<p>經紀商 | 投資評級 | 目標價 | 關鍵觀點</p>
<p>花旗 | 買入 | HKD9 -&gt; 8 | 2027 財年的利潤指引較為保守，主要由於主動將運營利潤再投資於創新藥物和人工智能應用。公司正從電商平台轉型為全方位的製藥運營商，醫療人工智能將成為未來的增長引擎。目前 GLP-1 減肥藥的在線銷售不受監管調整的影響。儘管目標價下調，但仍然是首選。</p>
<p>美銀證券 | 買入 | HKD6 | 上一財年的業績符合公司指引，但由於醫療器械類別表現疲軟，第二季度增長放緩。最終和特別股息總計 31.4 億元人民幣（意味着約 5% 的股息收益率）的宣佈令市場感到意外。對增強股東回報和麪向醫生的人工智能模型&#34;氫離子&#34;的推出持積極態度。</p>
<p>中信里昂證券 | 跑贏大盤 | HKD5.3 -&gt; 4.7 | 第二季度收入略低於預期，而利潤符合預測。處方藥、OTC 和營養產品保持健康增長，但由於醫療器械補貼減少和增值税對成人產品的影響，第二季度第三方平台收入下降。未來利潤預計將受到對創新藥物供應鏈和醫療人工智能投資的壓力。</p>
<p>滙豐研究 | 持有 | HKD5.5 -&gt; 4.5 | 第二季度收入增長放緩至 8%，低於經紀商和市場預期的 14%。公司已進入投資階段，專注於加強冷鏈倉儲等端到端服務。醫療人工智能應用&#34;氫離子&#34;計劃在三年內實現 200 萬名月活躍醫生。儘管 5% 的股息收益率具有吸引力，但由於投資影響，盈利預測被下調。</p>
<p>瑞銀 | 賣出 | HKD4.1 -&gt; 3.6 | 上一財年的收入未達到目標，2027 財年的調整後淨利潤指引低於買方預期，原因是投資增加。儘管對製藥的戰略重點支持收入，但第一方藥物銷售比例的提高將壓縮毛利率。公司在用户心智和供應鏈方面面臨來自京東健康的競爭優勢。2027-2029 財年的盈利預測下調了 12-14%。</p>
<p>(da/a)</p>

阿里健康

匯添富中證醫藥衞生ETF

易方達滬深300醫藥ETF

華夏醫藥ETF

<p>券商對阿里健康（ALI HEALTH）提供了最新的評級和目標價格。花旗維持 “買入” 評級，目標價格為 8 港元，理由是由於再投資導致的保守利潤指引。美銀證券也給予 “買入” 評級，目標價格為 6 港元，強調了意外的分紅。中信證券的 “跑贏大盤” 評級下調至 4.7 港元，而滙豐研究維持在 4.5 港元，指出收入增長放緩。瑞銀則給予 “賣出” 評級，目標價格為 3.6 港元，理由是未能達到收入目標和下調利潤預測</p>

<p>Brokers | Investment Ratings | TPs | Key Views</p>
<div class="lb-trans"><p>經紀商 | 投資評級 | 目標價 | 關鍵觀點</p>
</div><p>Citi | Buy | HKD9 -&gt; 8 | FY2027 profit guidance is conservative, mainly due to proactive reinvestment of operating profit into innovative drugs and AI applications. The company is transforming from an e-commerce platform into a full-stack pharmaceutical operator, with medical AI as a future growth engine. Current online sales of GLP-1 weight-loss drugs are not affected by regulatory adjustments. Despite the TP cut, it remains a top pick.</p>
<div class="lb-trans"><p>花旗 | 買入 | HKD9 -&gt; 8 | 2027 財年的利潤指引較為保守，主要由於主動將運營利潤再投資於創新藥物和人工智能應用。公司正從電商平台轉型為全方位的製藥運營商，醫療人工智能將成為未來的增長引擎。目前 GLP-1 減肥藥的在線銷售不受監管調整的影響。儘管目標價下調，但仍然是首選。</p>
</div><p>BofA Securities | Buy | HKD6 | Last fiscal year results were in line with company guidance, but growth slowed in 2H due to weak performance in the medical devices category. The declaration of final and special dividends totaling RMB3.14 billion (implying a dividend yield of about 5%) surprised the market. Positive on enhanced shareholder returns and the launch of the doctor-oriented AI model &#34;Hydrogen Ion&#34;.</p>
<div class="lb-trans"><p>美銀證券 | 買入 | HKD6 | 上一財年的業績符合公司指引，但由於醫療器械類別表現疲軟，第二季度增長放緩。最終和特別股息總計 31.4 億元人民幣（意味着約 5% 的股息收益率）的宣佈令市場感到意外。對增強股東回報和麪向醫生的人工智能模型&#34;氫離子&#34;的推出持積極態度。</p>
</div><p>CLSA | Outperform | HKD5.3 -&gt; 4.7 | 2H revenue slightly missed expectations, while profit met forecasts. Prescription drugs, OTC and nutritional products maintained healthy growth, but 2H third-party platform revenue declined due to reduced medical device subsidies and VAT impact on adult products. Future profit is expected to be weighed down by investments in the innovative drug supply chain and medical AI.</p>
<div class="lb-trans"><p>中信里昂證券 | 跑贏大盤 | HKD5.3 -&gt; 4.7 | 第二季度收入略低於預期，而利潤符合預測。處方藥、OTC 和營養產品保持健康增長，但由於醫療器械補貼減少和增值税對成人產品的影響，第二季度第三方平台收入下降。未來利潤預計將受到對創新藥物供應鏈和醫療人工智能投資的壓力。</p>
</div><p>HSBC Research | Hold | HKD5.5 -&gt; 4.5 | 2H revenue growth slowed to 8%, below the broker and market expectation of 14%. The company has entered an investment phase, focusing on strengthening end-to-end services such as cold-chain warehousing. The medical AI app &#34;Hydrogen Ion&#34; targets 2 million monthly active doctors within three years. Although the dividend yield of 5% is attractive, earnings forecasts were cut due to investment impact.</p>
<div class="lb-trans"><p>滙豐研究 | 持有 | HKD5.5 -&gt; 4.5 | 第二季度收入增長放緩至 8%，低於經紀商和市場預期的 14%。公司已進入投資階段，專注於加強冷鏈倉儲等端到端服務。醫療人工智能應用&#34;氫離子&#34;計劃在三年內實現 200 萬名月活躍醫生。儘管 5% 的股息收益率具有吸引力，但由於投資影響，盈利預測被下調。</p>
</div><p>UBS | Sell | HKD4.1 -&gt; 3.6 | Revenue for the last fiscal year missed target, and FY2027 adjusted net profit guidance was below buy-side expectations due to increased investment. While the strategic focus on pharmaceuticals supports revenue, a higher proportion of first-party drug sales will compress gross margin. The company faces competitive advantages from JD Health in user mindshare and supply chain. FY2027-29 earnings forecasts were cut by 12-14%.</p>
<div class="lb-trans"><p>瑞銀 | 賣出 | HKD4.1 -&gt; 3.6 | 上一財年的收入未達到目標，2027 財年的調整後淨利潤指引低於買方預期，原因是投資增加。儘管對製藥的戰略重點支持收入，但第一方藥物銷售比例的提高將壓縮毛利率。公司在用户心智和供應鏈方面面臨來自京東健康的競爭優勢。2027-2029 財年的盈利預測下調了 12-14%。</p>
</div><p>(da/a)</p>
<div class="lb-trans"><p>(da/a)</p>
</div>

Summary of Latest Ratings, TP, Views on ALI HEALTH from Brokers

AASTOCKS News

花旗

美國銀行

TE HEALTHCARE

匯豐控股

滙豐

瑞銀集團

京東健康

CITIGROUP INC 6.250 NON CUM SER II PFD WI

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

HSBC 5xShortSG241213

匯豐控股有限公司

京東健康-R

券商對阿里健康的最新評級、目標價和觀點總結