On March 24, Ping An Healthcare and Technology Company Limited (stock symbol: PA GOODDOCTOR, 01833.HK) released its annual results for 2025. As the core flagship of Ping An Group's medical and elderly care services strategy, the company aims to establish a new model of managed healthcare with Chinese characteristics. It has continuously upgraded its "Four-Reach" service network—online, in-hospital, at-home, and corporate—empowering full-scenario services through AI medical technology to provide users with a one-stop healthcare and elderly care solution that is "worry-free, time-saving, and cost-effective." In 2025, the company achieved total revenue of RMB 5.468 billion, a year-on-year increase of 13.7%. Net profit attributable to shareholders reached RMB 380 million, surging 366.1% year-on-year, while adjusted net profit rose to RMB 414 million, up 161.3% year-on-year, successfully validating its business model. Concurrently, the company optimized its revenue structure, with insurance collaboration business (F-end) recording revenue of RMB 3.296 billion, an 11% increase. Corporate health management business (B-end) demonstrated strong potential, generating revenue of RMB 1.306 billion, a significant 40.6% year-on-year rise, with its revenue share increasing by 4.6 percentage points to 23.9%.
Core business units released strong momentum, creating a new benchmark for China's managed healthcare model. During the reporting period, the company provided Ping An Group's individual clients with integrated online/offline, 24/7 proactive healthcare and elderly care services, enhancing the differentiated product competitiveness of Ping An's comprehensive financial business and supporting customer acquisition, retention, and value enhancement. Data showed that the average premium per policy for healthcare entitlement customers increased by 1.5 times, while for home-based elderly care entitlement customers, it surged 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 mutual empowerment. For customers with protection-type insurance such as critical illness and medical insurance, it launched the "An You Hu" and "An You Yi" health service plans. For wealth management insurance clients, a multi-tier membership system was implemented, exemplified by the "Yu Xiang Guo Yi" plan for high-value customers, which features integrated Chinese and Western medical management solutions, one-on-one consultations with master traditional Chinese medicine practitioners, personalized conditioning plans, and全程 management by family doctors with proactive follow-ups. For pension reserve insurance clients, the home-based elderly care service system was upgraded, introducing three service plans: "illness management, safety assistance, and elderly care protection." By the end of the reporting period, over 240,000 customers had qualified for home-based elderly care services.
On the corporate health management side, leveraging its professional expertise, global medical service network, worldwide emergency rescue services, on-site corporate support, 24/7 family doctor consultations, and convenient at-home services, the company is committed to providing comprehensive enterprise health management service plans. The number of corporate clients served has exceeded 6,700, a substantial 83.1% year-on-year increase. This business generated approximately RMB 3.63 billion in GMV for 2025, with its commercial potential accelerating. During the reporting period, the company offered customized "one enterprise, one policy" solutions, including on-site medical rooms, diverse corporate activities, and digital corporate health dashboards. For employees, it provided full-scenario services such as health check-ups, chronic disease management, medical assistance, specialist consultations, and convenient medication purchasing. Additionally, the "Ping An Yi Jian Fu" one-click payment service now covers 77,000 pharmacies, simplifying the healthcare experience for employees.
Strengthening the "Four-Reach" service capability to build a full-scenario value chain. In 2025, the company continued to develop its extensive, high-quality, cost-effective "Four-Reach" service system, further expanding its network and enhancing service quality. For online services, it aggregated traffic from Ping An Group's medical and elderly care ecosystem and external corporate clients, upgrading a multi-tier family doctor service system to offer全周期, proactive health management for policyholders and employees, with tailored solutions for clients in different health conditions. Chronic disease management services reached 16.9 million人次, with a 99% customer satisfaction rate. For in-hospital services, the company expanded its offline network, establishing a team of approximately 50,000 internal and external doctors, with over 3,500 contracted specialists, including 10 academicians/master TCM practitioners, and more than 800 hospital presidents/department heads/disciplinary leaders. It cooperates with over 5,100 hospitals, 240,000 pharmacies, and 4,400体检 suppliers. For at-home services, home-based elderly care covers 100 cities nationwide, with a monthly activity rate of 84% and a 100% response rate for "Smart Guardian" alerts. For corporate services, the company established integrated enterprise medical rooms for multiple clients, featuring health monitoring, consultation, physiotherapy, and education, providing "face-to-screen" consultation experiences via remote medical room displays, effectively addressing issues like regional healthcare resource imbalances.
Furthermore, the company strengthened service standards to drive quality improvement and industry升级. In family doctor services, it contributed to the release of China's first group standard for family doctor services, the "Specification for Remote and Internet Health Services by Family Doctors." In home-based elderly care, it has developed six industry group standards, including the "Management Specification for Home-Based Rehabilitation and Nursing Services," with Ping An's home-based elderly care service being the first to receive a five-star evaluation for "Home-Based Elderly Care Butler Service" from the China Quality Certification Centre (CQC). In chronic disease management, the company participated in formulating the group standard for "Weight Management Center Construction Specifications," promoting standardized development in the weight management industry.
Leading the large-scale application of "AI + Healthcare" to enhance gross margin and efficiency. Following guidelines from national authorities supporting "AI + Medical and Health" application development, AI healthcare has entered a critical phase of large-scale implementation, aligned with national strategy and market demand. Leveraging deep technical expertise, the company continued to advance AI capabilities, strengthening the "data + model + scenario"闭环 to promote AI application across major healthcare service scenarios, with increasingly notable results.
The company deepened its focus on serious medicine, building differentiated advantages through "AI + real doctors" to offer professional, compassionate services. During the reporting period, it iterated its multimodal technology base "Ping An Yi Bo Tong" medical large model and five vertical medical models for key scenarios, launching a medical AI product system including core products like digital avatars of renowned doctors, AI family doctors, and AI elderly care butlers. AI doctors accurately diagnose over 11,300 diseases, with an辅助诊疗 accuracy rate of 95.1%. It innovatively introduced a multi-disciplinary consultation platform for complex diseases, already applied in conditions like breast cancer, with treatment plan accuracy nearing 90%, with plans to expand to more diseases.
AI demonstrated significant contributions in user coverage, gross profit growth, and cost reduction during the reporting period. Nearly 12 million people used AI doctors annually, with "AI + real doctors" achieving 100% coverage of Ping An Group's individual clients. AI contributed approximately 4.5% to gross profit. AI also continued to enhance service efficiency and reduce costs; for instance, in consultation services, AI helped reduce the cost per consultation in Q4 2025 by about 45% year-on-year.
With growing health awareness among Chinese residents and an accelerating 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 commitment to accessible, high-quality healthcare and elderly care services, creating sustained value for shareholders and contributing to the strategic goals of Digital China and Healthy China.
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