The stock price doubled during the year! Big Momo Supports Safe and Good Doctor (01833): AI Empowers Online Healthcare to Achieve Differentiated Competition

Technology empowers the ecosystem, integrates medical insurance, and Ping An Good Doctor (01833) is embarking on a unique value growth curve.

The Zhitong Finance App learned that recently, Morgan Stanley released a research report saying that in the context of increasingly homogenized insurance products, Ping An Good Doctor is becoming the key to differentiated competition in the industry by integrating medical, health and old-age services, making full use of AI technology and deeply integrating with the parent company Ping An Group.

The foundation of this competitiveness lies in its unique ecological resources and data accumulation. Damo believes that Ping An Good Doctor's core barrier stems from its unique resource endowment: on the one hand, it relies on Ping An's individual customer base of over 247 million, providing it with massive, realistic, and highly sticky user touchpoints; on the other hand, the company's own accumulated more than 1.4 billion pieces of structured consultation data have become the “fuel” for training AI models in vertical fields.

In the first half of 2025, its AI application has reduced the cost of single customer service for family doctors by about 52%, and the diagnosis accuracy rate remains around 98%. The deepening application of products such as the “Ping An Medical Broadcom” model is transforming technical advantages into service and cost advantages. This “technology-data-scenario” triad flywheel effect is being rapidly transformed into sustainable cost advantages and service premium capabilities.

What is particularly noteworthy is that Ping An Good Doctor is expanding in depth from the C-end consumer market to B-side corporate health services and F-end comprehensive financial customers. Damo pointed out that the B-side business has become the new engine of the company's growth, and it is expected to increase by 30% to 50% over the next 3 to 5 years Rapid expansion. By providing customized health management solutions to corporate customers, the company not only opens up new revenue space, but also strengthens synergy with Ping An Group's insurance, banking, asset management and other sectors, and realizes multi-dimensional exploration and cross-transformation of customer value.

In terms of financial performance, Dr. Ping An has shown clear strategic strength and operational resilience. The company actively reduces low-margin and inefficient businesses, focuses on high-value diagnosis and treatment services and corporate health solutions, and uses AI to drive cost reduction and efficiency throughout the process. According to this forecast, Dama predicts that this transformation supports a steady increase in the medium-term net interest rate from 5% to 6% estimated in 2025 to more than 10%, while the revenue side will also maintain steady growth, with a compound annual growth rate ( CAGR ) is expected to surpass 10%.

The performance of the secondary market also confirms that Ping An Good Doctor's business development has achieved remarkable results. Ping An Good Doctor's stock price performance was outstanding this year, with a cumulative increase of more than doubling during the year, leading the Hong Kong Internet healthcare sector, reflecting investors' recognition of its strategic transformation and growth prospects. The strong trend in stock prices is not only a response to improved performance, but also reflects the market's optimistic expectations about the prospects of the “Medical+Insurance+Technology” model.

Simply put, Ping An Good Doctor's competitive advantage does not only come from technology or traffic, but also because it uses “family doctor+pension manager” as a dual hub to build an ecological moat integrating health management, insurance protection, and intelligent technology. Under the general trend of accelerated population aging and health consumption upgrades, the company is moving from “scale expansion” to “deep value cultivation”, firmly seizing a strategic high position in the new racetrack of deep integration of healthcare and financial insurance. This is not only a shift in business model, but also a vivid implementation of the vision of “technology empowers a healthy China”.