证券之星消息，11月20日南向资金减持64.48万股京东健康（06618.HK）。近5个交易日中，获南向资金减持的有2天，累计净减持171.21万股。近 20个交易日中，获南向资金减持的有9天，累计净减持172.51万股。截至目前，南向资金持有京东健康（06618.HK）2.77亿股，占公司已发行普通 股的8.66%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-20 | 2.77亿 | -64.48万 | -0.23% | | 2025-11-19 | 2.78亿 | 28.78万 | 0.10% | | 2025-11-18 | 2.78亿 | -212.66万 | -0.76% | | 2025-11-17 | 2.80亿 | 10.97万 | 0.04% | | 2025-11-14 | 2.80亿 | 66.17万 | 0.24% | 京东健康股份有限公司是一家主要提供医药和健康产品、互联网医疗健康服务、健康管理及智能医疗健康解决方案的投资控股公司。该公司业务 主要包括零售药房和医疗健康服务。零售药房业 ...

Core Viewpoint - Southbound funds reduced their holdings in JD Health (06618.HK) by 662,200 shares on November 12, 2025, indicating a slight decrease in investor confidence in the company [1]. Group 1: Shareholding Changes - In the last five trading days, southbound funds increased their holdings on three days, with a total net increase of 656,600 shares [1]. - Over the past 20 trading days, there were 14 days of net increases, totaling 3,399,700 shares [1]. - As of now, southbound funds hold 280 million shares of JD Health, accounting for 8.72% of the company's total issued ordinary shares [1]. Group 2: Trading Data - On November 12, 2025, the total shareholding was 280 million, with a decrease of 662,200 shares, representing a change of -0.24% [2]. - On November 11, 2025, the total shareholding remained at 280 million, with a decrease of 108,500 shares, representing a change of -0.04% [2]. - On November 10, 2025, the total shareholding was 280 million, with an increase of 345,700 shares, representing a change of 0.12% [2]. - On November 7, 2025, the total shareholding was 280 million, with an increase of 475,900 shares, representing a change of 0.17% [2]. - On November 6, 2025, the total shareholding was 279 million, with an increase of 605,600 shares, representing a change of 0.22% [2]. Group 3: Company Overview - JD Health is primarily engaged in providing pharmaceutical and health products, internet medical health services, health management, and intelligent medical health solutions [2]. - The company's business includes retail pharmacy and medical health services, with retail pharmacy operations conducted through self-operated and online platforms as well as instant retail channels [2]. - Medical health services are mainly provided through internet hospitals and medical models, along with online marketing services such as advertising [2].

Core Viewpoint - Southbound funds have increased their holdings in JD Health (06618.HK) by 605,600 shares on November 6, indicating a growing interest from investors in the company [1]. Group 1: Shareholding Changes - In the last 5 trading days, JD Health has seen an increase in holdings for 3 days, with a total net increase of 407,300 shares [1]. - Over the past 20 trading days, there have been 14 days of net increases, totaling 3,119,900 shares [1]. - As of now, southbound funds hold 279 million shares of JD Health, accounting for 8.72% of the company's total issued ordinary shares [1]. Group 2: Trading Data - On November 6, 2025, the total shareholding was 279 million, with a change of 605,600 shares, reflecting a 0.22% increase [2]. - On November 5, 2025, the total shareholding remained at 279 million, with a change of 409,400 shares, a 0.15% increase [2]. - On November 4, 2025, the total shareholding was 278 million, with a decrease of 210,300 shares, a -0.08% change [2]. - On November 3, 2025, the total shareholding was 279 million, with an increase of 331,100 shares, a 0.12% change [2]. - On October 31, 2025, the total shareholding was 278 million, with a decrease of 728,400 shares, a -0.26% change [2]. Group 3: Company Overview - JD Health is primarily engaged in providing pharmaceutical and health products, internet medical health services, health management, and intelligent medical health solutions [2]. - The company's business includes retail pharmacy and medical health services, with retail pharmacy operations conducted through self-operated and online platforms as well as instant retail channels [2]. - Medical health services are mainly provided through internet hospitals and medical models, along with online marketing services such as advertising [2].

Core Viewpoint - Southbound funds increased their holdings in JD Health (06618.HK) by 409,400 shares on November 5, 2025, indicating a positive sentiment towards the company [1]. Group 1: Shareholding Changes - In the last five trading days, there were two days of net reductions in holdings by southbound funds, totaling a net decrease of 137,200 shares [1]. - Over the past twenty trading days, southbound funds increased their holdings on fourteen occasions, resulting in a cumulative net increase of 2,579,100 shares [1]. - As of now, southbound funds hold 279 million shares of JD Health, accounting for 8.7% of the company's total issued ordinary shares [1]. Group 2: Company Overview - JD Health is primarily engaged in providing pharmaceutical and health products, internet medical health services, health management, and intelligent medical health solutions [2]. - The company's business includes retail pharmacy operations, which sell pharmaceutical and health products as well as medical devices through self-operated and online platforms, as well as instant retail channels [2]. - JD Health also offers medical health services through internet hospitals and medical models, along with online marketing services such as advertising [2].

Core Insights - The company primarily engages in the "Internet + Healthcare" ecosystem, providing pharmaceutical and health products, internet medical services, health management, and smart healthcare solutions, mainly in the domestic market [6] Financial Performance - The company's revenue and net profit growth rates have shown fluctuations over the years, with significant changes noted in 2023 and projections for 2024 and 2025 [9][10] - In the first half of 2025, the company reported a revenue composition of 293.3 billion from pharmaceutical and health product sales, with additional service income from platforms and advertising [10] - The average return on equity for the first half of 2025 was 4.62%, an increase of 0.62 percentage points compared to the same period last year [16] Cash Flow and Assets - The net cash flow from operating activities for the first half of 2025 was 62.45 billion, while financing and investment activities showed negative cash flows [19] - Significant changes in assets include a 58.12% decrease in trading financial assets and a 27.6% increase in inventory, affecting the overall asset composition [27] Liabilities and Ratios - The company experienced a 30.43% increase in accounts payable and a 26.62% rise in other payables, impacting the total asset ratio [30] - As of the first half of 2025, the current ratio was 2.92 and the quick ratio was 2.55, indicating strong liquidity [33]

Core Viewpoint - JD Health has demonstrated strong growth in its financial performance for the first half of 2025, yet it continues to be labeled as an "internet pharmacy" due to its reliance on pharmaceutical sales [2][5][8]. Financial Performance - For the first half of 2025, JD Health reported revenue of 35.29 billion RMB, a year-on-year increase of 24.5% [3]. - The non-IFRS profit for the same period was 3.57 billion RMB, reflecting a growth of 35.0% [2][3]. - Gross profit reached 8.89 billion RMB, up 32.7% compared to the previous year [2][3]. Revenue Composition - The revenue from pharmaceutical and health product sales amounted to 29.33 billion RMB, representing a year-on-year growth of 22.7% [6]. - Revenue from online platforms, digital marketing, and other services contributed 6 billion RMB, with a growth rate of 34.4% [3][6]. - Over 83% of JD Health's revenue is derived from the sale of pharmaceuticals and health products, indicating a heavy reliance on this segment [5][6]. Marketing and User Engagement - Marketing expenditures for JD Health increased to 1.8 billion RMB, a rise of 28.8% year-on-year, primarily due to higher promotional and advertising costs [4]. - User growth has slowed, and the rising cost of customer acquisition poses challenges, especially with competitors like Alibaba Health and Ping An Good Doctor entering the market [7]. Challenges and Future Outlook - The heavy dependence on pharmaceutical sales may weaken JD Health's resilience to market fluctuations and regulatory changes [5][6]. - Recent marketing campaigns have faced criticism from users, highlighting issues with customer service and engagement [7]. - To ensure sustainable growth, JD Health must diversify its business model and move beyond the "internet pharmacy" label [8].

Group 1: Market Performance - The CSI Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.27% as of August 18, 2025, with notable increases in constituent stocks such as JD Health (06618) up 9.88% and Yiyang Sunshine (02522) up 8.90% [1] - The Hong Kong Medical ETF (159366) has increased by 1.93%, reaching a latest price of 1.64 HKD, and has seen a cumulative increase of 8.71% over the past week as of August 15, 2025 [1] - The average daily trading volume of the Hong Kong Medical ETF over the past month is 311 million HKD, with the latest fund size reaching a record high of 2.93 billion HKD [1] Group 2: Company Performance - JD Health reported a 22.7% year-on-year increase in sales revenue for pharmaceuticals and health products, reaching 29.3 billion HKD in the first half of 2025, driven by an increase in annual purchasing users exceeding 200 million and higher average spending per user [2] - The platform, advertising, and other service revenues for JD Health grew by 34.4% to 5.96 billion HKD, attributed to sustained growth in advertising revenue and an expanding commission scale supported by transaction growth [2] - JD Health launched over 30 innovative drugs online in the first half of 2025 and has seen a significant increase in the number of merchants on its platform, exceeding 150,000 compared to over 100,000 at the end of 2024 [2] Group 3: Industry Trends - The global AI medical investment and financing landscape is thriving, with significant breakthroughs in AI medical research, including FDA approval for the first AI wearable treatment device and advancements in AI drug development [3] - The Hong Kong Medical ETF (159366) is noted for having the highest CXO content in the market, focusing on internet medical services, CXO, and medical devices, and closely tracks the CSI Hong Kong Stock Connect Medical Theme Index [3] - The CSI Hong Kong Stock Connect Medical Theme Index includes 50 listed companies involved in medical devices, medical services, and pharmaceutical sectors, reflecting the overall performance of the medical sector within the Hong Kong Stock Connect [3] Group 4: Index Composition - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Medical Theme Index include WuXi Biologics (02269) at 14.58% and JD Health (06618) at 10.83%, collectively accounting for 56.9% of the index [4]

Core Insights - JD Health's stock rose over 10% following the release of its interim results, with a current price of HKD 60.7 and a trading volume of HKD 2.19 billion [1] Financial Performance - For the six months ending June 30, 2025, JD Health reported revenue of RMB 35.29 billion, a year-on-year increase of 24.5% [1] - Non-IFRS profit for the same period was RMB 3.57 billion, up 35% year-on-year [1] - Net profit attributable to shareholders was RMB 2.596 billion, reflecting a 27.45% increase year-on-year [1] - Basic earnings per share were RMB 0.82 [1] Revenue Breakdown - Revenue for the three months ending June 30, 2025, increased by 23.7% to RMB 18.6 billion compared to the previous three months [1] - Revenue from the sale of pharmaceutical and health products rose from RMB 23.9 billion to RMB 29.3 billion, marking a 22.7% increase [1] - Growth in product revenue was driven by an increase in active user numbers, additional purchases by users, higher online penetration rates for pharmaceutical and health products, and a wider range of product categories [1] Service Revenue - Revenue from online platforms, digital marketing, and other services increased by 34.4% from RMB 4.4 billion to RMB 6 billion [2] - The growth in service revenue was primarily due to an increase in digital marketing service fees, attributed to a rise in the number of advertisers on the platform and consistent growth in transactions on the platform [2]

Core Viewpoint - JD Health's stock surged over 10% following the release of its interim results, reflecting strong revenue growth and increased online penetration in the pharmaceutical and health product sectors [1] Group 1: Financial Performance - For the six months ending June 30, 2025, JD Health reported revenue of RMB 35.29 billion, a year-on-year increase of 24.5% [1] - Non-IFRS profit for the same period was RMB 3.57 billion, up 35% year-on-year [1] - Net profit attributable to shareholders was RMB 2.596 billion, representing a 27.45% increase year-on-year [1] - Basic earnings per share were RMB 0.82 [1] Group 2: Revenue Breakdown - Revenue for the three months ending June 30, 2025, increased by 23.7% to RMB 18.6 billion compared to the previous three months [1] - Revenue from the sale of pharmaceutical and health products rose by 22.7% from RMB 23.9 billion to RMB 29.3 billion for the six months ending June 30, 2025 [1] - The growth in product revenue was driven by an increase in active user numbers, additional purchases by users, and improved online penetration of pharmaceutical and health product sales [1] Group 3: Service Revenue - Service revenue from online platforms and digital marketing increased by 34.4% from RMB 4.4 billion to RMB 6 billion for the six months ending June 30, 2025 [2] - The growth in service revenue was primarily due to an increase in digital marketing service fees, attributed to a rise in the number of advertisers on the platform [2]

Core Insights - JD Health's stock rose over 10% following the release of its interim results, with a current price of HKD 60.7 and a trading volume of HKD 2.19 billion [1] Financial Performance - For the six months ending June 30, 2025, JD Health reported revenue of RMB 35.29 billion, a year-on-year increase of 24.5% [1] - Non-IFRS profit for the same period was RMB 3.57 billion, up 35% year-on-year [1] - Net profit attributable to shareholders was RMB 2.596 billion, reflecting a 27.45% increase year-on-year [1] - Basic earnings per share were RMB 0.82 [1] Revenue Breakdown - Revenue for the three months ending June 30, 2025, increased by 23.7% to RMB 18.6 billion compared to the previous year [1] - Revenue from the sale of pharmaceutical and health products rose from RMB 23.9 billion to RMB 29.3 billion, marking a 22.7% increase [1] - Growth in product revenue was driven by an increase in active user numbers, additional purchases by users, higher online penetration rates for pharmaceutical and health products, and a wider range of product categories [1] Service Revenue Growth - Service revenue from online platforms and digital marketing increased by 34.4%, from RMB 4.4 billion to RMB 6 billion [2] - The growth in service revenue was primarily due to an increase in digital marketing service fees, attributed to a rise in the number of advertisers on the platform and consistent growth in transactions [2]