On August 18, Dr. Ping An (01833.HK) handed over an interim report with a profit growth rate far exceeding the revenue growth rate — total revenue of 2,484 billion yuan, net profit to mother of 219 million yuan, up 63.5% year on year; adjusted net profit of 227 million yuan, up 37.7% year on year.
On the same day, a board announcement was issued simultaneously: Zhu Yougang was appointed as Chairman of the Board of Directors. This “32 year veteran” who joined Ping An Group in 1994 also holds the positions of Ping An Health Insurance Party Committee Secretary, Chairman, CEO, and Party Secretary and Chairman of Peking University Medical Management Co., Ltd. Ping An Good Doctor's “closed loop managed care” construction may usher in efficient collaboration and comprehensive deepening of ecological resources.
The profit growth rate far exceeds the revenue growth rate, and structural optimization is the underlying logic
Revenue of 2,484 billion yuan, but profit increased by more than 60% — this divergence is a direct reflection of the continuous optimization of Ping An Good Doctor's business structure.
After breaking down the revenue structure, the commercial insurance collaboration (F side) business recorded 1,584 million yuan, which is still the basic revenue market; the corporate health management (B-side) business revenue was 714 million yuan, an increase of 65.1% over the previous year, accounting for 28.7% of total revenue, an increase of 11.5 percentage points over the previous year. The number of B-side paying enterprise customers exceeded 7,700, an increase of over 73% over the previous year.
This means that corporate health management is rapidly shifting from “customized projects” to “standardized products”, and the foundation for large-scale expansion is already consolidated.
What is more critical is the reshaping effect of AI on the cost structure. During the reporting period, AI doctors have served more than 9.7 million users and can accurately diagnose more than 11,300 diseases. The accuracy rate of assisted diagnosis and treatment is close to 96%, and the AI business contributed about 4.6% of gross profit.
When AI covers high-frequency standardized diagnosis and treatment needs, and real doctors focus on complex case reviews, marginal service costs decrease as the scale expands — this is the core barrier that distinguishes Ping An Good Doctor from traditional Internet medical platforms.
Zhu Yougang's dual identity is the key to decoding “two collaborations”
On the face of it, this is a regular board personnel change. Essentially, on the Ping An Good Doctor strategy board, one card is a “key element” that simultaneously opens up the two main lines of “online+offline” and “medical+insurance.”
Zhu Yougang's special features are that he is in charge of Ping An Health Insurance on the one hand — representing the payer; on the other hand, he is in charge of Peking University's medical management — representing the service side. In the classic model of managed care, the deep binding of payers and service providers is a prerequisite for the establishment of a closed loop. Zhu Yougang is on both sides of the city at the same time, which means that the three parties can efficiently combine the online service capabilities of a good doctor, the offline physical resources of Peking University Medical, and the ability to pay insurance for Ping An Health Insurance under the coordination of the same person.
The board of directors of the company clearly stated that it is optimistic about opportunities for collaborative development of medical insurance, and will establish a closed loop of online and offline integrated healthcare in the future.
First collaboration: online and offline, linking online advantages with Peking University's offline medical resources. Ping An Good Doctor has 400 million registered users, about 50,000 internal and external physicians, more than 3,700 contracted experts (including 9 academicians or Chinese medicine masters, more than 820 senior and deputy directors and subject leaders), cooperated with Ping An to select 3,216 hospitals (including 1,732 from the top three), and built more than 500 “Ping An Circle” three-kilometer service network — this is the online traffic and supply base.
Peking University Medical Group owns 11 medical institutions including Peking University International Hospital, with a total number of beds exceeding 10,000, covering the entire chain from prevention, screening, diagnosis, treatment to rehabilitation management — this is an offline physical medical resource. Zhu Yougang is also the chairman of Peking University Medical Management, which means that Good Doctor's online platform and Peking University Medical's offline entity are no longer a loose partnership, but “two sides of a closed loop.”
Second collaboration: Medical insurance collaboration to achieve two-way empowerment of healthcare services and health insurance businesses. With over 200 million individual customers, Ping An Group ranks first in the country in terms of health insurance premiums.
By the end of the reporting period, the premiums for each new life insurance package for customers enjoying safe home benefits had increased 9.7 times in the first year, and the number of eligible customers for home care services had exceeded 310,000, covering 140 cities across the country. Zhu Yougang is also in charge of Ping An Health Insurance, which means that the barriers between “medical service supply” and “ability to pay for insurance” are being bridged at the institutional level.
Healthcare services provide the insurance business with differentiated product capabilities for customer acquisition and customer retention, and insurance payments provide a stable traffic source for large-scale customer acquisition for medical services — this positive cycle of two-way empowerment is the core formula of a managed medical model with Chinese characteristics. The two collaborations point to the same goal: to further build a managed medical model with Chinese characteristics and further establish differentiated competitive advantages.
Since this year, the company has completed a series of board adjustments. As the core flagship of Ping An Group's healthcare and pension ecosystem, Ping An Good Doctor's strategic positioning has not changed and will not change. Zhu Yougang was in charge. It was not a direction adjustment, but an execution acceleration.
Let's take another look at Dr. Ping An's valuation
The Zhitong Finance App observed that by the close of trading on August 19, Ping An Good Doctor had a market value of about HK$15.5 billion, PE (TTM) about 29 times, and a net market ratio of 1.34 times. Compared with similar targets in Hong Kong stocks, Hygea Healthcare (06078) is about 33 times PE and Gushengtang (02273) PE is about 15 times, the valuation of Ping An Good Doctor is still in the middle range of the industry.
Going back to the full year of 2025, the company's net profit to mother has reached 380 million yuan, an increase of 366.1% over the previous year. The H1 profit growth rate continues to be high in 2026. Based on net profit of 219 million yuan in the first half of the year and a growth rate of 63.5%, the annual profit is expected to exceed 500 million yuan, corresponding to about 30 times that of forward-looking PE. For a medical platform that simultaneously has the three growth curves of AI cost reduction and flexibility, high growth in corporate health management (+65.1%), and deepening medical insurance collaboration, space for valuation repair is opening up.
With medical insurance collaboration and the deep integration of online and offline medical resources, Ping An Good Doctor is comprehensively accelerating the value release of managed medical models with Chinese characteristics with a clearer profit path and a more solid business base. In the future, its core flagship effect in the Ping An Group healthcare ecosystem of China will become more prominent.