Jd Health International Stock Earnings Reports

JD Health reported strong 2025 results with full-year revenue of RMB 73.4 billion, up ~26.3% year-over-year, and non-IFRS profit of RMB 6.5 billion, up 36.3% YoY, producing a non-IFRS profit margin of 8.9% — the highest since IPO. Q4 revenue was RMB 21 billion (+27.4% YoY) and Q4 non-IFRS profit was RMB 1.1 billion (+13.5% YoY). Annual active user accounts reached ~220 million, a net addition of 34 million. Direct sales remain the core engine, accounting for ~82.9% of revenue (RMB 60.9 billion), while service revenue grew faster (+34.1% YoY) to RMB 12.6 billion. Gross margin improved to 24.8% (up 1.9 ppt), driven by supply-chain strength and scale in direct sales. Key strategic pillars highlighted: leveraging a “super pharmaceutical” supply chain and direct sales capabilities; expanding partnerships with pharmaceutical companies (over 100 new drug launches in 2025, up from ~30 in 2024) and global pharma (examples: Novo Nordisk, Eli Lilly); accelerating AI-enabled healthcare products and services (Dr. Da Wei, JOY DOC, AI doctor/chatbots) with hundreds of millions of interactions and 98% reported satisfaction; building omnichannel/online-to-offline capabilities including ~300 self-operated pharmacies and on-demand at-home testing (orders +81.9% YoY); selective offline expansion (no plan for large-scale M&A) and measured roll-out of checkup centers and pharmacies. Management emphasized sizable addressable market (RMB 3–4 trillion), significant room to gain share, and near- to medium-term growth drivers: innovative drug launches, chronic disease management, health supplements, medical devices, and commercialization of AI-enabled services. Financials remain healthy with RMB 10.2 billion operating cash flow and a growing cash/near-cash position. Management reiterated a cautious, step-by-step approach to offline expansion and focus on long-term AI commercialization paths across 2C, 2B and hospital scenarios.