Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Views - The internet healthcare sector is entering a stable growth phase, with online pharmaceutical retail penetration expected to accelerate. Non-pharmaceutical products like nutritional supplements and home medical devices are well-suited for online retail, while the pharmaceutical market's online penetration is still low but poised for growth due to changing consumer behaviors and regulatory support [6][27][30]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 27,026.56 million in FY2024, increasing to RMB 39,029.33 million by FY2028, reflecting a revenue growth rate of 0.98% in FY2024 and an average of 8.33% from FY2025 to FY2028 [2]. - Adjusted net profit is expected to rise from RMB 1,438.27 million in FY2024 to RMB 3,355.45 million by FY2028, with a significant growth rate of 91.64% in FY2024 [2]. - The report anticipates a gradual improvement in gross margin from 21.81% in FY2024 to 25.85% in FY2028, alongside an increase in return on equity (ROE) from 6.07% to 13.00% over the same period [2]. Company Overview - The company operates in three main segments: 1P pharmaceutical self-operated business, 3P pharmaceutical e-commerce platform business, and innovative healthcare and digital services [17]. - The self-operated pharmaceutical business accounted for 85.4% of the company's revenue in FY2025, while the e-commerce platform business contributed 11.7% [17]. Market Trends - The report highlights a favorable regulatory environment for online healthcare, with policies gradually promoting online medical insurance coverage and the legitimacy of internet hospitals [27][28]. - The penetration rates for nutritional supplements and home medical devices are increasing, while the pharmaceutical sector is expected to see rapid growth in online retail penetration due to evolving consumer preferences and regulatory changes [30][31]. Competitive Landscape - The competition in the internet healthcare sector is expected to stabilize, with a clear distinction emerging between B2C and O2O models. The report notes that while O2O instant retail will continue to grow, its penetration in certain product categories may remain limited [45][49]. Innovation and Growth Opportunities - The company is actively exploring AI applications in healthcare, enhancing operational efficiency and developing AI-assisted diagnostic tools. This strategic focus on AI is expected to improve service delivery and patient outcomes [52][58]. - The report also mentions the company's cloud hospital and digital service initiatives, which are anticipated to provide significant growth opportunities in the future [52].

长江商报消息 ●长江商报记者 汪静 阿里健康（00241.HK）业绩再度报喜。 5月19日，阿里健康发布2025财年财报，2025财年（截至2025年3月31日年度），阿里健康实现营业收入 305.98亿元，同比增长13.2%；净利润14.32亿元，同比增长62.2%；调整后净利润达19.5亿元，同比增长 35.6%。 长江商报记者注意到，这是阿里健康连续第三个财年实现营收、净利双增长。阿里健康天猫健康平台、 阿里健康大药房年度活跃用户持续提升，带来增量。 净利润方面，波动较大但总体呈上升趋势。2020财年公司净利润为-658.6万元，2021财年大幅扭亏，为 3.49亿元，2022财年再度亏损2.66亿元，2023财年净利润为5.33亿元，2024财年增长至8.84亿元。 至此，阿里健康营收、净利已连续三个财年双增。 据介绍，过去一年，阿里健康持续强化一站式医药健康服务能力，不断优化"好货好价好服务"的用户体 验。天猫健康平台保持稳健发展，年度GMV与年度活跃用户持续提升，在线商品数增长超91%至1.33 亿，在线主营商家数同比增长35%至4.83万个；阿里健康大药房GMV健康增长，年度活跃用户和自营会 员 ...