According to a research report released by Goldman Sachs on the Intelligent Wealth APP, considering that the negative adjustment cycle of the Mainland online health industry has ended, and the industry is still in a stage of structural growth, the average annual compound growth rate is expected to reach 16% from 2023 to 2026. Therefore, it renews its coverage of Ali Health (00241), giving a "buy" rating with a target price of HKD 4.4.

The bank pointed out that although the market competition is fierce, Ali Health and JD Health still have certain competitive advantages and can maintain their industry position. In addition to the efficiency and scale advantages of the supply chain, the authenticity of the products and support from the parent company are also helpful. Ali Health is even more bullish, believing that its profit margin visibility in the next two years is higher, coupled with a higher matching degree with Alibaba.