阿里“曲线减持”，阿里健康成了换钱筹码

瑞财经07-10

文/瑞财经曾树佳阿里巴巴（09988，简称“阿里”）发布了一项融资计划，却引发了外界对其“变相减持”阿里健康（00241）的猜测。这项融资计划，是一笔金额达120亿港元的可交换债券。一旦阿里健康的股价达到6.23港元，便可触发换股条件，投资者可以将债券置换为阿里健康股票。近年来，阿里退出非核心资产、战略聚焦核心业务的迹象，已较为明显。自去年以来，它已陆续减持了小鹏汽车、哔哩哔哩等标的，也抛售了...

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曾树佳阿里巴巴（09988，简称“阿里”）发布了一项融资计划，却引发了外界对其“变相减持”阿里健康（00241）的猜测。这项融资计划，是一笔金额达120亿港元的可交换债券。一旦阿里健康的股价达到6.23港元，便可触发换股条件，投资者可以将债券置换为阿里健康股票。近年来，阿里退出非核心资产、战略聚焦核心业务的迹象，已较为明显。自去年以来，它已陆续减持了小鹏汽车、哔哩哔哩等标的，也抛售了银泰百货、高鑫零售等资产。因此，此次发可转债，许多人便很容易联想到其减持倾向。不过，阿里强调，即使全部换股，阿里健康仍将是阿里的旗舰医疗健康平台和并表子公司。这样的解释，仍难以消弭投资者的疑虑，表现在资本市场上，则是阿里健康股价的下跌。变相减持争议阿里近日发布公告称，它计划发行本金总额为约120亿港元、2032年到期的零息可交换债券。债券的初始交换比率，为每100万港元本金额的债券，可交换约16.05万股阿里健康股份，相当于每股阿里健康股份的初始交换价格为6.23港元。这一初始交换价格，较对冲配售的每股价格，即每股阿里健康股份4.21港元，溢价了48%。换言之，阿里健康的股价，一旦涨到6.23港元或更高的水平，就会触发换股。据业内分析，眼下，阿里虽然短期内不会显著减持阿里健康，但后续换股条件一旦达成，则有可能导致持股下滑。这被外界解读为“变相减持”。若这批债券全部转换为阿里健康股份，根据初始换股价格，债券的初始交换财产，将相当于阿里健康截至2025年5月31日不超过约12%的已发行股本。据阿里估计，扣除簿记管理人佣金及公司的预计发行相关应付费用后，债券发行募集资金净额将为约119亿港元。这笔钱将用于一般公司用途，包括进行投资，以支持其云基础设施和国际商业业务的发展。目前，阿里巴巴持有阿里健康约64%的股份。前者在公告里表示，在债券发行后及未来交换为阿里健康股份后，阿里健康仍将是阿里的旗舰医疗健康平台和并表子公司。阿里健康将继续与阿里系生态系统成员密切合作，推动“人工智能 医疗健康”产业转型。尽管阿里在陈述中，不断给投资者吃下定心丸，但阿里健康的股价，仍然因此而下跌。7月4日开盘，阿里健康的股价跌了4.87%，当天收盘价为4.22港元/股，截至7月8日收盘，阿里健康报4.24港元/股，总市值为683.64亿港元。近年来，阿里退出非核心资产、战略聚焦核心业务的迹象，已较为明显。自去年以来，它已祭出了减持小鹏汽车、网易云音乐、哔哩哔哩等操作。而在去年末，其更是在半个月内，出清了两大新零售业务。一是出售银泰百货100%股权予雅戈尔财团，转让价约为74亿元，二是出售高鑫零售已发行股份的78.7%予德弘资本，出售交易额为131.38亿港元。这两笔交易，阿里巴巴都是“亏损”出售。其出售银泰百货预计亏损约93亿元，而出售高鑫零售预计亏损约131.77亿港元，合计亏损已超220亿元。阿里意在回归以电商为主的基本盘业务，同时不断转向AI、云等领域。2023年12月，阿里CEO吴泳铭直接主导淘天集团，那时候他就提出，正视现状、重新创业。后来，蒋凡回归、电商事业群成立，以及合伙人“瘦身”，都是在既定的大战略框架下，做出的调整。阿里健康的取舍阿里健康财报显示，2025财年总收入为305.98亿元，同比增长13.2%。报告期内净利润额为14.32亿元，同比增长62.2%。调整后净利润额为19.497亿元，同比增长35.6%，调整后净利润率从5.3%提升至6.4%。阿里健康的营收构成，主要包括医药自营业务、医药电商平台业务、医疗健康及数字化服务业务。其中，医药自营业务主要包括自主经营的B2C零售、相关广告业务和B2B集采分销业务。2025财年，该业务的整体收入达到261.24亿元，同比增长10.0%。同期，其医药电商平台业务的收入总额达到35.88亿元，同比增长54.0%。不过，由于其优化了一些创新业务，医疗健康及数字化服务业务的收入为8.85亿元，同比下降7.6%。报告期内，阿里健康录得毛利74.32亿元，同比增长26.1%。而其毛利率为24.3%，同比上升了2.5个百分点，主要由于深耕精细化运营和数字化升级，带来经营效率优化及定价能力提升。一直以来，阿里都有计划地向阿里健康注入资产。最近的一笔较大的注入，是在2023年底，阿里健康以135.12亿港元从阿里巴巴手中收购阿里妈妈医疗健康业务的独家营销审核权，以及营销增值服务经营权。阿里健康也通过投资方式，布局医药健康行业。只是，它也受到了一些亏损的负累。2025财年，阿里健康拥有13.72%权益的合资公司江苏紫金弘云健康产业投资合伙企业（有限合伙），亏损为1913.6万元。期内，阿里健康应占联营公司的亏损为4552.7万元，这主要是因为年度内部分联营公司，尚处于转型或成长阶段所致。阿里健康在投资标的中做着取舍，今年年初，它减持了华人健康。据华人健康3月17日公告，2024年12月20日—2025年3月14日，公司股东阿里健康累计减持公司股份1,004.89万股，占总股本的2.51%，持股比例降至5%以下。这一动作源于华人健康2024年11月披露的减持预计划——阿里健康计划三个月内，以集中竞价或大宗交易方式减持的股份数量不超过1200万股，占公司总股本的比例为3%。彼时，阿里健康持有华人健康3004.94万股，持股比例为7.51%。对于阿里健康，外界也有一些不同的声音，在“黑猫投诉”平台上，搜索“阿里健康”，共有11113条投诉中包含该搜索词。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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