摩根士丹利发布研报称，京东健康(06618)第三季度表现持续稳健，为2025财年目标带来上行空间，预 期第三季度收入同比增约24%，主要是受到自有药品销售强劲(尤其是慢性病领域)、营养产品超出预期 支持，而医疗器械销售应符合预期。大摩予该股评级"与大市同步"。 大摩认为，京东健康线下投资与报销范围扩大为关键焦点领域，其持续扩张线下业务，第三季度开设50 多家药房门市，并计划第四季度新增约150家门市。值得注意，京东线上药房现已于7个城市(之前3个) 获得部分OTC(非处方)药个别账户报销资格，包括北京、深圳、广州、东莞、沈阳、合肥及济南，视此 为未来数年更广泛覆盖的鼓舞性一步。 大摩续指，广告收入增长速度应持续比产品销售更快，支持利润率进一步改善。凭借营运杠杆、严谨执 行，以及线下投资可能低于先前预期(比之前预期少1亿元人民币)，看到当前对2025财年收入预测增长 20%、调整后营业利润35亿元人民币及调整后净利润53亿元人民币，存在上行空间。 ...

智通财经APP获悉，摩根士丹利发布研报称，京东健康(06618)第三季度表现持续稳健，为2025财年目标 带来上行空间，预期第三季度收入同比增约24%，主要是受到自有药品销售强劲(尤其是慢性病领域)、 营养产品超出预期支持，而医疗器械销售应符合预期。大摩予该股评级"与大市同步"。 大摩续指，广告收入增长速度应持续比产品销售更快，支持利润率进一步改善。凭借营运杠杆、严谨执 行，以及线下投资可能低于先前预期(比之前预期少1亿元人民币)，看到当前对2025财年收入预测增长 20%、调整后营业利润35亿元人民币及调整后净利润53亿元人民币，存在上行空间。 大摩认为，京东健康线下投资与报销范围扩大为关键焦点领域，其持续扩张线下业务，第三季度开设50 多家药房门市，并计划第四季度新增约150家门市。值得注意，京东线上药房现已于7个城市(之前3个) 获得部分OTC(非处方)药个别账户报销资格，包括北京、深圳、广州、东莞、沈阳、合肥及济南，视此 为未来数年更广泛覆盖的鼓舞性一步。 ...

Financial Performance and Key Metrics - The company reported earnings per share of $0.93 in the second quarter, exceeding market expectations [4] - The company is on track to achieve $200 million to $300 million in cost reductions this year, part of a broader goal of $500 million to $750 million over the next three to five years [8][10] Business Line Performance - The Ag Services and Oilseeds segment delivered results in line with expectations, benefiting from improved plant networks and regulatory certainty [4] - The Nutrition business showed sequential improvements, particularly in the flavor and probiotic segments, and has resumed production at a previously down protein plant [5][33] Market Conditions - Commodity prices are currently low, impacting farmer willingness to sell, but a large crop is expected in the U.S., which should support processing capacity [26][28] - Regulatory clarity regarding biodiesel and biofuels is improving, which is expected to benefit the Car Solutions business [10][30] Company Strategy and Industry Competition - The company is focusing on portfolio simplification and has exited non-core units that did not meet return expectations [6][7] - There is an emphasis on capital allocation towards productivity and innovation, with a balanced approach to dividends and strategic acquisitions [9][52] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism for a strong finish to 2025 and excitement about 2026, despite ongoing uncertainties [11] - The company is actively working to improve operational excellence and customer relationships to regain market share lost during production downtime [35][63] Other Important Information - The company has been increasing dividends for the last fifty years, reflecting a commitment to driving cash flows [10] - There is a focus on emerging markets, particularly in Africa and Asia, to drive growth in flavors and affordable nutrition [66][67] Q&A Session Summary Question: What is the outlook for the second half of the year? - Management indicated that Q4 is expected to be significantly better than Q3, driven by improved crush margins and harvest timing [12][15] Question: How are cost savings being achieved? - Cost savings are being realized through operational improvements, personnel reductions, and technology investments [20][22] Question: What is the impact of the Decatur protein facility coming back online? - The facility is expected to contribute $20 million to $25 million per quarter, with half of that from operational improvements and the rest from regaining customer volumes [39][40] Question: How does the company plan to allocate capital for growth? - Capital allocation will focus on productivity improvements, maintaining dividends, and strategic acquisitions, with decisions made on a project-by-project basis [52][54]