JD Health (06618) experienced a surge of over 5% in early trading, and as of the time of writing, it is up 3.95%, priced at HKD 63.15, with a transaction volume of HKD 80.9976 million. Bank of America Securities released a report indicating that JD Health's performance in the first half of 2025 significantly exceeded expectations, and the firm anticipates that its performance in the second half of the year will continue to surpass market forecasts. For the third quarter, Bank of America Securities has revised its projections for JD Health, expecting the company to maintain its rapid revenue growth momentum from the first half. For the fourth quarter, the firm cautiously maintains its original forecasts while waiting for increased visibility following the Double Eleven shopping festival. They expect JD Health's gross margin in the second half to expand year-on-year. Macquarie noted that it forecasts strong growth momentum for JD Health in the second half, benefiting from the direct launch of more new drugs and stronger advertising spending from merchants. Macquarie anticipates that the enhanced contribution from drug sales will impact the overall gross margin, believing that the growth rates for relevant categories (drugs > supplements > devices) will remain relatively stable. They trust that the company’s supply chain capabilities and faster growing market revenues can offset these drawbacks, pushing the group’s gross margin to expand year-on-year by 1.5 percentage points to 23.7% in the second half.