Citigroup issued a research report stating that ALI HEALTH (00241) management has provided conservative guidance for profit growth in the fiscal year ending March 2027, indicating the company's intention to reinvest incremental operating profit into innovative drugs and the "Hydrogen Ion" application rather than retaining it for short-term earnings. The bank believes the company is strategically transitioning from a pharmaceutical e-commerce platform to a fully integrated "full-stack" pharmaceutical operator, with medical artificial intelligence as its future structural growth engine. Citigroup lowered its target price for ALI HEALTH from HK$9 to HK$8, maintaining a "Buy/High Risk" rating. It remains long-term optimistic on ALI HEALTH and views it as a preferred stock.

Management plans to invest 200 to 300 million renminbi annually into the "Hydrogen Ion" App, with the short-term priority being to build clinical trust rather than monetization. The goal is to reach 2 million active doctor users within three years to achieve operational break-even. The platform is based on Alibaba Cloud's "Tongyi Qianwen" large model and has been trained on 500 billion medical data tokens, with its differentiated advantage lying in its focus on localized clinical applications in China. The bank made minor adjustments to revenue forecasts and lowered earnings per share forecasts for fiscal years 2027 and 2028 by 8% and 11%, respectively, to reflect increased sales and R&D costs related to innovative drugs. It predicts ALI HEALTH's adjusted net profit for fiscal year 2027 will range between 1.9 and 2.3 billion renminbi, implying a year-on-year change from a 17% decline to flat growth.