Ping An Health (1833) investor relations material

Executive summary

• Achieved revenue growth of 19.5–20% year-on-year to RMB2.5 billion, with net profit attributable to shareholders up 136.8% to RMB130–134.2 million and adjusted net profit up 83.6% to RMB160–164.7 million, driven by insurance-healthcare synergy, AI enablement, and rapid expansion in core businesses.

• Paying users increased 35–35.1% to 24 million, with B-end corporate clients exceeding 3,500 and B-end paying users surpassing 3.6 million.

• AI enablement improved operational efficiency, reducing family doctor service costs by 52% and achieving 98% accuracy in AI-assisted consultations.

• Launched advanced AI medical product matrix and expanded service network across online, in-store, in-home, and in-company channels.

• Maintained strategic focus on integrating AI, expanding service networks, and leveraging Ping An Group resources.

Financial highlights

• Revenue reached RMB2.5 billion (+19.5–20% YoY); gross profit rose 24.6% to RMB839.7–840 million; gross margin improved to 33.6% (+1.4 pps YoY).

• Net profit attributable to shareholders was RMB130–134.9 million (+122.5–136.8% YoY); adjusted net profit RMB160–165 million (+83.6% YoY).

• F-end revenue increased 28.5% to RMB1,432.5 million; B-end corporate health management revenue up 35.2% to RMB526.8–530 million.

• Senior care service revenue soared 263.9% to RMB172.2 million; gross margin rose 20.7 pps to 37.6%.

• Operating cash flow turned positive, net inflow of RMB63.6–64 million.

Outlook and guidance

• Plans to further leverage AI, expand service scenarios, and become China's top online medical and health service portal, leveraging Ping An Group's ecosystem.

• Continued investment in AI, with H2 2025 AI investment projected at $40 million and ongoing focus on technology and operational optimization.

• Focus on optimizing supply chain, expanding platform-based revenue, and improving operational leverage.

• Plans to increase penetration in B-end corporate client base and validate F-end business model.

• Will continue to invest in technology, optimize service standards, and improve user experience across all channels.