Ping An Good Doctor records 39% revenue growth in 2021 H1
Ping An Good Doctor(1833.HK) has announced its 2021 interim results. During the reporting period, the Company kept up the strong growth momentum, achieved a balanced development across all business segments and recorded revenue of RMB3.818 billion, an increase of 39.0% year-on-year. In particular, revenue from medical services grew by 50.6% year-on-year and contributed revenue of RMB1.067 billion. Revenue from consumer healthcare grew by 66.1% to RMB714 million. The number of registered users of the Company reached 400 million, an increase of nearly 55 million as compared to the same period in 2020.
Medical services posted rapid growth and registered users crossed 400 million
The Company continued to step up investments in strategic upgrades on three fronts, namely its capabilities, services and channels. Medical services maintained rapid growth and contributed revenue of RMB1.067 billion, an increase of 50.6% year-on-year. Consumer healthcare business gradually recovered from COVID-19 with revenue improving by 66.1% year-on-year to RMB714 million. Capitalizing on the strong growth of core businesses, the Company's revenue soared 39.0% year-on-year to RMB3.818 billion in the first half of 2021.
Internet healthcare services have become the new normal for residents to seek medical consultation. Benefiting from growing awareness and trust in Internet healthcare services among users, the core operating metrics of the Company’s Internet platform delivered a remarkable performance. As of 30 June 2021, the number of registered users of the Company reached 400 million representing an increase of nearly 55 million or 15.7% over the same period in 2020, with the cumulative paying users over the past 12 months reaching 32.1 million representing a year-on-year increase of 69.6%.
Focused on three medical specialities, "one GP for one customer" service in four scenarios
In the first half of 2021, Ping An Good Doctor made notable progress in medical speciality operations. The Company focused on three medical specialities, namely dermatology, Traditional Chinese Medicine, and gynecology and obstetrics, gathering more than 100 famous specialists and incubating other specialists in fields like ophthalmology, pediatrics, internal medicine and surgery. With the 24/7 online consultation services provided by in-house medical teams and the authoritative guidance of external renowned doctors, users have been provided with a wide range of services such as online consultations, prescription, medication guides, results interpretation and follow-up care available at home.
In respect of medical service capabilities, Ping An Good Doctor pioneered online tiered diagnosis and treatment, and positioned about 2,000 in-house medical teams as "customer managers with medical knowledge" and arranges them to provide online and offline healthcare services for customers striving to offer "faster, easier, hassle-free and more affordable" services providing the customer with a dedicated lifelong GP for each customer. Access to the customer is secured through four scenarios, namely health management, sub-health management, disease management and chronic disease management, creating a full-lifecycle electronic health record for each user.
In addition to in-house medical teams, the Company expanded the network of external doctors with more than 70% medical specialists from tertiary hospitals. The Company also launched more than 450 Famous Doctor Studios and adopted the "double-doctor” model to improve utilization of high-quality medical resources lifting user satisfaction to over 99% in the first half of 2021.
Expanded user acquisition channels empowered the Group to provide heartwarming financial services
Being a key part of the Ping An healthcare ecosystem, the Company focused on the conversion of high-value users acquired through integrated finance channels and corporate clients channels empowering the Group to provide heartwarming financial services. The Company also expanded its customer sources from insurance to integrated financial services such as Ping An Bank and Ping An Puhui and deeply integrated itself within Ping An Group's financial services business through medical membership products, health check-ups, health management services and others in order to provide full-lifecycle services for the Group's high value integrated financial customers thereby expanding the user base in an efficient manner.
For corporate clients, the Company provided customized products through an in-depth understanding of corporate employers as well as employee demands for medical services and healthcare services basing it on industry-specific attributes and employee conditions within the company, effectively reducing employers’ cost of medical treatment for employees and formulating customized health management solutions as well. As a result, the Company has successfully become a preferred health partner for corporate employers and a loyal health guardian for enterprises and employees.
Explore O2O medical service to establish a diagnosis and treatment system for whole medical treatment process
The Company has discovered a clearer trajectory for Internet hospital development. While enhancing online service capability, the Company is also exploring ways for seamless online-to-offline experiences throughout the consultation and medical processes by integrating our medical, doctor and traffic resources with influential offline public hospitals. As of 30 June 2021, the Company has been licensed to develop Internet hospitals under a self-construction model in 10 cities and has signed co-construction agreements with 205 hospitals to build Internet hospital platforms.
Going forward, Ping An Good Doctor will shift its focus onto national and regional hospital giants. The Company’s strategy is designed to focus on online famous hospitals, specialist centres and O2O specialist service packages in the short run, and online platform operations, tiered diagnosis and treatment services and availability of Social Health Insurance (SHI) payment at offline hospitals in the long run. The Company will step up efforts to build an urban healthcare ecosystem network by centering around O2O healthcare services for Grade A tertiary hospitals and co-constructed Internet hospitals in cities.