瑞银发表研究报告指，阿里健康(00241.HK) 盈利增长潜力下降，自营业务销售增长放缓，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，或无法支撑现有估值，因此将评级从“中性”下调至“沽售”，预计2025至2028年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。
管理层倾向持续推动自营业务改善及提升毛利率，多于追求GMV及市场份额增长，瑞银认为虽然有助提升短期利润率，但亦可能影响整体收入增长，基于业务增长放缓及营销开支增加的预期，将2026至2028年各年每股盈测分别下调5%、7%及8%，目标价则从3.75元上调至3.8元。(gc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-29 16:25。)
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