Ping An Healthcare and Technology Company (1833) H2 2025 earnings summary

Executive summary

• Revenue grew 13.7% year-on-year to RMB5,468 million, driven by commercial insurance enablement and robust corporate health management growth.

• Adjusted net profit surged 161.3% year-on-year to RMB414 million, reflecting improved operational efficiency and AI-driven cost optimization.

• Gross profit increased 16.3% to RMB1,772 million, with gross margin rising to 32.4%.

• Corporate health management revenue rose 40.6% year-on-year to RMB1,306 million, now 23.9% of total revenue.

• Paying users reached nearly 35 million, up 11.4% year-on-year; paying corporate clients exceeded 6,700, up 83.1%.

Financial highlights

• Revenue: RMB5,468 million (+13.7% YoY); Gross profit: RMB1,772 million (+16.3% YoY); Gross margin: 32.4% (+0.7 ppts YoY).

• Adjusted net profit: RMB414 million (+161.3% YoY); Net profit: RMB378 million (+327.9% YoY).

• Administrative expenses fell 9.1% YoY; selling and marketing expenses up 8.6% YoY, but both declined as a percentage of revenue.

• Cash and cash equivalents at year-end: RMB1,720 million; total available funds: RMB9,630 million.

• Gearing ratio: 25.13% as of year-end.

Outlook and guidance

• Plans to deepen product innovation and scenario integration in insurance + healthcare, enhance end-to-end service, and accelerate corporate client acquisition.

• Focus on leveraging AI and data to drive further operational efficiency and expand service scenarios.

• Commitment to delivering sustainable, stable returns to shareholders and supporting national health initiatives.