Ping An Healthcare Reports 25.8% YoY Revenue Growth in Q1 2025 with Accelerated Profitability

On April 23, Ping An Healthcare and Technology Company Limited (stock abbreviation: “Ping An Good Doctor”, 1833.HK; hereinafter referred to as “Ping An Healthcare” or the “Company”) announced its results for the three months ended March 31, 2025.

In the first quarter of 2025, China’s economy continued its upward trajectory, accelerating the construction of a new development pattern with expanding domestic demand as the strategic cornerstone. Seizing new opportunities, Ping An Healthcare has strengthened its foundations in medical and elderly care services, consistently implementing its strategy of synergizing healthcare and insurance. By acting on behalf of payers and integrating providers, the company is committed to delivering cost-effective medical and elderly care solutions, cultivating professional family doctors and elderly care stewards to ensure customers enjoy peace of mind, time savings, and cost efficiency. During the period, the company maintained stable overall operations, demonstrating strong resilience and potential. It recorded revenue of RMB 1.06 billion, a year-on-year increase of 25.8%; adjusted net profit reached RMB 57.9 million, marking a return to double-digit revenue growth and an accelerated release of profitability. Notably, revenue from corporate health services for the Comprehensive Finance client segment (hereinafter referred to as the “F-side”) and the Corporate segment (hereinafter referred to as the “B-side”) increased by 43% year-on-year, while the number of paying B-side users grew by over 45% year-on-year.

During the reporting period, the Company continued to leverage models such as “Insurance + Healthcare” and “Insurance + Elderly Care,” deeply aligning with Ping An Group’s dual-wheel strategy of “Integrated Finance + Healthcare and Elderly Care,” thereby achieving steady performance growth.

F-end continues to deepen its efforts in medical claims coordination and the “insurance + healthcare and elderly care” membership model, helping to enhance the product competitiveness of the Group’s core integrated financial business and continuously unlock synergy potential. As of the end of 2024, customers entitled to services within the healthcare and elderly care ecosystem accounted for approximately 70% of the new business value of life insurance. Over 21 million Ping An Life Insurance customers utilized health management services, with the utilization rate increasing by 2.1 percentage points year-on-year; among these, nearly 79% of new policyholders used health management services.

Accelerating the expansion of its B-side corporate health management business, the company has developed a differentiated product and service matrix by conducting in-depth research into employee health management needs. It has comprehensively revamped its “commercial insurance + entrusted health coverage + medical and health services” product system, providing diverse clients with a corporate employee health management service system that offers comprehensive coverage, high-quality services, and strong cost-effectiveness. During the reporting period, the company cumulatively served over 2,100 corporate clients, with the number of paying B-side users increasing by more than 45% year-on-year.

In recent years, residents’ health awareness has significantly improved. To better meet the health consumption needs of residents and continuously enhance the service capabilities of integrated medical and elderly care, Ping An Healthcare, adhering to its value proposition of “worry-free, time-saving, and cost-effective,” has been committed to the high-quality development of two core service hubs centered on family doctors and elderly care managers. Furthermore, it has refined its “four-reach” service network—covering online, in-store, at-home, and corporate channels—encompassing medical, health, and elderly care services.

During the reporting period, the number of users with family doctor membership benefits exceeded 20 million. Meanwhile, backed by dual certification from Peking University International Hospital and the World Organization of Family Doctors (WONCA), the quality of family doctor services continues to evolve and improve. The Company has been actively engaging with industry-leading experts to explore standardized pathways and authoritative certification for “Internet + Medical Care, Nursing, and Rehabilitation” integrated with family doctor services, thereby promoting the high-quality development of family doctor contract services. Notably, the “Ping An Family Doctor” medical team received completion certificates for the first Continuous Professional Development (CPD) training program for family doctors offered by WONCA. This achievement marks international recognition of Ping An Family Doctor’s professional capabilities and symbolizes the successful alignment of China’s family doctor training system with international standards.

Furthermore, leveraging its “Trinity” elderly care stewardship model and centering on the four key scenarios of “medical care, housing, nursing, and leisure,” Ping An Healthcare has continued to deepen its standardized home-based elderly care service system and refine the coverage of its high-quality service network. In 2024, the contribution of home-based elderly care clients to the average first-year premium per life insurance policy increased threefold. In the first quarter, the company launched three new services in the areas of “housing, nursing, and leisure,” including the rollout of safety and emergency response services in 20 cities, the deployment of “Care Managers” for home visits to address last-mile caregiving challenges, and the provision of spiritual care services through high-quality educational resources and premium sojourn bases. As of the end of the reporting period, the number of users entitled to home-based elderly care services had grown by 15% compared to the end of 2024.

During the reporting period, the Company accelerated its AI capability development, continuously advancing the deployment of the DeepSeek model and deepening its validation in real-world medical and elderly care scenarios. By deeply empowering the “Ping An Yi Jia Ren” physician workstation, which is built upon the “Ping An Yi Bo Tong” multimodal large medical language model, the Company has developed a suite of 12 series of business models, boosting the efficiency of family doctor services by approximately 62%. Its self-developed AI-assisted diagnosis and treatment system now covers diagnostic knowledge for over 2,000 diseases, achieving a triage accuracy rate exceeding 99% and an auxiliary diagnostic accuracy rate above 95%. The innovatively created AI Health Manager has helped improve chronic disease management outcomes by 90%. The Company has newly launched the renowned physician AI assistant service, “Ping An Xin Yi.” Leveraging digital human technology and AI large models supported by extensive medical big data, this service acts as a digital twin of real physicians, providing users with diversified services such as online consultations, assistance with offline medical visits, aided interpretation of reports and laboratory test results, and medication reminders. It currently covers more than 20 real-world medical scenarios.

Furthermore, the Company adheres to its CARE sustainable development strategy of “Technology for Good, Compassionate Healthcare,” and comprehensively implements the “Healthy Journey” series of initiatives aimed at enhancing national health literacy. By engaging with industrial parks and enterprises, and leveraging activities such as health education, specialized screenings, and charitable free clinics, the Company contributes to achieving universal health coverage. During the period, due to its outstanding achievements in sustainable development, Ping An Healthcare was recognized as a “2025 Forbes China Industry ESG Benchmark.”

Looking ahead, Li Dou, Chairman and CEO of the Company, stated that under the guidance of the Healthy China strategy, Ping An Healthcare will continue to deepen its technology empowerment, strengthen data security, fulfill its social responsibilities, and promote high-quality development in the healthcare industry, thereby creating long-term value for users, shareholders, and society.