Ping An Good Doctor Releases First Annual Report: 2018 Revenue Reached RMB 3.338 Billion, Up 78.7% Year-on-Year

According to VCBeat (WeChat ID: vcbeat), on February 27, Ping An Good Doctor (01833.HK), China’s leading one-stop healthcare ecosystem platform, released its first annual financial report since its listing.

The report shows that throughout 2018, Ping An Good Doctor maintained rapid development across all its business segments, achieving a total revenue of RMB 3.338 billion, a year-on-year increase of 78.7%. Among these, the core business segment—Family Doctor Services—demonstrated strong growth, generating operating revenue of RMB 411 million, a year-on-year increase of 69.6%. In December 2018, the number of monthly paying users (MPU) reached 2.36 million, representing a year-on-year increase of 86.2%.
 

In 2018, Ping An Good Doctor continued to expand its user base, achieving sustained and rapid growth in three key metrics: registered users, monthly active users (MAU), and monthly paying users (MPU). As of December 31, 2018, the company’s registered users reached 265 million, a year-on-year increase of 72.4 million; MAU at the end of the period reached 54.7 million, up 85.4% year on year; MPU at the end of the period reached 2.36 million, up 86.2% year on year; and the annual average paid-user conversion rate increased from 2.7% to 3.6%.
 

Ping An Good Doctor has created a closed-loop online-to-offline service ecosystem by integrating its AI-assisted in-house medical team, renowned external physicians, and a comprehensive healthcare service network, resulting in an increasingly refined one-stop ecosystem.

As of December 31, 2018, Ping An Good Doctor’s in-house medical team comprised 1,196 members; it had contracted with 5,203 renowned external physicians; collaborated with over 3,000 hospitals and more than 15,000 pharmacies; and its one-hour medication delivery network covered 86 cities across China, an increase of 72 cities from the end of 2017. Meanwhile, Ping An Good Doctor’s healthcare service provider network expanded by approximately 1,500 partners compared to the end of 2017, covering nearly 400 traditional Chinese medicine clinics, over 1,300 health examination centers, more than 1,200 dental clinics, and over 120 medical aesthetics institutions. Additionally, nearly 47,000 clinics adopted the Wanjiayun Clinic System.
 

Ping An Good Doctor’s core business—the Family Doctor Services segment—experienced robust growth in 2018, generating RMB 411 million in revenue, a year-on-year increase of 69.6%. Leveraging its AI-assisted in-house medical team and external renowned specialists, the company provides users with one-stop services, including 24/7 online consultations, referrals, appointment registration, hospitalization arrangements, second medical opinions, and one-hour medication delivery. This one-stop service model significantly lowers barriers to healthcare access, effectively supports tiered diagnosis and treatment, tangibly enhances efficiency and cost control within the healthcare system, and alleviates burdens on hospitals and society.

As of December 31, 2018, Ping An Good Doctor had accumulated nearly 410 million consultation records, covering multiple dimensions of healthcare services such as user consultations, medication purchases, and health management, thereby generating 35,000 disease tags. Coupled with continuous investments in deep learning technologies, Natural Language Processing (NLP), knowledge graphs, and big data supercomputing platforms, Ping An Good Doctor’s AI-assisted diagnostic and treatment system has been continuously optimized.

As of December 31, 2018, the system had cumulatively covered more than 3,000 diseases and had been deployed across all departments of the company’s in-house medical team as well as in over 100 offline hospitals. It provided patients with services such as intelligent triage, AI-assisted diagnosis, and smart prescription, helping the in-house medical team and offline hospitals achieve automation of medical information and standardization of clinical workflows, thereby improving diagnostic and treatment efficiency. Benefiting from the efficiency gains enabled by the AI-assisted diagnosis and treatment system, Ping An Good Doctor’s average daily online consultation volume reached 535,000 in 2018, a year-on-year increase of 45.4%, with user satisfaction reaching 98%.

In 2018, the Company continued to deepen its cooperation with Ping An Group and upgraded its insurance collaboration model.Innovatively launched an annual subscription-based commercial insurance membership product, providing insurance customers with comprehensive healthcare membership services covering the entire journey from prevention and medical consultation to rehabilitation. During the reporting period, the company’s commercial insurance partnership membership products generated cumulative revenues exceeding RMB 200 million and served over 1 million insured members.

In 2018, Ping An Good Doctor actively implemented the “Healthy China” strategy, strictly complied with and enforced relevant laws and regulations, promptly deployed and strengthened operational management, and proactively explored innovations in business models, core technology research and development, and new product promotion, thereby achieving sustained and rapid growth in performance.

In August 2018, Ping An Good Doctor entered into an agreement with Grab Holdings Inc. to establish a joint venture, aiming to export high-quality medical services and AI technology to provide online healthcare services to users in Southeast Asia.

Two months later, Ping An Good Doctor completed the acquisition of Wanjia Medical, leveraging this move to establish an offline network, perfect the online-to-offline service loop, and provide users with integrated services.

Meanwhile, Ping An Good Doctor is actively advancing the “Village Doctor Project,” a charitable initiative that leverages its internet-based healthcare management and operational expertise through collaborations with local governments to enhance medical service capabilities in assisted rural areas.

In 2019, Ping An Good Doctor will continue to leverage its core strategy of “Internet + Artificial Intelligence + Proprietary Medical Team” to provide users with high-quality, comprehensive, and full-cycle healthcare services. Meanwhile, it will empower hospitals, clinics, and pharmacies, and further accelerate its international expansion to build a new global healthcare ecosystem.