【券商聚焦】海通国际维持阿里健康(00241)优大于市评级指业务规模有望稳步增长

金吾财讯

Dec 03, 2025

金吾财讯 | 海通国际研报指出，FY9/25阿里健康(00241)实现收入167.0亿元（+17.0%），毛利率为25.1%（+0.3pp），经调整净利润13.6亿元（+38.7%），经调整净利率约8.1%（+1.3pp）。分业务板块，医药自营业务实现收入143.8亿元（+18.6%），医药电商平台业务实现收入18.4亿元（+7.5%），医疗健康及数字化服务业务实现收入4.8亿元（+8.2%）。该机构指出，上半财年，公司与信达生物在诊后疾病管理、供应链、数字化营销等领域展开合作，其产品GCCR/GLP-1R双靶点减重药玛仕度肽于平台上线以来高速增长。此外，阿里健康合作先声药业，为失眠患者提供寻药、问诊到健康管理的一站式解决方案。该机构续指，FY9/25公司履约费率、销售费率、管理费率、研发费率分别为8.2%（-0.7pp）、7.1%（+0.2pp）、1.1%（-0.1pp）、1.9%（-0.4pp）。整体运营费率18.3%（-0.9pp）。据业绩会，GLP-1等高客单产品的销售拉动了ASP的增长，带动履约成本下降。为更好承接闪购流量，公司正探索设计当日达、次日达等综合的供应链体系，并已经展开上海、杭州等城市试点。该机构认为，阿里健康作为互联网+医疗健康服务龙头，上半财年在降本增效、加强药品运营能力方面成果突出，业务规模有望稳步增长。维持优大于市评级。

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】海通国际维持阿里健康(00241)优大于市评级 指业务规模有望稳步增长\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-12-03 10:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/603162\">海通</a>国际研报指出，FY9/25<a href=\"https://laohu8.com/S/00241\">阿里健康</a>(00241)实现收入167.0亿元（+17.0%），毛利率为25.1%（+0.3pp），经调整净利润13.6亿元（+38.7%），经调整净利率约8.1%（+1.3pp）。分业务板块，医药自营业务实现收入143.8亿元（+18.6%），医药电商平台业务实现收入18.4亿元（+7.5%），医疗健康及数字化服务业务实现收入4.8亿元（+8.2%）。该机构指出，上半财年，公司与<a href=\"https://laohu8.com/S/01801\">信达生物</a>在诊后疾病管理、供应链、数字化营销等领域展开合作，其产品GCCR/GLP-1R双靶点减重药玛仕度肽于平台上线以来高速增长。此外，阿里健康合作<a href=\"https://laohu8.com/S/02096\">先声药业</a>，为失眠患者提供寻药、问诊到健康管理的一站式解决方案。该机构续指，FY9/25公司履约费率、销售费率、管理费率、研发费率分别为8.2%（-0.7pp）、7.1%（+0.2pp）、1.1%（-0.1pp）、1.9%（-0.4pp）。整体运营费率18.3%（-0.9pp）。据业绩会，GLP-1等高客单产品的销售拉动了ASP的增长，带动履约成本下降。为更好承接闪购流量，公司正探索设计当日达、次日达等综合的供应链体系，并已经展开上海、杭州等城市试点。该机构认为，阿里健康作为互联网+医疗健康服务龙头，上半财年在降本增效、加强药品运营能力方面成果突出，业务规模有望稳步增长。维持优大于市评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00241","symbol_name":"阿里健康","start_time":0,"source_url":"1970800","article_id":"2588096672","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/ZDNhNDUwNDVmY2U2MTcxMzU2NTcyMzcyOQ==.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2588096672","pubTimestamp":1764729435,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 海通国际研报指出，FY9/25阿里健康 实现收入167.0亿元，毛利率为25.1%，经调整净利润13.6亿元，经调整净利率约8.1%。此外，阿里健康合作先声药业，为失眠患者提供寻药、问诊到健康管理的一站式解决方案。据业绩会，GLP-1等高客单产品的销售拉动了ASP的增长，带动履约成本下降。该机构认为，阿里健康作为互联网+医疗健康服务龙头，上半财年在降本增效、加强药品运营能力方面成果突出，业务规模有望稳步增长。维持优大于市评级。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"00241":"阿里健康"},"translate_title":"[Brokerage Focus] Haitong International maintains Alibaba Health (00241) 's superior-than-market rating, indicating that business scale is expected to grow steadily","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00241":1.5},"content_text":"金吾财讯 | 海通国际研报指出，FY9/25阿里健康(00241)实现收入167.0亿元（+17.0%），毛利率为25.1%（+0.3pp），经调整净利润13.6亿元（+38.7%），经调整净利率约8.1%（+1.3pp）。分业务板块，医药自营业务实现收入143.8亿元（+18.6%），医药电商平台业务实现收入18.4亿元（+7.5%），医疗健康及数字化服务业务实现收入4.8亿元（+8.2%）。该机构指出，上半财年，公司与信达生物在诊后疾病管理、供应链、数字化营销等领域展开合作，其产品GCCR/GLP-1R双靶点减重药玛仕度肽于平台上线以来高速增长。此外，阿里健康合作先声药业，为失眠患者提供寻药、问诊到健康管理的一站式解决方案。该机构续指，FY9/25公司履约费率、销售费率、管理费率、研发费率分别为8.2%（-0.7pp）、7.1%（+0.2pp）、1.1%（-0.1pp）、1.9%（-0.4pp）。整体运营费率18.3%（-0.9pp）。据业绩会，GLP-1等高客单产品的销售拉动了ASP的增长，带动履约成本下降。为更好承接闪购流量，公司正探索设计当日达、次日达等综合的供应链体系，并已经展开上海、杭州等城市试点。该机构认为，阿里健康作为互联网+医疗健康服务龙头，上半财年在降本增效、加强药品运营能力方面成果突出，业务规模有望稳步增长。维持优大于市评级。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}