Lyon: Expected JD HEALTH (06618) drug sales to continue to bring positive surprises and maintain "outperform the market" rating.

Lyon released a research report stating that it maintains a "outperform" rating for JD HEALTH (06618). JD HEALTH announced its full-year performance as of the end of December last year, with stronger-than-expected performance in the second half of last year, with revenue increasing by 28% to 38.2 billion RMB, and adjusted EBITDA increasing by 88% to 1.9 billion RMB. Lyon predicts that the group's revenue momentum will continue, driven by pharmaceuticals (especially original prescription drugs), with revenue expected to increase by 18% annually by 2026; and advertising revenue is expected to achieve a 20% annual growth.