Core Viewpoint - Morgan Stanley has raised the target price for JD Health from HKD 60 to HKD 68.8, maintaining a "Market Perform" rating, reflecting positive adjustments based on the company's third-quarter performance [1] Financial Performance - The increase in target price is attributed to growth in direct sales and service revenue, leading to an upward revision of total revenue forecasts for the years 2025 to 2027 by 1.4% [1] - The expansion of drug sales and an increase in the proportion of advertising revenue are expected to enhance the company's gross margin [1] - The forecast for recurring earnings per share has been raised by 9%, 13%, and 13% for the respective years 2025, 2026, and 2027 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that JD Health's performance in the first half of the year met expectations, driven by strong user growth and good performance during the 618 shopping festival [1] Financial Performance - JD Health's revenue increased by 24.5% year-on-year to 35.3 billion yuan [1] - Earnings before interest and taxes (EBIT) rose by 57% year-on-year to 2.5 billion yuan [1] Market Trends - There has been a shift in demand for original research drugs from hospitals to outpatient settings, contributing to an increase in drug sales [1] Future Outlook - Credit Lyonnais raised JD Health's net profit forecasts for 2025 and 2026 by 15% and 13% respectively [1] - The target price for JD Health was increased from 56 HKD to 64 HKD, maintaining an "outperform" rating [1]