Ping An Health Reports First Full-Year Profit in 2024

Rhea-AI Summary

Ping An Health (1833.HK) reported its first profitable year in 2024, achieving an adjusted net profit of RMB158 million on revenue of RMB4.81 billion. The company saw significant growth in key areas, with integrated finance and corporate clients revenue increasing by 17.2% year-on-year, and home-based senior care services surging by 413.5%.

The company strengthened its two core service hubs - family doctors and senior care concierges. The B-end business showed robust growth with revenue exceeding RMB1.4 billion (up 32.7% YoY), serving 2,049 enterprises (up 35.9% YoY). F-end business revenue exceeded RMB2.4 billion, growing 9.6% YoY.

Notable achievements include AI-powered improvements in healthcare services, with health checkup interpretation reaching 98% accuracy and AI-assisted diagnosis exceeding 95% accuracy. The company expanded its service network to include approximately 50,000 doctors, partnerships with nearly 4,000 hospitals, 105,000 health service providers, and 235,000 pharmacies.

Positive

• First full-year profit achieved with RMB158 million in adjusted net profit
• Home-based senior care services revenue grew 413.5% YoY
• B-end business revenue increased 32.7% YoY to RMB1.4 billion
• F-end business revenue grew 9.6% YoY to RMB2.4 billion
• High AI service accuracy rates: 98% for health checkups, 95% for diagnosis
• MSCI ESG rating upgraded from A to AA

Negative

• None.

Synergies Between Health Care and Insurance Drive Scalable Growth
AI Innovations Fuel Continued Success

SHANGHAI and HONG KONG, March 12, 2025 /PRNewswire/ -- Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor", "Ping An Health" or "the Company", Stock Code: 1833.HK) announced its 2024 annual results. With a strategic focus on its two core service hubs - family doctors and senior care concierges - Ping An Health has developed into a leading health and senior care service provider in China. During the reporting period, the Company recorded revenue of RMB4.81 billion and an adjusted net profit of RMB158 million. Notably, revenue from integrated finance business ("F-end") and corporate clients ("B-end") increased by 17.2% year-on-year, and revenue from home-based senior care services increased by 413.5% year-on-year. The number of B-end paying users was approximately 5.81 million, representing a year-on-year increase of approximately 13.0%.

Innovation and Upgrades in Synergies Between Health Care and Insurance. Scaling Effects of F-end and B-end Businesses Stand Out

Under Ping An Group's ("the Group") "integrated finance + health and senior care" strategy, Ping An Health has fostered closer collaboration with the Group's integrated financial business through models including "insurance + health care" and " "insurance + senior care." During the reporting period, the Company gradually established three major models: "insurance + health and senior care membership," "collaboration between health care and claim settlement," and "medical and health benefit services." These models have supported the Group's integrated finance business with customer acquisition, retention, conversion and repeat purchases. During the reporting period, the Company achieved steady growth in its F-end business, with revenue exceeding RMB2.4 billion, a year-on-year increase of 9.6%. As of the end of September 2024, Ping An Group's retail integrated financial customers using services from its health and senior care ecosystem had 1.6 times more contracts and 3.9 times higher AUM per capita than the non-users of these services.

At the same time, as one of the core drivers of the Company's medium- to long-term growth, the corporate health management business demonstrated robust development. In 2024, the Company continuously improved its capabilities in product design, customer acquisition, and user engagement, fully upgrading the "Ping An Corporate Health Protection Plan" product system for enterprises and their employees. The solutions include health entrusted management, membership-based health management services, and "insurance +" offerings, meeting the diversified scenario needs of different enterprises with a more competitive and differentiated product matrix. During the reporting period, revenue from B-end business exceeded RMB1.4 billion, an increase of 32.7% year-on-year. The number of B-end enterprises cumulatively served reached 2,049, an increase of 35.9% year-on-year.

Further Strengthening Two Service Hubs and Expanded Service Scenarios and Product Empowerment

In 2024, a series of favorable national policies injected strong momentum into the development of the healthcare industry. These policies encouraged the development of innovative medical service models, actively addressed population aging, and improved the senior care service system. Seizing these policy opportunities, Ping An Health leveraged its advantages to further strengthen its two core service hubs – family doctor and senior care concierges – driving rapid growth in the synergies between health care and insurance businesses.

During the reporting period, the Company comprehensively upgraded "Ping An Family Doctor", its family doctor membership service brand, and established its "1-1-3-12" one-stop, proactive health management service system. Its family doctor team was certified by Peking University International Hospital and the World Organization of Family Doctors (WONCA). Additionally, its service standards and telemedicine management were certified by the General Practice Branch of the Chinese Medical Association and the Royal Australian College of General Practitioners, respectively. These advancements further enabled the Company to provide customers with collaboration between health care and claim settlement, end-to-end critical illness case management, and home-based senior care and healthcare services, enhancing the Group's integrated financial business with differentiated competitiveness. During the reporting period, family doctor services under the collaboration between health care and claim settlement served over 2 million customers. With the integration of service scenarios and improvements in service capabilities, the Company had over 14 million users with access to family doctor service benefits.

Meanwhile, Ping An Health actively expanded its home-based senior care business and further developed its "insurance + home-based senior care" model. The Company continued to develop a comprehensive "3-in-1" senior care concierge system integrating smart concierges, daily life concierges, and doctor concierges, while collaborating with various parties to establish standardized service systems. During the reporting period, the Company constructed a multi-modal senior care service system of "home-based senior care + sojourn-based senior care + senior care institutions," providing personalized services for silver-haired population across different ages with different senior care needs, such as smart age-friendly home modifications, emergency rescue services, and professional medical care. During the reporting period, home-based senior care benefits were available in 75 cities across China, recording a year-on-year revenue increase of 413.5%.

AI Empowerment Achieves Breakthrough Growth. Integrating and Upgrading the "Online, In-store, Home and Company-delivered" Service Network

In serious medical scenarios, the Company continues to strengthen its AI-powered healthcare foundation, enhance its O2O service network, and improve refined user operations. Leveraging Ping An's five industry-leading medical databases and 1.44 billion online consultations, Ping An Health has created the "Ping An Medical Master^®" multi-modal medical AI model and the " Ping An Doctor's Home^TM" doctor's workbench, and deployed, applied and validated DeepSeek's large model. Through AI empowerment, significant improvements were achieved in efficiency and quality metrics across all aspects of medical services during the reporting period. Specifically, AI-powered health checkup interpretation reached an accuracy rate of 98%, AI-assisted diagnosis accuracy over 95%, intelligent recommendation accuracy achieved 99%, and chronic disease management improvement rates reached 90%. Additionally, the efficiency of family doctor services, specialist doctor services and health managers services improved by approximately 62%, 42%, and 55%, respectively. Furthermore, the Company launched the "Ping An Xin Yi" service, fully opening up AI-assisted expert 24/7 health consultation services. In the future, the Company will continue to promote health care service coverage and health record establishment for Ping An Group's 240 million retail financial customers, and fully utilize its unique advantages such as the closed-loop medical insurance data, self-developed medical large language model, and vertical domain model trained and adapted to medical scenarios to accelerate the application of AI large language models in multidisciplinary consultations and other scenarios for complex diseases.

Focused on medical, health, and senior care service scenarios, the Company has upgraded its O2O service network to the "online, in-store, home, and company-delivered" service network. At the same time, leveraging its platform-based and scaled bargaining advantages, the Company continued to improve service cost-effectiveness and service experience, launching innovative products and service commitments including "Ping An worry-free care," "specialist doctor consultation in as fast as three hours," and "refund the price if the medicine is more expensive or delivery is slow, and replace expired medicines." As of the end of 2024, the Company has established a team of approximately 50,000 internal and external doctors covering 29 departments, signed contracts with over 2,900 specialist doctors, including expert doctors from Fudan's Top 100 Hospitals, partnered with nearly 4,000 hospitals, approximately 105,000 cooperative health service providers, nearly 2,600 physical examination providers, 235,000 pharmacies, and over 150 senior care service providers.

Contributing to sustainable development, the Company achieved remarkable results in ESG. During the reporting period, its MSCI ESG rating was upgraded from A to AA for the first time, becoming the first in the healthcare equipment industry in the Hang Seng Index. The Company joined hands with various parties to launch the " Healthy Steps" National Health Literacy Improvement Campaign, aiming to enhance public health management awareness and literacy, and promote the development of national health.

2025 marks the final year of the "14th Five-Year Plan" and the year for planning and laying out the "15th Five-Year Plan." With the continued improvement of the macroeconomy and the continued release of policy benefits in health care and senior care, Ping An Health will continue adhering to the value proposition of "worry-free, time-saving and money-saving", focusing on the operating principle of "deep empowerment, word-of-mouth service, and innovative growth," promoting the "integrated finance + health and senior care" strategy, constructing a collaborative model of health and senior care services and financial payers, creating long-term value for users, shareholders, and society, and contributing to the solid implementation of the Digital China and Healthy China strategies.

View original content:https://www.prnewswire.com/news-releases/ping-an-health-reports-first-full-year-profit-in-2024-302400568.html

SOURCE Ping An Healthcare and Technology Company Limited

FAQ

What was Ping An Health's (PIAHY) revenue and profit for 2024?

Ping An Health recorded revenue of RMB4.81 billion and achieved its first full-year profit with an adjusted net profit of RMB158 million in 2024.

How much did Ping An Health's home-based senior care services grow in 2024?

Home-based senior care services revenue increased by 413.5% year-on-year, with services available in 75 cities across China.

What was the growth rate of Ping An Health's B-end business in 2024?

B-end business revenue exceeded RMB1.4 billion, growing 32.7% year-on-year, with the number of enterprises served reaching 2,049.

What are the accuracy rates of Ping An Health's AI-powered medical services?

AI-powered health checkup interpretation achieved 98% accuracy, AI-assisted diagnosis exceeded 95% accuracy, and intelligent recommendation accuracy reached 99%.

How many medical professionals and facilities are in Ping An Health's network as of 2024?

The network includes 50,000 internal and external doctors, partnerships with nearly 4,000 hospitals, 105,000 health service providers, and 235,000 pharmacies.