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

Executive summary

• Achieved robust revenue growth of 19.5% year-on-year to RMB2.5 billion in H1 2025, driven by strengthened synergies with Ping An Group and AI-driven service innovation.

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

• Significant expansion in user base: paying users reached 24 million (+35.1% YoY), and Family Doctor service users rose 150% to 35 million.

• Launched advanced “7+N+1” AI medical product matrix, achieving 98% AI-assisted inquiry accuracy and 80% MDT treatment accuracy, and expanded service network across multiple channels.

• Enhanced operational efficiency and profitability through AI enablement, reducing service costs and improving user experience.

Financial highlights

• Revenue reached RMB2,502.2 million (+19.5% YoY); gross profit increased 24.6% to RMB839.7 million, with gross margin at 33.6% (+1.4 pps YoY).

• Net profit attributable to shareholders was RMB134.2 million (+136.8% YoY); adjusted net profit was RMB164.7 million (+83.6% YoY).

• F-end (insurance plus healthcare) revenue grew 28.5% to RMB1,432.5 million; B-end (corporate health management) revenue up 35.2% to RMB526.8 million.

• Senior care services revenue surged 263.9% to RMB172.2 million, with users entitled to benefits up 83%.

• Operating cash flow turned positive, with net inflow of RMB64 million.

Outlook and guidance

• Management expects continued double-digit revenue and profit growth, driven by AI enablement, supply chain optimization, and expansion of both F-end and B-end businesses.

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

• Senior care business to focus on asset-light, home-based models, with ongoing product and service innovation.

• Aims to become China’s No.1 online healthcare service portal, leveraging Ping An Group’s vast customer base and technology.

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