Hong Kong stock PA GOODDOCTOR (01833) has released its semi-annual report: the company's health management growth is steady, and AI empowers high-quality development across the entire chain.

On August 18, Ping An Health Medical Technology Co., Ltd. (stock abbreviation: PA GOODDOCTOR, 01833) announced its semi-annual performance report for 2026, revealing continuous improvement in business quality and steady growth in profitability. As the core flagship of Ping An Group's medical and elderly care ecosystem, the company deeply cultivates the Chinese characteristic managed care (HMO) model, continuously upgrading its "Four Arrivals" (to the line, to the hospital, to the home, to the enterprise) service network, integrating AI medical technology throughout its entire business chain to provide customers with a one-stop medical, health, and elderly care comprehensive solution that is "worry-free, time-efficient, and cost-effective." In the first half of 2026, the company achieved total revenue of 2.484 billion yuan, recording a net profit attributable to shareholders of 219 million yuan, a year-on-year increase of 63.5%; adjusted net profit was 227 million yuan, up 37.7% year on year. The main business showed strong growth trends, with an optimizing revenue structure and steadily improving operational quality: income from commercial insurance collaboration (F-end) reached 1.584 billion yuan; income from corporate health management (B-end) was 714 million yuan, a year-on-year increase of 65.1%, accounting for 28.7% of total revenue, up 11.5 percentage points from the previous year. On the same day, after deliberation by the board of directors, Mr. Zhu Yougang was appointed as the chairman of the board and a non-executive director. Mr. Zhu joined Ping An Group in 1994 and currently serves as the Party Secretary, Chairman, and CEO of Ping An Health Insurance, as well as the Party Secretary and Chairman of Peking University Health Management Limited Liability Company. The companys board expressed a strong positive outlook on the development opportunities of medical insurance collaboration, and in the future, will focus on building an integrated online and offline medical health closed loop, providing users with a one-stop service for the entire lifecycle of medical care, health, and elderly care. Deepening the Chinese characteristic managed care model, the main business steadily develops As the aging population in China deepens, consumer demand for elderly care and health services is shifting from "optional" to "essential." During this period, the company deeply integrated the supply capacity of medical services with the financial and insurance payment advantages of Ping An Group, establishing a layered and graded health rights system for "medical and insurance collaboration." Targeting wealth management insurance customers, it launched the "Medical Access" health service plan in collaboration with Ping An Life, providing cutting-edge health screenings and comprehensive medical resources, and establishing a complete "health + medical" service system; aimed at high-net-worth clients, it created an exclusive private member club, integrating scarce medical resources such as tumor genetic testing, PET/MRI imaging screening, and cutting-edge specialty treatments, alongside services for chronic disease management and full-process management of serious illness cases, covering all scenarios of health needs; for elderly savings insurance customers, it iterated the home elderly care service system in partnership with Ping An Life to create an exclusive "Ping An Home" service brand, promoting the transformation of the service model from passive response to proactive health intervention. By the end of the reporting period, the average first-year premium for the new life insurance policies of clients enjoying Ping An Home rights increased by 9.7 times, with over 310,000 clients qualified for home elderly care services, covering 140 cities nationwide. The corporate health management business continues to unleash strong growth momentum. During the reporting period, corporate health management business income was 714 million yuan, an increase of 65.1% year on year, accounting for 28.7% of total income, which reflects the continuous optimization of the company's revenue structure. In the past twelve months, the number of paying corporate clients served by the company exceeded 7,700, up over 73% year on year; the target clients focus on large and medium-sized enterprises, equipped with dedicated operational service teams; on the product level, ALLIED GROUP created an integrated solution of "commercial insurance + health protection plan + medical health services," covering various health needs in the workplace comprehensively. On the operational level, it implemented refined proactive operations, creating customized solutions of "one enterprise one policy" for clients. During this period, the company actively built a "Ping An Circle" offline three-kilometer service network, integrating quality medical resources to provide corporate employees with one-stop services such as health consultations, interpretation of health check reports, chronic disease management, and medication guidance. By the end of the reporting period, over 500 "Ping An Circles" had been established. Additionally, the company, in collaboration with insurance firms under Ping An Group, continued to expand the "Ping An Medical Health Payment" one-stop settlement service network. By the end of the reporting period, more than 1,800 corporate clients could enjoy Ping An Medical Health Payment services, covering over one million employees, allowing more users to experience the efficient medical settlement service of "zero upfront payment, zero running around." Continuously strengthening the "Four Arrivals" service network foundation, building differentiated competitive barriers In 2026, focusing on online consultations, workplace health protection, and home elderly care as essential needs, the company continued to iterate the construction of the "Four Arrivals" (to the line, to the hospital, to the home, to the enterprise) service network, closing the service loop of Wuxi Online Offline Communication Information Technology Co., Ltd., and solidifying the foundation for service capabilities in health management across the entire lifecycle. For the "to the line" aspect: continuously upgrading the multi-tier family doctor service system, the "AI + real doctor" service covers 100% of personal customers of Ping An Group, with AI doctors serving over 9.7 million users during this period. For chronic disease users, a "multi-disease management" service was launched, thoroughly monitoring and managing users' lifestyles, disease conditions, and medication status, implementing refined dynamic health interventions, and transitioning medical services from passive consultations to proactive health management. For the "to the hospital" aspect: the offline quality medical resource landscape continues to expand, collaborating with 3,216 selected Ping An hospitals, including 1,732 Grade A hospitals; establishing an internal and external physician team of approximately 50,000, signing over 3,700 experts, including 9 academicians/national medical masters and over 820 deputy directors/department heads/lead researchers; relying on the "Ping An Medical Health Payment" one-stop settlement service system, creating a payment settlement channel for in-hospital and out-of-hospital medical expenses, simplifying the user process for seeking medical treatment and purchasing medication. "Ping An Medical Health Payment" has covered 149,000 of the nearly 245,000 cooperative pharmacies the company has nationwide. For the "to the home" aspect: in collaboration with Ping An Life, the "Ping An Home" service brand has been upgraded, with home elderly care services expanded to 140 cities nationwide. For the "to the enterprise" aspect: deeply promoting high-quality workplace health management pilot projects in many regions across the country, building a "1124" corporate health management service capability system, where the corporate clinic serves as the core position, providing one-stop, digital, high-quality workplace health management solutions; relying on a dedicated enterprise liaison team to implement a dual empowerment of precise policies and refined operations to meet differentiated enterprise needs; focusing on actual employee health needs, providing integrated medical health services of professional health screening and assessment, on-site medical consultations, health promotion and intervention, and emergency support and benefits. In addition to expanding the service network, the company promotes standardized development in the industry through professional guidance. During the reporting period, as a core drafting unit, the company participated in the compilation of the country's first group standard for longevity medicine and elderly health service, "Guidelines for Elderly Health Services Based on Longevity Medicine" (T/CAWAORG 058-2026). This standard was compiled jointly with the China Geriatric Health Association, 26 top domestic experts in geriatrics and general medicine, and 23 Grade A hospitals and professional elderly care institutions, filling the gap in standardized longevity medicine services in the country, comprehensively upgrading the quality of home elderly care medical services through standardization. Deepening AI-enabled applications, "data + model + scenario" helps gross profit increase In 2026, the government introduced support policies to promote the large-scale implementation of AI medical services. The construction of digital health, smart medical care, and AI-assisted diagnosis and treatment is an important measure to implement the "Healthy China 2030" strategy. Under strict adherence to legal and regulatory requirements, the company leverages long-accumulated vast medical data to continually invest in AI technology research and development, constructing an integrated technical closed loop of "data + model + scenario," iteratively upgrading the "Ping An Medical Bo Tong" medical large model, and improving five specialized models for medical subfields. During this period, the contribution of AI business gross profit accounted for approximately 4.6%. In the formal medical track, the company creates a unique competitive advantage with "AI + real doctors," providing users with professional, compassionate, and traceable proactive health management services. This system has been fully integrated into all of Ping An Group's ecological apps, covering 100% of the Group's personal clients; the AI is capable of accurately diagnosing over 11,300 diseases, with an accuracy rate of nearly 96% for assisted diagnosis, and the accuracy of multidisciplinary consultation plans for complex diseases approaches 90%. Additionally, the application scenarios for the AI multidisciplinary consultation assistance platform have expanded from breast cancer to gastric cancer. As the health awareness of residents in China continues to rise, the demand for high-quality medical health and elderly care services continues to climb, and the medical health industry is poised for greater development opportunities. Looking ahead, the company will closely align with the deployment requirements of the "14th Five-Year Plan for National Health," leverage the encouragement and support of various favorable policies, combine with the opportunity to build a service year at Ping An, uphold the original aspiration of serving the public, and continuously refine in both the breadth of services and depth of operations, providing high-quality medical health and elderly care services for users, creating sustainable value returns for shareholders, and responding vigorously to the national health construction deployment to contribute to the building of a Digital China and a Healthy China.