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。 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HKD 5.69, reflecting a 5.0% increase from the previous target price [2][7]. Core Insights - The company achieved a revenue of RMB 16.70 billion for FY9/25, representing a year-on-year growth of 17.0%. The gross profit margin improved to 25.1%, and the adjusted net profit increased by 38.7% to RMB 1.36 billion [3][14]. - The self-operated pharmaceutical business generated revenue of RMB 14.38 billion, growing by 18.6% year-on-year, driven by increases in pharmaceutical and medical device categories. The number of self-operated SKUs expanded significantly [18][14]. - The pharmaceutical e-commerce platform business reported revenue of RMB 1.84 billion, up 7.5% year-on-year, with improvements in operational capabilities and a significant increase in the number of merchants [18][14]. - The healthcare and digital services business generated revenue of RMB 480 million, reflecting an 8.2% year-on-year growth, with a notable increase in contracted healthcare professionals [18][14]. - The company has optimized its supply chain efficiency, with a reduction in fulfillment costs and an overall operating expense ratio of 18.3%, down 0.9 percentage points [15][14]. Financial Forecasts - Revenue forecasts for FY26 and FY27 are set at RMB 34.90 billion and RMB 39.38 billion, respectively, indicating year-on-year growth of 14.1% and 12.8% [16][7]. - Adjusted net profit forecasts for FY26 and FY27 are RMB 2.48 billion and RMB 2.83 billion, representing growth rates of 27.1% and 14.3% [16][7]. - The company's equity value is projected to be HKD 92.08 billion, corresponding to a share price of HKD 5.69 per share based on a DCF valuation [16][7].

瑞银又指，阿里健康与主要竞争对手京东健康(06618)之间的差距正在扩大，而后者似乎已在用户认知 度与药品供应链建立了竞争优势，并在全渠道布局抢得先机，并认为阿里健康目前对应明后两年调整后 32倍、27倍市盈率，可能无法充分支撑对其2025至2028财年收入及调整后盈利年复合增长率分别13%、 19%的预测。 瑞银发布研报称，将阿里健康(00241)相对估值方法由市销率改为调整后市盈率，将阿里健康2026至 2028财年盈利预测上调17%至21%，以反映更强劲的第一方平台销售增长。基于2027财年23倍调整后市 盈率，将目标价从3.8港元上调至4.7港元，但维持"沽售"评级。 自5月下调阿里健康评级以来，公司的第一方平台销售(1P)增长超越该行预期，但认为当中更多是药品 供应从线下转向线上的结构性变化，而非公司战略转向侧重第一方平台或第一方平台药品销售，亦相信 同行的龙头企业均能从此结构性趋势中尽早获利。 ...

瑞银又指，阿里健康与主要竞争对手京东健康(06618)之间的差距正在扩大，而后者似乎已在用户认知 度与药品供应链建立了竞争优势，并在全渠道布局抢得先机，并认为阿里健康目前对应明后两年调整后 32倍、27倍市盈率，可能无法充分支撑对其2025至2028财年收入及调整后盈利年复合增长率分别13%、 19%的预测。 智通财经APP获悉，瑞银发布研报称，将阿里健康(00241)相对估值方法由市销率改为调整后市盈率，将 阿里健康2026至2028财年盈利预测上调17%至21%，以反映更强劲的第一方平台销售增长。基于2027财 年23倍调整后市盈率，将目标价从3.8港元上调至4.7港元，但维持"沽售"评级。 自5月下调阿里健康评级以来，公司的第一方平台销售(1P)增长超越该行预期，但认为当中更多是药品 供应从线下转向线上的结构性变化，而非公司战略转向侧重第一方平台或第一方平台药品销售，亦相信 同行的龙头企业均能从此结构性趋势中尽早获利。 ...

大华继显的Sunny Chen和Carol Dou报告称，阿里健康的收入和经调整净利润在2026财年至2028财年期 间可能会继续增长。他们指出，阿里巴巴集团旗下的这家医疗健康公司公布的上半财年业绩超出市场预 期。该公司还重申了其2026财年收入和经调整净利润增长目标，分别为同比增长10%-15%和20%-30%。 这些分析师称，增长可能受到创新药业务的持续势头、与阿里巴巴的协同效应加深以及人工智能采用率 提高的推动。他们预计，2026财年至2028财年，收入的复合年增长率为13%，经调整净利润的复合年增 长率为24%。大华继显维持对该股的买入评级和7.80港元的目标价。 本文源自：金融界AI电报 ...

Core Insights - Alibaba Health reported a revenue of 16.697 billion RMB for the six months ending September 30, 2025, representing a year-on-year growth of 17% [2] - The gross profit for the same period was 4.184 billion RMB, reflecting an 18.4% increase compared to the previous year [2] - Net profit surged to 1.266 billion RMB, marking a significant year-on-year growth of 64.7% [2] - Adjusted net profit amounted to 1.356 billion RMB, which is a 38.7% increase year-on-year [2] Financial Performance - Revenue for the six months ending September 30, 2025, was 16,697,093 thousand RMB compared to 14,273,724 thousand RMB in 2024 [1] - Gross profit increased from 3,533,765 thousand RMB in 2024 to 4,183,978 thousand RMB in 2025 [1] - The net profit for the period rose from 769,048 thousand RMB in 2024 to 1,266,413 thousand RMB in 2025 [1] - Adjusted net profit increased from 977,582 thousand RMB in 2024 to 1,356,316 thousand RMB in 2025 [1] Business Growth - As of September 30, 2025, Alibaba Health's Tmall Health platform had over 56,000 merchants [1] - Self-operated business revenue reached 14.379 billion RMB, showing an 18.6% year-on-year growth [1] - The number of SKUs in online self-operated stores increased by 98.8% to 1.61 million [1]

Core Viewpoint - The company reported better-than-expected performance for 1H26FY, driven by strong growth in original prescription drugs, with revenue reaching 16.697 billion yuan, a year-on-year increase of 17.0% [1] Performance Review - For 1H26FY, the company achieved revenue of 16.697 billion yuan (+17.0% YoY) and non-GAAP net profit of 1.356 billion yuan (+38.7% YoY), with a profit margin of 8.1% (+1.3 percentage points YoY) [1] - Revenue breakdown by business segments shows self-operated business revenue at 14.38 billion yuan (+18.6% YoY), pharmaceutical e-commerce platform revenue at 1.84 billion yuan (+7.5% YoY), and digital service business revenue at 480 million yuan (+8.2% YoY) [1] Development Trends - The original prescription drug category is driving steady revenue growth for the company, with high growth in drug categories contributing to an increase in overall ARPU [1] - The company is enhancing strategic partnerships with upstream enterprises, including a strategic cooperation agreement with Innovent Biologics and a collaboration with Shengxiang Bio for a respiratory virus and bacteria testing project [2] Profitability Forecast and Valuation - The company is expected to maintain strong profitability, with an adjusted non-GAAP net profit forecast of 2.48 billion yuan and 2.75 billion yuan for the upcoming periods, reflecting a 16% increase [2] - The target price has been raised by 30% to 7.1 HKD, indicating a potential upside of 23%, while maintaining an outperform rating [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][13] Core Insights - The company has experienced rapid revenue and profit growth driven by original research drugs, and this trend is expected to continue long-term [1][6] - For FY2026, the company projects a revenue growth of 10-15% year-on-year, with a mid-year revenue of 167 billion yuan, representing a 17% increase compared to the previous year [1][6] - The adjusted net profit for FY2025 was 14 billion yuan, a 39% increase year-on-year, with an adjusted net profit margin of 8.1% [2][7] Revenue Summary - The company's self-operated pharmaceutical revenue reached 143 billion yuan in FY2026, up 19% year-on-year, largely due to a 99% increase in SKU supply for B2C retail products [1][6] - E-commerce platform service revenue was 18 billion yuan, an 8% increase year-on-year, with advertising revenue growing over 10% [1][6] - The medical health and digital services segment generated 5 billion yuan, also reflecting an 8% year-on-year growth [1][6] Profit Summary - The adjusted net profit margin improved to 8.1% in FY2025, up 1.3 percentage points year-on-year, with a gross margin of 25.1% [2][7] - The company has reduced its fulfillment cost ratio to 8.2%, down 0.7 percentage points year-on-year, indicating improved operational efficiency [2][7] - For FY2026, the company anticipates a net profit growth of 20-30% year-on-year, with a mid-year profit projection of 1-21% [2][7] Financial Forecasts - Revenue projections for FY2026 to FY2028 have been adjusted to 348 billion, 379 billion, and 410 billion yuan respectively, reflecting a 4% increase from previous estimates [3][13] - The adjusted net profit forecasts for the same period are set at 25 billion, 30 billion, and 34 billion yuan, also a 6% increase from prior estimates [3][13] - The current stock price corresponds to a FY2026 price-to-earnings ratio of 37 times [3][13]