JD Health International (6618) H2 2024 earnings summary

Executive summary

• Revenue grew 8.6% year-over-year to RMB 58.16 billion, with net profit rising 15.9% to RMB 4.8 billion (non-IFRS) and reported net profit up 94% to RMB 4.2 billion, both record highs since listing.

• Annual active user accounts exceeded 183 million, with daily online consultations averaging over 490,000.

• Strengthened leadership in B2C pharmaceuticals, outpacing competitors in core categories and expanding omnichannel and AI-driven healthcare services.

• Omnichannel and digital health initiatives expanded, including new offline pharmacies and AI-powered healthcare services.

Financial highlights

• Direct sales revenue reached RMB 48.8 billion, up 6.9% year-over-year; service revenue grew 18.9% to RMB 9.4 billion, accounting for 16.1% of total revenue.

• Gross profit margin increased to 22.9%; gross profit rose 12.2% to RMB 13.3 billion.

• Cash and cash equivalents totaled RMB 22.6 billion; net cash from operating activities was RMB 4.3 billion.

• Operating income rose 132.9% to RMB 1.47 billion; non-IFRS operating income up 4.9% to RMB 2.6 billion.

• No dividends declared or paid for 2024.

Outlook and guidance

• Expects double-digit revenue growth in 2025, with accelerated growth compared to 2024 and steady profit margin improvement.

• Will continue disciplined strategic investments, focusing on B2C, omnichannel, and AI-driven healthcare transformation.

• Positive industry outlook supported by government policies and rising healthcare demand.