China-based Alibaba Health Information Technology Ltd (HKG: 0241) has released its financial report for the first half of 2024, ending September 30, 2023. The company recorded revenues of RMB 14.273 billion (USD 1.96 billion) and profits of RMB 769 million (USD 106 million), marking an increase of 10.2% and 72.8% year-on-year (YOY), respectively.
Growth Drivers Identified
The primary growth drivers for Alibaba Health were identified as the pharmaceutical self-operated business, which includes B to C retail, relevant advertising business, and B to B centralized procurement distribution business, as well as the pharmaceutical e-commerce platform business. During the reporting period, these two sectors contributed RMB 12.12 billion (USD 1.67 billion) and RMB 1.71 billion (USD 235 million) in sales, respectively, with year-on-year growth of 5.9% and 67.5%.
Healthcare Professional Service Experience Upgrades
In addition to the strong performance in pharmaceutical sales, the group also continued to invest in upgrading the healthcare professional service experience, which generated RMB 442 million (USD 6 million) in revenue. However, this represented a 9.4% decrease from the previous year.-Fineline Info & Tech
