港股科网股集体上涨，百度(09888.HK)、BOSS直聘(02076.HK)、快手(01024.HK)涨超3%，阿里健康 (00241.HK)、京东(09618.HK)、贝壳(02423.HK)涨超1%。 ...

Group 1 - The Hang Seng Index (HSI) shows a significant rebound, with bullish investors expecting it to rise to 25,000, supported by a recovery price of 24,020 for overnight bull certificates [1] - Alibaba (09988.HK) has potential upward movement, with bullish investors targeting a price of 130 HKD, while the stock closed at 113.5 HKD, reflecting a 6.97% increase [3] - Bilibili-W (09626.HK) has broken through the upper Bollinger Band at 182 HKD, closing at 184.9 HKD, indicating a "buy" signal with resistance levels at 194.5 HKD and 200 HKD [6] Group 2 - NetEase-S (09999.HK) shows signs of a rebound, with a "buy" signal and resistance levels at 216 HKD and 224 HKD, suggesting that options with a strike price around 220 HKD may be more favorable [9] - Sunny Optical Technology (02382.HK) is experiencing upward momentum, closing near the upper Bollinger Band at 76.4 HKD, with a strong buy signal and resistance levels at 78.4 HKD and 82.3 HKD [12] - Alibaba Health (00241.HK) has risen for six consecutive days, with resistance levels at 4.8 HKD and 5.13 HKD, and options with a strike price of 4.51 HKD are considered reasonable [15]

Group 1 - The Hang Seng Index and Hang Seng Tech Index both rose over 1% during the day [1] - Anta Sports (02020.HK) increased by over 4.5% [1] - Baidu (09888.HK) saw a nearly 4% rise [1] Group 2 - Alibaba (09988.HK), Trip.com Group (09961.HK), and Alibaba Health (00241.HK) all experienced gains of over 3% [1]

[Chairman's Report](index=6&type=section&id=Chairman%27s%20Report) [Pharmaceutical E-commerce Business](index=7&type=section&id=Chairman%27s%20Report-Pharmaceutical%20E-commerce%20Business) The pharmaceutical e-commerce business solidified its industry-leading position by optimizing the supply chain and integrating marketing services for multi-driven growth - Signed strategic collaborations with multiple renowned pharmaceutical companies to enhance drug accessibility in outpatient and lower-tier markets, expanding online retail, product categories, and new drug launches[12](index=12&type=chunk) - After acquiring exclusive marketing review rights for Ali Mama's healthcare category, marketing services were integrated into a closed loop, forming a multi-driven model of "self-operated revenue + platform commission + marketing services" to enhance merchant stickiness and drive business growth[13](index=13&type=chunk) [Healthcare and Digitalization Business](index=8&type=section&id=Chairman%27s%20Report-Healthcare%20and%20Digitalization%20Business) The Group enhanced online healthcare services with AI, expanded professional talent to nearly 240,000, and advanced drug traceability Healthcare and Digitalization Business Key Metrics (As of March 31, 2025) | Business Segment | Key Metric | Data | | :--- | :--- | :--- | | **Healthcare Service Platform** | Contracted licensed physicians, pharmacists, and nutritionists | Nearly **240,000** | | **Xiaolu Traditional Chinese Medicine Business** | Registered Traditional Chinese Medicine practitioners | **140,000** | | **Xiaolu Traditional Chinese Medicine Business** | National dispensing center network | **137** | - Firmly committed to big data and AI technology as core drivers, enabling AI across the entire pharmaceutical e-commerce value chain, improving operational efficiency and GMV growth Future plans include continuous exploration of large models in healthcare services[21](index=21&type=chunk) - The "Ma Shang Fang Xin" platform actively responded to national drug traceability policies, promoting full value chain coverage for drug production, circulation, and retail pharmacies/medical institutions, enhancing supply chain transparency, security, and compliance[20](index=20&type=chunk) [Public Welfare](index=9&type=section&id=Chairman%27s%20Report-Public%20Welfare) Ali Health actively fulfilled social responsibility by focusing on vulnerable groups' health and integrating public welfare into its corporate strategy - Launched multiple public welfare initiatives, including the "Lemon Baby Care Action" to ensure access to special medical food for children with rare diseases, the "Hearing Aid Action" providing hearing tests for over **5,000** elderly individuals, and "Blind Assistance Medical Examinations" offering customized check-ups for **500** visually impaired people[25](index=25&type=chunk) - Upgraded and launched the "1–5–100 Public Welfare Program," guided by "1 Ali Health Public Welfare Forest, 5 business-related public welfare projects, and 100 employee families participating," integrating social responsibility into the corporate DNA[26](index=26&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Financial Summary](index=11&type=section&id=Business%20Review) In FY2025, the company achieved robust business growth with total revenue up 13.2% and net profit up 62.2%, driven by policy and AI Financial Highlights (FY2025, RMB) | Financial Metric | FY2025 (RMB) | Year-on-Year Growth | | :--- | :--- | :--- | | **Total Revenue** | **30.598 billion yuan** | +13.2% | | **Net Profit** | **1.432 billion yuan** | +62.2% | | **Adjusted Net Profit** | **1.950 billion yuan** | +35.6% | | **Adjusted Net Profit Margin** | **6.4%** | Up from 5.3% | Operational Highlights (As of March 31, 2025) | Operational Metric | Data | Year-on-Year Growth | | :--- | :--- | :--- | | **Tmall Health Platform - Online Key Merchants** | **48,300** | +35% | | **Tmall Health Platform - Online SKUs** | **133 million** | +91% | | **Online Self-operated Stores - Self-operated SKUs** | **1.23 million** | +33.6% | - The company's strategy is based on "Cloud Infrastructure," with "Cloud Pharmacy" as the core and "Cloud Hospital" as the engine, providing inclusive, efficient, and safe healthcare services for families[36](index=36&type=chunk) [Business Segment Performance](index=13&type=section&id=Business%20Segment%20Performance) All Group business segments made significant progress this fiscal year, with strong growth in pharmaceutical e-commerce, expanded healthcare services, and enhanced digital traceability [Pharmaceutical E-commerce Business](index=13&type=section&id=Pharmaceutical%20E-commerce%20Business) Pharmaceutical e-commerce, a core segment, achieved steady growth through platform and self-operated models, expanding services and improving logistics Pharmaceutical E-commerce Business Metrics (As of March 31, 2025) | Business Segment | Metric | Data | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | **Pharmaceutical E-commerce Platform** | Online Key Merchants | **48,300** | +35% | | **Pharmaceutical E-commerce Platform** | Online SKUs | **133 million** | +91% | | **Pharmaceutical Self-operated Business** | Revenue | **26.124 billion yuan** | +10.0% | | **Pharmaceutical Self-operated Business** | SKU Quantity | **1.23 million** | +33.6% | - Next-day home delivery service for self-operated pharmaceutical business has gradually expanded to **13** cities including Guangzhou, Ningbo, and Jinhua[45](index=45&type=chunk) [Healthcare and Digital Services Business](index=14&type=section&id=Healthcare%20and%20Digital%20Services%20Business) Healthcare services upgraded with increased professionals and AI integration, while digital traceability expanded its value chain coverage and efficiency - As of March 31, 2025, the total number of contracted licensed physicians, pharmacists, and nutritionists increased to nearly **240,000**[46](index=46&type=chunk) - Xiaolu TCM launched an AI-assisted diagnosis and treatment system based on Alibaba Cloud Bailian Platform and DEEPSEEK large models, improving doctors' auxiliary consultation efficiency[47](index=47&type=chunk) - The "Ma Shang Fang Xin" platform launched "Drug Circulation Compliance Digitalization" services, serving over **1,500** manufacturing enterprises and over **7,100** distribution enterprises, with over **8.5 million** electronic drug inspection reports cumulatively sent[50](index=50&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) In FY2025, the Group's total revenue grew 13.2% to 30.60 billion yuan, with gross profit up 26.1% and net profit surging 62.2% to 1.43 billion yuan Consolidated Financial Performance (RMB '000) | Financial Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | **30,598,292** | 27,026,555 | 13.2 | | **Gross Profit** | **7,432,091** | 5,895,321 | 26.1 | | **Profit Before Tax** | **1,559,968** | 939,399 | 66.1 | | **Profit for the Year** | **1,432,014** | 883,136 | 62.2 | | **Profit Attributable to Owners of the Parent** | **1,432,427** | 883,477 | 62.1 | | **Adjusted Net Profit** | **1,949,673** | 1,437,928 | 35.6 | Revenue by Segment (RMB '000) | Revenue Segment | 2025 (RMB '000) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | **Pharmaceutical Self-operated Business** | **26,124,420** | 10.0 | | **Pharmaceutical E-commerce Platform Business** | **3,588,499** | 54.0 | | **Healthcare and Digital Services Business** | **885,373** | -7.6 | - Gross margin increased by **2.5** percentage points to **24.3%**, primarily due to optimized operational efficiency and enhanced pricing power from refined operations and digital upgrades[66](index=66&type=chunk) - Fulfillment expenses as a percentage of self-operated pharmaceutical business revenue decreased from **10.2%** to **9.8%**, reflecting improved operational efficiency in warehousing, logistics, and customer service[69](index=69&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Financial%20Resources%2C%20Liquidity%20and%20Foreign%20Exchange%20Risk) As of March 31, 2025, the Group maintained robust liquidity with 2.22 billion yuan in cash, positive operating cash flow, and zero debt Cash Flows (For the Year Ended March 31, RMB '000) | Cash Flow Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | **Net Cash Flows from Operating Activities** | **1,395,033** | 1,079,832 | | **Net Cash Flows Used in Investing Activities** | **(2,596,482)** | (4,880,900) | | **Net Cash Flows Used in Financing Activities** | **(72,517)** | (1,982,395) | | **Cash and Cash Equivalents at Year-End** | **2,218,296** | 3,490,169 | - As of March 31, 2025, the Group had **no outstanding borrowings**, resulting in **no debt-to-capital ratio**[94](index=94&type=chunk) - The Group has **no foreign exchange hedging policy**, but management will closely monitor exchange rate fluctuations to keep risks at a minimum level[99](index=99&type=chunk) - The Board does **not recommend** the payment of a final dividend for the reporting period[107](index=107&type=chunk) [Report of the Directors](index=26&type=section&id=Report%20of%20the%20Directors) [Share Award Scheme](index=33&type=section&id=Share%20Award%20Scheme) The company operates 2014 and 2024 Share Award Schemes to incentivize contributors, with the 2024 scheme authorizing 10% of issued shares - The company adopted the **2024 Share Award Scheme** on **August 30, 2024**, to replace the terminated 2014 scheme, ensuring consistency in share award practices The new scheme is valid for **ten years**[157](index=157&type=chunk) Share Award Scheme Authorized Limits | Scheme Name | Scheme Authorized Limit | Service Provider Sub-limit | | :--- | :--- | :--- | | **2024 Share Award Scheme** | **10%** of issued shares on adoption date (**1,609,173,626 shares**) | **1%** of issued shares on adoption date (**160,917,362 shares**) | - During the reporting period, new share options and restricted share units were granted to Executive Director Mr. Shen Diefan, Mr. Tu Yanwu, and Chairman Mr. Zhu Shunyan, among others[184](index=184&type=chunk) [Connected Transactions](index=47&type=section&id=Connected%20Transactions) The Group conducted various continuing connected transactions with Alibaba Group, all compliant with Listing Rules and deemed fair by independent directors Connected Transactions (Approximate RMB) | Transaction Type | Counterparty | FY2025 Expense/Revenue (Approx. RMB) | | :--- | :--- | :--- | | **Cloud Computing Services** | Alibaba Cloud | Expense **RMB 135 million** | | **Platform Services** | Taobao China, etc. | Expense **RMB 620 million** | | **Logistics Services** | Cainiao Group | Expense **RMB 126 million** | | **Shared Services** | Alibaba Network Group | Expense **RMB 277 million** | | **Framework Technical Services** | Taobao China Co. | Expense **RMB 1.093 billion** | | **Marketing Promotion Services** | Ali Mama | Expense **RMB 2.287 billion** | | **Exclusive Marketing Review Services** | Ali Mama | Revenue **RMB 1.515 billion** | - Independent non-executive directors reviewed all continuing connected transactions and confirmed they were entered into on normal commercial terms in the Group's ordinary course of business, fair and reasonable, and in the overall interest of shareholders[274](index=274&type=chunk)[318](index=318&type=chunk) - The company's auditor, Ernst & Young, issued a letter regarding the continuing connected transactions, confirming that the transactions were approved by the Board, followed pricing policies, did not exceed annual caps, and complied with agreement terms[314](index=314&type=chunk)[321](index=321&type=chunk) [Contractual Arrangements (VIE Structure)](index=58&type=section&id=Contractual%20Arrangements) The Group uses a VIE structure to control restricted businesses and obtain economic benefits due to Chinese foreign investment restrictions, with the Board deeming these arrangements crucial - The VIE structure is adopted to comply with Chinese laws restricting foreign investment in operational internet information services (requiring ICP licenses) to a shareholding ratio of no more than **50%**[275](index=275&type=chunk)[299](index=299&type=chunk) - Core contractual arrangements include: Exclusive Service Agreement, Loan Agreement, Equity Pledge Agreement, Shareholder Voting Rights Proxy Agreement, and Exclusive Call Option Agreement, ensuring that the wholly foreign-owned enterprise can effectively control the operating companies and obtain their economic benefits[287](index=287&type=chunk)[290](index=290&type=chunk)[291](index=291&type=chunk)[294](index=294&type=chunk)[295](index=295&type=chunk) Operating Companies under VIE Structure (RMB '000) | Operating Company | FY2025 Revenue (RMB '000) | % of Group | Assets as of 2025/3/31 (RMB '000) | % of Group | | :--- | :--- | :--- | :--- | :--- | | **Hongyun Jiukang** | **747,971** | 2.44% | **3,130,192** | 14.78% | | **Ali Health Hebei** | **7,859** | 0.03% | **55,602** | 0.26% | - The Board confirmed the necessity of the contractual arrangements and deemed it inappropriate to set annual caps or a three-year term for them, a view supported by independent financial advisors Independent non-executive directors also reviewed and confirmed the reasonableness of the arrangements[309](index=309&type=chunk)[311](index=311&type=chunk)[318](index=318&type=chunk) [Biographical Details of Directors and Senior Management](index=72&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management) [Directors and Senior Management Profile](index=72&type=section&id=Biographical%20Details%20of%20Directors%20and%20Senior%20Management-Summary) This section provides background and qualifications for the company's directors and senior management, including key executives and the re-designated Chairman - Executive Director and Chief Executive Officer Mr. Shen Diefan has held various senior positions at Alibaba Group and the Company, possessing extensive e-commerce and management experience[336](index=336&type=chunk) - Executive Director and Chief Financial Officer Mr. Tu Yanwu has extensive experience in financial management, auditing, and capital markets, having previously worked at Wuxi AppTec and General Motors[337](index=337&type=chunk) - Chairman Mr. Zhu Shunyan was re-designated from executive director to non-executive director effective **September 1, 2024**, having previously been an Alibaba Partner and held several presidential-level positions at UC Browser and Alibaba Group[338](index=338&type=chunk)[341](index=341&type=chunk) [Corporate Governance Report](index=77&type=section&id=Corporate%20Governance%20Report) [Board and Committees](index=77&type=section&id=Board%20and%20Committees) The company complied with corporate governance codes, maintaining a diverse eight-member Board with separate Chairman and CEO roles, and effective committees - The Board of Directors comprises **eight** directors, including **two** executive directors, **three** non-executive directors, and **three** independent non-executive directors, complying with Listing Rules requirements[361](index=361&type=chunk) - The roles of the Company's Chairman (Mr. Zhu Shunyan) and Chief Executive Officer (Mr. Shen Diefan) are clearly separated with distinct responsibilities[371](index=371&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee are all chaired by independent non-executive directors and held meetings during the reporting period, fulfilling their respective terms of reference[378](index=378&type=chunk)[388](index=388&type=chunk)[393](index=393&type=chunk) - The Board adopted a Board Diversity Policy; as of March 31, 2025, the Board comprised **four** male and **four** female members, ensuring a balanced gender composition[405](index=405&type=chunk) [Shareholder Rights and Communication](index=87&type=section&id=Shareholder%20Rights%20and%20Communication) The company ensures transparent shareholder communication through various channels, outlining procedures for general meetings, proposals, and dividend policy - Shareholders holding not less than **10%** of the voting rights have the right to request an extraordinary general meeting[428](index=428&type=chunk) - Shareholders holding not less than **5%** of the total voting rights or not less than **100** shareholders may propose resolutions to be moved at an annual general meeting[429](index=429&type=chunk) - The company adopted a dividend policy, where dividend decisions consider various factors including financial performance, cash flow, capital requirements, and shareholder interests[434](index=434&type=chunk) [Risk Management and Internal Control](index=93&type=section&id=Risk%20Management%20and%20Internal%20Control) [Risk Management Framework and Process](index=93&type=section&id=Risk%20Management%20Framework%20and%20Process) The Group established a three-tier risk management framework with committees and a five-stage process to support strategic, operational, reporting, and compliance objectives - The risk management organizational structure is divided into **governance layer** (Board of Directors, Audit Committee, Risk Management Committee), **management layer** (Operating Management Committee, etc.), and **executive layer** (three lines of defense)[463](index=463&type=chunk)[464](index=464&type=chunk) - The risk management process includes: **risk identification**, **risk assessment**, **risk response**, **risk monitoring**, and **risk reporting**[465](index=465&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) - Risk management assurance mechanisms include integrating internal controls into business processes, performance appraisals, and continuous communication and training[469](index=469&type=chunk)[473](index=473&type=chunk) [Key Risks Identified](index=98&type=section&id=Key%20Risks%20Identified) The Group identified and implemented measures for three high-level risks: legal, information technology and data security, and competition Key Risks and Mitigation Measures | Important Risk | Risk Description | Risk Response Measures | | :--- | :--- | :--- | | **Legal Risk** | Main business operates in a highly regulated environment; non-compliance or failure to adapt to policy changes may adversely affect business | Establish business process norms and internal controls, timely acquire and interpret policies, assess impact, and design response plans | | **Information Technology and Data Security Risk** | Product R&D failures, system malfunctions, or data breaches may significantly negatively impact brand reputation and business continuity | Establish standardized R&D processes, operations and maintenance management, and emergency plans, and comprehensively prevent data security risks from personnel, processes, and technology | | **Competition Risk** | Intense competition in the internet health sector; actions by major competitors and new entrants may pose threats | Closely monitor the competitive landscape, conduct in-depth analysis, and create core competitive advantages through business innovation and diversified management | [Independent Auditor's Report](index=102&type=section&id=Independent%20Auditor%27s%20Report) [Audit Opinion and Key Audit Matters](index=102&type=section&id=Independent%20Auditor%27s%20Report-Summary) Ernst & Young issued an unqualified audit opinion on the Group's FY2025 financial statements, highlighting key audit matters including investment impairment and fair value measurement - Auditor Ernst & Young issued an **unqualified audit opinion**, stating that the financial statements were prepared fairly in accordance with Hong Kong Financial Reporting Standards[493](index=493&type=chunk) - Key Audit Matters include: **Impairment of investments in associates**, **Fair value measurement of unlisted equity investments classified as financial assets at fair value through profit or loss**, and **Goodwill impairment**[495](index=495&type=chunk)[499](index=499&type=chunk)[503](index=503&type=chunk)[507](index=507&type=chunk) - For key audit matters, the auditor performed procedures including evaluating the competence of independent valuers, reviewing valuation methodologies, and assessing the reasonableness of management's assumptions[500](index=500&type=chunk)[506](index=506&type=chunk)[510](index=510&type=chunk) [Financial Statements](index=109&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss](index=109&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, the Group reported 30.60 billion yuan in revenue, 7.43 billion yuan in gross profit, and 1.43 billion yuan in net profit Consolidated Statement of Profit or Loss (For the Year Ended March 31, RMB '000) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | **Revenue** | **30,598,292** | 27,026,555 | | **Gross Profit** | **7,432,091** | 5,895,321 | | **Profit Before Tax** | **1,559,968** | 939,399 | | **Profit for the Year** | **1,432,014** | 883,136 | | **Profit Attributable to Owners of the Parent** | **1,432,427** | 883,477 | | **Basic Earnings Per Share** | **RMB 8.91 cents** | RMB 6.29 cents | [Consolidated Statement of Financial Position](index=111&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were 21.18 billion yuan, with net assets increasing to 16.31 billion yuan Consolidated Statement of Financial Position (As of March 31, RMB '000) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | **Total Non-Current Assets** | **8,902,237** | 6,193,100 | | **Total Current Assets** | **12,276,180** | 13,512,237 | | **Total Assets** | **21,178,417** | 19,705,337 | | **Total Current Liabilities** | **4,742,172** | 5,025,458 | | **Total Non-Current Liabilities** | **123,085** | 162,275 | | **Total Liabilities** | **4,865,257** | 5,187,733 | | **Net Assets** | **16,313,160** | 14,517,604 | [Consolidated Statement of Cash Flows](index=115&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, operating activities generated 1.40 billion yuan in cash, while investing activities used 2.60 billion yuan Consolidated Statement of Cash Flows (For the Year Ended March 31, RMB '000) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | **Net Cash Flows from Operating Activities** | **1,395,033** | 1,079,832 | | **Net Cash Flows Used in Investing Activities** | **(2,596,482)** | (4,880,900) | | **Net Cash Flows Used in Financing Activities** | **(72,517)** | (1,982,395) | | **Net Decrease in Cash and Cash Equivalents** | **(1,273,966)** | (5,783,463) | | **Cash and Cash Equivalents at Year-End** | **2,218,296** | 3,490,169 | [Financial Summary](index=218&type=section&id=Financial%20Summary) [Five-Year Financial Summary](index=218&type=section&id=Financial%20Summary-Summary) This section presents the Group's five-year financial summary, showing steady revenue growth, a return to profitability, and increasing assets Five-Year Financial Summary (For the Year Ended March 31, RMB '000) | Item | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | **30,598,292** | 27,026,555 | 26,763,016 | 20,577,616 | 15,518,468 | | Profit/(Loss) Before Tax | **1,559,968** | 939,399 | 550,994 | (252,514) | 401,219 | | Profit/(Loss) for the Year | **1,432,014** | 883,136 | 536,509 | (268,041) | 342,444 | | **Assets and Liabilities** | | | | | | | Total Assets | **21,178,417** | 19,705,337 | 20,747,820 | 19,201,997 | 17,739,495 | | Total Liabilities | **(4,865,257)** | (5,187,733) | (5,600,621) | (5,132,145) | (3,458,171) | | Equity Attributable to Owners of the Parent | **16,312,179** | 14,544,212 | 15,173,573 | 14,096,039 | 14,301,670 |

Market Overview - The Hong Kong stock market opened lower and fell further, with the Hang Seng Index closing down 0.64% at 23916.06 points, with a total turnover of 267.81 billion HKD [1] - The Hang Seng Index dropped 1.52% over the week, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell 1.75% and 2.34%, respectively [1] Blue-Chip Stocks Performance - Alibaba Health (00241) led the decline among blue-chip stocks, falling 6.64% to 4.22 HKD, contributing a loss of 3.04 points to the Hang Seng Index [2] - Alibaba announced the pricing of a zero-coupon exchangeable bond totaling 12 billion HKD, with an initial exchange price of 6.23 HKD per share of Alibaba Health, representing a 48% premium over the hedge placement price [2] - Other notable blue-chip movements included Xinyi Solar (00968) rising 4.73% and AIA (01299) falling 4.42% [2] Sector Highlights - Large tech stocks showed mixed performance, with Alibaba and Xiaomi both down over 1%, while Baidu rose 1.48% [3] - Pharmaceutical stocks gained strength, with Rongchang Bio (09995) up 15.01% and several others also showing significant increases [3][4] - The solar energy sector saw a general rise, with Xinyi Energy (03868) up 15% following government support for the industry [5][6] Regulatory and Policy Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives [4] - Citigroup anticipates multiple catalysts for the innovative drug and biotechnology sector by the second half of 2025, including commercial collaborations and favorable pricing environments [4] Cryptocurrency and Stablecoin Trends - The stablecoin sector continued to gain traction, with Guotai Junan International (01788) rising 10.62% as the Hong Kong Monetary Authority prepares to accept license applications for stablecoin operations [6] - The market for stablecoins is expected to expand beyond cryptocurrency trading into broader payment applications, enhancing market scale and trading activity [6] Gold Stocks Performance - Gold stocks experienced weakness, with notable declines in companies like Tongguan Gold (00340) and China Gold International (02099) [7] - Strong U.S. non-farm payroll data has diminished expectations for interest rate cuts, impacting gold prices negatively [7] Notable Stock Movements - XPeng Motors (09868) faced pressure, closing down 6.56% despite the launch of its new G7 model [8] - Data center stocks rose, with Global Data (09698) up 6.09%, driven by increasing demand for AI computing power [8] - Jitu Express (01519) saw a significant rise of 5.49%, supported by positive growth forecasts related to its operations with TikTok Shop [9]

Core Viewpoint - The Hang Seng Tech Index experienced a significant decline, dropping nearly 2% during trading, with Alibaba Health seeing a drop of over 7% [1] Group 1 - The Hang Seng Tech Index's intraday performance indicates a bearish trend in the technology sector [1] - Alibaba Health's stock performance reflects broader market concerns, as it fell more than 7%, suggesting potential investor apprehension [1]

Group 1 - The Hang Seng Index opened down 0.7%, with the Hang Seng Tech Index falling 0.75%. Alibaba Health dropped nearly 5%, and AIA Group fell nearly 2% [1] - According to Zhongtai International, the technical bull market pattern for Hong Kong stocks is clear in the first half of the year, with expectations for continued strength in the market under supportive policies and improved US dollar liquidity in the second half of 2025 [1] - Earnings per share for the Hang Seng Index are projected to grow by 8.5% and 8.3% in 2025 and 2026, respectively [1] Group 2 - CITIC Securities anticipates that the ongoing reform of the Hong Kong listing system will enhance the asset quality and liquidity of the market, with southbound capital likely to continue flowing into Hong Kong stocks [2] - The market is expected to show a trend of "oscillation upwards + structural differentiation" in the second half of the year, driven by macro policies focusing on high-quality development, technological innovation, and domestic demand [2] - Annual net inflow of southbound funds is expected to exceed 1 trillion yuan, continuously improving liquidity in the Hong Kong stock market [2]

Group 1 - The Hang Seng Index opened lower by 0.70%, at 23,900.69 points [1] - The Hang Seng Tech Index declined by 0.75% [1] - Alibaba Health dropped by 4.9%, while XPeng Motors fell nearly 2% [1] Group 2 - Tencent, Meituan, NetEase, and Xiaomi all experienced declines of over 1% [1]

文件显示：阿里健康股票进行Delta配售。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Views - The internet healthcare sector is entering a stable growth phase, with online pharmaceutical retail penetration expected to accelerate. Non-pharmaceutical products like nutritional supplements and home medical devices are well-suited for online retail, while the pharmaceutical market's online penetration is still low but poised for growth due to changing consumer behaviors and regulatory support [6][27][30]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 27,026.56 million in FY2024, increasing to RMB 39,029.33 million by FY2028, reflecting a revenue growth rate of 0.98% in FY2024 and an average of 8.33% from FY2025 to FY2028 [2]. - Adjusted net profit is expected to rise from RMB 1,438.27 million in FY2024 to RMB 3,355.45 million by FY2028, with a significant growth rate of 91.64% in FY2024 [2]. - The report anticipates a gradual improvement in gross margin from 21.81% in FY2024 to 25.85% in FY2028, alongside an increase in return on equity (ROE) from 6.07% to 13.00% over the same period [2]. Company Overview - The company operates in three main segments: 1P pharmaceutical self-operated business, 3P pharmaceutical e-commerce platform business, and innovative healthcare and digital services [17]. - The self-operated pharmaceutical business accounted for 85.4% of the company's revenue in FY2025, while the e-commerce platform business contributed 11.7% [17]. Market Trends - The report highlights a favorable regulatory environment for online healthcare, with policies gradually promoting online medical insurance coverage and the legitimacy of internet hospitals [27][28]. - The penetration rates for nutritional supplements and home medical devices are increasing, while the pharmaceutical sector is expected to see rapid growth in online retail penetration due to evolving consumer preferences and regulatory changes [30][31]. Competitive Landscape - The competition in the internet healthcare sector is expected to stabilize, with a clear distinction emerging between B2C and O2O models. The report notes that while O2O instant retail will continue to grow, its penetration in certain product categories may remain limited [45][49]. Innovation and Growth Opportunities - The company is actively exploring AI applications in healthcare, enhancing operational efficiency and developing AI-assisted diagnostic tools. This strategic focus on AI is expected to improve service delivery and patient outcomes [52][58]. - The report also mentions the company's cloud hospital and digital service initiatives, which are anticipated to provide significant growth opportunities in the future [52].