Goldman Sachs projects JD Health will demonstrate resilient revenue performance in Q2 2025, coupled with disciplined expenditure management. The firm reaffirms its "Buy" rating, citing JD Health's dominant position in pharmacy services and clear revenue trajectory.

The investment bank highlights JD Health's rapid deployment of front warehouses across first-tier cities like Beijing and Guangzhou. By mid-2025, approximately 40-50 facilities are operational nationwide, with plans to expand to 200 warehouses by year-end. This expansion aligns with JD Group's instant delivery strategy.

Despite fierce market competition, pharmaceutical sales remain promotion-resistant as consumers prioritize product quality and diversity. Entering H2 2025, JD Health's O2O segment is poised for accelerated growth through increased investments and promotional campaigns, though currently contributing minimally to total GMV.

During the 618 shopping festival, JD Health outperformed industry peers. Enhanced user engagement across JD Group platforms is expected to boost traffic and transactions in JD Health's pharmaceutical division. While market dynamics evolve, consumer migration from offline to online channels should cement JD Health's competitive edge against B2C rivals and physical retailers.

Goldman Sachs anticipates 18% YoY sales growth and 5% operating profit expansion for JD Health in Q2 2025, factoring in progressive investment increases. The company's flat full-year profit guidance already incorporates substantial H2 capital allocation.

The bank's 2025 profit forecast exceeds market consensus by 6% due to improved margin assumptions. While maintaining 2025-2027 revenue projections, Goldman Sachs raised net profit estimates by 1-2%, reflecting JD Health's stringent cost controls.