Core Viewpoint - Alibaba Health's stock fell over 3% despite strong interim results, indicating market skepticism about future performance guidance [1] Financial Performance - Total revenue for the six months ending September 30, 2025, was 16.697 billion RMB, a year-on-year increase of 17.0% [1] - Net profit reached 1.266 billion RMB, reflecting a year-on-year growth of 64.7%, with net profit margin increasing from 5.4% to 7.6% [1] - Adjusted net profit amounted to 1.356 billion RMB, up 38.7% year-on-year [1] Future Guidance - Citigroup raised Alibaba Health's revenue growth guidance for the fiscal year 2026 to 10% to 15% [1] - The adjusted net profit growth guidance was also increased to 20% to 30% [1] - The market is expected to focus on whether the management will further adjust performance guidance in light of strong adjusted net profit growth [1]

Group 1: Influenza Situation - The influenza activity in China has reached an epidemic level, with most provinces reporting a rapid increase in cases [1] - The latest report indicates that flu-like cases in sentinel hospitals have reached the highest proportion in nearly four years, with northern provinces showing higher rates than southern ones [1] - A total of 955 flu-like outbreaks were reported nationwide, with 741 caused by the H3N2 strain [1] Group 2: Stock Market Overview - The U.S. stock market experienced gains, with the Dow Jones Industrial Average rising by 314.67 points, or 0.67%, to close at 47,427.12 points [2] - The S&P 500 and Nasdaq also saw increases of 46.73 points (0.69%) and 189.1 points (0.82%), respectively [2] - Retail stocks strengthened ahead of the Black Friday shopping season, with Walmart reaching a historic high [2] Group 3: Hong Kong Real Estate Market - The private residential property price index in Hong Kong rose by 0.4% in October, marking five consecutive months of increases [3] - The latest index does not yet reflect the positive impacts of recent interest rate cuts and significant agreements reached during the U.S.-China summit [3] Group 4: Financial Innovations - The Industrial and Commercial Bank of China has successfully conducted offshore foreign currency tri-party repurchase transactions, becoming the first domestic bank to participate in this international market [4] - This innovation enhances the bank's pricing power and operational efficiency while reducing risks and costs associated with traditional bilateral repurchase agreements [4] Group 5: AI Product Launch - Meituan has launched its first AI IDE product, CatPaw, which focuses on agent-driven programming and includes features like code completion and project debugging [5] Group 6: Pharmaceutical Approvals - Boan Biotech's Abicipar injection has received approval for marketing in China, targeting age-related macular degeneration and diabetic macular edema [6] - Eucan Vision Biotech's OT-702, a biosimilar to EYLEA, has also been approved for the same indications in China [7] Group 7: Financial Performance - Haidilao's overseas business reported a revenue of $214 million for Q3, reflecting a year-on-year growth of 7.8% [8] - Yao Cai Securities reported a net profit of HKD 327 million for the six months ending September 30, marking a 4.77% increase year-on-year [9] - NIO's Q3 revenue reached RMB 21.79 billion, with a strong delivery growth of 40.8% year-on-year, and a Q4 revenue guidance of RMB 32.758 billion to RMB 34.039 billion [10] Group 8: Debt Restructuring - Ocean Group's debt restructuring plan for seven domestic bonds, totaling approximately RMB 13.05 billion, has been approved by bondholders [11] Group 9: New Stock Performance - The new Hong Kong stock Quantitative Party saw a nearly 200% increase in its dark market trading, reflecting strong investor interest [12] Group 10: Company Earnings - Alibaba Health reported a net profit of RMB 1.266 billion for the six months ending September 30, a 64.7% increase year-on-year, with total revenue of RMB 16.697 billion [13]

丨2025年11月27日星期四丨 NO.1 欧林生物向港交所主板递交上市申请 11月26日，欧林生物发布公告，称公司于11月25日向香港联合交易所有限公司（简称"香港联交所"）递 交了境外公开发行股份（H股）并在香港联交所主板上市的申请，并于同日在香港联交所网站刊登了本 次发行上市的申请资料。 点评：OT-702获批上市，意味着在原研药之外，给中国患者提供更多药物选择。对于欧康维视生物， 该事件短期将提振股价情绪，长期则为公司估值提供业绩支撑，但具体效果能否落地需持续观察。 NO.4 罗氏回应流感特效药需求上升：已启动应对预案 11月26日，罗氏制药对《每日经济新闻》记者表示，面对流感高发季，罗氏已启动预案，调动速福达全 球供应链资源，尽最大努力加大生产，加速向中国市场供应。目前，速福达正按计划分批次抵达中国口 岸，持续供应中国市场。 点评：罗氏制药的回应反映出中国市场的重要性，也凸显出国内流感特效药供不应求的问题。近年来， 业内卷起"一次治疗"新战场，未来若有更多的中国药企研发出流感创新药物，将成为这一市场的破局关 键。 NO.5 博雅生物破伤风人免疫球蛋白在国内获批 点评：欧林生物递表港股是其资本化与国际 ...

Group 1 - Southbound funds increased their holdings in Alibaba Health (00241.HK) by 3.354 million shares on November 26, 2025, marking a 0.19% change [1][2] - Over the past five trading days, southbound funds have increased their holdings for four days, with a total net increase of 6.738 million shares [1] - In the last 20 trading days, there have been 13 days of net increases, totaling 44.136 million shares [1] Group 2 - As of now, southbound funds hold 1.784 billion shares of Alibaba Health, accounting for 11.02% of the company's total issued ordinary shares [1] - The company primarily engages in the sale of pharmaceutical health products and operates e-commerce platforms for pharmaceuticals and consumer healthcare services [2] - Alibaba Health is a flagship platform for Alibaba Group in the health sector, utilizing cloud computing and big data technologies for digital healthcare and internet medical services [2]

Core Insights - Alibaba Health and Shengxiang Bio have signed a strategic cooperation agreement focusing on respiratory infectious diseases, aiming to enhance home testing capabilities and improve the "home flash testing" service experience on Taobao [1][3] Group 1: Strategic Cooperation - The partnership will leverage Shengxiang Bio's expertise in respiratory pathogen detection to provide advanced home testing services, ensuring accuracy and stability in test results [3] - The initial project will be the "12-pathogen respiratory virus and bacteria test," which covers 12 common respiratory pathogens, addressing diverse testing needs during flu season [2][3] Group 2: Market Trends - The home testing industry is experiencing rapid growth, driven by demand, policy support, and technological advancements, with major internet platforms like Alibaba, JD.com, and Meituan entering the market [4][5] - The home testing market in China is projected to grow from 120 billion yuan to 280 billion yuan between 2025 and 2030, with a compound annual growth rate of 18.5% [5] Group 3: Industry Dynamics - The integration of home testing services with online medical consultations is expected to enhance patient engagement and streamline the transition from diagnosis to medication [6] - Meituan and JD Health have also launched similar home testing services, expanding their offerings to include various health assessments and increasing their operational capacity in response to rising demand [4][7]

Core Insights - Alibaba Health reported a total revenue of 16.697 billion RMB for the six months ending September 30, 2025, representing a year-on-year growth of 17.0% [1] - The net profit reached 1.266 billion RMB, showing a significant increase of 64.7% compared to the previous year, with a net profit margin rising from 5.4% to 7.6% [1] - Adjusted net profit was 1.356 billion RMB, reflecting a year-on-year growth of 38.7% [1] Group 1: Business Performance - The Tmall Health platform maintained continuous growth in annual active consumers, with a stable increase in gross merchandise volume over the past six months [1] - The number of online products increased by over 24% to more than 97 million stock-keeping units, while the number of service merchants grew by over 39% to exceed 56,000 [1] - Self-operated business revenue reached 14.380 billion RMB, marking an 18.6% year-on-year increase, with prescription drugs and original research drugs categories experiencing rapid growth [1][2] Group 2: Strategic Initiatives - The company capitalized on supply-side structural optimization opportunities in the healthcare product categories, continuously enhancing the operational efficiency of its self-operated business [2] - Alibaba Health is deepening partnerships with pharmaceutical companies, actively introducing leading brands, and expanding collaboration channels to further enhance user perception [2] - The company is upgrading its healthcare service experience, providing integrated online and offline medical services across multiple platforms, including traditional Chinese medicine, health checks, diagnostics, consultations, appointments, vaccinations, dental care, psychological services, vision care, and nursing [2]

Core Insights - Alibaba Health reported a revenue of RMB 16.697 billion for the six months ending September 30, 2025, representing a year-on-year growth of 17% [2] - The company achieved a gross profit of RMB 4.184 billion, up 18.4% year-on-year, and a net profit of RMB 1.266 billion, which increased by 64.7% [2] - Adjusted net profit reached RMB 1.356 billion, reflecting a year-on-year growth of 38.7% [2] Financial Performance - Revenue for the self-operated pharmacy business was RMB 14.38 billion, marking an 18.6% increase year-on-year [2] - The number of active users and annual ARPU for the self-operated business continued to grow, with SKUs increasing by 98.8% to 1.61 million [2] Strategic Initiatives - Alibaba Health is focusing on deepening its investment in the medical AI sector and enhancing its strategic layout in the toB medical verticals [2][4] - The company has partnered with leading pharmaceutical brands to provide comprehensive services from drug launch to patient education and online consultations [3] - The integration of online and offline healthcare services has been emphasized, with over 250,000 healthcare professionals providing online consultation services [3] AI and Technology Development - Alibaba Health is increasing resource investment in medical AI applications to improve user experience and search conversion efficiency [4] - The company aims to explore applications in serious medical fields, enhancing the evidence-based capabilities of its models in clinical decision-making and research [4]

Core Insights - Alibaba Health reported a revenue of 16.697 billion yuan for the first half of the fiscal year 2026, representing a year-on-year growth of 17% [1] - The company achieved a gross profit of 4.184 billion yuan, up 18.4% year-on-year, and a net profit of 1.266 billion yuan, which is a significant increase of 64.7% [1] - Adjusted net profit reached 1.356 billion yuan, reflecting a growth of 38.7% [1] - The company is committed to investing in the medical AI sector and enhancing its strategic layout in the B2B medical vertical [1] Business Performance - Alibaba Health is the largest online B2C healthcare product retail platform in China, with over 56,000 active merchants and an increase of over 97 million SKUs [1] - The platform's annual active user count and annualized ARPU continue to grow, with GMV showing stable high-quality growth [1] - The self-operated pharmacy business generated revenue of 14.38 billion yuan, marking an 18.6% increase, with a 98.8% year-on-year growth in SKUs to 1.61 million [1] Strategic Collaborations - Alibaba Health has deepened partnerships with major pharmaceutical companies, launching dozens of new specialty drugs and providing comprehensive services from drug listing to patient education and delivery [2] - Collaborations with leading firms such as Eli Lilly, AstraZeneca, and Pfizer focus on digital health services, expanding the outpatient market for pharmaceutical partners [2] Integrated Health Services - The company offers integrated online and offline healthcare services, with over 250,000 licensed healthcare professionals providing online consultation services [2] - Alibaba Health's internet hospital continues to serve chronic disease patients, with user numbers and ARPU showing consistent growth [2] Traditional Chinese Medicine (TCM) Services - The TCM service segment is experiencing stable growth, with the establishment of a self-operated TCM dispensing center network across several provinces [3] - The company has over 150,000 registered TCM practitioners, enhancing its medical service network [3] Digital Infrastructure and AI Development - The "Code on Trust" platform provides free traceability services to 560,000 pharmaceutical enterprises, expanding its reach into medical devices and traditional Chinese medicine [3] - Alibaba Health collaborates with over 900 leading pharmaceutical companies to provide data analysis services [3] - The company is increasing investments in medical AI, aiming to improve user experience and explore applications in serious medical fields [3]

Core Viewpoint - Alibaba Health reported a strong financial performance for the first half of the fiscal year 2026, with significant growth in revenue, gross profit, and net profit, while continuing to invest in the medical AI sector to enhance its strategic positioning in the B2B healthcare market [1] Financial Performance - Revenue reached RMB 16.697 billion, representing a year-on-year increase of 17% [1] - Gross profit amounted to RMB 4.184 billion, with a year-on-year growth of 18.4% [1] - Net profit was RMB 1.266 billion, showing a substantial year-on-year increase of 64.7% [1] - Adjusted net profit stood at RMB 1.356 billion, reflecting a year-on-year growth of 38.7% [1] Business Growth and Strategy - The company maintains a robust and high-quality growth trajectory, focusing on enhancing product offerings and user experience to meet increasing health demands [1] - As the largest online B2C healthcare product retail platform in China, Alibaba Health serves over 56,000 merchants on the Tmall Health platform, with SKU growth exceeding 97 million [1] - The platform's GMV has achieved stable year-on-year growth, supported by an increase in active annual users and annual ARPU [1] Operational Efficiency - Alibaba Health's self-operated pharmacy business has significantly improved operational efficiency, leading to enhanced profitability [1] - Business revenue for the self-operated segment reached RMB 14.38 billion, marking an 18.6% year-on-year increase [1] - Active annual users and member ARPU continue to grow, with SKU count increasing by 98.8% to 1.61 million [1]

同时，集团持续投入在医疗AI垂类领域。作为阿里巴巴集团在医疗健康领域的旗舰平台，集团不断深 化在to B的医疗垂类领域的AI应用和工具的佈局，探索满足医疗行业及医生不断增长的AI需求，加速医 疗AI领域的深耕与突破，推动业务高质量发展。 阿里健康(00241)发布截至2025年9月30日止六个月的中期业绩，集团业务保持高质量稳健增长，总收入 为166.97亿元人民币，同比增长17.0%。净利润额为12.66亿元人民币，同比增长64.7%。净利润率由 5.4%增长至7.6%。调整后净利润额为13.56亿元人民币，同比增长38.7%。 报告期内，阿里健康自营业务抓住医疗健康品等类目的供给侧结构性优化的机遇，持续提升自营业务的 运营效率，业务收入达143.8亿元人民币，同比增长18.6%。同时集团持续深化药企合作，积极引入头部 品牌，拓展合作渠道，进一步提升用户心智。自营业务的年度活跃用户数与会员ARPU持续增长。 截至2025年9月30日，公司运营的天猫健康平台拥有年化活跃消费者(过往于十二个月内在天猫健康平台 实际购买过一次或以上商品的消费者)保持持续增长，天猫健康平台商品交易总额(GMV)在过去六个月 中实现 ...