Ping An Good Doctor Earnings Conference: The Advances and Retreats of the B2B Strategy

Ask AI · How will Mingke He’s diverse background reshape Ping An Good Doctor’s strategy?

Reporter Huang Yifan

On March 25, after releasing its annual performance report, Ping An Good Doctor held an earnings briefing session. At the scene, the reporter saw that in addition to CFO Zang Luoqi, the executives attending this briefing also included the newly appointed CEO Mingke He, who made his first appearance in the public eye.

At this press briefing, Mingke He delivered remarks without reading from a script throughout the entire session, which is rare for Ping An Good Doctor’s past earnings briefings.

In October 2025, Mingke He took over the CEO position. Unlike Ping An Good Doctor’s previous two management leaders—Dou Li and Weihao Fang—which had different backgrounds, Mingke He carries multiple labels, spanning the internet and healthcare. Coupled with the company’s prior development history, the differences in the development thinking of the successive CEOs have left clear marks on the company’s development.

With the arrival of the new management, Ping An Good Doctor’s strategic direction has drawn significant attention. The market is especially concerned: will the company subsequently send clear signals of strengthening the C-side internet elements?

At this earnings briefing, Mingke He repeatedly affirmed the company’s previous strategy, saying that a “good strategy” requires sticking to it and坚持ing. When discussing the company’s performance in 2025, he summarized it as “model validation and high-value growth.” He said that the so-called model validation is reflected in the fact that revenue from two core businesses has maintained double-digit growth. He also specifically mentioned that the B-side corporate health management business achieved a respectable 40% growth.

Accelerating the B-side Business

Before the release of this annual report, external impressions of Ping An Good Doctor mainly centered on how its business and revenue were highly dependent on the Ping An ecosystem. But this ingrained perception is now being challenged.

According to the performance report, Ping An Good Doctor achieved total revenue of RMB 5.47 billion for the full year, up 13.7% year over year; attributable net profit was RMB 380 million, up 366.1%; adjusted net profit was RMB 410 million, up 161.3%; and the adjusted net profit margin increased to 7.6%.

According to management, changes in revenue structure are partly responsible for the company’s 2025 growth.

The reporter noticed that in this annual report, Ping An Good Doctor introduced new business categories, reclassifying its main business into two major segments: commercial insurance synergy and corporate health management. In 2024, Ping An Good Doctor’s main business categories were still medical services, health services, and elder care services.

The commercial insurance synergy segment is also known as the F-side business. It is the main body and foundation of Ping An Good Doctor’s revenue today. Last year, revenue from this segment reached RMB 3.30 billion, up 11.0%.

This portion of revenue mainly comes from Ping An Group’s comprehensive financial services and its vast base of individual customers. Ping An Good Doctor provides healthcare services to these customers, as value-added rights of or supporting services for its insurance products.

The corporate health management segment mainly provides services to external corporate customers, and is referred to as the B-side business. The core of this business is that Ping An Good Doctor directly sells employee health management solutions to enterprises, and enterprises pay for employees’ health services.

From the financial report, this segment’s revenue surged last year, achieving 40.6% year-over-year growth.

In terms of the scale of serving enterprises, in 2025 the number of corporate customers served by the corporate health management business exceeded 6,700, up 83.1% year over year. In 2024, the number was only 2,049; in 2023 it was 1,508. A Ping An Good Doctor internal employee told the reporter that previously, the company had always focused on developing the B-side business. In his view, it was only last year that the corporate health management business truly “ran through the model” and grew in a real way. Growth on the B-side means Ping An Good Doctor successfully shifted from relying on internal group traffic to tapping external market-oriented payers.

At the earnings briefing, Mingke He said that previously, the market more often saw that the company’s main business revenue came from providing internal synergy services to Ping An Group’s commercial insurance. “In 2025, we scaled up and expanded the corporate health management business. While achieving high growth rates, we also reached scale.”

At the briefing, Mingke He explained the commercial logic of this segment. He said the operational feature of corporate health management is to first lock in the enterprise-side prepaid entrusted amount, and then build service capabilities based on it and convert that into actual consumption of healthcare services, forming a funnel model from payment to service to profitability. “For us, from obtaining the entrusted amount or payment capability from a customer, to GMV, and then to revenue and profitability, it’s gradually realized from top to bottom, like a waterfall, dripping in.”

Mingke He used as an example the service of a large metro company in a certain city, to introduce details of Ping An Good Doctor’s corporate health management services. First, by establishing a digital enterprise health dashboard, it connects the best resources in first-tier cities including Beijing, Shanghai, Guangzhou, enabling enterprise employees to directly connect with front-line, most authoritative doctors. Second, it brings medical rooms—complete with advanced equipment—into enterprises, so doctors can solve problems immediately. Third, it provides “one enterprise, one approach” customized health services to enterprises based on industry characteristics and conditions such as special job categories.

Continuing to Expand the B-side

Regarding the business model differences of Ping An Good Doctor, Mingke He believes that when internet companies engage in healthcare services, their logic is to build services first, then invest subsidies to expand the user base to attract users, and finally gradually achieve profitability. Ping An Good Doctor’s model differs from those companies: it first has the payer, and then quickly builds a service system for it. He believes that the company’s service network effects and reputation effects are increasingly starting to show.

In fact, in the early days of Ping An Good Doctor’s founding, when Tao Wang from the Alibaba ecosystem led the company, it also adopted an internet playbook with a C-side mindset. However, that copycat internet approach ended in 2020 when Wang Tao left.

In 2020, Weihao Fang, who came from within the Ping An system and has a financial background, took over Wang Tao. Previously, several internal Ping An employees told the reporter that compared with Wang Tao, Fang Weihao’s financial background made his management style more steady.

In 2021, Ping An Group clearly put forward a “dual-wheel strategy of comprehensive finance + healthcare,” and Ping An Good Doctor’s development strategy was adjusted accordingly. In October 2021, at the company’s Investor Open Day, Ping An Good Doctor formally announced the upgrade to Strategy 2.0, defining “HMO health management + family doctor membership system + O2O healthcare services” as its core business model.

The core of the HMO model is integrating “payers” and “service providers.” Unlike the way the U.S. HMO model mainly relies on commercial health insurance, Ping An Good Doctor’s HMO model is mainly based on F-side and B-side payment capabilities. With more than 250 million individual financial customers and a large number of corporate customers, Ping An Group provides Ping An Good Doctor with a payer base of huge scale. Relying on Ping An Group’s financial customers (F-side payment) and enterprise customers (B-side payment) allows it to bypass the difficult C-side traffic acquisition and directly enter the most value-added payment segments.

In addition to financial customers from within the Ping An ecosystem, Ping An Good Doctor also began simultaneously building its external B-side enterprise service capabilities.

It is understood that in 2022, Ping An Good Doctor internally started to more clearly define enterprise health management as a new growth driver. What the outside world could see was that in the 2022 annual report, it devoted a large amount of space to showcasing the “YiQi Health” product system. The importance of B-side corporate health services has already been a consensus internally.

At this briefing, Mingke He spent a considerable amount of time explaining enterprise health services to the outside world. His expectation is to achieve fast and new growth.

He believes that there is still room for improvement in the company’s B-side service capabilities—both in breadth and depth are not enough. In terms of expanding service breadth, this year Ping An Good Doctor will partner with more chain pharmacies, bringing these pharmacies’ physical locations into the offline fulfillment system for health services. In terms of depth, it is to develop services that best fit the characteristics of enterprise employees.

For example, starting in November 2025, Ping An Good Doctor began planning and building the “Ping An Circle,” integrating quality healthcare resources such as pharmacies, dental clinics, and TCM health therapy centers located near enterprise employees’ office and living areas, to solve the “last three kilometers” problem in enterprise health services. It also eliminates the need for individuals to front payment and handle reimbursements; payment, fulfillment, and service are completed in a one-click closed loop. The current annual report also shows that its scenario-based one-click payment service “Ping An Yi Jian Pay” for enterprise health management has covered 77,000 pharmacies.

For building its future B-side capabilities, Mingke He proposed two key approaches: first, reduce service costs by enabling more customers through more flexible shared methods; second, improve the quality of high-end services by breaking through with technologies such as superconducting technology and elder care projects, to meet the layered needs of high-end customers. Third, emphasize serving enterprises by truly entering them, demonstrating the company’s advantages and service capabilities, thereby increasing stickiness, renewal rates, and reducing sales costs.