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 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 services, including AI health assistants and hospital-grade home testing.

• Enhanced user experience and operational efficiency through integrated online/offline services and AI-driven innovations.

• Annual active users reached 217.7 million, up significantly year-over-year.

Financial highlights

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

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

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

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

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

• Cash and cash equivalents at year-end were RMB 31.8 billion, up from RMB 22.6 billion.

• Operating income rose 158.5% to RMB 3.8 billion, and profit for the year was RMB 5.4 billion.

• Basic earnings per share increased to RMB 1.70 from RMB 1.32.

Outlook and guidance

• Significant room for growth in a RMB 3-4 trillion healthcare market, with plans to deepen penetration in pharmaceuticals, health supplements, and medical devices.

• Focus on expanding user base beyond 217.7 million active users and leveraging AI for future growth.

• Continued investment in AI technologies and digital health solutions to drive long-term profitability and strengthen supply chain.

• Broadening healthcare service offerings and advancing as a trusted health management company.