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]