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关注后续前置仓业务投入成效
HTSC· 2025-05-15 04:30
证券研究报告 京东健康 (6618 HK) 港股通 关注后续前置仓业务投入成效 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 5 月 | 14 日│中国香港 | 互联网 | 京东健康 1Q25 总收入 166 亿元,同比+25.5%,对比 3Q24/4Q24 收入增 速 14.8/11.3%有较明显提速,我们认为主要反映流感错期带来的用药需求 增长,以及保健、器械等品类消费需求的恢复;非 IFRS 净利润 17.7 亿元, 对应非 IFRS 净利率 10.6%,同比+1.6pp,达到过去两年单季度最高值,主 要得益于相对高利润率的保健品业务增速修复及自营业务规模效益的进一 步释放。考虑到公司致力于在 2025 年加大对自营前置仓的投入以优化 O2O 配送体验,我们维持原有利润预测不变,但 1Q 较好的利润表现在我们看来 为后续的业务投入提供了一定弹药,建议持续关注前置仓业务的投入成效。 维持"买入"评级。 收入增速稳健,关注即时零售场景业务能力改善进程 我们估算 1Q25 京东健康三大主要品类药品、保健、器械分别实现 30+%/20+%/高个位数的同比增长,其中 ...
京东健康:一季度营收增25.5%,“京医千询”医疗大模型已启动开源
Core Viewpoint - JD Health reported strong Q1 2025 earnings, exceeding market expectations, leading to a significant stock price increase and highlighting its position as a leader in the pharmaceutical e-commerce sector [1] Group 1: Financial Performance - In Q1 2025, JD Health achieved revenue of 16.645 billion RMB, a year-on-year increase of 25.5% [1] - The operating profit was 1.071 billion RMB, representing a substantial year-on-year growth of 119.8% [1] - Adjusted net profit reached 1.3 billion RMB, up 73.4% from 754 million RMB in the same period last year [1] Group 2: Product and Service Innovation - JD Health solidified its position as the "first station for the online launch of new specialty drugs" by introducing several innovative medications in Q1 2025 [1] - The company launched multiple new drugs, including those from Pfizer and Esteve, expanding treatment options for patients [1] - JD Health made significant advancements in the medical AI sector, launching the "AI Jingyi" product system and achieving over 80% usage of AI services in online consultations [2] Group 3: Strategic Partnerships and Collaborations - JD Health deepened collaborations with leading health product companies like Tongrentang and Yanzhiwu, focusing on product innovation and digital supply chain [2] - At the fifth JD Health Partner Conference, the company established cooperation intentions for new products with nearly 50 global brands [2] - A strategic partnership with China National Pharmaceutical Group was announced, focusing on comprehensive supply chain and innovative marketing across various disease areas [3] Group 4: Market Expansion and Competitive Advantage - JD Health aims to enhance its offline capabilities to provide comprehensive services to suppliers, thereby increasing bargaining power [3] - The company's strong supply chain remains a core competitive advantage, contributing to robust growth in patented drugs, health products, and medical devices [3] - JD Health plans to prioritize self-built models in its offline expansion strategy before considering acquisition opportunities [3]
京东健康(06618):25Q1业绩点评:收入与盈利实现双增,持续加码医疗AI布局
Tianfeng Securities· 2025-05-14 14:16
港股公司报告 | 公司点评 京东健康(06618) 证券研究报告 25Q1 业绩点评:收入与盈利实现双增,持续加码医疗 AI 布局 事件:北京时间 2025 年 5 月 13 日,京东健康(06618.HK)发布 2025 年第一季度未经审计业绩。公司 2025 年第一季度实现营业收入 166.45 亿元,较去年同期 132.67 亿元同比增长 25.5%;经营盈利为 10.71 亿元,同比增长 119.8%;非国际准则(Non-IFRS)经营盈利 为 13.08 亿元,同比增长 73.4%;非国际财务报告准则(Non-IFRS) 盈利为 17.68 亿元,同比增长 47.7%。期内,公司持续强化"自营+ 平台+即时零售"全渠道能力,并深化医疗 AI 技术应用,推动服务 效率与用户满意度提升。 点评: 自营商品创新与全渠道协同。2025 年第一季度,京东健康进一步巩 固"新特药全网首发第一站"优势,线上首发辉瑞、银诺医药等多 家企业的创新药品,包括泰泽纳、怡诺轻等,满足患者多元化用药 需求。同时,公司与汤臣倍健、燕之屋等健康品牌深化合作,通过 产品创新、数智化供应链及精准营销协同,助力品牌新品曝光与转 化效率 ...