Market Overview - The market exhibited a volatile upward trend this week, with growth styles significantly outperforming value sectors, indicating an increase in trading activity and capital inflow willingness [1] - Major indices strengthened, led by technology growth sectors, reflecting heightened market attention on high-prosperity tracks [1][2] - A-share market saw the Shanghai Composite Index rise by 1.7% to 3696.77 points, marking a new weekly high since 2022, while the Shenzhen Component Index increased by 4.55% and the ChiNext Index surged by 8.84% [2] Sector Performance - In the A-share market, the communication sector rose by 7.66%, driven by surging AI computing demand, while the electronics sector increased by 7.02% due to a 20% year-on-year growth in global semiconductor sales [4] - The financial sector benefited from active market trading and policy expectations, contributing to the overall market's upward momentum [1] - In the Hong Kong market, healthcare, raw materials, and information technology sectors all saw gains exceeding 4%, with the healthcare sector specifically rising by 7.27% [4] Capital Flow and Market Sentiment - The capital market showed positive signals, with weekly trading volume and margin financing balances both surpassing recent highs, indicating strong support for the market [1] - The influx of incremental capital has enhanced market resilience, with the two financing balances exceeding 2 trillion yuan, reflecting renewed confidence in leveraged funds [6] Future Outlook - The A-share market is expected to maintain its strong momentum, with a continued upward trend anticipated, although caution is advised regarding potential profit-taking pressures at high levels [6] - The technology growth sector is projected to sustain high elasticity due to industry trends and policy support, particularly in AI computing infrastructure and semiconductor sectors [6] - Mid-term strategies should focus on AI computing, breakthroughs in new energy technologies, and innovative pharmaceuticals, while also considering defensive positions in traditional sectors [6]

谢方敏表示，公司将持续探索"AI+互联网医疗"应用落地场景，推动行业数智化升级。谢方敏看到了用 户对于便捷、高效互联网医疗服务的迫切需求。为此，他带领方舟健客打造出了创新的H2H（Hospital to Home 从医院到家庭）智慧医疗业务生态体系，倡导将互联网医疗服务、慢病管理、医患教育、药品 服务等从医院逐步延伸至患者家中，通过技术创新手段，打破时空限制，改善就诊体验，增强互联网医 疗服务的及时性和药品服务的可及性。 方舟健客以先进技术和优质服务驱动平台用户的强劲增长，显著提升了用户参与度和忠诚度。相关数据 显示，方舟健客通过自主研发的H2H智慧医疗新生态服务平台，至今已经为数千万用户提供服务。公司 2024年公布数据显示，旗下慢病管理服务平台注册用户数从2023年底的4270万名增长至4920万名，新增 650万名；平均月活用户数提升至1010万名。 用户的认可是方舟健客在技术升级与服务优化过程中积累的成果。这一发展态势背后，离不开谢方敏带 领团队对行业趋势的把握与持续深耕。更值得一提的是，今年谢方敏先生还荣获2025VBEF年度医疗健 康领袖企业家称号。 方舟健客 分时图 日K线 周K线 月K线 3. ...

Core Viewpoint - The company reported strong performance in 1H25, exceeding market expectations with a revenue of 35.29 billion yuan, a year-on-year increase of 24.5%, and a non-IFRS net profit of 3.57 billion yuan, up 35.0% year-on-year, driven by robust growth in the pharmaceutical category [1]. Business Performance - The company's revenue from product sales reached 29.33 billion yuan, a 22.7% year-on-year increase, while service revenue was 5.96 billion yuan, up 34.4% year-on-year, indicating strong overall performance [1]. - In 2Q25, the company achieved a revenue of 18.65 billion yuan, reflecting a 23.7% year-on-year growth, benefiting from the traffic generated by JD Group's instant retail activities [1]. - The active user count exceeded 200 million by the end of 1H25, marking a historical high [1]. Profitability - The gross margin for 1H25 was 25.2%, an increase of 1.6 percentage points year-on-year, attributed to the scaling of revenue and the dilution of procurement costs across various categories [2]. - The normalized operating profit margin, excluding interest income and treating stock incentive expenses as regular, was approximately 6.2%, up 2.6 percentage points year-on-year, indicating effective cost control [2]. Market Outlook - The company's stock performed strongly in 1H25, supported by a stable competitive landscape and the absence of overseas business exposure to tariff impacts [3]. - Despite a relatively high valuation, the company's strong growth potential is expected to provide fundamental support, with the possibility of valuation uplift in line with market sentiment [3]. - The profit forecasts for 2025 and 2026 have been raised by 30% and 21% respectively, to 4.51 billion yuan and 5.28 billion yuan, reflecting better-than-expected contributions from pharmaceutical collaborations [3]. Valuation Adjustment - The target price has been increased by 45% to 60.6 HKD, indicating a potential upside of 10.5% from the latest closing price, while maintaining an outperform rating [3].

机构：国海证券 研究员：陈梦竹/张娟娟/罗婉琦 事件: 京东健康于2025 年8 月14 日发布2025H1 公司财报：2025H1，公司实现营收353 亿元，同比增长 24.5%，经调整经营利润25 亿元，同比增长57%，经调整净利润36 亿元，同比增长35%。 投资要点: 2025H1 收入利润均大超预期，线上医保支付接入促进用户转化：2025H1公司实现营收353 亿元，同比 增长25%；经调整经营利润及净利润均大幅超出市场预期，经调整OPM 达到7.0%，经调整净利率达到 10.1%。 我们认为，利润超预期主因药品销售表现亮眼叠加广告收入同比增长强劲，带动毛利率同比改善 （yoy+1.6pct）。截至2025H1，公司过去12 个月活跃用户数量突破2 亿，日均在线问诊咨询量超过50 万，第三方商家数量超过15 万家，较2024 年末增长超5 万家。截至2025H1，公司即时零售业务"京东买 药秒送"链接全国超20 万家药房，线上医保支付服务拓展覆盖至近2 亿人口，进一步提升医保资金使用 效率，降低用户购药成本。 AI+医疗服务应用持续落地、AI 智能体累计服务用户数超5000 万：①2025 年2 月 ...

Investment Rating - The report maintains a "Buy" rating for JD Health (6618.HK) [1] Core Insights - JD Health's revenue and profit for H1 2025 significantly exceeded expectations, leading to an upward revision of the full-year performance forecast [6] - The company achieved a revenue of 35.3 billion RMB, a year-on-year increase of 24.5%, with adjusted operating profit reaching 2.5 billion RMB, up 57% year-on-year, and adjusted net profit of 3.6 billion RMB, a 35% increase year-on-year [6][7] Revenue and Profit Performance - In H1 2025, JD Health's revenue was 35.3 billion RMB, reflecting a 25% year-on-year growth; adjusted operating profit margin (OPM) reached 7.0%, and adjusted net profit margin was 10.1% [6] - The strong profit performance was attributed to impressive drug sales and robust growth in advertising revenue, which improved the gross margin by 1.6 percentage points year-on-year [6] User Engagement and Service Expansion - As of H1 2025, the number of active users surpassed 200 million, with daily online consultation exceeding 500,000 and over 150,000 third-party merchants, an increase of more than 50,000 compared to the end of 2024 [6] - The company's instant retail service "JD Buy Medicine Fast Delivery" linked to over 200,000 pharmacies nationwide, and online medical insurance payment services expanded to nearly 200 million people, enhancing the efficiency of medical insurance fund usage and reducing user medication costs [6] AI and Medical Services - JD Health's AI applications in medical services continue to expand, with over 80% of doctors' consultations utilizing AI services, and the satisfaction rate for AI nutritionist services reaching 91% [7] - By H1 2025, the cumulative number of users served by AI medical assistants exceeded 50 million [7] Earnings Forecast and Valuation - The report projects revenues for 2025, 2026, and 2027 to be 70 billion RMB, 80.5 billion RMB, and 91.1 billion RMB respectively, with adjusted net profits of 5.5 billion RMB, 6.3 billion RMB, and 7.7 billion RMB [7][10] - Corresponding adjusted P/E ratios are estimated at 29x, 26x, and 21x for the years 2025, 2026, and 2027 [7]

那是2022年秋天，孙强已经被前列腺炎带来的疼痛折磨了近两个月，本期待"网红医生"配的药能减缓痛苦，但一个月过去，病症没有丝毫好转。这时，孙 强才开始怀疑，明明是"三甲医院主任医师"看诊，怎么钱进了"中医诊所"的账户？ 孙强的遭遇，并非个例。在互联网医疗的浪潮中，他所掉入的陷阱密布在患者求医之路上，一次点击、一次点赞、一次远程问诊，都可能成为骗局的入 口。 回顾互联网医疗广告发展历程，2016年是一个重要节点，那一年，"魏则西事件"发生。近十年过去，虚假医疗广告从未在互联网上消失，随着传播媒介的 演变，反而更具隐蔽性：从搜索引擎竞价排名，到社交平台"医托营销"，再到短视频"科普乱象""私聊问诊"，虚假广告生长出更细密的触角。 它们换着外衣出现，却始终围绕着同一个核心——攫取金钱，收割病患的焦虑与求生欲。 屏幕对面的医生拥有一长串头衔——"北京某著名医院主任医师、知名专家、医学博士、出生于中医世家"，他在短视频平台还拥有90万粉丝。 视频通话不到5分钟，3978.48元从孙强的银行卡划出，进入了"北京xx中医诊所"的账户。 "真正的专家，没有时间在网上看病" 30岁的孙强现在成为了一名"网络反骗斗士"，他在社交 ...

Market Performance - Hong Kong's three major indices collectively rose during the week from August 11 to 15, with the Hang Seng Index increasing by 1.65% to close at 25,270.07 points, the Hang Seng Tech Index rising by 1.52% to 5,543.17 points, and the National Enterprises Index up by 1.62% to 9,039.09 points [1] - The Hang Seng Index reached a historical high of 25,766.62 points during the week, supported by strong performances from leading stocks in the tech sector and ongoing valuation recovery in core Chinese assets [1] Sector Performance - The internet healthcare sector saw significant gains, with Dingdang Health rising by 36.07%, JD Health by 11.67%, Ping An Good Doctor by 8.12%, Alibaba Health by 4.92%, and others also showing positive movement [2] - Securities and brokerage stocks also performed well, with CITIC Securities increasing by 10.98%, China Galaxy by 9.48%, and other major firms like Zhongzhou Securities and CICC also experiencing notable gains [2] Market Drivers - The rise in Hong Kong stocks was attributed to improved external market conditions and strong internal fundamentals, including stable policy expectations from major global economies and a narrowing of the US dollar index, which facilitated foreign capital inflow [1] - Positive signals from recent Chinese domestic industry policies and the gradual release of mid-term corporate earnings expectations contributed to a clearer profit outlook for quality stocks, driving capital towards core sectors in the Hong Kong market [1]

Core Viewpoint - JD Health reported a revenue of 35.29 billion RMB for the first half of 2025, marking a 24.5% increase year-on-year, with a non-IFRS profit of 3.57 billion RMB, up 35% from the previous year, indicating a steady improvement in profitability [2][3]. Financial Performance - Revenue for the first half of 2025 reached 35.29 billion RMB, compared to 28.34 billion RMB in 2024, reflecting a growth of 24.5% [3]. - Gross profit was 8.89 billion RMB, with a gross margin of 25.2%, indicating a strong historical performance [2][3]. - Operating profit increased significantly by 105.5% to 2.13 billion RMB, while pre-tax profit rose by 17.4% to 2.86 billion RMB [3]. Market Position and Challenges - Despite strong financial performance, JD Health's stock price remains low due to perceived reliance on pharmaceutical sales rather than high-value medical services, with over 83% of revenue coming from drug sales [5]. - The internet healthcare sector is experiencing intense competition, with major players like Alibaba Health and Ping An Good Doctor, as well as traditional pharmacies transitioning to digital platforms [5]. - Regulatory risks in the pharmaceutical industry, including drug price controls and online sales regulations, pose challenges to JD Health's business model [6]. Strategic Insights - The healthcare industry is expected to grow due to factors like an aging population and increased health awareness, suggesting a potential for long-term growth in the health sector [4]. - JD Health's integration of AI technology into its services could enhance profitability and operational efficiency, with initiatives like "AI Jingyi" already serving over 50 million users [10][11]. - The company aims to increase the proportion of revenue from healthcare services, which could improve its overall profitability structure [11].

人民财讯8月15日电，京东健康今日开盘后持续拉升，盘中最大涨幅超16%，最高价达64港元，刷新 2023年2月以来新高。8月14日，京东健康发布2025年中期业绩公告显示，2025年上半年，京东健康总收 入为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%。 转自：证券时报 ...

Core Insights - JD Health reported a total revenue of 35.3 billion yuan for the first half of 2025, representing a year-on-year growth of 24.5% [1] - The Non-IFRS net profit reached 3.57 billion yuan, showing a year-on-year increase of 35% [1] - The number of active users exceeded 200 million, and the number of third-party partners surpassed 150,000 [1] Group 1: Business Expansion and Partnerships - JD Health strengthened its omni-channel model by enhancing cooperation with leading pharmaceutical companies and health product suppliers [1] - Over 30 innovative drugs were launched online for the first time on JD Health's platform [1] - Strategic partnerships were established with Novo Nordisk and Roche to provide comprehensive treatment services for diseases like obesity and diabetes [1][2] Group 2: Retail and Service Innovations - JD Health's instant retail business connected over 200,000 pharmacies nationwide, expanding online medical insurance payment services to nearly 200 million people [2] - The company is exploring innovative service models for retail pharmacies, including a pediatric pharmacy model in collaboration with Beijing Children's Hospital [2] - JD Health is enhancing its service capabilities by developing a closed-loop service model that integrates medical, testing, diagnosis, and medication services [2][3] Group 3: AI and Technology Integration - JD Health launched the AI Jingyi series products, which include various AI-driven services for users and healthcare professionals [3] - The AI services have reached over 50 million users, covering the entire online healthcare process [3] - The company introduced the first AI product for hospitals, "JD Zhuoyi," which has been implemented in multiple medical institutions [3]