花旗银行研究报告指，下调阿里健康(00241.HK) 2026及27财年收入预测3%及6%，每股盈利预测亦下调23%与19%，以反映收入增长放缓，及由于处方药销售增加所致的毛利率下滑。对其目标价由9.5元下调至8.5元，评级“买入”。
报告提及，阿里健康2025年财年收入按年升13%至306亿元人民币，净利润升62%至14亿元人民币，经调整净利润升36%至19.5亿元人民币，符合最新指引。毛利率从2024财年的21.8%提升至24.3%，主要受全年合并阿里妈妈广告业务推动。销售费用率从2024财年的6.6%升至2025财年的7.4%，因加大促销、补贴、优惠券及会员福利投入，推动医药健康产品的商品交易总额(GMV)增长。研发费用7.2亿元人民币，占收入2.4%，主要用于大语言模型(LLM)及业务线整合。
该行称，阿里健康管理层对2026财年收入指引为按年增长5%至10%，经调整净利润增长指引介乎10%至20%。同时，阿里健康(00241.HK) 将密切监控主要竞争对手市场份额，在激烈竞争中动态调整成本及资源分配。(hc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-22 12:25。)
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