Core Insights - JD Health (06618) reported a revenue of 35.29 billion RMB in the first half of the year, representing a year-on-year growth of 24.5% [1] - The non-IFRS net profit reached 3.57 billion RMB, up 35% year-on-year, with a non-IFRS net profit margin of 10.1%, an increase of 0.8 percentage points, exceeding market expectations [1] - The strong performance is attributed to the robust growth in the pharmaceutical category and favorable collaborations with pharmaceutical companies [1] Financial Projections - The company has raised its net profit forecasts for 2025 and 2026 by 30% and 21%, respectively, to 4.51 billion RMB and 5.28 billion RMB [1] - The overall valuation of the sector has recently increased, leading to a maintained "outperform" rating for the company [1] Market Performance - JD Health's stock price performed strongly in the first half of the year, benefiting from immunity to external demand factors such as tariffs and a stable competitive landscape in the domestic market [1] - Both quarters of the first half exceeded market expectations, and the overall rise in Hong Kong stock valuations contributed to the company's strong performance as a weighted stock in multiple indices [1] Valuation and Growth Potential - Despite the current valuation being relatively high compared to recent years, the company's strong growth potential provides fundamental support [1] - The recent positive sentiment in the Hong Kong stock sector suggests that the company may experience a valuation uplift in line with market trends [1]

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]

另外，母公司京东集团(09618) 持续推动食品外卖业务，为京东健康带来用户流量增长，该行料销售及 推广费用节省将延续至下半年;现预测2025年下半年收入同比增长22%，全年经调整净利润率有望扩张 30个基点。 智通财经APP获悉，麦格里发布研报称，京东健康(06618)总收入同比增长25%至353亿元人民币，经调 整经营利润升57%，较该行及市场预期高8%及11%。该行认为公司凭借清晰的"医药与健康"闭环生态战 略，以及渠道扩张布局，已迎来发展拐点;其供应链核心竞争力有望转化为更强的定价能力，进一步推 动利润率扩张。基于上半年业绩及供应链优势，该行将2025及26年盈利预测分别上调30%及24%，评级 升至"跑赢大市"。 ...

Core Viewpoint - JD Health's strong performance in the first half of the year exceeded market expectations, driven by significant revenue growth and user engagement [1][2] Group 1: Financial Performance - JD Health reported total revenue of 35.29 billion yuan in the first half of the year, representing a year-on-year increase of 24.5%, surpassing the market consensus growth of 20.2% [1] - The company achieved product revenue of 29.33 billion yuan (+22.7% YoY) and service revenue of 5.96 billion yuan (+34.4% YoY) [2] - In Q2, JD Health's revenue reached 18.65 billion yuan, reflecting a year-on-year growth of 23.7% [2] Group 2: User Engagement and Growth - As of the end of the first half of the year, JD Health had over 200 million active users in the past twelve months, marking a historical high [2] - The daily active users (DAU) of the JD app grew by 44.8%, 33.4%, and 46.4% year-on-year from May to July 2025, indicating strong traffic growth [1] Group 3: Strategic Initiatives - JD Health is expected to benefit from the rapid traffic growth of JD's main platform and increased advertising demand from upstream partners [1] - The company's ongoing investment in medical AI is seen as a key driver for improving operational efficiency and enhancing user experience [1]

智通财经APP获悉，京东健康(06618)再涨超10%，绩后累计涨超20%。截至发稿，涨9.71%，报67.2港 元，成交额10.73亿港元。 中金认为，京东健康1H25业绩超市场预期，分业务板块看，公司实现产品收入293.3亿元 (+22.7%YoY)，服务收入59.6亿元(+34.4%YoY)，整体表现强劲。该行测算2Q25单季度实现收入186.5亿 元(+23.7%YoY)，预计京东集团主站在1H期间进行的即时零售投流活动或间接为京东健康带来流量导引 获益；截至1H25末，公司过去十二个月(LTM)活跃用户数超2亿，创历史新高。同时，该行预计药品品 类在1H期间或实现高于整体收入端的增速，仍为核心驱动品类。此外，该行认为公司虽坚定AI及线下 零售体系的业务布局，但反内卷基调之下整体投入或有所控制，对全年基本面亦带来正向贡献。 消息面上，近日，京东健康公布上半年业绩。华泰证券指出，京东健康今年上半年总收入352.9亿元， 按年增24.5%，高于市场一致预期的增长20.2%。该行认为，京东健康有望持续受益于京东主站的快速 流量增长(据QuestMobile，2025年5月至7月，京东APP的日活跃用户(DA ...

Core Viewpoint - The report from Credit Lyonnais indicates a strong sales momentum for JD Health, leading to upward adjustments in net profit forecasts for 2025 and 2026 by 15% and 13% respectively, while maintaining an "outperform" rating [1] Financial Performance - JD Health's revenue for the first half of the year increased by 24.5% to 35.3 billion RMB [1] - Adjusted EBIT rose by 57% to 2.5 billion RMB [1] - The second quarter revenue growth was 24%, supported by strong performance during the 618 shopping festival and significant user growth [1] Sales Growth Drivers - The anticipated revenue growth of 16% year-on-year in the second half of 2025 is primarily driven by over 25% growth in pharmaceutical sales [1] - The sales of health supplements are expected to see high double-digit year-on-year growth [1] - The shift in demand for original factory drugs from hospitals to outpatient settings has contributed to the increase in pharmaceutical sales [1] Investment Focus - The company continues to invest in O2O (online-to-offline) business, offline pharmacies, and AI technologies [1] - Adjusted EBIT is expected to remain stable year-on-year due to these ongoing investments [1]

Group 1 - The core viewpoint of the report is that based on strong sales momentum, the profit forecasts for JD Health (06618) for 2025 and 2026 have been raised by 15% and 13% respectively, while maintaining an "outperform" rating [1] - The expectation is that in the second half of 2025, the company's revenue will grow by 16% year-on-year, driven by over 25% growth in pharmaceutical sales, with high double-digit growth anticipated in the sales of supplementary products [1] - The adjusted EBIT is expected to remain flat year-on-year due to ongoing investments in O2O business, offline pharmacies, and AI [1] Group 2 - JD Health's performance in the first half of the year met expectations, with revenue increasing by 24.5% to 35.3 billion RMB [1] - The adjusted EBIT rose by 57% to 2.5 billion RMB, indicating strong operational efficiency [1] - In the second quarter, revenue growth of 24% was sustained, primarily benefiting from the successful 618 shopping festival and robust user growth, with pharmaceutical sales increasing due to a shift in demand from hospitals to outpatient settings [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]

Group 1: Market Performance - The CSI Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.27% as of August 18, 2025, with notable increases in constituent stocks such as JD Health (06618) up 9.88% and Yiyang Sunshine (02522) up 8.90% [1] - The Hong Kong Medical ETF (159366) has increased by 1.93%, reaching a latest price of 1.64 HKD, and has seen a cumulative increase of 8.71% over the past week as of August 15, 2025 [1] - The average daily trading volume of the Hong Kong Medical ETF over the past month is 311 million HKD, with the latest fund size reaching a record high of 2.93 billion HKD [1] Group 2: Company Performance - JD Health reported a 22.7% year-on-year increase in sales revenue for pharmaceuticals and health products, reaching 29.3 billion HKD in the first half of 2025, driven by an increase in annual purchasing users exceeding 200 million and higher average spending per user [2] - The platform, advertising, and other service revenues for JD Health grew by 34.4% to 5.96 billion HKD, attributed to sustained growth in advertising revenue and an expanding commission scale supported by transaction growth [2] - JD Health launched over 30 innovative drugs online in the first half of 2025 and has seen a significant increase in the number of merchants on its platform, exceeding 150,000 compared to over 100,000 at the end of 2024 [2] Group 3: Industry Trends - The global AI medical investment and financing landscape is thriving, with significant breakthroughs in AI medical research, including FDA approval for the first AI wearable treatment device and advancements in AI drug development [3] - The Hong Kong Medical ETF (159366) is noted for having the highest CXO content in the market, focusing on internet medical services, CXO, and medical devices, and closely tracks the CSI Hong Kong Stock Connect Medical Theme Index [3] - The CSI Hong Kong Stock Connect Medical Theme Index includes 50 listed companies involved in medical devices, medical services, and pharmaceutical sectors, reflecting the overall performance of the medical sector within the Hong Kong Stock Connect [3] Group 4: Index Composition - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Medical Theme Index include WuXi Biologics (02269) at 14.58% and JD Health (06618) at 10.83%, collectively accounting for 56.9% of the index [4]

Core Viewpoint - Huatai Securities reports that JD Health's total revenue for the first half of this year reached 35.29 billion yuan, representing a year-on-year increase of 24.5%, exceeding the market consensus growth expectation of 20.2% [1] Group 1: Revenue and Growth - JD Health's revenue growth is attributed to the rapid increase in traffic from JD's main platform, with daily active users (DAU) of the JD app growing by 44.8%, 33.4%, and 46.4% year-on-year from May to July 2025 according to QuestMobile [1] - The company is expected to benefit from increased advertising demand from upstream partners while enhancing its omnichannel medical service capabilities (B2C + O2O) to retain new users [1] Group 2: Profit Forecast and Valuation - Huatai Securities has raised JD Health's non-International Financial Reporting Standards (Non-IFRS) net profit forecasts for 2025 to 2027 by 26.1%, 32.5%, and 38.8%, projecting profits of 5.57 billion, 6.21 billion, and 6.9 billion yuan respectively [1] - The target price for JD Health has been adjusted from 42.1 HKD to 67.1 HKD, with a target Non-IFRS price-to-earnings ratio of 35 times for 2025, maintaining a "buy" rating [1]