Following a period of unbridled expansion and valuation corrections in the internet healthcare sector, PA GOODDOCTOR is now presenting a new profitability narrative to the capital markets.

Financial results released on March 25 reveal that PA GOODDOCTOR achieved total revenue of 5.468 billion yuan in 2025, a year-on-year increase of 13.7%. Its adjusted net profit surged to 414 million yuan, marking a significant rise of 161.3%.

This marks the company's first annual report showing substantial profit since its initial public offering.

Behind these strong results is a strategic shift: PA GOODDOCTOR has moved away from its ambition of being an independent internet healthcare platform and has instead fully integrated into its parent group, Ping An.

In 2025, revenue contributed by Ping An Group and its affiliates reached 2.28 billion yuan, an increase of nearly 40% year-on-year. This accounted for 41.7% of total revenue, a rise of over 7 percentage points compared to the previous year. Market observers are watching to see if transactions between PA GOODDOCTOR and its parent company will continue to grow.

Breaking down the business segments, health insurance synergy formed the revenue foundation, generating 3.296 billion yuan in 2025, up 11% year-on-year. The corporate health management business demonstrated strong growth momentum, with revenue reaching 1.306 billion yuan, a sharp increase of 40.6%.

Together, these two segments contributed 4.602 billion yuan in revenue, representing over 80% of the total income.

Concurrently, PA GOODDOCTOR has been aggressively controlling costs to improve profitability. The total expense ratio for 2025 was 30.6%, a decrease of 4.6 percentage points from the prior year.

However, the dramatic profit growth was not solely due to strong operational performance and cost control. A significant contribution came from non-operating income.

In 2025, the company's "net other gains" amounted to 140 million yuan, a surge of 203.7% year-on-year, acting as a key driver for the increased net profit. This was primarily due to the reversal of a 90 million yuan provision for a historical litigation case from 2024.

PA GOODDOCTOR stated that the historical case related to the provision was resolved by December 31, 2025. Based on the facts, progress, and legal counsel opinions, the company reversed the previously recognized, unused provision.

This financial report undoubtedly provides a boost to the internet healthcare industry, which has experienced a challenging period. By abandoning the grand narrative of building an independent super-platform and instead positioning itself as Ping An Group's "healthcare infrastructure," PA GOODDOCTOR has secured tangible financial returns.

This reliance on a parent ecosystem is a common trait among internet healthcare platforms that have achieved profitability at scale. For instance, JD Health's core pharmacy access remains deeply embedded within the JD.com app.

This reality is not unique to PA GOODDOCTOR or JD Health; it reflects a broader trend. After years of摸索, the industry has recognized a harsh truth: a purely independent medical service platform is currently a challenging, if not unviable, business model.

Whether leveraging insurance and finance or relying on e-commerce, shedding the "disruptor" image and embracing a role as an essential "health infrastructure" and value-added component within a parent ecosystem appears to be the most sustainable path forward for stability and survival.