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 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 ...

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 ...

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.

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]