# Jd Health International (6618.HK)

Canonical: https://gigainvestors.com/s/6618.HK

Analysis as of: 2026-10-16T07:35:06.989Z. Financial observations: FY2017–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 37.74 per share; close as of 2026-10-15.

Estimated value: low HKD 29.34 per share, central HKD 31.05 per share, high HKD 33.34 per share. Buy at or below the central value HKD 31.05 per share. Valuation as of 2026-10-16T07:35:06.989Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 3

- Operating margin variation: 1.35×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.02×

- FY2021: -0.04×

- FY2022: -0.00×

- FY2023: 0.01×

- FY2024: 0.03×

- FY2025: 0.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 27.1%

- ROIC, second-lowest year: -0.1%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 24.2%

- Recent gross margin (lower of latest and 3-year median): 22.9%

- Years with nonpositive capital: 4

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 29.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 27.1%

- FY2018: 29.3%

- FY2019: >100%

- FY2020: 0.7%

- FY2021: -2.7%

- FY2022: -0.1%

- FY2023: 6.7%

- FY2024: 28.4%

- FY2025: 27.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 11B

- Net income, five-year total: CNY 11B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.1 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.41×

- FY2022: 1.16×

- FY2023: 1.05×

- FY2024: 1.03×

- FY2025: 1.00×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 29.3% vs 27.9%

- Per-share earnings: 0.06 to 1.32 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.1%

- Diluted shares, 5-year annual growth: 7.1%

- Per-share value growth: 68.7%

- Per-share value change: CNY 1.26

- Per-share value, starting three-year median: CNY 0.06

- Per-share value, ending three-year median: CNY 1.32

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 29.3%

- ROIC, last three-year median: 27.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: CNY 0.06

- FY2018: CNY 0.07

- FY2019: CNY -0.37

- FY2020: CNY -7.60

- FY2021: CNY -0.34

- FY2022: CNY 0.12

- FY2023: CNY 0.68

- FY2024: CNY 1.32

- FY2025: CNY 1.68

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.63×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 15.6%

- FY2018: 2.3%

- FY2019: -15.9%

- FY2020: -47.6%

- FY2021: -9.4%

- FY2022: -9.0%

- FY2023: -3.8%

- FY2024: -0.2%

- FY2025: -5.9%

## Holders

## Price story

Down 47% since Dec 2022 · sales +26.3%

Story as of 2026-10-16T10:00:03.686Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

### Sales · FY2024–2025

sales +26.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CNY 5.6B 

- FY2018: CNY 8.2B 

- FY2019: CNY 11B 

- FY2020: CNY 19B 

- FY2021: CNY 31B 

- FY2022: CNY 47B 

- FY2023: CNY 54B 

- FY2024: CNY 58B 

- FY2025: CNY 73B 

### Gross margin · FY2025

gross margin 24.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 24.9% 

- FY2018: 24.2% 

- FY2019: 25.9% 

- FY2020: 25.4% 

- FY2021: 23.5% 

- FY2022: 21.2% 

- FY2023: 22.2% 

- FY2024: 22.9% 

- FY2025: 24.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in pharmaceutical retailers; annual sales are CNY 73.4 billion.

- Source: https://eodhd.com/api/fundamentals/8ZN.F.json#2025-12-31 (filed 2026-10-16T07:35:06.989Z); FY2025: revenue 73441487000; grossProfit 18199162000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 6618.HK: JD Health International Inc., an investment holding company, engages in the operation of an online healthcare platform in the People's Republic of China. It provides online medical consultation, hospital or doctor referral, health check-ups, genetic testing, and beauty care services, as well as internet healthcare, health management, intelligent healthcare, advertising, and technical services. The company also offers home care services, including wound care, blood tests and diagnostics, post-operative care, and medical escort; online medical insurance payment services; and smart healthcare and digital health solutions. In addition, it provides online marketing services to advertisers; and online shopping and hospital services. Further, the company offers smart monitoring and respiratory therapy devices; senior-oriented medical devices; home medical device set-up and support services, including blood glucose meters and oxygen generators; and rapid testing products. Additionally, it provides traditional Chinese medicine (TCM) wellness and professional orthopedic services, as well as operates offline examination and polyclinic centers that offers convenient and professional healthcare services. The company offers pharmaceutical and healthcare products through direct sales, and online marketplace and on-demand retail businesses. It serves pharmaceutical and healthcare product companies. JD Health International Inc. was founded in 2014 and is headquartered in Beijing, the People's Republic of China. JD Health International Inc. is a subsidiary of JD Jiankang Limited.

### Why customers stay

Margins ranged from 22.2% to 24.8% during 2023–25; it earns 27.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/8ZN.F.json#2023-12-31 (filed 2026-10-16T07:35:06.989Z); FY2023: grossProfit / revenue = 22.2%.

- Source: https://eodhd.com/api/fundamentals/8ZN.F.json#2024-12-31 (filed 2026-10-16T07:35:06.989Z); FY2024: grossProfit / revenue = 22.9%.

- Source: https://eodhd.com/api/fundamentals/8ZN.F.json#2025-12-31 (filed 2026-10-16T07:35:06.989Z); FY2025: grossProfit / revenue = 24.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.989Z); 9-year return on capital observations [[2017,0.2714541823212843],[2018,0.2928157657344709],[2019,1.000001],[2020,0.007060412389461827],[2021,-0.026935627867737344],[2022,-0.0006780109355211194],[2023,0.06677202992862999],[2024,0.28401824600151554],[2025,0.27931794934286414]]; median 0.2714541823212843. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.989Z); FY2017: growth capex 0; upkeep 8623000; owner earnings 172998000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.989Z); FY2018: growth capex 0; upkeep 2416000; owner earnings 218777000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8ZN.F.json#2022-12-31 (filed 2026-10-16T07:35:06.989Z); FY2022: growth capex 0; upkeep 40160000; cash acquisitions 3000000; owner earnings 440739000. Growth capex plus acquisitions / owner earnings = 0.006806749572876464.

- Source: https://eodhd.com/api/fundamentals/8ZN.F.json#2023-12-31 (filed 2026-10-16T07:35:06.989Z); FY2023: growth capex 0; upkeep 69333000; cash acquisitions 0; owner earnings 2257015200. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8ZN.F.json#2024-12-31 (filed 2026-10-16T07:35:06.989Z); FY2024: growth capex 0; upkeep 46355000; cash acquisitions 825000; owner earnings 4278505400. Growth capex plus acquisitions / owner earnings = 0.00019282434468821753.

- Source: https://eodhd.com/api/fundamentals/8ZN.F.json#2025-12-31 (filed 2026-10-16T07:35:06.989Z); FY2025: growth capex 0; upkeep 151009000; cash acquisitions 0; owner earnings 5377181600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.989Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 68.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 6618.HK SharesStats.PercentInsiders = 68.202 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.989Z); Ten-year compound average after fade. Initial solved rate 0.06933388024277509. Price 37.74; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2020-12: HKD 150.00 per share

- 2021-01: HKD 152.60 per share

- 2021-02: HKD 141.80 per share

- 2021-03: HKD 111.50 per share

- 2021-04: HKD 121.00 per share

- 2021-05: HKD 103.30 per share

- 2021-06: HKD 111.30 per share

- 2021-07: HKD 83.45 per share

- 2021-08: HKD 72.30 per share

- 2021-09: HKD 75.10 per share

- 2021-10: HKD 68.90 per share

- 2021-11: HKD 68.00 per share

- 2021-12: HKD 61.45 per share

- 2022-01: HKD 62.35 per share

- 2022-02: HKD 57.90 per share

- 2022-03: HKD 48.10 per share

- 2022-04: HKD 50.55 per share

- 2022-05: HKD 49.95 per share

- 2022-06: HKD 61.55 per share

- 2022-07: HKD 59.50 per share

- 2022-08: HKD 54.65 per share

- 2022-09: HKD 45.10 per share

- 2022-10: HKD 43.05 per share

- 2022-11: HKD 68.10 per share

- 2022-12: HKD 71.35 per share

- 2023-01: HKD 64.80 per share

- 2023-02: HKD 54.75 per share

- 2023-03: HKD 58.40 per share

- 2023-04: HKD 56.25 per share

- 2023-05: HKD 48.25 per share

- 2023-06: HKD 49.45 per share

- 2023-07: HKD 56.30 per share

- 2023-08: HKD 42.30 per share

- 2023-09: HKD 40.60 per share

- 2023-10: HKD 35.55 per share

- 2023-11: HKD 37.25 per share

- 2023-12: HKD 39.10 per share

- 2024-01: HKD 25.60 per share

- 2024-02: HKD 29.80 per share

- 2024-03: HKD 27.70 per share

- 2024-04: HKD 27.15 per share

- 2024-05: HKD 26.15 per share

- 2024-06: HKD 21.25 per share

- 2024-07: HKD 21.75 per share

- 2024-08: HKD 23.55 per share

- 2024-09: HKD 35.00 per share

- 2024-10: HKD 27.80 per share

- 2024-11: HKD 28.35 per share

- 2024-12: HKD 28.10 per share

- 2025-01: HKD 32.05 per share

- 2025-02: HKD 33.80 per share

- 2025-03: HKD 33.15 per share

- 2025-04: HKD 37.10 per share

- 2025-05: HKD 40.15 per share

- 2025-06: HKD 43.00 per share

- 2025-07: HKD 50.30 per share

- 2025-08: HKD 62.80 per share

- 2025-09: HKD 66.50 per share

- 2025-10: HKD 60.70 per share

- 2025-11: HKD 61.10 per share

- 2025-12: HKD 55.50 per share

- 2026-01: HKD 63.25 per share

- 2026-02: HKD 56.75 per share

- 2026-03: HKD 47.06 per share

- 2026-04: HKD 45.36 per share

- 2026-05: HKD 38.40 per share

- 2026-06: HKD 32.84 per share

- 2026-07: HKD 39.40 per share

- 2026-08: HKD 36.50 per share

- 2026-09: HKD 36.00 per share

- 2026-10: HKD 37.74 per share

## Annual estimated value (HKD per share)

- FY2024: low HKD 20.81 per share, central HKD 21.11 per share, high HKD 21.52 per share

- FY2025: low HKD 29.55 per share, central HKD 31.26 per share, high HKD 33.54 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:52.629Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.