The company's net profit margin stood at 8.4%. As offline pharmacies face challenges from declining average transaction values, the performance of pharmaceutical e-commerce companies continues to be impressive. JD Health (06618.HK) released its half-year report on August 13, showing that for the first half of this year, the company achieved total revenue of 408.88 billion RMB, up 15.9% year-on-year. Net profit reached 34.35 billion RMB, a 32.6% increase from the same period last year. Overall, the company's net profit margin was 8.4%, slightly lower than the 8.55% net profit margin in the first quarter of this year, but still above the 7.31% net profit margin for the full year of 2025.

In JD Health's revenue sources, revenue from selling pharmaceutical and health products reached 339 billion RMB, accounting for approximately 83% of total revenue, with revenue from this segment growing 15.6% year-on-year. JD Health stated that the growth in product revenue was driven by an increase in active user numbers and additional purchases by users, a rising online penetration rate for pharmaceutical and health product sales, and an expansion of product categories. Against the backdrop of difficulties for new drugs entering hospitals, pharmaceutical e-commerce platforms are competing for the rights to dispense prescription drugs for new medications. In the first half of this year, JD Health launched 65 new drugs in total, covering areas such as chronic disease metabolism, dermatology, oncology treatment, and women's health.

At the same time, driven by the demand for chronic disease management, elderly care, rehabilitation, and home nursing due to China's aging population, the growth potential of the out-of-hospital market for medical devices is attracting attention. Currently, JD Health is also trying to capture a share of this market. For example, the Leldon Yitien urinary control smart device, used for treating overactive bladder, was recently launched exclusively on JD Health. JD Health indicated that in response to new growth opportunities in the medical device industry, the platform will continue to open up cooperation in key categories, jointly expanding into high-potential segments such as hospital-equivalent devices, high-end rehabilitation equipment, specialized therapeutic instruments, and home-based testing.

Influenced by multiple factors such as policy dividends, the improvement of pharmaceutical e-commerce infrastructure, and changes in consumer drug purchasing habits, the market size of pharmaceutical e-commerce is expanding. The development of the online consultation business on pharmaceutical e-commerce platforms can also drive traffic for the sale of drugs and medical devices. In fact, beyond selling drugs and devices, pharmaceutical e-commerce platforms are actively exploring and attempting to transform from simple drug sales into comprehensive health service platforms that integrate health consultations, chronic disease management, and medication tracking. JD Health stated that in the first half of this year, the company continued to promote the application of AI capabilities in more business scenarios, steadily improving the "medical-examination-consultation-medication" service closed loop.

From JD Health's half-year report, as the scale of product sales expands, marketing service fees are becoming a significant component of the company's revenue. In the first half of this year, service revenue from the platform, advertising, and other services reached 70 billion RMB, a year-on-year increase of 17.2%, a growth rate significantly higher than that of product revenue. JD Health attributed the growth in service revenue primarily to an increase in marketing service fees, mainly due to a rise in the number of advertisers on the platform, which is consistent with the sustained growth of transactions on the platform.