Ping An Good Doctor’s revenue increased 6.8% last year, executives responded to stock prices, regulation and new models

On March 15, Ping An Health Medical Technology Co., Ltd. (stock abbreviation “Ping An Good Doctor”, 1833.HK) released its 2021 annual performance report.

Data shows that last year, Ping An Good Doctor’s total revenue reached 7.334 billion yuan, a year-on-year increase of 6.8%, of which medical service revenue was 2.288 billion yuan, accounting for 31.2%, and health service revenue was 5.046 billion yuan, accounting for 31.2%. The ratio was 68.8%. The company said in its annual report that due to the continuous strategic upgrade during the reporting period, the company increased its investment in channels, services and capabilities, resulting in a net loss of 1.539 billion yuan.

Yesterday evening, Ping An Good Doctor also held a performance conference. Fang Weihao, Chairman of the Board of Directors and Chief Executive Officer of Ping An Good Doctor, and Zang Luoqi, Senior Vice President and Chief Financial Officer of Ping An Good Doctor, responded to investors’ concerns such as ” The impact of the Internet Diagnosis and Treatment Supervision Regulations (Draft for Comment) (hereinafter referred to as the “Draft for Comment”) on the company, the implementation of the business model of the new strategy “HMO Health Management + Family Doctor Membership + 020 Medical Services”, and how the management views it Downward stock prices, repurchase progress and other issues.

How much will the strict supervision of Internet diagnosis and treatment have on Ping An Good Doctor?

In October 2021, the National Health Commission’s Medical Administration and Hospital Administration issued the “Draft for Comments”, and the Internet diagnosis and treatment industry ushered in more comprehensive and strict supervision.

SPDB International Research Report explained that the “Draft for Comments” made specific regulations on the management of medical record information for online consultations, and the integrated quality control of online and offline businesses in physical medical institutions. It increases the operating cost of platform-based Internet medical companies, and also stipulates that AI should not replace doctor consultation. Currently, online consultation platforms mostly use AI to guide diagnosis. There is still no clear consensus on whether AI is not used to diagnose diseases and prescribe drugs by assisting doctors in diagnosis.

How much impact does this policy have on Ping An Good Doctor? Fang Weihao said at the performance conference that the policy was introduced at the right time. From the perspective of the company, in the past few years, it has been paying more attention to the construction of quality control and medical safety; secondly, the company has always paid attention to the construction of compliance, and has set up 12 self-built Internet hospitals across the country. The settlement of point practice and practice qualifications is clearly helpful. At the same time, it also strictly implements real-name consultations and real-name prescriptions online. Third, the company uses AI to improve the efficiency of doctor consultations. “For us, the corresponding regulatory compliance costs have been incurred in the past.”

Shares have fallen to low levels over the past four monthsCEO< strong>Detailed explanation of the implementation of the new model

Even so, the “Draft for Comments” still caused the share price of Ping An Good Doctor to fall, and coupled with factors such as slowing economic growth and the spread of the epidemic, Wind According to the data, from November 1, 2021 to the close of March 15, 2022, the company’s stock price fell by as much as 58.14% and closed at HK$15.74 per share yesterday.

In response to the issue of the falling stock price, Fang Weihao said frankly that the company’s stock price is affected by multiple factors, including domestic and foreign situations, the market, and factors that have different views on the entire industry. Short-term fluctuations in stock prices are not indicative of a company’s long-term value.

At the performance conference, Fang Weihao also explained in detail the “HMO health management + family doctor membership system + 020 medical service” model. The essence of the so-called HMO model is to combine medical services with medical insurance, and users can After paying a certain fee to the insurance institution, you can obtain the services of the medical institution that cooperates with the corresponding insurance institution.

In October last year, Ping An Good Doctor proposed that this model will become the company’s new business model. In the past, Ping An Good Doctor mainly focused on the C-end, but the new model mainly expands its B-end direction.

Fang Weihao said that since the launch of the above model in October 2021, it has launched an overall series of products with Ping An Life Insurance, providing customers with different levels of medical and health service products according to the different policy amounts. In series, it covers all services of “online + offline” and “medical + health”; secondly, the company and health insurance have cooperated with “E-life insurance + outpatient package” products, which contributed to health insurance companies last year. Nice performance.

Fang Weihao further stated that in terms of providing health management services to corporate employees, the company formed several major product series last year, such as cooperating with insurance companies to provide “insurance + medical health” products; Enterprises with medical fund pools can provide more and richer medical and health products; thirdly, companies can also provide pure health management services for enterprises.

Fang Weihao said that from the perspective of short-term practice, there have been many cases to verify the correctness of this direction, and more and more empirical cases will be implemented in the future. ”

It is worth mentioning that at the end of last year, Ping An Good Doctor also announced that it planned to repurchase up to 10% of the company’s issued shares. The highest total amount of funds is about 1.38 billion yuan.

At the performance conference, Zang Luoqi said that up to now, the company has repurchased about 17.96 million shares, costing more than 500 million yuan. The company will depend on market conditions and stock price performance. Decision-making and the second phase of the repurchase plan.

Beijing News Shell Finance reporter Pan Yichun editor Song Yuting proofreading Wang Xin