Group 1 - Goldman Sachs forecasts that JD Health will maintain robust revenue in Q2 this year while keeping spending disciplined, reaffirming a "buy" rating due to JD Health's strong position in the pharmacy and medical services sectors [1] - JD Health is rapidly building front warehouses in first-tier cities, with approximately 40 to 50 warehouses established nationwide as of mid-year, aiming for about 200 by the end of 2025, in line with the group's instant delivery plan [1] - Despite intense market competition, Goldman Sachs believes that the pharmaceutical category is difficult to drive sales through promotions, as consumers prioritize quality and variety [1] Group 2 - Goldman Sachs expects JD Health's sales to grow approximately 18% and operating profit to increase about 5% in Q2 2025, considering the gradual increase in investments [2] - The company’s guidance for flat profit growth in FY2025 has accounted for significant investment increases in the second half of the year [2] - Based on improved profit margin assumptions, Goldman Sachs' profit forecast for JD Health in 2025 is 6% higher than market consensus, while net profit estimates have been raised by 1% to 2% due to disciplined cost and expense control [2]