Investment Rating - The report maintains a "Buy" rating for Ping An Good Doctor (1833.HK) [4][2] Core Insights - In H1 2025, the company achieved revenue of 2.502 billion RMB, representing a growth of 19.5%, with a gross margin of 33.6%, an increase of 1.4 percentage points [1] - The net profit attributable to shareholders reached 134 million RMB, a significant increase of 137%, with a net profit margin of 5.4% [1] - Adjusted net profit, excluding share-based payments and foreign exchange losses, was 165 million RMB, up 83.6%, with an adjusted net profit margin of 6.6%, an increase of 2.3 percentage points [1] - The company effectively controlled expenses, with sales expenses of 381 million RMB (up 3.9%) and a sales expense ratio of 15.2% (down 2.3 percentage points) [1] - The F-end revenue was 1.432 billion RMB, growing by 28.5%, with a paid user base of 20 million, an increase of 34.6% [1] - The B-end enterprise health revenue was 527 million RMB, up 35.2%, with over 3,500 paid service enterprises, an increase of 37.2% [1] - The elderly care service revenue reached 172 million RMB, with a gross margin of 37.6%, an increase of 20.7 percentage points [1] Financial Forecast - Revenue projections for 2025-2027 are 5.504 billion RMB, 6.276 billion RMB, and 7.074 billion RMB, with year-on-year growth rates of 14.5%, 14.0%, and 12.7% respectively [2] - Expected net profits for the same period are 263 million RMB, 360 million RMB, and 453 million RMB, with growth rates of 223.0%, 36.7%, and 25.9% respectively [2] - The report indicates a significant improvement in profitability metrics, with projected earnings per share (EPS) of 0.12 RMB in 2025, increasing to 0.21 RMB by 2027 [3]