核心观点2025 年公司实现营收734.41 亿元，同比增长26.28%，实现Non-IFRS 净利润65.33 亿元，同比增长36.32%，收入和利润端均高于彭博一致预期。近期JDH 股价出现大幅回撤，此前市场担心公司25 年的高增长一定程度也造成26 年的高基数，进而对公司26 年指引产生担忧。我们认为，公司26 年收入指引仍较为积极，收入端的增长韧性更能反映B2C 医药电商赛道的高景气度，...
Source Link核心观点2025 年公司实现营收734.41 亿元，同比增长26.28%，实现Non-IFRS 净利润65.33 亿元，同比增长36.32%，收入和利润端均高于彭博一致预期。近期JDH 股价出现大幅回撤，此前市场担心公司25 年的高增长一定程度也造成26 年的高基数，进而对公司26 年指引产生担忧。我们认为，公司26 年收入指引仍较为积极，收入端的增长韧性更能反映B2C 医药电商赛道的高景气度，...
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