同时，京东买药秒送还倡导骑手在送货前后严格做好自身安全消杀，全程规范佩戴口罩，以标准化防护 措施守护自身健康，也为配送全流程安全加码。京东买药秒送将面向骑手，定期推送流感防治、日常保 健、防护技巧等健康知识，提升骑手自我健康管理意识与防护能力。 京东买药秒送的"流感季骑手护航计划"，是出于对骑手群体健康安全的切实关怀，而落点则是对配送安 全与用户健康的双重责任。通过筑牢配送"最后一公里"的安全防线，让每一份药品在送达过程中多一重 防护、多一份安心，为用户提供一份全程可控的安心保障。这个流感季，京东买药秒送以扎实行动， 让"放心买药、安心送达"成为可以感知的服务温度。 本报讯(记者袁传玺)近日，全国流感进入高流行水平，药品即时配送需求激增。穿梭于城市中的骑手成 为连接健康与急需的关键纽带。而频繁接触各类环境与人群，也让他们的健康防护面临考验。保障骑手 健康，不仅是对劳动者的关怀，更是确保药品安全配送、让用户安心买药的重要基础。为此，京东买药 秒送正式推出"流感季骑手护航计划"，以多维度举措为骑手与用户双向护航，用户在流感季买药更放 心、更安心。 此次推出的"流感季骑手护航计划"重点围绕物资保障与规范管理两大维度 ...

近日，全国流感进入高流行水平，药品即时配送需求激增。穿梭于城市中的骑手成为连接健康与急需的 关键纽带。而频繁接触各类环境与人群，也让他们的健康防护面临考验。保障骑手健康，不仅是对劳动 者的关怀，更是确保药品安全配送、让用户安心买药的重要基础。为此，京东买药秒送正式推出"流感 季骑手护航计划"，以多维度举措为骑手与用户双向护航，用户在流感季买药更放心、更安心。 此次推出的"流感季骑手护航计划"重点围绕物资保障与规范管理两大维度展开。京东买药秒送联合 999、海氏海诺等品牌，将面向所有骑手免费提供流感防护物资，包括消毒湿巾、口罩、999感冒灵、消 毒水等实用防护及应急物资，精准解决流感季骑手出行防护需求。同时，鼓励骑手将流感防护物资中的 口罩等物资作为应急共享资源，若遇路人有紧急防护需求，可酌情提供帮助，传递配送途中的健康守护 温度。 同时，京东买药秒送还倡导骑手在送货前后严格做好自身安全消杀，全程规范佩戴口罩，以标准化防护 措施守护自身健康，也为配送全流程安全加码。京东买药秒送将面向骑手，定期推送流感防治、日常保 健、防护技巧等健康知识，提升骑手自我健康管理意识与防护能力。 京东买药秒送的"流感季骑手护航计划" ...

本报讯(记者袁传玺)近日，以"启新篇筑未来"为主题的京东健康即时零售2025品牌增长大会在北京召 开。会上，京东健康系统阐释了以"用户、供应链、运力"为核心支撑的即时零售生态体系，并正式发 布"供给×体验×用户"增长三角模型，致力于为合作伙伴提供可持续的确定性增长。 目前，京东健康与合作伙伴的协同成效已在实践中得到充分验证。以宏宇药业为例，通过接入京东健康 即时配送网络，其滞销品周转天数显著缩短，实现了线上线下（300959）库存共享与流量双向激活，印 证了即时零售对品牌"带来线上增量、激活线下存量"的协同价值。 从"被动应对"到"主动管理"，年轻消费者在健康消费上表现出三大特点：即时性、个性化与场景化。咽 干咽痒、出行晕车、紧急医美修复等细分场景需求快速增长，推动医药零售从"治病用药"向"健康管 理""即时响应"延伸。 展望2026年，京东健康宣布在即时零售领域，将聚焦专业化赛道，持续深化供应链能力。同时，平台将 进一步向生态伙伴开放数据能力、流量资源与运营工具，助力品牌在即时零售新赛道实现可持续增长。 这股由年轻一代驱动的新消费浪潮，正加速重塑行业格局，使即时零售赛道从过去的"风口"演变为医药 健康零售的 ...

能力构建：以"超级医药供应链"为基石，打造"供给×体验×用户"增长三角 12月11日，以"启新篇 筑未来"为主题的京东健康即时零售2025品牌增长大会在北京隆重召开。本次大 会汇聚了宏宇健康产业集团、科赴等数百家医药工业领军品牌的代表，共同探讨医药即时零售的未来趋 势，探索高质量增长的新路径。会上，京东健康系统阐释了以"用户、供应链、运力"为核心支撑的即时 零售生态体系，并正式发布"供给×体验×用户"增长三角模型，致力于为合作伙伴提供可持续的确定性 增长。 趋势洞察：即时零售已成医药健康增长主引擎，年轻化、场景化需求崛起 当前，健康消费正经历深刻的代际变迁。随着年轻群体的健康意识显著提升，消费行为呈现出"精粹养 生""懒系健康"等新特征。京东健康数据显示，京东买药秒送30岁以下用户占比年同比提升16%，学生 群体用户占比年同比提升11.5%，年轻客群正成为引领医药即时消费变革的关键力量。 从"被动应对"到"主动管理"，年轻消费者在健康消费上表现出三大特点：即时性、个性化与场景化。咽 干咽痒、出行晕车、紧急医美修复等细分场景需求快速增长，推动医药零售从"治病用药"向"健康管 理""即时响应"延伸。 面对新消费趋 ...

Core Insights - The flu season is currently at a peak, with significant increases in demand for flu medications reported by JD's medicine delivery platform [1] - The demand for antiviral drugs has surged dramatically, with specific products seeing exponential growth in sales [1] Group 1: Demand Surge - From November 17 to November 23, the sales of Oseltamivir increased by 4.5 times, and the sales of Sufentanil surged by 5 times [1] - The sales of flu test kits rose by 4.8 times, while cough and pain relief medications increased by over 3 times [1] - The overall transaction value for flu medications increased by 22 times year-on-year during the same period [1] Group 2: Specific Product Performance - Sufentanil and Kewai saw transaction values increase by over 40 times year-on-year, while Tamiflu's transaction value grew by 24 times [1] - Common cold and cough medication sales doubled year-on-year, with specific products like the Four Seasons Antiviral Mixture and Lianhua Qingwen capsules seeing sales increase by over 5 times [1] Group 3: Testing and Medical Services - The number of respiratory bacterial and viral testing orders increased by 66% week-on-week, with a positive detection rate rising to 68.2% [1] - The demand for home sampling services by professional nurses nearly doubled in the same period [1] - JD's online hospital reported a 51% week-on-week increase in consultations for fever-related symptoms, providing rapid professional support to users [1][2]

Core Insights - JD Health achieved record-breaking sales during the 2025 11.11 shopping festival, with over 7,000 brands doubling their transaction volume year-on-year, driven by a surge in health consumption and services [1][2] - The integration of a "super pharmaceutical supply chain" and advanced digital technologies, including medical AI models, has positioned JD Health as a powerful engine for the health industry, enhancing sales across various categories and solidifying its leading position in online health consumption [1][6] Health Consumption Trends - The overall health consumption awareness among consumers has significantly increased, leading to a diverse, refined, and intelligent consumption trend [2] - Over 2,500 pharmaceutical brands saw their transaction volumes double year-on-year, with original innovative drugs also experiencing similar growth, highlighting JD Health's role in improving accessibility to these products [2] Nutritional and Medical Device Sales - Nutritional consumption is undergoing a transformation towards scientific nutrition, with over 2,500 health supplement brands doubling their sales, and nearly 100 subcategories seeing over 100% growth [4] - Medical devices also saw substantial growth, with over 2,000 brands achieving over 100% year-on-year sales increase, and specific categories like dynamic blood glucose meters and respiratory machines also experiencing significant sales growth [4] Professional Health Services - The demand for professional health services is rising, with JD Health leveraging its "medical testing, diagnosis, and treatment" service model to meet diverse consumer needs [5] - The JD Internet Hospital has enhanced its online consultation services, achieving rapid response times and high user satisfaction rates, with over 90% of nutrition consultations handled by AI nutritionists [5] Expansion of Health Services - JD Health opened its first self-operated medical beauty store during the 11.11 event, attracting over 11,000 participants, and also expanded its health check centers and orthopedic clinics, with overall order volumes increasing significantly [6] - The company continues to link global health brands with Chinese consumers, aiming to make high-quality medical and health products more accessible [6]

Core Viewpoint - JD Health reported strong revenue growth and improved profitability in the first half of 2025, driven by increased sales of pharmaceutical and health products, as well as digital marketing services [1][2][3] Group 1: Financial Performance - In the first half of 2025, JD Health achieved revenue of 35.3 billion yuan, a year-on-year increase of 24.5% from 28.3 billion yuan [1] - The company's operating profit reached 2.127 billion yuan, up 105.5% year-on-year, while Non-IFRS operating profit was 2.483 billion yuan, a 56.7% increase [1][2] - Non-IFRS net profit grew by 35% to 3.57 billion yuan, with a net profit margin of 10.1%, reflecting a 0.8 percentage point increase year-on-year [2] Group 2: Revenue Breakdown - Product revenue from the sale of pharmaceuticals and health products amounted to 29.3 billion yuan, a 22.7% increase year-on-year, accounting for 83% of total revenue [1] - Digital marketing services revenue reached 6 billion yuan, a 34.4% increase, driven by a rise in the number of advertisers [1][2] Group 3: Strategic Developments - JD Health has established over 200,000 links to offline pharmacies for instant delivery and expanded online medical insurance payments to nearly 200 million people [2] - The company has partnered with Beijing Children's Hospital to create a dedicated pediatric pharmacy, enhancing prescription flow and insurance payment processes [2] - The introduction of AI technologies, including AI doctors and pharmacists, has served over 50 million users, indicating a significant advancement in service capabilities [3] Group 4: Future Outlook - The company is expected to benefit from the deepening application of medical AI and the "Healthy China" strategy, which is likely to release health demand [3] - Revenue forecasts for 2025-2027 have been adjusted to 70 billion, 80.5 billion, and 92.6 billion yuan, respectively, with net profit estimates revised to 5.5 billion, 6.5 billion, and 7.6 billion yuan [3]

Core Insights - JD Health has upgraded its cold chain delivery capabilities for its "Buy Medicine in Seconds" service, enhancing the safety of temperature-sensitive medications like insulin and probiotics [1][2] - The cold chain upgrade includes the provision of temperature-controlled transport boxes for delivery personnel, ensuring a consistent temperature range of 2-8 degrees Celsius during transit [1] - The service utilizes real-time monitoring of temperature and humidity data, allowing for full visibility and management throughout the delivery process [1] - The cold chain service is available for both JD's self-operated pharmacies and third-party pharmacies, improving user experience and providing a comprehensive supply chain solution for partners [1] - The coverage of the cold chain delivery service is expanding, currently available in key areas of Beijing, Shanghai, and Tianjin [1] Business Expansion - By mid-2025, JD Health's "Buy Medicine in Seconds" service has connected over 200,000 pharmacies nationwide, further enhancing its online medical insurance payment services [2] - The cold chain capability upgrade is a significant step in improving the user experience for instant retail of pharmaceuticals [2] - JD Health plans to continue optimizing its delivery network and service quality to provide more consumers with convenient, efficient, and professional instant delivery of health products [2]

Core Viewpoint - JD Health reported strong financial results for H1 2025, with significant year-on-year growth in revenue and profits, driven by robust drug sales and advertising revenue [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 35.3 billion yuan, a year-on-year increase of 24.5% [1][2]. - Adjusted operating profit reached 2.5 billion yuan, reflecting a 57% year-on-year growth, while adjusted net profit was 3.6 billion yuan, up 35% year-on-year [1][2]. - The adjusted operating profit margin (OPM) was 7.0%, and the adjusted net profit margin was 10.1% [2]. User Growth and Service Expansion - The number of active users surpassed 200 million over the past 12 months, with daily online consultation volume exceeding 500,000 [2]. - The number of third-party merchants increased by over 50,000 compared to the end of 2024, totaling more than 150,000 [2]. - The "JD Buy Medicine Fast Delivery" service linked to over 200,000 pharmacies nationwide, and online medical insurance payment services expanded to cover nearly 200 million people [2]. AI and Medical Services - In February 2025, JD Health launched the JD Medical Inquiry model, becoming the first fully open-source model in the domestic medical industry [3]. - Over 80% of doctors in JD Health's internet hospital utilized AI services, with a satisfaction rate of 91% for AI nutritionist services [3]. - The AI JD series applications, including AI doctors, pharmacists, and nutritionists, have served over 50 million users by H1 2025 [3]. Profit Forecast and Investment Rating - Due to the strong performance in H1 2025, the company raised its profit forecasts, expecting revenues of 70 billion, 80.5 billion, and 91.1 billion yuan for 2025-2027, with adjusted net profits of 5.5 billion, 6.3 billion, and 7.7 billion yuan respectively [3]. - Corresponding adjusted P/E ratios are projected to be 29x, 26x, and 21x for the same period, maintaining a "Buy" rating [3].

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]