民生证券发布研报认为，《关于促进服务消费高质量发展的意见》的提出将推进“互联网+医疗健康”发展，尽快实现医疗数据互联互通，逐步完善“互联网+”医疗服务医保支付政策。医药电商市场规模超千亿元，当前行业渗透率处于低位，医保报销问题为首要制约因素。本次政策明文表示将尽快实现医疗数据互联互通，逐步完善“互联网+”医疗服务医保支付政策，未来随着网售处方药范围逐渐放开、医保支付政策完善等一系列规范政策落实，医药电商市场将迎来机遇，市场有望进一步渗透。The Internet medical industry ushered in multiple marginal improvements
On the evening of November 13, Ali Health announced the 2024 interim results. According to the announcement, in the six months ended September 30, 2024, Ali Health's revenue was 14.27 billion yuan, up 10.2% year on year; net profit was 0.769 billion yuan, up 72.8% year on year; annual active users exceeded 0.3 billion, continuing to be the online B2C healthcare retail platform with the highest number of annual active users and the largest total annual product transactions in China.
As of September 30, 2024, the number of service providers on the Tmall Health Platform increased 25% year over year to more than 0.04 million, SKUs continued to grow to 78 million, and GMV (total commodity transaction value) achieved high quality and steady year-on-year growth. User experience and user stickiness have been further enhanced, and the number of Alibaba Health Pharmacy user members continues to rise.
According to a research report released by Minsheng Securities, the “Opinions on Promoting High-Quality Development of Service Consumption” will promote the development of “Internet+ Healthcare”, achieve medical data interconnection as soon as possible, and gradually improve the “Internet+” medical insurance payment policy for medical services. The pharmaceutical e-commerce market is over 100 billion yuan. Currently, the industry penetration rate is low, and the issue of medical insurance reimbursement is the primary limiting factor. The current policy clearly states that medical data interconnection will be realized as soon as possible, and the “Internet +” medical insurance payment policy will be gradually improved. In the future, with the gradual liberalization of the scope of online sales of prescription drugs and the improvement of medical insurance payment policies, the pharmaceutical e-commerce market will usher in opportunities, and the market is expected to penetrate further.
CITIC Securities published a research report stating that the Internet medical industry has ushered in multiple marginal improvements. In the short to medium term, many provinces across the country have intensively opened up medical insurance settlement rights for online drug purchases in pharmaceutical e-commerce. In the future, the scope of licensing is expected to move from non-prescription drugs to prescription drugs, and from personal accounts to integrated reimbursement. The number and frequency of pharmaceutical e-commerce users is expected to increase; in the long run, the prospects for generalized development of the industry are promising, and platform-based enterprises are actively building “medical+medicine+health+insurance” integrated health consumption platforms. Maintain a “better than the market” rating.
Hong Kong stocks related to internet healthcare:
Ali Health (00241), Ping An Good Doctor (01833), Jingdong Health (06618), Jingdang Health (09886), Ark Riders (06086).
