On August 18, Ping An Healthcare and Technology Company Limited (stock abbreviation: Ping An Good Doctor, 01833) released its interim results for the first half of 2026, demonstrating continued improvement in business quality and steady gains in profitability. As the core flagship of Ping An Group's medical and elderly care ecosystem, the company deepens its commitment to China's distinctive managed care (HMO) model, continuously upgrading its "Four Reaches" (online, hospital, home, enterprise) service network. By integrating AI medical technology throughout the entire business chain, it delivers one-stop integrated medical, health, and elderly care solutions that aim to provide customers with peace of mind, time savings, and cost efficiency.

In the first half of 2026, the company recorded total revenue of RMB 2.484 billion, with net profit attributable to shareholders reaching RMB 219 million, a year-on-year increase of 63.5%. Adjusted net profit stood at RMB 227 million, up 37.7% from the prior year period. The main business maintained robust growth momentum, with an optimizing revenue mix and steadily improving operational quality: commercial insurance collaboration (F-segment) revenue reached RMB 1.584 billion; corporate wellness management (B-segment) revenue hit RMB 714 million, representing a 65.1% year-on-year surge and accounting for 28.7% of total revenue, a rise of 11.5 percentage points compared to the same period last year. On the same day, following board approval, Mr. Zhu Yougang was appointed as Chairman of the Board and Non-Executive Director. Mr. Zhu joined Ping An Group in 1994 and currently serves as Party Secretary, Chairman, and CEO of Ping An Health Insurance, as well as Party Secretary and Chairman of Peking University Medical Management Co., Ltd. The board expressed strong confidence in the growth opportunities arising from the synergy between healthcare and insurance, pledging to build an integrated online-plus-offline medical and health closed loop to provide users with full-lifecycle one-stop medical, health, and elderly care services.

Deepening the Managed Care Model with a Unique Chinese Approach, Main Business Shows Steady Progress

As China's population ages at an accelerating pace, consumer demand for elderly care and health services is shifting from a discretionary choice to an essential necessity. During the reporting period, the company deeply integrated its medical service delivery capabilities with Ping An Group's financial insurance payment advantages, establishing a tiered and classified health benefits system rooted in "medical-insurance synergy." For wealth-management insurance clients, it launched the "Medical Access Plus" health service plan in collaboration with Ping An Life, offering cutting-edge health screenings and full-process medical support resources, thereby building a comprehensive "health plus medical" service framework. For high-net-worth clients, a private member club was created, aggregating scarce medical resources such as oncology genetic testing, PET/MR imaging screenings, and advanced specialty therapies, complemented by chronic disease management and full-process critical illness case management services to address health needs across all scenarios. For pension-savings insurance clients, the home-based elderly care service system was upgraded, with the introduction of the "Ping An Home Care" exclusive service brand in partnership with Ping An Life, shifting the service model from passive response to proactive health intervention. As of the end of the reporting period, clients entitled to Ping An Home Care benefits saw the average first-year premium per new life insurance policy increase by 9.7 times, with over 310,000 clients qualifying for home-based elderly care services, which now span 140 cities nationwide.

The corporate wellness management segment continued to unleash strong growth momentum. During the reporting period, revenue from this segment reached RMB 714 million, a 65.1% year-on-year increase, with its share of total revenue climbing to 28.7%, up 11.5 percentage points, further optimizing the company's revenue structure. Over the past twelve months, the number of paying corporate clients exceeded 7,700, representing a year-on-year growth of over 73%. The company focuses on large and medium-sized enterprises, providing dedicated operations teams for each client. On the product front, it collaborated with the group to develop an integrated "commercial insurance plus health protection plan plus medical health services" offering, comprehensively addressing diverse workplace health needs. Operationally, the company pursued refined proactive management, crafting tailored solutions on a "one enterprise, one strategy" basis. During the period, the company actively built its "Ping An Circle" three-kilometer offline service network, integrating premium medical resources to deliver one-stop services for employees, including health consultations, physical exam report interpretations, chronic disease management, and medication guidance. By the end of the reporting period, over 500 "Ping An Circles" had been established. Additionally, the company, together with insurance subsidiaries under Ping An Group, continued to expand the "Ping An Healthcare Pay" one-stop settlement service network. As of period-end, more than 1,800 corporate clients could access this service, covering over one million employees, enabling more users to enjoy the efficient medical settlement experience of "zero upfront payments, zero running around."

Consolidating the "Four Reaches" Service Network to Build a Differentiated Competitive Moat

In 2026, addressing essential needs such as online consultations, workplace health protection, and home-based elderly care, the company continued to iterate and enhance its "Four Reaches" (online, hospital, home, enterprise) service network. This effort bridges online and offline service loops, reinforcing the capability foundation for full-lifecycle health management. On the online front: the multi-tiered family physician service system was further upgraded, with "AI plus human doctor" services now covering 100% of Ping An Group's individual clients. During the period, AI doctors served over 9.7 million users cumulatively. For chronic disease patients, a "multi-disease co-management" service was launched, providing comprehensive tracking of lifestyle, disease status, and medication use, coupled with refined dynamic health interventions to drive the transition from passive consultations to proactive health management. On the hospital front: the offline premium medical resource footprint continued to expand, with 3,216 Ping An-selected hospitals now partnered, including 1,732 top-tier tertiary hospitals. An internal and external physician team of approximately 50,000 professionals has been assembled, with over 3,700 signed experts, including 9 academicians or national medicine masters and more than 820 vice presidents, department heads, or academic leaders. Leveraging the "Ping An Healthcare Pay" one-stop settlement system, the company streamlined in-hospital and out-of-hospital medical payment processes, simplifying the user experience for treatment and medication purchases. This payment solution now covers 149,000 of the company's nearly 245,000 partner pharmacies nationwide. On the home front: in collaboration with Ping An Life, the "Ping An Home Care" service brand was upgraded, with home-based elderly care services extended to 140 cities across the country. On the enterprise front: the company promoted high-quality workplace health management pilot programs in multiple regions, establishing a "1124" corporate wellness service capability system. This system designates the enterprise clinic as one core hub, delivering one-stop, digitalized, high-quality workplace health management solutions; leverages one dedicated on-site team to provide precise policy implementation and refined operations, tailored to each enterprise's differentiated needs; and offers four integrated categories of medical health services based on employee needs, including health screenings and assessments, on-site medical care and consultations, health promotion and interventions, and emergency preparedness and benefits.

Beyond network expansion, the company drove industry standardization through professional leadership. During the reporting period, as a core drafting unit, the company participated extensively in the compilation of China's first longevous medicine elderly health service group standard, the "Specification for Elderly Health Services Based on Longevity Medicine" (T/CAWAORG 058-2026). Developed in collaboration with the China Association of Gerontology and Geriatrics, 26 leading domestic experts in geriatric and general medicine, and 23 tertiary hospitals and professional elderly care institutions, this standard fills a gap in standardized longevous medicine services in China, comprehensively elevating the quality of home-based elderly care medical services through a standardized framework.

Deepening AI Empowerment, "Data + Models + Scenarios" Drive Gross Margin Improvement

In 2026, national supportive policies were introduced to accelerate the large-scale implementation of AI in healthcare. The development of digital health, smart medical care, and AI-assisted diagnostics represents a key initiative in fulfilling the "Healthy China 2030" strategy. Strictly adhering to legal and regulatory requirements, the company leveraged its long-accumulated massive medical data assets to intensify AI technology R&D, constructing an integrated "data + models + scenarios" technology closed loop. It iteratively upgraded the "Ping An Medical Bot" large medical model and refined five specialized vertical models for medical subfields. During the period, AI-related business contributed approximately 4.6% of gross profit. In the serious medicine arena, the company established a distinctive competitive advantage through its "AI + human doctor" model, offering users professional, compassionate, and traceable proactive health management services. This system has been fully integrated into all Ping An Group ecosystem apps, covering 100% of the group's individual clients. AI can accurately diagnose over 11,300 diseases, with an assisted diagnosis accuracy rate approaching 96%, and a nearly 90% accuracy rate for complex disease multi-disciplinary treatment plans. Furthermore, the AI multi-disciplinary consultation assistance platform has expanded its application scenarios from breast cancer to gastric cancer.

As health awareness among Chinese residents continues to rise, demand for high-quality medical, health, and elderly care services is growing steadily, positioning the healthcare industry for even greater opportunities ahead. Looking forward, the company will align with the requirements of the National Health "15th Five-Year Plan," capitalize on favorable policy support, and leverage the Ping An Service Year initiative. Upholding its commitment to inclusive, people-oriented services, the company aims to continuously refine both service breadth and operational depth, delivering high-quality medical health and elderly care services to users, creating sustainable value for shareholders, and fully supporting national health development initiatives, contributing to the advancement of a digital China and a Healthy China.