阿里健康2HFY25 总收入163 亿元，同比+16.0%，增速好于Visible Alpha(VA，口径下同)一致预期的+12.6%，经调整净利润9.7 亿元，同比增长22.2%，逊于一致预期的11.0 亿元。在广告业务注入带来的基数效应逐渐消失后，我们预计阿里健康未来的盈利增速将主要依赖内生业务增速驱动。后续建议关注：1）医药电商各品类需求修复情况及竞争格局演变；2）淘宝即时零售战略进展及医药...
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