Goldman Sachs has released research reports, considering that the online medical industry is benefiting from the increase in pharmaceutical penetration and policy support. Therefore, upon reevaluating stock selections, they have upgraded the rating of jd health (06618.HK) from "Neutral" to "Buy", and downgraded the rating of ali health (00241.HK) from "Buy" to "Neutral". This adjustment reflects that jd health has a superior position in prescription and over-the-counter pharmaceuticals, as well as online and offline integration compared to ali health. It is believed that with the expansion of online medical insurance claims, jd health will benefit more, and its profit margin may accelerate next year. Additionally, its current valuation level is more attractive, hence the corresponding target price has been raised from 28 yuan to 33.5 yuan.

Goldman Sachs has also raised next year's revenue and net profit forecasts for jd health by 1% and 2% for 2026. As for the target price of ali health, it has been lowered from 4.4 yuan to 4 yuan. Revenue forecasts for 2024 to 2026 have been reduced by 5%, 7%, and 6%, while net profit forecasts for 2025 to 2026 have been lowered by 7% and 9%. Due to jd health's continuous increase in market share in the overall pharmaceutical and supplement categories, Goldman Sachs believes that its sales will grow relatively faster over the next two years, reaching approximately 13% to 15% growth.