责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 香港联交所最新资料显示，11月26日，摩根大通增持阿里健康（00241）约1.71589632亿股，每股作价 6.069港元，总金额约为10.41亿港元。增持后最新持股数目约16.88亿股，最新持股比例为10.43%。 客户端 香港联交所最新资料显示，11月26日，摩根大通增持阿里健康（00241）约1.71589632亿股，每股作价 6.069港元，总金额约为10.41亿港元。增持后最新持股数目约16.88亿股，最新持股比例为10.43%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Group 1 - Morgan Stanley increased its stake in Alibaba Health (00241) by approximately 171.59 million shares at a price of HKD 6.069 per share, totaling around HKD 1.041 billion [1] - Following the increase, the total number of shares held by Morgan Stanley is approximately 1.688 billion, representing a holding percentage of 10.43% [1]

香港联交所最新资料显示，11月26日，摩根大通增持阿里健康(00241)约1.71589632亿股，每股作价 6.069港元，总金额约为10.41亿港元。增持后最新持股数目约16.88亿股，最新持股比例为10.43%。 ...

Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Alibaba Health (00241.HK) following the release of its mid-term results for the fiscal year ending September 2026, citing structural benefits from the outflow of original prescription drugs from hospital channels and accelerated online drug penetration [1] Financial Performance - Alibaba Health's revenue forecast for fiscal years 2026 to 2028 has been slightly adjusted to a growth of 2% to 4%, with corresponding adjustments to the adjusted net profit forecast also increased by 2% to 4% [1] - The target price has been raised from HKD 4.7 to HKD 5.2 based on a projected 28 times price-to-earnings ratio for its pharmacy and medical services business in 2027 [1] Market Position - As of December 2, 2025, Alibaba Health's stock closed at HKD 5.45, down 1.09%, with a trading volume of 77.95 million shares and a turnover of HKD 425 million [1] - The market capitalization of Alibaba Health is HKD 89.123 billion, ranking second in the medical services sector [2] Institutional Ratings - Recent ratings from various investment banks include: - Huatai Securities: Buy rating with a target price of HKD 6.08 [1] - Guosen Securities: Outperform rating [1] - CICC: Outperform rating with a target price of HKD 7.10 [1] - CITIC Securities: Awaiting rating with a target price of HKD 9.60 [1] Key Financial Metrics - Return on Equity (ROE): 8.22%, significantly higher than the industry average of 0.02% [2] - Revenue: HKD 28.344 billion, ranking third in the industry [2] - Net Profit Margin: 5.39%, compared to an industry average of -843.36% [2] - Debt Ratio: 24.76%, much lower than the industry average of 74.15% [2]

Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Alibaba Health following the release of its mid-term results for the fiscal year ending September 2026, citing structural benefits in the industry such as the shift of original prescription drugs from hospital channels and accelerated online drug penetration [1][2] Financial Performance - Alibaba Health's revenue forecast for fiscal years 2026 to 2028 has been slightly adjusted to a growth rate of 2% to 4% [1] - The adjusted net profit forecast has also been increased by 2% to 4% [1] Valuation - Based on the projected price-to-earnings ratio of 28 times for its pharmacy and medical services business in 2027, Goldman Sachs raised the target price from HKD 4.7 to HKD 5.2 while maintaining the "Neutral" rating [1]

Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Alibaba Health (00241) following the release of its mid-year results for the fiscal year ending September 2026, citing structural benefits in the industry such as the shift of original prescription drugs from hospital channels and accelerated online drug penetration [1] Financial Performance - Goldman Sachs slightly adjusted its revenue forecast for Alibaba Health for the fiscal years 2026 to 2028, projecting a growth of 2% to 4% [1] - The adjusted net profit forecast was also increased by 2% to 4% [1] Target Price Adjustment - Based on the forecast for its pharmacy and medical services business, Goldman Sachs raised the target price from HKD 4.7 to HKD 5.2, while maintaining a "Neutral" rating [1] Comparison with Competitors - There is a noted disparity in revenue growth between Alibaba Health and JD Health (06618), with Alibaba Health lagging in establishing a robust first-party platform sales business model, particularly in user awareness and drug supply chain [1] - Despite this, Goldman Sachs believes there is still upside potential in Alibaba Health's earnings guidance for the fiscal year ending March 2026, driven by strong growth in its first-party platform sales and strict operational cost control [1]

智通财经APP获悉，高盛发布研报称，阿里健康(00241)公布9月底止2026财年中期业绩后，维持其"中 性"评级，主要原因包括公司正受惠于产业结构性的利好因素，如原研处方药从医院渠道流出及线上药 品渗透率的加速增长。高盛将阿里健康2026至2028财年收入预测微调至增长2%至4%;并相应上调调整后 净利润预测2%至4%。基于对其药房、医疗服务业务预测的2027年28倍市盈率，将目标价从4.7港元升至 5.2港元，维持"中性"评级。 然而，高盛观察到两大线上医药平台阿里健康及京东健康(06618)在收入增长上存在差异，当中包括第 一方平台销售(1P)已成为主要收入和利润驱动因素下，相较于同行，阿里健康在建立完善的第一方平台 销售商业模式方面仍存在差距，尤其在用户认知度与药品供应链方面。虽然如此，高盛认为阿里健康目 前明年3月底止2026财年的业绩指引仍有上行空间，主要得益于其第一方平台销售业务强劲的增长带 动，尤其在其药品销售及严格的营运费用控制推动下。 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HKD 5.69, reflecting a 5.0% increase from the previous target price [2][7]. Core Insights - The company achieved a revenue of RMB 16.70 billion for FY9/25, representing a year-on-year growth of 17.0%. The gross profit margin improved to 25.1%, and the adjusted net profit increased by 38.7% to RMB 1.36 billion [3][14]. - The self-operated pharmaceutical business generated revenue of RMB 14.38 billion, growing by 18.6% year-on-year, driven by increases in pharmaceutical and medical device categories. The number of self-operated SKUs expanded significantly [18][14]. - The pharmaceutical e-commerce platform business reported revenue of RMB 1.84 billion, up 7.5% year-on-year, with improvements in operational capabilities and a significant increase in the number of merchants [18][14]. - The healthcare and digital services business generated revenue of RMB 480 million, reflecting an 8.2% year-on-year growth, with a notable increase in contracted healthcare professionals [18][14]. - The company has optimized its supply chain efficiency, with a reduction in fulfillment costs and an overall operating expense ratio of 18.3%, down 0.9 percentage points [15][14]. Financial Forecasts - Revenue forecasts for FY26 and FY27 are set at RMB 34.90 billion and RMB 39.38 billion, respectively, indicating year-on-year growth of 14.1% and 12.8% [16][7]. - Adjusted net profit forecasts for FY26 and FY27 are RMB 2.48 billion and RMB 2.83 billion, representing growth rates of 27.1% and 14.3% [16][7]. - The company's equity value is projected to be HKD 92.08 billion, corresponding to a share price of HKD 5.69 per share based on a DCF valuation [16][7].

瑞银又指，阿里健康与主要竞争对手京东健康(06618)之间的差距正在扩大，而后者似乎已在用户认知 度与药品供应链建立了竞争优势，并在全渠道布局抢得先机，并认为阿里健康目前对应明后两年调整后 32倍、27倍市盈率，可能无法充分支撑对其2025至2028财年收入及调整后盈利年复合增长率分别13%、 19%的预测。 瑞银发布研报称，将阿里健康(00241)相对估值方法由市销率改为调整后市盈率，将阿里健康2026至 2028财年盈利预测上调17%至21%，以反映更强劲的第一方平台销售增长。基于2027财年23倍调整后市 盈率，将目标价从3.8港元上调至4.7港元，但维持"沽售"评级。 自5月下调阿里健康评级以来，公司的第一方平台销售(1P)增长超越该行预期，但认为当中更多是药品 供应从线下转向线上的结构性变化，而非公司战略转向侧重第一方平台或第一方平台药品销售，亦相信 同行的龙头企业均能从此结构性趋势中尽早获利。 ...

瑞银又指，阿里健康与主要竞争对手京东健康(06618)之间的差距正在扩大，而后者似乎已在用户认知 度与药品供应链建立了竞争优势，并在全渠道布局抢得先机，并认为阿里健康目前对应明后两年调整后 32倍、27倍市盈率，可能无法充分支撑对其2025至2028财年收入及调整后盈利年复合增长率分别13%、 19%的预测。 智通财经APP获悉，瑞银发布研报称，将阿里健康(00241)相对估值方法由市销率改为调整后市盈率，将 阿里健康2026至2028财年盈利预测上调17%至21%，以反映更强劲的第一方平台销售增长。基于2027财 年23倍调整后市盈率，将目标价从3.8港元上调至4.7港元，但维持"沽售"评级。 自5月下调阿里健康评级以来，公司的第一方平台销售(1P)增长超越该行预期，但认为当中更多是药品 供应从线下转向线上的结构性变化，而非公司战略转向侧重第一方平台或第一方平台药品销售，亦相信 同行的龙头企业均能从此结构性趋势中尽早获利。 ...