First Take: Alibaba Health 2H FY26 Results

Alibaba Health's 2H FY26 results featured a revenue miss of Rmb17.5bn but a beat on adjusted net profit due to strong OPEX discipline. The company announced a 5% dividend yield, enhancing shareholder returns.

Key Takeaways

• 1.Alibaba Health reported a 2H FY26 revenue miss of Rmb17.5bn (+8% yoy), coming in 5% below Goldman Sachs estimates.
• 2.Adjusted Net Profit beat expectations at Rmb970mn, driven by tight operational expenditure discipline despite lower gross margins.
• 3.Shareholder returns were enhanced with a total dividend yield of approximately 5% through a combination of final and special dividends.

Table of Contents

• Key highlights from the results
• Price Target Risks and Methodology - Alibaba Health
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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