Alibaba Health Revenue Beginning to Normalize and Reaccelerating in Fiscal-Year 2026

We expect narrow-moat Alibaba Health, or AliHealth, to benefit from low saturation in healthcare e-commerce. The business is still in the early phase where it is focused on mass user adoption and should see robust growth in the near term, and now is set to integrate advertising business into its platform to another incremental revenue stream. It also plans to add cloud-based AI to develop the platform into a one-stop shop for healthcare products, services, and digital hospital for its users.