Stronger After No Longer "Flying Solo"

After years of wild growth and valuation water-squeezing in the internet healthcare industry, PA GOODDOCTOR is trying to tell a new profitability story to the capital markets.

According to the financial report released by PA GOODDOCTOR on March 25, the total revenue for 2025 was 5.468 billion yuan, a year-on-year increase of 13.7%, while the adjusted net profit reached 414 million yuan, a surge of 161.3% year-on-year.

This is the first annual report with significant profitability submitted by PA GOODDOCTOR since its listing.

Behind this impressive performance is PA GOODDOCTOR's abandonment of the dream of an independent internet healthcare platform, and its complete integration into Ping An Group.

In 2025, Ping An Group and its affiliated parties contributed 2.28 billion yuan in revenue to PA GOODDOCTOR, an increase of nearly 40% year-on-year, accounting for 41.7% of the total revenue, an increase of more than 7 percentage points year-on-year.

It is being closely watched whether the transaction volume between PA GOODDOCTOR and its parent company and affiliated parties will further increase in the future.

Looking at the specific business segments, commercial insurance synergy business forms the revenue base for PA GOODDOCTOR, generating 3.296 billion yuan in revenue in 2025, an increase of 11% year-on-year; enterprise health management business has shown strong explosive power, with revenue reaching 1.306 billion yuan in the same period, a year-on-year increase of 40.6%.

The commercial insurance synergy and enterprise health management businesses together contributed 4.602 billion yuan in revenue to PA GOODDOCTOR, accounting for over 80% of the total revenue.

At the same time, PA GOODDOCTOR is also squeezing profit margins through strict cost control. The total expense ratio in 2025 was 30.6%, a year-on-year decrease of 4.6 percentage points.

However, this surge in net profit did not come entirely from the strong internal generation of profits from core businesses and cost control; it is also related to the significant contribution from non-operating income.

In 2025, PA GOODDOCTOR's "net other income" reached 140 million yuan, a year-on-year increase of 203.7%, becoming a key driver directly boosting the net profit for the period.

This mainly stems from the reversal of a provision for a historical litigation in 2024, amounting to 90 million yuan.

"As of December 31, 2025, historical cases and disputes for which provisions for liabilities were recognized have been concluded. Based on facts and progress, combined with the opinions of internal and external counsel, the Group reversed the unused provision for liabilities of RMB 90 million that was previously recognized," PA GOODDOCTOR stated.

Undoubtedly, PA GOODDOCTOR's financial report has injected a strong boost into the internet healthcare industry, which has experienced a cold winter. Abandoning the grand narrative of independently building a super platform and being content to be the "medical infrastructure" of Ping An Group has indeed brought real returns.

This is also a common problem for internet healthcare platforms that achieve large-scale profitability. JD Health's business is also deeply integrated with its parent platform, with its core drug purchasing entrance still nested within the JD APP.

This is not only the current situation for PA GOODDOCTOR and JD Health, but also the cruel reality recognized by the entire internet healthcare industry after years of stumbling: a purely independent medical service platform is almost an unclosed commercial pseudo-proposition at this stage.

Whether it is relying on insurance finance or backing retail e-commerce, shedding the halo of a "disruptor" and willingly retreating to the background to become an indispensable "health infrastructure" and value-added plugin within the parent company's ecosystem may be the optimal solution for stable survival.