In-Depth Analysis Report on the Commercialization Prospects of JD Health's AI Healthcare Layout

Now, based on the collected data, I will prepare a detailed analysis report on the commercialization prospects of JD Health’s AI healthcare layout for you.

---

JD Health (Stock Code: 6618.HK), a leading internet healthcare platform in China, currently has a market capitalization of USD 215.14 billion and a per-share price of USD 67.20 [0]. From a valuation perspective, the company’s current price-to-earnings ratio (TTM) is 40.78x, price-to-book ratio is 3.32x, and price-to-sales ratio is 2.95x, with its valuation level falling within a reasonable range in the internet healthcare industry [0].

From a financial indicator perspective, the company’s ROE (Return on Equity) is 8.34%, net profit margin is 7.25%, and operating profit margin is 3.46% [0]. Financial analysis shows that the company adopts relatively aggressive accounting policies. A low depreciation/capital expenditure ratio means the upside potential of Reported Earnings may be limited, but the overall debt risk remains at a low level [0].

2025 was a standout year for JD Health’s stock performance. The cumulative stock price increase from the start of the year reached 137.88%, with a 43.44% increase in the past 6 months and a 17.59% increase in the past month [0]. This strong performance reflects the market’s high recognition of the company’s AI healthcare strategy and overall business development prospects. Compared with the Hang Seng Index’s 34.68% increase over the same period, JD Health significantly outperformed the broader market, reflecting the capital market’s revaluation of its AI healthcare story [0].

Notably, the company’s stock price experienced a process from valuation revaluation to valuation digestion in 2025, with a current Beta coefficient of 1.13, indicating its volatility is slightly higher than the overall market [0].

---

According to the latest information, JD Health has built a complete AI health service matrix, with over 1,500 expert physician agents launched under the “AI Jingyi” system [1]. This massive agent matrix covers more than ten types of professional service roles such as AI Physician “Dawei”, AI Pharmacists, and AI Dietitians, realizing full-process AI coverage from triage to consultation, and from testing to medication purchase [2].

is the technical backbone supporting the entire AI healthcare system. As the industry’s first medical model to break through trusted reasoning and full-modal capabilities, Jingyi Qianxun 2.0 can strictly simulate clinicians’ diagnostic thinking paths, deeply integrate medical knowledge systems with real diagnostic logic, and proactively introduce and align external evidence-based medical evidence during the reasoning process to ensure compliance with medical consensus [2].

The “AI Hospital 1.0” launched in September 2025 marks a major breakthrough for JD Health in the AI healthcare field. This product is the first in the industry to realize an AI-driven closed-loop service covering “diagnosis, testing, consultation, and medication”, truly enabling AI to accurately understand and actively distribute users’ actual needs [2].

The core advantages of this system include:

• 24/7 Service Capability
  : Uninterrupted online service around the clock to meet users’ anytime, anywhere health management needs
• Multi-Agent Collaboration
  : The entire process from triage to consultation, and from testing to medication purchase is managed by AI to understand user needs and assign tasks
• Humanistic Care Experience
  : Won high user praise with a “warm and empathetic” interaction experience, achieving a service satisfaction rate of 97% [2]

For B-side medical institutions, JD Health launched “JD Zhuoyi”, the industry’s first full-scenario large model product for hospitals, which has been implemented in cooperation with multiple tertiary hospitals [1]. This product provides three core services for hospitals:

Service Module	Function Positioning	Value Proposition
Personal Medical Manager	Patient-side Service	Improve patient medical experience
Physician Digital Twin	Physician-side Empowerment	Enhance diagnostic efficiency
Future Digital Hospital	Hospital Management-side	Optimize operation and management processes

In the pre-consultation stage, the problem-solving rate of AI Physician “Dawei” reaches 90%; in the mid-consultation stage, efficiency is improved by over 50%; and patient management covers more than 10 million patients [2]. This data indicates that AI technology has been effectively transformed into quantifiable operational efficiency improvements.

As of 2025, the AI Jingyi series of agents have served over 150 million users cumulatively [2]. User profile data shows:

• 35% of user consultation orders are initiated by mothers
• 16% of consultations occur after 0:00 midnight
• Pediatric issues account for 15%, and geriatric issues account for 10%
• 69.42% of users are from third-tier and lower-tier cities

This data reveals the core value positioning of AI healthcare services: addressing insufficient primary medical resources, filling the gap in nighttime medical services, and meeting the diversified needs of family health management. In particular, the proportion of consultations after midnight and the high penetration rate in sinking markets confirm the unique value of AI in filling the gaps of traditional medical services [2].

---

China’s internet healthcare market presents a “tripartite confrontation” pattern, with JD Health, Ali Health, and Ping An Good Doctor occupying 70% of the online consultation and drug delivery market share [5]. The three companies have distinct characteristics in their AI healthcare layouts:

: With the “AI Jingyi” agent matrix at its core, it emphasizes full-scenario coverage and the closed-loop of diagnosis, testing, consultation, and medication, having served over 150 million users, with 80% of consultation orders on its internet hospital using AI services [4].

: Leveraging the traffic advantages of Alipay and Ant Group, it has opened up a closed-loop of “medical insurance + commercial insurance one-stop compensation” and “chronic disease management”, with 240,000 physicians and pharmacists providing online health consultation services on the platform [5].

: Differentiates itself by focusing on F-side (comprehensive financial client) and B-side corporate health services, improving medical service accessibility through AI products such as “Ping An Core Medical”, with F-side corporate health service revenue reaching RMB 1.432 billion in the first half of 2025, a year-on-year increase of 28.5%, accounting for 57.3% of total revenue [4].

According to Frost & Sullivan’s forecast, China’s AI healthcare market will experience explosive growth, with the scale expected to surge from RMB 8.8 billion in 2023 to RMB 315.7 billion in 2033, representing a compound annual growth rate of 43.1% over the decade [8]. In addition to internet healthcare platforms, giants such as Ant Group, Tencent, and ByteDance are also accelerating their layout in the AI healthcare track [8].

Technologically, the application of medical large models is deepening from general-purpose to disease-specific and specialty-specific. As of April 2025, 98 of the top 100 hospitals in China have completed large model deployment, and 33 hospitals have developed 55 vertical large models [7]. This means competition is shifting from “having or not having” to “good or bad” in the deep water zone.

JD Health has the following differentiated advantages in AI healthcare competition:

1. In-Depth Supply Chain Integration
   : Connected to over 200,000 pharmacies across the country, with online medical insurance payment covering nearly 200 million people [5]
2. Scale of Technology Investment
   : Invests billions of R&D resources each year to build a computing power base and fully polish the Jingyi Qianxun large model [2]
3. Smart Hardware Ecosystem
   : Jointly established the “Smart Interconnected Ecosystem Alliance” with companies such as Yuwell Medical, MicroTech Medical, and Sinocare to deepen the integration of AI and device products [2]
4. User Scale Advantage
   : Annual active users exceed 200 million, providing massive data support for AI model iteration [4]

---

Currently, the AI healthcare industry as a whole has not fully emerged from the profit dilemma, but JD Health has built a diversified commercialization path:

:

• AI consultation services as a traffic entry point to drive pharmaceutical e-commerce sales
• Health management membership services
• Smart hardware product sales (co-branded CGM products developed in cooperation with medical device enterprises)

:

• Deployment service fees for “JD Zhuoyi” on the hospital side
• Subscription services for AI assistants on the physician side
• Data services and precision marketing cooperation with pharmaceutical enterprises

:

• Cooperate with primary health commissions to promote the construction of a hierarchical diagnosis and treatment system

The application of AI technology has been effectively transformed into cost savings and efficiency improvements. Industry data shows that through AI empowerment, the unit cost of family doctor services has decreased by 52%, and the operational efficiency of the business middle platform has increased by 50% [5]. For JD Health, AI has created significant value in the following aspects:

• Improved Diagnostic Efficiency
  : Over 50% efficiency improvement in mid-consultation, helping physicians handle patients more efficiently
• Enhanced Service Quality
  : Service satisfaction rate reaches 97%, far exceeding traditional online consultations
• Expanded Coverage Capability
  : Serving 150 million users with significantly reduced unit service costs

Since 2025, policy support for AI healthcare has continued to increase. The “Special Action Plan for Promoting Health Consumption” clearly supports the innovation of “Internet +” medical service models, and the National Healthcare Security Administration has announced preset prices for “Internet first consultations” and gradual opening, which means internet healthcare platforms are expected to gain access to a RMB 50 billion prescription drug market share [5].

The “14th Five-Year Plan” points out the direction for the development of smart healthcare, with five ministries identifying 8 application scenarios and 24 specific measures, laying a clear roadmap for the implementation of “AI + Healthcare” [7]. The release of policy dividends will provide strong support for the commercialization of JD Health’s AI healthcare business.

---

Over 1,500 expert physician agents constitute one of JD Health’s core assets. This scale advantage brings the following competitive barriers:

1. Data Flywheel Effect
   : Interactive data generated by each agent serving users continuously trains and optimizes the model, forming a positive cycle of “data - model - service”
2. User Mind Occupation
   : When users get used to using a specific expert’s agent, the switching cost increases significantly
3. Brand Trust Accumulation
   : The professional endorsement of celebrity physician twins enhances user trust

The core competitiveness of expert physician agents lies in the balance between professionalism and user experience:

• Professionalism Guarantee
  : Relying on the disease-specific large model capabilities of Jingyi Qianxun, it learns the wisdom of famous physicians and simulates them in terms of image, voice, and communication habits
• Trusted Reasoning Capability
  : Can deeply integrate medical knowledge systems with real diagnostic logic, with reasoning processes complying with medical consensus
• Warm Interaction Experience
  : AI Physician “Dawei” not only provides professional advice but also demonstrates humanistic care, winning high user recognition

Whether expert physician agents can be transformed into sustainable competitive advantages depends on the following key factors:

:

• Uncertainty of regulatory policies in the medical AI industry
• Legal risks in defining AI diagnostic responsibilities
• Possibility of rapid follow-up by industry competitors

:

• Data advantages brought by scale (first-mover advantage)
• Channel barriers formed by in-depth cooperation with hospitals
• Cost advantages brought by supply chain integration capabilities
• Cumulative effect of user data assets

A comprehensive assessment shows that expert physician agents can form effective competitive barriers in the short term, but long-term sustainability requires continuous technological investment and ecosystem construction.

---

Based on the latest financial data, JD Health achieved revenue of RMB 16.645 billion in the first half of 2025, a year-on-year increase of 25.5%; operating profit reached RMB 1.071 billion, a substantial year-on-year increase of 119.8% [4]. The significant improvement in profitability is mainly due to:

• Operational efficiency improvement brought by AI empowerment
• Fixed cost amortization due to scale effects
• Steady growth of the pharmaceutical e-commerce business

The current 40.78x price-to-earnings ratio reflects a premium for the market’s high growth expectations. Compared with Ali Health and Ping An Good Doctor, JD Health’s valuation is at the medium level in the industry. Considering:

• The huge growth potential of the AI healthcare business
• Valuation premium for industry leaders
• Continuous release of policy benefits

The current valuation level is reasonable, but attention should be paid to the risk of valuation correction.

From a technical analysis perspective, JD Health is currently in a sideways consolidation phase with no clear upward or downward trend [0]. Key price ranges:

• Support Level: $60.90
• Resistance Level: $68.48

The KDJ indicator shows potential short-term adjustment pressure, while the MACD indicator remains in a bullish arrangement [0]. Investors are advised to pay attention to the breakout direction and volume coordination.

---

1. High Growth of the AI Healthcare Industry
   : China’s AI healthcare market is expected to reach RMB 315.7 billion in 2033 with a compound annual growth rate of 43.1%, and the industry is on the eve of an explosion
2. Leading Position of JD Health
   : Among the three major internet healthcare players, JD Health has the most systematic and comprehensive AI healthcare layout
3. Continuous Performance Improvement
   : Operating profit in the first half of 2025 increased by 119.8% year-on-year, with significant effects of AI empowerment
4. Increasing Policy Support
   : Continuous release of policy benefits for the “Artificial Intelligence +” initiative and internet healthcare

1. Regulatory Policy Risk
   : Uncertainty of regulatory policies in the AI healthcare industry
2. Increased Competition Risk
   : Competitors such as Ali Health and Ping An Good Doctor continue to increase investment in AI healthcare
3. Valuation Correction Risk
   : The current stock price has increased significantly, potentially facing short-term adjustments
4. Technology Iteration Risk
   : Rapid iteration of AI technology may affect the competitiveness of existing products

: Cautious Overweight

: JD Health has established systematic competitive advantages in the AI healthcare field, with over 1,500 expert physician agents and the “JD Zhuoyi” product matrix forming effective competitive barriers. The company’s profitability continues to improve, benefiting from the high growth of the AI healthcare industry and policy benefits. However, considering that the current valuation has partially reflected optimistic expectations, it is recommended that investors accumulate positions on dips and hold for the medium to long term.

: $75-85 (based on 35-40x PE of 2026 projected earnings)

---

JD Health’s AI healthcare layout has a clear commercialization path and sustainable competitive advantages. The “AI Jingyi” system has launched over 1,500 expert physician agents, serving over 150 million users with a satisfaction rate of 97%, which proves the feasibility and user value of AI healthcare services [1][2].

From the perspective of commercialization prospects, AI healthcare is in a critical transition period from proof of concept to large-scale implementation. With its comprehensive advantages in supply chain, technology, and user scale, JD Health is expected to occupy a favorable position in the AI Healthcare 3.0 era. Although expert physician agents can form effective competitive barriers in the short term, long-term sustainability still requires continuous observation of technological iteration and regulatory policy evolution.

Against the backdrop of “Artificial Intelligence +” policy benefits and the digital transformation of healthcare, JD Health’s AI healthcare business has medium to long-term investment value. Investors are advised to pay attention to the user growth of the company’s AI healthcare business, the implementation progress in hospitals, and the improvement of profitability.

---

[0] Jinling API - JD Health Market Data and Financial Analysis
[1] Securities Times - “JD Health: The ‘AI Jingyi’ System Has Launched Over 1,500 Expert Physician Agents” (https://finance.sina.com.cn/stock/t/2026-01-17/doc-inhhqxtv4603508.shtml)
[2] ByDrug - “JD Health Launches AI Hospital, How Does the Large Model Support the Closed-Loop of ‘Diagnosis, Testing, Consultation, and Medication’?” (https://bydrug.pharmcube.com/news/detail/1725133a2fbfe4cea60ffc4d0ecd4892)
[3] Sina Finance - “JD Health Launches ‘AI Hospital’ and Upgrades ‘Jingyi Qianxun 2.0’” (https://finance.sina.com.cn/jjxw/2025-09-25/doc-infrtimz8455977.shtml)
[4] Xueqiu - “Analysis of Ali Health, JD Health, and Ping An Good Doctor” (https://xueqiu.com/2411528136/347567478)
[5] OFweek IoT - “Review of Internet Healthcare Market: AI Boosts Reweighting of the Three Giants” (https://mp.ofweek.com/iot/a856714276597)
[6] CHN Healthcare Network - “Analysis of China’s Digital Healthcare Industry Chain in 2025” (https://www.healthcarechn.com/h-nd-2783.html)
[7] Sina Finance - “AI Healthcare Advances to 3.0: Efficiency Revolution and Commercialization Breakthrough Under the Trend of Medical Inclusiveness” (https://finance.sina.com.cn/jjxw/2025-11-29/doc-infyzqqf8411519.shtml)
[8] Sina Finance - “Great Changes in the 2025 Big Health Industry: Battle of User Minds Begins, AI Restructures the Ecosystem, Commercialization Breakthrough Underway” (https://finance.sina.com.cn/jjxw/2025-12-21/doc-inhcpvsm0245990.shtml)