南方财经全媒体记者 柯怡 上海报道 "金融是平安的现在时，医疗是平安的未来时。" 随着几份一季度财报的发布，平安集团在多年前的这个预判，得到了成功验证。 1.03万亿元的年营收、1266亿元的归母净利润，中国平安凭借综合金融和科技板块的协同优势，在2025 年保持了一如既往的稳健增长。 而作为平安医疗养老业务的核心，平安健康先是在2024年以48.08亿元的年营收、8143万元的净利润， 实现了首次盈利上岸，又在2025年一季度以10.6亿元的单季营收，5790万元的单季利润，步入了持续向 好的盈利通道。 在这些业绩数据的背后，更吸睛、更具含金量、也更让内行称道的，是一串更细致的经营指标： 2024年，平安健康的居家养老服务实现营收2.8亿元，同比暴增413.5%；而在中国平安的年报中，居家 养老客户对寿险件均首年保费的贡献，提升了3倍。 对于普通大众而言，或许很难理解这些经营指标背后所蕴含的意义，即便是金融业的从业者，如果不能 深刻理解平安在"综合金融+医疗养老"上的布局，也很难领会到平安在医疗和保险两大产业上的协同意 义，更难于想象它对于这家金融巨头未来的价值。 为什么是平安？ 今天的平安，既是一个市场主 ...

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]