《大行報告》高盛:若內地禁止第三方平台直接參與藥品網售 京東健康(06618.HK)及阿里健康(00241.HK)估值下跌約11%及3%
國家藥監局發布《中華人民共和國藥品管理法實施條例(修訂草案徵求意見稿)》,歷時一個月公開徵求意見已正式截止。其中「徵求意見稿」中新增第三方平台提供者不得直接參與藥品網絡銷售活動。
高盛發表報告指,阿里健康(00241.HK)管理層重申其觀點,即有關規則需要一年甚至更長時間,才能最終確定和實施,因其被視為一個全面的監管框架,需要廣泛協調持份者。總括而言,阿里健康看不到是次討論可於近期有結論。
而京東健康(06618.HK)管理層在5月或曾表示,仍在了解有關規條是否有潛在的額外要求,但由於缺乏細節,現階段不會有即時的營運憂慮。
高盛估計,第三方藥品銷售佔京東健康及阿里健康目前財年總收入大約4.5%及1.5%,若將此等比例收入由估值模型移除,預期兩企的估值下跌約11%及3%。
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