Core Viewpoint - Ping An Good Doctor (1833.HK) has shown a robust upward trend, with a cumulative increase of over 19% in five consecutive trading days, and a year-to-date increase exceeding 151%, leading the Hong Kong internet healthcare sector [1][5]. Group 1: Stock Performance and Market Sentiment - The recent valuation recovery is supported by technical indicators, with the stock stabilizing after touching the 120-day moving average and experiencing continuous net inflows over five days, indicating a shift in market sentiment from cautious to positive [2]. - Southbound capital has been gradually increasing its holdings in the company, rising from 20.75% to 21.34% since the end of October, reflecting renewed confidence from investors [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported total revenue of 3.725 billion yuan, a year-on-year increase of 13.6%, and an adjusted net profit of 216 million yuan, a significant year-on-year growth of 45.7% [5]. - The company has successfully transitioned to a model that generates high-value users through enterprise and financial clients, with F-end and B-end business growth of 21.5% and a 30.6% increase in B-end paying users [5]. Group 3: Strategic Positioning and AI Integration - The company is well-positioned within the national push for "Artificial Intelligence+" and healthcare integration, aligning its strategic layout with government policies aimed at advancing digital and AI technologies [6]. - The company has developed a comprehensive AI product system, leveraging extensive medical databases and online consultation data, which includes various intelligent applications for healthcare management [6]. Group 4: Market Perception and Future Outlook - The market narrative around the company is shifting from viewing it solely as an internet healthcare provider to recognizing it as a health management platform driven by AI [8]. - Analysts predict strong revenue growth for the company, with expectations of double-digit growth from 2025 to 2026, and a compound annual growth rate of 91% for net profit from 2024 to 2027 [8].

平安好医生(1833.HK)盘中涨约2.8%，最高触及15.5港元。 消息面上，平安好医生前三季度录得总收入37.25亿元，同比增长13.6%；经调整后净利润达2.16亿元， 同比增长45.7%。其中，F端及B端企康业务收入同比增长21.5%，期内累计服务企业客户数超4500家。 公司经营业绩稳健增长，为股价提供有力支撑并驱动估值进一步修复。 此外，平安好医生正加速AI科技赋能，并将其不断应用到全场景的医疗、健康、养老业务。基于平安 全球领先的6大医疗数据库、超14.4亿线上问诊数据，平安好医生推出了"7+N+1"医疗AI产品体系，包 括名医数字分身、AI家庭医生、AI养老管家、AI医务室、AI健管师、AI慢病管理师、AI健康福利官 等，为业务全流程、全场景提供智能化决策支持。展望后市，看好AI在医疗、健康等领域的发展潜 力，有望持续为公司业务赋能。(格隆汇) ...

平安好医生的 B 端业务已从早期的基础健康服务升级为覆盖全周期、一站式的综合解决方案。通过与 平安集团协同打造"中国平安企业健康保障计划"解决方案体系，可满足企业多元化需求。在服务体系构 建上，凭其不断优化与完善企业员工健康管理服务体系，依托"到线、到店、到家、到企"的四到服务网 络，主要可为员工提供健康体检、专家医生问诊、就医协助、便捷购药、慢病健管、企业医务室等医健 服务。截至目前，平安好医生已与全国超过4500家企业客户共建高质量健康职场。 而B端业务的快速扩张，离不开技术赋能与生态协同的双重支撑。基于平安全球领先的6大医疗数据 库、超14.4亿线上问诊数据，持续迭代升级的"平安医博通"医疗大模型以及针对关键医疗场景的5大垂 域模型，平安好医生推出了"7+N+1"医疗AI产品体系，包括名医数字分身、AI家庭医生、AI养老管家、 AI医务室、AI健管师、AI慢病管理师、AI健康福利官等，为业务全流程、全场景提供智能化决策支 持。同时，依托平安集团 "综合金融 + 医疗养老" 战略，公司通过 "保险 + 医疗""保险 + 养老" 的深度融 合，为企业客户提供一站式健康保障解决方案，而覆盖约5万名内外部医生、 ...

从行业趋势来看，"健康中国" 战略深化与企业健康管理需求升级，为平安好医生 B 端业务提供了广阔 的增长空间。随着职场人群健康意识提升，企业对员工健康管理的投入持续增加，传统基础保障已难以 满足需求，全周期、个性化的健康服务成为市场主流。平安好医生精准把握这一趋势，以 B 端业务为 突破口，既避开了 C 端流量竞争的红海，又通过企业客户的规模化拓展实现了业绩的稳健增长。 B 端 业务的高增长韧性、AI 技术带来的盈利优化空间，以及医险协同的生态优势，为其长期价值提供了坚 实支撑。 未来，随着企业健康管理市场的持续扩容与公司服务能力的不断深化，平安好医生的 B 端业务有望持 续释放增长动能，进一步巩固其在互联网医疗行业的领先地位，而资本市场对其价值的认可，也将在业 务持续落地中逐步兑现。 而B端业务的快速扩张，离不开技术赋能与生态协同的双重支撑。基于平安全球领先的6大医疗数据 库、超14.4亿线上问诊数据，持续迭代升级的"平安医博通"医疗大模型以及针对关键医疗场景的5大垂 域模型，平安好医生推出了"7+N+1"医疗AI产品体系，包括名医数字分身、AI家庭医生、AI养老管家、 AI医务室、AI健管师、AI慢病管理 ...

人民财讯11月12日电，港股互联网医疗概念拉升，平安好医生涨超6%，京东健康、叮当健康、阿里健 康等跟涨。 ...

近日，第八届深圳全科医学大会在深圳举办，来自中国社区卫生协会及21个省市基层卫生协会的负责人，与全国超过1200位基层卫生行业代表齐聚一堂， 共同探讨落实国家医疗卫生强基工程实施方案和推动基础医疗服务新发展。与会现场，中国科学院院士顾东风、南方科技大学党委书记姜虹、国家卫健委 基层卫生司原司长聂春雷、体改司原司长梁万年与全国主要城市基层卫生协会会长共同启动《医疗卫生强基工程行动暨家庭医生质量全国认证项目(以下 简称"项目")》。平安健康互联网股份有限公司(以下简称"平安好医生",01833)及中国平安（601318）人寿保险股份有限公司(以下简称"平安人寿")相关负 责人现场分享该项目的实践成果，获得全国基层卫生协会及现场嘉宾的广泛认可和肯定。 医疗卫生强基工程行动暨家庭医生质量全国认证项目启动仪式 会上，中国社区卫生协会副会长、国家卫生健康委基层卫生司原司长聂春雷先生作《医疗卫生强基工程实施方案(以下简称"强基方案")》的政策解读。他 认为国务院推出"强基工程"恰逢其时，体现面对人工智能时代和老龄化时代来临的国家层面的及时应对。基层卫生和全科医生要贯彻落实国家强基工程12 项任务，要保持"优质服务基层行"高 ...

Core Viewpoint - The partnership between Ping An Good Doctor and Medtronic aims to integrate medical technology and digital health services to create a comprehensive health management solution for Chinese patients, supporting the "Healthy China 2030" strategy [1][7]. Group 1: Partnership Details - Ping An Good Doctor and Medtronic announced a deep collaboration to build a "full lifecycle digital health service" and a "medical-device-insurance integration" model [1][6]. - The collaboration will leverage Medtronic's expertise in chronic disease management and advanced medical technology, enhancing the precision and user satisfaction in health management [7][9]. Group 2: Industry Context - The global health demand is continuously upgrading, with China undergoing a significant digital transformation in healthcare [4]. - The Chinese government's initiatives emphasize preventive care and comprehensive health management, shifting public awareness from merely treating illnesses to proactive health management [4][5]. Group 3: Technological Integration - Ping An Good Doctor has developed extensive medical databases and AI technologies, enabling personalized and efficient health services [5]. - The newly launched "7+N+1" medical AI product system includes a multi-disciplinary consultation platform for complex diseases, improving treatment efficiency and patient experience [5][8]. Group 4: Future Aspirations - Both companies aim to explore innovative models that reduce patient burdens and enhance access to quality healthcare through a flexible payment system [8][11]. - The collaboration is seen as a milestone in merging professional medicine with digital platforms, addressing issues like resource inequality and fragmented services in healthcare [13][14].

Core Insights - The launch of the "Pharmaceutical Insurance Ecological Alliance" by Ping An Good Doctor and Roche Pharmaceuticals China aims to enhance health management services covering the entire cycle from prevention to rehabilitation, improving patient access to innovative drugs and payment flexibility [1][5]. Industry Overview - The financial and healthcare sectors are projected to be the largest and fastest-growing industries in China, driven by increasing household wealth and a growing willingness to pay for health management [2]. - Despite the growth, China's per capita healthcare spending remains significantly lower than that of developed countries, highlighting a potential for expansion in healthcare services [2]. - The aging population in China is leading to a surge in demand for elderly care services, further emphasizing the need for enhanced healthcare solutions [2]. Company Developments - Ping An Good Doctor is leveraging technology to shift from passive treatment to proactive health management, providing comprehensive health services throughout the disease cycle [2][3]. - The company is enhancing its online and offline service capabilities while accelerating the integration of AI technology across its healthcare and elderly care services [3]. - The accuracy of complex disease treatment plans has improved to nearly 90% due to advancements in AI and data integration, significantly enhancing patient experience [3]. Strategic Partnerships - The collaboration between Ping An Good Doctor and Roche Pharmaceuticals China in areas such as innovative flu treatments and oncology drugs is set to deepen, focusing on developing comprehensive digital health management solutions [5]. - This partnership is not only a business collaboration but also aligns with the "Healthy China 2030" strategy, aiming to implement health initiatives on a broader scale [5].

Group 1 - The National Medical Products Administration (NMPA) released a new regulation for the quality management of online sales of medical devices, effective from October 1, 2025, aimed at enhancing supervision and ensuring public safety [9] - Ping An Health reported a revenue of 3.725 billion yuan and a net profit of 184 million yuan for the first three quarters of 2025, marking a 13.6% increase in revenue and a 72.6% increase in net profit year-on-year [15] - JD Health signed a strategic agreement with Guangzhou Pharmaceutical Group to enhance digital cooperation in the pharmaceutical sector [21] Group 2 - The first "Internet + Healthcare" demonstration zone in China has been fully established in Ningxia, achieving full coverage of medical alliances and significant cost savings in healthcare [13] - Jiuzhoutong reported a revenue of 38.221 billion yuan for the third quarter of 2025, a year-on-year increase of 5.41% [14] - Yuyue Medical's revenue for the third quarter reached 1.89 billion yuan, with a focus on AI applications [31] Group 3 - Meituan's "Original Drug Assistant" feature was launched to help users distinguish between original and generic drugs, with a significant increase in search volume for original drugs [23] - Alibaba Health is leveraging Xiaohongshu to promote its online drug purchasing services, indicating a strategic shift towards social media marketing [25] - JD Health upgraded its online medical services in response to winter health challenges, providing 24/7 services [26] Group 4 - Baichuan Intelligent launched the Baichuan-M2 Plus evidence-based medical model, significantly reducing the risk of medical hallucinations [29] - Ant Group's AI health application AQ introduced a smart medication reminder feature to address chronic disease management for the elderly [30] - Micro Medical Holdings reported a 69% revenue growth in the first half of 2025, with AI medical services accounting for over 90% of its revenue [33]

Core Viewpoint - Southbound funds have increased their holdings in Ping An Good Doctor (01833.HK) by 5.26 million shares on November 5, 2025, indicating a growing interest from investors in the company [1]. Summary by Sections Shareholding Changes - In the last five trading days, southbound funds have increased their holdings on three occasions, with a total net increase of 4.30 million shares [1]. - Over the past 20 trading days, there have been 13 days of net increases, totaling 14.48 million shares [1]. - As of now, southbound funds hold 456 million shares of Ping An Good Doctor, accounting for 21.09% of the company's total issued ordinary shares [1]. Daily Shareholding Data - On November 5, 2025, total shares held were 456 million, with a change of 5.26 million shares, reflecting a 1.17% increase [2]. - On November 4, 2025, total shares held were 451 million, with a change of 1.21 million shares, reflecting a 0.27% increase [2]. - On November 3, 2025, total shares held were 450 million, with a change of -1.18 million shares, reflecting a -0.26% decrease [2]. - On October 31, 2025, total shares held were 451 million, with a change of 0.40 million shares, reflecting a 0.09% increase [2]. - On October 30, 2025, total shares held were 450 million, with a change of -1.39 million shares, reflecting a -0.31% decrease [2]. Company Overview - Ping An Good Doctor is engaged in providing medical and health services through mobile platforms and offline resources [2]. - The company operates through two segments: the medical services segment, which includes online consultations, referrals, appointment scheduling, hospitalization arrangements, disease diagnosis, and related sales of drugs and medical devices; and the health services segment, which offers standardized health service packages to meet users' health-related needs, covering various categories such as physical examinations, elderly care, dental services, anti-aging, and general health [2].