The "Healthy" Signals in the Financial Report: Analyzing the Logic Behind JD Health's High-quality Growth
As a leading player in China's digital health market, JD Health has had a very clear development focus in recent years. On the one hand, it continuously strengthens its supply chain capabilities, which are the cornerstone of business operations. On the other hand, it focuses on enhancing medical service capabilities, especially on building an integrated online - offline service system and a full - link service closed - loop. In the underlying logic of JD Health's business operations, empowering partners is an important part of the puzzle. Therefore, growing together with partners is one of JD Health's long - term strategies.
Dynamic events related to the business are important windows for investors to observe JD Health's progress in implementing its long - term strategy. On August 15, the day after the release of its interim results, JD Health reached a strategic cooperation with Eisai China. Through this cooperation, after the insomnia treatment drug Daridorexant tablets (trade name: Dayweike®), developed by Eisai China, was approved for marketing, it was exclusively launched online on JD Health. Daridorexant tablets are the first non - sedative new anti - insomnia drug in China, a new drug expected to reshape the anti - insomnia drug market.
This dynamic event is related to consolidating its own supply chain advantages, which is in line with JD Health's long - standing core development direction. Looking back at August 14, the 2025 interim financial report released by JD Health showed that in the first half of this year, more than 30 innovative drugs were launched online on JD Health for the first time. It also cooperated with many medical device and nutritional health care brands and achieved the first - ever online launch of multiple products.
The above information events precisely confirm that JD Health is further consolidating its core competitiveness, namely supply chain capabilities and brand - empowering value. It is the resonance of the two that has led to a large number of cooperations. In addition to the advantage in the number of categories of pharmaceutical and health product sales, an advantage in the number of first - launched products has also been formed. The significance of the first launch is not only to highlight and strengthen the value of both the brand and the platform. The above - mentioned cooperation also shows that JD Health is actively taking the lead in high - value tracks and giving positive signals for future performance expectations.
Service Model Innovation Has Become the Second Growth Curve
In recent years, a core trend in the digital medical industry has been the integration of online and offline services. While major players are refining their traditional online channel capabilities, they all regard the integration of online and offline services and the full - link connection as the focus of construction. For example, hospitals at all levels are actively promoting internetization, and more and more doctors are practicing online. This not only facilitates patients to seek medical treatment online, moving some medical treatment links online, but also organically connects with offline processes, relatively rationally allocating medical resources.
The same applies to internet medical companies. Take JD Health as an example. Its main business includes two major parts: pharmaceutical retail and medical services. The core of its business is to integrate the two core businesses of pharmaceutical retail and medical services and create a full - link service closed - loop of "medical examination, diagnosis, and medication". Among them, the internet hospital, as a key link in this service closed - loop, its service capabilities in various disease specialty fields directly determine the depth and breadth of services. Therefore, through long - term construction, JD Health has effectively explored the specialty service model of internet medical care in five major fields: dermatology, mental health, traditional Chinese medicine, oncology, and andrology.
As a new - type medical health service enterprise, while deepening and specializing its online services, JD Health focuses on improving its "home - delivery" capabilities offline. The launch of offline service projects such as nurses visiting patients at home and home - based rapid testing are specific manifestations of this. The service level is mainly reflected in two aspects: "extensive" and "fast". The so - called "extensive" specifically means that the service items of nurses visiting patients at home have expanded to 7 major categories and 64 items, and home - based rapid testing can currently provide users with more than 160 types of rapid testing services. The so - called "fast" means that nurses can accept orders in as fast as 3 minutes and provide on - site services within 1 hour at the earliest.
These service capabilities can highlight their value in specific demand scenarios. Take influenza as an example. During the influenza season, users can quickly determine the type of influenza through JD Health's home - based rapid testing service. Subsequent consultation, medicine purchase, and re - examination can all be operated online, usually completed within one day. The entire service process is efficient and convenient.
The core logic behind this seamless experience is the coordinated efforts of JD Health's supply chain capabilities and medical service capabilities, achieving full - link coverage for influenza response. This not only helps to improve user stickiness and trust in the platform, but also, combined with the word - of - mouth effect accumulated during the experience process, forms a positive feedback loop of "service upgrade - user recognition - brand value - added - business expansion", thereby strengthening the brand value in users' minds.
In the full - link closed - loop service, supply chain capabilities are always the foundation. For JD Health, in addition to the relevant cooperation mentioned above, its business layout related to weight management is an extension of its existing business strategy and a typical case of achieving win - win results for multiple parties.
Since this year, weight management has become a hot topic among the public. On the one hand, the scale of the obese population has been continuously increasing, and the relevant demand has remained strong for a long time. On the other hand, after GLP - 1 drugs represented by Semaglutide have expanded their indications for weight loss, they have reshaped the weight - loss drug market pattern and promoted the accelerated growth of the market scale. Based on the current market expectations, the future market space for GLP - 1 drugs with weight - loss indications can reach trillions of yuan, showing great potential.
Looking at JD Health's relevant business layout, JD Health reached a strategic cooperation with Novo Nordisk, the original research pharmaceutical company of Semaglutide, this year. After the GLP - 1 drug Mazdutide (trade name: Xinerme) of Innovent Biologics was approved for marketing, it was launched on JD Health for the first time. Data shows that from July 4 to August 4, the search volume of the keyword "Xinerme" on the JD platform exceeded one million, and the number of service users exceeded 30,000. In addition, recently, Eli Lilly's Mounjaro® multi - dose pre - filled pen was exclusively launched on "JD Pharmacy Express".
The underlying logic of JD Health's cooperation with pharmaceutical companies such as Novo Nordisk, Innovent Biologics, and Eli Lilly is that it attracts relevant pharmaceutical companies to cooperate with it by virtue of its outstanding supply chain capabilities, national - level traffic entrance, and platform traffic advantages. For JD Health, in the current hot weight - loss drug market, it can quickly seize relevant market shares, which is marginally beneficial to the company's performance. For the entire industry, the above - mentioned cooperation helps to promote the concentration of more high - quality resources in the weight - loss service field, jointly promote the standardized development of the industry, accelerate the overall upgrading of the industry, and promote industrial innovation. It is truly beneficial to the country and the people, meeting the people's needs.
In terms of building a full - link service for weight management, JD Health has launched a weight - loss clinic on its internet hospital. While deepening its own business closed - loop of "medical examination, diagnosis, and medication", it also achieves multiple values such as expanding the user boundary, improving user retention, and perfecting user portraits. From the perspective of the entire weight management industry, this measure not only fills the market gap but also promotes the professional upgrading of weight - loss services.
The innovation of the above - mentioned service model has been reflected in JD Health's performance to some extent. Based on the current revenue structure, the innovation of the service model has become JD Health's second growth curve, which is also the key to the company's performance remaining resilient in the post - pandemic era.
User Growth and Stickiness Are the Main Reasons for Performance Improvement
Looking at JD Health's 2025 interim financial report, the data shows that in the first half of 2025, JD Health achieved an income of 35.3 billion yuan, a year - on - year increase of 24.5%. The growth rate not only exceeded market expectations but also reached the strongest semi - annual level since the end of the pandemic in 2023. In terms of operational data, as of the first half of 2025, the number of the company's active users had exceeded 200 million, achieving a phased breakthrough.
The core highlights of JD Health's financial report are the income growth and attribution of its two major main businesses: pharmaceutical e - commerce and medical services.
From the perspective of the income structure, the income proportion of pharmaceutical e - commerce has been no less than 83% in recent years, which is the cornerstone of the company's performance. In the first half of 2025, pharmaceutical e - commerce achieved an income of 29.3 billion yuan, a year - on - year increase of 23%. The growth momentum of medical services in recent years has been stronger than that of pharmaceutical e - commerce, and it is an important marginal force driving the company's performance growth. The income in the first half of this year was 6 billion yuan, a year - on - year increase of 34%.
Figure: JD Health's operating income and income structure; Source: Company financial report, 36Kr
The growth of pharmaceutical e - commerce income mainly benefits from the growth of the number of active users and the increase in the purchase amount per user. In essence, it reflects that with the continuous enrichment of product categories and the continuous optimization of the full - link closed - loop service experience, supported by supply chain capabilities and service capabilities, there is a positive resonance with JD Health's brand value, which has improved both user perception and online sales penetration during the reporting period.
It can be seen that the innovation of the service model has played a certain role in promoting the growth of pharmaceutical e - commerce income and has also kept the medical service business quite dynamic. The second growth curve has been reflected in the performance to some extent. Looking forward, based on the current penetration levels of pharmaceutical e - commerce sales and medical services, JD Health still has strong endogenous growth capabilities in the future.
In terms of profit, the overall expenditure proportion of JD Health's period expenses has been relatively stable. Therefore, the growth of JD Health's net profit is mainly driven by the growth of operating income. According to the above - mentioned attribution of income growth, the growth of the number of active users is the main driving force for the company's performance growth, and the innovation of the service model is a deeper reason for driving JD Health's performance growth.
Figure: JD Health's period expense ratio in recent years; Source: wind, 36Kr
AI Upgrade Is an Important Support for Improving Valuation
After the release of the financial report, investors responded positively to JD Health's performance. The company's stock price soared by a cumulative 21% in two trading days on August 15 and August 18. Especially on August 15, the day after the release of the financial report, the intraday maximum increase once exceeded 16%, and it finally closed up 12% on that day.
Figure: JD Health's stock price performance since this year; Source: wind, 36Kr
The short - term sharp rise in JD Health's stock price after the release of the financial report is, on the one hand, due to the market's recognition of its performance and the underlying business model. Relying on its own supply chain advantages, JD Health has built an integrated ecosystem of "supply chain + service + technology" and a full - link closed - loop service of "medical examination, diagnosis, and medication". This business form not only forms a significant difference from its peers but also has the characteristic of being difficult to replicate, thus highlighting considerable scarcity value in the capital market.
On the other hand, it is a response from investors to JD Health's strong AI concept attributes. According to the information disclosed in this quarter's financial report, JD Health launched the "AI Jingyi" series of products in the first half of this year, covering multi - role professional service agents for users, such as AI doctors, AI pharmacists, AI psychological counselors, etc., as well as digital avatars of doctors and AI assistants for doctors. During the reporting period, the cumulative number of users served by "AI Jingyi" has exceeded 50 million.
For the AI upgrade of hospitals, JD Health launched the first full - scenario hospital product "JD Zhuoyi", which mainly conducts AI upgrades for three major "subjects": individual users, doctors, and hospital operation management. It has been implemented in many medical institutions. For example, the AI - driven closed - loop service process for outpatient patients jointly built by JD Health and the First Affiliated Hospital of Wenzhou Medical University has served more than 2.2 million person - times in total.
Currently, the focus in the AI field has shifted to the application end. As an important participant in the industry, JD Health has mainly been making continuous efforts in the application level for AI upgrade in recent years, which is in line with the industry trend and has achieved a series of remarkable results. In the long run, JD Health's continuous investment and innovation in the AI field are expected to break through the growth bottleneck of traditional internet medical companies. The role of AI as the third growth curve will become increasingly prominent, thereby helping the company improve its valuation in the capital market.