024 [7][8]. Financial Performance Summary - For 2024, the company reported revenue of 582 billion RMB, a year-on-year increase of 8.6%, with a gross profit of 133 billion RMB and a gross margin of 22.9% [5][10]. - Adjusted operating profit was 2.6 billion RMB, corresponding to an operating margin of 4.5%, while adjusted net profit reached 4.8 billion RMB, reflecting a year-on-year growth of 15.9% [5][10]. - The company expects revenues of 660 billion RMB in 2025, 741 billion RMB in 2026, and 820 billion RMB in 2027, with adjusted net profits of 4.5 billion RMB, 4.9 billion RMB, and 5.4 billion RMB respectively [9][10]. Market Position and User Engagement - The company has expanded its online medical insurance payment capabilities, significantly enhancing user conversion rates and reducing medication costs for users [7]. - The AI health assistant "KangKang" has served over 30 million users, achieving a problem-solving rate of 70% [8].

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HK$55.17, representing a potential upside of 54% from the current price of HK$35.75 [2][15]. Core Insights - JD Health's revenue for 2024 is projected to be RMB 58.16 billion, reflecting an 8.6% year-on-year growth, with a significant profit increase of 94% to RMB 4.16 billion [6][9]. - The company is expected to continue optimizing its product mix, leading to a gross profit increase to RMB 13.31 billion in 2024, up 12.2% [6]. - The report highlights the robust growth in product sales and the optimization of the omnichannel layout, with product sales revenue expected to grow at a compound annual growth rate (CAGR) of 15% from 2025 to 2027 [7]. - JD Health is expanding its healthcare service ecosystem, with service revenue projected to grow at a CAGR of 17% from 2025 to 2027 [8]. Financial Summary - The financial data indicates that JD Health's revenue is expected to reach RMB 67.09 billion in 2025, with a gross profit of RMB 15.86 billion and a net profit of RMB 4.53 billion [9][21]. - The adjusted EPS for 2025 is projected at RMB 1.41, with a growth trajectory leading to RMB 1.97 by 2027 [9][12]. - The report notes a significant increase in operating efficiency, with operating profit expected to rise by 132.9% in 2024 [6][10]. Valuation - The DCF valuation method used in the report results in a target price of HK$55.17, which is based on a WACC of 9.0% and a perpetual growth rate of 3.0% [15][16]. - The target price corresponds to a P/S ratio of 2.4 for 2025, which is below the industry average of 3.1, indicating potential for valuation upside [15][18].

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HK$55.17, representing a potential upside of 54% from the current price of HK$35.75 [2][15]. Core Insights - JD Health's revenue for 2024 is projected to be RMB 58.16 billion, reflecting an 8.6% year-on-year growth, with a significant profit increase of 94% to RMB 4.16 billion [6][9]. - The company is expected to continue optimizing its product mix, leading to a gross profit increase to RMB 13.31 billion, a 12.2% rise [6]. - The report highlights the robust growth in service revenue, with expectations of a 17% year-on-year increase from 2025 to 2027 [8]. Financial Summary - **Revenue Projections**: - 2025E: RMB 67.09 billion - 2026E: RMB 77.22 billion - 2027E: RMB 87.60 billion [9][12] - **Gross Profit Projections**: - 2025E: RMB 15.86 billion - 2026E: RMB 18.25 billion - 2027E: RMB 20.79 billion [9][12] - **Net Profit Projections**: - 2025E: RMB 4.53 billion - 2026E: RMB 5.34 billion - 2027E: RMB 6.30 billion [9][12] - **Earnings Per Share (EPS)**: - 2025E: RMB 1.41 - 2026E: RMB 1.67 - 2027E: RMB 1.97 [9][12] Market Comparison - JD Health's target price corresponds to a price-to-sales (P/S) ratio of 2.4 times for 2025, which is below the industry average of 3.1 times for comparable internet healthcare platforms [15][18].

Investment Rating - The report maintains an "Outperform" rating for JD Health International with a target price of HK$42.90, reflecting a potential upside from the current price of HK$35.75 [2][9]. Core Insights - JD Health's revenue for 2024 slightly exceeded market expectations, achieving RMB 58.2 billion, a year-on-year increase of 8.6%. The adjusted net profit reached RMB 4.8 billion, surpassing expectations by 15.9% due to scale effects, resulting in a net profit margin of 8.2% [3][19]. - The company experienced strong growth across all major product categories in Q4 2024, with revenue of RMB 16.5 billion, marking an 11.3% increase. This performance indicates a recovery and growth trajectory post-pandemic [20][21]. - The number of merchants on the platform has significantly increased, contributing to a robust ecosystem characterized by comprehensive products, low prices, and high quality. The number of merchants grew from over 20,000 in 2022 to over 100,000 in 2024 [21][22]. - JD Health is expanding its offline pharmacy presence, with nearly 60 self-operated O2O stores opened in Beijing by the end of 2024, enhancing its market reach and operational capabilities [22]. - The company is optimistic about the integration of AI in healthcare, with a growing active user base of 180 million and daily online consultations exceeding 490,000. This positions JD Health favorably in the evolving internet healthcare landscape [23][24]. Financial Summary - Revenue projections for 2025 and 2026 are set at RMB 66.6 billion and RMB 75.7 billion, respectively, indicating year-on-year growth of 14.5% and 13.7% [25][26]. - Adjusted net profit for 2025 and 2026 is expected to be RMB 4.4 billion and RMB 5.4 billion, reflecting a year-on-year growth of -7.3% and 20.5% [25][26]. - The report highlights a DCF valuation predicting the company's equity value at HK$136.8 billion, corresponding to a share price of HK$42.90, with a WACC of 9.2% and a perpetual growth rate of 2.0% [26].

Investment Rating - The investment rating for JD Health is maintained as "Buy" with a target price of HKD 42.70 [4][7]. Core Views - JD Health's total revenue for 2H24 is projected to be RMB 29.8 billion, representing a year-on-year increase of 12.9%, which is better than the Visible Alpha consensus estimate of 11.2%. The non-IFRS net profit is expected to be RMB 2.1 billion, with a non-IFRS net profit margin of 7.2%, an increase of 1.9 percentage points year-on-year [1][2]. - For 2025, revenue growth is anticipated to improve to 13.8%, driven by enhancements in instant retail service capabilities and exploration of AI applications in the healthcare sector [1][3]. Summary by Sections Revenue and User Growth - In 2H24, sales revenue from pharmaceuticals and health products increased by 10.7% to RMB 24.9 billion, while platform, advertising, and other service revenues grew by 25.3% to RMB 4.9 billion, primarily due to sustained growth in advertising revenue [2]. - As of the end of 2024, JD Health's annual active user count reached 184 million, with a net increase of approximately 12 million year-on-year [2]. Operational Enhancements - Management plans to enhance fulfillment capabilities in instant retail scenarios in 2025, focusing on optimizing service efficiency and integrating online and offline operations [3]. - JD Health is recognized as a pioneer in the large-scale application of AI models in the internet healthcare sector, with its "Jingyi Qianxun" model being the most widely adopted in the industry [3]. Profitability and Valuation Adjustments - The non-IFRS net profit forecasts for 2025 and 2026 have been adjusted downwards by 6.4% and 7.4% to RMB 4.41 billion and RMB 4.69 billion, respectively, due to increased business investments [4][11]. - The target non-IFRS PE valuation for 2025 is set at 28.0x, which is a premium compared to the average PE of comparable companies at 15.2x, reflecting JD Health's higher operational efficiency and first-mover advantage in AI healthcare [4][13].

3月6日，京东健康发布2024年全年业绩公告，为中国互联网医疗产业标注了新的价值刻度。 公 告 显 示 ， 2 0 2 4 年 京 东 健 康 总 收 入 为 人 民 币 5 8 2 亿 元 ， 非 国 际 财 务 报 告 准 则 指 标 下 （ No n - IFRS）净利润达4 7 . 9亿元，收入和净利润双双超过市场预期。 这份亮眼的成绩单，不仅再次印证了"健康中国"战略下新型健康消费的澎湃动能，更揭示了 数字技术重塑的互联网医疗的新商业范式，也映射出互联网医疗正在迈向价值创造的全新战 场。 重塑渠道效率 近些年，健康消费已然成为新型消费的重要趋势。在刚刚发布的两会政府工作报告中强调， 要从增加优质供给、创新和丰富消费场景等方面入手，扩大健康、养老、托幼、家政等多元 化服务供给；加快数字、绿色、智能等新型消费发展。健康消费成为当前经济环境下，极具 确定性的消费需求。 作为" 线上健康消费第一入口" 的新型医疗健康服务企业，京东健康通过" 自营+ 平台+ 即时零 售"三轮驱动，实现了供应链渠道效率的重塑，还以"线上+线下"的融合模式全面升级健康消 费场景，持续拓展服务半径，实现全人群、全周期的健康覆盖，将 ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating that the industry is expected to outperform the benchmark index over the next 12 months [33]. Core Insights - The pharmaceutical sector is experiencing a recovery, with significant growth in sub-sectors such as internet healthcare, biotechnology, and medical devices, which saw increases of 36%, 34%, and 24% respectively in February 2025 [3][6]. - The report highlights the government's encouragement of innovative drug development, including discussions on expanding payment channels for innovative drugs and the potential establishment of a category for innovative drugs in the insurance framework [4][24]. - The medical device market is showing signs of recovery, with the domestic medical imaging equipment market growing over 47% year-on-year in January 2025, and an increase in the number of CT devices awarded contracts by 4.2% compared to the previous year [4][30]. Market Review - In February 2025, the Hang Seng Composite Industry Index rose by 12.8%, while the Hang Seng Healthcare Index increased by 16.3%, outperforming the market by 3.5 percentage points [3][6]. - The A-share market saw the Shanghai and Shenzhen 300 Index decline by 3% in January, with the pharmaceutical and biotechnology index dropping by 3.8%, but rebounding in February with a 5.1% increase [14]. - The report notes that all 13 sub-sectors in the pharmaceutical industry experienced declines in January, but several sub-sectors, including hospitals and medical devices, showed significant gains in February [14]. Industry Data Update - The report indicates that the basic medical insurance revenue for January 2025 reached 314.3 billion yuan, a year-on-year increase of 10.4%, with expenditures growing by 8.5% [17]. - The commercial health insurance sector is also expanding, with original premium income reaching 977.3 billion yuan in 2024, reflecting an 8.2% year-on-year growth [20]. - Medical device exports, particularly for ECG recorders, ultrasound diagnostic devices, and CT machines, have accelerated in both quantity and value since the second half of 2024 [21]. Industry News Summary - The National Healthcare Security Administration held a meeting to support innovative drug development, engaging with major pharmaceutical companies to discuss strategies for enhancing the market for innovative drugs [23][24]. - A draft opinion on improving the drug pricing mechanism has circulated, proposing measures to support innovative drug development and enhance drug accessibility [28]. - The report mentions ongoing efforts to regulate prices in the healthcare sector, including a comprehensive governance initiative for central venous catheter pricing, which has led to significant price reductions for related medical services [29][30].

以下文章来源于天天IPO ，作者岳笑笑 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 杭州另一面。 作者 I 岳笑笑 报道 I 投资界PEdaily 一个超级IPO即将诞生。 投资界-天天IPO获悉，港交所官网显示，微医控股有限公司（简称"微医"）递交港交所上市申请，招银国际为独家保荐人。 在成立微医以前，廖杰远的职业轨迹颇为跳脱：毕业后在林业研究所就职，后来毅然跳出体制；1999年曾与刘庆峰等人参与创立科大 讯飞；200 3年开始在一家通信技术公司担任总经理，参与创办中国绿线，在IT行业闯荡数十年…… 直至后来一次意外经历：由于侄子生病，廖杰远陪着家人在七家医院间折腾了十个月，做了两次手术，最后却发现是误诊。正是这段 经历，这让他下定决心——"如果我这辈子还能做一件事，那就是用自己熟悉的技术，让天下人看病不再那么难。" 说干就干，廖杰远从挂号入手。2010年，他在中国绿线最后一次董事会上宣布转换方向，创办微医的前身"挂号网"，带着团队闯入互 联网医疗行业，提供预约挂号、智能分诊等便捷就医服务。 彼时国内互联网医疗刚刚起步，难以嫁接壁垒森严的医疗体系，许多大厂都被医院拒之门外。廖杰远带领 ...