Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company's revenue for FY2025 reached 30.6 billion yuan, representing a year-on-year growth of 13%, primarily driven by the rapid growth of its pharmaceutical platform business [10][11] - The adjusted net profit for FY2025 was 1.95 billion yuan, an increase of 36% year-on-year, with an adjusted net profit margin of 6.37% [11] - The company is actively exploring AI in healthcare to enhance operational efficiency across various scenarios, including AI-driven product search engines and knowledge platforms for medical professionals [11] Revenue Summary - The company's pharmaceutical self-operated revenue was 26.1 billion yuan, up 10% year-on-year, supported by a 33.6% increase in the number of self-operated B2C retail SKUs to 1.23 million [10] - E-commerce platform service revenue was 3.6 billion yuan, a significant increase of 54%, driven by the health category advertising business, with the number of platform merchants growing by 35% to 48,300 [10] - Revenue from healthcare and digital services declined by 8% to 890 million yuan [10] Profit Summary - The adjusted net profit margin improved by 1 percentage point year-on-year, while the gross margin increased by 2.5 percentage points to 24.3% [11] - The fulfillment expense ratio decreased by 0.5 percentage points to 8.4%, indicating improved operational efficiency in warehousing, logistics, and customer service [11] - The company has potential for further optimization in sales and fulfillment expense ratios, suggesting continued improvement in profitability [11] Financial Forecast - Revenue projections for FY2026 and FY2027 are estimated at 33.5 billion yuan and 36.4 billion yuan, respectively, with adjusted net profits of 2.3 billion yuan and 2.8 billion yuan [3][18] - The forecast for FY2028 includes revenue of 39.4 billion yuan and an adjusted net profit of 3.2 billion yuan [3][18]

恒生科技指数跌超2%，阿里健康跌超6%，联想跌超5%。 ...

恒生科技指数跌幅扩大至1%。阿里健康、哔哩哔哩跌超4%，百度跌超3%。 ...

证券研究报告 阿里健康 (241 HK) 港股通 自营业务转向高质量发展 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 21 日│中国香港 | 互联网 | 阿里健康 2HFY25 总收入 163 亿元，同比+16.0%，增速好于 Visible Alpha (VA，口径下同)一致预期的+12.6%，经调整净利润 9.7 亿元，同比增长 22.2%，逊于一致预期的 11.0 亿元。在广告业务注入带来的基数效应逐渐 消失后，我们预计阿里健康未来的盈利增速将主要依赖内生业务增速驱动。 后续建议关注：1）医药电商各品类需求修复情况及竞争格局演变；2）淘宝 即时零售战略进展及医药品类近场电商发展情况；3）阿里健康医疗 AI 技术 进展及商业化节奏。"买入"。 广告业务并入贡献坚实增量，淘宝闪购业务发展或带来近场电商领域机会 盈利预测与估值 我们调整 FY26-27 经调整归母净利润预测-8.8/-8.4%至 23/26 亿元，并引入 FY28 预测新值 29 亿元。我们给予公司 35x 目标非 IFRS PE，较可比公司 2026 年均值 ...

证券研究报告 阿里健康 (241 HK) 港股通 自营业务转向高质量发展 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 21 日│中国香港 | 互联网 | 阿里健康 2HFY25 总收入 163 亿元，同比+16.0%，增速好于 Visible Alpha (VA，口径下同)一致预期的+12.6%，经调整净利润 9.7 亿元，同比增长 22.2%，逊于一致预期的 11.0 亿元。在广告业务注入带来的基数效应逐渐 消失后，我们预计阿里健康未来的盈利增速将主要依赖内生业务增速驱动。 后续建议关注：1）医药电商各品类需求修复情况及竞争格局演变；2）淘宝 即时零售战略进展及医药品类近场电商发展情况；3）阿里健康医疗 AI 技术 进展及商业化节奏。"买入"。 广告业务并入贡献坚实增量，淘宝闪购业务发展或带来近场电商领域机会 公司医药自营业务 2HFY25 收入 140 亿元，同比+13.9%，增速好于一致预 期的+9.1%；医药电商平台业务收入 19 亿元，同比增长 43.6%，逊于一致 预期的 57.7%，增长主因并表广告营销业务的增量贡 ...

长江商报消息 ●长江商报记者 汪静 阿里健康（00241.HK）业绩再度报喜。 5月19日，阿里健康发布2025财年财报，2025财年（截至2025年3月31日年度），阿里健康实现营业收入 305.98亿元，同比增长13.2%；净利润14.32亿元，同比增长62.2%；调整后净利润达19.5亿元，同比增长 35.6%。 长江商报记者注意到，这是阿里健康连续第三个财年实现营收、净利双增长。阿里健康天猫健康平台、 阿里健康大药房年度活跃用户持续提升，带来增量。 净利润方面，波动较大但总体呈上升趋势。2020财年公司净利润为-658.6万元，2021财年大幅扭亏，为 3.49亿元，2022财年再度亏损2.66亿元，2023财年净利润为5.33亿元，2024财年增长至8.84亿元。 至此，阿里健康营收、净利已连续三个财年双增。 据介绍，过去一年，阿里健康持续强化一站式医药健康服务能力，不断优化"好货好价好服务"的用户体 验。天猫健康平台保持稳健发展，年度GMV与年度活跃用户持续提升，在线商品数增长超91%至1.33 亿，在线主营商家数同比增长35%至4.83万个；阿里健康大药房GMV健康增长，年度活跃用户和自营会 员 ...

21世纪经济报道记者 闫硕 北京报道 5月19日，阿里健康发布2025财年业绩公告，截至2025年3月31日，集团实现营收305.98亿元，同比增长 13.2%；净利润14.32亿元，同比增长62.2%；调整后净利润为19.5亿元，同比增长35.6%，调整后净利润 率从5.3%提升至6.4%。 从收入结构来看，阿里健康仍以医药电商收入为主。"收入增加主要由于报告期内医药自营业务、医药 电商平台业务稳健发展所致。"阿里健康在财报中表示。具体而言，医药自营业务收入261.24亿元，同 比增长10.0%；医药电商平台业务收入则为35.88亿元，同比增长54.0%。而医疗健康及数字化服务业务 收入为8.85亿元，同比下降7.6%。 作为一家背倚阿里巴巴的平台型企业，阿里健康拥有巨大C端流量和完善的配送网络，在医药电商市场 竞争中优势突出。但也需要指出，近年来，随着技术的发展，互联网医疗业态也在持续扩容，以美团为 代表的医药O2O模式对阿里健康形成了冲击。 与此同时，随着互联网医疗行业的快速发展，越来越多的企业选择入局，如何巩固自身的市场地位成为 阿里健康亟待回答的问题。 业绩持续增长 近些年，在相关政策的推动下，医保 ...

智通财经5月19日电，阿里健康2024年营收306.0亿元人民币，预估302.7亿元人民币；调整后净利润19.5 亿元人民币；毛利率24.3％，预估24.1％。 ...

阿里健康公告，截至2025年3月31日止年度，公司收入实现稳定增长，总收入为305.98亿元人民币，同 比增长13.2%。报告期内净利润额为14.32亿元人民币，同比增长62.2%。调整后净利润额为19.5亿元人 民币，同比增长35.6%，调整后净利润率从5.3%提升至6.4%。报告期内，天猫健康平台业务持续稳健发 展，年度GMV保持稳健增长，年度活跃用户数持续提升。 ...

Financial Performance - Total revenue for the fiscal year ending March 31, 2025, reached RMB 30,598.3 million, representing a year-on-year growth of 13.2%[4] - Net profit for the same period was RMB 1,432.0 million, showing a significant increase of 62.2% compared to the previous year[4] - Adjusted net profit amounted to RMB 1,949.7 million, reflecting a year-on-year growth of 35.6%, with the adjusted net profit margin rising from 5.3% to 6.4%[4] - Gross profit rose by 26.1% to RMB 7,432.1 million, with a gross margin of 24.3% compared to 21.8% in the prior year[21] - The adjusted net profit for the fiscal year was RMB 1,949.7 million, a 35.6% increase from RMB 1,437.9 million in the previous year[21] - The net profit attributable to the parent company for the year was RMB 1,432,427 thousand, a significant increase of 62.1% compared to RMB 883,477 thousand in 2024[52] - Basic earnings per share increased to RMB 8.91 from RMB 6.29, reflecting a growth of 41.6%[52] - The group's profit before tax for 2025 was RMB 1,432,427,000, a significant increase of 62.2% compared to RMB 883,477,000 in 2024[73] Revenue Breakdown - Revenue from the pharmaceutical self-operated business reached RMB 26,124,420,000, growing by 10.0% year-on-year, driven by an expanded product range and improved user experience[23] - Revenue from the pharmaceutical e-commerce platform business totaled RMB 3,588,499,000, reflecting a significant increase of 54.0% year-on-year[24] - Revenue from healthcare and digital services decreased by 7.5% to RMB 885,373 from RMB 957,838 in 2024[63] User Engagement and Growth - The annual active user count on the Tmall Health platform continued to increase, contributing to a healthy growth in GMV (Gross Merchandise Volume)[8] - The number of online main merchants on the Tmall Health platform grew by 35% year-on-year to 48,300, while the number of SKUs increased by over 91% to 133 million[8] - The self-operated SKU count rose by 33.6% to 1.23 million, enhancing user experience for chronic disease patients[9] - The annual GMV of the Tmall Health platform increased significantly, with active online merchants growing by 35% to 48,300 and online SKUs rising over 91% to 133 million as of March 31, 2025[12] Operational Efficiency and Technology - The company is actively exploring AI applications in healthcare, aligning with national policies to enhance efficiency and service quality in the healthcare sector[7] - The group is committed to building a smart healthcare ecosystem by integrating AI technology with comprehensive pharmaceutical services[20] - The company is committed to leveraging digital technology and operations to provide accessible and efficient healthcare services to millions of families[10] Healthcare Services and Initiatives - The company has signed contracts with nearly 240,000 healthcare professionals to provide online health consultation services[10] - The group expanded its internet hospital services, successfully diversifying into multiple specialties, enhancing patient management and education[16] - The group actively engaged in social responsibility initiatives, providing medical support to vulnerable groups across 31 provinces and regions in China[19] Financial Position and Cash Flow - Cash and cash equivalents as of March 31, 2025, were RMB 2,218,296,000, a decrease from RMB 3,490,169,000 as of March 31, 2024[38] - Net cash flow from operating activities for the year ended March 31, 2025, was RMB 1,395,033,000, compared to RMB 1,079,832,000 in 2024, representing an increase of 29.2%[39] - Net cash used in investing activities was RMB 2,596,482,000 for the year ended March 31, 2025, down from RMB 4,880,900,000 in 2024, indicating a reduction of 46.7%[41] - Net cash used in financing activities was RMB 72,517,000 for the year ended March 31, 2025, compared to RMB 1,982,395,000 in 2024, showing a significant decrease of 96.3%[42] - The company had no outstanding borrowings as of March 31, 2025, maintaining a capital debt ratio of zero[43] Employee and Corporate Governance - The total employee cost for the year was RMB 1,067.9 million, slightly down from RMB 1,097.3 million in the previous year[47] - The company adopted the 2024 Share Award Scheme, which is similar in major aspects to the 2014 Share Award Scheme, ensuring consistency in share reward practices[47] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance shareholder value[82] - The board has confirmed compliance with the standard code for securities trading during the reporting period[83] Other Financial Information - The company reported no significant investments, acquisitions, or disposals of subsidiaries during the reporting period[49] - The company does not have any significant contingent liabilities or pledged assets as of March 31, 2025[44] - The company had no revenue from any single external customer accounting for 10% or more of total revenue for the year ended March 31, 2025[62] - The company has not experienced any impact on its financial position or performance due to the recent accounting standard amendments[59] - The company has chosen not to disclose remaining performance obligations due to their short-term nature[66]