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 ...