1、China(PRC)|Healthcare Information Tech.JD HealthEquity ResearchAugust 14,2025 CuiCui,CFA*|Equity Analyst+852 3767 1228|DavidShang*|Equity Analyst+852 3743 8017|ChuWang*|Equity Analyst+852 3767 1229|JingMa,Ph.D.*|Equity Analyst+852 3767 1277|FY(Dec)2024A2025E2026E2027ERev.(MM)58,159.970,652.585,768.9

2、104,199.9Net Profit Non-GAAP4,797.15,453.26,273.07,825.7P/Rev3.0 x2.5x2.1x1.7xFY P/EPS Non-GAAP33.7x29.9x26.0 x20.8xBeat&Raise Branded Drugs the NewFashion Online;PT to HK$88JDH beat and raised on a stronger branded drug business and disciplinedinvestment in O2O&AI.Notable GM expansion from 1P scali

3、ng andadvertising biz acceleration in drug and non-drug categories.Raise PTto HK$88.JDH remains our top pick as 1)out-of-pocket branded drugbusiness leads to better traffic volume,and 1P model can ensure quality,safety,and stability of supply;2)O2O mkt share gain,leveraging drugmakerpartnerships and

4、 group synergy.Beat&Raise:new FY25 guide of 20%yoy rev and mid-teen profit growth-JD Healthreported rev of Rmb35bn(+25%yoy),beating consensus and previous guidance.Product revgrew by 23%yoy to Rmb29bn,driven by 30%yoy growth in drug sales as more customersare buying branded drugs online out-of-pocke

5、t.Service rev rose by 34%yoy to Rmb6bn,driven by commission and advertisement income growth.Net profit was Rmb2.6bn(+27%yoy),and profit grew by 35%yoy to Rmb3.6bn.Mgmt guided rev growth to 20%fromdouble digits in FY25 and expects mid-teen profit growth.Margin expansion on 1P scaling and advertising

6、biz-GM improved by 160ps to 25.2%in1H25 on 1P scaling and higher contribution from advertisement income.Notably,both drugand non-drug categories saw increased advertising demand:non-drug cos(e.g.,medicaldevice,TCM,supplements)increasingly have an incentive to ramp up advertising amidcompetition,wher