摩根士丹利发表研究报告指，将京东健康目标价由60港元上调至68.8港元，维持"与大市同步"评级。计 及京东健康第三季业绩后，大摩认为公司受惠于直接销售与服务收入增长，将其2025至2027年度总收入 预测分别上调1.4%，随着药物销售规模扩大及广告收入占比提升，公司毛利率呈现升势，将期内经常 性每股盈测分别调升9%、13%及13%。 ...

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]