Core Viewpoint - JD Health reported strong revenue growth and improved profitability in the first half of 2025, driven by increased sales of pharmaceutical and health products, as well as digital marketing services [1][2][3] Group 1: Financial Performance - In the first half of 2025, JD Health achieved revenue of 35.3 billion yuan, a year-on-year increase of 24.5% from 28.3 billion yuan [1] - The company's operating profit reached 2.127 billion yuan, up 105.5% year-on-year, while Non-IFRS operating profit was 2.483 billion yuan, a 56.7% increase [1][2] - Non-IFRS net profit grew by 35% to 3.57 billion yuan, with a net profit margin of 10.1%, reflecting a 0.8 percentage point increase year-on-year [2] Group 2: Revenue Breakdown - Product revenue from the sale of pharmaceuticals and health products amounted to 29.3 billion yuan, a 22.7% increase year-on-year, accounting for 83% of total revenue [1] - Digital marketing services revenue reached 6 billion yuan, a 34.4% increase, driven by a rise in the number of advertisers [1][2] Group 3: Strategic Developments - JD Health has established over 200,000 links to offline pharmacies for instant delivery and expanded online medical insurance payments to nearly 200 million people [2] - The company has partnered with Beijing Children's Hospital to create a dedicated pediatric pharmacy, enhancing prescription flow and insurance payment processes [2] - The introduction of AI technologies, including AI doctors and pharmacists, has served over 50 million users, indicating a significant advancement in service capabilities [3] Group 4: Future Outlook - The company is expected to benefit from the deepening application of medical AI and the "Healthy China" strategy, which is likely to release health demand [3] - Revenue forecasts for 2025-2027 have been adjusted to 70 billion, 80.5 billion, and 92.6 billion yuan, respectively, with net profit estimates revised to 5.5 billion, 6.5 billion, and 7.6 billion yuan [3]

Investment Rating - The investment rating for JD Health is "Buy" with a target price not specified [5] Core Viewpoints - JD Health reported a significant increase in revenue and profitability for the first half of 2025, with total revenue reaching 35.3 billion yuan, a year-on-year growth of 24.5% [1] - The company's operating profit surged by 105.5% to 2.127 billion yuan, driven by improved gross margin and cost control [2] - The growth in product sales was primarily attributed to an increase in active user numbers and enhanced online penetration of pharmaceutical and health products [2] - The company has established a mature operational model integrating self-operated, online platform, and instant retail, which is expected to unlock long-term growth potential [3] - The application of AI technology in healthcare services is expected to accelerate the establishment of a closed-loop medical ecosystem [3] Summary by Sections Financial Performance - In H1 2025, JD Health achieved a revenue of 35.3 billion yuan, up from 28.3 billion yuan in the same period last year, marking a 24.5% increase [1] - The second quarter revenue was 18.6 billion yuan, reflecting a year-on-year growth of 23.67% [1] - Non-IFRS operating profit reached 2.483 billion yuan, a 56.7% increase year-on-year [1][2] - The gross profit increased by 32.7% to 8.9 billion yuan, with a net profit margin of 10.1% [2] Business Development - The sales of pharmaceutical and health products generated 29.3 billion yuan, accounting for 83% of total revenue, with a year-on-year growth of 22.7% [2] - The digital marketing service revenue grew by 34.4% to 6 billion yuan, driven by an increase in the number of advertisers [2] - The company has formed strategic partnerships with major pharmaceutical companies, enhancing its product offerings [2] Strategic Initiatives - JD Health has expanded its online pharmacy network to over 200,000 offline pharmacies and increased its user base for online medical insurance payments to nearly 200 million people [3] - The introduction of AI-driven services, such as AI doctors and pharmacists, has reached over 50 million users, indicating a significant penetration into healthcare services [3] - The company is well-positioned to capitalize on the "Healthy China" strategy, which is expected to further boost health demand [4]

Investment Rating - The investment rating for JD Health (6618.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth potential [1][12]. Core Viewpoints - JD Health reported a revenue of approximately 35.29 billion yuan for H1 2025, representing a year-on-year increase of 24.5%. The pre-tax profit was 2.864 billion yuan, up 17.4% year-on-year, and the net profit attributable to shareholders was about 2.591 billion yuan, reflecting a 27.4% increase [2][3]. - The growth in revenue is driven by an increase in active user numbers, improved penetration rates, and an expansion of product categories. The active user count exceeded 200 million, with an average of over 500,000 daily consultations in H1 2025 [3][4]. - The company continues to expand its product launch lineup, including innovative drugs and non-pharmaceutical products, which are expected to enhance sales and user engagement [3][4]. Financial Summary - For the fiscal years 2024A to 2027E, total revenue is projected to grow from 58.16 billion yuan in 2024 to 93.737 billion yuan in 2027, with year-on-year growth rates of 9%, 21%, 15%, and 16% respectively [5][6]. - The pre-tax profit is expected to increase from 4.797 billion yuan in 2024 to 7.13 billion yuan in 2027, with corresponding growth rates of 78.13%, 14.93%, 12.10%, and 15.37% [5][6]. - The gross margin is anticipated to improve from 22.88% in 2024 to 25.18% in 2027, indicating enhanced profitability [5][6]. User Engagement and AI Integration - The company has integrated AI into its healthcare services, with the "AI Jingyi" platform serving over 50 million users by June 30, 2025. This includes various AI-driven services for patients and healthcare professionals [3][4]. - JD Health is also enhancing its specialized medical capabilities, focusing on areas such as dermatology, mental health, and traditional Chinese medicine, which have collectively served over 20 million patients [4].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 42.10 HKD [7][8]. Core Views - The report highlights a significant acceleration in revenue growth for the company, with a 1Q25 total revenue of 16.6 billion RMB, representing a year-on-year increase of 25.5%. This is an improvement compared to the revenue growth rates of 14.8% and 11.3% in 3Q24 and 4Q24 respectively, primarily driven by increased demand for medications due to a flu season shift and a recovery in consumption of health and medical devices [1][2]. - The non-IFRS net profit for 1Q25 reached 1.77 billion RMB, with a non-IFRS net profit margin of 10.6%, up by 1.6 percentage points year-on-year, marking the highest quarterly figure in the past two years. This improvement is attributed to the recovery in high-margin health product sales and the scaling benefits of self-operated businesses [1][2]. - The company is focusing on enhancing its O2O delivery experience by increasing investments in self-operated front warehouses in 2025, which is expected to provide ammunition for future business investments [1][2]. Revenue Growth and Business Development - The company estimates that its three main product categories—medications, health products, and medical devices—achieved year-on-year growth rates of over 30%, 20%, and high single digits respectively in 1Q25. The surge in medication sales is particularly notable due to the flu season shift [2]. - The report anticipates that the company will maintain a mid-double-digit revenue growth trend in 2Q25, even after the flu season impact subsides, supported by ongoing improvements in instant retail business capabilities and consumer sentiment [2]. - The parent company, JD Group, is actively developing instant retail and delivery services, which is expected to enhance user traffic on the main JD platform, benefiting the company through increased sales opportunities and improved profit margins [2]. AI and Healthcare Applications - The company is advancing the application of AI technology in its healthcare services, including specialized disease treatment and health management. The launch of the "AI Jingyi" product system in January 2025 aims to provide intelligent diagnostic assistance and research support to doctors [3]. - The "Jingyi Qianxun" medical model was launched in February 2025, becoming the first fully open-source vertical model in the domestic healthcare industry. Over 80% of doctor consultations in the company's internet hospital utilize AI services, with a satisfaction rate of 91% for AI nutritionist services [3]. Profit Forecast and Valuation - The company maintains its non-IFRS net profit forecasts for 2025-2027 at 4.41 billion, 4.69 billion, and 4.97 billion RMB respectively. The target non-IFRS PE valuation for 2025 is set at 28 times, with a target price adjustment to 42.1 HKD due to currency fluctuations [4][14]. - The revenue forecasts for 2025-2027 are kept unchanged at 66.2 billion, 71.9 billion, and 77.6 billion RMB respectively, with a projected revenue growth rate of 13.8% in 2025 [12][20].

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]

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 ...