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<Research>BofAS: JD HEALTH (06618.HK) Continues to Beat in Quarterly Results w/ TP $75 & Rating Reiterated at Buy
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JD HEALTH (06618.HK) had result beat throughout 1-4Q25, BofA Securities published a research report saying. Following the results, the broker hosted an investor meeting with the management. The Company is confident in further gaining a significant market share of the large pharmacy market.

The strategy by category includes: 1) Pharmaceutical products: leverage supply chain advantages to deepen cooperation with pharmaceutical companies, especially in the launch of new drugs; 2) Health supplements: identify and develop high potential genres to bring high returns to brands through market promotion; 3) Medical devices: advance an integrated model of 'hardware + software + services + ecosystem.'

Therefore, BofA Securities lifted its 2026 revenue growth forecast for JD HEALTH to 18% YoY, mainly due to accelerated growth in the pharmaceutical category, and largely maintained its 2026 forecasted adjusted net profit at RMB6.6 billion. The broker kept rating at Buy, with a target price of $75.

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