JD Health International (6618) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached RMB 35.3 billion, up 24.5% year-over-year, driven by robust growth in both product and service segments.

• Gross profit increased to RMB 8.9 billion, with margin improving to 25.2% from 23.6% year-over-year.

• Net profit for the period was RMB 2.59 billion, a 27.4% increase year-over-year; non-GAAP/non-IFRS net profit rose 35% to RMB 3.57 billion.

• Annual active user accounts exceeded 200 million, with a net addition of 20 million and average daily online consultations surpassing 500,000.

• Strategic focus on AI-driven healthcare services, omnichannel retail, and integration of online and offline offerings.

Financial highlights

• Product/direct sales revenue rose 22.7% year-over-year to RMB 29.3 billion; service revenue grew 34.4% to RMB 6.0 billion.

• Fulfillment expenses as a percentage of revenue decreased to 10.1%; selling and marketing expenses rose slightly to 5.1%.

• R&D expenses as a percentage of revenue decreased to 2.1%; G&A expenses stable at 0.8% or dropped to 1.7%.

• Cash and cash equivalents stood at RMB 25.2 billion as of June 30, 2025; total cash resources at period end were RMB 66 billion.

• Net cash generated from operating activities was RMB 6.2 billion, up from RMB 2.2 billion year-over-year.

Outlook and guidance

• Plans to further strengthen the integrated online and offline medical service ecosystem and promote technological innovation.

• Continued investment in AI and expansion of personalized healthcare service scenarios.

• Focus on cost efficiency, supply chain advantages, and increasing market share.

• Commitment to accessible, convenient, and affordable healthcare products and services.

• Emphasis on sustainable growth and innovation in digital health and AI applications.