JD Health Reports H1 2025 Net Profit of RMB 3.57 Billion, Driven by Integrated 'Medical Consultation + Diagnostics + Diagnosis + Pharmacy' Ecosystem

2025 is a pivotal year for the nation to boost consumption with greater intensity and more targeted measures. In the healthcare sector, policy dividends continue to be unleashed: in April, 12 departments, including the Ministry of Commerce and the National Health Commission, jointly issued the *Action Plan for Promoting Health Consumption*; recently, the *Implementation Plan for Fiscal Interest Subsidies on Personal Consumer Loans* included key areas such as elderly care, childbirth, and healthcare within the scope of subsidies...

During this process, new products, models, and technologies have emerged in the supply of health-related consumer goods. Yesterday, JD Health released its interim performance report for 2025, with its impressive results serving as a microcosm of the effectiveness of efforts to boost health consumption.

Data shows that,JD Health reported total revenue of RMB 35.3 billion in the first half of the year, a year-on-year increase of 24.5%; net profit under non-International Financial Reporting Standards (Non-IFRS) reached RMB 3.57 billion, up 35% year on year.

A close examination of the financial report reveals that JD Health’s substantial performance growth was driven by a series of key business breakthroughs: annual active users surpassed 200 million for the year ended June 30, 2025, with daily average online consultations exceeding 500,000 in the first half of the year; platform ecosystem capabilities were further strengthened, as the number of third-party partner merchants exceeded 150,000, an increase of 50,000 from the end of 2024; and its instant retail service linked more than 200,000 pharmacies across China.

JD Health’s Key Performance Data for the First Half of 2025, Image Source: Financial Report

For a service-oriented company with annual revenue in the tens of billions, achieving double-digit growth without external acquisitions is truly remarkable. A breakdown of key business developments reveals the inevitability behind this substantial performance surge.

Annual active users surpass 200 million, marking another significant milestone for JD Health.

User base size and engagement level constitute one of the core competitive moats driving the growth of internet companies. However, amid escalating customer acquisition costs, user data growth has become a bottleneck for many internet platforms.

Despite the implementation of various policies aimed at boosting health-related consumption, it is important to note that demand centered on “medical care” itself cannot be artificially stimulated. Consumers may purchase a cup of milk tea for RMB 1 due to subsidies, but they are unlikely to buy a box of antihypertensive medication simply because it is cheap, unless they already have a clinical need for such drugs.

Therefore,JD Health’s active users have achieved breakthrough growth, fundamentally driven by more precise identification and fulfillment of user needs, as well as refined efforts in user operations and brand perception.

In the first half of 2025, JD Health further refined its integrated service loop encompassing medical care, testing, diagnosis, and pharmaceuticals to meet users’ multi-level and personalized health needs.

In terms of building specialized capabilities in internet healthcare, JD Health has continuously strengthened its five core specialty systems—dermatology, mental health, traditional Chinese medicine (TCM), oncology, and andrology—since 2025. Among these, the Dermatology Hospital has provided refined and personalized diagnosis and treatment plans to over 20 million patients and has launched China’s first online “Specialized Clinic for Rare Dermatological Diseases.”

Meanwhile, JD Health continues to expand its at-home medical and healthcare service network, particularly by upgrading the supply side of its JD Nurse-at-Home service. As of June 30, 2025, more than 12,000 nurses had joined the JD Health platform, with service offerings expanded to 64 items across seven major categories, including home nursing, rehabilitation care, and traditional Chinese medicine (TCM) nursing. The platform enables order acceptance in as fast as three minutes and on-site service within one hour. Additionally, its JD Express Testing service has expanded to 23 cities, offering over 160 testing services.

In terms of pharmaceuticals, JD Health continues to refine its supply chain systems for self-operated sales, online platforms, and instant retail, as well as the synergy among these three channels. With an increasingly diverse product portfolio, it meets users’ medication needs across various scenarios, ranging from urgent to non-urgent cases.

More importantly,Medical, testing, diagnostic, and pharmaceutical services do not exist in isolation; rather, they form an integrated ecosystem centered on users’ actual needs.

Online follow-up consultations, prescription issuance, and medication purchasing have become the most common demands and service scenarios, requiring no further elaboration.At JD Health, an increasing number of emerging needs are being met with corresponding services.

For example, the user base for continuous glucose monitors (CGMs) has expanded significantly in the past two years. Beyond patients with diabetes, individuals focused on weight loss and fitness are also wearing CGMs to monitor blood sugar levels and exercise data. However, as the first step in using a CGM, many users encounter difficulties during the application process; failed application can directly render the monitoring sensor ineffective. On JD Health, users who purchase CGMs can schedule nurses for home visits to assist with application. Yesterday, VCBeat observed on the “JD Nurses At Home Self-Operated Flagship Store” that when all nursing services were ranked by sales volume, CGM monitoring application guidance was among the top three most requested services, with over 500,000 reviews. This clearly demonstrates that such a “product + service” combination closely aligns with user needs.

For another example, in response to the growing obese population, JD Health Internet Hospital has launched a Weight Management Clinic. By integrating multidisciplinary physicians and a team of full-time dietitians, it provides comprehensive, science-based weight loss services tailored to users’ individual constitutions, health conditions, and weight loss goals, covering risk assessment, medication guidance, and regular follow-ups.

To boost user engagement, JD Health has also launched campaigns such as “Happy Weight Loss” and “Health Freebies,” offering cash or other high-value rewards to incentivize users to prioritize their health.

Overall, JD Health has achieved user growth by improving the quality of its service offerings and developing new business formats, models, and scenarios to precisely meet public demand.

In the first half of 2025, JD Health witnessed a surge in its number of partners, with major collaborations consecutively finalized, providing robust support for its supply chain capabilities—a critical prerequisite for better meeting user demands.

Specifically, in the first half of the year, JD Health launched over 30 innovative drugs, along with multiple medical devices and new nutritional health products. On its online platform, the number of registered merchants exceeded 150,000 as of June 30, 2025, representing an increase of more than 50,000 compared to the end of 2024. Meanwhile, its instant retail network connects over 200,000 pharmacies across China.

Why Are More and More Brands, Merchants, and Pharmacies Choosing JD Health?

Let’s first examine the broader context: With the implementation of policies such as healthcare insurance payment reform and centralized volume-based procurement, a portion of the in-hospital market is accelerating its shift to out-of-hospital channels. Meanwhile, competition within the existing out-of-hospital market for health consumer products has intensified. Consequently, in the increasingly expansive out-of-hospital market, both new entrants and established brands with years of deep cultivation are urgently seeking new sources of growth.JD Health is leveraging its advantages in aggregating traffic entry points and enabling full-scenario, omni-channel conversion to help partners unlock new growth opportunities.

First, JD Health aggregates traffic from both on- and off-platform sources to help partners precisely reach their target users.

Since 2025, JD Health has further intensified its traffic support for merchants. For instance, at the JD Health Traffic Ecosystem Conference held in April, more than 70 brand merchants became the first batch to sign and implement the platform’s “Traffic Doubling Plan.”

Long-term accumulation of consumer data provides sufficient support for precise insights into user profiles and needs, thereby helping partners accurately reach their target users. In the first half of 2025, JD Health focused on new health consumption scenarios such as sports, household essentials, and elderly care, precisely aligning with user demands. By combining these insights with product category trends, JD Health helped brand partners achieve sustained growth in both business performance and user base.

Secondly, JD Health leverages its user-facing service capabilities to enable omni-channel, all-scenario marketing conversion for its partners.

Taking the launch of new products as an example, in the first half of 2025, more than 30 innovative drugs were launched exclusively on JD Health, while multiple medical devices and nutritional health products achieved their nationwide debut on the platform. Based on factors such as the degree of product innovation, market awareness, usage scenarios, and frequency, JD Health provides tailored solutions for new product launches.

For instance, regarding new and specialty drugs, JD Health leverages the physician resources of its internet hospitals to produce educational content in formats such as short videos and thematic articles, thereby enhancing patients’ understanding of diseases and novel therapeutic mechanisms. It improves medication accessibility for patients through online follow-up consultations and dispensing services via Direct-to-Patient (DTP) pharmacies. Additionally, it implements chronic disease management programs to improve patient medication adherence.

For home-use medical devices, JD Health helps enterprises address various issues that users may encounter when using their products through a series of measures, including in-home nursing services, online consultations, interconnected health data, and AI-assisted interventions. The previously mentioned case of CGM products combined with monitoring and nursing guidance serves as a typical example.

Ultimately, JD Health is creating tangible growth opportunities for its partners.

Efficiency improvement is another key driver of JD Health’s performance growth. Building on its existing service and supply chain systems, AI technology has played a pivotal role.

Amidst a diverse range of service scenarios, JD Health continues to advance the application of AI in medical and health services, specialized disease diagnosis and treatment, and health management.

In the first half of the year, JD Health launched its “AI Jingyi” product series for comprehensive online scenarios, built upon its proprietary medical large language model, “Jingyi Qianxun.” The series includes professional AI agents such as AI doctors, AI pharmacists, AI nutritionists, and AI psychological counselors for users, as well as digital avatars of medical experts. It also features applications tailored for healthcare professionals, including AI diagnostic assistants and AI research assistants. To date, JD Internet Hospital has deployed over 500 expert physician AI agents, making it the internet healthcare platform with the largest number of physician AI agents and the most extensive service scale in the industry.

“AI Jingyi” Series Products

In terms of efficiency gains, to date, over 80% of physician consultation records on JD Internet Hospital have utilized AI assistance, while the AI nutritionists under JD Health have achieved a human substitution rate exceeding 90%.

Furthermore, AI products do more than just respond quickly to user needs; more importantly, they address downstream issues, such as helping users complete online purchases of pharmaceutical and health products and schedule medical examinations. It is reported that among consumers purchasing maternal and infant nutritional products, the AI conversion rate has exceeded 45%, surpassing that of human customer service representatives.

Since 2025, despite the leapfrog development of large language models (LLMs) that has significantly advanced AI applications in healthcare, notable shortcomings remain evident. These include LLM hallucinations, poor adaptability in specialized treatment scenarios, and redundant information in question-and-answer interactions.

To further enhance the practical utility of AI, in May 2025, the “Jingyi Qianxun” large language model was upgraded to version 2.0, expanding its scope from general practice services into more complex specialized disease domains. Indeed, applications focused on specific specialties and diseases have emerged as a major mainstream trend in large language model development since 2025, with numerous top-tier hospitals in China already participating in the development of such products.

As AI applications continue to deepen their integration into healthcare service scenarios and penetrate specialized segments, the commercial value they generate—both directly and indirectly—will be further unlocked.

The current growth momentum in performance is the inevitable result of JD Health’s sustained investments in user operations, service loop closure, and technological R&D. The market also remains focused on whether this growth trajectory can be sustained and what will drive future growth.

A brief review of developments since the second half of the year reveals that JD Health has implemented measures for short-term traffic conversion while also establishing pathways for long-term value creation. These initiatives reinforce each other, forming a positive feedback loop, thereby naturally providing answers to the aforementioned questions.

In the short term, JD Health has already accumulated momentum for its next phase of growth.

For example, JD Health has seen a surge in new product launches since July. As of August 14, it had announced exclusive launch partnerships with 12 companies for 14 new products. Taking the “Xin’ermei” mazdutide injection as an example, searches for the keyword “Xin’ermei” on the JD platform exceeded one million between July 4 and August 4, and the product served over 30,000 users during its first month of launch.

These figures fully demonstrate JD Health’s pivotal role as a bridge between user demand and product supply, while the launch of more high-quality new products has laid the foundation for full-year growth.

New Product Launches Announced by JD Health Since the Second Half of 2025, Source: Public Corporate Information

"In the long term, JD Health has leveraged the opportunity of active user growth to open up new channels, further increasing the penetration rate of internet healthcare and pharmaceutical services."

According to data from the China Internet Network Information Center (CNNIC), as of June 2025, the number of internet healthcare users in China reached 393 million, accounting for 35.0% of the total internet population. In recent years, this figure has generally fluctuated between 35% and 37%, indicating significant room for further growth.

As previously discussed, many healthcare needs cannot be artificially “stimulated,” nor will they disappear simply because subsidies or discounts end. Only with rising penetration rates can the high-quality supply created by internet healthcare platforms benefit a broader population.

Currently,The health consumer market is experiencing robust growth. Although uncertainties lie ahead for individual enterprises, JD Health, guided by its core philosophy of long-termism, is poised to deliver sustained and substantial returns over the long run.