JD Health International (6618) H2 2025 earnings summary

Executive summary

• Revenue grew 26.3% year-over-year to RMB 73.4 billion, with non-IFRS profit up 36.3% to RMB 6.5 billion and a record 8.9% non-IFRS profit margin, marking the highest profit margin since IPO.

• Maintained revenue growth above 20% for four consecutive quarters, reinforcing market leadership in China's healthcare sector and online pharmaceutical supply chain.

• Expanded partnerships with pharmaceutical companies, launched over 100 new drugs, and deepened AI-powered healthcare service capabilities, including AI health assistants and hospital-grade home testing.

• Enhanced omnichannel supply chain, integrated online/offline services, and broadened product offerings in health supplements and medical devices.

• Annual active users reached 217.7 million, with significant expansion in digital health solutions and user engagement.

Financial highlights

• Full-year 2025 revenue reached RMB 73.4 billion, up 26.3% year-over-year; Q4 revenue was RMB 21 billion, up 27.4%.

• Non-IFRS profit for 2025 was RMB 6.5 billion, up 36.3% year-over-year, with a margin of 8.9%.

• Gross profit increased 36.7% to RMB 18.2 billion, with gross margin rising to 24.8% from 22.9%.

• Direct sales revenue reached RMB 16.9 billion, up 24.8% year-over-year, accounting for 82.9% of total revenue.

• Service revenue was RMB 12.6 billion, up 34.1% year-over-year, accounting for 17.1% of total revenue.

Outlook and guidance

• Significant room for growth remains in the RMB 3-4 trillion healthcare market, with plans to deepen penetration and expand user base.

• Focus on expanding product portfolio, especially new and specialty drugs, health supplements, and AI-powered medical devices.

• Continued investment in AI technologies and digital health solutions to drive future growth and operational efficiency.

• Plans to further strengthen supply chain and deepen collaborations with brands and partners in 2026.

• No plans for large-scale M&A; offline pharmacy expansion will be gradual and strategic.