Bank of America Securities released a research report stating that Ali Health's (00241) performance for the 2026 fiscal year ending March was within the guidance range, slightly below market expectations, indicating slower growth in the second half of the fiscal year. During the period, the group's total revenue increased by 12% year-over-year to RMB 34.3 billion, below the market expectation of RMB 35.1 billion. Adjusted net profit rose by 19% year-over-year to RMB 2.33 billion, also slightly below the market expectation of RMB 2.36 billion. However, the bank views the company's decision to distribute a special dividend as a positive surprise. Bank of America Securities is encouraged by Ali Health's efforts to enhance shareholder returns and maintains a "Buy" rating with a target price of HK$6.

The report noted that Ali Health's total revenue growth in the second half of the fiscal year slowed to 8% year-over-year, compared to 17% in the first half. Adjusted net profit in the second half was flat year-over-year, compared to a 39% increase in the first half. Bank of America Securities believes the slowdown in the second half was primarily attributable to the medical devices category, while growth in the pharmaceutical category remained rapid. The company announced a total dividend distribution of RMB 3.14 billion, including ordinary and special dividends, equivalent to a dividend yield of nearly 5%.

In addition to its AI business, it was noted that Tencent's core operations remain robust. Both domestic and international gaming businesses continue to grow, with evergreen game products reaching new highs. Tencent Cloud and marketing services also demonstrated strong performance. While GPU resources are currently prioritized for internal needs, it is expected that the gradual increase in domestic GPU supply in the second half of 2026 will serve as a significant growth catalyst for the cloud business.