The domestic healthcare industry, having undergone multiple capital cycles and business model explorations, is transitioning from a phase of extensive development focused on scale expansion and traffic competition to a period of high-quality, intensive cultivation centered on value creation, efficiency improvement, and creating closed-loop ecosystems. However, the industry currently faces widespread challenges such as fragmented services and a disconnect between payment and service delivery. With user demand for full-cycle health management continuously escalating, deep collaboration between payers and providers has become imperative. Consequently, managed care and the integration of healthcare and insurance have emerged as the core pathways to address industry pain points and unlock long-term growth potential.
At this critical juncture for the industry's transformation, PA GOODDOCTOR, adhering to its parent group's dual-driver strategy of "Comprehensive Finance + Healthcare and Elderly Care," has taken the lead in establishing a commercially viable managed care model with Chinese characteristics. Leveraging its ecosystem and technological strengths to navigate industry fluctuations, the company has delivered a high-quality growth report card for 2025. The company's profits have surged significantly, the value of its health insurance synergy is being fully realized, and its "Four-Reach" service network and AI medical capabilities continue to build competitive barriers, officially marking its entry into a new development stage led by AI, ecosystem monetization, and sustainable profitability.
The release of profit potential was evident, with net profit attributable to shareholders soaring by 366.1% year-on-year to RMB 380 million. Adjusted net profit reached RMB 414 million, an increase of 161.3% compared to the previous year. Total revenue for 2025 amounted to RMB 5.468 billion, representing a 13.7% year-on-year growth. The profit growth rate significantly outpacing revenue growth indicates that after completing the accumulation of core capabilities and building infrastructure, scale effects have begun to materialize, leading to decreasing marginal costs.
Specifically, on the cost side, empowered by AI and digital operations, the ratio of total expenses to revenue decreased by 4.6 percentage points year-on-year to 30.6%. Within this, the administrative expense ratio dropped by 3.9 percentage points, and the sales and marketing expense ratio fell by 0.7 percentage points. This is a typical characteristic of accelerating profitability after a business model has been proven successful.
More profoundly, behind the profit release and cost reduction lies the transition of the integrated health insurance business's ecosystem value from an investment phase to a value return phase. Financially, the integrated health insurance business recorded revenue of RMB 3.296 billion during the reporting period, an 11.0% increase year-on-year.
Regarding the depth of integration, the company has evolved from simple service add-ons in its early stages to co-creation and deep integration of products. For instance, for customers with protection-type insurance like critical illness or medical insurance, the company collaborated with Ping An Life Insurance to launch health service plans. These plans provide customers with services covering the entire hospitalization process, including pre-admission, in-hospital, and post-discharge care, such as medical escort services, specialist consultations, inpatient care, and rehabilitation guidance.
For wealth management insurance clients, the company has implemented a multi-tiered membership system. The high-value customer plan, for example, offers integrated Traditional Chinese and Western medicine management plans, featuring one-on-one consultations with master TCM physicians and personalized调理 regimens, with family doctors providing continuous management and proactive follow-ups.
The significance of embedding health services into insurance products is that when customers experience the tangible value of these services, their trust in and loyalty to the insurance brand increases, making them more willing to purchase additional insurance products. This creates a virtuous cycle where healthcare services empower the core insurance business, which in turn supports the healthcare services, resulting in mutual reinforcement.
The value of this integrated ecosystem is already apparent. Data shows that the average premium for new life insurance policies sold to customers utilizing medical health benefits increased by 1.5 times, while for those using home-based elderly care benefits, the average premium surged by 4.6 times. Health services are no longer merely a cost item for insurance but have become a value engine driving higher premiums and longer customer lifecycles.
Furthermore, the value of deep integration is reflected in the cost structure. The customer base for the integrated health insurance business originates from Ping An Group's vast pool of existing financial customers, resulting in customer acquisition costs that are significantly lower than those in the open market. Additionally, as service penetration continues to increase, the scale effects of service delivery are becoming more pronounced, leading to a continuous decline in the unit cost of service. This is one of the underlying logics enabling the amplification of profit elasticity. It is foreseeable that as the integrated health insurance business gradually scales and becomes more systematic, its contribution to both revenue and profit will continue to strengthen, serving as a ballast for the company's high-quality development.
Beyond the integrated health insurance business, the corporate health management segment, representing another major payer, also delivered strong performance. Full-year revenue reached RMB 1.306 billion, a substantial increase of 40.6% year-on-year, with its contribution to total revenue rising to 23.9%. This indicates that the company is leveraging the capabilities honed from serving Ping An Group's individual financial customers to gradually export its professional health management expertise to the broader corporate client market, thereby opening up new growth avenues.
PA GOODDOCTOR's ability to earn the deep trust of payers stems from its unique "Four-Reach" service network—Online, In-hospital, At-home, and At-enterprise—refined over a decade, and the comprehensive, all-scenario service capabilities built upon this network.
The Online service acts as the traffic entry point, achieving 100% coverage of Ping An Group's individual customers through an "AI + Real Doctor" model. The number of annual active users for the AI doctor is close to 12 million, continuously solidifying the ecosystem's traffic foundation.
The In-hospital service has built a robust offline resource barrier. The company has established a team of approximately 50,000 internal and external doctors, signed over 3,500 expert physicians—including 10 academicians/master TCM physicians—and collaborates with more than 5,100 hospitals, over 240,000 pharmacies, and more than 4,400 physical examination providers. This ensures service accessibility for users in any scenario. The "Ping An Yi Jian Fu" one-click payment service for enterprise employees now covers 77,000 pharmacies, seamlessly connecting diagnosis, treatment, medication purchase, and payment, significantly enhancing service efficiency and user experience.
The At-home service focuses on the core needs of an aging society. The company's home-based elderly care services now cover 100 cities nationwide, with a monthly active rate of 84% and a 100% response rate for "Smart Guardian" alerts. Newly launched service plans ensure comprehensive care management, safety assistance, and quality elderly living, extending the reach of integrated medical and elderly care services into the core of the silver economy.
The At-enterprise service has become a sharp tool for B2B growth. The company not only provides customized solutions for enterprises but has also innovated with models like enterprise clinics and remote large-screen consultation systems, effectively addressing the pain point of uneven regional medical resources. The number of paying corporate clients served surged by 83.1% year-on-year, exceeding 6,700 during the reporting period.
The seamless integration across all scenarios—from online to offline, enterprise to family, health management to serious medical treatment—constitutes PA GOODDOCTOR's difficult-to-replicate competitive barrier. When users' full lifecycle health needs can be met on a single platform, customer lifetime value is maximized, and customer acquisition costs are amortized, which is the core economic logic of the managed care model.
If the "Four-Reach Network" is the skeleton and flesh of PA GOODDOCTOR, then AI technology is the soul infusing it with intelligence and efficiency. In healthcare, achieving high quality, high efficiency, and low cost simultaneously has often been considered an "impossible trinity."
PA GOODDOCTOR is breaking this curse through the scaled application of AI + healthcare. By leveraging standardization, automation, and intelligence, AI significantly enhances service efficiency without compromising professional quality, leading to structural optimization of costs.
Technologically, the company continues to iterate its multimodal medical large language model and five specialized vertical models, trained on nearly 1.5 billion consultation records and Ping An Group's four globally leading medical databases. In strict compliance with regulations, the integration of vast medical data with insurance claims data creates a data barrier that is difficult for competitors to replicate, providing high-quality "nourishment" for the continuous iteration of AI models.
In terms of application effectiveness, the AI doctor's precise diagnosis covers over 11,300 diseases, with an auxiliary diagnosis accuracy rate of 95.1%. An innovative multi-disciplinary consultation platform for complex diseases has been deployed for conditions like breast cancer, with a diagnostic and treatment plan accuracy rate nearing 90%. This data indicates that AI is already capable of handling diagnoses for most common illnesses and assisting in decision-making for some complex diseases, freeing up doctors' time and energy for more challenging cases.
The value of technology is ultimately reflected in operational results. During the reporting period, AI's contribution to gross profit reached approximately 4.5%. This contribution manifests through three main pathways: firstly, by creating new health demands through precise proactive health management, thereby driving revenue growth; secondly, by automating a large volume of routine consultations, significantly reducing labor costs—for instance, the cost per consultation in Q4 2025 decreased by approximately 45% year-on-year with AI's assistance; and thirdly, by increasing user engagement frequency and satisfaction, enhancing customer stickiness, and reducing churn rates. These three pathways collectively contribute to AI's positive impact on gross profit growth.
More importantly, AI is evolving from an auxiliary tool into a core product. Offerings like digital avatars of renowned doctors, AI family doctors, and AI elderly care managers not only improve service efficiency but also make top-tier medical resources accessible to users in an affordable manner.
In conclusion, with surging profits, robust core businesses, and significant AI empowerment, PA GOODDOCTOR is demonstrating to the market its ability to navigate cycles and achieve high-quality, sustainable growth through its unique business model. Driven by both technology and ecosystem advantages, as a leader in the digital transformation and business model innovation of China's healthcare industry, PA GOODDOCTOR's future development prospects are promising.
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