Zhi Tong Cai Jing·2025-12-02 09:32Core 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]