# Alibaba Health Information Technology (0241.HK)

Canonical: https://gigainvestors.com/s/0241.HK

Analysis as of: 2026-10-16T07:37:00.514Z. Financial observations: FY2000–FY2026.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 2.96 per share; close as of 2026-10-15.

Estimated value: low HKD 1.59 per share, central HKD 1.71 per share, high HKD 1.88 per share. Buy at or below the central value HKD 1.71 per share. Valuation as of 2026-10-16T07:37:00.514Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 5

- Operating margin variation: 3.19×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.43×

- FY2018: -0.06×

- FY2019: -0.02×

- FY2020: -0.01×

- FY2021: 0.01×

- FY2022: -0.05×

- FY2023: 0.00×

- FY2024: 0.03×

- FY2025: 0.05×

- FY2026: 0.06×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -0.3%

- ROIC, second-lowest year: -20.5%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 23.6%

- Recent gross margin (lower of latest and 3-year median): 24.0%

- Years with nonpositive capital: 1

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -20.5%

- FY2018: -9.5%

- FY2019: -3.2%

- FY2020: -1.9%

- FY2021: 3.6%

- FY2022: -28.0%

- FY2023: 1.4%

- FY2024: 4.6%

- FY2025: 19.4%

- FY2026: 23.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 4.7B

- Net income, five-year total: CNY 4.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -9.6 pp

- Working capital / revenue, final three-year average: -1.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.93×

- FY2023: 1.08×

- FY2024: 1.02×

- FY2025: 1.02×

- FY2026: 1.02×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -9.5% vs 19.4%

- Per-share earnings: -0.02 to 0.09 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.1%

- Ordinary dilution, 5-year annual growth: 3.7%

- Market cap gain: CNY 37B

- Cumulative retained earnings: CNY 4.2B

- Diluted shares, 10-year annual growth: 7.1%

- Diluted shares, 5-year annual growth: 3.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: CNY 0.11

- Per-share value, starting three-year median: CNY -0.02

- Per-share value, ending three-year median: CNY 0.09

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 0.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.3B

- Cumulative net income, 10 years: CNY 4.5B

- ROIC, first three-year median: -9.5%

- ROIC, last three-year median: 19.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: CNY -0.02

- FY2018: CNY -0.01

- FY2019: CNY -0.01

- FY2020: CNY -0.00

- FY2021: CNY 0.03

- FY2022: CNY -0.02

- FY2023: CNY 0.04

- FY2024: CNY 0.06

- FY2025: CNY 0.09

- FY2026: CNY 0.12

### accounting: pass

- Sloan accruals: 3.0%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 13.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.64×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 1.1%

- FY2018: -1.2%

- FY2019: -8.0%

- FY2020: -7.5%

- FY2021: -3.7%

- FY2022: -3.6%

- FY2023: 1.3%

- FY2024: -1.0%

- FY2025: 0.2%

- FY2026: 3.0%

## Holders

## Price story

Down 70% since Oct 2021 · sales +12%

Story as of 2026-10-16T10:00:08.469Z; price observation 2026-10-15.

Price needs cash profits to grow 10.9% a year for ten years

### Sales · FY2025–2026

sales +12%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CNY 475M 

- FY2018: CNY 2.4B 

- FY2019: CNY 5.1B 

- FY2020: CNY 9.6B 

- FY2021: CNY 16B 

- FY2022: CNY 21B 

- FY2023: CNY 27B 

- FY2024: CNY 27B 

- FY2025: CNY 31B 

- FY2026: CNY 34B 

### Gross margin · FY2026

gross margin 24%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 39.4% 

- FY2018: 26.6% 

- FY2019: 26.1% 

- FY2020: 23.2% 

- FY2021: 23.3% 

- FY2022: 20.0% 

- FY2023: 21.3% 

- FY2024: 21.8% 

- FY2025: 24.3% 

- FY2026: 24.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in pharmaceutical retailers; annual sales are CNY 34.3 billion.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2026-03-31 (filed 2026-10-16T07:37:00.514Z); FY2026: revenue 34255122000; grossProfit 8210117000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 21.8% to 24.3% during 2024–26; it lost 0.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2024-03-31 (filed 2026-10-16T07:37:00.514Z); FY2024: grossProfit / revenue = 21.8%.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2025-03-31 (filed 2026-10-16T07:37:00.514Z); FY2025: grossProfit / revenue = 24.3%.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2026-03-31 (filed 2026-10-16T07:37:00.514Z); FY2026: grossProfit / revenue = 24%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.514Z); 10-year return on capital observations [[2017,-0.20537891447338846],[2018,-0.09513097889216515],[2019,-0.03164927447397986],[2020,-0.0191638265253024],[2021,0.03574130841194729],[2022,-0.27994860056713977],[2023,0.01416179098575039],[2024,0.04552459912661937],[2025,0.19361476281555776],[2026,0.23185942297535722]]; median -0.0025010177697760054. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.514Z); FY2020: growth capex 0; upkeep 7567000; owner earnings 13585000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2021-03-31 (filed 2026-10-16T07:37:00.514Z); FY2021: growth capex 0; upkeep 17077000; owner earnings 363589000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2023-03-31 (filed 2026-10-16T07:37:00.514Z); FY2023: growth capex 0; upkeep 5920000; cash acquisitions 70623000; owner earnings 577892400. Growth capex plus acquisitions / owner earnings = 0.12220787122308582.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2024-03-31 (filed 2026-10-16T07:37:00.514Z); FY2024: growth capex 0; upkeep 22780000; cash acquisitions 31773000; owner earnings 897945000. Growth capex plus acquisitions / owner earnings = 0.03538412709018927.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2025-03-31 (filed 2026-10-16T07:37:00.514Z); FY2025: growth capex 0; upkeep 18903000; cash acquisitions 0; owner earnings 1464026000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TWY.F.json#2026-03-31 (filed 2026-10-16T07:37:00.514Z); FY2026: growth capex 0; upkeep 8987000; cash acquisitions 0; owner earnings 1968465000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.514Z); Dividend observations: [[2017,0],[2018,646485000],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 63.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0241.HK SharesStats.PercentInsiders = 63.522999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:00.514Z); Ten-year compound average after fade. Initial solved rate 0.14406576617581057. Price 2.96; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.023615339895332918 → FY2026 0.12169572635831323. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 4.06 per share

- 2016-11: HKD 4.34 per share

- 2016-12: HKD 3.90 per share

- 2017-01: HKD 3.61 per share

- 2017-02: HKD 3.41 per share

- 2017-03: HKD 3.50 per share

- 2017-04: HKD 3.03 per share

- 2017-05: HKD 3.97 per share

- 2017-06: HKD 3.72 per share

- 2017-07: HKD 3.72 per share

- 2017-08: HKD 3.65 per share

- 2017-09: HKD 3.90 per share

- 2017-10: HKD 4.18 per share

- 2017-11: HKD 3.85 per share

- 2017-12: HKD 3.95 per share

- 2018-01: HKD 4.09 per share

- 2018-02: HKD 3.85 per share

- 2018-03: HKD 3.90 per share

- 2018-04: HKD 3.97 per share

- 2018-05: HKD 7.19 per share

- 2018-06: HKD 7.57 per share

- 2018-07: HKD 8.04 per share

- 2018-08: HKD 7.94 per share

- 2018-09: HKD 7.67 per share

- 2018-10: HKD 6.34 per share

- 2018-11: HKD 7.00 per share

- 2018-12: HKD 6.35 per share

- 2019-01: HKD 7.18 per share

- 2019-02: HKD 8.05 per share

- 2019-03: HKD 9.07 per share

- 2019-04: HKD 9.38 per share

- 2019-05: HKD 7.43 per share

- 2019-06: HKD 7.48 per share

- 2019-07: HKD 7.11 per share

- 2019-08: HKD 7.43 per share

- 2019-09: HKD 6.85 per share

- 2019-10: HKD 7.91 per share

- 2019-11: HKD 8.86 per share

- 2019-12: HKD 9.00 per share

- 2020-01: HKD 10.96 per share

- 2020-02: HKD 14.94 per share

- 2020-03: HKD 12.96 per share

- 2020-04: HKD 18.76 per share

- 2020-05: HKD 18.16 per share

- 2020-06: HKD 22.60 per share

- 2020-07: HKD 21.40 per share

- 2020-08: HKD 18.72 per share

- 2020-09: HKD 18.88 per share

- 2020-10: HKD 20.25 per share

- 2020-11: HKD 22.80 per share

- 2020-12: HKD 22.90 per share

- 2021-01: HKD 24.30 per share

- 2021-02: HKD 26.00 per share

- 2021-03: HKD 22.00 per share

- 2021-04: HKD 23.70 per share

- 2021-05: HKD 19.26 per share

- 2021-06: HKD 17.22 per share

- 2021-07: HKD 12.08 per share

- 2021-08: HKD 12.76 per share

- 2021-09: HKD 11.20 per share

- 2021-10: HKD 9.83 per share

- 2021-11: HKD 7.19 per share

- 2021-12: HKD 6.59 per share

- 2022-01: HKD 5.83 per share

- 2022-02: HKD 5.44 per share

- 2022-03: HKD 5.08 per share

- 2022-04: HKD 4.55 per share

- 2022-05: HKD 4.00 per share

- 2022-06: HKD 5.40 per share

- 2022-07: HKD 4.72 per share

- 2022-08: HKD 4.55 per share

- 2022-09: HKD 3.60 per share

- 2022-10: HKD 3.32 per share

- 2022-11: HKD 6.39 per share

- 2022-12: HKD 6.65 per share

- 2023-01: HKD 6.97 per share

- 2023-02: HKD 5.60 per share

- 2023-03: HKD 5.68 per share

- 2023-04: HKD 5.61 per share

- 2023-05: HKD 4.64 per share

- 2023-06: HKD 4.71 per share

- 2023-07: HKD 5.52 per share

- 2023-08: HKD 4.63 per share

- 2023-09: HKD 4.88 per share

- 2023-10: HKD 4.61 per share

- 2023-11: HKD 4.44 per share

- 2023-12: HKD 4.24 per share

- 2024-01: HKD 2.86 per share

- 2024-02: HKD 3.44 per share

- 2024-03: HKD 3.18 per share

- 2024-04: HKD 2.96 per share

- 2024-05: HKD 3.28 per share

- 2024-06: HKD 3.13 per share

- 2024-07: HKD 3.31 per share

- 2024-08: HKD 3.01 per share

- 2024-09: HKD 5.35 per share

- 2024-10: HKD 3.93 per share

- 2024-11: HKD 3.65 per share

- 2024-12: HKD 3.32 per share

- 2025-01: HKD 3.61 per share

- 2025-02: HKD 5.01 per share

- 2025-03: HKD 4.71 per share

- 2025-04: HKD 5.04 per share

- 2025-05: HKD 4.53 per share

- 2025-06: HKD 4.74 per share

- 2025-07: HKD 4.88 per share

- 2025-08: HKD 5.46 per share

- 2025-09: HKD 6.66 per share

- 2025-10: HKD 5.80 per share

- 2025-11: HKD 5.57 per share

- 2025-12: HKD 5.05 per share

- 2026-01: HKD 6.52 per share

- 2026-02: HKD 5.58 per share

- 2026-03: HKD 4.66 per share

- 2026-04: HKD 4.37 per share

- 2026-05: HKD 3.63 per share

- 2026-06: HKD 3.08 per share

- 2026-07: HKD 3.59 per share

- 2026-08: HKD 3.09 per share

- 2026-09: HKD 2.87 per share

- 2026-10: HKD 2.96 per share

## Annual estimated value (HKD per share)

- FY2023: low HKD 0.94 per share, central HKD 0.96 per share, high HKD 0.97 per share

- FY2024: low HKD 1.91 per share, central HKD 2.20 per share, high HKD 2.36 per share

- FY2025: low HKD 1.11 per share, central HKD 1.19 per share, high HKD 1.30 per share

- FY2026: low HKD 1.59 per share, central HKD 1.71 per share, high HKD 1.88 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.