Downside risks: i) regulations; ii) Covid-normalisation; iii) destructive investments; iv) less support from JD Group; and v) fierce competition. Key Factors for Rating Solid core competencies with dedicated 2025 investment schemes. We deem Co. solidifies its leading positions in terms of supply chain capabilities, industry value chain partnerships, AI adoptions, etc. amid out-of-hospital and favourable policies tailwinds. We also expect Co. will firmly execute its 2025 investment schemes and ramp up its pr ...