As a leading player in China's digital health market, JD Health has maintained clear development priorities in recent years: continuously strengthening supply chain capabilities as the foundation of business operations, while focusing on enhancing medical service capabilities, particularly building integrated online and offline service systems and complete service loops.

In JD Health's underlying business logic, empowering partners represents a crucial component, making collaborative growth with partners one of JD Health's long-term strategies. Business-related dynamic events serve as important windows for investors to observe how JD Health advances its long-term strategy.

On August 15, the day after announcing its interim results, JD Health reached a strategic cooperation agreement with Eisai China. Through this partnership, Lemborexant (brand name: Dayvigo), an insomnia treatment drug developed by Eisai China, will launch exclusively online through JD Health following regulatory approval. Lemborexant represents China's first non-sedating anti-insomnia new drug, potentially reshaping the anti-insomnia pharmaceutical market.

This development aligns with strengthening supply chain advantages and corresponds to JD Health's core long-term development direction. The interim financial report released on August 14 showed that over 30 innovative drugs launched online through JD Health in the first half of this year, alongside collaborations with multiple medical device and nutritional health brands, achieving online debuts for numerous products across the entire network.

These developments confirm JD Health's efforts to further consolidate its core competitive advantages: supply chain capabilities and brand empowerment value. The synergy between these elements has facilitated extensive collaborations, creating advantages in debut product quantities beyond the existing advantages in pharmaceutical and health product category numbers.

**Service Model Innovation Becomes Second Growth Curve**

In recent years, a core trend in the digital medical industry has been online-offline integration. Major players are refining traditional online channel capabilities while prioritizing the fusion of online and offline services and complete connectivity across the entire chain.

For internet medical companies like JD Health, the main business includes pharmaceutical retail and medical services. The business core integrates these two major segments, creating a complete "medical testing, diagnosis, and medication" service loop. Internet hospitals serve as key components in this service loop, with their service capabilities in various disease specialties directly determining service depth and breadth.

Through long-term development, JD Health has effectively explored internet medical specialty service models in five major areas: dermatology, mental health, traditional Chinese medicine, oncology, and men's health.

As a new-type medical health service enterprise, JD Health focuses on deepening and specializing online services while emphasizing "home delivery" capabilities for offline services. Examples include nurse home visits and home rapid testing services, with service levels primarily reflected in "breadth" and "speed."

"Breadth" refers to nurse home visit services expanding to 7 categories and 64 items, while home rapid testing currently provides over 160 rapid testing services. "Speed" means nurse home visits can achieve order acceptance in as fast as 3 minutes and door-to-door service within 1 hour.

These service capabilities demonstrate their value in specific demand scenarios. Taking flu as an example, during flu season, users can quickly determine flu types through JD Health's home rapid testing service, with subsequent consultations, medication purchases, and follow-ups completed online, typically finishing the entire process within one day.

**Weight Management Business Layout Demonstrates Strategic Extension**

JD Health's weight management business layout represents both an extension of existing business strategy and a typical case of multi-win outcomes. This year, weight management has become a nationally discussed topic, driven by continuously growing obesity populations and sustained strong demand, alongside GLP-1 drugs like semaglutide expanding into weight loss indications, reshaping the weight loss drug market and accelerating market growth.

Based on current market expectations, GLP-1 drugs with weight loss indications could reach trillion-scale market potential. JD Health's related business layout includes strategic cooperation with Novo Nordisk, the original developer of semaglutide. Mazdutide (brand name: Xinermei) from Innovent Biologics launched exclusively on JD Health immediately after approval, with search volume for "Xinermei" exceeding one million on the JD platform between July 4 and August 4, serving over 30,000 users.

**User Growth and Stickiness Drive Performance Improvement**

JD Health's 2025 interim financial report shows revenue of 35.3 billion yuan in the first half of 2025, representing 24.5% year-over-year growth, not only exceeding market expectations but achieving the strongest half-year growth rate since the end of the pandemic in 2023. Operationally, active users exceeded 200 million by the first half of 2025, achieving a milestone breakthrough.

The core highlights of JD Health's financial report are revenue growth and attribution for pharmaceutical e-commerce and medical services, the two main businesses. Pharmaceutical e-commerce has maintained revenue proportions above 83% in recent years, serving as the company's performance foundation, achieving 29.3 billion yuan revenue in the first half of 2025, up 23% year-over-year.

Medical services have shown stronger growth momentum than pharmaceutical e-commerce in recent years, serving as an important marginal force driving company performance growth, with first-half revenue of 6 billion yuan, up 34% year-over-year.

Pharmaceutical e-commerce revenue growth primarily benefits from active user growth and increased per-user purchase amounts, essentially reflecting how supply chain and service capabilities support continuous product category enrichment and complete service loop experience optimization, creating positive resonance with JD Health's brand value and improving user mindshare and online sales penetration during the reporting period.

**AI Upgrade Provides Important Valuation Support**

Following the financial report release, investors responded positively to JD Health's performance, with the company's stock price surging 21% cumulatively over two trading days on August 15 and 18. Particularly on August 15, the day after the financial report release, intraday gains exceeded 16% at their peak, ultimately closing up 12%.

JD Health's post-earnings stock surge stems partly from market recognition of its performance and underlying business model. Leveraging supply chain advantages, JD Health has built an integrated "supply chain + service + technology" ecosystem and complete "medical testing, diagnosis, and medication" service loop, creating significant differentiation from peers and demonstrating considerable scarcity value in capital markets due to its difficult-to-replicate characteristics.

Another factor is investor response to JD Health's strong AI concept attributes. According to this quarter's financial report, JD Health launched the "AI Jingyi" product series in the first half of this year, covering multi-role professional service intelligent agents for users, including AI doctors, AI pharmacists, and AI psychological counselors, along with digital avatars and AI assistants for doctors. During the reporting period, "AI Jingyi" served over 50 million users cumulatively.

For hospital AI upgrades, JD Health introduced its first hospital full-scenario product "JD Zhuoyi," primarily providing AI upgrades for three main "entities": individual users, doctors, and hospital operations management. This has been implemented in multiple medical institutions, such as the AI-driven outpatient patient service process loop created through JD Health's collaboration with the First Affiliated Hospital of Wenzhou Medical University, which has served over 2.2 million patient visits.

Currently, AI field attention has shifted toward applications, and JD Health, as an important industry participant, has continuously focused on application-level development in AI upgrades in recent years, aligning with industry trends while achieving significant results.

Long-term, JD Health's continued investment and innovation in AI may break through traditional internet medical enterprise growth bottlenecks, with AI's role as a third growth curve becoming increasingly prominent, helping the company improve valuation levels in capital markets.