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]

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]

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].

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]

Core Insights - The Chinese pharmaceutical e-commerce market is experiencing a structural turning point in 2025, with significant growth in the O2O delivery model while traditional B2C platforms face slowing growth rates [1][5][12] Current Market Landscape - The O2O pharmaceutical delivery market saw a year-on-year growth of 35.2% in 2024, with GMV surpassing 120 billion yuan [1][2] - Major players like Meituan, JD Health, and Alibaba Health are intensifying their focus on O2O models to adapt to changing market dynamics [1][8] - Meituan's pharmaceutical business achieved a GMV exceeding 50 billion yuan in 2024, leveraging local delivery capabilities [3][4] O2O vs B2C Dynamics - The B2C model is experiencing a decline, with JD Health's revenue growth dropping from 18.5% in 2023 to 8.6% in 2024, and Alibaba Health facing growth challenges [5][6] - O2O platforms are gaining traction by offering faster delivery services, catering to urgent medication needs, and integrating with local pharmacies [6][7] - The shift from B2C to O2O represents a fundamental change in business models, with O2O focusing on immediate delivery and local service [6][7] Policy and Regulatory Environment - The National Healthcare Security Administration has initiated policies to promote online medical insurance payment services, providing a legal framework for O2O platforms [4][11] - The relaxation of online medical insurance payment policies has led to significant market growth, contributing billions to the pharmaceutical e-commerce sector [4][11] Competitive Landscape - The competition among major players is intensifying, with JD Health and Alibaba Health enhancing their O2O capabilities to compete with Meituan [8][10] - New entrants like Douyin (TikTok) are exploring O2O models after regulatory challenges in live-streaming pharmaceutical sales [10][11] - The future market landscape will likely see Meituan leading, with JD, Alibaba, Pinduoduo, and Douyin also vying for market share [11][12]

Core Insights - JD Health released its 2024 Environmental, Social, and Governance (ESG) report, showcasing its sustainable development practices in the healthcare sector, emphasizing safety, efficiency, convenience, and warmth in health consumption experiences [1] Compliance and Governance - In 2024, JD Health established a comprehensive compliance system with a focus on user health, implementing a "three-line defense" and "five dimensions" approach to ensure compliance across all operations, including drug management and internet hospital services [3] - The company achieved ISO13485 certification for medical devices, expanding its compliance certifications to cover all business areas, including drug management and internet hospitals [3] - JD Health published standardized treatment paths for 43 diseases and established 4 core medical quality management systems, totaling 265 standardized treatment paths and 16 core systems over two years, enhancing the quality management of online medical services [3] Service Innovation - JD Health innovated its healthcare service model to meet diverse user needs, achieving an average of over 490,000 online consultations per day by the end of 2024 [4] - The company created a closed-loop service model integrating "doctor consultations," "home tests," "home delivery of medications," and "home nursing," allowing patients to access comprehensive healthcare services from home [4] - JD Health expanded its "JD Home Fast Testing" services to 12 cities, offering 149 home testing products, and launched nearly 40 home nursing projects through the "JD Nurse at Home" service [4] Technological Empowerment - JD Health accelerated the application of large model technology across various service scenarios, aiming to provide a seamless online and offline healthcare experience [7] - The company introduced several intelligent health services, including "KangKang" health assistant and "ChatGPT-like" AI psychological companion, enhancing the efficiency and accuracy of healthcare services [7] - JD Health's "Smart Doctor Assistant" became the most widely used intelligent diagnostic tool among doctors, improving clinical decision-making and patient management [7] Social Responsibility - JD Health deepened its corporate social responsibility initiatives, aiding 637 patients through its rare disease care program, with a total value of assistance reaching 6.24 million yuan [8] - The "Medical Heart Station" project, in collaboration with top medical institutions, provided support to over 23,000 patients, improving the healthcare experience for rare disease patients [8] - The company conducted 22 donation activities in 2024, donating over 1.53 million health items to rural communities and disaster relief efforts [10] - JD Health launched a "Expired Medicine Recycling" initiative, successfully collecting and professionally disposing of 11 tons of expired medications, engaging 57,000 users across 315 cities [10]

文 | 乔悦 编辑 | 何子维 视觉 | 诺言 "减一斤，赚一百"，听起来像是电影台词，这几天却在北京街头真实上演。 在电影《西虹市首富》中，主人公王多鱼为了散尽家产，推出了一种特殊的脂肪险—"减一公斤赚一千 元"。这种保险引发了全城的减肥热潮，也让主人公最终顺利烧光10亿元。 减一公斤赚一千元/《西虹市首富》剧照 而现实中，"东哥"刘强东化身王多鱼，京东买药上线的减重活动，让剧情照进现实。 4月初，京东健康旗下的即时零售业务——京东买药秒送发起了一项名为"快乐减重"的活动，在全北京25 家京东大药房门店架设称重仪器，向大众发出挑战："一个月内成功减重，每减一斤奖励100元现金。" 若减肥就能赚钱，"我能赚出一套房" "每减一斤奖励100元"就是这样一句简单的活动宣传，让这几天北京不少药店门口都热闹起来，排起了称 重长龙。 根据京东APP的活动规则，用户需要先在线上完成报名，然后在4月7日到4月30日期间，前往北京市内指 定的京东大药房门店称重打卡，期间还要完成若干隐藏任务，最终在4月28日或30日再去称重一次， 如 果减重大于等于5斤以上，用户将有机会获得500至1000元的现金奖励。 京东买药秒送发起"快 ...

文 | 乔悦 编辑 | 何子维 视觉 | 诺言 "减一斤，赚一百"，听起来像是电影台词，这几天却在北京街头真实上演。 在电影《西虹市首富》中，主人公王多鱼为了散尽家产，推出了一种特殊的脂肪险—"减一公斤赚一千 元"。这种保险引发了全城的减肥热潮，也让主人公最终顺利烧光10亿元。 减一公斤赚一千元/《西虹市首富》剧照 而现实中，"东哥"刘强东化身王多鱼，京东买药上线的减重活动，让剧情照进现实。 4月初，京东健康旗下的即时零售业务——京东买药秒送发起了一项名为"快乐减重"的活动，在全北京25 家京东大药房门店架设称重仪器，向大众发出挑战："一个月内成功减重，每减一斤奖励100元现金。" 京东买药秒送发起"快乐减重"的活动/图源：京东秒送 活动一经推出，北京用户的参与热情大大超出了官方预期， 京东相关负责人告诉盐财经，目前已经报名 了几十万人，首次称重的人数超过2万人，不少称重门店前都排起了长队。 这场全民减肥狂欢，究竟是健康意识的觉醒，还是营销的噱头？ 若减肥就能赚钱，"我能赚出一套房" "每减一斤奖励100元"就是这样一句简单的活动宣传，让这几天北京不少药店门口都热闹起来，排起了称 重长龙。 京东"快乐减重"活 ...

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 ...