Investment Rating - The report maintains an "Outperform" rating for AliHealth with a target price of HKD 5.42 per share [2][21]. Core Insights - The company reported a revenue of RMB 30.60 billion for FY3/25, reflecting a growth of 13.2%, and an adjusted net profit of RMB 1.95 billion, which is a 35.6% increase, leading to a net profit margin of 6.4% [3][15]. - The pharmaceutical self-operated business generated revenue of RMB 26.12 billion (+10.0%), while the e-commerce platform business saw a significant increase to RMB 3.59 billion (+54.0%) due to the consolidation of health advertising business [15][16]. - The second half of the fiscal year showed accelerated growth, with H2 revenue reaching RMB 16.32 billion (+16.0%), driven by the recovery of the pharmaceutical self-operated business [4][17]. Financial Performance Summary - Revenue and profit forecasts indicate steady growth, with FY26 revenue projected at RMB 33.42 billion (+9.2%) and FY27 at RMB 36.14 billion (+8.1%) [20]. - The gross margin for FY3/25 was reported at 24.3%, an increase of 2.5 percentage points, while the overall operating expense ratio remained stable at 19.5% [18][19]. - The company’s free cash flow is expected to grow significantly, with projections of RMB 1.88 billion for FY26 and RMB 2.20 billion for FY27 [10][12]. Valuation and Market Position - The DCF valuation method estimates the company's equity value at HKD 87.12 billion, corresponding to a target price of HKD 5.42 per share, based on a WACC of 8.3% and a perpetual growth rate of 3.5% [21][11]. - The report highlights the company's strategic focus on enhancing its online platform capabilities and expanding its product categories, which is expected to positively impact profitability [19][20].

Investment Rating - The report maintains an "Outperform" rating for AliHealth with a target price of HKD 5.42 per share [2][21]. Core Insights - The company reported a revenue of RMB 30.60 billion for FY3/25, reflecting a growth of 13.2%, and an adjusted net profit of RMB 1.95 billion, which is a 35.6% increase, leading to a net profit margin of 6.4% [3][15]. - The pharmaceutical self-operated business generated revenue of RMB 26.12 billion (+10.0%), while the e-commerce platform business saw a significant increase to RMB 3.59 billion (+54.0%) due to the consolidation of health advertising business [15][16]. - The healthcare and digital services segment reported a revenue decline to RMB 890 million (-7.6%) due to operational adjustments [16]. Revenue and Profitability Analysis - In the second half of FY3/25, the company achieved revenue of RMB 16.32 billion (+16.0%), driven by the pharmaceutical self-operated business, which grew 13.9% YoY [4][17]. - The gross margin for the fiscal year was 24.3%, an increase of 2.5 percentage points, with stable operating expense ratios [18]. Future Growth Projections - Revenue forecasts for FY26 and FY27 are projected at RMB 33.42 billion and RMB 36.14 billion, representing YoY growth of 9.2% and 8.1%, respectively [20]. - Adjusted net profit for FY26 and FY27 is expected to be RMB 2.32 billion and RMB 2.64 billion, with growth rates of 18.8% and 13.7% [20]. Valuation - The DCF valuation estimates the company's equity value at HKD 87.12 billion, corresponding to a target price of HKD 5.42 per share, based on a WACC of 8.3% and a perpetual growth rate of 3.5% [21].

港股科网股集体走强，贝壳(02423.HK)、快手(01024.HK)涨超4%，哔哩哔哩(09626.HK)、阿里巴巴 (09988.HK)涨超3%，阿里健康(00241.HK)、美团(03690.HK)涨超2%。 ...

Group 1: Hang Seng Index - Bullish investors believe that if the index stabilizes at 23,600, there is a chance to reach 24,000, while some investors are considering stopping losses on bear certificates with a redemption price of 23,700 [1] - Technical signals indicate a "strong buy" with 16 buy signals, 6 neutral signals, and 2 sell signals, with resistance levels at 23,853 and 24,200 [1] - The support level for the index is at 23,000 [1] Group 2: SMIC (Semiconductor Manufacturing International Corporation) - The stock price is approaching a bottom, with increased trading volume over the last three days, raising the possibility of a rebound [3] - The closing price is 41.4, with a short-term trend indicating a downward direction and a summary of technical signals showing 14 sell signals, 6 neutral signals, and 4 buy signals [3] - Key support levels are at 40 and 38.5, with the Bollinger Band bottom at 39.1, indicating a need for further observation [3] Group 3: JD.com - Investors are questioning whether the stock is nearing a bottom and if it can challenge the 250-day moving average [6] - The stock has rebounded by 4.19% to a closing price of 131.8, with a predominance of buy signals but also 7 sell signals and 8 buy signals [6] - Resistance levels are at 137.1 and 145.2, with the Bollinger Band top at 139.8 [6] Group 4: Sunny Optical Technology Group - The stock has been declining for several days, raising questions about a potential rebound and whether it can challenge 70 [8] - The trend remains downward, with a summary of signals indicating 11 sell signals, 6 neutral signals, and 7 buy signals [8] - Key resistance levels are at 68.1 and the Bollinger Band middle line at 65 [8] Group 5: Alibaba Health - Investors are inquiring about the stock's three-day rebound and whether it can test 5 [12] - The technical signals are predominantly sell, with 13 sell signals, 3 buy signals, and 8 neutral signals [12] - The resistance level is at 4.99, just below the target price of 5, indicating significant pressure at this level [12] Group 6: HSBC Holdings - Bearish investors are targeting a price drop to 85-80, while some anticipate a breakthrough above 100 by June [16] - The stock has been trading sideways for about two weeks, with minimal daily fluctuations, indicating a stable but dull trend [16] - Technical signals suggest a "buy" with resistance levels at 95.2 and 98.5, while support levels are at 88.9 and 85.6 [16]

智通财经5月28日电，摩根士丹利将阿里健康评级下调至低配，目标价4.20港元；将京东健康评级上调 至平配，目标价45港元。 ...

Investment Rating - The investment rating for Alibaba Health (0241.HK) is Neutral with a 12-month target price of HK$4.10 per share, indicating a downside potential of 8.9% from the current price of HK$4.50 [2][9]. Core Insights - Alibaba Health's management expressed confidence in achieving or exceeding the FY26 guidance, which includes a 5%-10% year-over-year growth in topline revenue and a 10%-20% year-over-year growth in adjusted net profit [3][6]. - The potential for asset injection from the parent company is being considered, with a focus on business synergy and operational outcomes [7]. - The management is evaluating the expansion of its O2O (Online to Offline) business, contingent on the pace of investment from the parent company in on-demand delivery initiatives [8]. Summary by Sections Guidance and Latest Updates - Management is confident in delivering or exceeding the high-end of the FY26 guidance, which targets a 5%-10% year-over-year growth in topline revenue and a 10%-20% year-over-year growth in adjusted net profit [3][6]. Asset Injection Potential - The primary consideration for potential asset injection from the parent group is the existence of business synergy and improved operational outcomes. Two potential directions include the drugs and nutrition products business from Tmall International and the O2O business from Ele.me [7]. O2O Business Insights - Alibaba Health is monitoring the decision to enhance its O2O business based on the parent company's investment pace in on-demand delivery. Key factors for O2O business success include offline pharmacies, preposition warehouses, a rider fleet, and user mindshare, which is expected to be bolstered by Taobao's Shan Gou initiative [8].

机构：中金公司 研究员：冯喜鹏/陈诗雨/张琎 2025FY 基本符合市场预期 公司公布2025FY（20240401 – 20250331）业绩：收入305.98 亿元（+13.2% YoY），归母净利润14.32 亿元（+62.1% YoY），non-GAAP 净利润19.50 亿元（+35.6% YoY），基本符合市场预期。 发展趋势 公司核心主业维持稳健发展。2025FY 收入端分板块看：1）医药自营业务收入261.24 亿元（+10.0% YoY），持续兑现稳健发展，我们预计海内外医疗保健相关大类及药品大类表现或相对良好；2）医药 电商平台业务收入35.88 亿元（+54.0% YoY），我们预计主要因2025FY 首次完整并表广告营销业务， 带来表观收入端增厚；3）医疗健康和数字化服务业务收入8.85 亿元（-7.6% YoY），我们预计主要因 部分创新业务动态调整导致板块经营稍显波动。 利润端表现稳中有进。公司2025FY 毛利率24.3%（+2.5pct YoY），我们预计一方面因公司规模效应摊 薄采购成本并侧重利润品类经营，另一方面2025FY 首次完整并表高毛利的广告营销业务亦对毛利水平 拉 ...

Core Viewpoint - Alibaba Health reported a total revenue of 16.3 billion yuan for 2HFY25, representing a year-on-year increase of 16.0%, which exceeded the Visible Alpha consensus estimate of 12.6% [1] - Adjusted net profit was 970 million yuan, a year-on-year growth of 22.2%, but fell short of the consensus estimate of 11.0% [1] - Future profit growth is expected to rely on organic business growth as the impact of advertising business integration diminishes [1] Revenue Breakdown - The self-operated business generated revenue of 14 billion yuan in 2HFY25, up 13.9% year-on-year, outperforming the consensus estimate of 9.1% [2] - The pharmaceutical e-commerce platform business revenue was 1.9 billion yuan, showing a year-on-year growth of 43.6%, but below the consensus estimate of 57.7% [2] - The number of SKUs in the self-operated business increased by 33.6% year-on-year to 1.23 million [2] Business Development and Strategy - The integration of advertising business has enhanced the service capabilities for platform merchants, leading to improved operational returns and increased competitiveness in the pharmaceutical e-commerce sector [2] - Management indicated that the growth effect from Taobao's flash purchase exceeded expectations, suggesting a dual adaptation strategy for both remote and near-field models in the pharmaceutical health sector [2] Innovation and Future Guidance - The company reported stable growth in GMV for self-operated and platform businesses, with a focus on cost reduction and efficiency improvement [3] - Innovative businesses like "Code on Trust" and "Little Deer Traditional Chinese Medicine" have shown development, with "Code on Trust" covering a vast network of users and generating initial revenue [3] - The revenue growth target for FY26 is set at 5-10%, with adjusted net profit growth expected at 10-20% [3] Profit Forecast and Valuation - Adjusted net profit forecasts for FY26-27 have been revised down by 8.8% and 8.4% to 2.3 billion yuan and 2.6 billion yuan, respectively, with a new FY28 forecast introduced at 2.9 billion yuan [3] - The company is assigned a target non-IFRS PE of 35x, reflecting a premium over the comparable company's average of 16.2x for 2026, considering the ongoing market share acquisition and potential in medical AI [3] - The target price is set at 5.43 HKD, up from a previous value of 4.4 HKD [3]

Revenue Highlights - In FY2025, the company's operating revenue reached 30.6 billion yuan, representing a year-on-year growth of 13%, primarily driven by the rapid growth of its pharmaceutical platform business [1] - The self-operated pharmaceutical revenue was 26.1 billion yuan, up 10% year-on-year, mainly due to the continuous enrichment of B2C retail product SKUs, which increased by 33.6% to 1.23 million, along with growth in medical devices driven by national subsidies [1] - E-commerce platform service revenue amounted to 3.6 billion yuan, a year-on-year increase of 54%, benefiting from the injection of health category advertising business, with the number of platform merchants growing by 35% to 48,300 and SKUs increasing by 91% to 133 million [1] - Revenue from healthcare and digital services was 890 million yuan, showing a year-on-year decline of 8% [1] Profitability Insights - The adjusted net profit for FY2025 was 1.95 billion yuan, reflecting a year-on-year increase of 36%, with an adjusted net profit margin of 6.37%, up 1 percentage point [2] - Gross margin improved to 24.3%, an increase of 2.5 percentage points, primarily driven by the consolidation of higher-margin advertising business [2] - The fulfillment expense ratio was 8.4%, down 0.5 percentage points, with fulfillment expenses accounting for 9.8% of self-operated business revenue, a decrease of 0.4 percentage points, mainly due to improved operational efficiency in warehousing, logistics, and customer service [2] - The sales expense ratio was 7.4%, up 0.8 percentage points, while the management expense ratio remained stable at 1.3% [2] - The R&D expense ratio was 2.4%, down 0.2 percentage points, attributed to cost control and optimized R&D strategies [2] Future Outlook - The company is actively exploring AI in healthcare, enhancing operational efficiency across various scenarios such as optimizing pharmaceutical search models, smart supply chains for pharmacies, intelligent product operations, and smart customer service [2] - The company aims to empower consumers with an AI-driven product search engine and plans to develop more AI knowledge platform products for doctors, facilitating medical knowledge exchange [2] - Revenue projections for FY2026 and FY2027 are estimated at 33.5 billion yuan and 36.4 billion yuan, respectively, with adjusted net profits of 2.3 billion yuan and 2.8 billion yuan [3] - The company anticipates FY2028 revenue to reach 39.4 billion yuan, with an adjusted net profit of 3.2 billion yuan, currently trading at a FY2025 PE ratio of 31x [3]

| | | 2、百度（9888):全日收82.65元，投資者問是否有支持位？從日線圖看，在保利加通道中線跌至底部，甚至已經跌穿底部的支持。而周線圖看股價也跌回中 線下方，走勢不是很理想。技術信號的總結為"強力賣出"，賣出信號多過買入。進一步再跌的話，參考市場數據，比如我們數據系統分析的78.8元。再跌則 下試試周線圖的底部76.4元。 1、恆指：指數全日收23544點。投資者認為指數低於23500以下可以小注搏反彈。而看空投資者認為恒指會繼續下行考驗23000的支持位。走勢上，恆指維持橫盤格 局，整體變化不大。技術信號轉弱一些，信號總結為"買入"，未能到"強力買入"的信號。支持和阻力位可參考22815點和24000點。 3、周大福（1929）：全日收11.46元。投資者問是否會挑戰12元位置？走勢上，維持向上的趨勢，從2月初開始，股價從7元一路上行，走勢理想。目前技術 信號為"強力買入"，走勢也維持上行趨勢。第一阻力先參考保利加通道頂部11.64元。突破則參考我們數據分析的阻力位11.9元。這兩組數據暫時都低於12 元。窩輪市場上，暫時沒有追高的投資者，早前在9元有人部署認購證。 | 信號總結 | 賣出信號 ...