JD Health International (6618) H1 2026 earnings summary

Executive summary

• Revenue for the first half of 2026 reached RMB40.9 billion, up 15.9% year-over-year, driven by growth in both product and service revenue.

• Non-IFRS operating income rose 40.3% year-over-year to RMB3.5 billion, with margin improving from 7.0% to 8.5%.

• Net profit increased to RMB3.4 billion from RMB2.6 billion in the prior year period, with profit for the period up 32.6%.

• Strategic focus remained on enhancing user experience, expanding AI-powered healthcare services, and strengthening supply chain integration.

• Expanded presence with over 450 pharmacy stores in 10 cities and broadened healthcare offerings, including integrated healthcare centers and at-home services.

Financial highlights

• Product revenue grew 15.6% year-over-year to RMB33.9 billion, while service revenue increased 17.2% to RMB7.0 billion.

• Gross profit rose to RMB10.7 billion, with gross margin improving to 26.1% from 25.2% year-over-year.

• Non-IFRS net margin was 8.5%, with net cash from operating activities at RMB4.5 billion.

• Basic EPS was RMB1.08, up from RMB0.82 year-over-year.

• Cash and cash equivalents totaled RMB20.4 billion as of June 30, 2026.

Outlook and guidance

• Confident in maintaining growth above industry average in H2 2026 and sustaining high single-digit operating margin long-term.

• Management expects continued growth by leveraging supply chain strengths, deepening AI integration, and expanding online and offline healthcare services.

• Expect slower growth in nutrition and supplements in H2 due to regulatory headwinds, but anticipate long-term benefits from compliance and market share gains.

• Focus remains on cost optimization, operational efficiency, and strategic partnerships to drive sustainable growth.

• Plans to deepen strategic collaboration with partners and expand digital healthcare services.