股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 平安健康醫療科技有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01833 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | 0.000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | 0.000005 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 ...

Investment Rating - The investment rating for Ping An Good Doctor (1833.HK) is not explicitly stated in the provided documents [1]. Core Insights - The company reported a revenue of approximately 5.468 billion yuan for 2025, representing a year-on-year increase of 13.7%. The adjusted net profit was about 414 million yuan, up 161.3%, while the net profit attributable to the parent company reached 380 million yuan, reflecting a significant increase of 366.1% [2][3]. - The enterprise health management business experienced a growth rate exceeding 40% in 2025, driven by improved operational efficiency. The company served over 6,700 paying corporate clients, marking an 83.1% year-on-year increase [3]. - The integration of AI into the business has enhanced profitability, with AI services covering 100% of individual clients within the Ping An Group. The AI doctor service had nearly 12 million users in 2025, with a diagnostic accuracy rate of 95.1% [3]. Financial Summary - For 2025, the total revenue was 5,468 million yuan, with a projected growth rate of 14% for 2026, 7% for 2027, and 10% for 2028. The net profit attributable to the parent company is expected to be 458 million yuan in 2026, 569 million yuan in 2027, and 683 million yuan in 2028, with respective growth rates of 21%, 24%, and 20% [4][5]. - The gross margin for 2025 was 32.41%, with projections of 32.68% for 2026, 32.91% for 2027, and 33.19% for 2028. The return on equity (ROE) was 3.83% in 2025, expected to rise to 5.88% by 2028 [4][5]. - The price-to-earnings (P/E) ratio is projected to decrease from 68.84 in 2025 to 32.49 by 2028, indicating a potential increase in valuation attractiveness over time [4][5].

Investment Rating - The investment rating for Ping An Good Doctor (1833.HK) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on financial performance and growth prospects [1]. Core Insights - The company reported a revenue of approximately 5.468 billion yuan in 2025, representing a year-on-year increase of 13.7%. The adjusted net profit was about 414 million yuan, up 161.3%, while the net profit attributable to shareholders increased by 366.1% to approximately 380 million yuan [2][3]. - The enterprise health management business experienced a growth rate exceeding 40% in 2025, driven by improved operational efficiency and profitability. The company served over 6,700 paying corporate clients, marking an 83.1% increase year-on-year [3]. - The integration of AI into the business model has enhanced profitability, with AI services covering 100% of individual clients and achieving a diagnostic accuracy rate of 95.1% [3]. Financial Performance Summary - **Revenue Growth**: The company expects revenues of approximately 5.873 billion yuan in 2026, 6.431 billion yuan in 2027, and 7.167 billion yuan in 2028, with year-on-year growth rates of 7%, 10%, and 11% respectively [5]. - **Net Profit**: The net profit attributable to shareholders is projected to be 458 million yuan in 2026, 569 million yuan in 2027, and 683 million yuan in 2028, with growth rates of 21%, 24%, and 20% respectively [5]. - **Profitability Metrics**: The gross margin is expected to improve from 32.41% in 2025 to 33.19% in 2028, while the return on equity (ROE) is projected to increase from 3.83% to 5.88% over the same period [4][5]. Business Segments Summary - **Health Management Services**: The enterprise health management segment generated 1.306 billion yuan in revenue, reflecting a year-on-year growth of 40.6%. The company provides comprehensive health management solutions to corporate clients [3]. - **Insurance Collaboration**: The commercial insurance collaboration business generated 3.296 billion yuan, with a year-on-year increase of 11%. The company has significantly improved its service offerings, resulting in a 1.5 times increase in new insurance policies for health rights clients [3]. AI Integration and Service Enhancement - The AI-driven services have significantly contributed to cost reduction and efficiency improvements, with a reported 45% decrease in the cost of consultation services in Q4 2025 [3]. - The company has expanded its service network, collaborating with over 5,100 hospitals and 240,000 pharmacies, enhancing its service delivery across various channels [3].

目錄 | 關於本報告 | 02 | | --- | --- | | 董事長和首席執行官致辭 | 04 | | 2025 年亮點績效 | 06 | | 獎項與榮譽 | 08 | | 關於公司 | 10 | | 關鍵績效表 | 100 | | 聯交所 ESG 報告守則索引表 | 105 | 可持續發展管理 01 | 築牢責任治理生態 | 24 | | --- | --- | | 深化產品服務保障生態 | 30 | | 打造低碳運營生態 | 39 | 03 04 | 科技賦能醫療發展 | 50 | | --- | --- | | 科技賦能客戶體驗 | 55 | | 強化數據安全體系根基 | 62 | | --- | --- | | 恪守信息安全 | 69 | | 夯實隱私保護行動 | 72 | 05 先進科技賦能 數據安全基石 普惠醫療與社會責任擔當 | 普惠同心共行 | 76 | | --- | --- | | 供應鏈責任共築 | 83 | | 勞工權益共護 | 88 | | 可持續發展戰略管理 | 14 | | --- | --- | | 利益相關方溝通 | 20 | | 重大性議題 | 21 | 02 系統性 ...

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED 平安健康醫療科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1833） 適用於股東週年大會的代表委任表格 | | | （附註5） 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | --- | | 1. | | 省覽、考慮及採納本公司及其附屬公司截至2025年12月31日止年度的經 | | | | | | 審計合併財務報表、本公司董事（「董事」）會報告及本公司獨立核數師報 | | | | | 告。 | | | | | 2a. | | 重選下列退任董事： | | | | | (i) | 何明科先生為執行董事。 | | | | | (ii) | 臧珞琦女士為執行董事。 | | | | | (iii) | 付欣女士為非執行董事。 | | | | | (iv) | 朱梓陽先生為非執行董事。 | | | | | (v) | 湯雲為先生為獨立非執行董事。 | | | | 2b. | | 授權本公司董事會（「董事會」）釐定董事薪酬。 | | | | 3. ...

1. 省覽、考慮及採納本公司及其附屬公司截至2025年12月31日止年度的經審 計合併財務報表、本公司董事（「董事」）會報告及本公司獨立核數師報告。 2a. 重選下列退任董事： • 何明科先生為執行董事； • 臧珞琦女士為執行董事； • 付欣女士為非執行董事； • 朱梓陽先生為非執行董事；及 • 湯雲為先生為獨立非執行董事； 2b. 授權本公司董事會（「董事會」）釐定董事薪酬。 3. 續聘安永會計師事務所為本公司核數師，任期至本公司下屆股東週年大會 結束為止，並授權董事會釐定其截至2026年12月31日止年度的薪酬。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不會就因本通告全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED 平安健康醫療科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1833） 股東週年大會通告 茲通告平安健康醫療科技有限公司（「本公司」）謹訂於2026年4月23日（星期四） 下午2 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有平安健康醫療科技有限公司股份，應立即將本通函及隨附的代表委任表格送 交買方或經手出售或轉讓的銀行、股票經紀或其他代理人，以便轉交買方或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED 平安健康醫療科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1833） 建議 重選退任董事 發行股份及回購股份的一般性授權 及 股東週年大會通告 本公司股東週年大會謹訂於2026年4月23日（星期四）下午2時假座中國上海市楊浦區國霞路298號INNO創 智B棟5樓508-509會議室舉行，大會通告載於本通函第17至22頁。本通函亦隨附適用於股東週年大會的代 表委任表格。有 ...

2025 此年度報告（「年度報告」）（英文及中文版）已於本公司網站 www.pagd.net 和披露易網站 www.hkexnews.hk 上登 載。凡選擇以本公司網站瀏覽公司通訊（包括但不僅限於年度報告及（如適用）財務摘要報告、中期報告及（如適用） 中期摘要報告、會議通告、上市文件、通函及代表委任表格）以代替任何或所有印刷本之股東，可提出要求後獲免費 發送年度報告印刷本。 股東可隨時書面通知香港證券登記處，郵寄地址為香港灣仔皇后大道東183號合和中心17M樓，或通過電郵地 址 pagd.ecom @ computershare.com.hk ，要求更改所選擇收取公司通訊的方式（收取印刷本或通過本公司網站 以電子方式瀏覽）及語言版本（僅收取英文版 ；或僅收取中文版 ；或同時收取中、英文版）。 目錄 獨立非執行董事 湯雲為先生 郭田勇先生 周永健博士 審計及風險管理委員會 湯雲為先生（主席） 郭田勇先生 蔡方方女士 提名及薪酬委員會 | 公司資料 | 3 | | --- | --- | | 董事長和首席執行官致辭 | 5 | | 管理層討論與分析 | 8 | | 董事及高級管理層 | 24 | | 董事會報告 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company's revenue for 2H25 reached 2.97 billion yuan, a year-on-year increase of 9.3%, surpassing the Visible Alpha consensus estimate of 2.94 billion yuan, primarily driven by rapid growth in corporate health management business due to group synergy [1] - Non-IFRS net profit was 250 million yuan, exceeding the consensus estimate of 160 million yuan, corresponding to a non-IFRS net profit margin of 8.4%, up 5.9 percentage points year-on-year, attributed to the increased proportion of high-margin corporate health management business, AI-enabled cost reduction and efficiency improvement, enhanced supply chain procurement capabilities, and some non-operating income [1] - The company is expected to benefit from deeper business collaboration with the group post-consolidation, future opportunities in the commercial insurance sector, and ongoing cost reduction and efficiency enhancement from AI technology [1] Business Performance - The corporate health management revenue grew by 40.6% year-on-year to 1.31 billion yuan, driven by a steady increase in the number of partner companies [2] - The company achieved a steady increase in high-value paying users, with approximately 35 million paying users in 2025, an 11.4% year-on-year increase, achieving a penetration rate of 14% among 250 million personal financial users of the Ping An Group [2] - The number of paying service companies reached 6,700, an increase of 83.1%, demonstrating robust customer acquisition progress [2] AI Development - The company has made significant progress in AI applications in healthcare, with AI contributing nearly 80 million yuan in gross profit in 2025, accounting for 4.5% of total gross profit [3] - The cost per consultation decreased by approximately 45% year-on-year in Q4 2025, thanks to the development of a comprehensive AI diagnosis and treatment system [3] - The management plans to increase investment in AI applications in healthcare, transitioning from simple automation to deep assistance in various scenarios [3] Profit Forecast and Valuation - The report adjusts the non-IFRS net profit forecast for 2026/2027 upwards by 8.0%/10.8% to 480 million/610 million yuan, primarily due to the increasing proportion of platform business model, which has a relatively high profit margin [4] - The valuation method has shifted from PS to EV/adjusted net profit, with a target EV/adjusted net profit of 40x for 2026, reflecting a premium over the average of comparable companies [4] - The target price is set at 15.9 HKD per share, down from the previous estimate of 17.2 HKD per share based on the PS valuation method [4]

Cautionary Statements Regarding Forward-looking Statements This presentation is provided by Ping An Healthcare and Technology Company Limited (hereinafter referred to as the "Company"). To the extent any statements made in this report contain information that is not historical, these statements are essentially forward-looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates will or may occur in the fut ...