京东健康_2025 年上半年初步分析_药品销售额同比增长 30% 且利润率提升，表现强劲；上调 2025 财年业绩指JD Health International (6618.HK)_ 1H25 First Take_ Solid beat on 30% yoy drug sales and margin expansion; Raising FY25 guidance

Summary of JD Health International (6618.HK) 1H25 Results and Management Briefing Company Overview - Company: JD Health International (6618.HK) - Industry: Healthcare Technology Key Financial Highlights - 1H25 Revenue: Rmb 35.3 billion, up 25% year-over-year (yoy) [1] - 1H25 Adjusted Operating Profit (OP): Rmb 2.5 billion, up 57% yoy [1] - 1H25 Operating Margin (OPM): 7.0%, close to historical highs [1] - Gross Margin: Improved to 25.2% [1] - 2Q25 Revenue Growth: Implied at 24% yoy [1] - Adjusted OP Growth for 2Q25: Implied at 41% yoy [1] Management Guidance and Expectations - FY25 Revenue Guidance: Raised to +20% yoy, driven by strong drug and advertising growth [2] - Drug Sales Growth: Expected to grow 25% yoy in 2H25 [2] - Nutrition Products: Targeted growth of high-teens% yoy for FY25 [2] - Medical Devices: Expected to maintain low-teens% yoy growth for FY25 [2] - Investment in On-Demand Delivery and AI: Reduced to Rmb 300 million for FY25 [2] Operational Insights - Self-Built Warehouses: Target of 200 warehouses in 10 cities, with over 100 already established [2] - Sales and Marketing (S&M) Expenses: Expected notable savings due to traffic from parent company's food delivery initiative [2] - Unit Losses: Lower than expected, with management anticipating skew towards 2H25, especially in 4Q25 [2] Margin Dynamics - Operating Margin Expansion: Supported by gross margin improvement and a higher portion of advertising revenue [3] - Cost Management: Better cost control in drugs and fulfillment expenses contributing to margin expansion [6] Risks and Challenges - Sales Growth Risks: Potential slower-than-expected sales growth in 2H25 [7] - Policy Roll-Out Risks: Delays in medical insurance reimbursement for online orders [7] - Competition Risks: Intensified competition from online pharmacies and e-commerce peers [7] Investment Rating - Current Rating: Buy - 12-Month Target Price: HK$ 45.80, with a downside of 16.5% from the current price of HK$ 54.85 [11] Additional Financial Metrics - Market Capitalization: HK$ 172.4 billion / $22.0 billion [11] - Projected Revenue for FY25: Rmb 69.4 billion [11] - Projected EBITDA for FY25: Rmb 1.96 billion [11] - Projected EPS for FY25: Rmb 1.55 [11] This summary encapsulates the key financial results, management expectations, operational insights, risks, and investment outlook for JD Health International based on the provided conference call records.