作为中国数字健康市场的头部玩家，京东健康这几年的发展重心非常明确：一方面是持续强化供应链能 力，这是业务开展的基石；另一方面则着力于提升医疗服务能力，尤其以构建线上线下一体化的服务体 系与全链路服务闭环为建设重点。在京东健康开展业务的底层逻辑中，对合作方的赋能是块重要的拼 图，所以与合作伙伴一起增长，是京东健康长期战略之一。 而与业务相关的动态事件，是投资者观察京东健康推进长期战略的重要窗口。就在其中期业绩公布的次 日，8月15日，京东健康与卫材中国达成战略合作。通过此次合作，由卫材中国研发的治疗失眠药物莱 博雷生（商品名：达可卫）获批上市后，在京东健康独家线上首发。莱博雷生是国内首款非镇静类抗失 眠新药，是一款有望重塑抗失眠类药物市场的新药。 这一则动态与巩固自身供应链优势相关，符合京东健康长期以来的核心发展方向。再看8月14日，京东 健康发布的2025年中期财报，数据显示，在今年上半年有超过30款创新药在京东健康线上首发，还与多 家医疗器械及营养保健品牌展开合作，并实现多款产品的全网首发。 上述信息事件，也恰恰印证了京东健康在进一步巩固自身的核心竞争力，即供应链能力和品牌赋能价 值。正是二者的共振，促成了 ...

Core Viewpoint - JD Health has surpassed 200 million active users, driven by innovations in medical service models and technology, positioning itself as a leader in China's digital health market [2][11]. Business Strategy and Developments - JD Health focuses on strengthening supply chain capabilities and enhancing medical service capabilities, aiming to create an integrated online and offline service system [3][4]. - A strategic partnership with Eisai China was established to exclusively launch the insomnia treatment drug, Lemborexant, on JD Health's platform, reinforcing its supply chain advantages [3][4]. - In the first half of 2025, JD Health launched over 30 innovative drugs online and collaborated with various medical device and health brands for multiple product launches [3]. Service Model Innovation - The integration of online and offline services is a key trend in the digital healthcare industry, with JD Health developing a "medical testing, diagnosis, and medication" service loop [6][9]. - JD Health has expanded its home service capabilities, offering 64 types of home nursing services and over 160 rapid testing services, enhancing user experience through speed and breadth [6][7]. User Growth and Financial Performance - JD Health reported a revenue of 35.3 billion yuan in the first half of 2025, a 24.5% year-on-year increase, with active users exceeding 200 million [11][12]. - The growth in revenue is attributed to the increase in active users and higher spending per user, reflecting the positive impact of supply chain and service capabilities [12][14]. AI Integration and Future Outlook - The company has launched the "AI Jingyi" series, which includes AI doctors and pharmacists, serving over 50 million users, indicating a strong focus on AI applications in healthcare [19][20]. - Continuous investment in AI is expected to break traditional growth bottlenecks in the internet healthcare sector, potentially enhancing the company's market valuation [20].