After no longer "flying solo," Ping An Good Doctor has become stronger

Question AI · Why abandoning independent internet healthcare has become a trend?

After the past few years of the internet healthcare industry’s rapid expansion and valuation squeezes, Ping An Good Doctor is trying to tell capital markets a brand-new story of profitability.

The financial report released by Ping An Good Doctor on March 25 shows that its total revenue for 2025 was RMB 5.47B, up 13.7% year over year, while adjusted net profit reached RMB 414 million, surging 161.3% year over year.

This is the first significantly profitable annual report since Ping An Good Doctor went public.

Behind these impressive results is the fact that Ping An Good Doctor is no longer fixated on the dream of an independent internet healthcare platform, but has been fully embedded in the Ping An Group.

In 2025, revenue contributed by Ping An Group and its related parties to Ping An Good Doctor was RMB 2.28 billion, up nearly 40%, accounting for 41.7% of total revenue, up more than 7 percentage points year over year.

Whether the subsequent transaction scale between Ping An Good Doctor and its parent company and related parties will further increase is drawing attention.

From a breakdown of specific business segments, the business collaboration with commercial insurance forms the core revenue base of Ping An Good Doctor. In 2025, it generated revenue of RMB 3.3B, up 11%; the corporate health management business, meanwhile, showed strong momentum, with revenue for the period reaching RMB 1.31B, up 40.6% year over year.

Business collaboration with commercial insurance and the corporate health management business combined to contribute RMB 4.6B in revenue to Ping An Good Doctor, accounting for more than 80% of total revenue.

At the same time, Ping An Good Doctor is also squeezing profit margins through hard-core cost control. In 2025, its total expense ratio was 30.6%, down 4.6 percentage points year over year.

However, this surge in net profit is not entirely driven by strong cash generation from core business and cost control. It is also related to a large contribution from non-operating income.

In 2025, Ping An Good Doctor’s “other net gains” reached RMB 140 million, up 203.7% year over year, becoming a key driver that directly boosted net profit for the period.

This mainly comes from the reversal of a previously recognized historical litigation-related provision of RMB 90 million recorded in 2024.

“As of December 31, 2025, the historical cases and disputes for which provisions had been recognized have been closed. Based on facts and progress, and together with the opinions of internal and external handling lawyers, the Group reverses the previously recognized but unused provisions in the amount of RMB 90 million.” Ping An Good Doctor pointed out.

There is no doubt that this financial report from Ping An Good Doctor has injected a shot of adrenaline into the internet healthcare industry that has experienced a winter, and by giving up the grand narrative of independently building a super platform and instead becoming Ping An Group’s “medical infrastructure,” it has indeed delivered returns in real money.

This is also a common problem among internet healthcare platforms that are currently achieving scale-level profitability. JD Health’s business is similarly deeply tied to its parent site, and its core medicine-purchasing entry point is still embedded within the JD APP.

This is not only the status quo of Ping An Good Doctor and JD Health, but also the harsh reality the entire internet healthcare industry has come to recognize after colliding and struggling for years: a purely independent medical services platform is, at this stage, almost an unworkable business proposition that cannot close the loop.

Whether it is relying on insurance finance or backed by retail e-commerce, shedding the halo of “disruptor” and willingly stepping into the background to become indispensable “health infrastructure” within the parent company’s ecosystem and a value-added plug-in may be the best solution for staying afloat safely.