Ping An Healthcare and Technology Company (1833) H1 2025 earnings summary

Executive summary

• Achieved robust growth in core businesses, with significant improvements in profitability and operational efficiency, driven by strengthened synergies with Ping An Group and enhanced technology enablement, especially in AI and digital operations.

• Focused on expanding both integrated finance (F-end) and corporate health management (B-end) businesses, resulting in strong user and client growth.

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

• Significant expansion in user base: paying users grew 35.1% YoY to 24 million, and users entitled to family doctor services rose 150% YoY to 35 million.

• AI enablement drove operational efficiency, reducing family doctor service costs by ~52% YoY and improving consultation accuracy to 98%.

Financial highlights

• Revenue for H1 2025 reached RMB2,502.2 million, up 19.5% year-on-year; gross profit increased 24.6% to RMB839.7 million, with gross margin at 33.6%.

• Net profit attributable to shareholders was RMB134.2 million, up 136.8% year-on-year; adjusted net profit was RMB164.7 million, up 83.6%.

• F-end revenue reached RMB1,432.5 million (+28.5%); B-end corporate health management revenue was RMB526.8 million (+35.2%).

• Senior care services revenue surged 263.9% to RMB172.2 million.

• Total expenses as a percentage of revenue decreased by 6.3 percentage points year-on-year to 30.1%.

Outlook and guidance

• Plans to further strengthen “insurance + health care” synergies, expand corporate client base, and enhance AI-driven service capabilities.

• Aims to become China’s No.1 online health care service portal, leveraging Ping An Group’s vast customer base and technological strengths.

• Will continue to invest in technology, optimize service quality, and drive long-term value for users and shareholders.

• Focus on scaling B-end (corporate) and F-end (consumer) businesses, with further penetration and product innovation.

• Ongoing investment in AI and digital operations to sustain margin improvements.