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]

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%。 ...

Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Alibaba Health (00241.HK) following the release of its mid-term results for the fiscal year ending September 2026, citing structural benefits from the outflow of original prescription drugs from hospital channels and accelerated online drug penetration [1] Financial Performance - Alibaba Health's revenue forecast for fiscal years 2026 to 2028 has been slightly adjusted to a growth of 2% to 4%, with corresponding adjustments to the adjusted net profit forecast also increased by 2% to 4% [1] - The target price has been raised from HKD 4.7 to HKD 5.2 based on a projected 28 times price-to-earnings ratio for its pharmacy and medical services business in 2027 [1] Market Position - As of December 2, 2025, Alibaba Health's stock closed at HKD 5.45, down 1.09%, with a trading volume of 77.95 million shares and a turnover of HKD 425 million [1] - The market capitalization of Alibaba Health is HKD 89.123 billion, ranking second in the medical services sector [2] Institutional Ratings - Recent ratings from various investment banks include: - Huatai Securities: Buy rating with a target price of HKD 6.08 [1] - Guosen Securities: Outperform rating [1] - CICC: Outperform rating with a target price of HKD 7.10 [1] - CITIC Securities: Awaiting rating with a target price of HKD 9.60 [1] Key Financial Metrics - Return on Equity (ROE): 8.22%, significantly higher than the industry average of 0.02% [2] - Revenue: HKD 28.344 billion, ranking third in the industry [2] - Net Profit Margin: 5.39%, compared to an industry average of -843.36% [2] - Debt Ratio: 24.76%, much lower than the industry average of 74.15% [2]

Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Alibaba Health following the release of its mid-term results for the fiscal year ending September 2026, citing structural benefits in the industry such as the shift of original prescription drugs from hospital channels and accelerated online drug penetration [1][2] Financial Performance - Alibaba Health's revenue forecast for fiscal years 2026 to 2028 has been slightly adjusted to a growth rate of 2% to 4% [1] - The adjusted net profit forecast has also been increased by 2% to 4% [1] Valuation - Based on the projected price-to-earnings ratio of 28 times for its pharmacy and medical services business in 2027, Goldman Sachs raised the target price from HKD 4.7 to HKD 5.2 while maintaining the "Neutral" rating [1]

Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Alibaba Health (00241) following the release of its mid-year results for the fiscal year ending September 2026, citing structural benefits in the industry such as the shift of original prescription drugs from hospital channels and accelerated online drug penetration [1] Financial Performance - Goldman Sachs slightly adjusted its revenue forecast for Alibaba Health for the fiscal years 2026 to 2028, projecting a growth of 2% to 4% [1] - The adjusted net profit forecast was also increased by 2% to 4% [1] Target Price Adjustment - Based on the forecast for its pharmacy and medical services business, Goldman Sachs raised the target price from HKD 4.7 to HKD 5.2, while maintaining a "Neutral" rating [1] Comparison with Competitors - There is a noted disparity in revenue growth between Alibaba Health and JD Health (06618), with Alibaba Health lagging in establishing a robust first-party platform sales business model, particularly in user awareness and drug supply chain [1] - Despite this, Goldman Sachs believes there is still upside potential in Alibaba Health's earnings guidance for the fiscal year ending March 2026, driven by strong growth in its first-party platform sales and strict operational cost control [1]

智通财经APP获悉，高盛发布研报称，阿里健康(00241)公布9月底止2026财年中期业绩后，维持其"中 性"评级，主要原因包括公司正受惠于产业结构性的利好因素，如原研处方药从医院渠道流出及线上药 品渗透率的加速增长。高盛将阿里健康2026至2028财年收入预测微调至增长2%至4%;并相应上调调整后 净利润预测2%至4%。基于对其药房、医疗服务业务预测的2027年28倍市盈率，将目标价从4.7港元升至 5.2港元，维持"中性"评级。 然而，高盛观察到两大线上医药平台阿里健康及京东健康(06618)在收入增长上存在差异，当中包括第 一方平台销售(1P)已成为主要收入和利润驱动因素下，相较于同行，阿里健康在建立完善的第一方平台 销售商业模式方面仍存在差距，尤其在用户认知度与药品供应链方面。虽然如此，高盛认为阿里健康目 前明年3月底止2026财年的业绩指引仍有上行空间，主要得益于其第一方平台销售业务强劲的增长带 动，尤其在其药品销售及严格的营运费用控制推动下。 ...