Ping An Good Doctor (1833.HK) Reports Strong Interim Results: Revenue and Profit Accelerate as AI Fuels New Growth Momentum

Rhea-AI Summary

Ping An Good Doctor (PIAHY) reported strong H1 2025 results with total revenue reaching RMB2.5 billion, up 19.5% year-on-year, and net profit surging 136.8% to RMB134 million. The company's integrated finance and corporate health management revenue grew 30.2% year-on-year.

Key operational highlights include a 35.1% increase in paying users, with F-end paying users reaching 20 million (up 34.6%) and B-end corporate clients exceeding 3,500 with 3.60 million paying users (up 39.2%). The company's service network now includes 50,000 in-house doctors, partnerships with over 4,000 hospitals, and 106,000 health service providers.

The company's AI-powered healthcare solutions achieved significant efficiency gains, with AI-assisted consultations reaching 98% accuracy and reducing average service costs per family doctor user by 52%.

Positive

• Net profit surged 136.8% year-on-year to RMB134 million
• Total revenue increased 19.5% year-on-year to RMB2.5 billion
• F-end paying users grew 34.6% to 20.0 million
• B-end corporate clients increased to 3,500+ with 3.60 million paying users (up 39.2%)
• AI implementation reduced service costs per family doctor user by 52%
• AI-assisted consultations achieved 98% accuracy rate

Negative

• None.

HONG KONG, Aug. 19, 2025 /PRNewswire/ -- Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor" or the "Company"; Stock Code: 1833.HK) announced its interim results for the six months ended June 30, 2025. During the first half of 2025, the Company delivered steady operational performance, showcasing strong growth momentum with gains in both revenue and profitability. Total revenue reached RMB2.5 billion, an increase of 19.5% year-on-year, while net profit attributable to shareholders rose to RMB134 million, an increase of 136.8% year-on-year. Notably, revenue from the integrated finance business ("F-end") and corporate clients ("B-end") corporate health management business increased by 30.2% year-on-year, while the total number of paying users grew by 35.1% year-on-year.

Enhanced "Insurance + Health Care" Synergies Promoting the Growth of Core Businesses

As a flagship in Ping An Group's health and senior care ecosystem, the Company has continued to deepen its "insurance + health care" synergistic model, strengthening collaboration with Ping An Group's integrated finance business. In the corporate health management sector, it has partnered with other Group's subsidiaries to develop an innovative "commercial insurance + health care fund + health care service" product ecosystem. This approach has significantly expanded its corporate customer base, delivering steady revenue growth and a comprehensive improvement in profit quality.

During the reporting period, the Company provided Ping An Group's retail integrated financial customers with online and offline, one-stop, 24/7, proactive medical and senior care services. By advancing the "insurance + health and senior care membership" model and enriching medical and health services rights system across multiple scenarios, the Company steadily increased its service penetration among the Group's nearly 245 million retail financial customers, achieving a 34.6% year-on-year increase in F-end paying users to approximately 20.0 million. The Company also strengthened its collaboration with Ping An Group's subsidiaries, including Ping An Life Insurance, Ping An Property & Casualty Insurance, Ping An Health Insurance, and Ping An Bank, delivering notable synergies. In partnership with Ping An Life, the Company upgraded its "critical illness insurance + critical illness management" service and launched the "An You Hu" health service plan. This initiative offers comprehensive, one-stop critical illness management services, covering the entire treatment process, from suspected/confirmed diagnoses, surgery arrangements, postoperative treatment to rehabilitation follow-ups. As of the end of March 2025, Ping An Group's retail integrated financial customers using services from its health and senior care ecosystem had 1.6 times more contracts and 4 times higher AUM per capita than non-users of these services.

In recent years, under the guidance of the "Healthy China" national strategy, the government has supported and encouraged employers to standardize employee health management. The medical security system, from "basic medical insurance" to "supplementary medical insurance" and "health management," has been continuously improving. This has significantly heightened corporate awareness of the importance of employee health management. As part of its strategic focus, the Company has continued to provide professional, comprehensive, high-quality, and one-stop employee health management services to corporate clients through the "Ping An Corporate Health Protection Plan." The Company has enhanced operational precision to boost user engagement. Online, it provides end-to-end proactive health management and medical services through family doctors, while offline, it organizes a variety of in-company health activities to improve service visibility and employee satisfaction. Building on the Group's extensive corporate client base, the Company has also actively expanded its independent sales channels, driving rapid growth in its corporate health management business. During the period, B-end paying corporate clients totaled more than 3,500, and the number of B-end paying users exceeded 3.60 million, up 39.2% year on year.

Upgrading Product and Service Capabilities to Strengthen Healthcare and Senior Care Ecosystem

During the reporting period, the Company remained customer-centric, solidifying its ecosystem and product capabilities while upgrading its service network to continuously enhance its full-scenario service capabilities.

Through its strategic pillars of "family doctor" and "senior care concierge", the Company continues to provide users with proactive, one-stop medical, health, and senior care services throughout the life cycle. During the reporting period, the Company launched its annual medical and health services brand, encompassing "Proactive Family Doctor Care, Zero-Distance Access to Renowned Doctors, and Full-Journey Medical Management." This offering is powered by family doctors certified by both Peking University International Hospital and the World Organization of Family Doctors (WONCA), creating a comprehensive service system that includes one-on-one contracts, medical record analysis, and proactive follow-ups. The system is designed to deliver differentiated care for four key demographic groups. The Company also enhanced the service capabilities of its senior care concierge to address medical and nursing needs, expanded offerings such as Ping An's global emergency assistance and professional in-home care provided by care managers, and collaborated with industry, academia, and research institutions to advance the standardization of home-based senior care. During the reporting period, the Company had a family doctor membership of over 35 million, while the number of users entitled to home-based senior care service increased by approximately 83% year-on-year. The service now covers 85 cities and has implemented five group standards.

Additionally, to provide broad-coverage, high-quality, and cost-effective services to users, the Company continued to build its medical, health, and senior care service network. During the reporting period, the Company further expanded its "online, in-store, in-home, and in-company" service network. The Company had about 50,000 in-house doctors and contracted external doctors across 37 specialties, with over 3,200 renowned doctors. The Company has partnered with over 4,000 hospitals, 106,000 health service providers, 240,000 pharmacies, and more than 100 senior care service institutions.

Accelerating AI-Powered Healthcare Applications to Drive Scale and Efficiency

Leveraging its "data + model + scenario" closed-loop advantage, the Company strengthened its capabilities in AI-driven healthcare services and accelerated the application of its solutions. It continued to enhance its large multi-modal model, Ping An Medical Master®, based on Ping An's six world-leading medical databases as well as data from 1.44 billion consultations. Building on this foundation —and with further optimization of five vertical models for key medical scenarios—the Company introduced the "7+N+1" AI medical product system during the reporting period. The suite includes Renowned Doctor Digital Avatar, AI Family Doctor, AI Senior Care Concierge, AI Clinics, AI Health Manager, AI Chronic Disease Manager, and AI Health Benefit Officer, providing intelligent decision support across the entire process and all scenarios. Notably, the Company innovatively launched a multidisciplinary team (MDT) consultation assistance platform for complex diseases, which has been applied to breast cancer, providing users with diagnostic and treatment assistance throughout the entire process from treatment to recovery. This significantly improves the efficiency and experience of medical care for complex diseases and will be extended to more disease types in the future. Through AI empowerment, the accuracy rate of AI-assisted consultations reached approximately 98%, while the accuracy of MDT treatment plans for complex diseases approached 80%. Daily service capacity for AI doctors reached 4.0 million visits. Additionally, AI has helped reduce the average service cost per family doctor user by about 52% and improved the operational efficiency of the business middle platform by around 50%.

In the first half of the year, Ping An Good Doctor revamped its brand, marking a significant milestone for Ping An Group's "worry-free, time-saving, and money-saving" initiative and a crucial step in implementing the "insurance + health care" synergistic model in the healthcare service sector. Mr. Li Dou, Chairman and CEO of the Company, stated, "Looking ahead, we will seize policy opportunities, adhere to the essence of medicine, and remain guided by the customer needs-oriented approach. We strive to become the most professional 'family doctor and senior care concierge' for our vast customer base, doing everything possible to be 'worry-free, time-saving, and money-saving', and providing long-term, sustainable value for our shareholders and society."

FAQ

What were Ping An Good Doctor's (PIAHY) key financial results for H1 2025?

The company reported revenue of RMB2.5 billion (up 19.5% YoY) and net profit of RMB134 million (up 136.8% YoY).

How many paying users does Ping An Good Doctor have in 2025?

The company has 20.0 million F-end paying users (up 34.6% YoY) and 3.60 million B-end paying users from over 3,500 corporate clients.

What is the size of Ping An Good Doctor's healthcare network in 2025?

The company has 50,000 in-house and contracted doctors, partnerships with over 4,000 hospitals, 106,000 health service providers, and 240,000 pharmacies.

How effective is Ping An Good Doctor's AI technology in 2025?

The AI system achieves 98% accuracy in assisted consultations, 80% accuracy in MDT treatment plans, and has reduced service costs per family doctor user by 52%.

What services does Ping An Good Doctor offer to corporate clients?

Through the Ping An Corporate Health Protection Plan, the company provides comprehensive employee health management services, including online family doctor services and in-company health activities.