Group 1 - The Hong Kong stock market experienced a significant rise on December 12, with the Hang Seng Index increasing by 1.75% to close at 25,976.79 points, and the Hang Seng Technology Index rising by 1.87% [1][2] - Alibaba Health saw a notable increase of 4.31% following a strategic partnership announcement with Yiling Pharmaceutical to collaborate on the launch of a new innovative traditional Chinese medicine [13] - NetEase also performed well, rising by 4.20%, supported by a positive report from JPMorgan, which predicts a 15% growth in online gaming revenue for the company next year [6][8] Group 2 - The southbound capital flow recorded a net outflow of approximately 3.443 billion HKD from December 8 to December 12, breaking a 29-week streak of net inflows [3] - The total trading volume for southbound capital was 47.7768 billion HKD, accounting for 46.16% of the total trading volume of the Hang Seng Index [5] - The semiconductor sector faced challenges, with Hua Hong Semiconductor experiencing a decline of 0.69% on December 12, attributed to changes in the Hang Seng Index's composition [9][12] Group 3 - Analysts from Credit Lyonnais expressed a positive outlook for Alibaba Health's performance, forecasting double-digit revenue growth for the next year, despite conservative guidance for Q4 due to base effects [15]

注意：tab改為21pt，中文第一行有縮排，英文第一行無縮排。 注意： tab 改為 21pt ，中文第一行有縮排，英文第一行無縮排。 目錄 本中期報告以中英文編製。如有任何歧義，以英文文本為準。 注意：tab改為21pt，中文第一行有縮排，英文第一行無縮排。 注意： tab 改為 21pt ，中文第一行有縮排，英文第一行無縮排。 02 公司資料 04 管理層討論與分析 17 企業管治及其他資料 未經審核中期財務資料 30 獨立審閱報告 32 中期簡明綜合損益表 33 中期簡明綜合全面收益表 34 中期簡明綜合財務狀況表 36 中期簡明綜合權益變動表 38 中期簡明綜合現金流量表 41 中期簡明綜合財務資料附註 公司資料 董事會 執行董事 沈滌凡先生 （首席執行官） 屠燕武先生 非執行董事 朱順炎先生 （主席） 黃佼佼女士 徐海鵬先生 獨立非執行董事 黃一緋女士 邵蓉博士 吳亦泓女士 審核委員會 吳亦泓女士 （主席） 黃一緋女士 邵蓉博士 薪酬委員會 黃一緋女士 （主席） 黃佼佼女士 吳亦泓女士 提名委員會 朱順炎先生 （主席） 邵蓉博士 吳亦泓女士 授權代表 沈滌凡先生 徐曉亮女士 公司秘書 徐曉亮女士 鄧 ...

Core Insights - The event on December 8, organized by People's Daily Health Client and supported by Yiling Pharmaceutical, marked the strategic partnership between Yiling Pharmaceutical and Alibaba Health to create a digital disease center for allergic rhinitis, integrating traditional Chinese medicine with modern digital health services [1][4] - The launch of the new product, Qifang Bitong Pian, was announced, which will be exclusively available on Alibaba Health [1][7] Group 1: Strategic Collaboration - Yiling Pharmaceutical and Alibaba Health signed a strategic cooperation agreement to develop a digital disease center for allergic rhinitis, aiming to provide authoritative education and precise services for patients [1][4] - The partnership seeks to bridge traditional Chinese medicine with modern digital health ecosystems, enhancing patient access to treatment [1][4] Group 2: Clinical Insights and Treatment Approaches - Allergic rhinitis incidence is rising, significantly affecting daily life, with environmental factors like vegetation changes and climate fluctuations contributing to its prevalence [2] - Traditional Chinese medicine (TCM) offers distinct advantages in treating allergic rhinitis, focusing on immune function regulation and long-term symptom relief through methods like Qi tonification and spleen strengthening [5][6] Group 3: Product Innovation - Qifang Bitong Pian, a class 1 innovative traditional Chinese medicine developed by Yiling Pharmaceutical, is set to be launched in January 2025 and has been included in the national medical insurance directory [6] - The product combines classic formulas and new ingredients, demonstrating efficacy in alleviating symptoms of allergic rhinitis and improving overall patient safety [6] Group 4: Policy and Market Dynamics - The integration of TCM into the medical insurance system is evolving, with recent policies supporting the inclusion of TCM innovations and emphasizing the need for evidence-based practices [8] - Yiling Pharmaceutical is committed to technological innovation and market transformation, having established over 60 compliant traditional Chinese medicine cultivation bases across the country [9]

Core Insights - The launch of the 5% minoxidil topical solution by Jissbon marks the brand's expansion into the hair health sector, previously known for its focus on sexual health products [1][4] - Hair loss is increasingly recognized as a public health issue, exacerbated by modern lifestyle factors such as stress and irregular routines, leading to a younger demographic experiencing hair loss [3][4] - The new minoxidil product aims to provide a low-sensitivity and refreshing user experience while ensuring stability and ease of storage, addressing key patient concerns regarding treatment effectiveness and safety [4][5] Product Details - The minoxidil solution utilizes a "golden concentration" of 5%, which is clinically validated for its efficacy in stimulating hair growth by improving local blood circulation around hair follicles [4] - The product is designed to withstand extreme temperatures, ensuring its usability in various conditions, which enhances consumer convenience [4] Market Strategy - Jissbon's entry into the hair health market is part of a broader strategy to diversify its product offerings, which now include male health medications, thereby creating a comprehensive portfolio in the sexual and health sectors [4][5] - The choice to launch on the Alibaba Health platform aligns with the company's strategy to leverage digital health platforms for efficient consumer engagement and to meet the demands of niche markets [4][5] Future Collaboration - Alibaba Health is positioned as a key partner for future product launches, with plans to deepen collaboration with Jissbon to develop new products that cater to consumer needs in the health sector [5]

Core Insights - The "Beijing +30" Business Leaders Summit, hosted by UN Women China, marked the 30th anniversary of the Beijing Declaration and Action Platform, focusing on women's empowerment and inclusive development [1][32] - The summit emphasized the importance of gender equality as a core driver for sustainable business development and called for more companies to join the Women's Empowerment Principles (WEPs) initiative [3][34] Group 1: Gender Equality and Economic Value - UN Women China highlighted that despite a 30% increase in women's labor participation and a decrease in poverty rates over the past 30 years, significant gender disparities remain, with women holding only 30% of management positions and facing a 20% wage gap [3][34] - Companies with gender-diverse boards show greater stock price stability and profitability potential compared to their peers, underscoring the economic value of gender equality [3][34] Group 2: Achievements and Challenges - China boasts a female labor participation rate of 62%, with women making up 53% of university graduates and 61.3% of business owners or leaders [5][36] - However, 314 million women are projected to face extreme poverty by 2030, indicating ongoing challenges in achieving gender equality [5][36] Group 3: Practical Approaches to Empower Women - The China Women's Development Foundation proposed three key integrations for supporting women's sustainable development: aligning national priorities with women's needs and corporate strategies, combining corporate strengths with execution systems, and investing in both material and human empowerment [7][38] - The private sector is encouraged to leverage innovation, financing, and employment to bridge gender gaps in the workplace [5][39] Group 4: Digital Empowerment and Future Trends - The upcoming UN Women flagship report will focus on gender equality practices in the digitalization process of Chinese enterprises, covering areas such as women's economic empowerment and health security [11][42] - The report will predict future trends related to AI and technology, aging populations, green transitions, and gender within the ESG framework, set to be released in 2026 [11][42] Group 5: Leadership and Collaboration - Discussions at the summit highlighted the need for modern leadership to combine strategic thinking with empathy, fostering team growth through interactive management [12][43] - Collaborative ecosystems involving government, businesses, NGOs, and women's groups are essential for advancing gender equality [8][39] Group 6: Commitment to Action - The summit concluded with a commitment ceremony for the Women's Empowerment Principles, where participants pledged to support workplace initiatives for women, including addressing menopause and advocating for equal retirement benefits [25][58] - The UN Women will continue to engage various sectors to integrate gender equality into corporate strategies and daily practices, aiming to turn the vision of the Beijing Declaration into lasting progress [29][60]

Group 1 - Alibaba Health and Yiling Pharmaceutical signed a strategic cooperation agreement on December 8 [1] - The collaboration focuses on the launch of Yiling's innovative traditional Chinese medicine, Qifang Nasal Tablets, and aims to enhance patient education and chronic disease management [1] - Both companies will jointly establish and operate a "Digital Disease Center for Allergic Rhinitis," creating a comprehensive health management loop covering disease awareness, medical science popularization, treatment recommendations, standardized medication guidance, and long-term follow-up [1]

Core Viewpoint - Both JD Health (06618) and Alibaba Health (00241) reported strong performance in Q3 this year, but the fourth quarter guidance is considered conservative due to the base effect of the trade-in policy. The outlook for drug sales growth and profit margin expansion for next year remains positive [1] Group 1: Company Performance - JD Health and Alibaba Health are expected to achieve double-digit revenue growth next year, with JD Health anticipated to grow at a faster rate [1] - JD Health's target price is set at HKD 71, while Alibaba Health's target price has been lowered from HKD 6.5 to HKD 6 to reflect a slowdown in third-party product transaction volume and revenue growth expectations [1] Group 2: Market Trends - The trend of original drug sales shifting from hospital channels to external channels, along with pharmaceutical marketing budgets moving online, is expected to continue for several years [1] - Both companies are projected to have a revenue year-on-year growth rate of around 15% in the next quarter, supported by ongoing growth in original drug sales [1] Group 3: Long-term Projections - JD Health is expected to achieve nearly 20% year-on-year revenue growth in the fiscal year 2026, while Alibaba Health is projected to achieve low teens year-on-year revenue growth in the fiscal year 2027 [1] - Due to the high base effect from the trade-in policy, medical device sales may slow down, and Alibaba Health may face greater pressure in nutrition products, third-party GMV, and revenue [1] - The long-term adjusted net profit margin for both companies is approximately 13% [1]

Core Viewpoint - Both JD Health (06618) and Alibaba Health (00241) reported strong performance in Q3 this year, but due to the base effect of the trade-in policy, their Q4 performance guidance is considered conservative. However, there is a positive outlook for drug sales growth and profit margin expansion in the coming year [5]. Group 1: Company Performance - JD Health and Alibaba Health are expected to achieve double-digit revenue growth next year, with JD Health anticipated to grow at a faster rate [5]. - JD Health's target price is set at HKD 71, while Alibaba Health's target price has been lowered from HKD 6.5 to HKD 6, reflecting a slowdown in third-party goods transaction volume and revenue growth expectations [5]. - Both companies maintain an "outperform" rating [5]. Group 2: Market Trends - The trend of original drug sales shifting from hospital channels to external channels, along with pharmaceutical marketing budgets moving online, is expected to continue for several years [5]. - Revenue growth rates for both companies in the next quarter are projected to be around 15% year-on-year [5]. Group 3: Future Projections - JD Health is expected to achieve nearly 20% year-on-year revenue growth in the fiscal year 2026, while Alibaba Health is projected to achieve low teens year-on-year revenue growth in the fiscal year 2027 [5]. - Due to the high base effect of the trade-in policy, sales of medical devices may slow down, and Alibaba Health may face greater pressure in nutrition products, third-party goods transaction volume (GMV), and revenue [5]. - The long-term adjusted net profit margin for both companies is approximately 13% [5].

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） 簽署6 日期 附註： 股東特別大會（或其任何續會）適用之代表委任表格 本人╱吾等1 地址為 乃阿里健康信息技術有限公司（「本公司」）股本中每股面值0.01港元之股份 股2 之登記持有人，茲委任股東特別大會主席或3 地址為 為本人╱吾等之代表，代表本人╱吾等出席本公司謹訂於2025年12月30日（星期二）下午二時正假座 中國杭州市余杭區五常街道文一西路969號菲住布渴酒店清風閣會議廳舉行之股東特別大會（「大會」） （或其任何續會），以考慮及酌情通過召開上述大會通告（「通告」）所載之決議案（不論有否經修訂或修 正），並於大會（或其任何續會）上代表本人╱吾等並以本人╱吾等之名義按下列指示就該等決議案 （不論有否修訂或修正）投票。如未有任何指示，則由本人╱吾等之代表酌情投票表決。 | | 普通決議案 | 贊成4 | 反對4 | | --- | --- | --- | --- | | 1. | 確認、批准及追認就本公司與杭州阿里媽媽軟件服務有限公司於 | | | | | ...

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通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 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） 普通決議案 「動議確認、批准及追認就本公司與杭州阿里媽媽軟件服務有限公司於2024年2月2 日訂立之2025年至2027年營銷推廣服務框架協議之截至2026年3月31日止年度之經 修訂年度上限人民3,600,000元及截至2027年3月31日止年度之經修訂年度上限人民 幣4,800,000元。」 承董事會命 阿里健康信息技術有限公司 首席執行官 沈滌凡 香港，2025年12月8日 附註： （股份代號：00241） 股東特別大會通告 茲通告阿里健康信息技術有限公司（「本公司」）謹訂於2025年12月30日（星期二）下午 二時正假座中國杭州市余杭區五常街道文一西路969號菲住布渴酒店清風閣會議廳 舉行股東特別大會（「股東特別大會」），以考慮及酌情通過下列普通決 ...