Strong Revenue Growth
Full-year 2025 revenue RMB 73.4 billion, up 26.3% year-over-year; Q4 2025 revenue RMB 21.0 billion, up 27.4% year-over-year; achieved >20% YoY revenue growth for four consecutive quarters.
Significant Profitability Improvement
Full-year non-IFRS profit RMB 6.5 billion, up 36.3% year-over-year with a non-IFRS profit margin of 8.9% (highest since IPO); Q4 non-IFRS profit RMB 1.1 billion, up 13.5% YoY with quarter margin of 5%.
Gross Margin Expansion
2025 gross margin 24.8%, up 1.9 percentage points year-over-year, reflecting benefits from direct sales and scale in the super pharmaceutical supply chain.
Direct Sales and Service Mix Strength
Direct sales revenue RMB 60.9 billion, up 24.8% YoY and representing 82.9% of total revenue; service revenue RMB 12.6 billion, up 34.1% YoY and representing 17.1% of total revenue (up 1 ppt).
User Base and Engagement Expansion
Annual active user accounts for the past 12 months ~220 million, net addition of 34 million vs Dec 31, 2024; AI agent Dr. Da Wei completed hundreds of millions of interactions with a reported 98% satisfaction rate.
Product Launch and Go-to-Market Wins
Introduced over 100 new drugs in 2025 (vs 30 in 2024); flagship launch DAYVIGO recorded >20,000 orders in launch month; premium fish oil launch generated ~15 billion impressions on launch date.
Service & Channel Expansion
Expanded online medical insurance payment coverage to 29 key cities; established >300 self-operated pharmacies nationwide; at-home rapid testing order volume increased 81.9% year-over-year.
AI and Clinical Deployments
Scaled AI and clinical solutions: JOY DOC served over 5 million patients across partnering hospitals; launched multiple AI products (AI Jingyi, JOY DOC, AI doctor digital twins) and AI-enabled device integrations (e.g., JD-branded continuous glucose monitor with Yuwell).
Healthy Operating Cash and Financial Income
Cash flow from operating activities RMB 10.2 billion; finance income RMB 1.5 billion in 2025; reported net increase in cash and equivalents and related assets (transcript-corrected figure noted as RMB 69.5 billion, net increase RMB 10.1 billion).