新浪科技讯 8月14日晚间消息，京东健康发布2025年中期业绩公告。2025年上半年，京东健康总收入为 人民币353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS）净利润达35.7亿元，同比增 长35%。 责任编辑：何俊熹 截至2025年6月30日，京东健康过去12个月的年度活跃用户数量突破2亿，第三方合作商家数量显著增 长，超过15万家，同比接近翻倍。 ...

智通财经APP获悉，8月14日，京东健康(06618)发布2025年中期业绩公告。2025年上半年，京东健康总 收入为人民币353亿元，同比增长24.5%；非国际财务报告准则指标下（Non-IFRS）净利润达35.7亿元， 同比增长35%。收入和净利润超出市场预期，显示出京东健康的长期价值持续释放。 2025年上半年，京东健康持续强化供应链能力，加快提升健康商品和服务供给质量、优化用户体验，从 而持续赢得更多消费者信赖。同时，京东健康还精准把握了行业增长趋势，积极推进人工智能技术驱动 服务模式创新，借助有利的行业政策支持，从而实现高质量业绩增长。 ...

8月14日，京东健康(06618)发布2025年中期业绩公告。2025年上半年，京东健康总收入为人民币353亿 元，同比增长24.5%；非国际财务报告准则指标下(Non-IFRS)净利润达35.7亿元，同比增长35%。收入和 净利润超出市场预期，显示出京东健康的长期价值持续释放。 2025年上半年，京东健康持续强化供应链能力，加快提升健康商品和服务供给质量、优化用户体验，从 而持续赢得更多消费者信赖。同时，京东健康还精准把握了行业增长趋势，积极推进人工智能技术驱动 服务模式创新，借助有利的行业政策支持，从而实现高质量业绩增长。 ...

Core Insights - JD Health reported a total revenue of RMB 35.3 billion for the first half of 2025, representing a year-on-year growth of 24.5% [1] - The Non-IFRS net profit reached RMB 3.57 billion, showing a year-on-year increase of 35% [1] - The annual active user count surpassed 200 million, marking a record high and indicating increased brand recognition and trust [1] User Growth and Marketing Strategies - The robust growth in annual active users is attributed to continuous improvements in user experience and a series of marketing strategies [1] - Collaborations with leading pharmaceutical companies and health product suppliers have expanded product offerings [1] - The company has further enhanced its service ecosystem, covering "medical, testing, diagnosis, and medication" to meet diverse and personalized health needs [1] - Key marketing campaigns such as "Happy Weight Loss" and "618 Free Order" have effectively increased user engagement on the platform [1]

Group 1: Market Overview - The Hong Kong stock market experienced a significant rally, with the Hang Seng Index rising by 2.58%, the Hang Seng China Enterprises Index increasing by 2.62%, and the Hang Seng Tech Index surging by 3.52% [2] - The total market turnover rose to HKD 2840.41 billion, with the short-selling amount on the main board at HKD 362.04 billion, resulting in a short-selling ratio of 14.162% [2] - Southbound capital flow turned negative, with a net outflow of HKD 8.277 billion, breaking a six-day streak of net inflows [2] Group 2: Sector Performance - The pharmaceutical sector saw a collective rise, driven by strong performances in pharmaceutical outsourcing, biopharmaceuticals, innovative drugs, AI healthcare, and internet healthcare [3] - The technology sector also showed broad strength, with sub-sectors like short videos, cloud computing, AI, and mobile gaming all experiencing gains, supported by positive earnings reports from several companies [4] - Consumer stocks were active across various categories, including entertainment, retail, and luxury goods, indicating a rebound in consumer sentiment [4] Group 3: Economic Indicators - The M2 money supply in China grew by 8.8% year-on-year in July, surpassing the previous value of 8.3% and market expectations of 8.4% [6] - The total social financing scale for the first seven months of the year reached CNY 23.99 trillion, which is CNY 5.12 trillion more than the same period last year, but below market expectations [7] - The consumer price index (CPI) in July returned to zero year-on-year, indicating ongoing deflationary pressures and a slow recovery in overall demand [9] Group 4: Real Estate and Consumer Trends - The real estate sector continues to face downward pressure, with a 13.2% year-on-year decline in sales for the top 100 real estate companies in the first seven months of 2025 [10] - Service consumption, particularly in tourism and hospitality, has shown signs of recovery, contributing to a temporary stabilization in core CPI [11] - The government is focusing on reducing excessive competition and improving the quality of industries, which may help alleviate deflationary pressures in the future [12]

Core Insights - Alibaba Health and Innovent Biologics have signed a strategic cooperation agreement to enhance post-disease management, supply chain, and digital marketing services for consumers [1][2] Group 1: Strategic Cooperation - The collaboration will focus on developing a post-disease management system that includes medication guidance, lifestyle consultation, and supportive services for patients [2] - Customized supply chain solutions will be provided by Alibaba Health to ensure compliance and safe delivery of temperature-sensitive medications [2] - Joint efforts will be made in digital marketing to promote scientific weight loss knowledge and facilitate online appointment services [2] Group 2: Company Profiles - Alibaba Health is a flagship platform of Alibaba Group that integrates online and offline resources in the pharmaceutical and health industry, offering a one-stop medical solution [1] - Innovent Biologics is a leading biopharmaceutical company in China with 16 innovative drugs on the market, including a recently approved weight loss drug [1][2] - The partnership aims to leverage the strengths of both companies in medical innovation and healthcare accessibility [2][3] Group 3: Future Aspirations - Alibaba Health aims to utilize its digital operations and supply chain advantages to efficiently deliver quality medications and services to patients [3] - There is an expectation to explore further collaborations in areas such as oncology and ophthalmology to provide sustainable high-quality healthcare services [3]

Group 1 - The core index of the China Securities Internet Medical Theme Index (CS Mutual Medical, 930720) rose by 0.25% to 2762.05 points, with a trading volume of 8.387 billion yuan [1] - The CS Mutual Medical Index has increased by 3.77% over the past month, 4.28% over the past three months, and 16.80% year-to-date [1] - The index reflects the overall performance of representative companies providing hardware, software, or services for medical information and intelligence [1] Group 2 - The top ten holdings of the CS Mutual Medical Index include Lepu Medical (6.7%), Jiahe Meikang (5.83%), Haier Biomedical (5.52%), Jiuyuan Yinhai (5.46%), Yaoyigou (5.1%), Weining Health (5.06%), Aier Eye Hospital (5.04%), Sichuang Medical (5.0%), Donghua Software (4.95%), and Daclin (4.92%) [1] - The market share of the CS Mutual Medical Index holdings is 55.77% from the Shenzhen Stock Exchange and 44.23% from the Shanghai Stock Exchange [1] - The industry composition of the index holdings shows that 64.12% is in pharmaceuticals and healthcare, 30.88% in information technology, and 5.00% in communication services [1] Group 3 - The index samples are adjusted quarterly, with adjustments implemented on the next trading day following the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances [2] Group 4 - Public funds tracking the CS Mutual Medical Index include Huatai-PineBridge China Securities Internet Medical A and Huatai-PineBridge China Securities Internet Medical C [3]

开出在线医保"首单"，平台型互联网医院再升级 4月27日，上海市杨浦区延吉五村的社区健康大使陈锡峰，将急需的药品送到了同小区75岁独居老 人潘阿婆的手上。 据悉，为在疫情期间全力保障市民的就医购药服务，该平台积极响应上海市号召，与各大公立医院 所建的单体互联网医院医院一道，成为上海首家打通跨院复诊、医保支付、续方购药、送药到家等全流 程服务的平台型互联网医院。在此基础上，上海微医互联网医院创新服务模式，首次落地"社区健康大 使"等社会性志愿服务机制，快速打通了疫情期间居民就医用药的堵点和卡点。 这是上海微医互联网医院打通在线复诊、医保结算后开出的"第一单"，也是平台型互联网医院在上 海开出的医保"首单"。 在该平台多点执业的医生张征表示，互联网医院打破了时间和空间的局限，让有需要的患者能第一 时间问诊开药。"在线医保的开通，将进一步方便患者复诊购药、医保报销，减轻患者在线就医用药的 经济负担。" 作为"上海就医保药应急平台"的服务载体，上海微医互联网医院按照上海市相关部门的要求，在疫 情期间实现跨院复诊、续方配药和医保支付等服务，大大延伸了患者线上复诊的可及性和可获得性。另 外，为保障更多重症慢病患者急需用药 ...

Core Points - The newly released "Internet Diagnosis and Treatment Regulatory Guidelines (Trial)" emphasizes the need for integrated online and offline regulation in internet healthcare, ensuring that online medical services are equivalent to traditional in-person services [1][5][6] - The guidelines are expected to benefit established internet healthcare platforms like WeDoctor, which focus on serious medical services, while promoting the standardization of internet diagnosis and treatment services [1][10] - The regulations aim to raise industry standards and address issues such as the phenomenon of "internet hospitals being built but not used," thereby increasing operational costs and ensuring compliance [7][9] Group 1: Regulatory Framework - The guidelines require that all internet diagnosis and treatment activities must rely on physical medical institutions, ensuring a unified regulatory approach [5][6] - New requirements include that electronic medical records for internet diagnosis must match those of the physical institutions, and healthcare professionals must provide additional information about their practice [5][7] - The guidelines also mandate that provincial health authorities incorporate internet diagnosis into local medical quality control systems [5] Group 2: Industry Impact - The regulations are designed to eliminate unprofessional practices in the industry, such as the use of AI for diagnosis and prescription without a licensed physician's involvement [8][9] - The focus on high-quality medical services will become a core competitive advantage for internet healthcare platforms, moving away from merely selling medications [9][10] - The guidelines are expected to foster a diverse and robust development of internet healthcare, supported by national policies and the integration of digital health systems [10][11] Group 3: Future Prospects - The standardization of regulations is anticipated to facilitate the scale of internet healthcare services, enabling them to gain broader acceptance in insurance reimbursement [11] - The emergence of regional internet hospitals in collaboration with public medical institutions is seen as a model for creating a digital health management system [11] - Overall, the guidelines are expected to create a healthier regulatory environment, leading to greater opportunities and growth in the digital health sector [10][11]

Core Viewpoint - Ping An Good Doctor (01833) saw a stock increase of over 6%, reaching HKD 13.22 with a trading volume of HKD 143 million, following the recognition of its AI medical products by the China Academy of Information and Communications Technology [1] Group 1: Product Recognition and Impact - In July, Ping An Good Doctor's two AI medical products, "Ping An Xinyi" and "An Director," received the "Open Source Large Model + Software Innovation Application Typical Case Honor" from the China Academy of Information and Communications Technology for 2025 [1] - "Ping An Xinyi" leverages a top-tier network of doctors to assist in intelligent patient consultations, medical record organization, rehabilitation suggestions, and post-discharge follow-ups, enhancing the capabilities of doctors [1] - "An Director" completes the family doctor product offering, providing users with 24/7 online and offline integrated services [1] Group 2: Business Strategy and Growth - Zhongtai Securities highlighted the successful outcomes of the company's AI medical products, which enhance operational efficiency and improve user satisfaction [1] - The company is intensifying its efforts in expanding B-end business, introducing new products that combine commercial insurance, health protection delegation, and medical health services to attract corporate clients [1] - The company is strengthening business collaboration with the Ping An Group, utilizing its resources and advantages to promote the development of F-end and B-end businesses, accelerating the implementation of its new strategy [1] - Given the high growth potential of the internet healthcare industry, the company is expected to improve its profitability and optimize its business structure, leading to a "buy" rating from analysts [1]