<p>阿里健康 (00241.HK) -0.120 (-2.927%) 空頭頭寸 3.3178 億美元；比例 44.422% 今天（19 日）開盤下跌 0.98%，觸及 HKD3.96 的低點，創下超過一年的新低。目前交易價格為 HKD3.97，下跌 3.17%，成交量為 7875.55 萬股，涉及 HKD3.14 億。</p>
<p>高盛發佈研究報告稱，阿里健康 2026 財年下半年的業績表現參差不齊。該券商維持中性評級，指出收入增長主要由製藥業務（特別是處方藥和創新產品）驅動。然而，激烈的競爭預計將導致其增長速度低於京東健康 (06618.HK) -1.560 (-3.621%) 空頭頭寸 1.5776 億美元；比例 25.847%。該券商預測阿里健康 2027 財年截至 3 月的收入同比增長 13%，而京東健康在 2026 財年的收入預計增長 18%。</p>
<p>該券商指出，阿里健康面臨由於收入結構導致的毛利率波動和在醫療人工智能及製藥生態系統（如倉儲、冷鏈配送和上游營銷）上的持續增量投資所帶來的利潤壓力。此外，包括醫療人工智能應用（氫離子）和基於製藥數字追蹤數據的企業創新解決方案等新興機會仍處於早期階段，其財務貢獻尚未得到驗證。</p>
<p>鑑於其第三方平台業務增長低於預期、收入結構導致的毛利率波動以及在人工智能和創新藥物上的增量投資，高盛將其 2027 財年至 2028 財年的收入預測下調 2%，並將同期的調整後淨利潤預測下調 18%，同時引入 2029 財年的預測。該券商將其 12 個月目標價從 HKD4.8 下調至 HKD4.2，基於 2027 財年至 2028 財年預測的平均市盈率 28 倍。（ad/da）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-18 16:25。）</p>

阿里健康

<p>阿里健康下跌 3%，至 3.97 港元，創下一年新低。高盛將其 12 個月目標價從 4.8 港元下調至 4.2 港元，原因是業績參差不齊以及與京東健康相比增長放緩。該券商預測 2027 財年的收入增長為 13%，低於之前的預期，主要由於利潤壓力和在人工智能及製藥方面的投資</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%) 空頭頭寸 3.3178 億美元；比例 44.422% 今天（19 日）開盤下跌 0.98%，觸及 HKD3.96 的低點，創下超過一年的新低。目前交易價格為 HKD3.97，下跌 3.17%，成交量為 7875.55 萬股，涉及 HKD3.14 億。</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>高盛發佈研究報告稱，阿里健康 2026 財年下半年的業績表現參差不齊。該券商維持中性評級，指出收入增長主要由製藥業務（特別是處方藥和創新產品）驅動。然而，激烈的競爭預計將導致其增長速度低於京東健康 (06618.HK) -1.560 (-3.621%) 空頭頭寸 1.5776 億美元；比例 25.847%。該券商預測阿里健康 2027 財年截至 3 月的收入同比增長 13%，而京東健康在 2026 財年的收入預計增長 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>該券商指出，阿里健康面臨由於收入結構導致的毛利率波動和在醫療人工智能及製藥生態系統（如倉儲、冷鏈配送和上游營銷）上的持續增量投資所帶來的利潤壓力。此外，包括醫療人工智能應用（氫離子）和基於製藥數字追蹤數據的企業創新解決方案等新興機會仍處於早期階段，其財務貢獻尚未得到驗證。</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>鑑於其第三方平台業務增長低於預期、收入結構導致的毛利率波動以及在人工智能和創新藥物上的增量投資，高盛將其 2027 財年至 2028 財年的收入預測下調 2%，並將同期的調整後淨利潤預測下調 18%，同時引入 2029 財年的預測。該券商將其 12 個月目標價從 HKD4.8 下調至 HKD4.2，基於 2027 財年至 2028 財年預測的平均市盈率 28 倍。（ad/da）（香港股票報價延遲至少 15 分鐘。空頭數據截至 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

阿里健康股價下跌 3%，跌破 4 港元，創一年多以來的新低；高盛將目標價下調至 4.2 港元