The corporate health management business of Ping An Good Doctor increased by 40%, unlocking a new paradigm of China's managed care model.
On March 24, Ping An Good Doctor (1833.HK) released its full - year financial results for 2025.
The financial report shows that Ping An Good Doctor achieved revenues of 5.468 billion yuan in 2025, representing a year - on - year increase of 13.7%. Benefiting from the continuous deepening of the medical - insurance synergy strategy and the strong growth of the corporate health management business, the company achieved double - digit growth in its business revenues in 2025. The growth accelerated significantly compared to 2024, and the business structure was further optimized.
In terms of profits, the company achieved a net profit attributable to shareholders of 380 million yuan in 2025, a year - on - year increase of 366.1%. During the same period, the adjusted net profit reached 414 million yuan, a year - on - year increase of 161.3%. There are mainly two core factors contributing to the strong growth of the company's net profit in 2025. Firstly, it benefited from the strong growth on the revenue side. Secondly, with the growth of business scale, the release of economies of scale, and the improvement of operational efficiency, the proportion of period expenses decreased significantly.
So, what are the core logics behind Ping An Good Doctor's double - digit revenue growth and accelerated profit release in 2025? What are the core highlights for its future valuation?
1. Stable Commercial Insurance Synergy and High Growth in Corporate Health Management
Ping An Good Doctor adopted a new business classification in this financial report, re - dividing its main business into two major segments: commercial insurance synergy business and corporate health management business. The financial report shows that the commercial insurance synergy business achieved revenues of 3.296 billion yuan in 2025, a year - on - year increase of 11%, and its revenue accounted for about 60% during the same period.
Chart: Revenue structure of Ping An Good Doctor in 2025; Source: Company announcements, 36Kr
Based on the strategic layout of medical - insurance synergy, Ping An Good Doctor has formed a business model centered around highly synergistic businesses, among which the commercial insurance synergy business is the pillar of the company's revenues. This current pattern stems from the company's clear understanding of its own endowments. Relying on the group's resource ecosystem and deeply engaging in the fields of medical services and health management, it has built a characteristic business ecosystem of "finance/enterprise + medical", thus forming distinct differentiated competitive advantages in business forms compared with other Hong Kong - listed Internet medical companies.
In terms of business operations, during the reporting period, the company continuously strengthened its cooperation with financial institutions such as life insurance, property insurance, health insurance, and Ping An Bank under the group, promoting the in - depth integration of relevant insurance products with the company's membership service system. In order to accurately match the needs of insurance customers, the company built a multi - level membership system with differentiated service content and precise service targets according to policy types and premium levels.
According to different customer types, the company's multi - level membership system is mainly targeted at three types of customers: insurance protection, wealth management, and pension reserve. For example, the "An You Yi" plan launched for insurance customers seeking protection provides one - stop services covering the entire process of diagnosis and treatment. For wealth management - oriented insurance customers, depending on the premium from low to high, the company offers plans such as "Zhen Xiang Jia Yi", "Yu Xiang Guo Yi", and "Si Dong Bao Jian Yi". For pension reserve - oriented insurance customers, the company mainly provides one - stop home - based pension services.
Regarding the business logic of the commercial insurance synergy business: from the company's perspective, it essentially locks in payers through collaborative linkages with financial institutions such as insurance, banks, and securities under the group; from the group's perspective, the focus lies on two - way empowerment, that is, by breaking industry barriers and expanding service scenarios to enhance the competitiveness of financial products and the service experience of financial customers, thereby empowering insurance agents and financial sales, attracting customers for the group's financial business, and effectively improving customer stickiness and customer value.
The strong growth of the corporate health management business is not only another important highlight in the company's 2025 financial report but also the core driving force supporting the company's double - digit growth in overall revenues in 2025. Compared with financial customers, corporate customers are an important source of business growth. The rapid expansion of the corporate health management business in 2025 is the result of joint efforts in multiple dimensions, including channels, service system construction, and operations.
On the channel side, the company continuously deepened its collaborative linkages with the group's channels, focusing on large and medium - sized enterprises with strong payment ability and willingness, and at the same time, carried out independent customer acquisition through its own sales team. In terms of service system construction, the company continued to upgrade its product system. In particular, it jointly created products of "commercial insurance + health protection entrustment + medical and health services" with the group to provide multi - level and full - scenario corporate health services for enterprises and employees. The focus of operations mainly lies in strengthening operational conversion, continuously improving customer satisfaction and stickiness through online and offline multi - scenario and diversified corporate health services.
Financially, the corporate health management business achieved revenues of 1.306 billion yuan in 2025, with a year - on - year growth rate as high as 40%, and its revenue accounted for about 24% during the same period. The business scale also increased significantly. The annual GMV reached 3.63 billion, and the number of paying corporate customers served exceeded 6,700, a year - on - year increase of 83.1%.
2. Four - Reach Service System: Building a Comprehensive Health Ecosystem to Empower Diverse Businesses
The core business logic of Ping An Good Doctor is a typical two - way interaction, that is, locking in payers through commercial insurance synergy and corporate health management, and relying on a complete service network to provide medical, health, and pension services to customers, thus realizing value realization. The two work together to drive business growth. In order to achieve a value - closed loop and address core business scenarios such as commercial insurance synergy, corporate health management, and home - based pension, the company has continuously built a four - reach service system, including four dimensions: to - online, to - hospital, to - home, and to - enterprise.
The to - online service functions as a user reservoir and a core service contact point. As a reservoir, it aggregates online traffic through nine major APP entrances such as insurance and banking apps within the group. On the service side, the company provides full - cycle and proactive health management services to customers by upgrading its multi - level family doctor system. At the same time, the company covers more users by applying AI technology. The financial report shows that as of 2025, the "AI + real - life doctors" model covered 100% of the group's individual customers, and the annual number of users of AI doctors was nearly 12 million.
In terms of to - hospital services, the company continuously built its offline service network. Currently, it has signed cooperation agreements with more than 3,500 experts and over 5,100 hospitals. In the offline drug - purchasing scenario, the company's one - click payment service by scanning the code covers about 77,000 pharmacies. It also deeply cooperated with institutions such as Peking University Medical Group to create an "online + offline" one - stop service experience and coordinated with the to - online service to achieve a full - link closed loop of medical service data.
The to - home service focuses on home - based pension, concentrating on three major scenarios: medical care, safety, and care. As of the end of 2025, the company's home - based pension service network covered 100 cities across the country, and the monthly active rate of home - based pension services was about 84%.
The focus of the to - enterprise service is to extend services to the inside of enterprises. During the reporting period, the company established several enterprise medical clinics integrating health monitoring, consultation and physiotherapy, and science popularization and education. Through remote technology, it linked the "four - reach" service resources, effectively solving pain points such as the imbalance of regional medical resources and enabling employees to enjoy comprehensive health protection without leaving the enterprise.
3. Remarkable Achievements in Technology Empowerment
AI technology ability is another key tool for Ping An Good Doctor to achieve a value - closed loop. In terms of AI ability construction, the company continuously strengthened its closed - loop ability around "data + model + scenario". Relying on its rich medical data resources and with the support of large - scale models, it accelerated the application and implementation of AI in various medical scenarios, and the empowerment results were outstanding.
In terms of large - scale model construction, on the one hand, the company continuously iterated the multi - modal technology base, the "Ping An Yi Botong Medical Large - Scale Model" and five major medical vertical models; on the other hand, it carried out the training of large - scale models by accessing the group's four major medical industry databases and the company's own nearly 1.5 billion consultation and diagnosis data, forming a unique advantage and competitive barrier in the medical - insurance data closed loop.
In terms of products and application scenarios, the company built differentiated competitive advantages through the "AI + real - life doctors" model. In specific business operations, real - life doctors provide 24/7 medical services, relying on the four - reach service system to efficiently link users with medical resources. At the same time, through seven core products such as digital avatars, AI family doctors, and AI pension butlers, it provides intelligent decision - making support for business processes.
Currently, AI doctors have accurately diagnosed over 11,300 diseases, and the accuracy rate of auxiliary diagnosis and treatment reached 95.1%. In addition, the company innovatively launched a multi - disciplinary consultation auxiliary platform for complex diseases, which has been implemented in diseases such as breast cancer, with an accuracy rate of consultation and diagnosis treatment plans close to 90%. In the future, it will expand to more diseases and continuously improve the diagnosis and treatment service ability for complex diseases.
The achievements of AI empowerment are remarkable: As of the end of 2025, the "AI + real - life doctors" model had covered 100% of the group's individual customers, and the number of service users was nearly 12 million. In terms of cost reduction and efficiency improvement, AI played an important role. In 2025, the contribution of AI to gross profit accounted for about 4.5%, and it helped reduce the cost per consultation by 45% in Q4 of 2025, providing important marginal support for the significant growth of the company's net profit that year.
4. How to Value Ping An Good Doctor Currently?
Looking back at Ping An Good Doctor's long - term performance, with the deepening of strategic reforms, the company's losses continued to narrow, and it achieved overall profitability in 2025, with a net profit margin reaching 7%. This not only proves that the company has considerable self - hematopoietic ability under the current business model but also fully confirms the correctness of the company's strategic reform focusing on highly synergistic businesses.
As the core flagship of Ping An Group's medical and pension ecosystem, through collaborative operations with financial institutions such as insurance, banks, and securities under the group, it accurately locks in payers and forms a stable business foundation. For the group, the two - way empowerment feature of the company's current business model gives it an irreplaceable and unique position in the group's internal ecosystem, which is also the basis for the continuous realization of the company's value.
From the perspective of the entire market, Ping An Good Doctor's business model driven by both commercial insurance synergy and corporate health management has extremely high industry barriers and is difficult to replicate. This core competitiveness makes it a scarce asset in the capital market, and the market can thus give it a certain valuation premium.
Regarding future performance expectations, public information shows that in 2024, the total expenditure on medical and health in China was close to 10 trillion yuan, the scale of the silver - haired economy was about 8 trillion yuan, and the theoretical scale of the corporate health management market was in the hundreds of billions. Based on the company's current business scale and the performance certainty brought by high - level business synergy and locking in payers, it can be judged that the company still has high growth potential in the future. In terms of performance flexibility, the commercial insurance synergy business, as the revenue pillar, is expected to maintain stable growth, and the corporate health management business is the core variable driving the overall performance growth of the company.
In terms of valuation, although the stock price of Ping An Good Doctor has rebounded significantly compared with the low point in September 2024, it is still at an absolute low level compared with the historical high. Moreover, with the achievement of profitability in 2025, the valuation switch combined with strong performance expectations strongly supports its valuation. In the long run, the investment opportunities brought by the company's valuation repair are relatively clear. In the short term, based on the company's prominent technological attributes, it not only benefits from the dividends of AI theme investment but also the Hong Kong - listed technology sector may see a re - valuation after performance realization, which is also expected to further boost the company's valuation.
Jefferies released a research report upgrading Ping An Good Doctor's rating from "Underperform" to "Hold" and raising the target price to HK$12.40 per share.
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