JD Health International (6618.HK): 2Q26 preview: Market share gain remains intact; Growth set to re-accelerate into 2H26; Buy

研报英文原文证据摘录

JD Health International (6618.HK): 2Q26 preview: Market share gain remains intact; Growth set to re-accelerate into 2H26; Buy

Goldman Sachs JD Health International (6618.HK)

Key focus:

1. 2Q26E revenue trend on track with faster growth expected in 2H26E

Recent investor concerns have largely centered on a softer-than-expected 618

e-commerce season and the possibility of category growth moderation amid regulation

changes. However, we observed a largely on-track total sales growth in 2Q for JD Health

according to our proprietary database, and expect +18% yoy topline growth for 2Q26E

with its continued market share gain across categories especially in drugs. We further

look for a reaccelerating sales growth in 2H26E supported by normalization in

nutrition products starting from 4Q26E together with sequentially easing yoy pressure

for medical devices.

In our view, recent tightening regulatory requirements around online prescription drugs

and nutrition products may create short-term overhang for the industry as brands

may slow the pace of new product launches and scale back advertising budgets, but is

likely to benefit top-tier platforms with stronger compliance infrastructure, pharmacy

capabilities, doctor resources, supply-chain management and established relationships

with branded manufacturers, and reinforces JD Health’s leading position in online

pharmacy industry in the longer term backed by its strong supply chain capability,

high-quality product offerings and professional brand image.

2. Drug sales remain robust with continued market share gains despite tightening

regulatory environment

We expect drugs to continue to deliver solid growth and ongoing market share

expansion, backed by still strong momentum of original drugs and JD Health’s