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JD Health International, Inc.
(6618)
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Rating:72Outperform
Price Target:
HK$41.00
▼(-32.01% Downside)
Action:Reiterated
Date:06/24/26
Overall score reflects strong financial fundamentals and a very constructive earnings call (growth, profitability and strategic execution), tempered by a weak technical setup (clear downtrend despite oversold readings) and some cash-flow consistency risk (2025 free cash flow falling to zero). Valuation at ~17x earnings is supportive but not a major catalyst on its own.
Positive Factors
Very low leverage / strong balance sheet
Exceptionally low leverage and meaningful equity growth provide durable financial flexibility. A ~1% debt-to-equity profile reduces refinancing and solvency risk, supports sustained investment in supply chain and AI, and preserves capacity to fund growth or cushion cyclicality over the next several years.
Negative Factors
Free cash flow inconsistency
A reset to zero FCF signals uneven cash conversion and a higher investment or working-capital profile that may continue. Over 2–6 months this reduces room for discretionary spending, dividends or buybacks and raises the importance of monitoring cash conversion versus reported earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
Exceptionally low leverage and meaningful equity growth provide durable financial flexibility. A ~1% debt-to-equity profile reduces refinancing and solvency risk, supports sustained investment in supply chain and AI, and preserves capacity to fund growth or cushion cyclicality over the next several years.
Read all positive factors
JD Health International, Inc. (6618) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$119.52B
Dividend YieldN/A
Average Volume (3M)7.60M
Price to Earnings (P/E)19.2
Beta (1Y)1.41
Revenue Growth26.35%
EPS Growth28.38%
CountryHK
Employees5,263
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)1.68
Shares Outstanding3,211,075,200
10 Day Avg. Volume6,883,323
30 Day Avg. Volume7,596,953
Financial Highlights & Ratios
PEG Ratio1.02
Price to Book (P/B)2.65
Price to Sales (P/S)2.17
P/FCF Ratio16.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$67.25Price Target Upside11.53% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.8
Revenue Forecast (FY)HK$86.49B
JD Health International, Inc. Business Overview & Revenue Model
Company Description
JD Health International Inc., functioning as an investment holding entity, runs an expansive digital healthcare platform across the People's Republic of China. The company supplies a diverse range of pharmaceutical and wellness products, such as o...
How the Company Makes Money
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JD Health International, Inc. Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance: double-digit revenue growth (26.3% YoY), materially higher non-IFRS profit growth (36.3% YoY), margin expansion, sizable user additions, heavy investment and traction in AI and product launches, and healthy operating cash flow. Challenges discussed were mostly execution and maturation-related (monetization of AI, rising S&M costs, offline economics, concentration of direct-sales revenue) rather than structural declines. On balance, the positive growth, margin improvements and strategic wins outweigh the cited risks and costs.Positive Updates
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.
Negative Updates
Rising Certain Operating Costs
Selling and marketing expenses rose ~26.9% year-over-year despite a largely flat S&M expense ratio (reported 5.2%); fulfillment expense ratio ticked up 0.2 percentage points to 10.4%, indicating cost pressures as the business scales.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
The management guided that JD Health will pursue continued high-quality growth by doubling down on its “super” pharmaceutical supply chain, direct‑sales engine and AI-enabled services while expanding online‑offline integration (no large‑scale M&A; offline/pharmacy expansion to be cautious and step‑by‑step). Key 2025 metrics they cited as the baseline for that guidance include FY revenue RMB73.4 billion (+26.3% YoY) and FY non‑IFRS profit RMB6.5 billion (+36.3%) with a margin of 8.9% (Q4 revenue RMB21.0 billion, +27.4%; Q4 non‑IFRS profit RMB1.1 billion, margin 5%); direct sales RMB60.9 billion (82.9% of revenue, +24.8%), service revenue RMB12.6 billion (17.1% of revenue, +34.1%), gross margin 24.8% (+1.9ppt), fulfillment expense ratio 10.4%, S&M ratio 5.2% (S&M spend +26.9%), R&D ratio 2.2% with 880+ R&D staff, operating cash flow RMB10.2 billion and cash/equivalents and related assets about RMB69.5 billion (net increase ~RMB10.1 billion). They expect AI and new drug launches to be major multi‑year drivers (>100 new drugs launched in 2025 vs ~30 in 2024; DAYVIGO >20,000 launch‑month orders; Dr. Da Wei: hundreds of millions of interactions, 98% satisfaction; JOY DOC: >5 million patients), will scale on‑demand retail and insurance payment (coverage in 29 cities), and will prioritize sustainable margin and user growth (220 million annual active user accounts, +34 million net adds).JD Health International, Inc. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 73.44B | 58.16B | 53.53B | 46.74B | 30.68B |
| Gross Profit | 18.20B | 13.31B | 11.87B | 9.89B | 7.20B |
| EBITDA | 3.98B | 1.31B | 2.93B | -60.93M | -1.37B |
| Net Income | 5.38B | 4.16B | 2.14B | 380.11M | -1.07B |
Balance Sheet | |||||
| Total Assets | 81.62B | 71.27B | 64.29B | 61.28B | 48.00B |
| Cash, Cash Equivalents and Short-Term Investments | 48.15B | 51.24B | 41.22B | 47.67B | 41.99B |
| Total Debt | 636.29M | 258.39M | 214.75M | 199.41M | 201.27M |
| Total Liabilities | 21.52B | 16.03B | 14.92B | 16.49B | 8.15B |
| Stockholders Equity | 60.10B | 55.23B | 49.36B | 44.78B | 39.85B |
Cash Flow | |||||
| Free Cash Flow | 9.75B | 4.29B | 4.54B | 5.86B | 2.93B |
| Operating Cash Flow | 9.94B | 4.33B | 4.60B | 5.91B | 3.43B |
| Investing Cash Flow | -599.64M | 3.15B | -8.02B | -4.24B | -17.75B |
| Financing Cash Flow | -77.10M | -45.61M | -117.20M | -925.45M | -163.65M |
JD Health International, Inc. Technical Analysis
Negative
60.30
Price Trends
38.68
Negative
44.31
Negative
53.43
Negative
Market Momentum
-0.07
Negative
50.69
Neutral
73.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6618, the sentiment is Negative. The current price of 60.3 is above the 20-day moving average (MA) of 35.52, above the 50-day MA of 38.68, and above the 200-day MA of 53.43, indicating a neutral trend. The MACD of -0.07 indicates Negative momentum. The RSI at 50.69 is Neutral, neither overbought nor oversold. The STOCH value of 73.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:6618.
JD Health International, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$119.52B | 19.17 | 9.11% | ― | 26.35% | 28.38% | |
64 Neutral | HK$1.18B | 11.54 | 5.64% | 1.20% | 1.75% | ― | |
56 Neutral | HK$1.50B | 105.24 | 0.48% | 0.49% | -2.63% | ― | |
55 Neutral | HK$5.87B | -5.27 | -10.66% | 2.38% | -5.73% | -442.94% | |
52 Neutral | HK$6.19B | 124.63 | 0.60% | ― | -9.81% | -72.56% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | HK$1.04B | -14.47 | -2.13% | 2.02% | 0.69% | -1.39% |
* Healthcare Sector Average
HK:6618
JD Health International, Inc.
37.22
-11.08
-22.94%
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2.18
-0.82
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C-MER Eye Care Holdings Limited
0.96
-0.74
-43.40%
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Town Health International Medical Group Ltd.
0.22
-0.02
-7.14%
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Hygeia Healthcare Holdings Co., Ltd.
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-5.68
-36.04%
JD Health International, Inc. Corporate Events
JD Health Shareholders Approve All Resolutions at 2026 AGM
Jun 29, 2026
JD Health International Inc., a Cayman Islands–incorporated healthcare and health-tech company listed on the Hong Kong Stock Exchange, focuses on providing online medical services, pharmaceutical retail and broader digital health solutions w...
JD Health Restructures VIE Shareholding While Keeping HKEX Waiver Intact
Jun 26, 2026
JD Health International has restructured the ownership of its consolidated variable interest entity Suqian Tianning, transferring a 45% equity stake from existing shareholder Qin Miao to JD Group vice president Saili Tan, while keeping the remaini...
JD Health Sets 2026 AGM to Approve Results and Renew Capital-Issuance Mandate
Jun 5, 2026
JD Health International has called its annual general meeting for June 29, 2026, in Beijing, where shareholders will review and adopt the audited consolidated financial statements for the year ended December 31, 2025, and receive reports from the ...
JD Health Unveils US$1 Billion Share Buyback to Signal Confidence and Support Valuation
May 12, 2026
JD Health International Inc. has launched a new on-market share repurchase programme authorizing buybacks of up to US$1.0 billion over a 48‑month period, subject to annual shareholder mandates and regulatory limits. The board says the move r...
JD Health Posts Strong Q1 2026 Growth, Expands AI-Driven Healthcare and Sets Up Share Incentive Trust
May 12, 2026
JD Health International reported strong unaudited results for the first quarter of 2026, with revenue rising 17.0% year on year to RMB19.47 billion and operating income surging 70.4%. Profit for the period jumped 78.2% to RMB1.66 billion, while no...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.