京东健康季报点评:关注后续前置仓业务投入成效

华泰证券
May 15, 2025

京东健康1Q25总收入166亿元,同比+25.5%,对比3Q24/4Q24收入增速14.8/11.3%有较明显提速,我们认为主要反映流感错期带来的用药需求增长,以及保健、器械等品类消费需求的恢复;非IFRS净利润17.7亿元,对应非IFRS净利率10.6%,同比+1.6pp,达到过去两年单季度最高值,主要得益于相对高利润率的保健品业务增速修复及自营业务规模效益的进一步释放。考虑到公司致力于在...

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