Hong Kong Stock Exchange Ping An Good Doctor 2025 Annual Report: Enterprise Health Management Business Increases Over 40% Year-over-Year, AI Omnichannel Empowerment Ushers in High-Quality Profitability

On March 24, Ping An Good Doctor (stock abbreviation: Ping An Healthcare, 01833.HK) announced its 2025 annual performance report. As the core flagship of Ping An’s medical and health services strategy segment, the company aims to create a new model of managed healthcare with Chinese characteristics. It continuously upgrades the “Four Arrivals” (to clinics, hospitals, homes, and enterprises) service network, leveraging AI medical technology to empower all scenarios and provide users with a one-stop medical, health, and elderly care solution that is “worry-free, time-saving, and cost-effective.” In 2025, the company achieved total revenue of 5.468 billion yuan, up 13.7% year-over-year; recorded a net profit attributable to shareholders of 380 million yuan, up 366.1%; and an adjusted net profit of 414 million yuan, up 161.3%, validating its business model successfully. Meanwhile, the company’s revenue structure continued to optimize, with commercial insurance collaboration (F-end) generating 3.296 billion yuan, an increase of 11%. The corporate health management business (B-end) showed strong potential, earning 1.306 billion yuan, a 40.6% increase year-over-year, accounting for 23.9% of revenue, up 4.6 percentage points.

Core Business Releases Strong Momentum, Building a New Model of Managed Healthcare in China

During the reporting period, the company provided Ping An Group’s individual clients with one-stop online/offline, 24/7 proactive medical, health, and elderly care services, helping Ping An Group’s integrated financial business develop differentiated product competitiveness, attract customers, increase stickiness, and enhance customer value. Data shows that the average new single policy for medical health rights customers increased 1.5 times, and for home elderly care rights customers, it increased 4.6 times. The company further deepened innovation in medical-insurance collaboration, continuously improving its membership service system deeply integrated with insurance products and strengthening two-way empowerment. For critical illness and medical insurance clients, it launched health service plans such as “An You Hu” and “An You Yi.” For wealth management insurance clients, it implemented a multi-tier membership system, exemplified by the “Royal Medical” plan targeting high-value customers, which offers integrated Chinese and Western medicine management solutions, with Chinese medicine masters providing one-on-one consultations and personalized treatment plans, full management of traditional Chinese medicine family doctors, and proactive follow-up. For retirement reserve insurance clients, the company upgraded its home elderly care service system, creating three major service plans: “Illness Management,” “Safety Assistance,” and “Elderly Care Protection.” By the end of the reporting period, over 240,000 customers had obtained home elderly care service qualifications.

On the corporate health management side, leveraging professional experience, a global medical service network, emergency rescue services, enterprise-specific services, 24/7 family doctor consultations, and convenient home services, the company is committed to providing a one-stop corporate health management service plan. To date, over 6,700 corporate clients have been served, a year-over-year increase of 83.1%. Additionally, this business generated approximately 3.63 billion yuan in GMV in 2025, with accelerating commercial potential. During the period, the company provided customized solutions for enterprises, including on-site clinics, engaging corporate activities, and digital health dashboards; offered comprehensive services such as health checkups, chronic disease management, medical assistance, expert consultations, and medication purchasing. The “Ping An Medical and Health Pay” one-click payment service now covers 77,000 pharmacies, making healthcare services more worry-free and time-saving for employees.

Strengthening “Four Arrivals” Service Capabilities to Build a Full-Scenario Value Closed Loop

In 2025, the company continued to build a broad, high-quality, cost-effective “Four Arrivals” service system, further expanding its service network and improving service quality.

For the “to clinics” aspect, it aggregated traffic from Ping An Group’s medical and elderly care ecosystem and external enterprise clients, upgraded multi-level family doctor services, and provided proactive, full-cycle health management for policyholders and corporate employees, offering differentiated solutions based on health status. Among these, chronic disease services reached 16.9 million visits with a 99% customer satisfaction rate. For “to hospitals,” the company continued expanding its offline service network, establishing about 50,000 internal and external doctors, signing with over 3,500 expert doctors, including 10 academicians/Chinese medicine masters, and more than 800 senior physicians, department heads, or discipline leaders. It partnered with over 5,100 hospitals, more than 240,000 pharmacies, and over 4,400 physical examination providers. For “to homes,” home elderly care services cover 100 cities nationwide, with an average monthly activity rate of 84%, and “smart guardian” alert response rate at 100%. For “to enterprises,” the company has built integrated health monitoring, consultation, therapy, and health education services through enterprise clinics, providing remote consultation experiences via large screens, linking “Four Arrivals” resources to effectively address regional medical resource imbalances.

Additionally, the company emphasizes service standardization, promoting quality improvement and industry upgrading. In home medical services, it helped release China’s first family doctor service group standard, “Remote and Internet-based Family Doctor Health Services Norms.” In elderly care services, it has developed six industry group standards, including “Home Rehabilitation Nursing Service Management Norms,” and its Ping An elderly care services have become the first to receive a five-star rating from the China Quality Certification Center (CQC). In chronic disease management, the company participated in the development of the national “Weight Management Center Construction Norms,” helping standardize the weight management industry.

Leading the Scale Application of “AI + Healthcare,” Supporting Margin Growth and Cost Reduction

The National Health Commission, National Development and Reform Commission, and Ministry of Industry and Information Technology issued implementation opinions on “AI + Healthcare” applications, marking a key phase of large-scale deployment driven by national strategies and market demand. With deep technological accumulation, the company continues to enhance AI capabilities, strengthening the “data + model + scenario” closed-loop system, and promoting AI application across major healthcare service scenarios, with results increasingly evident.

In the serious medical field, the company develops differentiated advantages through “AI + real doctor” models, providing professional and warm services. During the period, it iterated its multimodal technology base “Ping An Medical Brain” and five major medical domain models targeting key scenarios, launching AI medical products such as medical doctor digital avatars, AI family doctors, and AI elderly care managers. AI doctors can diagnose over 11,300 diseases with a diagnostic accuracy of 95.1%. It also launched a complex disease multidisciplinary consultation platform, applied in breast cancer and other conditions, with an accuracy rate of nearly 90%. Future plans include expanding to more disease types.

During the period, AI significantly empowered user coverage, margin growth, and cost reduction. Nearly 12 million users used AI doctors annually, with “AI + real doctor” covering 100% of Ping An Group’s individual clients; AI contributed about 4.5% to gross profit. Additionally, AI continues to reduce service costs; for example, in consultation services, AI helped reduce the cost per single inquiry by approximately 45% in Q4 2025.

With increasing health awareness among Chinese residents and an aging population, demand for high-quality medical resources continues to rise, presenting greater development opportunities for the healthcare industry. Looking ahead, supported by favorable policies, the company will uphold its mission to benefit the people, continuously providing high-quality, worry-free, time-saving, and cost-effective healthcare and elderly care services, creating more sustainable and stable value for shareholders, and contributing to the realization of Digital China and Healthy China strategies.