Hong Kong stock PA GOODDOCTOR (01833) 2025 annual report: Net profit attributable to shareholders increased by 366.1%, and revenue from corporate health management business increased by over 40% year-on-year.

On March 24th, Ping An Health Medical Technology Co., Ltd. (stock code: PA GOODDOCTOR, 01833) announced its annual performance report for 2025. As the core flagship of Ping An's medical care and elderly care services, the company aims to create a new model of management-oriented medical care with Chinese characteristics. It continuously upgrades the "Four To" (To line, to hospital, to home, to enterprise) service network and empowers all-scenario services through AI medical technology, providing 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, a year-on-year increase of 13.7%; net profit attributable to the mother reached 380 million yuan, a year-on-year increase of 366.1%; adjusted net profit reached 4.14 billion yuan, a year-on-year increase of 161.3%, validating the successful business model. At the same time, the company's revenue structure continued to optimize, with commercial insurance cooperative business (F-end) generating revenue of 3.296 billion yuan, an 11% increase year-on-year. The enterprise health management business (B-end) demonstrated strong potential, with revenue reaching 1.306 billion yuan, a significant increase of 40.6%, and revenue contribution ratio increased by 4.6 percentage points to 23.9%. Releasing strong momentum in the core business, creating a new model of management-oriented medical care in China During the reporting period, the company provided online/offline one-stop, 24/7 proactive medical, health, and elderly care services for individual customers of Ping An Group, helping Ping An Group's comprehensive financial business differentiate its product competitiveness and enhance customer acquisition, retention, and value. Data shows that the number of life insurance new policies with medical and health benefits increased by 1.5 times, and home care rights life insurance new policies increased by 4.6 times. In addition, the company further deepened the innovation of medical-insurance synergy mode, continuously improved the membership service system deeply integrated with insurance products, and strengthened mutual empowerment. For insurance customers in protection categories such as critical illness insurance and medical insurance, the company launched "AnYouHu" and "AnYouYi" health service plans; for wealth management insurance customers, it established a multi-level membership system, for example, the "Yuxiang Guoyi" plan for high-value customers, where the company created a Chinese and Western medicine co-management scheme, with Chinese medicine masters providing one-on-one consultation, exclusive treatment plans, full management by traditional Chinese medicine physicians, and active follow-up; for pension reserve insurance customers, it upgraded the home care service system, creating three major service plans of "someone taking care when sick, someone assisting with safety, and someone protecting when aging", by the end of the reporting period, there were over 240,000 customers qualified for home care services. In the enterprise health management sector, leveraging professional experience in corporate health management, a global medical service network, global emergency assistance, professional enterprise services, 24/7 family doctor consultations, and convenient home services, the company is committed to providing comprehensive enterprise health management services for a wide range of corporate customers. The number of corporate clients served has exceeded 6,700, an 83.1% increase year-on-year. Meanwhile, this business brought about approximately 3.63 billion yuan in GMV in 2025, accelerating its commercial potential. During the reporting period, the company provided customized solutions for enterprises, including on-site medical rooms, rich in-enterprise activities, digital enterprise health dashboards, and provided employees with comprehensive services such as health check-ups, chronic disease management, medical assistance, consultations with renowned doctors, and convenient medication purchasing services. At the same time, the "Ping An Medical Care Payment" service, a one-click payment service, has covered 77,000 pharmacies, making employees' medical care experiences more worry-free and time-saving. Strengthening the "Four To" service capability to build a full-scenario value loop In 2025, the company continued to build a wide-reaching, high-quality, and cost-effective "Four To" service system, expanding service networks and enhancing service quality. Regarding reaching the line, the company attracts traffic from Ping An Group's medical and elderly care ecosystem and external corporate customers, upgrades a multi-level family doctor service system, and provides full-cycle proactive health management services for policyholders and enterprise employees, offering differentiated solutions for customers with different health conditions. Among them, the number of chronic disease service users reached 16.9 million, with a 99% customer satisfaction rate. In terms of reaching hospitals, the company continued to expand its offline service network, established a team of about 50,000 internal and external doctors, signed contracts with more than 3,500 expert doctors, including 10 academicians/national doctors, and over 800 directors/deputy directors/department heads/subject leaders; worked with over 5,100 hospitals, more than 240,000 pharmacies, and over 4,400 medical examination suppliers. Regarding home services, home care services cover 100 cities nationwide, with a monthly average activity rate of 84%, and a "smart guardian" alarm response rate of 100%. In terms of reaching enterprises, the company has created corporate medical rooms that incorporate health monitoring, consultation and therapy, and popular science education services for many customers, providing employees with a "face-to-screen" consultation experience via remote medical room screens, linking resources of the "Four To" services, effectively addressing issues such as uneven distribution of medical resources in different regions. In addition, the company has enhanced service standards to promote service quality improvement and industry upgrading. In the field of family doctor services, the company has helped publish the first national standard for family doctor service groups, "Standards for Remote and Internet Health Services of Family Doctors." In the field of home care services, the company has cumulatively developed industry group standards including "Norms for Home Rehabilitation and Nursing Services Management," and Ping An's home care services were the first to receive a five-star evaluation for "Home Care Butler Service" from the China Quality Certification Center (CQC). In the field of chronic disease management, the company has participated in the development of the national group standard for the construction of "Norms for Weight Management Centers," promoting the standardized development of the weight management industry. Leading the large-scale application of "AI + Medical," boosting gross profit and cost reduction The National Health Commission, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and other ministries have issued the implementation opinions on the application development of "AI + Medical and Health," and under the resonance of national strategy and market demand, AI medical care has entered a key stage of large-scale application landing. With profound technological accumulation, the company continues to deepen the construction of AI capabilities, strengthen the "data + model + scenario" closed-loop capability, promote the application of AI in various medical and health services, and the results of AI empowerment are increasingly evident. The company has deeply developed in the field of serious medical care, using "AI + human doctors" to build a differentiated advantage and provide users with professional and caring services. During the reporting period, the company continued to iterate the multi-modal technology platform "Ping An Medical Network" and the five major domain models for key medical scenarios, introduced a medical AI product system including acclaimed digital personalities, AI family doctors, and AI elderly care managers, the precision diagnosis of AI doctors covered over 11,300 diseases, and the accuracy rate of AI-assisted diagnosis reached 95.1%; and innovatively introduced a complex disease multidisciplinary consultation support platform, which has been applied in diseases such as breast cancer. The accuracy of complex disease multidisciplinary consultation and treatment solutions is close to 90%, and will be expanded to more diseases in the future. During the reporting period, AI has significantly empowered users, gross profit growth, cost reduction, and efficiency improvement in multiple aspects. Nearly 12 million people used AI doctors annually, achieving 100% coverage of Ping An Group's individual customers with "AI + human doctors"; AI contributed approximately 4.5% to gross profit. Meanwhile, AI continued to empower services to reduce costs and improve efficiency, for instance, in the case of consultation services, AI assisted in reducing the cost of single consultations in the fourth quarter of 2025 by about 45% year-on-year. With the enhancement of residents' health awareness and the acceleration of aging, the demand for high-quality medical service resources among the general public continues to rise, and the medical and health industry will usher in greater development opportunities. Looking ahead, with the encouragement and support of various favorable policies, the company will uphold the original mission of benefiting the people, continue to provide users with worry-free, time-saving, and cost-effective high-quality medical, health, and elderly care services, create more sustainable and stable value returns for shareholders, and contribute to the implementation of the digital China and healthy China strategies.