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 ...

中国 证券研究 2025 年 12 月 2 日 0241.HK, 241 HK 目标价（2026 年 12 月）： 6.50 港元 证券研究报告 中国证券研究主管及亚洲 TMT 研究联 席主管 证券分析师: 姚橙 AC (86 21) 6106 6505 alex.yao@jpmorgan.com 登记编号: S1730523020001 证券分析师: 张致竑, CFA (86-21) 6106 6362 andre.ch.chang@jpmorgan.com 登记编号: S1730520080002 证券分析师: 刘雨禾 (86 21) 6106 6343 nancy.liu@jpmorgan.com 登记编号: S1730524090001 阿里健康 中性 原研药增长势头强劲，伴随闪购带来的初步协同效应 股价（2025 年 12 月 2 日）： 5.45 港元 阿里健康 26 财年上半年实现了 17%的强劲收入增长，主要受以下因素推 动：1）由于中国医药市场发生结构性变化，原研药增长势头强劲；2） 淘宝闪购带来协同效应。我们认为前者应将在可预见的未来继续驱动平 台销售，而闪购带来增量贡献的持久性与可持续性 ...

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]

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]