JD Health Likely to Maintain Solid Momentum in 2026 — Market Talk

JD Health's accelerating pharmaceutical sales should continue benefiting from the shift of prescriptions from hospitals to out-of-hospital channels and rising online penetration of drug sales into 2026, Nomura analysts Rachel Guo and Jialong Shi say in a note. The company is well-positioned to gain market share thanks to strong supply-chain capabilities and strong customer association with quality. The company is also seeing sustained strength in nutrition sales and advertising revenue. Nomura projects 4Q revenue to grow 14% on year and 10% on quarter, with potential upside if influenza-related demand increases. The bank raises its 2025 and 2026 earnings forecasts by 9% and 8%, respectively. It maintains a buy rating and lifts its target price to HK$80.00 from HK$72.00. Shares closed at HK$69.40. (jason.chau@wsj.com)

JD Health is expected to deliver strong 3Q revenue growth, supported by robust sales of pharmaceutical and nutrition products, Nomura analysts Rachel Guo and Jialong Shi say in a note. They estimate that 3Q revenue rose 24% on year, with pharmaceutical segment growth benefiting from the flow of prescriptions from hospitals to out-of-hospital channels and rising online sales penetration. JD Health could outpace industry growth and gain market share by leveraging its supply-chain capabilities. Growth in nutrition product sales could extend into 4Q, they add. Nomura projects 2H revenue to increase 20% despite a higher base. The bank raises its 2025-2026 revenue forecast by 2% and maintains a buy rating and HK$72.00 target price on the stock. Shares were recently at HK$61.80. (jason.chau@wsj.com)

JD Health is expected to deliver strong 3Q revenue growth, supported by robust sales of pharmaceutical and nutrition products, Nomura analysts Rachel Guo and Jialong Shi say in a note. They estimate that 3Q revenue rose 24% on year, with pharmaceutical segment growth benefiting from the flow of prescriptions from hospitals to out-of-hospital channels and rising online sales penetration. JD Health could outpace industry growth and gain market share by leveraging its supply-chain capabilities. Growth in nutrition product sales could extend into 4Q, they add. Nomura projects 2H revenue to increase 20% despite a higher base. The bank raises its 2025-2026 revenue forecast by 2% and maintains a buy rating and HK$72.00 target price on the stock. Shares were recently at HK$61.80. (jason.chau@wsj.com)

By Tracy Qu

JD Health International shares surged Friday after the company reported an earnings beat for the first half.

The Hong Kong-listed stock jumped 11% to 61.00 Hong Kong dollars, equivalent to US$7.79, on track for their largest daily percentage gain in nearly a year. That bucked the broader Hang Seng Index, which was down 1.0%.

The Beijing-based company, controlled by e-commerce giant JD.com, said Thursday that revenue rose 24.5% in the first half. Meanwhile, net profit rose 27.45%.

Jefferies raised its target price on the stock to HK$88.00 from HK$60.00 after the result beat expectations. JD Health's outlook is supported by a stronger branded drug business and disciplined investment in online-to-store services, the investment bank said.

JD Health guided for revenue to grow 20% in 2025 and expects profit growth in the mid-teens, Jefferies said, citing management.

The company said it plans to further tap opportunities linking retail, pharmacy and healthcare.

Write to Tracy Qu at tracy.qu@wsj.com

Revenue grew 24.5% year-over-year to RMB 35.3B, with strong gains in direct sales, services, and AI-powered healthcare. Active users reached 200M, and profitability improved, supported by omnichannel expansion and innovation.

Based on JD Health International, Inc. [6618] H1 2025 Audio Transcript — Aug. 14 2025

Revenue grew 24.5% year-over-year to RMB35.3 billion, with net profit up 27.4% to RMB2.59 billion. Gross margin improved to 25.2%, and user engagement reached new highs. The company remains focused on AI-driven healthcare, supply chain synergies, and expanding service offerings.

Original document: JD Health International, Inc. [6618] Interim report — Aug. 14 2025