Ping An Healthcare Revenue Growth Still Slow To Develop Despite Company's Optimism

Ping An Good Doctor, or PAGD, pivoted its business model at the end of 2021 to become more like a health maintenance organization, or HMO, model for where it now focuses on providing healthcare services to corporations and individuals, away from its previous model where it was a one-stop shop that provided online consultations, healthcare e-commerce, hospital bookings, and various services to individuals. The platform still makes these online services available to single users, but its focus is now on adding incremental users via selling its HMO product through corporations signing up and less on e-commerce. Despite the change, we still do not expect robust demand in the near term and expect revenue to increase 6% year on year in 2022.