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: 2025年10月2日 I. 法定/註冊股本變動 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: 2025年9月30日 狀態: 新提交 | 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 50,00 ...

Core Viewpoint - The article highlights that Ping An Good Doctor has successfully passed the second evaluation of the Data Security Management Capability (DSMC) certification, becoming the first in the healthcare sector to achieve this milestone, which underscores the importance of data security and privacy protection in the company's sustainable development strategy [1][4]. Group 1: DSMC Certification and Evaluation - The DSMC assessment is a dynamic and ongoing process aimed at ensuring that certified companies maintain the effectiveness and advancement of their data security management systems over a three-year period [3]. - The recent re-evaluation was based on the updated T/ISC0059—2024 standards, which impose higher requirements on the completeness of management systems, effectiveness of technical tools, and compliance of process execution [3]. Group 2: Data Security Achievements - As of 2024, Ping An Good Doctor has obtained multiple information security management system certifications, including ISO 27001, ISO 27701, and ISO 27799, covering 100% of its business operations [3]. - The company has enhanced its self-developed business system's comprehensive security defense capabilities, achieving a 35% improvement in alert detection compared to previous commercial products [3]. Group 3: Commitment to Sustainable Development - The company emphasizes that data security and personal information protection are fundamental responsibilities for compliance and sustainable development [4]. - Ping An Good Doctor's sustainable development strategy focuses on comprehensive sustainability, advanced technology empowerment, robust information security protection, and extensive social responsibility [4]. Group 4: Future Directions and Industry Collaboration - The company plans to use its certification as a starting point to deepen privacy protection practices and build a solid digital trust for users [4]. - The China Academy of Information and Communications Technology (CAICT) aims to enhance the DSMC evaluation system by integrating the latest national standards, encouraging more companies, especially those in data processing, to participate in DSMC evaluations [5].

Group 1 - The conference aimed to promote the integration of community finance and grassroots health services, with participation from various stakeholders including government officials, healthcare providers, and representatives from Ping An Health Medical Technology Co., Ltd. [1][3] - The national group standard for family doctors was developed with input from over 30 medical experts and aims to enhance the quality of remote and internet health services, laying the groundwork for innovation in grassroots health models [3][5] - Ping An Health has been providing high-quality, one-stop medical and health services to over 240 million personal financial customers since its establishment in 2014, leveraging its AI chronic disease management capabilities [5][10] Group 2 - The conference included discussions on the role of social organizations in grassroots health management, focusing on how companies can support the development of grassroots health services [6][8] - Ping An Life's community financial service team is implementing a one-stop solution that integrates insurance with health and elderly care services, drawing on international experiences to enhance community resource integration [8][10] - The innovative service model has shown effectiveness in chronic disease management, with a reported 75% improvement in weight management among community residents participating in pilot programs [10][12] Group 3 - The initiative aligns with national healthcare policies and aims to standardize the application of family doctor group standards across 100 cities, enhancing the capabilities of community health services through a comprehensive support plan [12]

Core Insights - The fund "泉果思源三年持有期混合C" (Fund Code: 018330) was established on June 2, 2023, with a total management scale of 2.092 billion yuan, aiming for long-term stable asset appreciation through in-depth research and analysis of quality listed companies [1][2] - As of September 24, 2025, the fund achieved a one-year return of 50.25%, outperforming the benchmark growth rate of 31.30% and exceeding the average return of mixed funds during the same period [1] - Over the past two years, the fund's return was 31.93%, which is higher than the performance benchmark of 24.06% [2] Fund Manager Profile - The current fund manager, 刚登峰, has 16 years of experience in the securities industry and holds a master's degree in management from Shanghai Jiao Tong University [2] - He has previously managed several funds, including "东方红睿丰灵活配置混合型证券投资基金" and "东方红优势精选灵活配置混合型发起式证券投资基金" [2] Market Outlook - The fund manager indicated that trade negotiations are crucial for setting the tone for the current trade conflict and determining the extent of domestic policy adjustments [3] - The domestic economy showed good performance in the first half of the year, but there are signs of weakening demand and pressure in the real estate market [3] - There is a notable phenomenon where leading companies listed in Hong Kong are trading at a significant premium compared to their A-share counterparts, which is historically rare [3] - The manager believes that leading companies in A-shares are undervalued and that there is substantial room for valuation recovery in the long term [3] - With household deposits reaching approximately 160 trillion yuan, there is a mismatch between undervalued quality companies and the large amount of capital seeking high-yield investment opportunities [3]

Core Viewpoint - The comprehensive claim ratio of short-term health insurance in the industry is low, with a median of 42.12% and an average of 45%, indicating insufficient consumer protection and trust in insurance companies [1][3][4]. Summary by Sections Comprehensive Claim Ratio - The comprehensive claim ratio is a crucial indicator of insurance product protection, with a higher value indicating more payouts to consumers [4]. - The current ratio of around 45% is considered low, with industry professionals suggesting a more reasonable range of 50%-70% for better consumer experience and sustainable operations [4][11]. Trends Over Time - From 2023 to the first half of 2025, the median claim ratio for life insurance companies increased from 38.83% to 42.12%, while for property insurance companies, it rose from 38.70% to 42.30% [6]. - Among the insurers reporting data, 11 had negative claim ratios, and 9 exceeded 100%, with 44 companies falling between 0%-40% and 33 between 40%-60% [6]. Company Performance - Major insurers like China Life, Ping An Health, and others have claim ratios above 50%, while companies like Zhong An Insurance and Tai Kang Online have significantly lower ratios [11]. - The disparity in claim ratios among companies is influenced by their product focus, with those offering broader coverage typically having higher ratios [14]. Cost Structure and Profitability - Low claim ratios do not necessarily equate to high profits for insurance companies, as high operational costs can offset potential gains [13]. - The competitive landscape for acquiring customers, especially through digital channels, has led to increased costs, impacting claim ratios [13]. Market Dynamics - The importance of commercial health insurance is growing, especially with reforms in payment methods that open new opportunities for development [16]. - The current short-term health insurance products primarily cover out-of-pocket expenses after basic insurance reimbursements, often with high deductibles [16]. Future Outlook - There is a recognized need to improve the claim ratio by at least 20 percentage points to enhance consumer satisfaction and trust [16]. - Strategies to increase consumer engagement and expand coverage are being explored, including targeting sub-healthy and sick populations [18][19]. - Government initiatives to support group health insurance purchases may provide a significant boost to the commercial health insurance market [20].

Group 1 - The event on September 18, 2025, was part of the National Cybersecurity Publicity Week, focusing on the themes of "Cybersecurity for the People" and "Zero Distance Between Police and Citizens" [1] - Ping An, a leading global "comprehensive finance + healthcare and elderly care" group, emphasizes its responsibility in building cybersecurity and protecting over 240 million personal customers' information and property security [1] - The rapid development of the internet and artificial intelligence has highlighted the importance of cybersecurity as a key guarantee for social and national stability [1] Group 2 - Ping An Good Doctor formed a professional volunteer team to provide emergency support during the cybersecurity publicity event, ensuring the health and safety of attendees [1] - The company has long adhered to the principle of "finance for the people" and actively engages in volunteer services and educational public welfare projects [1] - Ping An Good Doctor aims to leverage technology and resources to participate in social welfare and security projects, contributing to the construction of a healthy China and a strong cyber nation [1]

Core Insights - The number of internet hospitals in China reached 3,756 last year, with a total of 130 million patient visits, indicating significant growth in the sector [1][4] - The integration of AI technology has improved the efficiency of online consultations, allowing doctors to manage their time better and enhance patient care [3][6] - Companies like Ping An Good Doctor and JD Health reported profitability in the first half of this year, reflecting a positive trend in the internet healthcare industry [6] Group 1: Industry Growth - The internet healthcare sector has seen a surge in patient numbers, particularly among chronic disease patients who benefit from online consultations [5][6] - The convenience of internet hospitals allows patients to send medical reports in advance, reducing the need for travel to major cities for consultations [1][3] Group 2: AI Integration - AI technology is being utilized to streamline the online consultation process, with platforms providing "personal AI assistants" to help doctors prepare for patient interactions [3][6] - The use of AI has reportedly increased service efficiency by 33%, saving doctors approximately 60,000 hours of work [3] Group 3: Chronic Disease Management - Chronic disease management is a key focus for internet hospitals, with platforms enhancing patient adherence to treatment through reminders and follow-ups [6][7] - The ability to provide medication delivery services is particularly beneficial for patients in remote areas, improving access to necessary treatments [3][6]

Core Viewpoint - Southbound funds have reduced their holdings in Ping An Good Doctor (01833.HK) by 1.322 million shares on September 18, indicating a trend of net selling over the past few trading days [1] Group 1: Southbound Fund Activity - In the last five trading days, southbound funds have reduced their holdings for four days, with a total net reduction of 3.4349 million shares [1] - Over the past 20 trading days, there have been 11 days of net increases in holdings, totaling 22.2725 million shares [1] - As of now, southbound funds hold 455 million shares of Ping An Good Doctor, accounting for 21.06% of the company's total issued ordinary shares [1] Group 2: Shareholding Changes - On September 18, the total number of shares held was 455 million, with a decrease of 1.322 million shares, representing a change of -0.29% [2] - On September 17, the total number of shares held was 457 million, with a decrease of 1.7086 million shares, representing a change of -0.37% [2] - On September 16, the total number of shares held was 458 million, with a decrease of 1.7548 million shares, representing a change of -0.38% [2] - On September 15, the total number of shares held was 460 million, with a decrease of 328,400 shares, representing a change of -0.07% [2] - On September 12, the total number of shares held was 461 million, with an increase of 1.6788 million shares, representing a change of 0.37% [2] Group 3: 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 [2] - The health services segment offers standardized health service packages that integrate various medical health institution services to meet users' health-related needs, covering categories such as physical examinations, elderly care, dental care, anti-aging, and general health services [2]

Core Viewpoint - China Ping An's recent team adjustment is not a withdrawal from Shanghai, but rather a compliance-driven restructuring to align its registered and operational locations as required by regulatory changes [1][2][6] Group 1: Team Adjustment and Compliance - The adjustment involves relocating some employees from Shanghai to Shenzhen to comply with the new Company Law and related regulations, which mandate that the registered office must match the operational office [1][2] - Ping An Life's registered office is in Shenzhen, while some business teams were previously based in Shanghai, necessitating this compliance adjustment [2][6] Group 2: Shanghai's Role and Importance - Shanghai remains a critical hub for China Ping An, serving as its second headquarters, with significant functions in asset management, support services, and healthcare [2][3] - The asset management center in Shanghai manages over 5.8 trillion yuan, making it a key player in the industry [2][5] - Shanghai is home to various core subsidiaries, including Ping An Asset Management, Ping An Pension Insurance, and Ping An Good Doctor, which are leaders in their respective fields [5][6] Group 3: Historical Context and Contributions - China Ping An has established a long-standing presence in Shanghai since 1994, with the second headquarters approved in 2005 [4][5] - Over the past decade, China Ping An has created 770,000 jobs in Shanghai, served 7.07 million customers, and contributed 104.6 billion yuan in taxes [5] Group 4: Strategic Advantages of Shanghai - Shanghai's selection as the second headquarters is attributed to favorable policies, market opportunities, and a rich talent pool [6][7] - The city’s development as an international financial center aligns with Ping An's strategic goals, enhancing its operational efficiency and service capabilities [7]

Core Insights - The second Digital Health Academic Conference was held in Beijing, where the China CDC Chronic Non-communicable Disease Prevention Center and Ping An Good Doctor jointly released the "Digital Weight Management Research Report" [2][3] - The report is the first weight management blue paper following the launch of the "Weight Management Year" three-year action plan by the National Health Commission [2][3] - The conference gathered over a thousand participants from various health organizations and institutions, emphasizing the importance of digital weight management [2] Industry Overview - The obesity rates in China have surged, with overweight and obesity rates among residents aged 18 and above reaching 34.3% and 16.4%, respectively [3] - The weight management market is rapidly growing, driven by policy initiatives and increased public health awareness, with a market size exceeding 220 billion yuan and an annual growth rate of 18% [6] Technological Innovation - The report highlights a dual-platform management model combining "AI + Remote Management," utilizing the "Ping An Jin Guanjia" app and "Enterprise WeChat" to cater to different user needs [4][5] - AI technology plays a crucial role in dynamically formulating weight management plans and monitoring patients' weight through data analysis [5] Implementation and Effectiveness - The report's findings are based on over 13,000 users' anonymized data, demonstrating the effectiveness and sustainability of digital weight management through a 21-day training camp and 3-6 months of follow-up [3][4] - During the 21-day training camp, users lost an average of over 1.5 kg, with 60% achieving their weight loss goals, and the long-term follow-up confirmed the model's effectiveness in maintaining weight loss [4] Standardization Efforts - The establishment of a group standard led by the Chinese Preventive Medicine Association aims to standardize and systematize weight management practices, addressing inconsistencies in service delivery [6] - The standard will cover the entire process of weight assessment, intervention implementation, and long-term follow-up, providing a framework for health management professionals [6] Future Directions - Ping An Good Doctor is positioned as a core component of the Ping An Group's healthcare ecosystem, leveraging its "data + model + scenario" advantages to develop a comprehensive AI product system for personalized weight management [7] - The company aims to enhance service efficiency and provide cost-effective solutions, aligning with the "Weight Management Year" initiative and exploring new models and pathways in the industry [7]