FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 阿里健康信息技術有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00241 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 16,123,953,865 | | 0 | | 16,123,953,865 | | 增加 / 減少 (-) | | | 718,125 | | | | | | 本月底結存 | | | 16,124,671,990 | | 0 | | 16,124,671,990 | 第 2 頁 共 11 頁 v 1.1 ...

在最近有统计数据的5个交易日内，沧港铁路(02169)、大眾公用(01635)、中创新航(03931)港股通持股占 比增加值最大，分别增加20.77%、7.73%、3.41%；山东墨龙(00568)、中创智领(00564)、京城机电股份 (00187)港股通持股占比减少值最大，分别减少-2.83%、-2.63%、-2.56%。 智通财经APP获悉，根据2025年10月6日披露数据，安硕恆生科技(03067)、华夏恆生科技(03088)、美高 梅中国(02282)港股通持股占比增加值最大，分别增加0.02%、0.02%、0.01%；南方恆生科技(03033)、 恆生科技ETF(03032)、华夏恆生生科(03069)港股通持股占比减少值最大，分别减 少-0.28%、-0.20%、-0.06%。 具体数据如下(交易所数据根据T+2日结算)： 公司名称 占比值变动 最新持股比例 沧港铁路(02169) +20.77% 43.11% 大眾公用(01635) +7.73% 67.37% 中创新航(03931) +3.41% 17.08% 网龙(00777) +3.34% 12.78% 金风科技(02208) +3.11 ...

Core Insights - Xinda Biopharmaceutical Group's product, Masitide Injection, has received approval for a new indication for blood sugar control in adult patients with type 2 diabetes [1] - The drug has become one of the fastest-growing GLP-1 products since its launch on Alibaba Health in July [1] - Masitide is the world's first approved GCG/GLP-1 dual receptor agonist for type 2 diabetes, addressing key pathogenic mechanisms and providing additional benefits such as weight loss and improvements in cardiovascular, liver enzyme, and kidney metabolism [1] Company Developments - The newly approved Masitide injection pen features significant improvements in convenience and safety, including a hidden needle design to reduce injection anxiety and a single-use mechanism to prevent cross-contamination [1] - The injection pen utilizes innovative X-section technology for a smoother, painless injection experience, enhancing patient comfort and compliance [1] Industry Trends - Alibaba Health leverages its digital ecosystem to provide comprehensive services for new specialty drugs, including market launch, patient education, online consultations, and drug delivery [2] - The company offers customized temperature-controlled logistics solutions for GLP-1 products requiring 2-8°C cold chain distribution, ensuring compliance and safety in drug storage and delivery [2] - Alibaba Health aims to continue its role as a launch platform for innovative drugs, utilizing data technology and ecosystem resources to enhance drug accessibility [2]

中信证券发布研报称，国家医保局强化药店医保基金使用审查力度，阿里健康(00241)医药电商主业有 望深度受益药品零售线上化迁移趋势；同时在此过程中，公司追溯码业务能够提供核心技术支撑。公司 正在稳步推进"氢离子"医学问答平台测试工作，AI在医药搜推等场景应用改善服务体验、提升经营效 率。维持"增持"评级。 ...

智通财经APP获悉，中信证券发布研报称，国家医保局强化药店医保基金使用审查力度，阿里健康 (00241)医药电商主业有望深度受益药品零售线上化迁移趋势；同时在此过程中，公司追溯码业务能够 提供核心技术支撑。公司正在稳步推进"氢离子"医学问答平台测试工作，AI在医药搜推等场景应用改善 服务体验、提升经营效率。维持"增持"评级。 ...

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

Group 1 - The core viewpoint of the article is that the prescription drug sector is driving accelerated growth in online pharmacy revenues in China this year [1] - JD Health (06618) projects a year-on-year revenue growth of approximately 20% and an adjusted net profit growth of 15% for this year [1] - Alibaba Health (00241) forecasts a year-on-year revenue growth of 10% to 15% and an adjusted net profit growth of 20% to 30% for the fiscal year ending March 2026 [1] Group 2 - The report indicates that strong sales of original manufacturer drugs in the second half of the year suggest potential upward pressure on profitability [1] - Despite high online penetration rates in most retail categories, the pharmaceutical sector has the greatest growth potential online [1]

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

该行相信与淘宝快电商的协同效应仍是9月底止现财年上半年重点，具体而言包括用户及订单量增长， 潜在投资规模及形式，补贴正常化后用户流失。该行上调对阿里健康现财年及下财年收入预测各4%， 反映与淘宝快电商在用户流量及整体总交易额协同效应，并上调现财年及下财年经调整每股盈利预测分 别3%及4%，反映淘宝对快电商高补贴带来的市场推广节省，部分被业务协作造成的投资抵销。 摩根大通发布研报称，阿里健康(00241)股价在5月公布2025财年业绩后累涨约27%，超越同业8个百分 点。该行认为主要因为投资者对最近处方药在线零售销售政策更新的正面反应，目标价由5港元上调至 6.5港元，相当于预测现财年市销率2.5倍，维持"中性"评级。鉴于这基本上是一项指引，与现有政策没 有实质差异，认为其影响更多体现在情绪层面。 ...

Group 1 - Morgan Stanley reports that Alibaba Health's stock price has increased by approximately 27% since the announcement of its fiscal year 2025 results, outperforming peers by 8 percentage points [1] - The increase in stock price is attributed to positive investor reactions to recent updates in online retail sales policies for prescription drugs, leading to a target price adjustment from HKD 5 to HKD 6.5, reflecting a projected price-to-sales ratio of 2.5 times for the current fiscal year [1] - The report suggests that the impact of the policy update is more emotional than substantive, as it does not differ significantly from existing policies [1] Group 2 - The synergy with Taobao's fast e-commerce is expected to be a key focus for the first half of the current fiscal year ending in September, particularly in terms of user and order growth, potential investment scale, and user retention post-subsidy normalization [1] - Revenue forecasts for Alibaba Health for the current and next fiscal years have been raised by 4%, reflecting the collaborative effects with Taobao's fast e-commerce on user traffic and overall transaction volume [1] - Adjusted earnings per share forecasts for the current and next fiscal years have been increased by 3% and 4% respectively, due to savings from market promotion costs associated with high subsidies from Taobao, partially offset by investment from business collaboration [1]