中金发布研报称，考虑到原研品类放量趋势依旧且流感品种需求强劲，上调京东健康(06618)25年及26 年收入预测2%至725亿元及817亿元，同时考虑毛利率改善趋势及潜在利息收入波动的综合影响，该行 分别上调25年及26年non-IFRS净利润4%及1%至65亿元及64亿元。首次引入27年收入预测912亿元及non- IFRS净利润预测68亿元。考虑到近期板块表现略有波动，基于SOTP维持目标价71.4港币不变(23%上行 空间)，维持跑赢行业评级。 中金主要观点如下： 原研品类放量叠加流感防控需求，持续驱动收入端强劲表现 预计利润端整体稳健，但需关注利息收入的潜在波动影响 公司1-3Q25分别实现non-IFRS净利率10.6%、9.7%、11.1%，同比均呈现不同程度提升，该行认为主要 因药企及保健品企业在广告营销预算上的投入加大，带动毛利率水平持续改善，同时公司年内费用端投 入(如医疗AI、线下药房+即时零售等全渠道体系布局)相对可控，因而持续驱动利润端表现亮眼。虽然 4Q25为常规投入旺季，但该行预计全年维度下公司经营利润率水平亦有望呈现稳中向好态势，体现公 司业务的强劲竞争力。另一方面，考虑到公司在 ...

原研品类放量叠加流感防控需求，持续驱动收入端强劲表现 2025年内逐季来看，该行观察到公司收入端表现强劲，1-3Q25单季度均实现25%左右的同比增速。根据 3Q25末披露公告，公司在3Q25期间与礼来、信达生物、拜耳中国等药企签署战略合作协议，不断强化 新药全网首发的业务特色。考虑到年内原研药品类持续放量的趋势依旧，叠加4Q25以来冬季流感防控 需求渐起，该行判断4Q25公司亦有望实现收入端强劲表现，该行预计公司2025年全年收入同比增速有 望接近25%。 预计利润端整体稳健，但需关注利息收入的潜在波动影响 智通财经APP获悉，中金发布研报称，考虑到原研品类放量趋势依旧且流感品种需求强劲，上调京东健 康(06618)25年及26年收入预测2%至725亿元及817亿元，同时考虑毛利率改善趋势及潜在利息收入波动 的综合影响，该行分别上调25年及26年non-IFRS净利润4%及1%至65亿元及64亿元。首次引入27年收入 预测912亿元及non-IFRS净利润预测68亿元。考虑到近期板块表现略有波动，基于SOTP维持目标价71.4 港币不变(23%上行空间)，维持跑赢行业评级。 公司1-3Q25分别实现non- ...

Group 1: Market Regulation Achievements - The National Market Regulation Administration has improved the regulatory system for enterprise-related fees, continuously reducing operational costs for businesses, resulting in a net increase of 19.99 million enterprises and 33.946 million individual businesses during the "14th Five-Year Plan" period [1][2] - The introduction of the "Fair Competition Review Regulations" has established rigid institutional constraints against issues like malicious competition in investment promotion and administrative monopolies, with 4,218 obstructive policies abolished and 239 administrative monopoly cases investigated [1][2] Group 2: Consumer Protection and Efficiency - A total of 89.028 million complaints were handled by market regulation departments, recovering economic losses of 21.71 billion yuan for consumers, while consumer associations processed 5.749 million complaints, recovering 5.78 billion yuan [2] - The time to open a restaurant has been reduced from 37 days to 15 days, and the number of documents required for business information changes has been streamlined from 23 to 6 [2] Group 3: Platform Economy Regulation - The market regulation authority is addressing potential risks in the platform economy, such as algorithm abuse and disorderly competition, by balancing innovation encouragement and regulatory development [3][4] - Significant actions have been taken against market irregularities, including the removal of 4.541 million illegal product listings and the investigation of 105,000 internet-related cases [4] Group 4: Pharmaceutical Industry Growth - The pharmaceutical industry in China ranks second globally, with 204 innovative drugs and 265 innovative medical devices approved during the "14th Five-Year Plan," and 50 innovative drugs approved in the first seven months of this year [5][6] - The National Medical Products Administration has implemented dynamic supervision covering the entire drug lifecycle, focusing on key areas such as online sales and clinical trial management, while conducting over 200,000 drug inspections annually [6]

Group 1 - The city is focusing on high-quality development and building a common prosperity demonstration zone, emphasizing the importance of the "county-town-key village" development axis to promote urban-rural integration [1][2] - The "Deep Mountain Fishing Village" demonstration area in Qianshu Town is leveraging rural tourism to increase collective income and improve farmers' livelihoods [2] - Zhejiang Tianjie Industrial Company is optimizing processes and enhancing product quality, leading to an increase in overseas market share [3] Group 2 - Zhejiang Otsuka Pharmaceutical Company is recognized for its stable product performance and positive market response, being a subsidiary of Japan's Otsuka Pharmaceutical Co., Ltd [3] - The local government is committed to improving public services and enhancing the quality of life for residents through innovative service models and professional characteristics [3] - The focus is on creating a multi-channel approach to broaden income sources for local farmers, including mechanisms to support agricultural and rural development [2]