京東健康：京東健康與華潤三九戰略合作，打造醫藥零售行業標杆

加強藥企深度合作，提升全管道全品類協同能力。 近年來，京東健康攜手華潤三九開展了全方位的深度合作。在醫藥零售方面，雙方憑藉京東健康“B2C+O2O+線下門店”全渠道業務佈局，在自營B2C優勢業務基礎上，積極拓展京東買葯秒送等新的渠道合作，助力華潤三九旗下醫藥健康產品銷售額再創新高。從2020年到2024年，華潤三九旗下產品在京東健康平台的銷售額四年內翻了兩番; 過去一年，京東買葯秒送相關產品的銷售額同比增長150%。 依託京東健康「新特葯全網首發第一站」優勢，京東健康助力華潤三九更多新藥、好藥普惠可及。

業績持續穩健增長，線上線下一體化推進。 根據公司2024年三季度業績報告，2024年第三季度，公司實現營業收入133.02億元，同比增長14.8%; 經營利潤達5.52億元，同比增長216.0%，經營獲利率為4.1%，同比提升2.6pct。我們認為，隨著用户對健康生活的追求和對醫療健康的關注度不斷提高，用户健康消費需求有望持續釋放。

線上醫保陸續接入，集團市佔率有望持續提升。 2024年第三季度期內，京東健康在廣州、深圳、成都等10個城市陸續開通醫保個賬線上支付服務。截至2024年9月30日，公司已經在12個城市提供線上醫保結算服務，累計接入醫保定點零售藥店近2000家，覆蓋人口過億。截至2024年6月30日，公司年度活躍用戶數達1.81億，佔中國互聯網醫療用戶規模的近50%。我們認為，在消費者健康意識提升的大背景下，隨著線上醫保穩步推進，集團用戶滲透率有望持續提升。

圍繞細分人群健康需求，提供全面「商品+服務」。 京東雙十一期間，公司醫療藥品、營養保健、醫療器械等各品類迎來全面增長。近5000萬用戶參與京東健康的「單單返現活動」，京東健康採銷直播間訂單量同比增長7.2倍，成交額同比增長近3倍。銀髮族主動健康意識持續提升，在慢病用藥、營養保健、醫療器械等品類中，針對老年群體的多款商品成交額同比增長140%; 滋補養生的年輕化趨勢明顯，購買營養保健品的16-25歲用戶數同比增長35%。同時，公司與Swisse、inne、Move Free益節、燕之屋、GNC、萬益藍WonderLab等品牌簽署戰略合作協定，將於未來三年實現銷售額增長300%的目標。我們認為，用户健康消費趨於多元化，京東健康依託於全品類健康產品，疊加線上線下一體化服務，行業龍頭價值有望進一步凸顯。

The tie-up makes CR Sanjiu’s new and specialty medicines more accessible and boosts JDH’s directly-run online pharma platform. We see long-term growth ahead for JDH as more active users are drawn to its extensive range of medical products and services on the strength of an efficient omnichannel supply chain. We maintain our BUY call.

The gist: BUY

· CR Sanjiu partnership: new industry benchmark and bigger social roles

· Omnichannel initiatives include premium services like instant deliveries

· Catalysts: rising health awareness and growing online medical insurance

CR Sanjiu partnership: plans for new industry benchmarks and bigger social roles

JD Health (JDH) inked a strategic pact with China Resources Sanjiu Medical & Pharmaceutical (CR Sanjiu) at its global headquarters in Beijing recently. Following years of extensive in-depth cooperation, this latest agreement sets out areas of cooperation for 2025, which include omnichannel pharmaceutical retail, digital pharmaceutical marketing and social responsibilities. Both parties aim to jointly create new industry benchmarks in omnichannel pharmaceutical retail to drive quality market development, while enabling enterprises to play out their social roles more fully.

Omnichannel initiatives include premium services like instant delivery

The JDH-CR Sanjiu partnership has harnessed JDH’s pharmaceutical retail framework, which incorporates B2C, O2O and physical store formats, to build out an omnichannel business. In the directly-run premium B2C segment, new channel initiatives such as JDH Instant Delivery pushed sales of CR Sanjiu’s pharmaceutical and other health products to new heights, with CR Sanjiu’s product sales on the JDH platform quadrupling during the 4 years until 2024. In the past year, sales of products using JDH Instant Delivery rose 150% yoy. JDH’s advantage as the go-to drug launch platform for its extensive network provides all consumers with easier access to CR Sanjiu’s new and specialty medicines.

Macro catalysts: rising health awareness and growing online medical insurance

Profit uptrend: the latest financial results release shows JDH generated revenue of RMB13.30bn in 24Q3E, up 14.8% yoy, while operating profit spiked 216.0% yoy to RMB552m, with operating margin at 4.1%, expanding 2.6ppt yoy.

Online insurance: JDH rolled out a series of online payment initiatives for personal medical insurance accounts across 10 cities in 24Q3E, including Guangzhou, Shenzhen and Chengdu. This means that as of 30 Sep 2024, online health insurance payment of its services is available to more than 100m people in 12 cities across China with access to nearly 2,000 designated retail pharmacies. The company currently has 181m active users as of 30 Jun 2024, accounting for nearly 50% of China’s online medical users. We expect its market share will continue to grow.

Outlook: as consumers continue to buy into the benefits of healthy living and focus on medical health, health market consumption will continue to rise. This, along with growing traction of online medical insurance, we expect JDH will continue to increase its user penetration rate.

Product-and-service model fulfills requirements for target market segments

Singles Day: JDH’s categories like medical drugs, nutritional health care and medical devices drove growth across the board during JD.com’s Double-11 shopping festival this November. Nearly 50m users took part in its cash-back campaign and JDH’s livestream rooms featuring choice picks saw order volumes rise 7.2x yoy as turnover increased nearly 3x yoy.

We observed the following trends:

· Senior market: with elderly consumers increasingly proactive and health conscious, a wide range of merchandise targeting this segment fueled 140% yoy turnover growth and they include chronic disease medications, nutritional health care and medical devices.

· Youth market: there is a visible trend of young people embracing the rejuvenation benefits of nourishing health products, as the number of 16-25 year-olds buying nutritional supplements increased 35% yoy.

· Brand collaborations: the company signed strategic pacts with brands like Swisse, inne, Move Free, Yan Palace, GNC and WonderLab, which helped the company meet its sales goal of 300% growth within 3 years.

Outlook: we believe JDH’s leadership in an online health market of diverse consumer requirements will become increasingly obvious on the strength of its extensive range of health products and integrated O2O services.