Core Viewpoint - Ping An Good Doctor (01833) has shown steady growth in revenue and net profit for Q3 2025, with an expected annual revenue growth of approximately 15% and a net profit margin of around 5% [1][2]. Financial Performance - For the first nine months of 2025, the company's revenue increased by 14% year-on-year to RMB 3.72 billion, while net profit surged by 73% to RMB 180 million, resulting in a net profit margin increase of 1.7 percentage points to 4.9% [2]. - In Q3 2025, revenue rose by 3% year-on-year to RMB 1.22 billion, with net profit increasing by 7% to RMB 48.93 million, maintaining a net profit margin of 4.0% [2]. Business Segments - The F&B segment and B-end corporate health business saw a revenue increase of 21.5% year-on-year for the first nine months of 2025, with over 4,500 corporate clients served [3]. - The number of paid users in the B-end segment grew by 30.6% compared to the same period last year, while the number of users in home care services increased by 41% by the end of Q3 2025 [3]. Management Changes - The recent appointment of new management, including Guo Xiaotao as Chairman and He Mingke as CEO, is expected to enhance collaboration with the group and drive new business development [4].
浦银国际：维持平安好医生“持有”评级 目标价14.0港元