Ping An Good Doctor: Corporate health management sees steady growth, and the AI business delivers solid performance.

On August 18, Ping An Good Doctor (1833.HK) released its 2026 interim results.

According to the financial report, Ping An Good Doctor recorded a revenue of RMB 2.484 billion in the first half of 2026, a slight year-on-year decrease of 0.7%. As the core focus of the company's development, the corporate health management business delivered a standout performance: its revenue in the same period surged by 65% year-on-year, and the strong growth pushed the revenue proportion of this business up to 28.7%, representing a 11.5 percentage point year-on-year increase, which further optimized the company's business structure.

In terms of profitability, the company's attributable net profit for the first half of 2026 stood at RMB 219 million, up 63.5% year-on-year; the adjusted net profit reached RMB 227 million, growing by 37.7% year-on-year. The core driving factors for the strong growth of the company's net profit during the reporting period mainly lie in the optimization of business structure and continuous improvement of business quality.

01 "Four Reaches" Service Construction Strengthens the Logic of Corporate Health Management Business

The construction of the "Four Reaches" (Reach Online, Reach Hospital, Reach Home, Reach Enterprise) service network is the key to realizing full-scenario integration of online and offline services, which not only significantly improves user experience and stickiness, but also serves as the core starting point to enter the corporate health management business and deeply tap B-end resources. The core highlights of its business side are as follows:

• Reach Online: The "AI + Real Doctor" service has covered 100% of Ping An Group's individual customers.
• Reach Hospital: The company continues to expand high-quality offline resources, with 3216 cooperative hospitals in total, including 1732 tertiary Class A hospitals; the scale of internal and external physician teams has reached 50,000 people, with more than 3,700 contracted experts, including 9 academicians/renowned national TCM masters and over 820 presidents, vice presidents, department directors and academic leaders; on the payment side, "Ping An Medical Health Pay" has covered 149,000 of nearly 245,000 cooperative pharmacies.
• Reach Home: Cooperated with Ping An Life to upgrade and launch the "Ping An Home Care" service brand, which has expanded home elderly care services to 140 cities across the country.
• Reach Enterprise: Deeply promoted the "1124" corporate health management system in many regions across the country, which takes 1 infirmary as the core, relies on 1 exclusive specialist team that provides on-site services to enterprises, empowers through targeted policy implementation and refined operation to meet the differentiated needs of enterprises, and provides 4 categories of integrated services for employees including screening and assessment, medical consultation, intervention promotion, and emergency benefits.

Under the business logic that the "Four Reaches" service has opened up the closed loop of online and offline services, with the extension of the service process, the corporate health management business, as the core driving force for the company's performance growth, achieved high revenue growth in the first half of this year. Meanwhile, in the past 12 months, the number of paid enterprise customers served by the company exceeded 7,700, up more than 73% year-on-year, and the GMV of this business in the same period exceeded RMB 1.79 billion. From the overall perspective of the company, benefiting from the construction of the "Four Reaches" service, the company's revenue structure has been further optimized.

02 AI-empowered Applications Drive Gross Margin Improvement

During the reporting period, the company's main progress in the AI field includes: iteratively upgrading the "Ping An MedGPT" large medical model, and improving 5 dedicated models for segmented medical vertical fields; the "AI + Real Doctor" health management system has been fully connected to all ecological apps of Ping An Group; the company's relevant large medical AI model can accurately diagnose more than 11,300 diseases, with an accurate rate of auxiliary diagnosis close to 96%, and the accurate rate of multi-disciplinary consultation plans for complex diseases is nearly 90%, reaching the leading level in the industry.

Compared with consumer-grade general large models, the core value and moat of the company's AI business lie in the closed-source medical vertical database and the large medical model with more prominent professional capabilities; the continuous expansion of the coverage of accurately diagnosed diseases and the high accuracy of diagnosis and treatment plans have verified the business capability of this system.

From the logic of business development, relying on the company's self-owned database and large medical model capabilities, AI deeply empowers the construction of the "Four Reaches" service, which not only significantly optimizes user experience and improves retention rate, but also greatly expands the coverage of the company's services; especially in the field of serious medical treatment, it has also shown considerable business value. At the financial level, AI directly contributes to the improvement of the company's overall gross margin by improving business quality. During the reporting period, the gross margin contribution of AI accounted for about 4.6%.

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