Core Viewpoint - Haitong International has given Alibaba Health (00241) an "Outperform" rating with a target price of HKD 5.42, citing benefits from increased online penetration, gradual connection of individual account medical insurance, and prescription outflow, leading to steady business growth [1] Financial Performance - For FY3/25, the company reported revenue of CNY 30.6 billion, a 13.2% increase, and adjusted net profit of CNY 1.95 billion, a 35.6% increase, resulting in a net profit margin of 6.4%, up by 1.1 percentage points [2] - The pharmaceutical self-operated business generated revenue of CNY 26.12 billion, a 10.0% increase, while the pharmaceutical e-commerce platform business saw revenue of CNY 3.59 billion, a significant 54.0% increase due to the consolidation of Alibaba Mama's health advertising business [2] Growth Acceleration - In the second half of the fiscal year, the company achieved revenue of CNY 16.32 billion, a 16.0% increase, driven by the pharmaceutical self-operated business, which grew by 13.9% compared to a 5.9% increase in the first half [3] - The growth in the second half is attributed to the increase in original research drugs related to chronic diseases and medical devices benefiting from national subsidies [3] Operational Efficiency - The company's gross margin for the fiscal year was 24.3%, an increase of 2.5 percentage points, with fulfillment, sales, management, and R&D expense ratios at 8.4%, 7.4%, 1.3%, and 2.4% respectively, maintaining an overall operating expense ratio of 19.5% [4] - The company has effectively optimized fulfillment and increased marketing investments to drive growth, with plans to reinvest part of the advertising revenue into merchant operations and consumer experience to enhance platform competitiveness [4]

金十数据4月14日讯，近日，京东买药平台上原研药、海外保健品等多个品类销量倍增。针对部分消费 者对价格的担忧，京东买药相关负责人介绍，依托覆盖全国30个GSP药品仓、90%以上订单次日达的供 应链网络，京东买药全力保障原研药及海外保健品稳定供给，不会涨价。京东买药表示，已有不少医疗 器械的外贸企业正在接洽沟通。 原研药、海外保健品需求大涨，京东买药：全力保障供给，不会涨价 ...