阿里健康（00241）今日盘中大跌5.18%，引发市场关注。截至发稿，该股报4.44港元。
消息面上，瑞银发表研究报告，将阿里健康评级从"中性"下调至"沽售"。瑞银指出，阿里健康盈利增长潜力下降，自营业务销售增长放缓，加上宏观经济压力下市场竞争加剧，以及线上销售渗透率已较高，公司或无法支撑现有估值。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达到高单位数及低双位数百分比。
此外，阿里健康此前公布的2025财年业绩也引发市场担忧。尽管公司期内实现营收305.98亿元，同比增长13.2%，净利润14.32亿元，同比增长62.2%，但里昂证券表示，阿里健康2025财年下半年利润未达预期，主要由于市场及推广开支增长。这些因素共同导致投资者对阿里健康未来增长前景产生疑虑，从而引发股价下跌。
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