<p>阿里健康 (00241.HK) -0.120 (-2.927%) 空头头寸 3.3178 亿美元；比例 44.422% 今天（19 日）开盘下跌 0.98%，触及 HKD3.96 的低点，创下超过一年的新低。目前交易价格为 HKD3.97，下跌 3.17%，成交量为 7875.55 万股，涉及 HKD3.14 亿。</p>
<p>高盛发布研究报告称，阿里健康 2026 财年下半年的业绩表现参差不齐。该券商维持中性评级，指出收入增长主要由制药业务（特别是处方药和创新产品）驱动。然而，激烈的竞争预计将导致其增长速度低于京东健康 (06618.HK) -1.560 (-3.621%) 空头头寸 1.5776 亿美元；比例 25.847%。该券商预测阿里健康 2027 财年截至 3 月的收入同比增长 13%，而京东健康在 2026 财年的收入预计增长 18%。</p>
<p>该券商指出，阿里健康面临由于收入结构导致的毛利率波动和在医疗人工智能及制药生态系统（如仓储、冷链配送和上游营销）上的持续增量投资所带来的利润压力。此外，包括医疗人工智能应用（氢离子）和基于制药数字追踪数据的企业创新解决方案等新兴机会仍处于早期阶段，其财务贡献尚未得到验证。</p>
<p>鉴于其第三方平台业务增长低于预期、收入结构导致的毛利率波动以及在人工智能和创新药物上的增量投资，高盛将其 2027 财年至 2028 财年的收入预测下调 2%，并将同期的调整后净利润预测下调 18%，同时引入 2029 财年的预测。该券商将其 12 个月目标价从 HKD4.8 下调至 HKD4.2，基于 2027 财年至 2028 财年预测的平均市盈率 28 倍。（ad/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-18 16:25。）</p>

阿里健康

<p>阿里健康下跌 3%，至 3.97 港元，创下一年新低。高盛将其 12 个月目标价从 4.8 港元下调至 4.2 港元，原因是业绩参差不齐以及与京东健康相比增长放缓。该券商预测 2027 财年的收入增长为 13%，低于之前的预期，主要由于利润压力和在人工智能及制药方面的投资</p>

<p>ALI HEALTH (00241.HK) -0.120 (-2.927%)  Short selling $331.78M; Ratio 44.422%  opened 0.98% lower today (19th) and hit a trough of HKD3.96, marking an over one-year low. It is now trading at HKD3.97, down 3.17%, with 78.7555 million shares traded, involving HKD314 million.</p>
<div class="lb-trans"><p>阿里健康 (00241.HK) -0.120 (-2.927%) 空头头寸 3.3178 亿美元；比例 44.422% 今天（19 日）开盘下跌 0.98%，触及 HKD3.96 的低点，创下超过一年的新低。目前交易价格为 HKD3.97，下跌 3.17%，成交量为 7875.55 万股，涉及 HKD3.14 亿。</p>
</div><p>G Sachs issued a research report stating that ALI HEALTH's results for 2H FY2026 ended March were mixed. The broker maintained its Neutral rating, noting that revenue growth was mainly driven by pharmaceuticals (particularly prescription drugs and innovative products). However, intense competition is expected to result in slower growth than JD HEALTH (06618.HK) -1.560 (-3.621%)  Short selling $157.76M; Ratio 25.847%  . The broker forecast ALI HEALTH's revenue for FY2027 ending March to grow 13% YoY, compared with an estimated 18% revenue growth for JD HEALTH in 2026.</p>
<div class="lb-trans"><p>高盛发布研究报告称，阿里健康 2026 财年下半年的业绩表现参差不齐。该券商维持中性评级，指出收入增长主要由制药业务（特别是处方药和创新产品）驱动。然而，激烈的竞争预计将导致其增长速度低于京东健康 (06618.HK) -1.560 (-3.621%) 空头头寸 1.5776 亿美元；比例 25.847%。该券商预测阿里健康 2027 财年截至 3 月的收入同比增长 13%，而京东健康在 2026 财年的收入预计增长 18%。</p>
</div><p>The broker pointed out that ALI HEALTH faces margin pressure due to revenue mix-driven gross margin volatility and continued incremental investments in medical artificial intelligence and the pharmaceutical ecosystem (such as warehousing, cold-chain delivery and upstream marketing). In addition, emerging opportunities including medical AI applications (Hydrogen Ion) and innovative solutions for enterprises based on pharmaceutical digital tracking data remain at an early stage, and their financial contributions have yet to be validated.</p>
<div class="lb-trans"><p>该券商指出，阿里健康面临由于收入结构导致的毛利率波动和在医疗人工智能及制药生态系统（如仓储、冷链配送和上游营销）上的持续增量投资所带来的利润压力。此外，包括医疗人工智能应用（氢离子）和基于制药数字追踪数据的企业创新解决方案等新兴机会仍处于早期阶段，其财务贡献尚未得到验证。</p>
</div><p>Given weaker-than-expected growth in its third-party platform business, gross margin volatility stemming from revenue mix, and incremental investments in AI and innovative drugs, G Sachs lowered its revenue forecasts for FY2027 to FY2028 by 2% and cut its adjusted net profit forecasts for the same period by 18%, while introducing FY2029 projections. The broker reduced its 12-month TP from HKD4.8 to HKD4.2, based on 28x forecast average P/E for FY2027 to FY2028. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.)</p>
<div class="lb-trans"><p>鉴于其第三方平台业务增长低于预期、收入结构导致的毛利率波动以及在人工智能和创新药物上的增量投资，高盛将其 2027 财年至 2028 财年的收入预测下调 2%，并将同期的调整后净利润预测下调 18%，同时引入 2029 财年的预测。该券商将其 12 个月目标价从 HKD4.8 下调至 HKD4.2，基于 2027 财年至 2028 财年预测的平均市盈率 28 倍。（ad/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-18 16:25。）</p>
</div>

ALI HEALTH  Falls 3% Below HKD4 to Over 1-Year Low; G Sachs Cuts TP to HKD4.2

AASTOCKS News

阿里健康股价下跌 3%，跌破 4 港元，创一年多以来的新低；高盛将目标价下调至 4.2 港元