2025.05. 20 本文字数：1264，阅读时长大约3分钟 作者 | 第一财经 林志吟 在线下药店陷入关店潮之际，医药电商巨头的业绩却反而持续增长。 5月19日晚间，阿里健康（00241.HK）发布的2025财年（截至2025年3月31日止年度）业绩显示， 截至2025年3月31日，该公司实现营收305.98亿元，同比增长13.2%；净利润14.32亿元，同比增长 62.2%。 这已经是阿里健康连续三年实现盈利，并且已突破10亿元净利润大关。 另外一医药电商巨头京东健康（06618.HK）近期也发布了2025年第一季度之未经审计的业绩。 2025年第一季度，京东健康实现收入166.45亿元，同比增长25.5%；经营盈利为10.71亿元，同比 增长119.8%；期间盈利为9.34亿元，同比增长4.6%。 近期有跨国药企人士对第一财经记者表示，十年前，他们的学术推广，更多是在线下进行的，因为医 生主要集中在线下。如今医生自己的业余时间用在线上诊疗的现象越来越多，这让他们也看到了线上 渠道市场的机会。 从2022年以来，京东健康也连续实现盈利。 与医药电商业绩形成鲜明对比的是，当前，线下药店的日子并不好过。 以 ...

Core Viewpoint - The performance of online pharmaceutical giants like Alibaba Health and JD Health continues to grow, contrasting sharply with the struggles faced by offline pharmacies in the current market environment [2][4]. Company Performance - Alibaba Health reported a revenue of 30.598 billion yuan for the fiscal year 2025, marking a year-on-year increase of 13.2%, with a net profit of 1.432 billion yuan, up 62.2% [2][3]. - JD Health achieved a revenue of 16.645 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 25.5%. The operating profit was 1.071 billion yuan, up 119.8%, and the net profit was 934 million yuan, a 4.6% increase [3]. Industry Trends - Offline pharmacies are experiencing a downturn, with five out of eight listed pharmacy companies reporting a decline in net profit for 2024. In the first quarter of 2025, half of these companies continued to see a drop in net profit [4]. - The total number of pharmacies in China decreased by 0.5% at the end of 2024 compared to the third quarter, marking the first quarterly decline in recent years. In the fourth quarter of 2024, 10,700 new stores opened while 14,100 closed, resulting in a net decrease of 3,395 stores [4]. - The online penetration of pharmaceutical retail is accelerating, with the drug sales scale in China's retail market reaching 501.9 billion yuan in 2024, a slight increase of 0.8%. Online drug sales accounted for 64.5 billion yuan, growing at a rate of 4.6%, surpassing the growth of physical pharmacies [5]. New Product Launches - JD Health has solidified its position as the "first station for online launch of new specialty drugs," introducing several innovative drugs in the first quarter of 2025 [6]. - Alibaba Health continues to leverage its platform for the launch of new drugs, collaborating with well-known pharmaceutical companies to facilitate the introduction of multiple new products [6].

2025年第一季度，京东健康在医疗AI领域取得多项进展，持续推动AI技术在医疗健康服务、专病诊 疗、健康管理等方面的应用。2025年1月，京东健康发布"AI 京医"产品体系，实现线上多场景应用，为 医生提供智能诊疗辅助和科研支持等，还可以通过AI医生、药师、营养师等专业服务智能体，为用户 提供个性化的专业医疗健康服务。2025年2月，"京医千询"医疗大模型启动开源，成为国内医疗行业首 个全面开源的垂类大模型。京东健康互联网医院已有超80%的医生问诊单使用了AI服务；AI营养师的服 务满意度达91%。 京东健康近日与中国生物制药宣布全面深化战略合作，双方将围绕全品类供应链、全渠道零售及创新营 销模式等领域展开深度合作。据了解，双方合作范围涵盖肿瘤、风湿、外科/镇痛、肝病、呼吸、心血 管、内分泌等多个疾病领域，还将依托京东互联网医院优质医生资源，充分发挥三甲医院专家、专科医 生的专业优势，综合运用短视频科普、专题图文等形式，将权威医学知识转化为通俗易懂的内容，覆盖 从常见病预防到慢性病管理的全周期健康场景。 汇丰环球研究发表研究报告称，公司致力建线下能力，通过实体据点为供应商提供全渠道服务，借此增 强议价能力。强 ...

Group 1 - The core viewpoint of the news highlights the positive performance of Hong Kong's technology ETF and the strong earnings report from JD.com, indicating growth in revenue and operating profit [1][2] - JD.com reported a revenue of 16.645 billion RMB for Q1 2025, representing a year-on-year growth of 25.5%, and an operating profit of 1.071 billion RMB, up 119.8% year-on-year [1] - The company launched several innovative drugs in Q1 2025, expanding treatment options for patients, and made significant advancements in the application of AI technology in healthcare services [1] Group 2 - According to a report from Credit Lyonnais, JD.com is expected to see a 15% year-on-year increase in total revenue for Q1, driven by increased demand for pharmaceuticals due to a flu outbreak and improved user traffic from trade-in promotions [2] - The report estimates a 20% year-on-year increase in pharmaceutical sales and over 10% growth in health products and medical devices [2] - The company is projected to achieve a 14% year-on-year revenue growth in the first half of the year, with a stable net profit margin of 6.6% [2] Group 3 - The Hong Kong technology sector is benefiting from high demand in AI computing and applications, with strong performance in smart driving and industrial intelligence [2] - Analysts from two firms emphasize the importance of tracking technological advancements and commercialization impacts on the fundamentals of related companies [2]

里昂发布研报称，预计京东健康今年首季关键绩效指标表现稳健，估计总收入料同比升15%至153亿元 人民币，主要受惠1月以来流感爆发带动的药品需求增加，以及京东平台因以旧换新优惠政策改善的用 户流量。该行料季内药品销售将同比升20%，保健品和医疗器械销售或能保持10%以上同比增长。经调 整除息税前溢利料同比升15%，利润率稳定在5.7%。该行料公司上半年总收入同比升14%，意味第二季 度同比升13%，该行维持对公司今年15%同比收入增长和6.6%的净利润率预测。 智通财经APP获悉，京东健康(06618)绩后涨超6%，截至发稿，涨6.05%，报40.3港元，成交额1.45亿港 元。 消息面上，5月13日，京东健康发布2025年第一季度业绩，收入166.45亿元(人民币，下同)，同比增长 25.5%；经营盈利10.71亿元，同比增长119.8%。2025年第一季度，京东健康在线上首发多款创新药品， 包括辉瑞旗下泰泽纳(甲苯磺酸他拉唑帕利胶囊)、Esteve旗下的利舒仁(米托坦片)、银诺医药旗下怡诺轻 (依苏帕格鲁肽α注射液)、健民集团旗下龙牡小儿紫贝宣肺糖浆等，为广大患者提供了更多用药选择。 此外，一季度京东健康在 ...