Ali Health's revenue exceeded 30 billion yuan: how to build a moat in the Internet medical race?
May 20, 2025 20:20 21st Century Business Herald 21 Finance APP Yan Shuo
It can be said that O2O has seriously affected the development of B2C.
21st Century Business Herald reporter Yan Shuo reports from Beijing
On May 19th, Alibaba Health released its performance announcement for the fiscal year 2025. As of March 31st, 2025, the group achieved a revenue of 30.598 billion yuan, a year-on-year increase of 13.2%; Net profit was 1.432 billion yuan, a year-on-year increase of 62.2%; The adjusted net profit was 1.95 billion yuan, a year-on-year increase of 35.6%, and the adjusted net profit margin increased from 5.3% to 6.4%.
From the perspective of income structure, Alibaba Health still relies mainly on pharmaceutical e-commerce revenue. The increase in revenue was mainly due to the steady development of self operated pharmaceutical business and pharmaceutical e-commerce platform business during the reporting period, "Alibaba Health stated in its financial report. Specifically, the revenue from self operated pharmaceutical business was 26.124 billion yuan, a year-on-year increase of 10.0%; The business revenue of the pharmaceutical e-commerce platform was 3.588 billion yuan, a year-on-year increase of 54.0%. The revenue from medical health and digital services business was 885 million yuan, a year-on-year decrease of 7.6%.
As a platform based enterprise backed by Alibaba, Alibaba Health has a huge C-end traffic and a complete distribution network, which gives it a prominent advantage in the competition of the pharmaceutical e-commerce market. However, it should also be noted that in recent years, with the development of technology, the Internet medical industry has also continued to expand, and the pharmaceutical O2O model represented by Meituan has had an impact on Ali Health.
At the same time, with the rapid development of the Internet medical industry, more and more enterprises choose to enter. How to consolidate their market position has become an urgent question for Ali Health.
Continuous growth in performance
In recent years, driven by relevant policies, the medical insurance payment mechanism has been continuously optimized, the scope of Internet diagnosis and treatment has also been constantly expanded, and the Internet plus medical and health industry has continued to deepen its development. According to the data of iResearch, the overall market size of China's Internet medical services will reach 376.4 billion yuan in 2023, up 21.34% year on year.
In this context, many Internet medical enterprises have achieved sustained growth in performance. According to the financial report, during the reporting period, Alibaba Health achieved a revenue of 30.598 billion yuan after a year-on-year growth of 13.2%, breaking through the 30 billion yuan mark for the first time. After a year-on-year increase of 62.2%, the net profit reached 1.432 billion yuan, breaking through the 1 billion mark for the first time and achieving significant growth for three consecutive years.
CITIC Securities pointed out that the Internet medical industry is facing multiple marginal improvements. In the short to medium term, many provinces across the country have intensively opened up online medical e-commerce to use medical insurance settlement permissions for purchasing drugs. In the future, the scope of licenses is expected to shift from over-the-counter drugs to prescription drugs, and from personal accounts to overall reimbursement. The number and frequency of users of medical e-commerce will increase; In the long run, the industry has promising prospects for widespread development, and platform based enterprises are actively building an integrated health consumption platform of "medical+pharmaceutical+health+insurance".
It should be pointed out that the current growth of Internet medicine is still mainly from medical e-commerce. Although the entire Internet medical industry is deeply exploring the closed loop of medical services, the results show that the growth potential of medical services, as a key part of the closed loop, has yet to be released.
In the fiscal year 2025, Alibaba's self operated health and pharmaceutical business revenue was 26.124 billion yuan, a year-on-year increase of 10.0%, while the revenue from its pharmaceutical e-commerce platform business was 3.588 billion yuan, a year-on-year increase of 54.0%. The revenue from medical health and digital services business was 885 million yuan, a year-on-year decrease of 7.6%.
Alibaba Health explained that the decline in its healthcare and digital services business was due to the group optimizing some innovative businesses during the reporting period. The growth of self operated pharmaceutical business is mainly attributed to the continuous enrichment of self operated B2C retail product categories and SKUs.
During the reporting period, the number of online main merchants and transaction merchants on Tmall Health Platform continued to grow. As of the end of the reporting period, the number of online main merchants increased by 35% year-on-year to 48300, while online SKUs grew by over 91% to 133 million. Self operated SKUs increased by 33.6% year-on-year to 1.23 million.
In terms of medical and health services, as of the end of the reporting period, the total number of practicing physicians, practicing pharmacists, and nutritionists who have signed contracts with Alibaba Health to provide online health consultation services has increased to nearly 240000. The number of registered traditional Chinese medicine practitioners in Xiaolu Traditional Chinese Medicine has increased to 140000, and the number of adjustment centers has grown to 137.
In addition, during the reporting period, Alibaba Health's expenses for market promotion amounted to 2.258 billion yuan, a year-on-year increase of 27.1%, accounting for 7.4% of the group's total revenue, up from 6.6% in the previous year.
The competition is becoming increasingly fierce
Under the technology iteration and mode innovation, the service field of Internet medical service is expanding, and the industry competition is becoming increasingly fierce.
Another leading Internet medical enterprise, JD Health, has also achieved continuous growth in its performance in recent years. According to the financial report, in 2024, JD Health achieved a total revenue of 58.16 billion yuan, a year-on-year increase of 8.65%, reaching a new high; The net profit reached 4.162 billion yuan, a year-on-year increase of 94.31%, achieving significant growth for four consecutive years.
From the perspective of competitive landscape, Alibaba Health is not only facing pressure from traditional competitors, but also impacted by emerging business models. For example, the instant retail that has recently attracted widespread attention.
Industry insiders believe that instant retail channels have become the core engine driving the growth of the pharmaceutical retail industry. According to the forecast data from MineNet, the sales scale of instant retail (drugs+non drugs) in pharmacies will reach 48.7 billion yuan in 2024, an increase of 31.3% compared to 2023.
According to the financial report, Alibaba Health's business mainly focuses on B2C and B2B. "While the next day delivery level of drugs continues to remain high, the next day home delivery service has gradually expanded to 13 cities including Guangzhou, Ningbo, and Jinhua," Alibaba Health pointed out in the financial report. The financial report did not clearly introduce the development of O2O business.
Shao Qing, CEO of Pharmaceutical Empowerment and a senior pharmaceutical practitioner, told 21st Century Business Herald reporters that the experience of instant retail is much better than that of B2C. "It can be said that O2O has seriously affected the development of B2C. At present, Meituan occupies the main market in instant retail, and JD.com has also been making efforts in O2O recently. The daily order volume of takeaway alone has exceeded 20 million orders. In addition, as far as I know, Alibaba is also promoting O2O models for supermarkets, catering, and other businesses internally, with a volume of over 15 million orders. These businesses are currently not related to Ele.me or Alibaba Health. In summary, O2O will seize the minds of users, and the volume of B2C may decline in the future. ”
In addition, Toubao Research Institute believes that with the development of Internet medicine, the traditional medical shopping model with offline retail and hospitals as the core has begun to expand to online retail outside the hospital. With the support of medical insurance policies, more enterprises will enter the Internet medical and health industry, and enterprise competition will intensify.
To maintain its own position, Alibaba Health should strengthen its innovation capabilities and continuously improve its presence in the industry, "said a professional in the industry to a reporter from 21st Century Business Herald.
In fact, Alibaba Health is also undergoing continuous transformation. With the continuous progress of technology, the application of artificial intelligence and other technologies in Internet medicine is more in-depth. Alibaba Health has deployed new technologies such as AI. During the reporting period, Xiaolu Traditional Chinese Medicine launched a traditional Chinese medicine artificial intelligence assisted diagnosis and treatment system, which is based on the Alibaba Cloud Bailian platform and connected to the DeepSeek big model. Based on millions of clinical case data analysis, it has achieved high efficiency improvement in multiple scenarios such as doctor assisted consultations.
In April of this year, Alibaba Health also reached a cooperation agreement with the China Anti Cancer Association, officially launching the "Health Intelligent Medicine" CACA-AI Intelligent Benefit Grassroots Science Popularization Empowerment Project, using Alibaba Health's artificial intelligence technology to empower cancer prevention and treatment science popularization, and help improve the early diagnosis and cure rates of tumors.
阿里健康营收破300亿元：互联网医疗竞速，如何牢筑护城河？
2025年05月20日 20:20 21世纪经济报道 21财经APP 闫硕
可以说O2O已经严重影响到了B2C的发展。
21世纪经济报道记者 闫硕 北京报道
5月19日，阿里健康发布2025财年业绩公告，截至2025年3月31日，集团实现营收305.98亿元，同比增长13.2%；净利润14.32亿元，同比增长62.2%；调整后净利润为19.5亿元，同比增长35.6%，调整后净利润率从5.3%提升至6.4%。
从收入结构来看，阿里健康仍以医药电商收入为主。“收入增加主要由于报告期内医药自营业务、医药电商平台业务稳健发展所致。”阿里健康在财报中表示。具体而言，医药自营业务收入261.24亿元，同比增长10.0%；医药电商平台业务收入则为35.88亿元，同比增长54.0%。而医疗健康及数字化服务业务收入为8.85亿元，同比下降7.6%。
作为一家背倚阿里巴巴的平台型企业，阿里健康拥有巨大C端流量和完善的配送网络，在医药电商市场竞争中优势突出。但也需要指出，近年来，随着技术的发展，互联网医疗业态也在持续扩容，以美团为代表的医药O2O模式对阿里健康形成了冲击。
与此同时，随着互联网医疗行业的快速发展，越来越多的企业选择入局，如何巩固自身的市场地位成为阿里健康亟待回答的问题。
业绩持续增长
近些年，在相关政策的推动下，医保支付机制持续优化，互联网诊疗范围也在不断扩大，互联网+医疗健康行业持续深化发展。根据艾瑞咨询的数据，2023年，我国互联网医疗服务总体市场规模达到了3764亿元，同比增长21.34%。
在此背景下，多家互联网医疗企业实现业绩的持续增长。财报显示，报告期内，阿里健康在同比增长13.2%之后实现营收305.98亿元，首次突破300亿大关。净利润在同比增长62.2%后实现14.32亿元，首次突破10亿大关，连续三年实现大幅增长。
中信证券分析指出，互联网医疗行业迎来多重边际改善。中短期看，全国多省密集开放医药电商线上购药使用医保结算权限，未来许可范围有望从非处方药走向处方药，从个人账户走向统筹报销，医药电商的使用人数、频次将增加；长期看，行业泛化发展前景可观，平台型企业积极打造“医+药+健+险”一体化健康消费平台。
需要指出的是，当前互联网医疗的增长仍主要源于医药电商。尽管整个互联网医疗行业都在深入探索医疗服务闭环，但从结果看，作为闭环中关键一环的医疗健康服务，增长潜力还有待释放。
2025财年，阿里健康医药自营业务收入261.24亿元，同比增长10.0%，医药电商平台业务收入则为35.88亿元，同比增长54.0%。而医疗健康及数字化服务业务收入为8.85亿元，同比下降7.6%。
阿里健康解释称，医疗健康及数字化服务业务的下降是由于报告期内集团优化了一些创新业务。而医药自营业务的增长主要归因于不断丰富的自营B2C零售商品类目和SKUs。
报告期内，天猫健康平台的在线主营商家数和交易商家数持续增长，截至报告期末，在线主营商家数同比增长35%至4.83万个，同时在线SKUs增长超91%至1.33亿。自营SKU同比增长33.6%至123万。
在医疗健康服务方面，截至报告期末，与阿里健康签约提供在线健康咨询服务的执业医师、执业药师和营养师合计增长至近24万人。小鹿中医注册中医师增长至14万人，调剂中心增长至137家。
此外，报告期内，阿里健康用于市场推广的费用为22.58亿元，同比增长27.1%，占集团总收入比例从前一年的6.6%上升至本报告期的7.4%。
竞争日益激烈
在技术迭代与模式创新下，互联网医疗的服务领域正不断拓宽，行业竞争也日益激烈。
另一互联网医疗头部企业京东健康业绩近年来也实现了连续增长。财报显示，2024年，京东健康实现总营收581.60亿元，同比增长8.65%，再创新高；净利润则达到41.62亿元，同比大增94.31%，连续四年实现大幅增长。
从竞争格局看，阿里健康不仅面临着传统竞争者的压力，也受新兴业态的冲击。比如，近段时间引发广泛关注的即时零售。
业内有观点认为，即时零售渠道已成为驱动医药零售行业增长的核心引擎。米内网预测数据显示，2024年药店即时零售（药品+非药品）销售规模达487亿元，较2023年增长31.3%。
从财报中看，阿里健康的业务主要聚焦在B2C和B2B，“药品次日达水平持续保持高位的同时，次日送货上门服务逐步拓展至广州、宁波、金华等13个城市。”阿里健康在财报中指出。财报并未明确介绍O2O业务的发展情况。
药赋能CEO、资深医药从业者邵清向21世纪经济报道记者表示，即时零售的体验比B2C的体验好很多，“可以说O2O已经严重影响到了B2C的发展。目前美团在即时零售占据主要市场，京东最近也在发力O2O，仅外卖日订单量便已突破2000万单。另外，据我所知，阿里内部也在面向商超、餐饮等推进O2O模式，体量也已超1500万单，这些业务与饿了么、阿里健康目前还没有什么关系。总而言之，O2O会抢夺用户心智，未来B2C的体量可能会跌。”
此外，头豹研究院认为，随着互联网医疗的发展，以线下零售和医院为核心的传统求医购药模式开始向院外线上零售拓展，叠加医保政策的支持，将有更多企业入局互联网医疗健康行业，企业竞争加剧。
“为维护自身地位，阿里健康应该加强创新能力，持续提高在业内的存在感。”有业内专业人士向21世纪经济报道记者直言。
事实上，阿里健康也在持续变革。随着技术的不断进步，人工智能等技术在互联网医疗中的应用更为深入。阿里健康已布局AI等新技术，报告期内，小鹿中医上线中医人工智能辅助诊疗系统，基于阿里云百炼平台接入DeepSeek大模型，以数百万临床病例数据分析为基础，在医生辅助问诊等多场景下有较高的效率提升。
今年4月，阿里健康也与中国抗癌协会达成合作，正式启动“健康智医”CACA-AI智惠基层科普赋能工程，运用阿里健康人工智能技术，为肿瘤防治科普赋能，助力提升肿瘤的早诊率和治愈率。