JD Health (06618) rose more than 6% before noon. As of the time of writing, the stock was up 6.53% to HK$62, with a turnover of HK$411 million. A Nomura research report stated that it expects JD Health's performance in the second half of 2025 to exceed market expectations, primarily driven by a surge in flu cases in the fourth quarter of 2025 boosting demand for pharmaceutical products. Nomura estimates that JD Health's revenue for Q4 2025 will reach RMB 20 billion, representing a 22% year-on-year increase, benefiting from year-on-year sales growth of 30%, 20%, and 10% in its pharmaceutical/nutritional/medical equipment businesses, respectively. The spread of flu cases in Q4 2025 drove sales of related medications, accounting for a high single-digit percentage of pharmaceutical sales, and medical equipment such as home oxygen concentrators. Concurrently, nutritional brands continued to implement effective marketing campaigns in Q4 2025, reinforcing their robust growth momentum. CICC pointed out that, looking at the performance quarter-by-quarter throughout 2025, it observed strong revenue performance from JD Health, with each of the first three quarters achieving approximately 25% year-on-year growth. According to disclosures at the end of Q3 2025, the company signed strategic cooperation agreements with pharmaceutical companies including Eli Lilly, Innovent Biologics, and Bayer China during Q3 2025, continuously strengthening its business feature of being the first online platform for new drug launches. Considering the sustained trend of volume growth for original drug categories throughout the year, coupled with the rising demand for winter flu prevention and control starting from Q4 2025, CICC judges that the company is also likely to demonstrate strong revenue performance in Q4 2025. The institution forecasts that JD Health's full-year revenue growth for 2025 could approach 25% year-on-year.
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