里昂将京东健康2025年及2026年经调整净利润预测分别上调5%及6%，以反映更优的成本控制，并将目 标价从45港元上调至56港元。该行指出，京东健康是京东大力投资APP用户增长策略的主要受益者，维 持"跑赢大市"评级。 格隆汇8月4日｜里昂预期，京东健康2025年上半年业绩表现强劲，总收入按年增长23%达348亿元(第二 季按年增长20%，第一季按年增长26%)，主要受惠于618购物节的出色表现，特别是营养保健品与医疗 器械品类的销售增长。原研药从医院渠道持续外流，进一步支撑药品需求；经调整息税前利润预计按年 增长57%达25亿元，得益于毛利率提升及对实时需求投资的严格管控。 ...

Core Viewpoint - The ongoing tariff policies from the U.S. are increasing economic uncertainty and negatively impacting the global pharmaceutical market, prompting Chinese pharmaceutical companies to seek ways to navigate these challenges [1][2]. Group 1: Impact on Chinese Pharmaceutical Industry - In 2024, China's total pharmaceutical import and export volume is projected to reach $199.38 billion, a year-on-year increase of 2.1%, with exports amounting to $107.96 billion, up 5.9%, marking the end of a two-year decline [1]. - The export of traditional Chinese medicine products decreased by 3.3% to $5.28 billion, while exports of Western medicine products increased by 5.7% to $53.96 billion, and medical device exports rose by 7.3% to $48.75 billion [1]. - Chinese pharmaceutical companies primarily focus on the domestic market, with limited export scale to the U.S., and the short-term impact of U.S. tariff policies is expected to be minimal due to temporary exemptions [4]. Group 2: U.S. Pharmaceutical Market Challenges - The U.S. pharmaceutical market is facing significant challenges, with a 25% tariff potentially increasing annual drug costs by $51 billion and raising drug prices by up to 12.9% if costs are fully passed on [3]. - The U.S. is experiencing shortages of hundreds of drugs, including critical emergency medications, due to various factors such as increased prescription volumes and manufacturing delays [3]. - The U.S. heavily relies on imports for 80% of its active pharmaceutical ingredients, making it vulnerable to tariff impacts that could disrupt its medical supply chain [2][3]. Group 3: Strategic Recommendations for Chinese Pharmaceutical Companies - Chinese pharmaceutical companies are advised to enhance their independent research and innovation capabilities to maintain competitiveness amid uncertainties [6]. - Companies should optimize their global presence, focusing on stabilizing markets in Europe and the U.S. while also exploring emerging markets [6]. - There is a need to improve product structures and tap into domestic market growth opportunities, such as those arising from the aging population [6].