Core Viewpoint - Alibaba Health's performance for the first half of the fiscal year 2026 exceeded expectations, driven by strong sales in original prescription drugs [1] Financial Performance - Revenue reached 16.697 billion yuan, representing a year-on-year growth of 17% [1] - Non-GAAP net profit was 1.356 billion yuan, with a year-on-year increase of 38.7%, resulting in a profit margin of 8.1% [1] Strategic Outlook - The company is expected to strengthen strategic partnerships with upstream enterprises, which will enhance contributions beyond product sales [1] - Due to the company's consistent profit generation, the forecast for non-GAAP net profit for fiscal years 2026 and 2027 has been raised by 16% to 2.48 billion yuan and 2.75 billion yuan, respectively [1] Valuation Adjustment - Following recent improvements in sector valuations, the target price has been increased by 30% to 7.1 HKD, while maintaining an "outperform" rating [1]

Core Viewpoint - CICC maintains a "outperform" rating for Alibaba Health (00241) and raises the target price by 30% to HKD 7.1, considering recent valuation boosts in the sector [1] Financial Performance - For the first half of the fiscal year 2026 ending September, Alibaba Health reported revenue of RMB 16.697 billion, a year-on-year increase of 17% [1] - The non-GAAP net profit for the same period was RMB 1.356 billion, reflecting a year-on-year growth of 38.7%, with a profit margin of 8.1% [1] Future Projections - CICC has increased its non-GAAP net profit forecasts for Alibaba Health for fiscal years 2026 and 2027 by 16% each, projecting profits of RMB 2.48 billion and RMB 2.75 billion respectively [1] - The company is expected to strengthen strategic partnerships with upstream enterprises, which will contribute to expanding business beyond product sales [1]

Core Viewpoint - CICC maintains "outperform" rating for Alibaba Health (00241) and raises target price by 30% to HKD 7.1 based on recent valuation uplift in the sector [1] Financial Performance - For the first half of the fiscal year ending September 2026, Alibaba Health reported revenue of RMB 16.697 billion, a year-on-year increase of 17% [1] - Non-GAAP net profit reached RMB 1.356 billion, reflecting a year-on-year growth of 38.7%, with a profit margin of 8.1% [1] Future Projections - CICC has increased its non-GAAP net profit forecasts for Alibaba Health for fiscal years 2026 and 2027 by 16% each, projecting RMB 2.48 billion and RMB 2.75 billion respectively [1] - The company is expected to strengthen upstream strategic partnerships, which will contribute to business growth beyond product sales [1]