On October 23, Ping An Health Medical Technology Company Limited (stock code “PA GOODDOCTOR”, 01833) announced its performance for the nine months ended September 30, 2025. This year marks the final year of China's 14th Five-Year Plan and a critical year for advancing the Healthy China strategy. In the first three quarters, driven by various factors including policy deepening, technological iteration, and demand upgrading, China's health industry exhibited robust growth and innovation-driven development. As a flagship member of Ping An Group's healthcare and elderly care ecosystem, PA GOODDOCTOR has consistently focused on user needs, integrating comprehensive financial client resources (hereinafter referred to as the F-end) and corporate client resources (hereinafter referred to as the B-end). Through a combination of online and offline services, fully empowered by AI applications, the company has refined a service delivery model centered on in-person visits, linking services to stores, enterprises, and homes.
In the first three quarters, the company achieved steady growth in operational performance, reporting total revenue of RMB 3.725 billion, a year-on-year increase of 13.6%; the adjusted net profit reached RMB 216 million, up 45.7% compared to the previous year. Notably, revenue from F-end and B-end corporate health services grew by 21.5% year-on-year, with the number of corporate clients served exceeding 4,500, demonstrating clear improvements in achieving steady growth and quality enhancement.
The "insurance-medical collaboration" was deeply advanced, with rapid expansion in corporate health management. During the reporting period, the company promoted the "insurance-medical collaboration" model, focusing on the "insurance + medical and elderly care membership" service framework to enhance the competitiveness of its products and services while deepening cooperation with financial payment entities. By the end of June, nearly 63% of Ping An Group's approximately 247 million individual clients benefited from the services offered by the healthcare and elderly care ecosystem. The average number of contracts per client and average AUM were 1.5 times and 4.1 times that of clients without these service rights, respectively. Furthermore, in the first half of 2025, clients enjoying services from the healthcare and elderly care ecosystem accounted for nearly 70% of the new business value of Ping An Life.
In terms of home elderly care, during the reporting period, the company focused on refining services such as medical care, health management, emergency rescue, and remote care. Additionally, it collaborated with industry, academia, and research institutions to establish and release two group standards for intelligent elderly care platforms, promoting the standardization of the home elderly care industry. By the end of the reporting period, the number of users benefiting from home elderly care service rights grew by 41% compared to the end of 2024.
In the field of corporate health management, the company continuously identified workplace health needs, constantly improving its product system and enhancing channel construction and operational capabilities. During the reporting period, the company cooperated with Ping An Group to develop a solution combining "commercial insurance + health security delegation + medical health services," providing customized services such as on-site clinics, corporate activities, and health dashboards that enable employees to enjoy premium services like health check-ups, chronic disease management, medical assistance, expert consultations, and convenient medication purchasing. In the first three quarters of 2025, the company served over 4,500 corporate clients, with the number of B-end paying users increasing by 30.6% year-on-year, maintaining a good growth trend.
With a commitment to enhancing the effectiveness of family doctor services, the company has fully empowered its business applications with AI in recent years, adhering to Ping An Group's dual drive strategy of "comprehensive finance + healthcare." Through a combination of online and offline efforts, it has refined a service pattern centered on in-person visits while efficiently connecting services across stores, enterprises, and homes. Its in-house family doctor team, based on dual accreditation from Peking University International Hospital and the World Organization of Family Doctors, delivers proactive medical health management throughout the entire lifecycle of consultation, diagnosis, and service, bolstered by medical AI and a high-quality service network. By the end of the reporting period, the number of family doctor membership users exceeded 40 million.
Additionally, as the only enterprise involved in drafting the first national group standard for family doctor services, "Standards for Remote and Internet Health Services by Family Doctors," the company has collaborated with various industry associations and authoritative experts to promote national standard applications in 100 cities. Thus far, pilot units have been established in cities like Guangzhou, Shenzhen, Jinan, Beijing, Hangzhou, and Chengdu, aligning closely with national initiatives for strengthening healthcare foundation engineering and the "Three-Year Action Plan for Effective Family Doctor Contract Signing," gaining popularity among grassroots healthcare institutions across the country.
Moreover, under the comprehensive empowerment of medical AI in application scenarios, the company has consistently enhanced application depth, improving the quality and efficiency of professional medical services. During the reporting period, it introduced the "7+N+1" medical AI product system, achieving a closed loop of "data + model + scenario." Currently, the accuracy rate of complex disease MDT (multidisciplinary team) treatment plans has further increased to nearly 90%, contributing to a 52% year-on-year decrease in average service costs for family doctors.
Since its establishment in 2014, the company has seized policy opportunities and identified user needs to build strict medical barriers, growing into a leading provider of medical health and elderly care management services in China. By focusing on in-person service delivery and connecting store, enterprise, and home services, the company continues to optimize product and service quality, enhancing technological application levels. It is moving towards its vision of "ensuring every enterprise possesses a healthy workplace, every family has a family doctor, and every user enjoys health and longevity." Looking ahead, the company will continue to strengthen collaboration with Ping An Group and promote the digitalization and AI integration of core services, improving reputation and satisfaction through a more integrated experience while jointly creating a better life for workplace and family health with clients.