Quick Note - JD Health (6618 HK) (Buy) - 1Q26 earnings beat; maintains full-year guidance

研报英文原文证据摘录

Quick Note - JD Health (6618 HK) (Buy) - 1Q26 earnings beat; maintains full-year guidance

Global Markets Research

JD Health 6618.HK 6618 HK 12 May 2026

EQUITY: INTERNET & NEW MEDIA

Rating1Q26 earnings beat; maintains full-year guidance Remains Buy

Target price HKD 80.00 RemainsQuick Note

Closing price HKD 45.54 8 May 20261Q26 revenue in-line; earnings beat

JD Health (JDH) reported a solid set of 1Q26 headline numbers. Total revenue grew 17%

y-y to CNY19.5bn, accounting for 22% of our 2026F revenue, vs ~23% of JDH’s 2025

revenue contributed by 1Q25. The solid performance was backed by 25%/15%/5% y-y Research Analysts

growth of sales in the pharmaceutical/nutrition product/medical device segments. Its non- China Internet & New Media

IFRS operating profit (OP) margin edged up 2.1pp y-y to 9.9%, mainly driven by gross Rachel Guo - NIHK

margin expansion on its enhanced supply-chain capabilities and faster growth of high- rachel.guo@nomura.com

margin advertising revenue, according to the company. Thus, 1Q26 non-IFRS OP rose by +852 2252 1400

48% y-y to CNY1.9bn, representing 36% of our 2026F OP, vs 30% of JDH’s 2025 OP Jialong Shi - NIHK

contributed by 1Q25. The growth rate of non-IFRS net profit lagged non-IFRS OP growth, Jialong.shi@nomura.com

recording a 6% y-y rise to CNY1.9bn, representing 28% of our 2026F net profit, vs 27% of +852 2252 1409

JDH’s 2025 net profit contributed by 1Q25. The lag was mainly due to y-y reduced non-

operating income from fair value loss for certain wealth management products in 1Q26,

according to the company.

2Q revenue growth might be negatively impacted by tightened regulation around

nutrition products; maintains full-year guidance

Entering 2Q2026, the company witnessed accelerating growth of pharmaceutical sales