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 ...

Core Viewpoint - The pharmaceutical distribution industry in China is experiencing a significant divergence in performance between regional and national companies, influenced by ongoing healthcare reforms and market dynamics. Group 1: Performance of Regional Companies - Liuyao Group, a leading regional pharmaceutical distributor, reported a decline in both revenue and net profit for the first half of 2025, with revenue at 10.30 billion yuan, down 3.21% year-on-year, and net profit at 429 million yuan, down 7.52% [3] - The decline in Liuyao Group's performance is attributed to stricter control over drug expenditures by medical institutions and the impact of centralized procurement policies, leading to reduced sales and profit margins [3][4] - Other regional companies, such as Renmin Tongtai, also faced challenges, with total revenue of 5.15 billion yuan and a significant drop in wholesale business revenue due to intensified competition and procurement reforms [3] Group 2: Performance of National Companies - National distributor Jiuzhoutong reported a revenue increase of 5.10% year-on-year, reaching 67.63 billion yuan, and a net profit increase of 19.70% [2] - Jiuzhoutong's growth is driven by robust performance in its digital pharmaceutical distribution and supply chain business, which generated 67.63 billion yuan, up 6.04% [2] - The company also benefited from the issuance of public REITs, which added 438 million yuan to its net profit, showcasing a successful strategy to enhance cash flow and reduce reliance on traditional debt financing [8] Group 3: Strategic Shifts and Future Outlook - Liuyao Group is transitioning from a traditional distributor to a health service solution provider, aiming to create a comprehensive health ecosystem that includes production, distribution, sales, and health management [7] - North University Medicine, heavily reliant on its partnership with Peking University International Hospital, faces significant revenue and profit declines due to the expiration of its service contract, projecting a revenue drop of approximately 600 million yuan in the second half of 2025 [4] - The industry is witnessing a trend towards diversification and digital transformation, with companies exploring new marketing and service models to adapt to the competitive landscape [6][5]