目前，阿里健康大药房在售的玛巴洛沙韦（速福达）价格为235元（20毫克*2片/盒）。 1月5日，相关产品搜索需求量环比增长超过200%。 在淘宝搜索可见，目前，速福达、奥司他韦等药品平台均有现货在售。 财联社1月6日电，阿里健康大药房方面的数据显示，最近两周，玛巴洛沙韦、奥司他韦等相关药品搜 索、需求量持续增长。 ...

Financial Performance - Total revenue increased to RMB 14,273.7 million, a year-on-year growth of 10.2%[17] - Net profit rose to RMB 769.0 million, a year-on-year increase of 72.8%[17] - Revenue for the period reached RMB 14,273,724,000, a 10.2% increase compared to the same period last year, driven by steady growth in pharmaceutical self-operated and healthcare e-commerce platform businesses[50] - Gross profit increased by 23.2% to RMB 3,533,765,000, with gross margin rising from 22.1% to 24.8%[49] - Net profit for the period surged 72.8% to RMB 769,048,000, while adjusted net profit grew 52.2% to RMB 977,582,000[49] - Revenue from the pharmaceutical e-commerce platform business reached RMB 1,710,492,000, a year-on-year increase of 67.5%[55] - Revenue from the healthcare and digital services business decreased by 9.4% to RMB 442,366,000[56] - Gross profit increased by 23.2% to RMB 3,533,765,000, with a gross margin of 24.8%, up 2.7 percentage points[57] - Adjusted net profit increased to RMB 977,582,000, up from RMB 642,473,000 in the same period last year[73] - Revenue for the six months ended September 30, 2024, reached RMB 14,273,724 thousand, a 10.2% increase compared to RMB 12,956,000 thousand in the same period in 2023[194] - Gross profit increased to RMB 3,533,765 thousand in 2024, up 23.2% from RMB 2,868,668 thousand in 2023[194] - Profit before tax rose significantly to RMB 821,069 thousand in 2024, a 70.6% increase from RMB 481,271 thousand in 2023[194] - Net profit attributable to owners of the parent company increased to RMB 768,953 thousand in 2024, up 72.4% from RMB 445,891 thousand in 2023[194] - Basic earnings per share for the parent company's ordinary shareholders were RMB 4.79 cents in 2024, compared to RMB 3.30 cents in 2023[194] Platform Growth and User Metrics - Annual active consumers on the Taotian Medical Health Platform exceeded 300 million[17] - GMV on the Tmall Health Platform achieved high-quality and stable growth, with online product numbers increasing by over 20% to 78 million SKUs[17] - Number of merchants on the Tmall Health Platform grew by over 25% to more than 40,000[17] - The number of SKUs on the Tmall Health platform increased by over 20% to 78 million, and the number of merchants served grew to over 40,000 as of September 30, 2024[23] - Tmall Health platform's annual active consumers exceeded 300 million, with GMV achieving high-quality and stable growth over the past six months[23] Pharmaceutical Business - Revenue from the pharmaceutical self-operated business reached RMB 12,120.9 million, a year-on-year increase of 5.9%[17] - SKUs under the self-operated business grew by 6.1% to 810,000[17] - The company's self-operated pharmaceutical business revenue reached RMB 12,120.9 million, a year-on-year increase of 5.9%, with SKUs growing by 6.1% to 810,000[28] - Pharmaceutical self-operated business revenue reached RMB 12,120,866,000, a 5.9% year-on-year increase[51] Healthcare Professionals and Services - Number of contracted healthcare professionals providing online health consultation services exceeded 230,000, an increase of nearly 20,000 compared to the previous fiscal half-year[17] - The number of registered physicians, pharmacists, and nutritionists providing online health consultation services exceeded 230,000, an increase of over 20,000 compared to the previous fiscal year[30] Digital and AI Initiatives - The company plans to leverage digital technology and operational capabilities to provide efficient and secure medical health services, focusing on "cloud infrastructure," "cloud pharmacy," and "cloud hospital"[21] - The medical AI model improved search conversion efficiency and user experience in the pharmaceutical e-commerce sector[38] - The company will continue to explore AI applications in e-commerce and medical fields, focusing on cloud infrastructure and service innovation[45] Operational Expenses - Fulfillment expenses increased to RMB 1,265,604,000, accounting for 10.4% of pharmaceutical self-operated business revenue, down 0.5 percentage points[61] - Sales and marketing expenses rose by 12.8% to RMB 980,698,000, representing 6.9% of total revenue[62] - Product development expenses decreased slightly to RMB 319,221,000, accounting for 2.2% of total revenue[64] - Operating expenses, including fulfillment, sales and marketing, administrative, and product development, totaled RMB 2,749,346 thousand in 2024, compared to RMB 2,607,029 thousand in 2023[194] Cash Flow and Investments - Cash and cash equivalents decreased to RMB 7,442,897 thousand as of September 30, 2024, from RMB 9,553,110 thousand as of March 31, 2024[82] - Net cash generated from operating activities was RMB 562,160 thousand for the six months ended September 30, 2024, down from RMB 910,177 thousand in the same period in 2023[83] - Net cash used in investing activities was RMB 733,871 thousand, primarily due to long-term fixed deposits and financial asset purchases[88] - Net cash used in financing activities was RMB 38,693 thousand, mainly due to lease principal payments and share repurchases[89] - The company had no borrowings as of September 30, 2024, resulting in a capital gearing ratio of 0[90] Employee and Shareholder Information - Total employee costs for the six months ended September 30, 2024, were RMB 533.1 million, down from RMB 571.2 million in the same period in 2023[98] - The company had 1,422 full-time employees as of September 30, 2024, compared to 1,435 as of March 31, 2024[98] - The company adopted the 2024 Share Incentive Plan on August 30, 2024, to align with the 2014 Share Incentive Plan[99] - The company maintains a robust liquidity position and closely monitors its liquidity structure to meet funding needs[96] - The company's short-term investments measured at fair value through profit or loss amounted to approximately RMB 290.8 million as of September 30, 2024 (balance as of March 31, 2024: none)[103] - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures were made during the reporting period[104] - The company has no future plans for significant investments or capital assets as of the report date[105] - The Board of Directors resolved not to declare an interim dividend for the six months ended September 30, 2024 (six months ended September 30, 2023: none)[106] Corporate Governance and Shareholder Structure - The company adopted the Corporate Governance Code and believes that effective corporate governance practices are essential to protect the rights and interests of shareholders and other stakeholders and to enhance shareholder value[176] - The company's interim report for the reporting period was reviewed by the audit committee and the independent auditor Ernst & Young, with no objections to the accounting treatment methods adopted by the company[182] - The independent review report by Ernst & Young concluded that there were no issues indicating that the interim financial information was not prepared in accordance with Hong Kong Accounting Standard 34[191] - Alibaba Group Holding Limited holds a 63.83% stake in the company with 10,271,540,755 shares[156] - Perfect Advance Holding Limited and Alibaba Investment Limited each hold a 19.29% stake with 3,103,816,661 shares[156] - Ali JK Nutritional Products Holding Limited holds a 28.34% stake with 4,560,785,407 shares[156] - Taobao Holding Limited holds a 15.90% stake with 2,558,222,222 shares[156] - The company issued 2,558,222,222 new ordinary shares to Taobao Holding Limited as part of a share purchase agreement completed on January 17, 2024[160] Share Incentive Plans and Stock Options - The company adopted the 2024 Share Incentive Plan on August 30, 2024, to align with the 2014 Share Incentive Plan[99] - As of September 30, 2024, a total of 1,605,125,926 shares and 160,917,362 shares (representing approximately 9.97% and 1.00% of the company's total issued shares, excluding treasury shares) were available for grant under the 2024 Share Award Plan[117] - The ratio of shares issuable under the 2014 and 2024 Share Award Plans during the reporting period to the weighted average number of issued shares (excluding treasury shares) was 0.51%[117] - Total stock options granted and unexercised as of September 30, 2024, amount to 4,661,450 shares[120] - Total restricted stock units granted and unvested as of September 30, 2024, amount to 1,420,750 shares[120] - Stock options granted to Mr. Shen Gaifan total 4,661,450 shares, with exercise prices ranging from 3.72 to 18.212 HKD[120] - Restricted stock units granted to Mr. Shen Gaifan total 1,420,750 shares, with vesting periods spanning four years from their respective grant dates[120] - Stock options granted to Mr. Tu Jianfeng total 751,250 shares, with exercise prices ranging from 4.92 to 19.94 HKD[120] - Restricted stock units granted to Mr. Tu Jianfeng total 836,700 shares, with vesting periods spanning four years from their respective grant dates[120] - The total number of stock options and restricted stock units granted under the 2014 Share Award Plan is 6,092,700 shares[120] - The total number of restricted stock units granted under the 2014 Share Award Plan is 2,257,450 shares[120] - The total number of stock options granted under the 2014 Share Award Plan is 3,835,250 shares[120] - The total number of stock options and restricted stock units granted to both Mr. Shen Gaifan and Mr. Tu Jianfeng is 7,670,150 shares[120] - 2,900,000 stock options granted to Mr. Zhu Shunyan on June 15, 2020, with an exercise price of 19.540 yuan[122] - 421,250 stock options granted on June 15, 2021, with an exercise price of 18.212 yuan[122] - 1,290,125 stock options granted on June 15, 2022, with an exercise price of 4.920 yuan[122] - 1,381,250 stock options granted on June 15, 2023, with an exercise price of 5.160 yuan[122] - 1,741,500 stock options granted on June 14, 2024, with an exercise price of 3.720 yuan[122] - 125,000 restricted stock units granted on June 15, 2020[122] - 112,334 restricted stock units granted on June 15, 2021, with 28,083 units vested and 84,251 units remaining[122] - 430,041 restricted stock units granted on June 15, 2022, with 86,009 units vested and 344,032 units remaining[122] - 552,500 restricted stock units granted on June 15, 2023, with 92,084 units vested and 460,416 units remaining[122] - 696,600 restricted stock units granted on June 14, 2024[122] - 753,750 share options were granted on June 15, 2021, with an exercise price of HKD 18.212[125] - 750,000 share options were granted on March 15, 2022, with an exercise price of HKD 4.240[125] - 3,857,344 share options were granted on June 15, 2022, with an exercise price of HKD 4.920, and 88,594 options were exercised during the reporting period[125] - 3,222,750 share options were granted on June 15, 2023, with an exercise price of HKD 5.160, and 449,437 options were canceled during the reporting period[125] - 2,527,500 share options were granted on September 15, 2023, with an exercise price of HKD 4.680, and 1,895,625 options were canceled during the reporting period[125] - 207,900 share options were granted on December 15, 2023, with an exercise price of HKD 4.380[125] - 2,130,500 restricted share units were granted on June 15, 2020, with 64,000 units canceled and 2,066,500 units vested during the reporting period[125] - 40,050,636 restricted share units were granted on June 15, 2023, with 16,650 units exercised and 3,521,175 units canceled during the reporting period[125] - The weighted average fair value of share options granted on June 14, 2024, was HKD 1.87 per share[130] - The fair value of restricted share units granted on June 14, 2024, was HKD 3.50 per share, based on the market value of the company's shares on the grant date[132] - The weighted average closing price of shares before the exercise of share options and the vesting of restricted share units was HKD 4.12 and HKD 3.41, respectively[135] - A total of 4,047,700 restricted share units were granted on September 13, 2024, with a vesting period ranging from one to four years[136] - The fair value of restricted share units granted on September 13, 2024, was HKD 2.79 per share, determined based on the market value of the company's shares on the grant date[137] Directors and Shareholdings - Zhu Shunyan was re-designated from an executive director to a non-executive director, effective September 1, 2024[109] - Huang Yifei was appointed as a member of the Steering Committee for the "Industry-Academia-Research 1+ Program" starting November 2024[109] - Shao Rong serves as an independent director of Shanghai Innostar Biotech Co., Ltd., which successfully listed on the Shanghai Stock Exchange STAR Market on September 3, 2024 (stock code: 688710)[114] - Shen Difan, a director, holds 7,520,468 shares, representing approximately 0.05% of the company's total issued shares[144] - Tu Yanwu, a director, holds 2,398,278 shares, representing approximately 0.01% of the company's total issued shares[144] - Zhu Shunyan, a director, holds 10,783,913 shares, representing approximately 0.07% of the company's total issued shares[144] - The company's total issued shares as of September 30, 2024, were 16,091,826,264[146] - Shen Difan holds 142,576 shares in Alibaba Group, representing approximately 0.00% of its total issued shares[149] - Zhu Shunyan holds 2,847,432 shares in Alibaba Group, representing approximately 0.01% of its total issued shares[149] - Alibaba Group's total issued shares as of September 30, 2024, were 19,159,821,492[152] Comprehensive Income and Other Financial Metrics - Other comprehensive income for the period totaled a loss of RMB 110,965 thousand in 2024, compared to a gain of RMB 385,669 thousand in 2023[197] - Total comprehensive income for the period was RMB 658,083 thousand in 2024, a decrease of 20.8% from RMB 830,812 thousand in 2023[197] - Exchange differences on translating financial statements of subsidiaries with non-RMB functional currencies resulted in a gain of RMB 13,481 thousand in 2024, compared to a loss of RMB 208,011 thousand in 2023[197] - Fair value changes on equity investments measured at fair value through other comprehensive income resulted in a loss of RMB 8,739 thousand in 2024, compared to a loss of RMB 12,837 thousand in 2023[197] Capital and Share Issuance - The company raised approximately HKD 10,000.0 million through a share placement in August 2020, with net proceeds of HKD 9,964.2 million[169] - The placement shares were issued at HKD 20.05 per share, representing a discount of 8.03% to the closing price on August 4, 2020[168] - The company had no treasury shares as of September 30, 2024[164] - The net proceeds from the placement for the development of the group's pharmaceutical and health products omnichannel business and medical health services business are approximately HKD 7,971.4 million to HKD 8,967.8 million, with HKD 7,424.2 million already utilized and HKD 645.4 million used, leaving HKD 0 to HKD 898.2 million unused, expected to be utilized by October 1, 2024, to March 31, 2027[174] - The net proceeds from the placement for further development of the group's digital infrastructure and innovation business are approximately HKD 996.4 million to HKD 1,992.8 million, with HKD 1,092.1 million already utilized and HKD 129.3 million used, leaving HKD 0 to HKD 771.4 million unused, expected to be utilized by October 1, 2024, to March 31, 2027[174] - The company did

[Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$3.55 目标价 HK$5.42 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$57.13bn / US$7.34bn 日交易额 (3 个月均值) US$43.64mn 发行股票数目 16,092mn 自由流通股 (%) 31% 1 年股价最高最低值 HK$6.15-HK$2.61 注：现价 HK$3.55 为 2024 年 11 月 22 日收盘价 1mth 3mth 12mth 绝对值 -9.9% 17.9% -24.0% 绝对值（美元） -10.0% 18.1% -23.9% 相对 MSCI China -2.9% 8.6% -31.8% [Table_Profit] Rmb mn Mar-23A Mar-24A Mar-25E Mar-26E Revenue 26,763 27,027 29,777 32,795 Revenue (+/-) 30% ...

证券时报网讯，摩根士丹利在阿里健康公布上半财年业绩后，微调其目标价至5港元，维持"增持"评 级。 该行预计阿里健康在2025至2027财年的营收增长率将分别为11%、10%和10%，IFRS净利润率将达到 5.3%、6.7%和8%，预计未来三年IFRS净利润年均复合增长率为35%。 校对：杨舒欣 ...

证券研究报告 | 2024年11月15日 阿里健康（00241.HK） 优于大市 FY2025H1 财报点评：收入利润稳健增长，平台业务发展良好 收入端：FY2025H1 公司营业收入 143 亿元，同比增长 10%，主要受益于 医药平台业务的较快增长。分拆看，1）报告期内公司医药自营收入 121 亿元，同比增长 6%，公司不断优化自营品类结构，增加非药自营业务占 比；2）电商平台服务收入 17 亿元，同比增长 68%，主要受益于年初健 康类目广告业务的注入以及广告和平台协同提效；3）医疗健康及数字 化服务业务收入 4.4 亿元，同比下降 9%。 利润端：报告期内公司经调整净利率从去年同期 5.0%上升为 6.8%，毛利率 从去年同期 22.1%提升至 24.8%，主要原因是公司产品结构向毛利更高的保 健器械类目调整和供应链降本增效。1）履约费率从去年同期的 9.6%回落至 8.9%，占自营收入比例从 10.9%降至 10.4%，履约后毛利率同比提升 3.4pct； 2）销售费率从 6.7%升至 6.9%，公司管理层透露，未来目标为稳步提升平台 业务市场份额，在投入上有纪律，我们预计公司销售费率未来上调幅度有 ...

Revenue and Profit Growth - Total revenue increased to RMB 14,273.7 million, up 10.2% year-over-year[2] - Net profit rose to RMB 769.0 million, a 72.8% increase year-over-year[2] - Adjusted net profit reached RMB 977.6 million, up 52.2% year-over-year[2] - Revenue for the period reached RMB 14,273,724,000, a 10.2% increase compared to the same period last year, driven by steady growth in pharmaceutical self-operated and e-commerce platform businesses[23] - Adjusted net profit increased by 52.2% to RMB 977,582,000, reflecting strong operational performance[22] - Revenue increased to RMB 14,273,724 thousand in 2024 from RMB 12,956,000 thousand in 2023, representing a growth of approximately 10.2%[51] - Gross profit rose to RMB 3,533,765 thousand in 2024, up from RMB 2,868,668 thousand in 2023, reflecting a 23.2% increase[51] - Net profit attributable to the parent company's owners increased to RMB 768,953 thousand in 2024 from RMB 445,891 thousand in 2023, a significant growth of 72.5%[51] - Adjusted net profit increased to RMB 977,582,000, driven by growth in self-operated pharmaceutical business and operational efficiency improvements[37] Pharmaceutical Business Performance - Pharmaceutical e-commerce platform revenue surged 67.5% to RMB 1,710.5 million[2] - Self-operated pharmaceutical business revenue reached RMB 12,120.9 million, up 5.9% year-over-year[2] - SKUs under self-operated business grew 6.1% to 810,000[2] - The company's self-operated pharmaceutical business revenue reached RMB 12,120.9 million, a year-on-year increase of 5.9%, with SKUs growing by 6.1% to 810,000[11] - Pharmaceutical self-operated business revenue grew by 5.9% to RMB 12,120,866,000, attributed to expanded product categories and improved user experience[24][25] - Pharmaceutical e-commerce platform business revenue surged by 67.5% to RMB 1,710,492,000, driven by platform expansion and enhanced service offerings[26] - Revenue from pharmaceutical self-operated business reached RMB 12,120,866 thousand, an increase from RMB 11,446,663 thousand in the same period last year[64] - Revenue from pharmaceutical e-commerce platform business grew to RMB 1,710,492 thousand, up from RMB 1,021,241 thousand in the previous year[64] Platform and User Growth - Annual active consumers on the Taotian medical health platform exceeded 300 million[2] - GMV on Tmall Health platform grew steadily, with online SKUs increasing over 20% to 78 million[2] - Number of merchants served increased by over 25% to more than 40,000[2] - The number of SKUs on the Tmall Health platform increased by over 20% to 78 million, and the number of merchants served grew to over 40,000[9] - Tmall Health platform's annual active consumers exceeded 300 million, with GMV achieving high-quality and stable growth over the past six months[9] Healthcare Services and Innovation - Number of contracted healthcare professionals providing online consultation services exceeded 230,000, an increase of over 20,000 from the previous year[3] - The number of registered physicians, pharmacists, and nutritionists providing online health consultation services exceeded 230,000, an increase of over 20,000 compared to the previous fiscal year[13] - The revenue from healthcare and digital services decreased by 9.4% to RMB 442.4 million, while certain innovative businesses like Xiaolu TCM maintained stable growth[13] - The Xiaolu TCM business saw a nearly 3x year-on-year increase in orders for products like herbal paste and Sanfu patches[14] - The company launched the "New Product Explosion Plan," investing 10x resources to support 100 health-related new products, with tailored strategies for 10 key products[10] - The company collaborated with leading brands to launch innovative products, such as low-concentration atropine eye drops for children and oral contraceptives for women[11] - Revenue from healthcare and digital services decreased by 9.4% to RMB 442,366,000[27] - Revenue from healthcare and digital services business decreased to RMB 442,366 thousand from RMB 488,096 thousand in the same period last year[64] Strategic Initiatives and Partnerships - The "Ma Shang Fang Xin" traceability platform has established deep partnerships with over 600 leading pharmaceutical companies[16] - The company plans to expand its "Cloud Pharmacy," "Cloud Hospital," and "Cloud Infrastructure" strategies, aiming to serve 500 million users within five years[21] - The "Hearing Aid Action 2024" initiative aims to establish 25 community hearing test points by November 2024, targeting over 200,000 community users[19] - The rare disease care platform expanded from 2 to 17 rare diseases, serving over 1,000 patients and allocating RMB 7.43 million in donations[18] - The company continues to invest in AI and big data models to enhance user experience and search efficiency in the medical e-commerce sector[17] Financial Metrics and Expenses - Gross profit increased by 23.2% to RMB 3,533,765,000, with gross margin rising to 24.8% from 22.1%[22] - Fulfillment expenses increased by RMB 16,796,000 to RMB 1,265,604,000, but the ratio to self-operated pharmaceutical revenue decreased to 10.4% from 10.9%[29] - Sales and marketing expenses increased by 12.8% to RMB 980,698,000, accounting for 6.9% of total revenue[30] - Administrative expenses increased by 7.9% to RMB 182,867,000, maintaining a stable ratio of 1.3% of total revenue[31] - Product development expenses decreased slightly by RMB 93,000 to RMB 319,221,000, with the ratio to total revenue dropping to 2.2% from 2.5%[32] - Other income and gains decreased to RMB 326,586,000, mainly due to reduced investment disposal gains[33] - Other expenses and losses increased significantly to RMB 267,956,000, primarily due to impairment losses on investments in associates[34] - Loss from a joint venture amounted to RMB 9,982,000, compared to a profit of RMB 1,588,000 in the same period last year[35] - Gross profit increased by 23.2% to RMB 3,533,765,000, with gross margin rising to 24.8% from 22.1%[28] - Other income and gains totaled RMB 326,586 thousand, a slight decrease from RMB 336,078 thousand in the same period last year[66] - Pre-tax profit was impacted by a financial asset impairment loss of RMB 11,221 thousand, compared to a reversal of RMB 2,415 thousand in the previous year[69] - Employee benefit expenses, including salaries and bonuses, amounted to RMB 533,110 thousand, down from RMB 572,590 thousand in the same period last year[69] - Total tax expense for the six months ended September 30, 2024, was RMB 52,021 thousand, compared to RMB 36,128 thousand for the same period in 2023[70] Cash Flow and Financial Position - Cash and cash equivalents decreased to RMB 7,442,897,000 as of September 30, 2024, from RMB 9,553,110,000 as of March 31, 2024[40] - Net cash generated from operating activities was RMB 562,160,000 for the six months ended September 30, 2024, compared to RMB 910,177,000 for the same period in 2023[40] - Net cash used in investing activities was RMB 733,871,000, primarily due to long-term fixed deposits of RMB 2,601,554,000 and purchases of financial assets at fair value through profit or loss of RMB 2,090,000,000[42] - Net cash used in financing activities was RMB 38,693,000, mainly due to lease principal payments of RMB 16,105,000 and share repurchases of RMB 22,928,000[43] - The company had no borrowings as of September 30, 2024, resulting in no gearing ratio[44] - Total employee costs were RMB 533.1 million for the six months ended September 30, 2024, compared to RMB 571.2 million for the same period in 2023[47] - The company had 1,422 full-time employees as of September 30, 2024, down from 1,435 as of March 31, 2024[47] - The company did not declare an interim dividend for the six months ended September 30, 2024[50] - Short-term investments at fair value through profit or loss were approximately RMB 290.8 million as of September 30, 2024, compared to none as of March 31, 2024[49] - The company did not make any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[49] - Total comprehensive income for the period was RMB 658,083 thousand in 2024, compared to RMB 830,812 thousand in 2023, showing a decrease of 20.8%[52] - Non-current assets increased to RMB 8,354,690 thousand in 2024 from RMB 6,193,100 thousand in 2023, a growth of 34.9%[53] - Current assets decreased to RMB 11,913,886 thousand in 2024 from RMB 13,512,237 thousand in 2023, a decline of 11.8%[53] - Total equity attributable to the parent company's owners increased to RMB 15,172,358 thousand in 2024 from RMB 14,503,378 thousand in 2023, reflecting a 4.6% growth[54] - The company's cash and cash equivalents decreased to RMB 7,442,897 thousand in 2024 from RMB 9,553,110 thousand in 2023, a reduction of 22.1%[53] - Long-term fixed deposits increased significantly to RMB 3,085,190 thousand in 2024 from RMB 694,000 thousand in 2023, a growth of 344.5%[53] - The company's total liabilities decreased to RMB 5,019,078 thousand in 2024 from RMB 5,187,733 thousand in 2023, a reduction of 3.2%[54] Corporate Governance and Reporting - The company's board of directors approved the interim financial statements on November 13, 2024[78] - The company has adopted corporate governance practices in line with the Corporate Governance Code, with the exception of providing monthly updates to the board, which are provided as needed[79] - During the reporting period, the company did not purchase, redeem, or sell any of its listed securities, except for the acquisition of 7,934,000 shares under the 2014 Share Award Plan[81] - No significant changes in the company's financial position since the annual report as of March 31, 2024[83] - The interim results for the reporting period have been reviewed by the Audit Committee and the independent auditor, Ernst & Young, with no objections to the accounting methods[84] - The interim report will be published on the Hong Kong Stock Exchange website (www.hkex.com.hk) and the company's website (www.irasia.com/listco/hk/alihealth), and will be sent to shareholders in due course[85] Tax and Regulatory Compliance - The company's mainland China entities are subject to a corporate income tax rate of 25%, with two subsidiaries enjoying a preferential tax rate of 15% due to their status as high-tech enterprises, and one subsidiary in Hainan Free Trade Port also benefiting from a 15% tax rate[71] - The company did not declare an interim dividend for the six months ended September 30, 2024, consistent with the same period in 2023[72] - Basic earnings per share for the six months ended September 30, 2024, were calculated based on a profit attributable to ordinary shareholders of RMB 768,953 thousand and a weighted average number of ordinary shares of 16,064,987,934[73] - The company acquired property and equipment with a total cost of RMB 3,114 thousand and sold property and equipment with a net book value of RMB 407 thousand, resulting in a loss of RMB 173 thousand for the six months ended September 30, 2024[74] - Accounts receivable and notes receivable totaled RMB 843,306 thousand as of September 30, 2024, with accounts receivable from Alibaba Group affiliates amounting to RMB 414,950 thousand[75][76] - Accounts payable and notes payable totaled RMB 3,036,811 thousand as of September 30, 2024, including RMB 419,701 thousand payable to Alibaba Group affiliates[77] - The company's liabilities classification as current or non-current remained unchanged after the application of the revised accounting standards[59] Market and Customer Focus - Over 95% of the company's revenue and non-current assets are derived from external customers and are located in Mainland China[61] - No single external customer accounted for 10% or more of the company's total revenue during the six months ended September 30, 2024[62]

Healthcare Sector Growth and Innovation - Revenue growth in the healthcare sector driven by increased adoption of "Internet + Healthcare" services, supported by national policies[9] - Significant investment in technological innovation to enhance digital healthcare services and operational capabilities[9] - Expansion of healthcare data integration and innovation, aligning with the national "Data Element ×" three-year action plan (2024–2026)[9] - Continued focus on regulatory compliance and industry standardization in the internet healthcare sector[9] - Strategic partnerships to deliver diversified and multi-level healthcare services to users[9] - The company partnered with Huadong Medicine and Pfizer to launch innovative solutions for type 2 diabetes and alopecia areata online[11] - The company collaborated with over 220,000 licensed physicians, pharmacists, and nutritionists, providing over 11,000 daily online consultations (excluding prescriptions) as of March 31, 2024[14] - Xiaolu TCM business had over 120,000 registered TCM physicians and 116 dispensing centers covering 28 provinces and municipalities[14] - The company's "Aidou·Rehabilitation Health Cabin" served over 50,000 people in rural areas as of March 31, 2024[17] - The company launched the Doctor U intelligent one-stop doctor-patient education platform, leveraging big model technology to optimize workflow efficiency[17] - The company expanded its "Little Deer Lamp" children's critical illness救助 platform, adding a leukemia-specific救助 program[17] Financial Performance and Revenue - Total revenue for the fiscal year ending March 31, 2024, was RMB 27,026.6 million, a slight increase of 1.0% year-over-year[19] - Net profit for the fiscal year ending March 31, 2024, reached RMB 883.1 million, a significant increase of 64.6% year-over-year[19] - Revenue from pharmaceutical self-operated business was RMB 23,739.2 million, a slight increase of 0.6% year-over-year[26] - The company's healthcare and digital services revenue reached RMB 957.8 million, a year-over-year increase of 2.6%, with daily online consultations (excluding prescriptions) growing to 11,045 sessions[29] - Revenue for the reporting period was RMB 27,026,555,000, an increase of RMB 263,539,000 or 1.0% compared to the same period last year, driven by steady growth in pharmaceutical self-operated business, pharmaceutical e-commerce platform business, and medical health and digital services business[41] - Pharmaceutical self-operated business revenue reached RMB 23,739,246,000, a year-on-year increase of 0.6%, attributed to an enriched product catalog and improved user experience[42] - Pharmaceutical e-commerce platform business revenue totaled RMB 2,329,471,000, a year-on-year increase of 4.1%, following the acquisition of advertising operations for Tmall Health category merchants[43] - Medical health and digital services business revenue was RMB 957,838,000, a year-on-year increase of 2.6%, supported by the expansion of digital services and increased retail terminal coverage[45] - Gross profit for the reporting period was RMB 5,895,321,000, an increase of RMB 193,987,000 or 3.4% compared to the same period last year, with a gross margin of 21.8%, up from 21.3% due to operational efficiency improvements[46] - Adjusted net profit for the reporting period was RMB 1,437,928,000, an increase of RMB 684,313,000 compared to the previous fiscal year, driven by growth in the pharmaceutical self-operated business user base, improved pricing and operational efficiency, and economies of scale[57] Leadership and Corporate Governance - Leadership changes, including the appointment of a new CEO, Shen Difan, effective November 28, 2023[5] - Board restructuring with new appointments and resignations, reflecting strategic realignment[5] - Commitment to corporate governance and risk management, as highlighted in the annual report[5] - Huang Jiaojiao was appointed as a non-executive director and member of the Remuneration Committee on May 15, 2023, replacing Li Faguang[98] - Shao Rong and Wu Yihong were appointed as independent non-executive directors and members of the Audit and Nomination Committees on August 11, 2023, replacing Luo Tong and Huang Jing'an[100] - Xu Haipeng was appointed as a non-executive director on October 19, 2023[100] - Shen Difan was appointed as CEO and authorized representative on November 28, 2023, replacing Zhu Shunyan[100] - Shao Rong was appointed as an independent director of Shanghai Yinuosi Biotechnology Co., Ltd. (A-share code: A06142) in December 2023[100] - Wu Yihong was appointed as an independent director and chair of the Audit Committee of MakeMyTrip Limited (NASDAQ: MMYT) on May 15, 2024[100] - The company has three independent non-executive directors, accounting for at least one-third of the board[103] - The board, Audit Committee, and Remuneration Committee fully comply with the relevant Listing Rules[103] - Directors' remuneration is determined based on the company's operating performance, individual performance, and comparable market statistics[105] Operational and Strategic Developments - Registered office and primary business locations in Bermuda, Hong Kong, and Beijing, supporting global operations[6] - Key banking relationships with institutions such as CITIC Bank International and HSBC, ensuring financial stability[7] - Annual active users of Tmall Health platform reached 300 million, with over 35,000 merchants served, a year-on-year increase of 28%[11] - The company completed the acquisition of advertising operation rights for Tmall Health category merchants from Alibaba Group for a total consideration of HKD 13.5 billion[11] - Ali Health's online self-operated stores accumulated a total of 77 million user members as of March 31, 2024[11] - The company upgraded its logistics network, enhancing next-day delivery services in key cities like Shanghai, Hangzhou, Suzhou, Wuxi, and Changzhou[11] - The company's online inventory units (SKUs) achieved double-digit growth during the reporting period[26] - The company's slow disease user DOT duration increased by 7.6% year-over-year[26] - The company's self-operated pharmaceutical business saw significant growth, with personal care, health, and massage equipment categories increasing by over 50% year-over-year, and medical devices (orthopedic supports) growing by 68.3%[28] - The company plans to continue optimizing operational efficiency and digital capabilities in its pharmaceutical e-commerce business, aiming to become the preferred platform for health consumption[38] - The company completed the acquisition of AJK Technology Holding Limited during the reporting period[74] - The company has no significant investments or capital asset plans as of the report date[75] Shareholder and Equity Information - The company issued 2,558,222,222 shares to Taobao Holding Limited as part of the consideration for acquiring AJK Technology Holding Limited, with no cash proceeds generated[88] - The company raised approximately HKD 10,000.0 million through a share placement in 2020, with net proceeds of HKD 9,964.2 million, used for developing healthcare products and digital infrastructure[89] - As of March 31, 2024, the company had utilized HKD 3,474.1 million of the net proceeds for healthcare product development and HKD 199.6 million for digital infrastructure, with remaining funds expected to be used by March 31, 2027[91] - The company's share premium account, amounting to approximately RMB 51,374,724,000, is available for distribution as fully paid bonus shares[94] - Alibaba Group holds a 63.83% stake in the company with 10,271,540,755 shares[137] - Perfect Advance Holding Limited owns 19.29% of the company with 3,103,816,661 shares[137] - Ali JK Nutritional Products Holding Limited holds 28.34% of the company with 4,560,785,407 shares[137] - Taobao Holding Limited owns 15.90% of the company with 2,558,222,222 shares[137] - The company issued 2,558,222,222 shares to Taobao Holding Limited as part of a share purchase agreement[139] - The total issued ordinary shares of the company as of March 31, 2024, are 16,091,736,264[139] - The company completed a share purchase agreement with Taobao Holding Limited for a total consideration of HKD 13.5 billion[141] - The company paid HKD 2 billion in cash and issued 2,558,222,222 shares to Taobao Holding Limited as part of the acquisition[141] - The company completed the acquisition of the target business, issuing 2,558,222,222 consideration shares at HK$4.50 per share, making the target company a wholly-owned subsidiary[143] Contracts and Agreements - The company entered into a lease agreement for a pharmaceutical logistics park in Hangzhou, with annual rent and property management fees capped at RMB 28.5 million, RMB 29.7 million, and RMB 30.9 million for the three-year term[144] - The company renewed its cloud computing service agreement with Alibaba Cloud, with an annual service fee cap of RMB 160 million for 2024 and RMB 170 million for 2025[147] - The company signed a renewed entrusted service framework agreement with Taobao Holding, with an annual service fee cap of RMB 200 million for 2024[150] - The company entered into a new three-year entrusted service agreement with Tmall entities, with annual service fee caps of RMB 215 million, RMB 230 million, and RMB 245 million for 2025-2027 respectively[150] - The company's service fee income from the 2024 and 2025-2027 delegated service agreements is expected to be a stable source of revenue growth, with the 2024 delegated service framework agreement generating a service fee of approximately RMB 311.0 million (compared to RMB 267.0 million in the same period last year)[153] - The annual service fee cap for the 2024 platform service framework agreement is RMB 600 million, with actual service fees amounting to RMB 311.0 million for the year ending March 31, 2024[153] - The annual service fee caps for the 2025-2027 platform service framework agreement are RMB 630 million, RMB 670 million, and RMB 710 million for the years ending March 31, 2025, 2026, and 2027, respectively[153] - The company expects to reach more customers and deepen its understanding of customer needs through the 2024 and 2025-2027 platform service framework agreements, promoting the circulation of pharmaceutical and health-related products[155] - The 2024 logistics service framework agreement has an annual service fee cap of RMB 420 million, with actual service fees amounting to RMB 175.1 million for the year ending March 31, 2024 (compared to RMB 225.2 million in the same period last year)[158] - The annual service fee caps for the 2025-2027 logistics service framework agreement are RMB 320 million, RMB 350 million, and RMB 380 million for the years ending March 31, 2025, 2026, and 2027, respectively[158] - The company aims to leverage Cainiao Group's logistics data platform and global distribution network to provide efficient and reliable domestic and international logistics services through the 2024 and 2025-2027 logistics service framework agreements[158] - The company renewed the Shared Services Agreement with Alibaba Holding, with an annual cap of RMB 549.5 million for services provided to the company and RMB 162 million for services provided to Alibaba Group[159] - The total service fees generated under the 2024 Shared Services Agreement were RMB 284.1 million for services provided to the company and RMB 0.4 million for services provided to Alibaba Group[159] - The company renewed the Shared Services Agreement with Alibaba Network, with annual caps of RMB 540 million, RMB 560 million, and RMB 580 million for services provided to the company over the next three years[160] - The company renewed the Framework Technical Services Agreement with Tmall, with an annual cap of RMB 1,400 million, and the total service fees generated were RMB 792.4 million[163] - The company renewed the Taobao Framework Technical Services Agreement, with an annual cap of RMB 620 million, and the total service fees generated were RMB 327.6 million[163] - The company renewed the Framework Technical Services Agreement with Taobao China, with annual caps of RMB 2,300 million, RMB 2,530 million, and RMB 2,783 million for the next three years[165] - The annual service fee cap under the 2024 Payment Service Framework Agreement is RMB 137 million, with actual service fees incurred during the reporting period amounting to RMB 75.4 million (compared to RMB 78.8 million in the same period last year)[167] - The 2025 Payment Service Framework Agreement, effective from April 1, 2024, to March 31, 2025, also has an annual service fee cap of RMB 137 million[167] - The Exclusive Service Framework Agreement has proposed annual fee caps of RMB 391 million, RMB 2,032 million, and RMB 2,641 million for the fiscal years ending March 31, 2024, 2025, and 2026, respectively, with actual service fees of RMB 239.5 million incurred during the reporting period[168] - The 2024 Advertising Service Framework Agreement has an annual service fee cap of RMB 2,220 million, with actual service fees of RMB 1,566.3 million incurred during the reporting period (compared to RMB 1,046.2 million in the same period last year)[170] - The 2025-2027 Marketing Promotion Service Framework Agreement sets annual service fee caps of RMB 2,400 million, RMB 2,640 million, and RMB 2,904 million for the fiscal years ending March 31, 2025, 2026, and 2027, respectively[170] - The company signed a renewed software service framework agreement with Taobao Group, with an annual service fee cap of RMB 140 million for 2024, and actual service fees generated amounted to RMB 98.3 million (compared to RMB 100.2 million in the same period last year)[171] - A new three-year software service framework agreement with Taobao China Group was established, with annual service fee caps of RMB 150 million, RMB 160 million, and RMB 170 million for 2025, 2026, and 2027 respectively[171] - The company expects the agreements with Taobao Group and Taobao China Group to enhance revenue generation, optimize resources, and expand market share in the healthcare sector[171] - A two-year service framework agreement with Koubei Shanghai was signed, with annual service fee caps of RMB 30 million for both 2024 and 2025, and actual service fees generated in the reporting period were RMB 5.3 million (compared to RMB 0.01 million in the same period last year)[173] - The agreement with Koubei Shanghai is expected to improve user experience, operational capabilities, and market share in the health and pharmaceutical industries[173] - A three-year equity settlement framework agreement with Alibaba Holding was established, with annual caps of RMB 35 million for both payable and receivable amounts related to equity incentives for 2025, 2026, and 2027[174] - The equity settlement framework agreement aims to retain employee incentives during internal transfers and allocate equity incentive costs appropriately between the company and Alibaba Holding[176] Risk Management and Compliance - The company has implemented internal control procedures to ensure fair and reasonable pricing for continuous connected transactions, with independent reviews by internal audit functions and confirmation by independent non-executive directors[176] - The company has established contractual arrangements to maintain effective control over its operating companies, Hongyun Jiukang and Ali Health Hebei, through its wholly-owned subsidiary, Ali Health Technology (China) Co., Ltd., ensuring full economic benefits despite foreign investment restrictions in China[177] - The VIE restructuring in April 2020 transferred 100% ownership of the operating companies to Beijing Jiukangbao Technology Co., Ltd., which is ultimately controlled by Chinese citizens and entities[179] - As of March 31, 2024, Hongyun Jiukang has a registered capital of RMB 40 million, while Ali Health Hebei has a registered capital of RMB 10 million[181] - Hongyun Jiukang owns 100% of several subsidiaries, including Ali Health (Hainan) Internet Hospital Co., Ltd. and Ali Health Technology (Guangzhou) Co., Ltd., all engaged in internet information services and related businesses[182][184] - The contractual arrangements include exclusive service agreements with a 20-year term, automatically renewable for one year, granting the foreign-owned enterprise exclusive rights to intellectual property developed during service provision[187] - Revenue from Hongyun Jiukang for the fiscal year ending March 31, 2024, was RMB 820.852 million, accounting for 3.04% of the group's total revenue[194] - Assets of Hongyun Jiukang as of March 31, 2024, were RMB 1.498 billion, representing 7.60% of the group's total assets[194] - Assets of Ali Health Hebei as of March 31, 2024, were RMB 81.401 million, accounting for 0.41% of the group's total assets[194] - The loan agreement stipulates a 20-year term for loans provided to registered owners, with repayment required upon maturity or at the discretion of the foreign-invested enterprise[188] - The equity pledge agreement requires registered owners to pledge all their equity in the relevant operating companies as collateral for the loans[190] - The shareholder voting rights agreement grants the foreign-invested enterprise the exclusive right to exercise voting rights on behalf of registered owners for 20 years, with automatic annual renewal unless otherwise notified[191] - The exclusive purchase right agreement allows the foreign-invested enterprise to purchase all or part of the equity and assets of the relevant operating companies at a price consistent with registered capital or net asset value[192] - The group's revenue and assets from operating companies under contractual arrangements have become a significant part of the group's total revenue and assets[193] - The group uses contractual arrangements to participate in restricted businesses due to limitations under Chinese laws and regulations on foreign investment in ICP and restricted businesses[196] - The company faces risks related to contractual arrangements in China, including potential penalties, unenforceable terms, and loss of control over restricted businesses[197] - The company may incur additional costs and resources to enforce contractual arrangements if operational companies fail to comply[197] - Potential conflicts of interest between the company

研究报告Research Report 4 Jun 2024 阿里健康 AliHealth (241 HK) 2024 财年业绩超预期，毛利率稳步提升，履约费用率显著优化 The Performance In FY2024 Beat Expectations, With A Steady Increase In GPM And A Significant Optimization Of The Fulfillment Expense Ratio [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：公司发布2024财年业绩公告 评级 优于大市OUTPERFORM 现价 HK$3.37 点评 目标价 HK$6.34 收入及利润超市场预期，保健品和医疗器械快速增长。2024 财年 HTI ESG 4.0-4.0-4.0 公司实现收入270.3亿元（+1.0%）。其中， E-S-G: 0-5, (Please refer to ...

浦银国际研究 公司研究 | 医药行业 阿里健康（241.HK）：费率改善带动 FY24 净 胡泽宇 CFA 利超预期增长，FY25 净利有望维持高增速 浦 医药分析师 银 ryan_hu@spdbi.com 公司 FY24 收入/经调整净利分别同比+1%/+91%，受去年同期疫情相 国 (852) 2808 6446 关产品销售高基数影响，收入增速相对平缓，但财年内公司有效控制 际 履约费用率，带动经调整净利录得超预期的强劲增长。公司指引 FY25 阳景 收入增速≥15%，净利率提升至约 5pcts（对应净利增速约+76%）。公 首席医药分析师 司 4-5月收入增长向好，我们期待中报上可更明确地看到收入增长回 Jing_yang@spdbi.com 暖，维持“持有”评级，目标价 4.0港元。 (852) 2808 6434  FY24 经调整净利增速超预期，但收入增速受高基数影响稍缓。公 2024年5月28日 公 司 FY24 收入同比+1%至人民币 270.3 亿元，增速平缓主要受 FY23 司 疫情相关产品销售高基数影响；但在收入增速较缓下，公司经调整 评级 研 净利同比+91%至人民币14.4 亿元， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ALIBABA HEALTH INFORMATION TECHNOLOGY LIMITED 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） （股份代號：00241） 截至2024年3月31日止年度全年業績公告 阿里健康信息技術有限公司（「本公司」或「阿里健康」）董事（「董事」）會（「董事會」）欣然公 佈本公司及其附屬公司（統稱「本集團」）截至2024年3月31日止年度（「報告期」或「2024財 年」）之經審核年度業績，連同上個財政年度（「同期」）的比較數字。本公司審核委員會（「審 核委員會」）已審閱年度綜合財務報表。 摘要 報告期內，由於疫情期間的比較基數較高，本集團總收入為27,026.6百萬元人民幣，同 比略漲1.0%。同時經營質量顯著提高，報告期內淨利潤達到883.1百萬元，同比增長 64.6%。截至2024年3月31日，天貓健康平台業務持續穩健發展，年度活躍用戶（ ...