此次全网首发的甲磺酸普雷福韦片(商品名：新舒沐®)适用于治疗成人慢性乙型肝炎。该药曾连续获得 国家"十二五""十三五"重大新药创制科技专项支持。它可将活性药物靶向递送至肝脏，实现增效减毒。 Ⅲ期临床研究结果显示：试验组抑制病毒更加强效持久；对于HBsAg的降低幅度、降至 近日，京东健康与本土创新药企业凯基信诚生物医药科技有限公司(以下简称：凯基信诚)达成深度合 作。双方将整合京东健康在医疗服务与即时零售领域的优势资源，助力中国慢性乙肝患者实现临床治愈 的目标。与此同时，凯基信诚旗下全球首个采用HepDirectTM肝靶向技术研发的治疗慢乙肝的1类创新 药甲磺酸普雷福韦片(商品名：新舒沐®)和补充肝脏营养的锌硒多种维生素软胶囊(商品名：凯沐沐®)在 京东健康全网独家首发，为慢性乙肝患者及需要肝健康保护的人群带来更精准，便捷的全链路服务。 ...

我们预计4Q25 公司总收入同比增长22.7%至202.6 亿元。分品类看，我们预计药品延续相对强劲表现， GMV 同比增长超30%，而营养保健及器械品类亦分别实现20+%和10+%的稳健增长。在较高的交易效 率支撑下，上游品牌商的营销广告投放预算有望进一步在京东健康平台聚集，推动其广告收入增速延续 超35%的强劲增长，并进一步带动利润率改善。我们预计公司4Q25 实现非IFRS 经营利润2.6 亿元，对 应非IFRS 经营利润率1.3%，同比改善0.4pp。预计2025 年全年京东健康收入同比增长25%至727 亿，非 IFRS 经营利润41.1 亿元，对应非IFRS 经营利润率5.7%，同比改善1.2pp。 机构：华泰证券 研究员：夏路路/代雯/侯杰 我们预计4Q25 京东健康有望延续强劲的收入同比增速和利润释放，主要得益于医药品类线上渗透率的 持续提升以及京东健康长期深耕供应链带来的竞争优势。此外，流感的季节性错位亦或为4Q25 的收入 增长提供短期支持。 我们持续看好公司作为线上医疗电商龙头公司，在推动上游医疗品类供给实现线上化率提升的过程中强 化自身的渠道价值及提升用户钱包份额，这有望助力其展现稳健 ...

2026 年 1 月 06 日│中国香港 互联网 证券研究报告 港股通 京东健康 (6618 HK) 4Q25 前瞻：强劲的收入增速延续 我们预计 4Q25 京东健康有望延续强劲的收入同比增速和利润释放，主要得 益于医药品类线上渗透率的持续提升以及京东健康长期深耕供应链带来的 竞争优势。此外，流感的季节性错位亦或为 4Q25 的收入增长提供短期支持。 我们持续看好公司作为线上医疗电商龙头公司，在推动上游医疗品类供给实 现线上化率提升的过程中强化自身的渠道价值及提升用户钱包份额，这有望 助力其展现稳健的收入复合增速与利润率改善的良好趋势。展望后续，建议 关注：1）医疗新品的供给迭代节奏及其与京东健康线上首发的合作进展；2） 如减肥药等产品进入医保名单后的量价变化趋势；3）AI 医疗应用的渗透率 提升趋势，及对医疗电商需求的潜在拉动；4）京东健康 O2O 业务扩张节 奏，及 B2C 业务医保支付接入进程等。维持"买入"评级。 预计 4Q25 收入与利润有望延续强劲增长 我们预计 4Q25 公司总收入同比增长 22.7%至 202.6 亿元。分品类看，我们 预计药品延续相对强劲表现，GMV 同比增长超 30%，而营 ...

Core Insights - Johnson & Johnson's innovative targeted drug, Lico® (lanzetini mesylate tablets), has been launched online on JD Health, providing a breakthrough treatment option for a large population of lung cancer patients in China [1][2] - The drug is used in combination with evan monoclonal antibody for first-line treatment of EGFR mutation-positive advanced non-small cell lung cancer (NSCLC), offering significant overall survival benefits and safety advantages [1] - JD Health aims to enhance the accessibility of this innovative treatment through its "first station for new specialty drugs" capabilities, ensuring more lung cancer patients can benefit from it [1] Industry Context - According to the 2024 National Cancer Report, there are 1.06 million new lung cancer patients annually in China, with approximately 85% being non-small cell lung cancer [1] - The mutation rate of the EGFR gene, the most common driver gene in NSCLC, is about 50%, indicating a high demand for more effective and safer innovative treatment options [1] - In August, JD Health signed a strategic cooperation agreement with Johnson & Johnson's Innovative Pharmaceuticals to leverage JD Health's supply chain and service capabilities alongside Johnson & Johnson's innovative drug portfolio in oncology and other key disease areas [1]

Group 1 - The report highlights that Meta's capital expenditure (CapEx) for Q1 2025 has doubled to $13.7 billion, reflecting a year-on-year increase of 103.90% and an upward revision of the 2025 full-year CapEx forecast to between $64 billion and $72 billion, driven by increased investments in AI and data centers [2] - Several national-level computing center projects in China are expected to be launched, with companies like Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking the largest investment in this sector by a private company in China [2] - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, with strong demand from data centers and consumer electronics, leading to increased orders for major companies like Nvidia and Qualcomm [3][4] Group 2 - The report indicates that Henggong Precision has achieved a compound annual growth rate (CAGR) of 14.5% in revenue and 10.9% in net profit from 2018 to 2023, although a significant decline in performance is expected in 2024 due to asset impairment [4][6] - The company is leveraging its technical advantages in ductile iron materials and continuous casting processes to improve product quality and yield, positioning itself for growth in the machinery sector [4][6] - Zhejiang Dingli has reported a significant improvement in its Q1 2025 performance, with revenue of 1.898 billion yuan, a year-on-year increase of 30.72%, and a net profit of 429 million yuan, reflecting a 41.83% increase [18][30] Group 3 - The report notes that the gold industry achieved total revenue of 291.588 billion yuan in 2024, with a year-on-year increase of 2.83%, and a significant rise in net profit by 51.56% to 12.305 billion yuan [9] - Copper supply and demand remain tight, with high production levels maintained by smelters, and the report suggests monitoring companies like Zijin Mining and China Nonferrous Mining for potential investment opportunities [9] - The report emphasizes the importance of the semiconductor sector, particularly in AI and data center applications, as a key area for growth and investment in the upcoming quarters [3][11]