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

Executive summary

• Revenue grew 13.7% year-over-year to RMB5.47 billion, driven by commercial insurance enablement and robust corporate health management growth, with improved revenue mix and first full year of profitability.

• Adjusted net profit surged 161.3% year-over-year to RMB414 million, reflecting improved operational efficiency, AI-driven cost optimization, and gross profit up 16.3% to RMB1.77 billion.

• Corporate health management revenue rose 40.6% year-over-year to RMB1.31 billion, now 23.9% of total revenue (+4.6 pps YoY).

• Enhanced business development, service capabilities, and AI enablement, with AI contributing ~4.5% to gross profit and a 45% year-over-year reduction in cost per consultation.

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

Financial highlights

• Revenue: RMB5.47 billion (+13.7% YoY); gross profit: RMB1.77 billion (+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).

• Corporate health management revenue grew 40.6% YoY to RMB1.31 billion, now 23.9% of total revenue (+4.6 pps YoY).

• Commercial insurance enablement revenue: RMB3.30 billion (+11% YoY).

• Operating cash flows turned positive, with a net inflow of over RMB450 million; cash and cash equivalents at year-end: RMB1.72 billion.

Outlook and guidance

• Plans to deepen synergies with Ping An Group, reinforce multi-scenario service capabilities, and expand AI application scenarios.

• Continued investment in "online, in-hospital, in-home, and in-company" services and AI innovation to strengthen competitive moat.

• 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.