ALI HEALTH (00241) surged 6.63% in morning trading, currently trading at HK$6.92 with a turnover of HK$1.193 billion.
HSBC Global Research noted that health products are expected to continue being ALI HEALTH's fastest-growing category, benefiting from its robust platform ecosystem. Regarding pharmaceuticals, while the company's continued focus on first-party sales (1P) profitability may limit sales growth, the firm believes that as social insurance claims tighten and offline traffic shifts online, ALI HEALTH will benefit from strong demand for innovative drugs. Combined with strong advertising momentum, HSBC has raised its revenue growth forecast for ALI HEALTH's fiscal year 2026 from the previous 9% year-over-year to 15% year-over-year. Profit margins are expected to improve due to the revenue structure shifting toward non-pharmaceutical products and enhanced 1P profit margins, with the company's fiscal year 2026 net profit growth potentially exceeding revenue growth.