6月6日，阿里健康（00241.HK）股价在港股市场上出现大幅下跌。截至发稿，该股盘中大跌5.18%，报4.40港元，成交额超过3.5亿港元。
阿里健康股价下跌主要源于其近期公布的2025财年业绩未能完全符合市场预期。尽管公司营收同比增长13.2%至305.98亿元，净利润增长62.2%至14.32亿元，但增速较往年有所放缓。更值得注意的是，瑞银发表研究报告，将阿里健康的评级从"中性"下调至"沽售"，认为公司盈利增长潜力下降，可能无法支撑现有估值。瑞银预计2025至2028年阿里健康的收入及经调整净利润年均复合增长率将仅达到高单位数及低双位数百分比。
分析人士指出，阿里健康面临的挑战不仅来自公司自身，更反映了整个互联网医疗行业的困境。在宏观经济压力下，市场竞争加剧，加上线上销售渗透率已较高，行业增长空间受限。此外，阿里健康的医疗健康及数字化服务业务收入同比下降7.6%，仅占总营收的2.9%，显示公司在核心创新业务上的发展遇到瓶颈。面对这些挑战，投资者对阿里健康的长期增长前景产生了担忧，导致股价承压下跌。
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