After no longer "going solo," Ping An Good Doctor has become stronger.

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After years of unruly expansion and valuation correction in the internet healthcare industry, Ping An Good Doctor is now trying to tell the capital market a brand new profit story.

According to the financial report released by Ping An Good Doctor on March 25, the total revenue for 2025 was 5.468 billion yuan, a year-on-year increase of 13.7%, while adjusted net profit reached 414 million yuan, a surge of 161.3% year-on-year.

This is the first significantly profitable annual report since Ping An Good Doctor's IPO.

Behind this remarkable performance is Ping An Good Doctor’s move away from the dream of an independent internet healthcare platform, opting instead for full integration into Ping An Group.

In 2025, Ping An Group and its affiliates contributed 2.28 billion yuan in revenue to Ping An Good Doctor, a year-on-year increase of nearly 40%, accounting for 41.7% of total revenue, up more than 7 percentage points year-on-year.

Whether the scale of transactions between Ping An Good Doctor and its parent company and affiliates will continue to rise is under close watch.

From a business perspective, the synergy with commercial insurance forms the fundamental revenue base for Ping An Good Doctor, bringing in 3.296 billion yuan in 2025, an 11% year-on-year increase; meanwhile, the corporate health management business showed strong explosive growth, with income of 1.306 billion yuan that period, up 40.6% year-on-year.

Together, the commercial insurance synergy and corporate health management businesses contributed 4.602 billion yuan in revenue to Ping An Good Doctor, accounting for over 80% of total revenue.

At the same time, Ping An Good Doctor is also squeezing profit margins through hard-core cost control, with a total cost ratio of 30.6% in 2025, down 4.6 percentage points year-on-year.

However, this surge in net profit did not come solely from strong core operations and cost control, but was also significantly boosted by non-operating income.

In 2025, Ping An Good Doctor’s "other net income" reached 140 million yuan, up 203.7% year-on-year, serving as a key driver directly increasing net profit for the period.

This mainly originated from the reversal of 90 million yuan in historical litigation provisions in 2024.

“As of December 31, 2025, historical cases and disputes involving provisions have been closed. Based on facts and progress, combined with internal and external legal opinions, the group has reversed the unused provision of 90 million yuan previously recognized,” Ping An Good Doctor pointed out.

Undoubtedly, this financial report from Ping An Good Doctor injects a boost of confidence into the internet healthcare industry that had experienced a prolonged winter, giving up the grand narrative of independently building a super platform, and instead becoming Ping An Group's "healthcare infrastructure" in exchange for tangible monetary returns.

This is also a common feature among internet healthcare platforms currently achieving large-scale profitability. JD Health’s business is also deeply tied to its parent site, with its core medicine purchasing entry still embedded in JD.com’s app.

This is not only the current state of Ping An Good Doctor and JD Health, but also the harsh reality recognized by the entire internet healthcare industry after years of ups and downs: a purely independent healthcare service platform is almost an unviable commercial proposition at present.

Whether relying on insurance and finance, or backed by retail e-commerce, shedding the halo of a “disruptor” and willingly retreating backstage to become an indispensable “health infrastructure” and value-added component within the parent company’s ecosystem may be the optimal way to survive steadily.

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