4月23日，平安健康（1833.HK）公布了2025年一季度业绩。 财报显示，平安健康在2025Q1实现收入10.62亿元，同比增速高达25.8%，增速水平远超市场预期。受 益于战略2.0、医险协同持续优化等举措，公司在2024年顺利实现收入增长回正，随着改革红利持续释 放，2025Q1的收入重回双位数增长。 利润方面，公司在2025Q1实现净利润3319万元，同期经调整净利润录得5786万元。同比来看，这两个 利润表科目在去年同期都处于净亏损状态；环比来看，2025Q1实现的净利润已经超过了2024全年的 1/3，以此判断公司的盈利能力正在加速释放。 那么，平安健康为何能够在2025Q1实现收入双位数增长、利润加速释放？平安健康未来估值又有哪些 核心看点？ 01 高协同性业务是业绩加速释放的关键 医险协同战略是平安健康近年来的主旋律，随着战略2.0进入深化阶段，公司聚焦于高毛利率的高协同 性业务，推动业务结构持续优化，逐步形成了"保险+医疗健康"和"保险+居家养老"的业务结构。反映在 财务数据上，从渠道维度来看，F端和B端业务是公司收入的支柱。 公司财报数据显示，在2025Q1，平安健康F端和B端企业健康管 ...

Core Viewpoint - In an increasingly uncertain market environment, companies that can consistently deliver performance certainty are becoming more valuable. Ping An Health has demonstrated strong quarterly results following a historic turnaround to profitability, with significant revenue growth and improved profit margins. Financial Performance - For Q1 2025, Ping An Health reported revenue of 1.06 billion RMB, a year-on-year increase of 25.8%. The adjusted net profit reached 57.9 million RMB, indicating a net profit margin of approximately 5.5% [5][8][19] - The capital market has responded positively, with southbound funds increasing their holdings in the company, raising the proportion from 14.83% three months ago to 17.25% as of April 27, 2025 [5][19] Strategic Developments - The company is enhancing its collaboration with Ping An Group, focusing on "medical claims collaboration" and "insurance + medical care membership" to improve product competitiveness [6][11] - Ping An Health's B-end business has seen a significant increase, with over 2,100 corporate clients served and a year-on-year growth of over 45% in paid users [6][11] Market Trends - The healthcare industry in China has surpassed 9 trillion RMB, with a growth rate exceeding 10%. The silver economy market is projected to expand from 7 trillion RMB to 30 trillion RMB by 2035 [9][10] - Policy support for the integration of "medical + insurance" is strengthening, with initiatives aimed at enhancing the commercial health insurance sector [10][19] Technological Advancements - Ping An Health is leveraging AI technology in healthcare, with significant improvements in service efficiency and diagnostic accuracy. The AI-assisted diagnostic system covers over 2,000 diseases with a diagnostic accuracy exceeding 95% [12][13] - The introduction of the "Ping An AI Assistant" service aims to provide comprehensive online and offline medical support, enhancing customer engagement and service delivery [13] Valuation Insights - The company's operational improvements and value creation are leading to a reassessment of its intrinsic value, with a notable increase in its valuation elasticity compared to peers [14][15] - Analysts have set an average target price of 9.57 HKD, indicating a potential upside of 34.6% from the recent closing price of 7.11 HKD [17][18]