Ping An Good Doctor's B2B Health Management Business Surges 40% Amid China's Trillion-Yuan Workplace Wellness Boom

Net profit attributable to shareholders reached RMB 380 million, a year-on-year increase of 366.1%, while adjusted net profit stood at RMB 414 million, up 161.3% year on year. These are the core figures presented by PINGAN GOOD DOCTOR in its 2025 annual report released recently. Following its first-ever full-year profitability in 2024, PINGAN GOOD DOCTOR is accelerating its journey toward sustained profitability.

On the revenue front, PINGAN GOOD DOCTOR reported a total revenue of RMB 5.468 billion in 2025, representing a year-on-year increase of 13.7%. Among this,Revenue from the corporate health management business reached RMB 1.306 billion, representing a year-on-year increase of 40.6%. Its share of total revenue rose to 23.9%, making it one of the key drivers of overall performance growth.

From a market trend perspective, corporate health management has entered a period of rapid development driven by both policy incentives and market demand. New forms of employment are becoming increasingly diverse, the scope of workplace health coverage is continuously expanding, and service offerings are upgrading towards greater precision and systematization. A review of PINGAN GOOD DOCTOR’s financial reports reveals that the robust growth of its corporate health management business is an inevitable outcome of the validation of its business model.

Currently,The population covered by workplace health protection continues to expand, with coverage becoming increasingly precise and detailed.

On the corporate side, as an increasing number of large and medium-sized enterprises, and even small and medium-sized enterprises (SMEs), recognize the close link between employee health and operational efficiency, their willingness to pay for improving employee health continues to grow, further unleashing market demand. Meanwhile, the entrusted health assurance system is becoming increasingly refined and standardized, which not only provides strong support for the compliant implementation of corporate health management services but also gives rise to a vast and stable market space.

Since 2025, a series of major policies have been intensively implemented, further clarifying market opportunities. The new edition of the Classification and Catalogue of Occupational Diseases has undergone its first revision in 12 years, adding two new categories: occupational musculoskeletal disorders and occupational mental and behavioral disorders. The Ministry of Human Resources and Social Security, together with eight other departments, issued the revised Measures for Occupational Injury Protection of Workers in New Forms of Employment (Trial), which expands the pilot scope based on the 2021 version to include sectors such as ride-hailing, instant delivery, and intra-city freight transport. The National Health Commission formulated the 2025 Edition of Technical Specifications for Occupational Health Surveillance, which, as a mandatory national occupational health standard, adds health surveillance and emergency examination requirements for workers in multiple types of operations.

In this context,PINGAN GOOD DOCTOR seized industry opportunities and leveraged capabilities accumulated from serving Ping An Group’s personal finance customers to develop corporate health management service programs.In 2025, PINGAN GOOD DOCTOR accelerated its client acquisition for corporate health management services. To date, the number of corporate clients served has exceeded 6,700, representing a significant year-on-year increase of 83.1% compared to 2024.

Meanwhile, the corporate health management business generated approximately RMB 3.63 billion in GMV in 2025, marking the first time PINGAN GOOD DOCTOR has disclosed this metric for the segment. Regarding the significance of GMV within its growth logic, He Mingke, CEO of PINGAN GOOD DOCTOR, stated candidly at the 2025 annual results press conference held on March 25, 2026,From the growth in corporate entrusted amounts to GMV growth,From revenue growth to profit growth constitutes the “waterfall effect” of corporate health management services, an impact that is gradually materializing and holds promising prospects for the future.

Driven by the dual forces of policy guidance and corporate demand,Corporate health management services must move beyond the traditional, singular model centered on physical examinations and group insurance, transitioning instead toward a more refined and systematic approach.

Specifically, health management needs vary significantly across enterprises of different industries and sizes, necessitating the formulation of personalized employee health management strategies. For instance, as a labor-intensive industry, manufacturing involves health risks in production processes; therefore, its health management core should focus on health monitoring and workplace environment improvement, enhancing health levels through regular medical examinations and occupational protection. In the internet industry, characterized by a fast pace and high pressure, mental health issues have become a primary concern, requiring the use of digital tools to provide services such as psychological counseling and stress relief. The rise of new forms of employment demands more flexible health management services, with online health monitoring, remote emergency care, and rehabilitation guidance becoming important formats tailored to this emerging workforce.

The transformation of corporate health management services also lies in shifting interventions upstream, building precise screening capabilities on top of routine health examinations, and achieving efficient integration across diagnosis, treatment, and health management. This will ultimately establish a comprehensive, end-to-end, outcome-oriented corporate health management system.

Therefore,While rapidly expanding its customer base, PINGAN GOOD DOCTOR has focused on enhancing the breadth and depth of corporate health management services to better meet enterprise needs, comprehensively optimizing its service system to facilitate the emergence of a “waterfall” effect.

In terms of service breadth, PINGAN GOOD DOCTOR continues to enrich its service offerings by leveraging its long-established “Four Arrivals” service network (i.e., to online channels, to hospitals, to homes, and to enterprises)., providing employees with full-scenario services including health checkups, chronic disease management, medical consultation assistance, consultations with renowned specialists, convenient medication purchasing, and membership-based health management.

For instance, in offline scenarios such as medication purchases under corporate health management programs, PINGAN GOOD DOCTOR has launched the “PINGAN Medical & Health Pay” service, enabling one-click payment via QR code display and integrating the entire chain of diagnosis, medication purchase, and payment. By the end of 2025, this service had covered 77,000 pharmacies, bringing significant convenience to employees. In the future, the “one-click payment” feature will expand to cover more offline scenarios and service networks.

PINGAN GOOD DOCTOR has also built an offline health service network called the “Ping An Circle.” A deep dive into the business logic of the “Ping An Circle” reveals that it is not merely a simple listing of outlets, but rather an offline ecosystem that is difficult to replicate easily:

First, precisely anchor the “3-kilometer work-life circle” to maximize service accessibility. Centered on employees’ workplaces or residences, the “Ping An Circle” extends outward with a 3-kilometer radius, deeply integrating leading pharmacy chains such as Laobaixing, Yifeng, Yixintang, and Jianzhijia, while also covering high-frequency health consumption scenarios including dental clinics and traditional Chinese medicine physiotherapy centers. This means employees can access immediate health protection within the short distance of going downstairs for a cup of coffee.

Secondly, by leveraging an asset-light model to drive a vast ecosystem, PINGAN GOOD DOCTOR has achieved exponential expansion of its offline fulfillment capabilities. The core of the “Ping An Circle” lies in scenario integration, interoperable benefits, and co-built resources. Leveraging its platform advantages, PINGAN GOOD DOCTOR precisely directs high-value B-side (corporate) traffic to high-quality offline physical institutions, thereby forming robust resource integration capabilities. This model enables PINGAN GOOD DOCTOR to rapidly deploy a high-density offline fulfillment network across China with an extremely lean asset structure.

Finally, the seamless integration of online and offline channels reshapes the employee benefits experience. The “Ping An Circle,” as an offline physical network, forms a closed loop with “Ping An Medical Health Pay.” Leveraging the “Ping An Circle,” employees can not only access nearby in-person services but also present direct-payment QR codes via apps such as “Enterprise Bao” and “Good Benefits” at partner stores to achieve cashless checkout and simultaneously redeem exclusive benefits. This eliminates the cumbersome process previously required for corporate health benefits, where employees had to pay out-of-pocket first and then submit receipts for reimbursement.

This asset-light strategy, which rapidly expands offline reach and integrates payment and fulfillment through digitalization, has enabled PINGAN GOOD DOCTOR to establish formidable competitive barriers in the breadth of corporate health management, while significantly enhancing user stickiness in high-frequency scenarios.

The depth of service is primarily reflected in enhanced professionalism and personalization. PINGAN GOOD DOCTOR has moved beyond the traditional mindset of standardized packages, truly establishing industry barriers that are difficult to replicate. This is predominantly demonstrated by its “one company, one policy” customized solutions, which are designed to address specific corporate pain points.

Taking the corporate infirmary, a core product of the enterprise, as an example, its core value lies in shifting corporate health management from passive response to proactive health, thereby achieving early disease prevention, rapid diagnosis and treatment of minor illnesses, standardized management of chronic diseases, and precise referral for serious conditions. The product offers Cloud, Standard, and Flagship editions, covering services ranging from basic medical care and chronic disease management to emergency response and telemedicine, thereby catering to enterprises of varying scales and types. It provides targeted services for different groups, including current employees, retirees, and key talent, to enhance employees’ sense of gain.

PINGAN GOOD DOCTOR Corporate Clinic

In 2025, the corporate infirmary also added large screens for remote diagnosis and treatment, linking high-quality resources across China to provide employees with services such as remote consultations and online multidisciplinary team (MDT) discussions; it upgraded and improved monitoring items such as dynamic electrocardiogram (ECG), ambulatory blood pressure monitoring, and continuous glucose monitoring, enabling flexible and convenient tracking of employees' chronic disease indicators. As a result, even employees located in areas with scarce high-quality medical resources can receive high-quality and timely services.

For example, the corporate infirmary that PINGAN GOOD DOCTOR built for a certain subway group enhances employees’ health and sense of belonging, as well as their self-protection and on-site emergency response capabilities, through services such as offline consultations, chronic disease management, first aid training, and remote multidisciplinary team (MDT) consultations.

PINGAN GOOD DOCTOR’s enhancements in the breadth and depth of its corporate health management services align with the industry’s development trends.

As indicated by the profit growth figures presented at the beginning of this article, PINGAN GOOD DOCTOR currently demonstrates strong profitability. As a potential business driver for revenue growth, its corporate health management segment is experiencing rapid expansion in business scale while simultaneously needing to meet increasingly complex and customized client demands. Against this backdrop, how can the company effectively balance the relationship between business growth and rising costs? Furthermore, how should it build cost advantages in the future to ensure the sustainability of its overall profitability? These have become critical tasks for PINGAN GOOD DOCTOR.

Based on the financial reports and earnings conference call information, PINGAN GOOD DOCTOR has established a profit assurance system tailored for high-growth development by focusing on precision operations, service reputation, technological application, and business structure.

First, PINGAN GOOD DOCTOR promotes conversion through precise operations. While completing the delivery of basic services in various operational links, it also facilitates paid conversions, thereby reducing operational costs.Online, PINGAN GOOD DOCTOR continuously enriches its portfolio of medical and health management products and services. With user authorization, family doctors leverage users’ health records to provide comprehensive, proactive health management, achieving precise alignment between services and needs, thereby increasing user engagement frequency and conversion rates. Offline, PINGAN GOOD DOCTOR enhances employees’ service perception and participation through a wide range of on-site corporate activities, including health screenings, medical consultations, health management, and emergency assistance, driving the conversion of offline services to online platforms.

On-site Corporate Health Management Activities by PINGAN GOOD DOCTOR

In He Mingke’s view, this is essentially another form of “O2O model,” with its new connotation evolving from Obligation to Optimization, and then to Organic growth, thereby forming a sustainable operational closed loop.

Secondly, PINGAN GOOD DOCTOR builds brand reputation through high-quality services, enhances customer renewal rates, and actively develops long-term clients for entrusted health protection services, thereby effectively controlling sales costs.

To enhance customer satisfaction and stickiness, PINGAN GOOD DOCTOR has collaborated with Ping An Group to establish a dedicated team of on-site health service specialists, providing enterprise clients with exclusive, one-stop services. Furthermore, at its earnings conference, PINGAN GOOD DOCTOR disclosed that in 2025, despite investing over RMB 40 million in initiatives such as expanding its corporate health management client base, on-site services, and product experience officer programs, the company’s sales expense ratio decreased year-on-year, thanks to improved channel acquisition efficiency and sustained high renewal rates among enterprise clients.

Amid the trend of AI’s extensive penetration into all aspects of social life, the application of AI technology has also become a key support for PINGAN GOOD DOCTOR in reducing costs and improving efficiency.

Based on the "Ping An Yi Bo Tong" large language model and five specialized medical vertical models, PINGAN GOOD DOCTOR has launched a medical AI product suite, including core offerings such as Digital Avatars of Renowned Physicians and AI Family Doctors. These products have been fully deployed across various scenarios within its "Four Arrivals" service network. Taking online multidisciplinary team (MDT) consultations for corporate health management as an example, PINGAN GOOD DOCTOR has developed an auxiliary platform for complex disease MDT consultations. This platform has already been applied to conditions such as breast cancer, achieving a diagnostic and treatment plan accuracy rate of nearly 90%, with plans to gradually expand into more disease areas in the future.

AI technology has driven cost reduction and efficiency gains across all business lines, including corporate health management. Taking online consultation services as an example, the cost per consultation at PINGAN GOOD DOCTOR decreased by approximately 45% year-on-year in the fourth quarter of 2025, empowered by AI. For the full year 2025, AI technology contributed approximately 4.5% to the company’s gross profit, initially demonstrating the value of technological empowerment.

In terms of optimizing its profit structure, PINGAN GOOD DOCTOR has clearly identified increasing the proportion of high-margin, service-oriented content as its next key focus.As revealed at the earnings conference, the gross profit margin of the corporate health management business has now approached the company’s overall average. Moving forward, the company plans to introduce more high-quality supplier resources in core service areas such as medication purchase, health check-ups, and hospital accompaniment, thereby further increasing the proportion of service-based and platform-based revenue and driving sustained growth in gross profit.

Looking to the long term, as the policy of delaying retirement is gradually implemented, the importance and necessity of workplace health will undoubtedly become more prominent.Today, the practices of leading enterprises have initially validated the feasibility of corporate health management service models and business models. In the future, with mutual reinforcement between supply and demand and the deepening application of technology, the industry will usher in broader development opportunities, with a market size reaching several trillion yuan.

From another macro perspective, China’s multi-tiered medical security system is being acceleratedly improved, with the differentiated positioning of basic coverage by public health insurance and complementary supplementation by commercial health insurance becoming increasingly clear; amid the severe trend of cost containment in public health insurance,Corporate payment, as a viable model for employee health protection, is also expected to play a complementary role in this system.

PINGAN GOOD DOCTOR has been continuously refining its business model with the goal of establishing a “managed care model with Chinese characteristics.” In 2025, the company delivered impressive results, with double-digit revenue growth in its two core businesses—corporate health management and commercial insurance collaboration—fully validating the feasibility and growth potential of its business model and marking a phased achievement in model validation and high-value growth.

Revenue Growth of PINGAN GOOD DOCTOR’s Two Core Business Segments in 2025, Source: Company Financial Report

Meanwhile, Ping An Good Doctor’s corporate health management business is witnessing rapid growth in both its internal operations and external market scale. As commercial value continues to be unlocked, the company is moving closer to its goal of becoming a new benchmark for a “managed care model with Chinese characteristics.”