PA GOODDOCTOR (01833) achieved comprehensive profitability for the first time. Adjusted net profit is expected to be about 158 million yuan in 2024.

PA GOODDOCTOR (01833) announced its performance for 2024, with a revenue of approximately 4.808 billion yuan, a year-on-year growth of 2.9%; gross profit of approximately 1.523 billion yuan, a year-on-year growth of 1%; the company's net profit attributable to owners was 814.28 million yuan, turning losses into profits year-on-year; adjusted net profit was approximately 158 million yuan, turning losses into profits year-on-year; basic earnings per share were 0.08 yuan. During the reporting period, the revenue of the medical services sector was 2.169 billion yuan, a year-on-year growth of 4.9%. The increase in revenue in the medical services sector was mainly due to the deepening cooperation between the company and Ping An Group's comprehensive financial business, providing a variety of medical services with family doctors as the core, such as online consultations, medical assistance, expert consultations, and chronic disease management. The revenue of the health services sector was 2.3565 billion yuan, a year-on-year decrease of 7.6%. The decrease in revenue in the health services sector was mainly due to the impact of one-time factors leading to a concentration of certain business performances, resulting in a high base revenue in 2023. Among them, the revenue from F-end and B-end businesses reached 2.4165 billion yuan and 1.4315 billion yuan, a year-on-year growth of 9.6% and 32.7% respectively. The B-end has accumulated service to 2,049 corporate customers, a year-on-year increase of 35.9%, further consolidating its market-leading position. In addition, through AI empowerment, strengthened production control, and other means, the efficiency of resource allocation has been continuously optimized and improved, while the cost ratio decreased year-on-year by 14.4 percentage points. During the reporting period, while the company continued to invest in research and development and building its elderly care business team, it also continuously improved operational efficiency through AI empowerment, strengthened production control, etc. ; at the same time, with the growth of business scale, economies of scale gradually emerged, resulting in a total cost of 1.6935 billion yuan, a year-on-year decrease of 26.9% ; of which, management expenses amounted to 930 million yuan, a year-on-year decrease of 37.2% ; sales and marketing expenses amounted to 7.635 billion yuan, a year-on-year decrease of 8.6%