11月26日，阿里健康发布2026财年中期业绩公告。截至2025年9月30日止六个月内，阿里健康营收达人 民币166.97亿元，同比增长17%；毛利达41.84亿元，同比增长18.4% ；净利润达12.66亿元，同比增长达 64.7%；经调整后净利润为13.56亿元，同比增长38.7%；公司业务增长稳健、高质量发展态势巩固。同 时，阿里健康将持续投入医疗AI领域，不断深化在toB医疗垂类领域的战略布局，加速医疗AI领域的深 耕与突破。 此外，阿里健康与礼来、阿斯利康、欧加隆、拜耳、辉瑞、诺和诺德、罗氏等头部企业达成战略合作， 在线上零售、品类拓展、新药首发、疾病教育等领域，全面展开数字化健康服务合作，帮助药企伙伴拓 展院外市场。 报告期内，阿里健康持续为用户提供线上线下一体化的医疗健康服务。与阿里健康签约提供在线健康咨 询服务的执业医师、执业药师和营养师合计超25万人，较去年同期增加2万余人。依托在慢病领域深耕 多年的经验与优势，阿里健康互联网医院持续为慢病患者提供更便捷、高效的互联网医疗服务。截至 2025年9月30日止6个月内，自营慢病业务的用户数量及其ARPU均实现持续增长。 公告显示，作为国内年度活跃 ...

报告期内，阿里健康持续为用户提供线上线下一体化的医疗健康服务。与阿里健康签约提 供在线健康咨询服务的执业医师、执业药师和营养师合计超2 5万人，较去年同期增加2万 余人。依托在慢病领域深耕多年的经验与优势，阿里健康互联网医院持续为慢病患者提供 更便捷、高效的互联网医疗服务。截至2 0 2 5年9月3 0日止6个月内，自营慢病业务的用户数 量及其ARPU均实现持续增长。 此外，中医药服务业务也保持稳定增长趋势。公告显示，小鹿中医持续推进品牌建设与精 细化策略，已搭建自营中药调剂中心服务网络，覆盖北京、广东、浙江、四川、山东等省 市。截至2 0 2 5年9月3 0日止，小鹿中医已拥有注册中医师超1 5万名，医疗服务网络进一步 完善。 在数字基建方面，"码上放心"平台为中国5 6万家医药终端企业免费提供基础追溯服务。除 深耕药品领域外，"码上放心"平台也在医疗器械、中药饮片等商品领域持续推进，逐步发 展成为覆盖"药、械、耗"等领域的企业间数字化协同与管理的领先服务商。在数字化服务 上，阿里健康为药企提供药品流通分析、渠道分析、流向分析、库存数据分析等服务，目 前已与超9 0 0家头部药企建立深度合作。 医疗AI布局 ...

今天（11月27日）A股市场盘中一度强劲上行，午后主要指数冲高回落。受到业内企业涨价等消息的刺激，纸业股今天大幅上涨，成为A股市场主要亮点之一。 港股市场今天窄幅震荡，恒生指数围绕26000点整数关口上下波动。受到利好消息提振，包括泡泡玛特、布鲁可在内的潮玩股大幅上涨。 值得注意的是，港股市场今天再次出现股价闪崩的个股。行情数据显示，港股中国上城股价闪崩，盘中跌幅一度超过70%，截至收盘仍大跌超过50%。 A股造纸板块领涨 部分个股午后直线拉升 今天（11月27日）A股市场盘中一度强劲上行，午后主要指数冲高回落，深证成指、创业板指午后翻绿，截至收盘，上证指数涨0.29%，深证成指跌0.25%，创业板 指跌0.44%。 从行业板块和赛道来看，截至收盘，造纸板块领涨，板块涨幅超过2%。板块内个股中，安妮股份午后直线拉升，并牢牢封住涨停，齐峰新材、博汇纸业、恒丰纸业 等多股涨幅超过5%。 消息面上，近期，国内多家知名浆纸企业密集发布产品调价通知，上调牛卡纸、瓦楞纸等多个纸种价格。大同证券日前的研究观点认为，当前造纸行业迎来"提价红 利+需求改善+结构升级"三重利好。需求端，包装纸补库需求延续，特种纸受益于环保政策与 ...

Core Insights - The collaboration between Ark Health (方舟健客) and Tencent Health marks a new development stage in chronic disease management in China, providing comprehensive support from technology validation to large-scale deployment [1] - The "AI + Chronic Disease Management" solution is based on Ark Health's effective practices and significant business data, showcasing a 2.4 times increase in AI feature user engagement in October [2] - The partnership aims to integrate Ark Health's AI capabilities with Tencent Health's robust service infrastructure to facilitate safe, efficient, and compliant digital upgrades in the healthcare industry [4][5] Group 1 - The "AI + Chronic Disease Management" solution is designed to address real user pain points, such as understanding medical reports, significantly increasing user engagement and trust in AI functionalities [2][3] - Ark Health's AI + H2H ecosystem, which includes a self-developed large model, provides a closed-loop service system covering the entire chronic disease management cycle [3] - The collaboration is a response to national policies promoting the integration of AI in healthcare, aiming to contribute to the "Healthy China 2030" strategy [6] Group 2 - The solution leverages Ark Health's deep understanding of internet medical service scenarios and Tencent Health's stable and secure technical infrastructure [5] - The partnership emphasizes the importance of safety and compliance, utilizing Tencent Health's intelligent security measures to protect sensitive data in medical applications [4] - Future plans include continued technological innovation and collaboration with industry partners to enhance chronic disease management services [6]

Core Insights - The collaboration between Ark Health (方舟健客) and Tencent Health marks a new development stage in chronic disease management in China, focusing on an "AI + Chronic Disease Management" solution [1][6] - The partnership aims to provide comprehensive support from technology validation to large-scale deployment, enhancing the industry's intelligent, compliant, and efficient development [1][7] Group 1: Company Strengths - Ark Health is recognized as a leading "AI + Chronic Disease Management" service platform, leveraging its innovative "AI + H2H (Hospital to Home) smart medical ecosystem" to establish unique technological advantages and practical experience in chronic disease management [1][5] - Tencent Cloud is a prominent cloud service provider with strengths in cloud computing, big data, and artificial intelligence, complementing Ark Health's capabilities [1][6] Group 2: Solution Features - The "AI + Chronic Disease Management" solution is based on Ark Health's effective practices in the field, with significant growth demonstrated by a 2.4 times increase in AI function experience user volume in October [4] - The solution integrates AI technology to address real user pain points, such as the "report interpretation" feature in the JianKe Doctor APP, which has increased user engagement and trust [4][5] Group 3: Technical Infrastructure - The solution is built on a solid technical foundation, utilizing Tencent Health's TI platform for model development and optimization, and incorporating a vector database for rapid semantic retrieval [7][8] - Security and compliance are prioritized through the implementation of detailed safety strategies, ensuring the protection of sensitive data and compliance with industry regulations [7][8] Group 4: Industry Impact - This collaboration represents a significant exploration of the integration of artificial intelligence and healthcare, responding to recent policy initiatives aimed at promoting AI in the medical sector [8][9] - Ark Health aims to continue driving innovation and collaboration to enhance chronic disease management services, contributing to the "Healthy China 2030" strategic goals [9]

Core Viewpoint - JD Health Traditional Chinese Medicine Hospital launched a user care activity "Buy Chinese Medicine, Get a Sweet Treat" to enhance user experience and break the stereotype of traditional Chinese medicine being bitter [1][2] Group 1: User Care Activity - The activity offers users a small treat, such as "Hawthorn strips," with their purchase of Chinese medicine, aiming to alleviate the discomfort of taking medicine and convey a warm service experience [1] - The initiative emphasizes the combination of attentive service and professional medical care, making traditional Chinese medicine more accessible and pleasant for users [1] Group 2: Medical Team and Services - JD Health Traditional Chinese Medicine Hospital covers 29 specialties and has a team of over 7000 clinical Chinese medicine practitioners, including national-level masters and senior doctors [1][2] - The platform provides 24/7 online consultation services with an average response time of just 30 seconds, significantly improving the efficiency and experience of accessing Chinese medicine services [1] Group 3: Supply Chain and Quality Assurance - The hospital has established an efficient nationwide supply chain with over 2300 Chinese medicine SKUs, supporting various forms of medicine such as pills, powders, and decoctions [2] - The delivery rate for orders within 48 hours is as high as 92%, ensuring timely access to medications [2] - The hospital collaborates with quality pharmacies and traditional brands to ensure that all medicinal materials meet pharmacopoeia standards, promoting quality and affordability [2] Group 4: Future Development - JD Health Traditional Chinese Medicine Hospital aims to continue the digitalization, standardization, and humanization of Chinese medicine services, making high-quality resources more accessible to the public [2]

Core Viewpoint - Alibaba Health (00241.HK) experienced a decline of over 3%, trading down 3.28% at HKD 5.9, with a transaction volume of HKD 252 million [1] Company Summary - Alibaba Health's stock price fell to HKD 5.9, reflecting a decrease of 3.28% [1] - The trading volume reached HKD 252 million, indicating significant market activity [1]

Core Viewpoint - Citigroup's research report indicates that Alibaba Health's mid-term revenue increased by 17% year-on-year, with net profit reaching 1.266 billion yuan, exceeding expectations by 4% and 13% respectively [1] Financial Performance - Adjusted net profit rose by 38.7% year-on-year [1] - Gross margin improved by 30 basis points to 25.1% [1] Future Guidance - Alibaba Health raised its full-year revenue growth guidance for fiscal year 2026 to 10% to 15% [1] - Adjusted net profit growth guidance was also increased to 20% to 30% [1] Market Expectations - Given the strong adjusted net profit growth, the market is expected to focus on whether the management will further raise performance guidance [1] - Citigroup maintains a "Buy (High Risk)" rating with a target price of 8.5 HKD [1]

Core Viewpoint - Alibaba Health's stock declined over 3% despite strong interim financial results, indicating market skepticism about future performance guidance [1] Financial Performance - Total revenue for the six months ending September 30, 2025, was 16.697 billion RMB, a year-on-year increase of 17.0% [1] - Net profit reached 1.266 billion RMB, reflecting a year-on-year growth of 64.7%, with net profit margin increasing from 5.4% to 7.6% [1] - Adjusted net profit amounted to 1.356 billion RMB, showing a year-on-year increase of 38.7% [1] Future Guidance - Citigroup raised Alibaba Health's revenue growth guidance for the fiscal year 2026 to 10% to 15% [1] - The adjusted net profit growth guidance was also increased to 20% to 30% [1] - Market attention is focused on whether the management will further adjust performance guidance in light of strong adjusted net profit growth [1]

消息面上，阿里健康发布截至2025年9月30日止六个月的中期业绩，总收入为166.97亿元人民币，同比 增长17.0%；净利润额为12.66亿元人民币，同比增长64.7%；净利润率由5.4%增长至7.6%。调整后净利 润额为13.56亿元人民币，同比增长38.7%。 花旗发布研报称，阿里健康于9月将2026财年全年收入增长指引上调到10％至15%，并将经调整净利润 增长指引升到20％至30%。鉴于期内录得强劲的经调整净利润增长，该行认为市场会关注公司管理层会 否相应上调业绩指引。 阿里健康(00241)逆势跌超3%，截至发稿，跌3.28%，报5.9港元，成交额2.52亿港元。 ...