Ping An Health integrates DeepSeek: A new AI medical engine opens up new growth space

At the beginning of 2025, the global AI field witnessed an unprecedented technological revolution—the rapid rise of the open-source large model DeepSeek. From finance to healthcare, from technology to manufacturing, more and more enterprises are beginning to realize the enormous potential of this technology and are joining the wave of deploying DeepSeek.

In the domestic market, leading cloud service providers such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud were the first to support DeepSeek, providing users with convenient one-stop deployment solutions; in vertical industries, brokerages like Huafu Securities and Guojin Securities, healthcare giants like Heng Rui Medicine and Wanda Information, as well as technology companies like Tianrongxin and Shengtian Network have also completed localized deployments.

According to Zhitong Finance APP, as a leading enterprise in China's internet healthcare sector, Ping An Health (01833) has always been at the forefront of technological innovation. It is reported that Ping An Health has completed the deployment of DeepSeek and verified some application scenarios based on its "Ping An Medical Botong" multimodal large model and "Ping An Medical Family" doctor workstation.

From the perspective of the capital market, Ping An Health's integration of DeepSeek is undoubtedly an important strategic upgrade. As a highly regarded internet healthcare stock in the Hong Kong market, Ping An Health's continuous investment and innovation in AI technology in recent years have built a solid competitive barrier. The integration of DeepSeek will further strengthen its technological moat and enhance its leading position in the industry.

It is worth mentioning that recently, China Ping An acquired shares of Ping An Health through a stock dividend, consolidating its financial statements and reaffirming its intention not to privatize Ping An Health. This move may, to some extent, further empower Ping An Health's AI strategy with the group's resources and technological capabilities.

With the group's acquisition and financial consolidation, followed by the integration of DeepSeek, Ping An Health is ushering in a new dawn of AI.

Combining with Existing AI Models to Strengthen Corporate Moat

Since its establishment, Ping An Health has always regarded technological innovation as its core driving force. The company launched its self-developed AI-assisted diagnosis and treatment system, "AI Doctor," as early as 2018, and has continuously iterated and upgraded it, forming a comprehensive AI medical solution covering pre-diagnosis, diagnosis, and post-diagnosis.

In terms of products, Ping An Health has innovatively created five major databases: disease database, prescription treatment database, medical product database, medical resource database, and personal health database, and has built the "Ping An Medical Botong" multimodal medical large model and 12 AI business model groups.

The integration of DeepSeek signifies an important upgrade to Ping An Health's AI technology system and opens up new growth opportunities for the company's future development.

As an advanced AI technology platform, DeepSeek possesses powerful data processing and deep learning capabilities. By combining with Ping An Health's existing AI models, DeepSeek can help the company further enhance the intelligence level of its medical services.

For example, in disease diagnosis, DeepSeek can assist doctors in making more accurate diagnoses by analyzing vast amounts of medical data; in health management, DeepSeek can provide personalized health management plans based on users' health data This technological synergy not only optimizes existing medical service processes but also provides patients with more efficient and precise health management services. More importantly, the integration of DeepSeek further deepens Ping An Health's technological moat. In the internet healthcare industry, technological barriers are one of the key factors determining a company's competitiveness. By continuously exploring, building, and introducing advanced technologies, Ping An Health has established a significant advantage in the AI healthcare field. The integration of the DeepSeek large model will further widen the gap with competitors and consolidate its leading position in the industry.

In fact, although the application prospects of AI technology in the healthcare field are broad, the uniqueness of the medical industry dictates that AI technology must be more specialized and refined. The healthcare industry involves a vast amount of specialized knowledge and complex clinical scenarios, and AI systems must undergo extensive professional training to perform effectively in practical applications.

As a general AI technology platform, DeepSeek possesses strong capabilities in data processing and deep learning, but its application in the healthcare field still requires further industry-specific training. Ping An Health's deep accumulation in the medical field provides a solid foundation for DeepSeek's industry-specific training.

As a professional internet healthcare company, Ping An Health has a large team of medical experts and rich medical data resources. These experts have accumulated profound knowledge and experience in their respective fields, which can provide professional guidance for DeepSeek's training in the healthcare sector. Additionally, the vast amount of real medical data accumulated by Ping An Health over the years, including medical records, diagnostic records, and treatment plans, serves as valuable material for training medical AI models.

By combining Ping An Health's professional advantages with DeepSeek's technological strengths, DeepSeek's applications in the healthcare field can become more precise and reliable. For example, in medical imaging diagnosis, with the knowledge and experience of professional doctors, DeepSeek can better understand the features in medical images, accurately assess disease types and severity, and provide more valuable auxiliary diagnostic information to doctors; in disease diagnosis, Ping An Health's medical team can provide DeepSeek with a wealth of clinical cases to help the AI system better understand the characteristics and diagnostic criteria of different diseases.

Moreover, the regulatory environment in the healthcare industry also imposes strict requirements on the application of AI technology. With years of compliance operation experience, Ping An Health can ensure that all AI-related projects comply with national laws and regulations as well as industry standards. This is crucial for gaining user trust and promoting the implementation of technology.

Support from Group's Technology and Funding

It is noteworthy that the integration of DeepSeek by Ping An Health may also reflect China Ping An's high regard for its AI development strategy. As one of China's largest comprehensive financial service groups, China Ping An has been increasing its investment in technology in recent years, aiming to create a dual-driven model of "comprehensive finance + healthcare and elderly care" under the integration of finance and technology. In the healthcare sector, Ping An Health has always been the flagship of China Ping An's healthcare and elderly care ecosystem and views it as one of the important directions for future development As an important member of Ping An Insurance, after acquiring Ping An Health through stock dividends and consolidating its financial statements, Ping An Insurance possesses strong capabilities and resources in finance, technology, and other fields. Its support for Ping An Health will provide a solid backing for the company's AI development.

Wang Zhaojiang, Executive Dean of the North Mountain Changcheng Fund Research Institute in Shenzhen, believes that using stock dividends for a growing and excellent enterprise is a more optimized dividend scheme for both shareholders and the company. "On one hand, there is no need to pay dividends in cash, allowing the enterprise to have more cash flow for development; on the other hand, for shareholders, having high-quality stocks may have a much greater appreciation potential than dividends."

Regarding this consolidation, several institutions, including Citigroup, UOB Kay Hian, and Huatai Securities, believe that this move will help Ping An Health continue to demonstrate long-term synergy effects with the group.

Citigroup's research report pointed out that Ping An Insurance issued $3.5 billion in convertible bonds last July, with the net proceeds intended to meet the group's future finance-centered business development needs, to supplement the group's capital requirements; to support the business needs of the group's new strategic developments in healthcare and elderly care; and also for general corporate purposes. Citigroup estimates that this will also involve PA GOODDOCTOR, and details may be disclosed when the group announces its 2024 annual results in March, which may strengthen control over Ping An Health and potentially lead to capital injection.

Huatai Securities believes that after the consolidation within Ping An Insurance, Ping An Health, as an important part of Ping An's "healthcare and elderly care" strategy, will see significant improvements in its fundamentals driven by the release of synergies with other business lines within the group (such as commercial health insurance), which is also key to driving its valuation increase.

Based on this, we can reasonably speculate that Ping An Insurance may further increase its support for Ping An Health in the future. This may include financial investment, resource sharing, and technological collaboration.

For example, Ping An Insurance can provide strong financial support to help Ping An Health increase its investment in AI technology research and application. Whether it is attracting high-end technical talent or building advanced computing infrastructure, substantial financial support is required. The capital injection from Ping An Insurance will enable Ping An Health to layout and develop in the AI field more quickly. It will also facilitate a deeper understanding of user needs and behavior patterns, providing users with more personalized healthcare financial services, such as customized health insurance products.

Capital Market Outlook: Valuation Increase Expected

The integration of DeepSeek into Ping An Health is a strategically significant move that brings multiple benefits to the company.

One of its core competitive advantages lies in its unique business model, which combines online and offline services to provide users with a full chain of services from health management and disease prevention to diagnosis and treatment. The integration of DeepSeek will bring new optimizations and enhancements to this model.

For the company, integrating DeepSeek means a transformation from purely digital services to comprehensive intelligence. By leveraging DeepSeek's powerful computing capabilities and algorithm advantages, the in-depth application of AI technology in medical services is expected to further enhance Ping An Health's user scale and revenue levels, thereby driving the company's valuation growth