大行评级丨里昂:阿里健康上半财年业绩略胜预期 评级“跑赢大市”

中金财经
Nov 28, 2025

  里昂发表报告指,阿里健康9月底止2026财年上半年业绩略胜预期,营收与利润双双增长,主要受惠于第一方平台销售稳健,但第三方平台表现未达预期。经调整净利按年增39%,毛利率达8.1%,高于该行预估的7.7%。阿里健康维持2026财年指引,即营收增长10%至15%,意味下半财年需达13%年增率,利润增长20%至30%,意味下半财年需达21%年增率。该行预计,原研药销售未来数季应能维持强劲增长,评级“跑赢大市”,目标价6.5港元。   

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