Analysts at Nomura Securities expect JD Health’s performance in the second half of 2025 to exceed market expectations, driven by a surge in demand for pharmaceuticals amid a recent rise in flu cases. Driven by sales growth in the pharmaceuticals, nutritional supplements, and medical devices segments, the company’s revenue for the fourth quarter of 2025 is projected to grow by 22% year-over-year. Meanwhile, improvements in supply chain capabilities and robust growth in high-margin advertising revenue are also expected to drive an increase in the company’s operating margin for the fourth quarter.