Jefferies released a research report stating that PA GOODDOCTOR (01833) exceeded profit expectations for the 2025 fiscal year, primarily driven by operational expenses and one-time items. In October of last year, the company appointed He Mingke as Chief Executive Officer and Guo Xiaotao as Chairman of the Board. The appointment of the new management team signals a renewed focus on quality growth and potential support from its parent company, Ping An Group. Jefferies upgraded PA GOODDOCTOR's rating from "Underperform" to "Hold" and raised the target price from HK$5.9 to HK$12.4, reflecting improved profitability.

The report noted that the company has reclassified its revenue segments again, highlighting its strategic emphasis on the corporate health management business. Revenue for this segment grew 41% year-over-year in 2025 and is positioned as a key growth driver. The commercial insurance-enabled business serves as a foundation, with revenue increasing 11% year-over-year in 2025 and maintaining higher margins. The company is shifting toward a lighter asset and platform-oriented model, transitioning from self-operated services to a third-party marketplace platform. By collaborating with equipment and service providers, it aims to achieve scale, which is viewed positively for margin improvement.