该行相信与淘宝快电商的协同效应仍是9月底止现财年上半年重点，具体而言包括用户及订单量增长， 潜在投资规模及形式，补贴正常化后用户流失。该行上调对阿里健康现财年及下财年收入预测各4%， 反映与淘宝快电商在用户流量及整体总交易额协同效应，并上调现财年及下财年经调整每股盈利预测分 别3%及4%，反映淘宝对快电商高补贴带来的市场推广节省，部分被业务协作造成的投资抵销。 摩根大通发布研报称，阿里健康(00241)股价在5月公布2025财年业绩后累涨约27%，超越同业8个百分 点。该行认为主要因为投资者对最近处方药在线零售销售政策更新的正面反应，目标价由5港元上调至 6.5港元，相当于预测现财年市销率2.5倍，维持"中性"评级。鉴于这基本上是一项指引，与现有政策没 有实质差异，认为其影响更多体现在情绪层面。 ...

Group 1 - Morgan Stanley reports that Alibaba Health's stock price has increased by approximately 27% since the announcement of its fiscal year 2025 results, outperforming peers by 8 percentage points [1] - The increase in stock price is attributed to positive investor reactions to recent updates in online retail sales policies for prescription drugs, leading to a target price adjustment from HKD 5 to HKD 6.5, reflecting a projected price-to-sales ratio of 2.5 times for the current fiscal year [1] - The report suggests that the impact of the policy update is more emotional than substantive, as it does not differ significantly from existing policies [1] Group 2 - The synergy with Taobao's fast e-commerce is expected to be a key focus for the first half of the current fiscal year ending in September, particularly in terms of user and order growth, potential investment scale, and user retention post-subsidy normalization [1] - Revenue forecasts for Alibaba Health for the current and next fiscal years have been raised by 4%, reflecting the collaborative effects with Taobao's fast e-commerce on user traffic and overall transaction volume [1] - Adjusted earnings per share forecasts for the current and next fiscal years have been increased by 3% and 4% respectively, due to savings from market promotion costs associated with high subsidies from Taobao, partially offset by investment from business collaboration [1]

Core Viewpoint - Morgan Stanley's report indicates that Alibaba Health's stock price has outperformed its peers since the announcement of its fiscal year 2025 results in May, primarily due to investor optimism regarding recent updates to online prescription drug retail sales policies, despite these updates being largely similar to existing policies [1] Group 1: Financial Performance - Morgan Stanley has raised its revenue forecasts for Alibaba Health by 4% for both the current fiscal year and the next fiscal year, based on the synergistic effects with Taobao's fast e-commerce in terms of user traffic and total transaction volume [1] - The adjusted earnings per share forecasts for the current fiscal year and the next fiscal year have been increased by 3% and 4%, respectively, considering the marketing savings from Taobao's high subsidies for fast e-commerce [1] Group 2: Market Positioning - The report emphasizes that the synergy with Taobao's fast e-commerce will be a key focus for the first half of the current fiscal year, including growth in user and order volume, potential investment scale and forms, and user retention post-subsidy normalization [1] - Morgan Stanley has raised the target price for Alibaba Health from HKD 5 to HKD 6.5 while maintaining a "Neutral" rating [1]

Core Viewpoint - Morgan Stanley's report indicates that Alibaba Health's stock price increased by approximately 27% after the announcement of its fiscal year 2025 results, outperforming peers by 8 percentage points, primarily due to positive investor sentiment regarding recent updates to online prescription drug retail sales policies [1] Group 1 - The report suggests that the impact of the new prescription drug retail sales policy is more emotional than substantive, as it does not differ significantly from existing policies [1] - The collaboration effect with Taobao's fast e-commerce is expected to be a key focus for the first half of the current fiscal year ending in September, particularly in terms of user and order growth, potential investment scale and forms, and user retention after subsidy normalization [1] Group 2 - The revenue forecasts for Alibaba Health for the current and next fiscal years have been raised by 4%, reflecting the synergy with Taobao's fast e-commerce in user traffic and overall transaction volume [1] - Adjusted earnings per share forecasts for the current and next fiscal years have been increased by 3% and 4% respectively, due to market promotion savings from high subsidies by Taobao, partially offset by investment from business collaboration [1] - The target price for Alibaba Health has been raised from HKD 5 to HKD 6.5, corresponding to a projected price-to-sales ratio of 2.5 times for the current fiscal year, while maintaining a "neutral" rating [1]

Group 1 - The Hang Seng Index and the Hang Seng Tech Index both turned negative, with the Hang Seng Index declining by 0.2% [1] - Alibaba Health and JD Health both experienced declines of over 4% [1]

Core Insights - The first and only approved stem cell drug in China, Aimi Maitosai Injection, has made significant progress with its first prescription issued in Beijing, marking the start of its commercial clinical application [1] - The drug, developed by domestic company Platinum Bio, is aimed at treating acute graft-versus-host disease (aGVHD) in patients over 14 years old who have failed hormone therapy [1] - The cost of Aimi Maitosai Injection is approximately 20,000 RMB per bag, significantly lower than similar products in the US, which are priced at 190,000 USD per bag, thus reducing the financial burden on patients [1] Product Development and Market Expansion - Aimi Maitosai Injection has transitioned the treatment of aGVHD from a single-target approach to a multi-target and multi-pathway treatment strategy [1] - The drug's service has achieved nationwide coverage in China, facilitated by strategic partner Alibaba Health, with appointment services available in over 20 provinces including Beijing, Shanghai, and Guangdong [1] - Ongoing research is being conducted to expand the drug's indications to include diabetic nephropathy, acute kidney injury, and vascular aging, potentially broadening its application in various disease areas [1]

Core Viewpoint - Alibaba Health (00241) announced the grant of a total of 949,000 restricted stock units to 17 grantees under the 2024 share incentive plan, pending acceptance for it to take effect [1] Summary by Category - **Company Announcement** - The company will grant 949,000 restricted stock units to 17 individuals as part of its incentive plan [1]

智通财经APP讯，阿里健康(00241)发布公告，于2025年9月15日，公司根据2024年股份奖励计划的条款 向17名承授人授出合共94.9万个受限制股份单位，惟须待接纳后方可作实。 ...

Core Viewpoint - Alibaba Health (00241.HK) has granted a total of 950,000 restricted share units to 17 recipients under the 2024 Share Award Plan, pending acceptance, aimed at promoting the company's development and expansion [1] Group 1: Purpose of Granting Restricted Share Units - The purpose of granting restricted share units includes providing opportunities for individuals with skills and experience to acquire equity in the company, thereby attracting them to facilitate further development and expansion of the group [1] - It also serves to recognize the contributions of existing employees to the success and development of the group [1] - Additionally, the grant aims to fully incentivize and motivate employees to remain with the group, promoting future growth and expansion [1]

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。 於2025年9月15日，本公司根據2024年股份獎勵計劃之條款向17名承授人授出合 共949,000個受限制股份單位，惟須待接納後方可作實。 本公告乃根據上市規則第17.06A、17.06B及17.06C條作出。 受限制股份單位 本公告僅供參考之用，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 的邀請或要約。 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） 授出受限制股份單位 授出受限制股份單位 於2025年9月15日，本公司根據2024年股份獎勵計劃之條款向17名承授人授出合共 949,000個受限制股份單位，惟須待接納後方可作實。授出受限制股份單位之詳情 如下： 授出日期 ： 2025年9月15日 承授人 ： 向承授人授出合共949,000個受限制股份單位，彼等為本 ...