Ping An Good Doctor 4000-word in-depth research report

$PA GOODDOCTOR(01833.HK)$JD HEALTH(06618.HK) $ALI HEALTH(00241.HK)Research on Ping An Good Doctor reveals that the biggest takeaway is: an internet healthcare platform reliant on group synergies, which has just achieved marginal profitability but has weak financial foundations, with long-term value constrained by industry policies and monetization efficiency.

🎯 Core logic: Ping An Good Doctor is an online healthcare service platform under Ping An Group, positioned as a "connector" (connecting users, doctors, pharmaceutical companies, and insurers). New users mainly come from group life insurance and bank referrals, with 99% of revenue from mainland China. Growth is constrained by industry policies and its own monetization efficiency.

📈 Financial highlights: First marginal profit in 2024 (net margin of 1.69%), ROE turned positive to 0.97%, operating cash flow (¥99 million) and free cash flow (¥65 million) turned positive for the first time in nearly five years. However, three-year revenue CAGR was -13.5% (2021-2024), with profit improvement driven by cost-cutting. The debt-to-asset ratio surged to 78.67%, and the current ratio is close to 1 (1.02), indicating significant short-term liquidity pressure.