Ping An Healthcare Technology Reports H1 2021 Revenue of RMB 3.818 Billion with 50.6% Growth in Medical Services

On August 24, 2021, Ping An Healthcare and Technology Company Limited (stock abbreviation: “Ping An Good Doctor,” 1833.HK) announced its interim results report for 2021. During the reporting period, Ping An Healthcare maintained a strong growth momentum, with balanced development across all segments. Total revenue reached RMB 3.818 billion, representing a year-on-year increase of 39.0%. Among these, medical services revenue grew by 50.6% year-on-year, contributing RMB 1.067 billion; consumer healthcare revenue surged by 66.1% year-on-year, reaching RMB 714 million. The company’s registered user base reached 400 million, an increase of nearly 55 million compared to the same period in 2020.

Ping An Healthcare and Technology Company Limited Announces 2021 Interim Results

Ping An Healthcare has continued to increase its investment in three strategic upgrade areas: capabilities, services, and channels. Its medical services segment maintained rapid growth, contributing RMB 1.067 billion in revenue, a year-on-year increase of 50.6%. The consumer healthcare segment entered a post-pandemic recovery phase, with revenue rising 66.1% year on year to RMB 714 million. Driven by the strong performance of its core businesses, Ping An Healthcare’s revenue for the first half of the year reached RMB 3.818 billion, representing a 39.0% year-on-year increase.

Internet healthcare has become the new normal for residents seeking medical consultations. Benefiting from enhanced user awareness and trust in online diagnosis and treatment services, the Company’s core operational metrics for its internet platform have also demonstrated strong performance: as of June 30, 2021, the number of registered users reached 400 million, an increase of nearly 55 million year-on-year, representing a growth rate of 15.7%; the cumulative number of paying users over the trailing twelve months amounted to 32.1 million, a year-on-year increase of 69.6%.

In the first half of 2021, Ping An Healthcare’s specialized operations began to yield initial results. Focusing on dermatology, traditional Chinese medicine (TCM), and obstetrics and gynecology, the company deployed over 100 renowned specialists in these fields while simultaneously incubating services in ophthalmology, pediatrics, internal medicine, surgery, and other disciplines. Leveraging its in-house medical team’s 24/7 availability alongside authoritative guidance from external leading experts, users can access a comprehensive suite of services—including online consultations, prescription issuance, medication guidance, report interpretation, and follow-up care—from the comfort of their homes.

Ping An Healthcare applies advanced online tiered diagnosis and treatment concepts, positioning its approximately 2,000 in-house medical professionals as “healthcare-savvy client managers.” These professionals coordinate and arrange healthcare services spanning online to offline channels, creating a user experience that is time-saving, effort-saving, worry-free, and cost-effective. The company strives to provide each customer with a dedicated general practitioner for lifelong, one-on-one companionship. By engaging customers through four key scenarios—health management, sub-health management, disease management, and chronic disease management—Ping An Healthcare helps each user generate an electronic health record covering their entire lifecycle.

In addition to its in-house medical team, Ping An Healthcare has vigorously expanded its external physician resources, with approximately 70% sourced from tertiary hospitals. The platform has launched over 450 “Renowned Physician Studios,” leveraging the “Dual-Physician Model” to enhance the utilization of high-quality medical resources. Over the past six months, user satisfaction has exceeded 99%.

As a key flagship platform within Ping An Group’s healthcare ecosystem, Ping An Healthcare focuses on converting high-value users through financial and corporate client channels. It carries the important mission of connecting millions of households through healthcare services and empowering the Group’s “warm finance” strategy. Ping An Healthcare has expanded its customer acquisition channels from insurance to integrated financial channels such as Ping An Bank and Ping An Puhui. By offering health membership products, medical check-up services, and health management services, it deeply integrates with Ping An Group’s financial businesses, providing full-lifecycle services to the Group’s high-value integrated financial clients and driving traffic in the most efficient manner.

On the corporate client side, Ping An Healthcare deeply understands the needs of enterprise employers and their employees for medical and health-related services. It offers customized products tailored to each company’s industry characteristics and workforce profile. This approach not only helps employers effectively reduce employees’ healthcare costs but also provides staff with personalized health management solutions, establishing Ping An Healthcare as a trusted health partner for employers and a dedicated health guardian for employees.

In its internet hospital channel business, Ping An Healthcare has gradually explored a clearer development path. While enhancing online service capabilities, it continues to improve its offline medical service network, fully integrating existing vast medical resources, physician resources, and traffic resources with influential offline public hospitals. It actively explores directions for O2O integration with offline hospitals, achieving seamless end-to-end connectivity between online and offline services, and establishing a comprehensive whole-course diagnosis and treatment system covering pre-consultation, during-consultation, and post-consultation phases. As of June 30, 2021, Ping An Healthcare had obtained qualifications for self-built internet hospitals in 10 cities and had signed agreements with 205 hospitals to co-build internet hospital platforms.

In the future, Ping An Healthcare will prioritize partnerships with leading national and regional hospitals as its core development strategy. In the short term, it will leverage online flagship hospital zones, specialized centers, and O2O specialty service packages; in the long term, it will focus on online platform operations, tiered diagnosis and treatment services, and integration with medical insurance payment systems. By effectively configuring both short- and long-term cooperation chains with offline medical institutions, Ping An Healthcare aims to establish deep synergistic relationships. The company will explore building urban medical ecosystem networks on a city-by-city basis, with tertiary Grade A hospitals as leaders and numerous co-built hospitals as the foundation, entering the market through medical O2O solutions.