此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢持牌證券交易商、股票經紀或其他註冊證券 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓所有名下之阿里健康信息技術有限公司股份，應立即將本通函及隨附之代表委任表格 送交買主或承讓人，或經手出售或轉讓之銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 本通函僅供參考，並不構成收購、購買或認購阿里健康信息技術有限公司股份之邀請或要約。 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函之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本通函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） 持續關連交易— 修訂2025年至2027年營銷推廣服務框架協議的 年度上限 及 股東特別大會通告 獨立董事委員會及獨立股東之 獨立財務顧問 ALTUS CAPITAL LIMITED ቺᑼၗԖज़Ϧљ ...

Group 1 - The core viewpoint is that Alibaba Health Technology has been a strategic investor in the company since May 2018 and continues to be one of the top ten shareholders as of September 30, 2025 [1] - The company collaborates with Alibaba Health and its associated platforms, including Alipay, Tmall, and Ele.me, to enhance its operational capabilities [1] - The company emphasizes that all operational information is disclosed through official announcements on the Giant Tide Information Network [1]

Summary of Conference Call Notes on Alibaba Health Company Overview - **Company**: Alibaba Health (0241.HK) - **Current Rating**: Neutral - **Target Price**: HKD 6.50 by December 2026 Key Points and Arguments Revenue Growth - Alibaba Health achieved a **17% revenue growth** in the first half of fiscal year 2026, driven by: 1. Strong growth in original research drugs due to structural changes in the Chinese pharmaceutical market 2. Synergistic effects from Taobao's flash sales [1][7][12] Future Outlook - The growth from original research drugs is expected to continue driving platform sales in the foreseeable future. However, the sustainability of the incremental contributions from flash sales remains uncertain [1][12] - Investors are advised to focus on: 1. Fluctuations in Taobao flash sales subsidy levels 2. Potential investment scale 3. User retention after subsidies return to normal levels [1][12] Financial Adjustments - Adjusted earnings per share (EPS) for FY26E increased from **0.15 to 0.16**, reflecting an **8.7%** increase [2][10] - Revenue estimates for FY26E were raised from **34,307 million to 35,293 million**, a **2.9%** increase [2][10] - For FY27E, revenue estimates were adjusted from **36,878 million to 37,893 million**, a **2.8%** increase [2][10] Performance Metrics - The adjusted net profit margin improved to **8.1%**, up **1.3 percentage points** [5] - The company expects a **15%** revenue growth for FY26, with a **14%** growth in the second half, indicating a slowdown compared to the first half [5] Flash Sales Impact - Taobao's flash sales have significantly increased user traffic and transaction frequency on Alibaba Health's platform, particularly in contact lenses, with search volume growth exceeding **10%** [5] - Increased traffic has boosted advertising revenue as merchants allocate more marketing budgets to capture demand [5] Risks and Considerations - Key risks affecting the rating and target price include: 1. Potential regression or slow execution of policy support 2. Slower-than-expected online penetration for purchasing medications and consultations 3. Intensified competition from other e-pharmacy platforms and online medical service providers [14] - Upside risks include: 1. Relaxation of internet regulations 2. Introduction of favorable policies for the online healthcare industry 3. Significant improvement in conversion rates of existing users on the Alibaba platform [14] Additional Important Information - The stock has shown a **64.2%** increase year-to-date, but a **10.8%** decline over the past 12 months [6] - The company has a market capitalization of **11,318 million USD** and a free float of **41.6%** [6] - The target price is based on a **2.5x** enterprise value/revenue multiple for FY26, which is within the range of **2.1-5.5x** for listed online healthcare platforms [12][13] This summary encapsulates the essential insights from the conference call regarding Alibaba Health's performance, outlook, and the factors influencing its market position.

Core Viewpoint - Alibaba Health has announced a strategic partnership with Beijing Tongrentang, a well-known traditional Chinese medicine brand, to enhance digital healthcare services and shift from product sales to patient-centered health management [1] Group 1: Partnership Details - The collaboration will focus on the An Gong Niu Huang Wan series of products from Beijing Tongrentang, integrating the pharmaceutical expertise of Tongrentang with the digital platform services of Alibaba Health [1] - The partnership aims to create a comprehensive service loop covering "disease identification—scientific understanding—precise medication—long-term management" for chronic cardiovascular diseases [1] Group 2: Industry Implications - This cooperation injects digital momentum into traditional Chinese medicine brands, indicating a significant shift in the industry towards systematic health management rather than just single product sales [1]

Group 1 - Morgan Stanley has raised Alibaba Health's (00241) 2026 revenue and adjusted EPS forecasts by 3% and 9% respectively, reflecting better-than-expected performance in the first half of the fiscal year and high synergy effects from Alibaba's instant retail [1] - The 2027 revenue forecast has also been increased by 3%, while the adjusted EPS remains largely unchanged; the target price for December 2026 is maintained at HKD 6.5 with a "Neutral" rating based on a 2.5x enterprise value/revenue multiple for the fiscal year 2026 [1] - The firm believes that while there is uncertainty regarding the incremental contribution and sustainability of instant retail, the first factor will continue to drive platform sales growth in the foreseeable future [1] Group 2 - Due to the gradual removal of medical device subsidy policies in the second half of this year, Morgan Stanley expects some fluctuations in medical device sales in the second half of the 2026 fiscal year [2] - The firm projects a 15% year-on-year revenue growth for the entire 2026 fiscal year, with a 14% growth in the second half, which is a slowdown compared to the 17% strong revenue growth achieved in the first half, primarily driven by strong momentum in original prescription drugs and the comprehensive effects of Alibaba's instant retail [2]

Core Viewpoint - Morgan Stanley reports that Alibaba Health achieved a strong revenue growth of 17% in the first half of the fiscal year 2026, driven by robust growth in original prescription drugs and the comprehensive effects of real-time retail on Taobao [2] Group 1: Financial Performance - Alibaba Health's revenue and adjusted earnings per share forecasts for fiscal year 2026 have been raised by 3% and 9% respectively, reflecting better-than-expected performance in the first half of the year [2] - The revenue forecast for fiscal year 2027 has also been increased by 3%, while the adjusted earnings per share estimate remains largely unchanged [2] Group 2: Valuation and Ratings - Based on the fiscal year 2026 forecast of a 2.5x enterprise value/revenue multiple, Morgan Stanley maintains a target price of HKD 6.5 for December 2026 and retains a "Neutral" rating [2] - Goldman Sachs anticipates that Alibaba Health's fiscal year 2026 performance guidance still has upside potential and has raised its target price to HKD 5.2 [3]

Core Viewpoint - Morgan Stanley's report indicates that Alibaba Health achieved a strong revenue growth of 17% in the first half of the fiscal year 2026, driven by structural changes in the Chinese pharmaceutical market and the comprehensive effects of real-time retail on Taobao [1] Revenue and Earnings Forecast - Morgan Stanley raised Alibaba Health's revenue and adjusted earnings per share forecasts for fiscal year 2026 by 3% and 9% respectively, reflecting better-than-expected performance in the first half of the year and high synergy effects from Alibaba's real-time retail [1] - For fiscal year 2027, revenue forecasts were also increased by 3%, while adjusted earnings per share are expected to remain roughly unchanged [1] Valuation and Rating - Based on the fiscal year 2026 forecast of a 2.5 times enterprise value/revenue multiple, Morgan Stanley maintains a target price of HKD 6.5 for December 2026 and retains a "Neutral" rating [1]

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12月3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 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.01 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.01 HKD | | 200,000,000 | 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11月30日 狀態 ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 香港联交所最新资料显示，11月26日，摩根大通增持阿里健康（00241）约1.71589632亿股，每股作价 6.069港元，总金额约为10.41亿港元。增持后最新持股数目约16.88亿股，最新持股比例为10.43%。 客户端 香港联交所最新资料显示，11月26日，摩根大通增持阿里健康（00241）约1.71589632亿股，每股作价 6.069港元，总金额约为10.41亿港元。增持后最新持股数目约16.88亿股，最新持股比例为10.43%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Group 1 - Morgan Stanley increased its stake in Alibaba Health (00241) by approximately 171.59 million shares at a price of HKD 6.069 per share, totaling around HKD 1.041 billion [1] - Following the increase, the total number of shares held by Morgan Stanley is approximately 1.688 billion, representing a holding percentage of 10.43% [1]