智通财经网·2025-09-17 08:30Group 1 - Morgan Stanley reports that Alibaba Health's stock price has increased by approximately 27% since the announcement of its fiscal year 2025 results, outperforming peers by 8 percentage points [1] - The increase in stock price is attributed to positive investor reactions to recent updates in online retail sales policies for prescription drugs, leading to a target price adjustment from HKD 5 to HKD 6.5, reflecting a projected price-to-sales ratio of 2.5 times for the current fiscal year [1] - The report suggests that the impact of the policy update is more emotional than substantive, as it does not differ significantly from existing policies [1] Group 2 - The synergy with Taobao's fast e-commerce is expected to be a key focus for the first half of the current fiscal year ending in September, particularly in terms of user and order growth, potential investment scale, and user retention post-subsidy normalization [1] - Revenue forecasts for Alibaba Health for the current and next fiscal years have been raised by 4%, reflecting the collaborative effects with Taobao's fast e-commerce on user traffic and overall transaction volume [1] - Adjusted earnings per share forecasts for the current and next fiscal years have been increased by 3% and 4% respectively, due to savings from market promotion costs associated with high subsidies from Taobao, partially offset by investment from business collaboration [1]