CICC International: Maintain "Buy" rating on JD Health (06618) and raise target price to HKD 45.

Bank of China International released a research report stating that it maintains a "buy" rating on JD HEALTH (06618) with a target price raised from 30 Hong Kong dollars to 45 Hong Kong dollars. JD HEALTH's total revenue in the second half of last year increased by 13% year-on-year, slightly exceeding the market's expectation of 1%. Its adjusted net profit margin of 7.2% also exceeded market expectations, with the bank believing that this was mainly contributed by strong interest income. The bank expects the company to cautiously accelerate its active investment efforts in various aspects by 2025, including users, medical products and services, price subsidies, offline infrastructure, omnichannel development, and investment in AI, in order to strengthen their core supply chain and fulfillment capabilities, as well as user mindshare.