大华继显的Sunny Chen和Carol Dou报告称，阿里健康的收入和经调整净利润在2026财年至2028财年期 间可能会继续增长。他们指出，阿里巴巴集团旗下的这家医疗健康公司公布的上半财年业绩超出市场预 期。该公司还重申了其2026财年收入和经调整净利润增长目标，分别为同比增长10%-15%和20%-30%。 这些分析师称，增长可能受到创新药业务的持续势头、与阿里巴巴的协同效应加深以及人工智能采用率 提高的推动。他们预计，2026财年至2028财年，收入的复合年增长率为13%，经调整净利润的复合年增 长率为24%。大华继显维持对该股的买入评级和7.80港元的目标价。 本文源自：金融界AI电报 ...

Core Viewpoint - Yiling Pharmaceutical has launched its self-developed innovative traditional Chinese medicine, Qifang Nasal Tablets, for the treatment of persistent allergic rhinitis, providing a new treatment option for millions of patients in China [1][6]. Group 1: Product Information - Qifang Nasal Tablets are classified as a national Class 1.1 innovative traditional Chinese medicine and have received national invention patents and support from provincial and ministerial key research projects [3]. - The product is based on the clinical experience of Professor Li Shuliang from the Chinese Academy of Medical Sciences and incorporates elements from classic formulas "Yupingfeng San" and "Xinyi San" [6]. - Clinical trials showed a total effective rate of 89% after four weeks of treatment, with significant improvements in nasal and eye symptoms compared to the control group [6]. Group 2: Market Context - Allergic rhinitis is a common chronic disease in China, with a self-reported prevalence rate of 17.6%, indicating that approximately 1 in 6 people suffers from this condition [1]. - The demand for safe, effective, and long-term treatment options is urgent among patients suffering from allergic rhinitis [1]. Group 3: Collaboration and Distribution - Yiling Pharmaceutical has partnered with Alibaba Health to leverage its digital service capabilities for the comprehensive market launch of Qifang Nasal Tablets [6][7]. - Alibaba Health aims to enhance disease knowledge dissemination and improve drug accessibility through its nationwide distribution network [7].

Core Insights - Alibaba Health reported a revenue of 16.697 billion RMB for the six months ending September 30, 2025, representing a year-on-year growth of 17% [2] - The gross profit for the same period was 4.184 billion RMB, reflecting an 18.4% increase compared to the previous year [2] - Net profit surged to 1.266 billion RMB, marking a significant year-on-year growth of 64.7% [2] - Adjusted net profit amounted to 1.356 billion RMB, which is a 38.7% increase year-on-year [2] Financial Performance - Revenue for the six months ending September 30, 2025, was 16,697,093 thousand RMB compared to 14,273,724 thousand RMB in 2024 [1] - Gross profit increased from 3,533,765 thousand RMB in 2024 to 4,183,978 thousand RMB in 2025 [1] - The net profit for the period rose from 769,048 thousand RMB in 2024 to 1,266,413 thousand RMB in 2025 [1] - Adjusted net profit increased from 977,582 thousand RMB in 2024 to 1,356,316 thousand RMB in 2025 [1] Business Growth - As of September 30, 2025, Alibaba Health's Tmall Health platform had over 56,000 merchants [1] - Self-operated business revenue reached 14.379 billion RMB, showing an 18.6% year-on-year growth [1] - The number of SKUs in online self-operated stores increased by 98.8% to 1.61 million [1]

Core Viewpoint - The company reported better-than-expected performance for 1H26FY, driven by strong growth in original prescription drugs, with revenue reaching 16.697 billion yuan, a year-on-year increase of 17.0% [1] Performance Review - For 1H26FY, the company achieved revenue of 16.697 billion yuan (+17.0% YoY) and non-GAAP net profit of 1.356 billion yuan (+38.7% YoY), with a profit margin of 8.1% (+1.3 percentage points YoY) [1] - Revenue breakdown by business segments shows self-operated business revenue at 14.38 billion yuan (+18.6% YoY), pharmaceutical e-commerce platform revenue at 1.84 billion yuan (+7.5% YoY), and digital service business revenue at 480 million yuan (+8.2% YoY) [1] Development Trends - The original prescription drug category is driving steady revenue growth for the company, with high growth in drug categories contributing to an increase in overall ARPU [1] - The company is enhancing strategic partnerships with upstream enterprises, including a strategic cooperation agreement with Innovent Biologics and a collaboration with Shengxiang Bio for a respiratory virus and bacteria testing project [2] Profitability Forecast and Valuation - The company is expected to maintain strong profitability, with an adjusted non-GAAP net profit forecast of 2.48 billion yuan and 2.75 billion yuan for the upcoming periods, reflecting a 16% increase [2] - The target price has been raised by 30% to 7.1 HKD, indicating a potential upside of 23%, while maintaining an outperform rating [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][13] Core Insights - The company has experienced rapid revenue and profit growth driven by original research drugs, and this trend is expected to continue long-term [1][6] - For FY2026, the company projects a revenue growth of 10-15% year-on-year, with a mid-year revenue of 167 billion yuan, representing a 17% increase compared to the previous year [1][6] - The adjusted net profit for FY2025 was 14 billion yuan, a 39% increase year-on-year, with an adjusted net profit margin of 8.1% [2][7] Revenue Summary - The company's self-operated pharmaceutical revenue reached 143 billion yuan in FY2026, up 19% year-on-year, largely due to a 99% increase in SKU supply for B2C retail products [1][6] - E-commerce platform service revenue was 18 billion yuan, an 8% increase year-on-year, with advertising revenue growing over 10% [1][6] - The medical health and digital services segment generated 5 billion yuan, also reflecting an 8% year-on-year growth [1][6] Profit Summary - The adjusted net profit margin improved to 8.1% in FY2025, up 1.3 percentage points year-on-year, with a gross margin of 25.1% [2][7] - The company has reduced its fulfillment cost ratio to 8.2%, down 0.7 percentage points year-on-year, indicating improved operational efficiency [2][7] - For FY2026, the company anticipates a net profit growth of 20-30% year-on-year, with a mid-year profit projection of 1-21% [2][7] Financial Forecasts - Revenue projections for FY2026 to FY2028 have been adjusted to 348 billion, 379 billion, and 410 billion yuan respectively, reflecting a 4% increase from previous estimates [3][13] - The adjusted net profit forecasts for the same period are set at 25 billion, 30 billion, and 34 billion yuan, also a 6% increase from prior estimates [3][13] - The current stock price corresponds to a FY2026 price-to-earnings ratio of 37 times [3][13]

Core Viewpoint - Alibaba Health's performance for the first half of the fiscal year 2026 exceeded expectations, driven by strong sales in original prescription drugs [1] Financial Performance - Revenue reached 16.697 billion yuan, representing a year-on-year growth of 17% [1] - Non-GAAP net profit was 1.356 billion yuan, with a year-on-year increase of 38.7%, resulting in a profit margin of 8.1% [1] Strategic Outlook - The company is expected to strengthen strategic partnerships with upstream enterprises, which will enhance contributions beyond product sales [1] - Due to the company's consistent profit generation, the forecast for non-GAAP net profit for fiscal years 2026 and 2027 has been raised by 16% to 2.48 billion yuan and 2.75 billion yuan, respectively [1] Valuation Adjustment - Following recent improvements in sector valuations, the target price has been increased by 30% to 7.1 HKD, while maintaining an "outperform" rating [1]

Core Viewpoint - CICC maintains a "outperform" rating for Alibaba Health (00241) and raises the target price by 30% to HKD 7.1, considering recent valuation boosts in the sector [1] Financial Performance - For the first half of the fiscal year 2026 ending September, Alibaba Health reported revenue of RMB 16.697 billion, a year-on-year increase of 17% [1] - The non-GAAP net profit for the same period was RMB 1.356 billion, reflecting a year-on-year growth of 38.7%, with a profit margin of 8.1% [1] Future Projections - CICC has increased its non-GAAP net profit forecasts for Alibaba Health for fiscal years 2026 and 2027 by 16% each, projecting profits of RMB 2.48 billion and RMB 2.75 billion respectively [1] - The company is expected to strengthen strategic partnerships with upstream enterprises, which will contribute to expanding business beyond product sales [1]

Core Viewpoint - CICC maintains "outperform" rating for Alibaba Health (00241) and raises target price by 30% to HKD 7.1 based on recent valuation uplift in the sector [1] Financial Performance - For the first half of the fiscal year ending September 2026, Alibaba Health reported revenue of RMB 16.697 billion, a year-on-year increase of 17% [1] - Non-GAAP net profit reached RMB 1.356 billion, reflecting a year-on-year growth of 38.7%, with a profit margin of 8.1% [1] Future Projections - CICC has increased its non-GAAP net profit forecasts for Alibaba Health for fiscal years 2026 and 2027 by 16% each, projecting RMB 2.48 billion and RMB 2.75 billion respectively [1] - The company is expected to strengthen upstream strategic partnerships, which will contribute to business growth beyond product sales [1]

Core Viewpoint - Alibaba Health's performance for the first half of the fiscal year ending September 2026 slightly exceeded expectations, with revenue and profit growth driven by strong first-party platform sales, although third-party platform performance fell short [1] Financial Performance - Adjusted net profit increased by 39% year-on-year, with a gross margin of 8.1%, surpassing the forecast of 7.7% [1] - The company maintains its fiscal year 2026 guidance, projecting revenue growth of 10% to 15%, indicating a need for a 13% year-on-year growth rate in the second half of the fiscal year [1] - Profit growth is expected to be between 20% to 30%, requiring a 21% year-on-year growth rate in the second half of the fiscal year [1] Market Outlook - The company is expected to sustain strong growth in original research drug sales over the coming quarters [1] - The rating is set at "outperform," with a target price of HKD 6.5 [1]

Core Viewpoint - Daiwa Capital Markets maintains a "Buy" rating for Alibaba Health with a target price of HKD 7.8, highlighting strong financial performance exceeding expectations [1] Financial Performance - For the first half of the fiscal year 2026, Alibaba Health reported a revenue increase of 17% year-on-year and an adjusted net profit increase of 38.7%, surpassing both the firm's and market expectations [1] - The company reiterated its fiscal year 2026 targets, aiming for revenue growth of 10-15% and adjusted net profit growth of 20-30% [1] Future Growth Projections - Daiwa forecasts a compound annual growth rate (CAGR) for revenue and adjusted net profit of 13% and 24%, respectively, for the fiscal years 2026-2028, driven by ongoing growth in innovative drugs and health products, deeper synergies with the Alibaba ecosystem, and expanding AI applications [1]