SHANGHAI, Sept. 27, 2024 /PRNewswire/ -- On September 26, 2024, Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor", "Ping An Health", or "the Company", Stock Code: 1833.HK), China's leading healthcare ecosystem platform, saw its share price surge by nearly 10% during the trading session, peaking at HK$12.08.
The U.S. Federal Reserve's recent announcement of a 50 basis point decrease in the federal funds rate target has further boosted liquidity, fueling the rally of internet healthcare stocks in the Hong Kong market. Additionally, on September 23, the State Council Information Office held a press conference focused on "Promoting High-Quality Development." According to publicly available data, as of the end of 2023, China's population aged 60 and above had reached 297 million. During the press conference, the Ministry of Civil Affairs emphasized that effective measures would be taken to address the challenge, including the development and implementation of an effective senior care service system tailored to China's needs.
Since 2024, the term "silver economy" has emerged as one of the most talked-about topics in China, with the senior care industry experiencing rapid growth and presenting immense opportunities. In response to this demographic shift, Ping An Health has intensified its investments in the sector in line with its proactive growth strategy.
Over recent years, the Company has intensified its efforts to develop a comprehensive "3-in-1" senior care concierge system integrating smart concierges, daily life concierges, and doctor concierges. By providing personalized and comprehensive senior care services, the Company aims to meet the diverse needs of the senior population while expanding the company's service boundaries and revenue streams. Currently, the Company's home-based senior care benefits are available in 64 cities across China, up by 10 cities from 31 December 2023.
Ping An Health 2024 interim report showed that in the first half of the year, the Company's revenue reached RMB2.09 billion, turning a profit for the first time with earnings exceeding RMB60 million and an adjusted net profit nearing RMB90 million. Following optimization of its business structure, coupled with steady performance in F-end (insurance and financial service customers) and rapid growth in B-end (corporate clients) operations, the Company achieved profitability for the first time, marking a milestone and further showcasing the growth and the development potential of its Strategy 2.0.
The core business model of Ping An Health's Strategy 2.0 is to act for three main payers, including integrated finance business (F-end), corporate clients (B-end) and individual customers (C-end), and integrate providers. By focusing on the development of family doctors and senior care concierges, the Company aims to provide customers with high-quality, cost-effective health care and senior care services.
Corporate health management is a pivotal element within the Company's Strategy 2.0 Continuum and a key engine of its long-term growth. During the first six months of 2024, the Company's B-end strategic business revenue reached RMB710 million, a year-on-year increase of 58.8%. By the end of June 2024, the total number of corporate clients served by the Company grew 46% year-on-year to 1,748, consolidating its leadership within the sector.
During the reporting period, Ping An Health consistently improves its "Enterprise EZHealth" corporate health management product portfolio, including "Health Management +" and "Health Checkup +". These enhancements aim to establish a more competitive and differentiated product service matrix to meet the diverse needs of corporate clients.
Looking ahead, the strong foundation of China's economy and the sustained momentum of its recovery bode well for Ping An Health. As the flagship and sole online platform for Ping An Group's healthcare and senior care ecosystem, Ping An Health will continue to further develop a Chinese "managed care model", in alignment with the group's strategy of "integrated finance + health and senior care".