Investment Rating - The report maintains a "Hold" rating for Ping An Good Doctor (1833.HK) with a target price of HKD 14.0, indicating a potential downside of 5% from the current price of HKD 14.8 [2][4]. Core Insights - The company has shown steady revenue and net profit growth in Q3 2025, with an expected annual revenue growth of approximately 15% and a net profit margin of around 5% [2][8]. - The recent stock price correction has brought the shares into a relatively reasonable range, supporting the "Hold" rating [2]. - The new management team is expected to accelerate collaboration with the group and explore new business models, enhancing the company's long-term growth potential [8]. Financial Performance Summary - For 2023, the company reported a revenue of RMB 4,674 million, with a projected increase to RMB 5,525 million in 2025, reflecting a year-on-year growth of 14.9% [3][9]. - The net profit is expected to turn positive in 2024, reaching RMB 81 million, and further increasing to RMB 247 million in 2025 [3][9]. - The adjusted net profit for Q3 2025 was RMB 51.39 million, with an adjusted net profit margin of 4.2% [8]. Business Segment Performance - The F&B segment and B2B health services have shown robust growth, with a 21.5% increase in revenue for the first nine months of 2025 [8]. - The number of users in home care services has increased by 41% compared to the end of 2024, indicating strong demand in this area [8]. Management Changes - The appointment of new executives with extensive consulting experience is anticipated to drive the company's strategic initiatives and operational efficiency [8].

平安健康医疗科技有限公司是一家通过移动平台和线下资源从事提供医疗及健康服务的公司。该公司通 过两个分部开展其业务。医疗服务分部主要从事在线咨询、转诊及预约挂号、住院安排、疾病诊疗及相 关药品、医疗器械销售。健康服务分部提供多种整合医疗健康机构服务的标准化健康服务包，以满足用 户健康相关需要，覆盖体检、养老、齿科、抗衰、泛健康等多品类及服务形态。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-10-27 | 4.49亿 | -112.99万 | -0.25% | | 2025-10-24 | 4.50亿 | -124.18万 | -0.28% | | 2025-10-23 | 4.51亿 | 24.74万 | 0.05% | | 2025-10-22 | 4.51亿 | -286.57万 | -0.63% | | 2025-10-21 | 4.541Z | 109.62万 | 0.24% | 证券之星消息，10月27日南向资金减持112.99万股平安好医生（01833.HK）。近5个交易日中，获南向 资金减持的有3天，累计 ...

Core Viewpoint - Morgan Stanley's research report indicates that Ping An Good Doctor's revenue for the first three quarters of this year increased by 13.6% year-on-year to 3.72 billion yuan, while net profit rose by 72.6% to 184 million yuan, and adjusted net profit grew by 45.7% to 216 million yuan [1] Group 1: Financial Performance - Revenue for the first three quarters reached 3.72 billion yuan, reflecting a year-on-year growth of 13.6% [1] - Net profit increased to 184 million yuan, marking a year-on-year growth of 72.6% [1] - Adjusted net profit rose to 216 million yuan, with a year-on-year increase of 45.7% [1] Group 2: Future Outlook - The company is expected to achieve over 10% revenue growth for the full year, with an adjusted net profit margin target of 5% to 6%, contingent on the pace of AI investments [1] - The AI technology implemented has improved the treatment accuracy for complex diseases to approximately 90%, up from about 80% in the first half of the year [1] - The cost of family doctor services has decreased by approximately 52% year-on-year due to the use of AI technology [1] Group 3: Analyst Rating - Morgan Stanley has set a target price of 16.3 HKD and assigned a "Market Perform" rating to the company [1]

Core Insights - Ping An Health Insurance has launched the upgraded "Ping An Le Health" brand, marking a significant step in the integration of health insurance and medical services [2][3] - The new "Ping An Le Health" client app will serve as a digital platform for health lifestyle management, aiming to create valuable health assets for customers [2][3] Group 1 - The upgrade signifies Ping An Health Insurance's commitment to the "Healthy China" strategy and aims to enhance customer experience in health management [2] - The new health insurance service system will provide a comprehensive digital platform that connects various health-related services, creating a closed-loop system of policies, services, records, rewards, and memberships [3] - The initiative is expected to promote a sustainable health asset management approach among families, encouraging collective health management [3] Group 2 - The transformation from the initial launch of the "Ping An Le Health" service brand in 2023 to its upgrade in 2025 reflects a strategic evolution in the company's core operations [3] - Industry experts view this upgrade as a practical implementation of the regulatory advocacy for "health insurance + health management," setting a benchmark for professional development in the health insurance sector [3] - The introduction of features like health points and family accounts aims to create a multi-faceted network involving users, hospitals, and insurance, potentially paving the way for a "Chinese version of HMO" [3]

Core Viewpoint - The National Financial Regulatory Administration has issued guidelines to promote the high-quality development of health insurance, emphasizing the integration of health management and insurance services, which aligns with the strategic upgrade of Ping An Health Insurance's service system [1][3]. Group 1: Policy and Strategic Upgrade - The new guidelines aim to transform health insurance from a risk bearer to an active health manager, promoting a new service system that combines prevention, management, and protection [3][6]. - Ping An Health Insurance has upgraded its client app to "Ping An Le Health," reflecting its commitment to a dual-driven strategy of "health insurance + medical services" [2][5]. Group 2: Service System and Digital Platform - The "Ping An Le Health" platform integrates four service areas: "Vibrant Living," "Quality Medical Care," "Digital Healing," and "Long-term Protection," providing comprehensive health coverage [4][5]. - The platform establishes a "Health Asset Account" for each customer, quantifying health behaviors into valuable assets, thus creating a closed-loop system that encourages family participation in health management [4][5]. Group 3: Market Position and Future Plans - Ping An Health Insurance has built a vast service network, collaborating with numerous hospitals and covering over 200 countries, serving 46.84 million individual clients and 27.5 million corporate clients [5][6]. - The company aims to enhance public health awareness through a series of marketing activities, aligning with the national health strategy and contributing to the improvement of public welfare [5][6].

Core Insights - Morgan Stanley reported that Ping An Good Doctor (01833) achieved a revenue growth of 13.6% year-on-year to 3.72 billion RMB in the first three quarters of this year, with a net profit increase of 72.6% to 184 million RMB [1] - The adjusted net profit rose by 45.7% to 216 million RMB, while the third quarter saw a revenue growth of 3% and a net profit that remained roughly stable, with a net profit margin of 4.1% and an adjusted net profit margin of 4.3% [1] - The target price set by Morgan Stanley is 16.3 HKD with a "market perform" rating, indicating a positive outlook for the company [1] Financial Performance - For the first three quarters, the company reported a revenue of 3.72 billion RMB, reflecting a year-on-year growth of 13.6% [1] - The net profit for the same period was 184 million RMB, marking a significant increase of 72.6% year-on-year [1] - Adjusted net profit reached 216 million RMB, which is a 45.7% increase compared to the previous year [1] Future Outlook - Morgan Stanley believes that the company can achieve an annual revenue growth of over 10% and an adjusted net profit margin of 5% to 6%, contingent on the pace of AI investments [1] - The AI technology implemented by the company has improved the accuracy of complex disease treatments to approximately 90%, up from about 80% in the first half of the year, and has reduced the cost of family doctor services by approximately 52% year-on-year [1]

Core Viewpoint - Ping An Good Doctor reported a revenue of 3.725 billion yuan for the first nine months of 2025, representing a year-on-year growth of 13.6% compared to 3.279 billion yuan in the same period last year [1] Financial Performance - The net profit for the first nine months of 2025 was 184 million yuan, an increase of 72.6% from 107 million yuan in the previous year [1] - Adjusted net profit reached 216 million yuan, up 45.7% from 148 million yuan year-on-year [1] Stock Performance - As of the last trading day, the stock price of Ping An Good Doctor was 15.48 HKD, which is a cumulative decline of 36.56% from its peak of 24.40 HKD on September 3 [1]

Core Viewpoint - Southbound funds have increased their holdings in Ping An Good Doctor (01833.HK) by 247,400 shares on October 23, 2025, indicating a positive trend in investor sentiment towards the company [1] Group 1: Shareholding Changes - In the last five trading days, Southbound funds have increased their holdings for four days, with a total net increase of 2,916,200 shares [1] - Over the past 20 trading days, Southbound funds have reduced their holdings on ten occasions, resulting in a total net reduction of 5,803,300 shares [1] - As of now, Southbound funds hold 451 million shares of Ping An Good Doctor, accounting for 20.85% of the company's total issued ordinary shares [1] Group 2: Company Overview - Ping An Good Doctor operates through mobile platforms and offline resources to provide medical and health services [2] - The company has two main business segments: the medical services segment, which includes online consultations, referrals, appointment scheduling, hospitalization arrangements, disease diagnosis, and sales of related pharmaceuticals and medical devices [2] - The health services segment offers standardized health service packages that integrate various medical health institution services to meet users' health-related needs, covering areas such as physical examinations, elderly care, dental services, anti-aging, and general health [2]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Core Insights - Ping An Good Doctor reported a revenue of 3.725 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.6% [1] - The company achieved a net profit of 184 million yuan, marking a significant year-on-year increase of 72.6% [1] - Adjusted net profit reached 216 million yuan, reflecting a year-on-year growth of 45.7% [1] Financial Performance - Revenue for the first three quarters of 2025 was 3.725 billion yuan, up 13.6% compared to the previous year [1] - Net profit for the same period was 184 million yuan, showing a 72.6% increase year-on-year [1] - Adjusted net profit was 216 million yuan, with a year-on-year growth of 45.7% [1] Business Segments - The F-end (comprehensive financial client) and B-end (enterprise) health management business revenue grew by 21.5% year-on-year [1] - The number of enterprise clients served exceeded 4,500, with B-end paying users increasing by 30.6% compared to the same period last year [1] Future Outlook - The company plans to strengthen collaboration with Ping An Group and promote the digitalization and AI integration of core services [1] - There is an emphasis on enhancing user experience and satisfaction through a more integrated service approach [1]