Citigroup has issued a research report stating that PA GOODDOCTOR (01833) achieved revenue of 5.468 billion yuan in 2025, representing a 14% year-on-year increase, with a net profit of 380 million yuan, surging 366% compared to the previous year. The full-year revenue met expectations, while the net profit exceeded market and the bank's own forecasts by 37% and 32%, respectively. The bank currently assigns a target price of HK$18 and a "Buy" rating. During the period, the gross profit margin improved from 31.7% in 2024 to 32.4%, and the net profit margin rose from 1.7% to 6.9%. Supported by AI empowerment and enhanced efficiency management, the adjusted net profit margin increased from 3.3% to 7.6%.