金额单位：万元 项 目 序号 金 额 募集资金净额 A 178,026.23 截至期初（2024.12.31） 项目投入 B1 40,664.60 项 目 序号 金 额 累计发生额 利息收入净额 C1 674.98 项目投入 B2 3,641.62 本期发生额 利息收入净额 C2 148.59 截至期末（2025.6.30） 项目投入 B3=B1+B2 44,306.22 累计发生额 利息收入净额 C3=C1+C2 823.57 应结余募集资金 D=A-B3+C3 134,543.58 实际结余募集资金 E 13,363.58 差异 F=D-E 121,180.00 [注 1]上表中应结余募集资金金额与实际结余募集资金的差异来源是：(1) 公司使用部 分闲置募集资金暂时补充流动资金 110,000.00 万元；(2) 募集资金报告期末未到期理财 [注 2]数据若存在尾差，为四舍五入所致。 二、募集资金管理情况 (一) 募集资金管理情况 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权 益，本公司按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司监管指引第 2 号——上市公司募集 ...

中金认为，京东健康1H25业绩超市场预期，分业务板块看，公司实现产品收入293.3亿元 (+22.7%YoY)，服务收入59.6亿元(+34.4%YoY)，整体表现强劲。该行测算2Q25单季度实现收入186.5亿 元(+23.7%YoY)，预计京东集团主站在1H期间进行的即时零售投流活动或间接为京东健康带来流量导引 获益；截至1H25末，公司过去十二个月(LTM)活跃用户数超2亿，创历史新高。同时，该行预计药品品 类在1H期间或实现高于整体收入端的增速，仍为核心驱动品类。此外，该行认为公司虽坚定AI及线下 零售体系的业务布局，但反内卷基调之下整体投入或有所控制，对全年基本面亦带来正向贡献。 消息面上，近日，京东健康公布上半年业绩。华泰证券指出，京东健康今年上半年总收入352.9亿元， 按年增24.5%，高于市场一致预期的增长20.2%。该行认为，京东健康有望持续受益于京东主站的快速 流量增长(据QuestMobile，2025年5月至7月，京东APP的日活跃用户(DAU)按年增长44.8%、33.4%、 46.4%)，在受惠上游合作伙伴增量广告需求的同时，通过持续加强的全渠道医疗服务能力(B2C+O2O)逐 ...

Core Viewpoint - The report from Credit Lyonnais indicates that JD Health's performance in the first half of the year met expectations, with a year-on-year revenue growth of 24.5% to 35.3 billion yuan, and an adjusted EBIT increase of 57% to 2.5 billion yuan, driven by strong performance during the 618 shopping festival and robust user growth [1] Group 1 - JD Health's revenue for the first half of the year reached 35.3 billion yuan, reflecting a year-on-year growth of 24.5% [1] - Adjusted EBIT for the same period increased by 57% to 2.5 billion yuan, benefiting from the successful 618 shopping festival and significant user growth [1] - The growth in pharmaceutical sales was attributed to a shift in demand from hospitals to outpatient services [1] Group 2 - The company is expected to see a 16% year-on-year revenue growth in the second half of 2025, primarily driven by over 25% growth in pharmaceutical sales [1] - Sales of health supplements are anticipated to grow at a high double-digit percentage year-on-year [1] - Based on strong sales momentum, the profit forecasts for 2025 and 2026 have been raised by 15% and 13% respectively, with the target price increased from 56 HKD to 64 HKD, maintaining an "outperform" rating [1]

Core Viewpoint - Morgan Stanley has raised its revenue and net profit forecasts for JD Health for the years 2025 to 2027 based on the company's performance in the first half of the year [1] Revenue Forecast - Revenue forecasts have been increased by 1.7%, 2%, and 2.3% for the years 2025, 2026, and 2027 respectively, primarily due to the ongoing trend of online penetration in drug sales [1] Net Profit Forecast - Net profit forecasts have been raised by 14.7%, 14.5%, and 13% for the years 2025, 2026, and 2027 respectively, attributed to improvements in gross margin from product mix changes and effective cost control [1] Target Price Adjustment - The target price for JD Health has been increased from HKD 46 to HKD 52.5, while maintaining a rating of "in line with the market" [1]

Investment Rating - The report maintains an "Outperform" rating for JD Health International [2][5][17] Core Insights - JD Health's revenue for Q1 2025 reached a record high of RMB 16.65 billion, reflecting a year-over-year increase of 25.5% and a quarter-over-quarter increase of 0.8%, surpassing the full-year guidance [3][13] - The significant revenue growth is attributed to increased demand during the influenza season, growth in high-value original drugs, and higher sales of health supplements due to increased advertising investments [3][14] - The company achieved an operating profit of RMB 1.07 billion, a 119.8% increase, with an operating margin of 6.4%, leading to a net profit growth of 47.7% [3][14] - JD Health plans to focus on expanding its instant retail initiatives in 10 key cities, leveraging a hybrid B2C+O2O strategy to enhance customer engagement and operational efficiency [4][15] Financial Performance and Forecast - Revenue forecasts for FY25 and FY26 are RMB 66.6 billion and RMB 75.7 billion, representing year-over-year growth of 14.5% and 13.7% respectively [5][17] - Adjusted net profit projections are RMB 4.4 billion for FY25 and RMB 5.4 billion for FY26, with a corresponding P/E ratio of 26x and 21x [5][17] - The report emphasizes the company's strong fundamentals and maintains an optimistic outlook for the first half of 2025 and the full year [5][17]

Investment Rating - The report maintains an "Outperform" rating for JD Health International [2][18]. Core Insights - JD Health's Q1 2025 revenue reached a record high of RMB 16.65 billion, reflecting a year-over-year increase of 25.5% and a quarter-over-quarter increase of 0.8%, surpassing the full-year guidance [3][14]. - The revenue growth is attributed to increased demand during the influenza season, growth in high-value original drugs, and higher sales of health supplements due to increased advertising investments [15]. - The company achieved an operating profit of RMB 1.07 billion, a significant increase of 119.8%, with an operating margin of 6.4%, contributing to a net profit growth of 47.7% [15][18]. - JD Health plans to focus on self-operated on-demand drug delivery in 10 key cities in 2025, leveraging a hybrid B2C+O2O strategy to enhance customer stickiness and operational efficiency [4][16]. Financial Performance and Forecast - Revenue forecasts for FY25 and FY26 are RMB 66.6 billion and RMB 75.7 billion, representing year-over-year growth of 14.5% and 13.7% respectively [5][18]. - Adjusted net profit is projected at RMB 4.4 billion for FY25, reflecting a decrease of 7.3%, and RMB 5.4 billion for FY26, indicating an increase of 20.5% [5][18]. - The report estimates a P/E ratio of 26x for FY25 and 21x for FY26, indicating a favorable valuation based on the company's fundamentals [5][18]. Valuation - The DCF model estimates the equity value of JD Health at HKD 136.8 billion, corresponding to a target price of HKD 42.90 per share [8][9].

Core Viewpoint - Hongli Medical Management (09906) reported a total revenue of 769 million yuan for the fiscal year 2024, representing a year-on-year growth of 1.04%, while the net profit attributable to shareholders decreased by 18.69% to 31.15 million yuan [2] Financial Performance - Total revenue for 2024 was 769 million yuan, with a year-on-year increase of 1.04% [2] - Net profit attributable to shareholders was 31.15 million yuan, down 18.69% compared to the previous year [2] - Operating cash flow net amount was 83.34 million yuan, a decrease of 8.97% year-on-year [24] - Basic earnings per share were 0.06 yuan, and the weighted average return on equity was 5.53%, down 1.44 percentage points from the previous year [2][20] Valuation Metrics - As of April 29, the price-to-earnings ratio (TTM) was approximately 27.47 times, the price-to-book ratio (TTM) was about 1.49 times, and the price-to-sales ratio (TTM) was around 1.11 times [2] Revenue Composition - Revenue composition for 2024 included: - Comprehensive medical services: 456.4 million yuan - Pharmaceutical sales: 308.9 million yuan - Postpartum care services: 3.4 million yuan [16] Asset and Liability Changes - As of the end of 2024, accounts receivable increased by 101.48%, while the proportion of right-of-use assets decreased by 28% [35] - Long-term borrowings decreased by 42.75%, and accounts payable decreased by 19.12% [38] - The current ratio was 1.01, and the quick ratio was 0.91 [42]

Core Viewpoint - The pharmacy industry is experiencing a slowdown, but Dazhenglin has demonstrated resilience with strong revenue and profit growth, indicating its competitive advantage in a challenging market [1][3][11]. Group 1: Company Performance - In 2024, Dazhenglin achieved total revenue of 26.497 billion yuan, a year-on-year increase of 8.01% [3]. - For Q1 2024, the company reported total revenue of 6.956 billion yuan, up 3.02%, and a net profit of 460 million yuan, reflecting a 15.45% increase [1][3]. - The net cash flow from operating activities reached 1.768 billion yuan, a significant increase of 44.14% [3]. Group 2: Expansion and Efficiency - Dazhenglin's store count increased by 2,479 to a total of 16,553 stores by the end of 2024, marking a 17.61% year-on-year growth [3][4]. - The company is expanding its presence in key regions while entering new markets, having established a footprint in 15 provincial-level administrative regions since 2019 [4]. - Dazhenglin is the only listed pharmacy chain showing a decrease in combined expense ratios and inventory turnover days, indicating improved operational efficiency [4][6]. Group 3: Market Trends - Despite the overall pressure on the pharmacy sector, the proportion of retail pharmacies in total sales is increasing, with retail pharmacy sales expected to reach 574 billion yuan in 2024, a 3.7% increase [7][8]. - The market share of the top ten pharmacy chains in China remains relatively low, suggesting significant growth potential for leading players like Dazhenglin [8][9]. - The ongoing healthcare reforms and the shift of prescription drugs to outpatient settings present new growth opportunities for the retail pharmacy market [9][10]. Group 4: Strategic Initiatives - Dazhenglin is actively building a prescription transfer system and enhancing its professional service capabilities to capture the outpatient prescription market [10]. - The company has established a comprehensive health management model that integrates pharmaceuticals and insurance services, aiming to provide a one-stop solution for patients [10]. - The long-term outlook for the pharmacy industry remains positive due to ongoing reforms and increasing market concentration, benefiting large, compliant retail chains like Dazhenglin [11].