Core Viewpoint - Macquarie has raised the target price for JD Health (06618) by 20%, from HKD 62.14 to HKD 74.57, while maintaining an "Outperform" rating. The earnings forecast for the company remains unchanged [1]. Group 1: Revenue Growth and Market Position - JD Health is expected to achieve a 22% year-on-year revenue growth in the second half of 2025, driven by a strong trend in the third quarter [1]. - The company is anticipated to solidify its position in key healthcare product distribution channels, enhancing market share and market integration despite weak performance in offline pharmacies [1]. Group 2: Profitability and Margin Expectations - The company is projected to maintain strong growth momentum in the second half, benefiting from the direct launch of new drugs and increased advertising spending from merchants [1]. - An increase in drug sales is expected to positively impact overall gross margin, with a projected year-on-year expansion of 1.5 percentage points to 23.7% in the second half [1]. - Adjusted net profit margin is expected to reach 8.1% in the second half, reflecting a year-on-year increase of 90 basis points, considering cautious expansion in offline stores and increased spending during the fourth quarter promotional period [1].

Group 1: Cross-Border E-Commerce Growth - In the first half of the year, China's cross-border e-commerce imports and exports reached approximately 1.32 trillion yuan, a year-on-year increase of 5.7% [1] - Exports accounted for about 1.03 trillion yuan, growing by 4.7%, while imports were around 291.1 billion yuan, increasing by 9.3% [1] - The number of newly registered cross-border e-commerce companies surged to 5,080 in the first four months, marking a year-on-year increase of 173.24% [1] Group 2: Emerging Market Opportunities - Cross-border e-commerce companies are diversifying their market strategies to adapt to changes, with significant growth observed in emerging markets [2] - In the first five months, traffic growth in regions such as the Middle East, Latin America, Africa, Europe, and South Asia exceeded 40%, with the Middle East showing a remarkable 59% increase in May [2] - Chinese B2C cross-border e-commerce exports to ASEAN grew by 75%, while exports to Russia surged by 146.9% [3] Group 3: Technological Integration in E-Commerce - Advanced technologies like AI and big data are transforming the entire cross-border e-commerce supply chain, enhancing market insights and customer interactions [4] - AI-driven tools are improving operational efficiency, with AI inquiry systems increasing conversion rates by 30% and AI customer service enhancing order completion rates by over 30% [5] - During the 618 shopping festival, JD Global Sales saw a 239% year-on-year increase in order volume, driven by digital technology optimizations [5]

飞利浦CEO：（谈美欧贸易协议）我们仍在要求将医疗保健产品排除在关税之外。 ...