HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre IPO Neusoft Xikang Healthcare Technology - Some Points Worth the Attention

Shanghai Tofflon Science (300171.CH) 2022/23Q1 - It's Better Not to Go Against the Trend

JD Health (6618.HK) 23Q1 - As Industry Beta Fades, the Expectation Reversal Has yet to Come

JD Health (6618.HK) - Some Positive Updates in Business

JD Health (6618.HK) - It's Time to Reassess the Business Prospects and Valuation

Ping An Healthcare and Technology Company Limited (1833.HK)- To Turn Things Around or to Fail Again?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

JD Health International  / Equity Bottom-Up

<ul>
<li>JD Health’s 2022 results were more optimistic than expected. We think the past three-year pandemic as well as the broadening of service scenarios are main drivers for rapid performance/user growth.</li>
<li>If turning losses into profits is “a phased victory”,striving for higher profit margins and healthier revenue structure is the key task in next stage,but JD Health may fail this transformation. </li>
<li>After China reopens, JD Health's user scale could be difficult to maintain such rapid growth in 2023 and onwards. Without breakthrough in service revenue, its valuation expansion potential could be limited. </li>
</ul>


JD Health’s 2022 results were more optimistic than expected. We think the past three-year pandemic as well as the broadening of service scenarios are main drivers for rapid performance/user growth.
If turning losses into profits is “a phased victory”,striving for higher profit margins and healthier revenue structure is the key task in next stage,but JD Health may fail this transformation. 
After China reopens, JD Health's user scale could be difficult to maintain such rapid growth in 2023 and onwards. Without breakthrough in service revenue, its valuation expansion potential could be limited. 


JD Health (6618.HK) - Business Transformation Is Still Difficult