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平安好医生(1833.HK):利润率水平明显提升 B端企康及养老服务持续发力
Ge Long Hui· 2025-08-28 11:54
Group 1 - The company achieved a revenue of 2.502 billion yuan in the first half of 2025, representing a year-on-year increase of 19.5% [1] - Gross margin improved to 33.6%, up by 1.4 percentage points, while net profit attributable to shareholders reached 134 million yuan, a significant increase of 137% [1] - Adjusted net profit, excluding share-based payments and foreign exchange gains/losses, was 165 million yuan, reflecting an 83.6% increase, with an adjusted net margin of 6.6%, up by 2.3 percentage points [1] Group 2 - The F-end revenue was 1.432 billion yuan, growing by 28.5%, with the number of paid users increasing by 34.6% to 20 million [1] - The B-end revenue reached 527 million yuan, up by 35.2%, with over 3,500 paid service enterprises, marking a 37.2% increase [1] - The number of B-end users exceeded 3.6 million, a growth of 39.2%, driven by accelerated enterprise health services [1] Group 3 - The elderly care service revenue was 172 million yuan, significantly up from 47.3 million yuan in the same period of 2024, with a gross margin of 37.6%, an increase of 20.7 percentage points [2] - The company has expanded its home care services to cover 85 cities nationwide, adding 10 cities since the end of last year, enhancing user service experience [2] - Profit forecasts for 2025-2027 indicate revenues of 5.504 billion, 6.276 billion, and 7.074 billion yuan, with year-on-year growth rates of 14.5%, 14.0%, and 12.7% respectively [2]