平安健康(1833.HK)发布2026年中期报告全文：收入微降0.7%但归母净利润大增63.5%，企业健管收入增65.1%

平安健康醫療科技有限公司

PING AN HEALTHCARE AND TECHNOLOGY
COMPANY LIMITED

(Incorporated in the Cayman Islands with Limited Liability)

2026 Interim Report

Stock Code: 1833.HK

This interim report (the “Interim Report”) (in both English and Chinese versions)
has been posted on the Company’s website at www.pagd.net and the HKEXnews
website at www.hkexnews.hk. Shareholders who have chosen to view the Corporate
Communications (including but not limited to annual report and (where applicable)
summary financial report, interim report and (where applicable) summary interim
report, notice of meeting, listing document, circular and proxy form) posted on the
Company’s website will upon request be sent the Interim Report in printed form free
of charge.
Shareholders may at any time change their chosen means of receipt (in printed
form or by electronic means through the Company’s website) and the language
(in English only, in Chinese only or in both Chinese and English) of the Corporate
Communications from the Company by giving notice in writing by post to the
Hong Kong Share Registrar at 17M Floor, Hopewell Centre, 183 Queen’s Road East,
Wanchai, Hong Kong or by sending an email to pagd.ecom@computershare.com.hk.

Contents
Corporate Information

3

Chairman & CEO’s Statement

5

Management Discussion and Analysis

8

Other Information

25

Independent Review Report

34

Interim Condensed Consolidated Statements of Profit or Loss

35

Interim Condensed Consolidated Statement
of Comprehensive Income

36

Interim Condensed Consolidated Statement
of Financial Position

37

Interim Condensed Consolidated Statement
of Changes in Equity
Interim Condensed Consolidated Statement of Cash Flows

39
40

Notes to the Interim Condensed Consolidated
Financial Information
Definitions

41
57

Corporate Information
Directors

Joint Company Secretaries

Executive Director

Ms. Qin Xu
Mr. Roy, Sing Yuen Chan

Mr. Mingke He

Principal Share Registrar and
Transfer Office

Non-executive Directors
Mr. Michael Guo (Chairman)
Ms. Xin Fu
Ms. Fangfang Cai
Mr. Ziyang Zhu

Independent Non-executive Directors

Hong Kong Share Registrar

Mr. Yunwei Tang
Mr. Tianyong Guo
Dr. Wing Kin Anthony Chow

Audit and Risk Management Committee
Mr. Yunwei Tang (Chairman)
Mr. Tianyong Guo
Ms. Fangfang Cai

Mr. Tianyong Guo (Chairman)
Mr. Yunwei Tang
Dr. Wing Kin Anthony Chow
Mr. Michael Guo

Sustainable Development Committee

Authorized Representatives
Mr. Mingke He
Ms. Qin Xu

Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17/F, Hopewell Centre
183 Queen’s Road East
Wanchai
Hong Kong

Auditor

Nomination and Remuneration Committee

Dr. Wing Kin Anthony Chow (Chairman)
Mr. Mingke He
Ms. Xin Fu

Maples Fund Services (Cayman) Limited
PO Box 1093, Boundary Hall
Cricket Square
Grand Cayman, KY1-1102
Cayman Islands

Ernst & Young
Certified Public Accountants and Registered PIE Auditor
27/F, One Taikoo Place
979 King’s Road, Quarry Bay
Hong Kong

Registered Office
The offices of Maples Corporate Service Limited
PO Box 309
Ugland House
Grand Cayman, KY1-1104
Cayman Islands

Head Office and Principal Place
of Business in China
5-8/F, Building B, INNO KIC
No. 298, Guo Xia Road, Yangpu District
Shanghai
PRC

Note:

Since 19 August 2026, the Board comprises Mr. Mingke He and Mr. Tongzhuan Xi as executive Directors; Mr. Yougang Zhu and
Ms. Yanjun Fan as non-executive Directors; and Mr. Yunwei Tang, Mr. Tianyong Guo and Dr. Kwok Tung Donald Li as independent
non-executive Directors, and the composition of the specialized committees under the Board will change correspondingly.
Please refer to the announcement in relation to change of Directors and composition of Board committees issued by the
Company on 18 August 2026 for details.
INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

3

Corporate Information

Principal Place of Business in
Hong Kong
40th Floor, Dah Sing Financial Centre
248 Queen’s Road East
Wanchai
Hong Kong

Principal Correspondent Bank
China Guangfa Bank Co., Ltd.
12/F, One Exchange Square, 8 Connaught Place
Central
Hong Kong

Stock Code

Legal Advisors
As to Hong Kong law:
DLA Piper Hong Kong
25th Floor, Three Exchange Square
8 Connaught Place, Central
Hong Kong

As to PRC law:
Haiwen & Partners
2605, Jing An Kerry Centre Tower 1
No. 1515 Nan Jing West Road
Shanghai
PRC

1833

As to Cayman Islands law:

Company’s Website

Maples and Calder (Hong Kong) LLP
26/F, Central Plaza
18 Harbour Road
Wanchai
Hong Kong

www.pagd.net

Listing Date
4 May 2018

4

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Chairman & CEO’s Statement
Dear Esteemed Shareholders,
The year 2026 marks the start of the “15th Five-Year
Plan” period, ushering in a new phase of high-quality,
systematic development for the Healthy China initiative.
National health mindset continues to evolve, with the
core focus of demand accelerating its shift from disease
treatment to full-cycle proactive health management.
The multi-tiered medical security system is being steadily
refined, with continuous exploration of pathways for
deep integration across the medical, pharmaceutical and
insurance sectors. Alongside the industrialization of AI in
healthcare, the compliant circulation of medical data and
the continued advancement of refined medical insurance
payment reforms, Internet-based healthcare has formally
transitioned from a phase of user acquisition to a cycle of
commercialization. Competition in the industry has entered
a new era of value-based competition, underpinned by
technology, enabled by real-world scenarios, driven by
payment mechanisms and fortified by ecosystem-based
moats.
As the core flagship of Ping An Group’s health and senior
care ecosystem, we closely align with policy directions and
market demands to act on behalf of payers and integrate
providers while integrating and upgrading our “online,
in-hospital, at-home and corporate” service matrix. By
leveraging AI-powered healthcare technology across
all service scenarios and enhancing strategic synergies
with Ping An Group’s “integrated finance + health and
senior care” strategy, we are dedicated to providing a
“worry-free, time-saving, and money-saving” one-stop
solution for medical, health and senior care services. These
efforts have helped us build a managed care model with
Chinese characteristics. During the Reporting Period, the
Company recorded a total revenue of RMB2,484 million,
including revenue from corporate health management of
RMB714 million, representing a year-on-year increase of
65.1%. The revenue mix further improved, with corporate
health management accounting for 28.7% of total revenue,
up 11.5 pps year on year.

1

Solidifying core ecosystem through commercial
insurance enablement and enhancing value-driven
operations through insurance + health care synergy.
The Company maintains closer collaboration with Ping
An Group’s integrated financial business. We have built
a differentiated membership entitlement matrix tailored
to customers’ policy types, premium tiers, and senior
care needs, which enables precise alignment with diverse
customer demands while deeply integrating medical,
health, and senior care services with insurance products.
Concurrently, the Company is continuously expanding its
medical and health benefits portfolio, spanning longevity
medicine services, genetic testing, tumor screening
and other medical services and resources. Through
these diverse, heartwarming service scenarios, the
Company increases customer touchpoints and supports
scenario-based insurance marketing and customer
acquisition. During the Reporting Period, the first-year
premium per new life policy of Ping An Home customers
increased by 9.7 times1, demonstrating the continued
maturation of the “insurance + health care” synergistic
model.
Market-driven growth and unleashing development
momentum in corporate health management. As a core
strategic segment for optimizing our revenue mix, the
corporate health management develops by leveraging
a three-dimensional system encompassing channels,
products and operations. On the channel front, we deeply
integrate with Ping An’s ecosystem resources, focusing
on high-value large and medium-sized corporate clients
and assigning dedicated service teams to them. On
the products and services front, we have joined forces
with Ping An Group to launch integrated solutions of
“commercial insurance + health insurance plans + health
care services”, while partnering with third parties to
enhance the pharmaceutical supply system, covering
diverse workplace health needs. On the operational
front, we implement proactive and refined operations,
developing the “Ping An Circle”, an offline service network
anchored by a “three-kilometer service radius.” We curate
and integrate high-quality medical service resources and
expand the “Ping An Health Pay” payment service within
partner pharmacies, continuously enhancing conversion
efficiency, customer stickiness and service reputation.
During the Reporting Period, the Company served more
than 7,700 paying corporate clients over the past 12
months, representing a year-on-year increase of over
73%. The corporate health management GMV amounted
to more than RMB1,790 million.

The increase in premium refers to the first year premium (“FYP”) per policy of all products with an abovementioned benefit
purchased by customers entitled to the benefit divided by the FYP per policy of all such products purchased by customers not
entitled, in respect of Ping An Life Insurance’s agency and community finance channels, which is the operating result of 1H 2026.

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

5

Chairman & CEO’s Statement

Strengthening scenario-based foundation, with the
“online, in-hospital, at-home and corporate” service
network serving as the core vehicle for service delivery.
The Company continuously iterates and upgrades its
“online, in-hospital, at-home and corporate” service
network, addressing long-term essential needs such as
online consultations, offline medical treatment, workplace
health, and home-based senior care. We are building a
full-cycle, extensive, high-quality, cost-effective medical
service network. “Online” services: We completed
a comprehensive upgrade of the AI Family Doctor,
leveraging an “AI + Physician” collaborative mechanism
to cover 100% of Ping An Group’s retail customers. During
the Reporting Period, AI Doctor was used by over 9.7
million persons. “In-hospital” services: We continued to
expand our high-quality medical resource network, now
partnering with 3,216 Ping An Selected Hospitals, over
3,700 contracted expert doctors, and nearly 245 thousand
pharmacies. Leveraging the one-stop Ping An Health
Pay settlement system, we have streamlined payment
processes both within and outside hospitals, providing
users with more convenient experience. “At-home”
services: We have rolled out a standardized “Ping An
Home-based Care” service system. As of the end of the
Reporting Period, over 310,000 customers were entitled
to home-based senior care services. Concurrently, the
Company is strengthening the development of service
standards, driving the development of the first domestic
association standard document for longevity medicinebased geriatric health service, to fill the gap in industrial
standardized service and upgrade home-based senior
care and medical services. “Corporate” services:
We innovated our comprehensive Workplace Clinics
solutions to create a new smart health approach of
“technology + health care + service,” which provides
three major services, including integrated audio/video
consultations, consultation with renowned doctors, and
multi-disciplinary team consultations, precisely aligning
with enterprises’ demands for health management.

6

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

Building a digital-intelligent foundation to empower
and consolidate technology foundation and drive
inclusive healthcare with enhanced quality and
efficiency. Digital intelligence is the Company’s core
lever for integrating medical resources, upgrading
service efficiency, and addressing supply-side
bottlenecks, thereby solving the supply-side challenges
of ensuring accessible and high-quality medical care.
The Company further bolstered its AI capabilities by
leveraging Ping An Group’s technological strengths
and advancing independent R&D efforts, solidifying
an integrated closed-loop advantage across “data
+ models + real-world scenarios.” In respect of data,
leveraging Ping An Group’s four world-leading
medical databases, along with nearly 1.5 billion
counseling and consultation records, we support the
training of medical large model while strictly adhering
to compliance requirements. In respect of models, we
constantly upgraded our technological foundation –
the large multi-modal model, Ping An Medical
Master®, and five vertical AI models tailored to key
medical scenarios, facilitating smart decision-making
throughout the business processes. In respect of realworld scenarios, we deepened our presence in the field
of medically necessary care by building “AI + Physician”
differentiated service system. During the Reporting
Period, the Company constantly upgraded its AI
medical product line and AI-enabled MDT assistance
platform for complex disease diagnosis, improving
clinical service efficiency of related products. AI has
contributed to the growth of the Company’s gross
profit. During the Reporting Period, AI contributed
to approximately 4.6% of the Company’s gross profit,
consistently facilitating the enhancement of service
quality and efficiency.

INTERIM REPORT 2026

Chairman & CEO’s Statement

Integrating social responsibility with profitability,
our sustainable operations balance public livelihood
and commercial value. The Company’s various ESG
initiatives are being implemented pragmatically and
step-by-step, driving the deep integration of the
CARE sustainable development strategy into its
daily operations and medical services. Internally, we
continuously improve the end-to-end management
mechanisms for medical quality control, practice
standards, and medical data security, thereby
solidifying the professional foundation of our overall
medical, health, and senior care services. Externally,
leveraging our comprehensive service network, we
regularly conduct inclusive health education and pro
bono online consultations, continuously expanding the
boundaries of accessible basic medical services. The
Company practices the people-oriented philosophy of
“investing in people”, establishing standard practical
paradigms for workplace health management, and
providing actionable references for human-centric
operations in the industry. While creating corporate
value through robust operations, we steadfastly uphold
our social responsibility to enhance public livelihoods,
achieving the synergistic growth and advancement of
both commercial and public value.
With persistent efforts, we have strengthened our
core competitiveness through long-term dedication.
Seizing the historic opportunities from the rapid
development of China’s medical and health industry,
as the core flagship of Ping An Group’s health and
senior care ecosystem and a consolidated subsidiary
of Ping An Group, we will continue to rely on our
“online, in-hospital, at-home and corporate” service

system and strengths in AI technologies to deepen
synergies and mutual enablement with Ping An Group.
On the one hand, we will deepen the development
of our commercial insurance enablement, iteratively
upgrade the health and senior care product matrix,
and implement tiered and refined customer operations
to enable Ping An Group’s integrated finance
business to gain differentiated competitiveness. On
the other hand, we will deepen our corporate health
management, integrate online and offline operations,
retain customer traffic, and enhance user stickiness.
The Company will constantly integrate its “online, inhospital, at-home and corporate” service network
under a user demand-oriented approach, and build a
full-scenario service system with multiple touchpoints,
aiming to deliver closed-loop online-merge-offline
service experience. We will collaborate with industry
partners to co-build a health industry ecosystem,
continuously apply AI capabilities to optimize the
medical and insurance service experience, and give
back to users, shareholders, and society with smarter,
more precise, and compassionate health services,
remaining steadfast in our commitment to creating
long-term, sustainable value for the Digital China and
the Healthy China initiatives.

Michael Guo

Mingke He

Chairman of the Board

Chief Executive Officer

INTERIM REPORT 2026

18 August 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

7

Management Discussion and Analysis
As the core flagship of Ping An Group’s health and senior care ecosystem, the Company consistently integrates
and upgrades its “online, in-hospital, at-home and corporate” service matrix as Ping An Group further advances
the “integrated finance + health and senior care” dual-pronged strategy. The Company provides “worry-free,
time-saving, and money-saving” one-stop medical, health, and senior care services, forging closed-loop synergies
with Ping An Group’s integrated finance business to build a managed care model with Chinese characteristics.
As collaborative synergies between the Company and Ping An Group grow stronger, the long-term strategic
value of mutual enablement is becoming increasingly evident.
2026 marks the beginning of a new phase of high-quality development of China’s health industry under the
15th Five-Year Plan, as well as a critical time in advancing the “Healthy China 2030” strategy. Policy support
for the health care sector continues to strengthen, accelerating the transition from policy design to practical
implementation. In health care, local governments released a series of detailed implementation rules in the first
half of 2026 in response to the Guiding Opinions on Promoting and Regulating the Application and Development
of “Artificial Intelligence + Health Care,” jointly issued by China’s National Health Commission and four other
authorities at the end of 2025. These implementation rules offered clearer policy guidance and specified use
scenarios for medical AI, driving its large-scale application. In senior care services, the state steadily advanced
senior care reforms, reinforcing the foundational role of home-based senior care. In the first half of 2026, a
number of industry standards for integrated health and senior care services were successively introduced. During
the same period, China’s first domestic association standard document for longevity medicine-based geriatric
health service, the Standards for Geriatric Health Service Based on Longevity Medicine was released, bolstering
technology-enabled home-based senior care, and chronic disease management and home-based rehabilitation
services for seniors. In synergistic development of health care and commercial insurance, the “insurance + health
care” synergistic mechanism was constantly improved, with integrated settlement progressively rolled out
across regions.
The Company boasts abundant payer resources, extensive service networks, cutting-edge healthtech capabilities,
and strong support from Ping An Group’s ecosystems. Building on these core competitive advantages and
the sustained policy support, the Company consistently develops a specialized, comprehensive, high-quality
and one-stop “health and senior care” services platform, providing users with “worry-free, time-saving, and
money-saving” health and senior care services.

8

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Management Discussion and Analysis

Key Financial Data
Six months ended 30 June
2026
RMB’000

2025 Year-on-year change
RMB’000

Revenue

2,483,833

2,502,193

-0.7%

Cost of sales

(1,527,163)

(1,662,484)

-8.1%

Gross profit

956,670

839,709

13.9%

Selling and marketing expenses

(386,069)

(381,020)

1.3%

Administrative expenses

(405,512)

(371,947)

9.0%

(144,446)

(161,633)

-10.6%

13,125

16,468

-20.3%

– Including: research and development expenses
Other income
Impairment losses on financial and contract
related assets
Other gains, net

(1,011)

(30,190)

-96.7%

38,882

1,848

2,004.0%

Finance income, net

44,612

60,033

-25.7%

Share of profits and losses of associates

(10,044)

1,359

N/A

Profit before tax

250,653

136,260

84.0%

Income tax expense

(30,880)

(1,352)

2,184.0%

Profit for the period

219,773

134,908

62.9%

219,332

134,164

63.5%

441

744

-40.7%

226,800

164,749

37.7%

Profit attributable to:
－Owners of the parent
－Non-controlling interests
Non-IFRS measure:
Adjusted net profit

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

9

Management Discussion and Analysis

10

–

The Company consistently advanced the “insurance + health care” synergistic model, focusing on upgrading
medical, health, and senior care products and services to strengthen the closed-loop synergy with the
Group’s integrated finance business. Meanwhile, the Company promoted the development of corporate
health management. During the Reporting Period, the Company recorded a total revenue of RMB2,483.8
million.

–

Specifically, revenue from corporate health management reached RMB713.8 million, representing a
year-on-year increase of 65.1%. The revenue mix further improved, with corporate health management
accounting for 28.7% of total revenue, up 11.5 pps year on year. Revenue from commercial insurance
enablement reached RMB1,584.4 million, remaining largely unchanged year on year.

–

The Company’s business quality constantly improved, with gross profit reaching RMB956.7 million,
representing a year-on-year increase of 13.9%.

–

The Company continued to invest in technology research and development (“R&D”), further enhancing
its capabilities in applied AI and digital operations. To further expand its business scale, the Company
moderately increased investment in its core business, leading to a slight increase in total expenses. Total
expenses accounted for 31.9% of revenue, up 1.8 pps year on year. Specifically, administrative expenses
accounted for 16.3% of revenue, up 1.5 pps year on year; and selling and marketing expenses accounted for
15.5% of revenue, up0.3 pps year on year.

–

Driven by constantly improved revenue mix and business quality, the Company recorded a profit of RMB219.3
million attributable to shareholders of the parent company, up 63.5% year on year. Adjusted net profit stood
at RMB226.8 million, up 37.7% year on year.

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Management Discussion and Analysis

Analysis of Main Business Operations
During the Reporting Period, as the core flagship of Ping An Group’s health and senior care ecosystem and
a consolidated subsidiary of Ping An Group, the Company further strengthened collaboration with Ping An
Group. For commercial insurance enablement, the Company consistently advanced the “insurance + health care”
synergistic model, focusing on upgrading medical, health, and senior care products and services. By doing so,
the Company helped insurers enhance their product competitiveness and boost customer acquisition, retention,
and value, thereby consistently supporting Ping An Group’s integrated finance business. For corporate health
management, the Company consistently expanded its corporate client base in collaboration with Ping An
Group, offering integrated solutions of “commercial insurance + health insurance plans + health care services.”
By constantly diversifying products and services, and strengthening conversion via operations, the Company
helped enterprises improve employee health outcomes and workplace well-being.
Moreover, the Company consistently advanced its extensive, high-quality, cost-effective “online, in-hospital,
at-home and corporate” service system, offering full-scenario, full-cycle, online-merge-offline and closed-loop
health management. To strengthen its technological capabilities, the Company further promoted AI enablement
by seamlessly integrating AI with physicians. The Company leveraged AI to drive sustained growth in user
coverage and engagement, gross profit, and cost efficiency while ensuring heartwarming and professional
services.

1.

Payers
Commercial insurance enablement
Ping An Group makes its sustained efforts to advance the “integrated finance + health and senior care”
strategy. As the core flagship of Ping An Group’s health and senior care ecosystem, the Company maintains
closer collaboration with Ping An Group’s integrated finance business. During the Reporting Period, the
Company further supported payers including Ping An Life Insurance, Ping An Property & Casualty Insurance,
Ping An Health Insurance, and Ping An Bank, providing 24/7 online-merge-offline one-stop, proactive health
and senior care services for the Group’s retail customers. This enables Ping An Group’s integrated finance
business to gain differentiated product competitiveness and boost customer acquisition, retention, and
value. During the Reporting Period, the first-year premium per new life policy of Ping An Home customers
increased 9.7 times1.

1

The increase in premium refers to the first year premium (“FYP”) per policy of all products with an abovementioned benefit
purchased by customers entitled to the benefit divided by the FYP per policy of all such products purchased by customers not
entitled, in respect of Ping An Life’s agency and community finance channels, which is the operating result of 1H 2026.
INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

11

Management Discussion and Analysis

During the Reporting Period, the Company consistently advanced the “insurance + health care” synergistic
model, focusing on upgrading products and services. Leveraging its membership service system deeply
integrated with insurance products, the Company further upgraded and diversified membership benefits
based on policy types and premium tiers, thereby helping to enhance competitive differentiation of insurance
products and strengthen customer retention. For wealth management insurance customers, the Company
further upgraded its multi-tiered membership system. Based on the existing product and service portfolios,
the Company launched the “Medical Visit Access” health service plan in collaboration with Ping An Life
Insurance, providing customers with cutting-edge diagnostics and full-process medical care resources.
By doing so, the Company established an end-to-end “health + medical” service system. For high-value
customers, the Company launched the new “Private Membership Club,” integrating premium medical
resources such as cutting-edge diagnostics (e.g. tumor genetic testing and PET/MR imaging) and advanced
therapies. Additional services like chronic disease management, critical illness management, psychological
counseling are also provided to establish a medical and health service system across all scenarios. For
pension insurance customers, the Company further upgraded its home-based senior care service system.
During the Reporting Period, the Company, in collaboration with Ping An Life Insurance, launched the “Ping
An Home” service brand, facilitating a transition from reactive response to proactive health management. As
of 30 June 2026, over 310,000 customers were entitled to home-based senior care services.
Moreover, the Company constantly diversifies its marketing and customer acquisition scenarios. Catering to
the needs of insurance, banking, and other financial service customers, the Company partners with qualified
institutions to provide medical services and resources, spanning longevity medicine, genetic testing, tumor
screening, fecal microbiota transplantation, cutting-edge therapies, and advanced pharmaceuticals and
medical devices. Through these diverse service scenarios, the Company increases customer touchpoints
and supports scenario-based insurance marketing and customer acquisition.

Corporate health management
Leveraging the capabilities built up by serving Ping An Group’s retail financial customers, the Company
has been steadily expanding its presence into the corporate client segment. Adhering to the “worry-free,
time-saving, and money-saving” service philosophy, the Company is committed to providing professional,
comprehensive, high-quality, one-stop corporate health management solutions that help enterprises
improve employee health outcomes and workplace well-being.
In respect of client base expansion, the Company consistently strengthens its collaboration with corporate
clients accessed via Ping An Group’s channels, with a focus on the large and medium-sized enterprises
with a strong ability and willingness to pay. In this way, the Company delivers comprehensive health
management solutions to their employees. During the Reporting Period, the Company served more than
7,700 paying corporate clients over the past 12 months, a year-on-year increase of over 73%. The corporate
health management GMV amounted to more than 1,790 million.

12

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Management Discussion and Analysis

The Company leverages diverse product and service offerings to strengthen conversion via online and offline
operations. The Company collaborates with Ping An Group to launch integrated solutions of “commercial
insurance + health insurance plans + health care services,” providing corporate employees with comprehensive,
premium, and cost-effective health management services. In respect of online operation, the Company
consistently expands product and service offerings by integrating third-party platforms and leveraging
their fulfillment capabilities. By doing so, the Company helps meet corporate employees’ needs for medical
and health management services, thereby improving service experience. Moreover, with authorization from
users, family doctors provide proactive, end-to-end health management based on corporate employees’
health records, enabling precise matching of products and services and effectively improving the service
utilization rate and health intervention outcomes. In respect of offline operation, the Company provides
corporate clients with comprehensive medical and health services through Workplace Clinics and regular
corporate activities, including health screening, medical visit assistance, and health management. During the
Reporting Period, the Company provided enterprise-specific solutions by assigning dedicated service teams
to key corporate clients and customizing benefits for their employees. Moreover, the Company provides
corporate employees with proactive medical management covering specialized diagnosis and treatment,
distinctive medicines, and unique health management services. During the Reporting Period, the Company
consistently developed the “Ping An Circle”, an offline service network centered on corporate clients’
workplaces and connecting nearby health service resources within a three-kilometer radius. By integrating
high-quality pharmacies and other service outlets into the network, the Company provides premium
“worry-free, time-saving, and money-saving” service experience for corporate employees. In addition, the
Company collaborated with Ping An Group to consistently strengthen the capabilities of corporate health
service specialists, providing enterprises with all-round, exclusive services to improve client satisfaction.

Service highlights:
Positioned as convenient health service hubs
within a three-kilometer radius of corporate
workplaces, “Ping An Circle” outlets integrate
offline service outlets such as high-quality
pharmacies. Leveraging “Ping An Circle’s”
offline service network, the Company provides
exclusive employee benefits and special offers
at key partner outlets. Corporate employees
visiting these outlets can enjoy exclusive offers
on selected partner products, making corporate
health benefits tangible and easily accessible. As of 30 June 2026, the Company had over 500 “Ping
An Circles” in operation, comprising over 10,000 partner outlets. The Company also established indepth partnerships with leading chain pharmacies nationwide. By connecting online consultations
with offline outlet services, the Company provides corporate employees with exclusive services and
benefits including health consultation, report interpretation, chronic disease management, medication
use guidance, and medicine benefits. In this way, the Company promotes corporate employees’
physical and mental well-being and contributes to the high-quality, sustainable development of
corporate clients.

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

13

Management Discussion and Analysis

2. “Online, in-hospital, at-home and corporate” services
The Company consistently advanced its extensive, high-quality, cost-effective “online, in-hospital, at-home
and corporate” service system. During the Reporting Period, the Company further expanded its service
network and improved service quality by actively integrating third-party service providers to diversify service
and product offerings. The Company also collaborated with leading domestic and overseas pharmaceutical
companies to provide wider access to high-quality pharmaceuticals and medical devices. In this way, the
Company better addressed users’ medical and health management needs, thereby improving customer
satisfaction and its reputation for service quality.

“Online” services
The Company consistently aggregates customer traffic from Ping An Group’s health and senior care
ecosystem, as well as from external enterprises. The Company grows its user base and engages users
through “online” services. In this way, the Company provides full-scenario, closed-loop services via multiple
touchpoints.
The Company consistently upgrades its multi-tiered family doctor system to provide policyholders and
corporate employees with full-cycle, proactive medical and health management services. During the
Reporting Period, the Company launched the “integrated comorbidity management” service targeting users
with chronic conditions. Based on each user’s specific chronic conditions and individual health indicators,
the Company sets up a dedicated service team consisting of case managers, physicians, psychological
counselors, nutritionists, and rehabilitation therapists. The team monitors and manages the user’s lifestyle,
disease state and medication use, and conducts precise and dynamic health interventions to genuinely
improve the user’s health.
Moreover, the Company’s “AI + Physician” services covered 100% of Ping An Group’s retail customers,
providing 24/7 heartwarming, professional online consultation services.

Service case:
An insurance customer of Ping An Group had
multiple chronic diseases, such as hypertension,
atherosclerosis, hyperlipidaemia, and diabetes.
As part of the customer’s exclusive medical
benefits, the Company provided an integrated
“comorbidity management” program comprising
comprehensive medical and health services.
Under the program, a case manager monitored
changes in the customer’s physical indicators,
and coordinated and periodically adjusted the
overall health management plan. A psychological counselor proactively provided counseling to help
improve the customer’s sleep quality. In addition to providing daily dietary advice, a nutritionist
reviewed photographs of the customer’s meals and provided professional feedback. Based on the
customer’s medical and medication records and taking multiple chronic conditions into account, a
chronic disease physician provided guidance on concomitant medications. A rehabilitation therapist
developed a personalized exercise program based on the customer’s physical conditions and exercise
tolerance, provided daily reminders to record exercise activities, and guided the customer on proper
exercise techniques. Following this multi-dimensional health management program, the customer
achieved measurable improvements in all physiological indicators and health status.

14

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INTERIM REPORT 2026

Management Discussion and Analysis

“In-hospital” services
The Company consistently expands its offline service network. The Company had about 50,000 in-house and
contracted external doctors as of 30 June 2026. Among them were over 3,700 contracted expert doctors,
including 9 academicians/national TCM masters, over 820 hospital presidents/vice hospital presidents/
department heads/discipline leaders, offering tip-top services such as MDT consultations, outpatient care,
and inpatient care. The Company partnered with 3,216 Ping An Selected Hospitals, covering 1,732 or 92.3%
of 3A hospitals. Ping An Selected Hospitals provide services including appointments, bed arrangement,
surgeries, examinations, and rehabilitation, meeting all-around, full-cycle customer needs for medical
services. The Company partnered with nearly 245 thousand pharmacies, and maintained partnerships with
over 4,600 health checkup service providers.
Furthermore, for scenarios including offline medicine purchases by members of corporate health management
programs, the Company consistently advances the “Ping An Health Pay” service through its proprietary
direct payment system, which enables QR code payments at 149 thousand pharmacies nationwide, a
significant increase year to date. Moreover, the Company piloted convenient payment services for offline
medical visits at hospitals2. Customers can enjoy an experience of zero upfront payment and quick claims
settlement. While providing users with more convenient experience, the Company enables closed loops of
services and data. Going forward, the Company will further expand the service coverage.

Service case:
Ms. Zhang, an employee of a large enterprise, is
covered by a corporate health insurance plan. One
day, Ms. Zhang visited a contracted pharmacy in
“Ping An Circle’s” service network downstairs at
her office building due to a sore swollen throat.
She completed a rapid flu screening on-site and
then selected the appropriate medication. At
the cashier, Ms. Zhang logged into the app and
presented the “Ping An Health Pay” QR code.
Since the medication she purchased was in the
coverage catalog, the corresponding cost was directly deducted from the employer’s dedicated
health care fund account, requiring no out-of-pocket payment. Throughout the convenient drug
purchase process, Ms. Zhang enjoyed significantly improved service experience featuring “no
reimbursement needed, one-click payment.”

2

SHI designated public hospitals of Grade 2 and above nationwide, or other designated hospitals.
INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

15

Management Discussion and Analysis

“At-home” services
The Company consistently strengthens its “at-home” service capabilities across scenarios including medical
services, health management, safety, and care. During the Reporting Period, the Company and Ping An Life
Insurance jointly launched the “Ping An Home” service brand by leveraging Ping An Group’s strengths in
“integrated finance + health and senior care,” and also rolled out the flagship “7 Benefits”3 covering sleep,
nutrition and exercise. Anchored by “AI concierge, life concierge and doctor concierge” services, Ping An
Home offers comprehensive proactive health management services via proactive management, a focus on
essential needs, and visible workflows.
Regarding medical services, the Company integrates premium resources to provide full-cycle medical
services before, during, and after medical treatment. Regarding health management, the Company
provides 24/7 proactive health management services. Regarding safety, the Company has developed
global emergency assistance services in collaboration with Ping An Group. Regarding professional care,
the Company seamlessly integrates three care scenarios, namely inpatient care, home care, and senior care
institution recommendation, to meet personalized care needs. The Company provided home-based senior
care services in 140 cities nationwide as of 30 June 2026.

“Corporate” services
In the corporate health management scenario, the Company offers employees a range of corporate services,
including professional health screening, medical consultation and treatment, and health management to
support enterprises in building healthy workplaces. During the Reporting Period, the Company innovated its
comprehensive Workplace Clinics solutions to create a new smart health approach of “technology + health
care + service.” By integrating audio/video consultations, consultations with renowned doctors, and MDT
consultations, this approach enables online diagnosis and treatment for common and frequently-occurring
diseases. Employees can access high-quality medical resources and comprehensive health protection
without leaving their workplaces.

3

The “7 Benefits” are sleep management, nutrition management, functional improvement, comorbidity management, medical visit
guidance, global medical consultation and drug sourcing and smart guard.

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PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

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Management Discussion and Analysis

Service case:
The Company partnered with Lilly China, a worldleading pharmaceutical company, to host an onsite health event at a large enterprise, piloting
an innovative model of “insurance + health care
+ pharmaceutical companies”. Leveraging the
Company’s diverse health care resources and
Lilly’s specialized weight management services, the event featured a series of customized interactive
health zones. Employees can understand their health through health challenges on interactive screens,
motion-sensing games, smart health checks and so on. Moreover, online doctors and health advisers
offered professional, personalized weight management, diet and fitness recommendations based on
Lilly’s science-based weight management programs, helping employees with healthy weight loss. In
addition, employees can get an exclusive package of services by scanning a QR code at the event.
By extending health management into everyday life, the Company transitioned corporate health
management from one-off events to sustained, routine engagement.

Moreover, the Company enhances service quality and drives industry upgrade by strengthening the
development of service standards. During the Reporting Period, Chinese Aging Well Association released
and implemented the Standards for Geriatric Health Service Based on Longevity Medicine (T/CAWAORG
058 – 2026), marking the first domestic association standard document for longevity medicine-based
geriatric health service. The standards were developed by a panel of 26 leading experts in geriatrics and
general medicine, in collaboration with 23 3A hospitals and senior care institutions. The Company, as a core
member of the drafting team, was deeply engaged in the entire formulation process, helping to fill the gap
in standardized longevity medicine service in China and upgrade home-based senior care and medical
services through a standardized framework.

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PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

17

Management Discussion and Analysis

3. Technology Enablement
During the Reporting Period, the Company further bolstered its AI capabilities by advancing independent
R&D efforts and leveraging Ping An Group’s technological strengths. Through deeper integration of data,
models, and real-world scenarios, the Company promoted the deployment of AI across key medical and
health scenarios, yielding increasingly significant outcomes in AI enablement.
In respect of data, the Company boasts a unique advantage in closed-loop health care and insurance data.
Leveraging Ping An’s four world-leading medical databases4, nearly 1.5 billion counseling and consultation
records, and so on, the Company trained medical large AI models by processing and using the aforementioned
massive data in strict compliance with relevant laws and regulations.
In respect of models, the Company constantly upgraded its technological foundation – the large multi-modal
model Ping An Medical Master®—and five vertical AI models tailored to key medical scenarios, facilitating
smart decision-making throughout the business processes.
In respect of real-world scenarios, the Company deepened its presence in the field of medically necessary
care by building differentiation advantages through an “AI + Physician” approach, delivering professional
and heartwarming services to users while enabling proactive, continuous health management. During the
Reporting Period, the Company constantly upgraded its medical AI product line. The “AI + Physician” model
has been fully integrated into Ping An Group’s app matrix, covering 100% of its retail customers. Over 11.3
thousand diseases can be precisely diagnosed by AI Doctor, with an accuracy rate of nearly 96% in AI
Doctor-aided diagnosis/treatment. At the same time, the Company further upgraded its AI-enabled MDT
assistance platform for complex disease diagnosis, expanding from its original application in breast cancer
to gastric cancer. The AI-enabled MDT platform has achieved an accuracy rate of nearly 90% in diagnosing
complex diseases and formulating treatment plans, paving the way for expansion into a broader range of
conditions.
The Company consistently bolstered its AI capabilities and applications, achieving notable results in AI
enablement. Powered by AI, the Company significantly expanded its service coverage and usage. During the
Reporting Period, AI Doctor was used by over 9.7 million persons. AI has contributed to the growth of the
Company’s gross profit. During the Reporting Period, AI contributed approximately 4.6% of the Company’s
gross profit.
Going forward, the Company will further capitalize on its unique strengths in closed-loop health care and
insurance data, “AI + Physician” service packages, and online-merge-offline one-stop medical scenarios to
accelerate the application of AI large models across a broader range of scenarios, including professional
medical services, and product and service innovation under the “insurance + health care” synergistic model.

4

Including individual and corporate information, hospital and physician information, disease directories, and pharmaceutical and
medical device information databases.

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Management Discussion and Analysis

Long-term Strategies and Management Outlook
With the development of China’s social economy, the growing health awareness among residents, and the
accelerating pace of aging, the public demand for high-quality medical services has been on the rise. The health
care industry is poised to embrace new development opportunities. As commercial insurers and enterprises
are emerging as important payers in China’s medical and health industries, the multi-tiered health care security
system will further expand.
As the core flagship of Ping An Group’s health and senior care ecosystem and a consolidated subsidiary of Ping
An Group, the Company boasts an “online, in-hospital, at-home and corporate” service system and an advantage
in AI technologies. The Company will consistently strengthen mutual enablement and synergies with Ping An
Group, aiming to build the Health Maintenance Organization model with Chinese characteristics. Furthermore,
by leveraging the strengths in service networks, operational efficiency and data accumulated through serving
internal clients, the Company constantly enables corporate clients and other external market players with its
professional health management capabilities.
In respect of commercial insurance enablement, the Company will further strengthen product innovation and
scenario integration under the “insurance + health care” synergistic model, upgrade products and services,
enhance end-to-end service capabilities, and promote tiered customer operations. By doing so, the Company
will support Ping An Group’s integrated finance business in pursuing competitive differentiation, and boosting
customer acquisition, retention and value. In respect of corporate health management, the Company will
work with Ping An Group to accelerate client acquisition, scaling up the corporate health management and
strengthening conversion via online/offline operations. While aggregating traffic from all channels, the Company
will further strengthen customer operation and boost customer retention and value throughout their lifecycle.
In respect of the development of service capabilities, the Company will constantly integrate its “online,
in-hospital, at-home and corporate” service network under a user-oriented approach, and build a full-scenario
service system with multiple touchpoints, aiming to deliver closed-loop online-merge-offline service experience.
Moreover, the Company will upgrade its supply chain management system to create a mutually beneficial
ecosystem with industry partners. The Company will constantly enhance the development and application of
technological capabilities, driving the deployment of AI in more medical service scenarios and “insurance + health
care” synergistic scenarios. By leveraging AI to enhance service efficiency and optimize service experience, the
Company will build a smarter, more accurate, and heartwarming medical and health service system.
Going forward, the Company will keep striving to create sustained long-term value for users, shareholders, and
society. The Company will provide users with high-quality medical and health services, deliver more sustainable
and stable returns to shareholders, and unswervingly support the Digital China and the Healthy China initiatives.

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

19

Management Discussion and Analysis

Financial Review
Revenue
Six months ended 30 June
2026

2025* Year-on-year change

RMB’000

RMB’000

1,584,427

1,584,313

Revenue:
Commercial insurance enablement
Corporate health management

713,842

432,361

65.1%

Others

185,564

485,519

-61.8%

2,483,833

2,502,193

-0.7%

Total of revenue
*

0.0%

Data information in the same period of 2025 has been restated.

During the Reporting Period, the Company recorded revenue of RMB2,483.8 million, representing a decrease of
0.7% from RMB2,502.2 million in the same period of 2025. The Company continuously enhanced the “insurance +
health care” synergistic model, focused on improving and iterating medical, health, and senior care products and
services, and strengthened closed-loop synergies with the Group’s integrated finance business. The Company’s
revenue mix was further optimized by increasingly promoting the development of corporate health management,
which increased by 65.1% year on year to RMB713.8 million.

Gross Profit and Gross Margin
During the Reporting Period, the business quality of the Company continued to improve with gross profit
amounting to RMB956.7 million, representing an increase of 13.9% from RMB839.7 million in the same period of
2025. Gross margin recorded by the Company was 38.5%, up 4.9 percentage points as compared to the same
period in 2025.

Selling and Marketing Expenses
Selling and marketing expenses amounted to RMB386.1 million in the first half of 2026, representing an increase of
1.3% from RMB381.0 million in the first half of 2025. The selling and marketing expense ratio was 15.5%, representing
a year-on-year increase of 0.3 percentage point. While continuously enhancing input-output management and
resource allocation efficiency, the Company actively positioned itself for new business expansion.

Administrative Expenses
Administrative expenses amounted to RMB405.5 million in the first half of 2026, representing an increase of
9.0% from RMB371.9 million in the first half of 2025. The administrative expense ratio was 16.3%, representing a
year-on-year increase of 1.5 percentage points. As the scale of the corporate health management continued to
expand, the functions of operation services and supplier management were strengthened, which increased such
expenses.

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PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

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Management Discussion and Analysis

Other Income
Other income amounted to RMB13.1 million in the first half of 2026, representing a decrease of 20.3% from
RMB16.5 million in the first half of 2025, which was mainly attributable to the fluctuation in income on short-term
investments placed with banks and a decrease in government grants received during the period.

Other Gains, Net
Other net gains amounted to RMB38.9 million in the first half of 2026, compared with other net gains of RMB1.8
million in the first half of 2025, which was mainly attributable to provision for impairment loss on investments in
associates of RMB40.1 million in the first half of 2025, while there were no indications of further impairment during
the Reporting Period.

Finance Income, Net
Net finance income amounted to RMB44.6 million in the first half of 2026, representing a decrease of 25.7% from
RMB60.0 million in the first half of 2025, which was mainly attributable to a decrease in interest income of the
Company.

Net Profit for the Period and the Non-IFRS Measure: Adjusted Net
Profit
Our net profit for the first half of 2026 amounted to RMB219.8 million, compared with net profit of RMB134.9
million recorded in the first half of 2025. To supplement our consolidated financial information presented in
accordance with IFRS, we also adopted the “adjusted net profit” which is not a required standard under IFRS or
which is presented not in accordance with IFRS requirements as an additional financial measure. For the purpose
of this interim report and future interim reports, the “adjusted net profit” may be used in exchange with the “net
profit not under GAAP”. We believe that this additional financial measure is useful for comparing our operating
performance between different periods and different companies by eliminating the potential impact of items
which, in the opinion of our management, are not indicative of our operating performance. We also believe that
the additional measure can provide investors and other individuals with meaningful information, allowing them
to understand and assess our consolidated operating results in the same way as our management. However, the
“adjusted net profit” presented by us may not necessarily be comparable with the similar measures presented by
other companies. Such non-IFRS measure has a limitation as an analytical tool. Thus, a view should not be held
that it is independent from or can replace the analysis of our operating results or financial position presented in
accordance with IFRS. After excluding the impact of share-based payments and net foreign exchange losses,
the adjusted net profit in the first half of 2026 amounted to RMB226.8 million, compared with the adjusted net
profit of RMB164.7 million in the first half of 2025. The following table sets forth the adjusted net profit for the six
months ended 30 June 2026 and 2025 as the most directly comparable financial measure (namely, net profit for
the period) calculated and presented in accordance with IFRS:
Six months ended 30 June
2026

2025

RMB’000

RMB’000

219,773

134,908

Share-based payments

4,747

5,325

Net foreign exchange losses

2,280

24,516

226,800

164,749

Net profit for the period
Excluding:

Adjusted net profit

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

21

Management Discussion and Analysis

Liquidity and Financial Resources
Our cash and other liquid financial resources as of 30 June 2026 and 31 December 2025 were as follows:
30 June
2026

31 December
2025

RMB’000

RMB’000

RMB

4,382,319

1,658,745

USD

32,658

12,579

HKD

6,461

48,748

4,421,438

1,720,072

Cash and cash equivalents include cash in hand and at banks, bank deposits, and other short-term highly liquid
deposits with original maturities of three months or less. Our cash and cash equivalents are mostly denominated
in RMB.
As of 30 June 2026, our total available funds were RMB9,641.4 million, including cash and cash equivalents of
RMB4,421.4 million, restricted cash of RMB975.8 million, term deposits of RMB588.7 million, and financial assets
of RMB3,655.4 million. The financial assets purchased mainly from Ping An Asset Management, Ping An Wealth
Management and others, have effectively improved the yields and liquidity of the Company’s idle funds.
Cash flows for the six months ended 30 June 2026 and six months ended 30 June 2025 were as follows:
Unaudited
Six months ended 30 June
2026

2025

RMB’000

RMB’000

Net cash generated from operating activities

25,392

63,557

Net cash generated from investing activities

2,699,207

4,671,325

(21,245)

(3,924,273)

Net increase in cash and cash equivalents

2,703,354

810,609

Cash and cash equivalents at the beginning of the period

1,720,072

2,044,653

(1,988)

(2,250)

4,421,438

2,853,012

Net cash used in financing activities

Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period

Net cash generated from investing activities mainly included payments of RMB1,848.3 million for subscription of
financial assets at fair value through profit or loss and term deposits with initial term of over three months and
proceeds of RMB4,554.3 million from redemption of financial assets at fair value through profit or loss and term
deposits with initial term of over three months.

Treasury Policy
Our cash arises almost exclusively from equity funding. Such cash can only be invested in relatively liquid
and low-risk instruments such as bank deposits or money market instruments. The primary objective of our
investments is to generate finance income at a yield higher than the interest rate of current bank deposits, and
to maintain liquidity.

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PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

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Management Discussion and Analysis

Capital Expenditure
Six months ended 30 June

Purchase of property, plant and equipment,
intangible assets and other assets

2026

2025

RMB’000

RMB’000

6,993

3,582

Our capital expenditures primarily comprised the expenditure for purchasing property, plant and equipment
(mainly office and electronic equipment).

Foreign Exchange Risk
For the six months ended 30 June 2026, we mainly operated our businesses in China with most of the transactions
settled in RMB, the functional currency of our Company. Foreign exchange risk is the risk of incurring losses due
to changes in foreign exchange rates. Fluctuations in the exchange rates between RMB and other currencies that
we use to conduct our business operations may affect our financial position and operating results. The foreign
exchange risk assumed by us primarily arises from movements in the USD/RMB and HKD/RMB exchange rates.
Considering foreign exchange risk potentially brought by the fluctuations in the exchange rates, the Company
completed preparation for utilization of financial instruments in 2020 and held such instruments in 2026 in
response to the fluctuations in the exchange rates at any time.

Pledge of Assets
As of 30 June 2026, none of our assets were pledged.

Provisions
As at 30 June 2026, the Group was the defendant in certain outstanding litigations. Combining with fact and the
progress, as well as the opinions of the internal and external legal counsels, the Group recognized the estimated
losses from such litigations and disputes as provisions.

Dividend
We did not pay or declare any dividend for the six months ended 30 June 2026.

Bank Loans and Other Borrowings
As at 30 June 2026, except for the borrowings of RMB10,500,000 obtained by Pingan Yingjian, a subsidiary of the
Company, from its shareholder, Yingjian Enterprise Management Consulting, we did not have any outstanding
loans. As at 30 June 2026, the Group’s gearing ratio was 22.98%, which was calculated by dividing the Group’s
total liabilities by its total assets as at 30 June 2026.

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PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

23

Management Discussion and Analysis

Significant Investments Held
As at 30 June 2026, we did not hold any material investments with a value of 5% or more of the Group’s total
assets.

Future Plans for Material Investments or Capital Assets
As of 30 June 2026, we did not have any future plans for material investments or capital assets.

Material Acquisitions and Disposals of Subsidiaries, Associates and
Joint Ventures
For the six months ended 30 June 2026, we did not carry out any material acquisitions and disposals of subsidiaries,
associates and joint ventures.

Employee and Remuneration Policy
The Group had a total of 1,586 employees as of 30 June 2026, the majority of whom were based in various cities
in the PRC, including Shanghai, Shenzhen, Guangzhou, Hefei, Beijing and Qingdao. The Group has established
a remuneration system of “cash salary + benefit + long-term incentive.” Remuneration is determined with
reference to market conditions and individual employees’ performance, qualifications and experience. In line
with the performance of the Company and individual employees, a competitive remuneration package is offered
to retain employees, including salaries, discretionary bonuses and benefit plans. Employees of the Company are
eligible participants of the Pre-IPO employee share option scheme, details of which are set out in the Prospectus.
In addition to on-the-job training, we have also adopted training policies to provide a wide range of in-house
and external trainings for employees. During the Reporting Period, the relationship between the Company and
its employees was always stable. We did not experience any strikes or other labor disputes which materially
affected our business activities.

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PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

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Other Information
Directors’ and Chief Executives’ Interests and Short Positions in the
Shares, Underlying Shares and Debentures
As at 30 June 2026, the interests and short positions of the Directors and chief executives of the Company in the
Shares, underlying Shares and debentures of the Company or its associated corporations, within the meaning
of Part XV of the SFO, which were required to be notified to the Company and the Stock Exchange pursuant to
Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed
to have taken under such provisions of the SFO), or were recorded in the register required to be maintained by
the Company under section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange
pursuant to the Model Code, were as follows:

Long positions/short positions in the Shares of the Company

Name of Director

Nature of interest

Mr. Mingke He (2)

Beneficial owner

Number of
Shares held
1,162,433

Long positions/
short positions

Approximate
percentage
of interest in
the Company (1)

Long positions

0.05%

Notes:
(1)

The calculation is based on the total number of Shares in issue of 2,161,443,720 of the Company as of 30 June 2026.

(2)

As of 30 June 2026, depending on the performance of the Group as a whole and individual performance, Mr. Mingke He was
entitled to a maximum of 1,278,676 Shares pursuant to the Employee Incentive Scheme, where no Share was held upon exercise
of EIS Options under the Employee Incentive Scheme.

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PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

25

Other Information

Long positions/short positions in the shares of associated corporations of the Company
within the meaning of the SFO:

Name of
Director

Name of
associated
corporation

Michael Guo (2)

Ping An Group

Approximate
percentage of
interest in
Ping An Group (1)

Nature of interest

Number of
shares and/or
underlying shares
of Ping An Group

Long positions/
short positions

Beneficial owner

170,506 A shares

Long positions

0.00%

Other

103,368 A shares
Long positions

0.00%

Long positions

0.01%

(2)

895,703 H shares
Xin Fu

Ping An Group

(3)

Beneficial owner

137,206 A shares

Other (3)

139,893 A shares
672,209 H shares

Fangfang Cai

(4)

Ping An Group

Beneficial owner

790,124 A shares

Other (4)

815,519 A shares
677,667 H shares

Notes:
(1)

The calculation is based on the total number of shares in issue of Ping An Group as of 30 June 2026, including 10,660,065,083 A
shares and 7,447,576,912 H shares.

(2)

103,368 A shares and 895,703 H shares of Ping An Group were granted to Mr. Michael Guo as part of his payroll under the
Long-term Service Plan of Ping An Group. Such shares are held by a trust and will be vested upon his retirement subject to certain
conditions.

(3)

139,893 A shares and 672,209 H shares of Ping An Group were granted to Ms. Xin Fu as part of her payroll under the Long-term
Service Plan of Ping An Group. Such shares are held by a trust and will be vested upon her retirement subject to certain conditions.

(4)

815,519 A shares and 677,667 H shares of Ping An Group were granted to Ms. Fangfang Cai as part of her payroll under the
Long-term Service Plan of Ping An Group. Such shares are held by a trust and will be vested upon her retirement subject to
certain conditions.

Save as disclosed above, as of 30 June 2026, so far as known to the Directors, none of the Directors or chief
executives of the Company had or was deemed to have interests or short positions in the Shares, underlying
Shares or debentures of the Company or any of its associated corporations, within the meaning of Part XV of the
SFO, which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8
of Part XV of the SFO (including interests and short positions which they were taken or deemed to have taken
under such provisions of the SFO), or were recorded in the register required to be maintained by the Company
under section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the
Model Code.

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PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

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Other Information

Substantial Shareholders’ Interests and Short Positions in the Shares
and Underlying Shares of the Company
As of 30 June 2026, so far as known to the Directors, the following persons (other than the Directors or chief
executives of the Company) had interests or short positions in the Shares or underlying Shares of the Company
which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO,
or which were recorded in the register required to be kept by the Company under section 336 of the SFO, or
were, directly or indirectly, interested in 5% or more of the Shares of the Company:

Long positions/short positions in the Shares of the Company
Approximate
percentage of
interest in
the Company (1)

Number of
Shares held

Long positions/
short positions

Interest in controlled
corporations

1,160,994,737

Long positions

53.71%

Shenzhen Ping An
Financial Technology
Consulting Co., Ltd. (2)

Interest in controlled
corporations

1,160,994,737

Long positions

53.71%

Ping An (2)

Beneficial owner

1,160,994,737

Long positions

53.71%

Glorious Peace (2)

Interest in controlled
corporations

1,160,994,737

Long positions

53.71%

Morgan Stanley

Interest in controlled
corporations

126,404,850

Long positions

5.84%

113,610,502

Short positions

5.25%

Name of Shareholder

Nature of interest

An Ke Technology
Company Limited (2)

Notes:
(1)
(2)

The calculation is based on the total number of Shares in issue of 2,161,443,720 of the Company as of 30 June 2026.
As of 30 June 2026, Glorious Peace directly held a total of 1,160,994,737 Shares. Glorious Peace was wholly-owned by An Ke
Technology Company Limited, which in turn was wholly-owned by Shenzhen Ping An Financial Technology Consulting Co., Ltd.,
which in turn was wholly-owned by Ping An. As such, each of Ping An, An Ke Technology Company Limited and Shenzhen Ping
An Financial Technology Consulting Co., Ltd. was deemed to be interested in the Shares held by Glorious Peace.

(3)

Pursuant to section 336 of the SFO, the Shareholders are required to file forms of disclosure of interests when certain criteria
are fulfilled and the full details of the requirements are available on the Stock Exchange’s official website. When a Shareholder’s
shareholding in the Company changes, it is not necessary to notify the Company and the Stock Exchange unless certain criteria
are fulfilled. Therefore, substantial Shareholders’ latest shareholdings in the Company may be different to the shareholdings filed
with the Company and the Stock Exchange. The Company may not have sufficient information on the breakdown of the relevant
interests and cannot verify the accuracy of information in the forms of disclosure of interest.

Save as disclosed above, as of 30 June 2026, the Directors were not aware of any person (other than the Directors
or chief executives of the Company) who had interests or short positions in the Shares or underlying Shares of
the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part
XV of the SFO, or were recorded in the register required to be kept by the Company under section 336 of the
SFO, or who was, directly or indirectly, interested in 5% or more of the Shares of the Company.

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

27

Other Information

Employee Incentive Scheme
The Employee Incentive Scheme was approved by the Board on 26 December 2014 and amended by the Board
from time to time. The purpose of the Employee Incentive Scheme is to attract and retain talents, and promote
the long-term sustainable development of the Company and related entities, so as to realize the maximization
of value for Shareholders, and achieve mutual benefits of the Shareholders, the Company and the employees.
The EIS Shares had been issued, which were directly held by Le An Xin. Given the EIS Shares had already been
issued, there will not be any dilution effect to the proportion of shareholding upon the exercise of the options
granted under the EIS. In addition, the grant of the EIS Options by the Company or transfer upon vesting of the
EIS Options of any of the EIS Shares pursuant to the Employee Incentive Scheme by any trustee or trust holding
entities to a connected person of the Company should not be subject to the requirements of Chapter 14A of the
Listing Rules. The aggregate number of EIS Shares which may be granted by the Company in accordance with
the EIS is 70,000,000 Shares (subject to share subdivision on the Listing Date). As of 1 January 2026, the number
of EIS Shares available for grant was 27,282,746 Shares, representing 1.26% of the issued Shares as at the date
of this report. As of 30 June 2026, the number of EIS Shares remaining available for grant was 27,358,821 Shares,
representing 1.27% of the issued Shares as at the date of this report. As of 30 June 2026, the aggregate number
of Shares underlying the outstanding EIS Options granted by the Company under the EIS was 7,395,187 Shares
(subject to share subdivision on the Listing Date), representing 0.34% of the issued Shares as at the date of this
report. All such Shares underlying the EIS Options have been issued.
The following table shows details of the options granted under the EIS for the six months ended 30 June 2026:

28

Vesting period2

Exercised
during the
Reporting
Period 3
(Shares)

Cancelled/
Lapsed Outstanding
as of
during the
30 June
Reporting
2026
Period
(Shares)
(Shares)

Name

Position

Mr. Mingke He6

Executive Director 30 December 2025
and chief executive
officer

1,162,433

7 October 2026 to
7 October 2028

–

1,162,433

–

–

1,162,433

Ms. Luoqi Zang
(Resigned)7

Executive Director, 15 March 2022
executive vice
president and chief
financial officer

250,000

15 March 2023 to
15 March 2026

–

188,450

–

–

188,450

Five highest paid
individuals in
aggregate

26 October 2021

300,000

26 October 2022 to
26 October 2025

–

151,140

–

–

151,140

23 October 2022

100,000

23 October 2023 to
23 October 2026

–

75,380

–

–

75,380

1 December 2023

300,000

1 December 2024 to
1 December 2027

–

150,000

63,750

11,250

75,000

30 December 2025

1,162,433

7 October 2026 to
7 October 2028

–

1,162,433

–

–

1,162,433

31 December 2014

4,917,500

31 December 2015 to
31 December 2018

0.63

–

–

–

–

31 March 2015

280,000

31 March 2016 to
31 March 2019

0.63

–

–

–

–

30 June 2015

148,000

30 June 2016 to
30 June 2019

0.63

–

–

–

–

1 October 2015

11,534,500

1 October 2016 to
1 October 2019

0.91

–

–

–

–

Other grantees

Date of grant1

Number
of grants
(Shares)

Outstanding
as of
1 January
Exercise
2026
price
(Shares)
(HK$/share)

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Other Information

Name

Position

Outstanding
as of
1 January
Exercise
2026
price
(Shares)
(HK$/share)

Exercised
during the
Reporting
Period 3
(Shares)

Cancelled/
Lapsed Outstanding
as of
during the
30 June
Reporting
2026
Period
(Shares)
(Shares)

Date of grant1

Number
of grants
(Shares)

25 February 2016

3,923,000

25 February 2017 to
25 February 2020

5.95

–

–

–

–

31 March 2017

16,475,800

31 March 2018 to
31 March 2021

26.47

499,214

–

–

499,214

30 November 2017

14,287,098

30 November 2018 to
30 November 2021

37.84

962,276

–

–

962,276

31 December 2017

840,000

31 December 2018 to
31 December 2021

37.84

–

–

–

–

28 February 2019

3,867,694

28 February 2020 to
28 February 2023

0-36.21

57,894

–

–

57,894

31 May 2019

188,335

31 May 2020 to
31 May 2023

–

38

–

–

38

31 August 2019

110,713

31 August 2020 to
31 August 2023

–

–

–

–

–

8 September 2019

100,000

8 September 2020 to
8 September 2023

–

–

–

–

–

30 November 2019

25,575

30 November 2020 to
21 October 2023

–

–

–

–

–

21 October 2020

1,952,100

21 October 2021 to
21 October 2024

–

225,852

–

–

225,852

31 December 2020

166,600

31 December 2021 to
31 December 2024

–

2,808

–

–

2,808

11 January 2021

300,000

21 October 2021 to
21 October 2024

–

76,140

–

–

76,140

31 May 2021

260,000

31 May 2022 to
31 May 2025

–

130,000

–

–

130,000

24 August 2021

3,284,700

24 August 2022 to
24 August 2025

–

165,131

–

–

165,131

26 October 2021

248,600

26 October 2022 to
26 October 2025

–

54

–

–

54

29 January 2022

3,229,200

29 January 2023 to
29 January 2026

–

915,138

–

–

915,138

Vesting period2

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

29

Other Information

Name

Position

Total4

Outstanding
as of
1 January
Exercise
2026
price
(Shares)
(HK$/share)

Exercised
during the
Reporting
Period 3
(Shares)

Cancelled/
Lapsed Outstanding
as of
during the
30 June
Reporting
2026
Period
(Shares)
(Shares)

Date of grant1

Number
of grants
(Shares)

15 March 2022

250,000

15 March 2023 to
15 March 2026

–

188,450

–

–

188,450

20 May 2022

230,000

20 May 2023 to
20 May 2026

–

7,614

–

–

7,614

26 July 2022

25,000

26 July 2023 to
26 July 2026

–

–

–

–

–

23 October 2022

475,000

23 December 2023 to
23 December 2026

–

226,805

–

–

226,805

19 December 2022

5,512,000

19 December 2023 to
19 December 2026

–

2,376,645

–

59,825

2,316,820

23 November 2024

162,000

23 November 2025 to
23 November 2028

–

162,000

–

5,000

157,000

7,535,012

63,750

76,075

7,395,187

Vesting period2

74,655,8485

Notes:
1.

The performance of the EIS Options granted during the Reporting Period depended on the degree of satisfaction of specific
performance, including fulfillment of the key performance indicators by the Group as a whole and the grantees;

2.

The EIS Options may be exercised once vested, subject to a period of 10 years commencing from the date of grant;

3.

The closing price on the date immediately before the date on which the EIS Options were exercised was HK$11.29/share;

4.

For the avoidance of double counting, total represents the sum of the options of the five highest paid individuals (including Mr.
Mingke He) and other grantees (including Ms. Luoqi Zang);

5.

The number of shares granted was the number of shares originally granted, including the number of shares canceled/lapsed and
re-granted;

6.

Depending on the performance of the Group as a whole and individual performance, Mr. Mingke He was entitled to a maximum
of 1,278,676 Shares pursuant to the Employee Incentive Scheme;

7.

Ms. Luoqi Zang resigned as an executive Director, the executive vice president, the chief financial officer, the secretary to
the Board, the company secretary and the authorized representative of the Company on 16 June 2026 due to personal work
arrangement.

Purchase, Sale or Redemption of the Company’s Listed Securities
For the six months ended 30 June 2026, neither the Company nor any of its subsidiaries purchased, sold or
redeemed any of the Company’s listed securities (including sales of treasury shares within the meaning of the
Listing Rules). As of 30 June 2026, the Company did not hold any of these treasury shares.

30

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Other Information

Changes of Directors and Chief Executives and Their Information
During the Reporting Period and up to the Latest Practicable Date, changes of Directors and chief executives
are set out as follows:
1.

Ms. Qin Xu was appointed as the chief financial officer, the secretary to the Board, the joint company
secretary and the authorized representative of the Company on 16 June 2026.

2.

Mr. Roy, Sing Yuen Chan was appointed as the joint company secretary of the Company on 16 June 2026.

3.

Ms. Luoqi Zang resigned as an executive Director, the executive vice president, the chief financial officer,
the secretary to the Board, the company secretary and the authorized representative of the Company on 16
June 2026 due to personal work arrangement.

4.

Mr. Cheng Liu resigned as the secretary to the Board, the company secretary and the authorized
representative of the Company on 24 March 2026 due to personal work arrangement.

Pursuant to the disclosure requirement under Rule 13.51B(1) of the Listing Rules, the changes in personal
information of the Directors are as follows:
1.

Ms. Xin Fu, a non-executive Director, ceased to be a director of Lufax Holding since February 2026 and a
non-executive director of OneConnect since July 2026.

2.

Ms. Fangfang Cai, a non-executive Director, served as a non-executive director of Lufax Holding from
February 2026 to July 2026, and ceased to be an executive director and a member of the related party
transaction control and consumer rights protection committee under the board of Ping An/Ping An
Insurance (Group) since May 2026.

Audit and Risk Management Committee
The Company has established an Audit and Risk Management Committee in compliance with the Corporate
Governance Code. The primary duties of the Audit and Risk Management Committee are to review and supervise
the financial reporting process and internal control system of the Group, review the financial information of the
Group and consider issues relating to the external auditors and their appointment.
The Audit and Risk Management Committee comprises two independent non-executive Directors, namely, Mr.
Yunwei Tang and Mr. Tianyong Guo and one non-executive Director, namely, Ms. Fangfang Cai. Mr. Yunwei Tang,
being the chairman of the Audit and Risk Management Committee, is appropriately qualified as required.
The Audit and Risk Management Committee has reviewed the unaudited interim financial accounts of the
Group for the six months ended 30 June 2026. The Audit and Risk Management Committee has also discussed
with management of the Company the accounting policies and practices and internal controls adopted by
the Company. Based on the above review and discussion with management, the Audit and Risk Management
Committee is satisfied that the unaudited interim financial information of the Group has been prepared in
accordance with the applicable accounting standards.

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

31

Other Information

Compliance with the Code of Conduct Regarding Directors’
Securities Transactions
The Company has adopted the Model Code as the code of conduct regarding Directors’ dealings in the securities
of the Company. Having made specific enquiry to all the Directors of the Company, all the Directors of the
Company confirmed that they have complied with the required standards set out in the Model Code for the six
months ended 30 June 2026.
The Board has also established written guidelines to regulate all dealings by informed persons who are likely to
be in possession of inside information in respect of the Company’s securities and unpublished information as
referred to in code provision C.1.3 of the Corporate Governance Code.

Compliance with the Corporate Governance Code
According to code provision B.3.5 of the Corporate Governance Code, issuers should appoint at least one
director of a different gender to the nomination committee. During the Reporting Period, the members of the
Nomination and Remuneration Committee under the Board of the Company are all of the same gender. After
considering: (1) the Board currently has two female Directors, representing 25% of the total Board members,
and the overall composition of the Board already demonstrates the Company’s commitment to promoting
gender diversity; (2) the Company has adopted and implemented the Board diversity policy, recognizes and
embraces the benefits of having a diverse Board, and sees diversity at the Board level as an essential element
in maintaining a competitive advantage; (3) the members of the Nomination and Remuneration Committee
are currently composed of Directors with diverse backgrounds and perspectives, maintaining an appropriate
balance in terms of independence, expertise and management experience, and are capable of providing effective
advice in reviewing the Board structure and promoting the Board diversity; (4) the nominations of Directors of
the Company are conducted through open, transparent and compliant procedures, the Board is therefore of the
view that the current composition of the Nomination and Remuneration Committee does not have a material
impact on its performance of relevant duties or on the promotion of the Board diversity.
On 19 August 2026, Ms. Yanjun Fan is appointed as a non-executive Director and a member of the Nomination
and Remuneration Committee of the Company. Since that date, the Company has complied with the above
requirements of code provision B.3.5 of the Corporate Governance Code.
The Directors confirmed that except for the above matters, the Company had complied with all the applicable
code provisions as set out in the Corporate Governance Code for the six months ended 30 June 2026.

Use of Proceeds
Use of Net Proceeds from the Listing
The Shares of the Company were listed on the Main Board of the Stock Exchange on the Listing Date with net
proceeds received by the Company from the global offering in the amount of approximately HK$8,564.0 million
after deducting underwriting commissions and all related expenses. The proceeds from the Listing were used
and are proposed to be used according to the intentions previously disclosed by the Company.

32

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Other Information

Use of Net Proceeds from the Placing
References are made to the announcements of the Company dated 30 September 2020 and 9 October 2020
(the “Announcements”), and for the purposes of seizing market opportunities, solidifying the Company’s leading
position in the industry and laying a solid foundation for business expansion, on 30 September 2020, the Company
entered into a placing agreement with the placing agents in relation to the placing of an aggregate of 80,000,000
new Shares with the aggregate nominal value of USD400, at a placing price of HK$98.20 per placing share on the
terms and conditions set out in the placing agreement. The market price of the placing shares was HK$99.25 on
the date of the placing agreement.
On 9 October 2020, the Company completed the placing of 80,000,000 ordinary shares to no less than six placees
who are Independent Third Parties of the Company at a price of HK$98.20 per placing share with net proceeds
received by the Company from the placing in the amount of approximately HK$7,828.0 million after deducting
the commission, incentive fee and expense, representing a net issue price of approximately HK$97.85 per placing
share. The proceeds from the placing are proposed to be used according to the intentions previously disclosed
by the Company.

Timetable for the Use of Proceeds
The table below sets out the Group’s intended timetable for the use of proceeds as at 30 June 2026:

Intended use of net proceeds
Funding our potential investments,
acquisitions of domestic
companies and the strategic
alliances with domestic companies
as well as our overseas expansion plan

Allocation of
net proceeds

Amount of
net proceeds
utilized as of
30 June
2026

Balance of
net proceeds
unutilized as of
30 June
2026
(HK$ in million)

544.9

–

544.9

Intended timetable for
use of the unutilized
net proceeds 1
Before 31 December 2028

Note:
1.

The expected timetable for the use of the unutilized net proceeds is made based on the best estimation of the Company taking
into account, among others, the prevailing and future market conditions and business development and need, and is therefore
subject to change.

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

33

Independent Review Report
To the board of directors of Ping An Healthcare and Technology Company Limited
(incorporated in the Cayman Islands with limited liability)

Introduction
We have reviewed the interim financial information set out on pages 35 to 56, which comprises the condensed
consolidated statement of financial position of Ping An Healthcare and Technology Company Limited (the
“Company”) and its subsidiaries (the “Group”) as at 30 June 2026 and the related condensed consolidated
statements of profit or loss, comprehensive income, changes in equity and cash flows for the six-month period
then ended, and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with
the relevant provisions thereof and International Accounting Standard 34 “Interim Financial Reporting” (“IAS
34”) as issued by the International Accounting Standards Board (“IASB”). The directors of the Company are
responsible for the preparation and presentation of this interim financial information in accordance with IAS 34.
Our responsibility is to express a conclusion on this interim financial information based on our review. Our report
is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose.
We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Scope of Review
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 Review of
Interim Financial Information Performed by the Independent Auditor of the Entity as issued by the Hong Kong
Institute of Certified Public Accountants. A review of interim financial information consists of making inquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong
Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim financial
information is not prepared, in all material respects, in accordance with IAS 34.

Ernst & Young
Certified Public Accountants
Hong Kong
18 August 2026

34

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Interim Condensed Consolidated Statements of Profit or Loss

For the six months ended 30 June 2026

Notes

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

2,483,833

2,502,193

Cost of sales

(1,527,163)

(1,662,484)

Gross profit

956,670

839,709

Selling and marketing expenses

(386,069)

(381,020)

Administrative expenses

(405,512)

(371,947)

(1,011)

(30,190)

Other income

13,125

16,468

Other gains, net

38,882

1,848

Finance income, net

44,612

60,033

Share of profits and losses of associates

(10,044)

1,359

PROFIT BEFORE TAX

250,653

136,260

(30,880)

(1,352)

219,773

134,908

219,332

134,164

441

744

219,773

134,908

Revenue

5

Impairment losses on financial and contract
related assets

Income tax expense

7

PROFIT FOR THE PERIOD
Attributable to:
– Owners of the parent
– Non-controlling interests

EARNINGS PER SHARE ATTRIBUTABLE TO
OWNERS OF THE COMPANY
– Basic (RMB yuan)

8

0.10

0.07

– Diluted (RMB yuan)

8

0.10

0.07

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

35

Interim Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2026

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

219,773

134,908

Exchange differences on translation of foreign operations

(56,342)

(28,764)

OTHER COMPREHENSIVE LOSS FOR THE PERIOD

(56,342)

(28,764)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

163,431

106,144

162,990

105,400

441

744

163,431

106,144

Profit for the period

Other comprehensive loss that may be reclassified to
profit or loss in subsequent periods:

Attributable to:
– Owners of the parent
– Non-controlling interests

36

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Interim Condensed Consolidated Statement of Financial Position

As at 30 June 2026

Notes

30 June 2026

31 December 2025

RMB’000

RMB’000

(Unaudited)

(Audited)

1,677,692

1,677,692

28,332

38,623

76,637

85,874

NON-CURRENT ASSETS
Goodwill

9

Right-of-use assets
Property, plant and equipment

10

Other intangible assets

4,940

9,582

Investments in associates and joint ventures

63,098

72,829

Financial assets at fair value through profit or
loss (“FVTPL”)

1,865,161

1,888,112

Restricted cash

12

105,000

300,000

Term deposits

12

466,976

469,937

4,287,836

4,542,649

Total non-current assets
CURRENT ASSETS
Inventories

78,028

63,325

923,101

1,032,978

Contract related assets

153,012

179,805

Prepayments and other receivables

432,288

440,048

Financial assets at FVTPL

1,790,277

2,876,559

Trade receivables

11

Restricted cash

12

870,805

676,371

Term deposits

12

121,772

1,698,696

Cash and cash equivalents

12

4,421,438

1,720,072

8,790,721

8,687,854

Total current assets

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

37

Interim Condensed Consolidated Statement of Financial Position
As at 30 June 2026

30 June 2026

31 December 2025

RMB’000

RMB’000

(Unaudited)

(Audited)

2,034,699

2,115,122

780,902

1,073,513

Lease liabilities

21,540

25,243

Tax payable

30,382

–

Provisions

5,400

–

Total current liabilities

2,872,923

3,213,878

NET CURRENT ASSETS

5,917,798

5,473,976

TOTAL ASSETS LESS CURRENT LIABILITIES

10,205,634

10,016,625

7,520

14,547

10,546

48

Contract liabilities

115,062

96,915

Total non-current liabilities

133,128

111,510

10,072,506

9,905,115

72

72

(1)

(1)

Reserves

16,616,413

16,669,585

Accumulated losses

(6,533,899)

(6,753,231)

10,082,585

9,916,425

(10,079)

(11,310)

10,072,506

9,905,115

Notes

CURRENT LIABILITIES
Trade and other payables

13

Contract liabilities

NON-CURRENT LIABILITIES
Lease liabilities
Trade and other payables

13

Net assets
EQUITY
Equity attributable to owners of the Company
Share capital

15

Treasury shares

Non-controlling interests
Total equity

Michael Guo
(Director)

38

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

He Mingke
(Director)

INTERIM REPORT 2026

Interim Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2026

Attributable to owners of the Company

*

Total

Noncontrolling
interests

Total equity

RMB’000

RMB’000

RMB’000

(6,753,231)

9,916,425

(11,310)

9,905,115

–

219,332

219,332

441

219,773

–

(56,342)

–

(56,342)

–

(56,342)

–

–

(56,342)

219,332

162,990

441

163,431

–

–

314

–

314

–

314

–

–

790

–

790

790

1,580

Share
capital

Treasury
shares

Accumulated
Reserves
losses

RMB’000

RMB’000

RMB’000

RMB’000

As at 1 January 2026 (audited)

72

(1)

16,669,585

Profit for the period

–

–

Other comprehensive loss for
the period

–

Total comprehensive income
for the period
Share of other reserves of an
associate
Deemed contribution from a
minority shareholder
Share-based payments

–

–

4,747

–

4,747

–

4,747

Long-term service plan*

–

–

(2,681)

–

(2,681)

–

(2,681)

As at 30 June 2026 (unaudited)

72

(1)

16,616,413

(6,533,899)

10,082,585

(10,079)

10,072,506

Certain core personnels were transferred to the Group from Ping An Insurance (Group) Company of China, Ltd. (“Ping An”)
and its subsidiaries in 2025. They participated in the long-term service plan implemented by Ping An during previous years, and
are entitled to apply for awarded shares upon satisfaction of certain conditions. The Group was recharged by Ping An and its
subsidiaries in relation to the long-term service plan with a consideration of RMB2,863,000 during the period ended 30 June 2026.
In addition, cost of employee services for the Group under the long-term service plan was RMB182,000 during the period ended
30 June 2026.

Attributable to owners of the Company

Share capital

Treasury
shares

Reserves

Accumulated
losses

Total

Noncontrolling
interests

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

As at 1 January 2025 (audited)

35

(1)

10,722,077

(7,132,742)

3,589,369

(9,750)

3,579,619

Profit for the period

–

–

–

134,164

134,164

744

134,908

Other comprehensive loss for
the period

–

–

(28,764)

–

(28,764)

–

(28,764)

Total equity

Total comprehensive income
for the period

–

–

(28,764)

134,164

105,400

744

106,144

Election of scrip dividend

37

–

6,003,704

–

6,003,741

–

6,003,741

Share-based payments

–

–

5,325

–

5,325

–

5,325

Exercise of share options

–

–

370

–

370

–

370

As at 30 June 2025 (unaudited)

72

(1)

16,702,712

(6,998,578)

9,704,205

(9,006)

9,695,199

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

39

Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2026

Notes

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

26,270

64,709

(878)

(1,152)

25,392

63,557

154

17

Cash flows from operating activities
Cash generated from operations
Income tax paid
Net cash generated from operating activities
Cash flows from investing activities
Proceeds from disposal of property, plant and
equipment and intangible assets
Payments for property, plant and equipment and
intangible assets

(6,993)

(3,582)

Payments for financial assets at fair value through profit
or loss

(1,792,158)

(5,271,848)

Proceeds from sales of financial assets at fair value
through profit or loss

2,894,591

9,576,335

Payments for term deposits with initial term of over
three months

(56,099)

(567,112)

Interest received from term deposits with initial term of
over three months

40,122

52,559

Proceeds from term deposits with initial term of over
three months

1,619,590

884,956

Net cash generated from investing activities

2,699,207

4,671,325

(21,245)

(18,044)

Dividend paid

–

(3,906,599)

Proceeds from exercise of share options

–

370

(21,245)

(3,924,273)

Net increase in cash and cash equivalents

2,703,354

810,609

Cash and cash equivalents at the beginning of the period

1,720,072

2,044,653

Effects of exchange rate changes on cash and cash
equivalents

(1,988)

(2,250)

Cash and cash equivalents at the end of the period

4,421,438

2,853,012

481,336

773,945

3,873,402

2,007,155

66,700

71,912

4,421,438

2,853,012

Cash flows from financing activities
Payments for lease liabilities

Net cash used in financing activities

ANALYSIS OF BALANCES OF CASH AND CASH
EQUIVALENTS
Cash and bank balance
Short-term bank deposits with initial term within three months
Other cash equivalents
Cash and cash equivalents as stated in the statement of
financial position and cash flows

40

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Notes to the Interim Condensed Consolidated Financial Information

30 June 2026

1

GENERAL INFORMATION
Ping An Healthcare and Technology Company Limited (the “Company”) was incorporated in the Cayman
Islands on 12 November 2014 as an exempted company with limited liability under the Companies Law
(Cap. 22, Law 3 of 1961 as consolidated and revised) of the Cayman Islands. The address of the Company’s
registered office is PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
The Company is an investment holding company. The Company and its subsidiaries are principally engaged
in offering medical and health services through the Group’s mobile platform in the People’s Republic of
China (the “PRC”).
Glorious Peace Limited (“Glorious Peace”) is the controlling shareholder of the Company, holding 53.71% of
the shareholding interest in the Company as at 30 June 2026. In the opinion of the directors, Ping An is the
ultimate parent company of the Company.

2 BASIS OF PREPARATION
This interim condensed consolidated financial information for the six months ended 30 June 2026 has been
prepared in accordance with International Accounting Standard 34 Interim Financial Reporting. The interim
condensed consolidated financial information does not include all the information and disclosures required
in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated
financial statements for the year ended 31 December 2025.

3 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies adopted in the preparation of the interim condensed consolidated financial
information are consistent with those followed in the preparation of the Group’s annual financial statements
for the year ended 31 December 2025, except for the adoption of the following amended IFRS Accounting
Standards for the first time for the current period’s financial information.
Amendments to IFRS 9 and IFRS 7

Amendments to the Classification and Measurement of
Financial Instruments

Amendments to IFRS 9 and IFRS 7

Contracts Referencing Nature-dependent Electricity

Annual Improvements to IFRS
Accounting Standards – Volume 11

Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

41

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

3 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
(Continued)
The nature and impact of the amended IFRS Accounting Standard are described below:
(a) Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial
Instruments clarify that a financial asset is derecognised when the entity’s rights to the contractual cash
flows expire or are transferred, while a financial liability is derecognised on the settlement date. The
amendments introduce an accounting policy option to derecognise a financial liability that is settled
through an electronic payment system before the settlement date if specified criteria are met. The
amendments clarify how to assess the contractual cash flow characteristics of financial assets with
environmental, social and governance and other similar contingent features. Moreover, the amendments
clarify the requirements for classifying financial assets with non-recourse features and contractually
linked instruments. The amendments also include additional disclosures for investments in equity
instruments designated at fair value through other comprehensive income and financial instruments
with contingent features. Since the Group’s accounting policy for the derecognition of financial assets
and liabilities in prior years aligned with the amendments and the Group did not have the financial
assets that were addressed by the amendments, the amendments did not have any impact on the
interim condensed consolidated financial information. The Group will provide additional disclosures
for its equity investments designated at fair value through other comprehensive income in the Group’s
consolidated financial statements for the year ending 31 December 2026.
(b) Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity clarify the
application of the “own-use” requirements for in-scope contracts and amend the designation
requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The
amendments also include additional disclosures that enable users of financial statements to understand
the effects these contracts have on an entity’s financial performance and future cash flows. As the
Group did not have any contracts that are in the scope of the amendments, the amendments did not
have any impact on the interim condensed consolidated financial information.
(c) Annual Improvements to IFRS Accounting Standards – Volume 11 set out narrow scope amendments
to IFRS 1, IFRS 7 (and the accompanying Guidance on implementing IFRS 7), IFRS 9, IFRS 10 and IAS 7.
The amendments include clarifications, simplifications, corrections or changes to improve consistency
in the corresponding IFRS Accounting Standards. The amendments did not have any impact on the
interim condensed consolidated financial information.

4 OPERATING SEGMENT INFORMATION
For management purposes, the Group is not organised into business units based on their services and only
has one reportable operating segment. Management monitors the operating results of the Group’s operating
segment as a whole for the purpose of making decisions about resource allocation and performance
assessment.

Geographical information
Since substantially all of the Group’s revenue and operating profit were generated from the Chinese mainland
and most of the Group’s identifiable operating assets were located in the Chinese mainland, no geographical
segment information in accordance with IFRS 8 Operating Segments is presented.

Information about a major customer
Revenue of approximately RMB1,051,499,000 (six months ended 30 June 2025: RMB702,553,000) was derived
from the sale of goods and services provided to a single customer, including sales to a group of entities
which are known to be under common control with that customer.

42

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

5 REVENUE
An analysis of revenue is as follows:

Revenue from contracts with customers

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

2,483,833

2,502,193

2026

2025

Revenue from contracts with customers
(a) Disaggregated revenue information

Commercial insurance enablement

RMB’000

RMB’000

(Unaudited)

(Unaudited)

1,584,427

1,584,313

Corporate health management

713,842

432,361

Others

185,564

485,519

Total

2,483,833

2,502,193

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

2,277,228

2,278,517

206,605

223,676

2,483,833

2,502,193

Timing of revenue recognition

At a point in time
Overtime
Total

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

43

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

6 PROFIT BEFORE TAX
The Group’s profit before tax is arrived at after charging/(crediting):
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

Cost for service fee paid to venders

843,866

714,808

Cost of merchandise

592,792

824,034

–

40,050

Impairment provision for inventory

3,256

325

Impairment losses on financial and contract related assets

Impairment provision for investment in associates

1,011

30,190

Fair value gains on financial assets at fair value through profit
or loss

(45,462)

(63,643)

Investment income on short-term investments placed with banks

(3,454)

(1,371)

Interest income

(45,559)

(61,810)

Depreciation of right-of-use assets

18,230

18,006

Depreciation of property, plant and equipment

14,880

12,757

Amortization of other intangible assets

4,678

6,821

Remuneration of the auditors

2,534

2,104

406,950

416,572

2,280

24,516

Staff cost (including directors’ remuneration)*
Net foreign exchange losses
*

The amount of the staff cost is included in “Cost of sales”, “Selling and marketing expenses” and “Administrative expenses”
in the consolidated statements of profit or loss.

44

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

7 INCOME TAX EXPENSE
The income tax expense of the Group for the period ended 30 June 2026 is analyzed as follows:

Current income tax – Chinese Mainland

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

30,880

1,352

(a) Cayman Islands Income Tax
The Company is incorporated under the laws of the Cayman Islands as an exempted company with
limited liability under the Companies Law of the Cayman Islands and accordingly is not subject to
Cayman Islands income tax.
(b) Hong Kong Income Tax
The subsidiaries incorporated in Hong Kong are subject to Hong Kong profits tax at the rate of 16.5%
(2025: 16.5%) on the estimated assessable profits arising in Hong Kong during the period. No Hong
Kong profits tax was provided for as there was no estimated assessable profit that was subject to Hong
Kong profits tax during the six months ended 30 June 2026 and 2025.
(c) PRC Corporate Income Tax (“CIT”)
The income tax provision of the Group in respect of its operations in PRC was calculated at the tax
rate of 25% on the assessable profits, based on the existing legislation, interpretations and practices
in respect thereof. According to the relevant tax circulars issued by the PRC tax authorities, some
subsidiaries of the Group are entitled to certain tax concessions because they are small and micro
enterprises.
(d) PRC withholding Tax (“WHT”)
According to the New Corporate Income Tax Law (“New CIT Law”), distribution of profits earned by
PRC companies since 1 January 2008 to foreign investors is subject to withholding tax of 5% or 10%,
depending on the country of incorporation of the foreign investor, upon the distribution of profits to
overseas-incorporated immediate holding companies. WHT of the Group was levied on the investment
income earned by the Company and overseas subsidiaries.
The Group does not have any plan to require its PRC subsidiaries to distribute their retained earnings
and intends to retain them to operate and expand its business in the PRC. Accordingly, no deferred
income tax liability on WHT was accrued as at 30 June 2026 (unaudited) (as at 31 December 2025
(audited): nil).

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

45

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

8 EARNINGS PER SHARE
(a) Basic earnings per share for the six months ended 30 June 2026 and 2025 are calculated by dividing
the earnings attributable to ordinary equity holders of the parent by the weighted average number of
ordinary shares outstanding during the period.
The calculation of earnings per share is based on the following:
2026

2025

(Unaudited)

(Unaudited)

Profit attributable to ordinary equity holders of
the parent for the period (RMB’000)

219,332

134,164

Weighted average number of ordinary shares
outstanding during the period (’000)

2,126,658

1,988,353

0.10

0.07

Basic earnings per share attributable to ordinary
equity holders of the parent (RMB yuan)

(b) Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive potential ordinary shares.
For the six months ended 30 June 2026 and 2025, the Group has share options as potential dilutive
ordinary shares which was included in the calculation of diluted earnings per share.
2026

2025

(Unaudited)

(Unaudited)

219,332

134,164

2,126,658

1,988,353

5,335

3,678

Weighted average number of ordinary shares for diluted
earnings per share (’000)

2,131,993

1,992,031

Diluted earnings per share attributable to ordinary equity
holders of the parent (RMB yuan)

0.10

0.07

Earnings
Profit attributable to ordinary equity holders of the parent for
the period (RMB’000)
Weighted average number of ordinary shares
Weighted average number of ordinary shares outstanding
during the period used in the basic earnings
per share calculation (’000)
Adjustments for:
Assumed exercise of share options (’000)

46

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

9 GOODWILL
30 June
2026

31 December
2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Medical services related CGU

1,289,682

1,289,682

Health services related CGU

379,246

379,246

8,764

8,764

1,677,692

1,677,692

Impairment (Note a)

–

–

Net carrying amount

1,677,692

1,677,692

Others

Notes:
(a)

As at 30 June 2026, management reviewed the cash flow projections which was based on business plan and used to prepare
goodwill impairment testing as at 31 December 2025. Management found no significant change on the business plan and did
not identify any impairment indicators on goodwill.

10 PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 June 2026, the Group acquired assets at a cost of RMB6,168,000 (30 June
2025: RMB3,211,000). Assets with a net book value of RMB525,000 were disposed of by the Group during the
six months ended 30 June 2026 (30 June 2025: RMB18,000) resulting in a net loss on disposal of RMB371,000
(30 June 2025: Nil).
During the six months ended 30 June 2026, no impairment loss (30 June 2025: Nil) was recognised.

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

47

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

11 TRADE RECEIVABLES
An ageing analysis of trade receivables as at the end of the reporting period, based on the recognition and
net of loss allowance, is as follows:
30 June
2026

31 December
2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Up to 3 months

501,676

774,148

3 to 6 months

266,823

94,266

6 months to 1 year

83,708

97,304

1 to 2 years

62,981

48,072

More than 2 years

7,913

19,188

923,101

1,032,978

Total

12 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND TERM
DEPOSITS
(a) Cash and cash equivalents

Cash and bank balance
Short-term bank deposits with initial term within three months
Other cash equivalents
Total

30 June
2026

31 December
2025

RMB’000

RMB’000

(Unaudited)

(Audited)

481,336

488,667

3,873,402

1,136,288

66,700

95,117

4,421,438

1,720,072

30 June
2026

31 December
2025

RMB’000

RMB’000

(Unaudited)

(Audited)

32,658

12,579

Cash and cash equivalents are denominated in the following currencies:

USD

48

HKD

6,461

48,748

RMB

4,382,319

1,658,745

Total

4,421,438

1,720,072

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

12 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND TERM
DEPOSITS (Continued)
(b) Restricted cash
As at 30 June 2026, restricted deposits held at banks amounted to RMB975,805,369 (as at 31 December 2025:
RMB976,371,000), of which RMB970,755,369 (as at 31 December 2025: RMB970,749,000) is legally frozen due
to litigations.
In March 2025, term deposits in the amount of approximately RMB941,000,000 with initial term over one
year were legally frozen due to an ongoing dispute. The Group won the first instance, and is awaiting the
judgment of the second instance. The freeze is merely a routine court preservation procedure and does not
represent any prejudgment regarding the outcome of the case.

(c) Term deposits
30 June
2026

31 December
2025

RMB’000

RMB’000

(Unaudited)

(Audited)

121,948

1,699,020

(176)

(324)

121,772

1,698,696

467,184

470,301

(208)

(364)

466,976

469,937

30 June
2026

31 December
2025

Current assets
Term deposits with initial term of over three months that
will mature within one year
Impairment
Total
Non-current assets
Term deposits with initial term of over three months that
will mature over one year
Impairment
Total
Term deposits are denominated in the following currencies:

RMB’000

RMB’000

(Unaudited)

(Audited)

RMB

533,941

2,125,953

HKD

55,191

18,064

USD

–

25,304

Total

589,132

2,169,321

The weighted average effective interest rate of the term deposits of the Group as at 30 June 2026 is 1.70%
(as at 31 December 2025: 2.33%).

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

49

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

13 TRADE AND OTHER PAYABLES
30 June
2026

31 December
2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Current liabilities
Trade payables (Note a)

680,788

704,244

Wages payables

492,188

573,707

Accruals

469,001

442,042

Other payables (Note b)

243,058

215,948

Other tax payable

82,175

107,118

Amounts due to related parties

64,013

68,588

Withholding tax payable

3,476

3,475

2,034,699

2,115,122

10,546

48

30 June

31 December

Total
Non-current liabilities
Amounts due to related parties
Notes:
(a)

Aging analysis of trade payables based on the accrual date is as follows:

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Up to 3 months

519,666

582,428

3 to 6 months

50,625

6,391

6 months to 1 year

44,660

35,416

1 to 2 years

13,101

69,893

More than 2 years

52,736

10,116

Total

680,788

704,244

The trade payables are non-interest-bearing and are normally settled on terms ranging from 30 to 60 days.
(b)

50

Other payables are non-interest-bearing and are normally settled on terms ranging from 30 to 60 days.

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

14 DIVIDENDS
No dividends have been declared (six months ended 30 June 2025: Nil) by the Company during the six
months ended 30 June 2026.

15 SHARE CAPITAL
Number of
shares

USD

Ordinary shares of USD0.000005 each at 1 January 2026 (audited)
and 30 June 2026 (unaudited)

10,000,000,000

50,000

Number of
shares

USD

Equivalent to
RMB yuan

2,161,443,720

10,807

72,448

Authorised

Issued
Ordinary shares of USD0.000005 each at
1 January 2026 (audited) and
30 June 2026 (unaudited)

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

51

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

16 RELATED PARTY TRANSACTIONS
Save as those disclosed in the other notes, the following significant transactions were carried out between
the Group and its related parties. In the opinion of the directors of the Company, the related party
transactions were carried out in the normal course of business and at terms negotiated between the Group
and the respective related parties. The Group’s pricing policies of the transactions with related parties are
determined on the basis of mutual negotiations between the relevant parties.

(a) Names and relationships with related parties
Name of related parties

Relationship with the Company

Glorious Peace

The shareholder that controls the
Group

Ping An

Ultimate parent company of Glorious
Peace

Ping An Life Insurance Company of China, Ltd. (“Ping An Life
Insurance”)

Controlled by Ping An

Ping An Property & Casualty Insurance Company of China, Ltd.
(“Ping An Property & Casualty Insurance”)

Controlled by Ping An

Ping An Bank Co., Ltd. (“Ping An Bank”)

Controlled by Ping An

Ping An Health Insurance Company Ltd. (“Ping An Health
Insurance”)

Controlled by Ping An

Ping An Annuity Insurance Company, Ltd. (“Ping An Annuity”)

Controlled by Ping An

Shenzhen Ping An Financial Technology Consulting Co., Ltd. (“Ping Controlled by Ping An
An Fintech”)

52

Ping An Trust Co., Ltd. (“Ping An Trust”),

Controlled by Ping An

Ping An International Financial Leasing Company Limited (“Ping
An Financial Leasing”)

Controlled by Ping An

Ping An Asset Management Co., Ltd (“Ping An Asset
Management”)

Controlled by Ping An

China Ping An Insurance Overseas (Holdings) Limited (“Ping An
Overseas Holdings”)

Controlled by Ping An

Yingjian Enterprise Management Consulting (Shanghai) Co., Ltd.
(“Yingjian Enterprise Management Consulting”)

Shareholder of the subsidiary of the
Group

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

16 RELATED PARTY TRANSACTIONS (Continued)
(b) Significant transactions with related parties
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

–

–

Trademark licensing
Ping An
Provision of products and services
Ping An Life Insurance and its subsidiaries

450,742

391,667

Ping An Property & Casualty Insurance and its subsidiaries

429,009

137,750

Ping An Health Insurance

64,990

67,750

Ping An Bank and its subsidiaries

52,396

57,057

Ping An Fintech and its subsidiaries

35,329

22,686

Ping An Annuity

15,430

21,483

Services purchasing
Ping An Financial Leasing and its subsidiaries

102,105

72,239

Ping An Fintech and its subsidiaries

92,613

133,153

Ping An Bank and its subsidiaries

57,917

5,174

Ping An Health Insurance

9,221

62,485

Ping An Annuity

6,093

4,564

Ping An Life Insurance and its subsidiaries

5,894

2,544

Ping An

4,238

–

797

8,496

16,688

10,520

Ping An Asset Management and its subsidiaries

11,088

629

Ping An Overseas Holdings and its subsidiaries

3,820

–

Ping An Bank and its subsidiaries

3,520

14,692

Ping An Trust and its subsidiaries

597

–

Ping An Life Insurance and its subsidiaries

7,615

6,432

Ping An Property & Casualty Insurance and its subsidiaries

1,575

278

Ping An Property & Casualty Insurance and its subsidiaries
Deposit interests
Ping An Bank and its subsidiaries
Investment income

Property leasing expenses paid

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

53

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

16 RELATED PARTY TRANSACTIONS (Continued)
(c) Period/year end balances with related parties
30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

3,225,918
46,412

454,245
73,329

Restricted cash
Ping An Bank and its subsidiaries

34,755

35,138

Financial assets at fair value through profit or loss
Ping An Bank and its subsidiaries
Ping An Asset Management and its subsidiaries
Ping An Overseas Holdings and its subsidiaries
Ping An Trust and its subsidiaries

554,003
523,557
259,364
30,623

681,190
1,344,733
109,209
30,026

Trade receivables
Ping An Life Insurance and its subsidiaries
Ping An Property & Casualty Insurance and its subsidiaries
Ping An Health Insurance
Ping An Fintech and its subsidiaries
Ping An Bank and its subsidiaries
Ping An Financial Leasing and its subsidiaries
Ping An Annuity

383,842
152,414
63,965
60,850
39,837
7,251
3,571

410,215
224,660
88,905
48,869
63,140
13,045
5,253

Prepayments and other receivables
Deposits in security
Ping An Fintech and its subsidiaries
Ping An Life Insurance and its subsidiaries

18,332
3,142

21,982
3,216

Amounts due from related parties
Ping An Health Insurance
Ping An Fintech and its subsidiaries
Ping An Property & Casualty Insurance and its subsidiaries

7,660
7,416
2,622

7,276
9,394
2,470

Trade and other payables
Ping An Fintech and its subsidiaries
Yingjian Enterprise Management Consulting
Ping An Property & Casualty Insurance and its subsidiaries
Ping An Life Insurance and its subsidiaries
Ping An
Ping An Health Insurance

33,672
10,500
10,232
5,404
2,511
1,694

25,521
11,955
9,731
3,249
29
1,758

Cash and cash equivalents and term deposits
Ping An Bank and its subsidiaries
Ping An Fintech and its subsidiaries

54

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

16 RELATED PARTY TRANSACTIONS (Continued)
(c) Period/year end balances with related parties (Continued)
Apart from the interest receivables generated from term deposits and financial assets at fair value through
profit or loss due from Ping An Bank calculated based on deposit interest rates, the other balances including
other prepayments and other receivables, trade receivables and deposits due from related parties are
unsecured, interest-free and repayable on demand.
On January 5, 2023, the Group entered into an agreement with minority shareholder Yingjian Enterprise
Management Consulting to obtain a loan of RMB10,500,000 at an agreed interest rate of 4.75%. On February
10, 2026, a loan extension agreement was signed, extending the loan to February 10, 2029.
On February 10, 2026, the Group and Yingjian Enterprise Management Consulting signed an agreement to
waive the interest on the RMB10,500,000 loan for historical years and to continue waiving future interest.
Apart from the loan mentioned above, the balances of trade and other payables due to related parties are
unsecured, interest-free and repayable on demand.

17 FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL
INSTRUMENTS
Management has assessed that the fair values of cash and cash equivalents, restricted cash, term deposits,
trade receivables and financial assets included in prepayments and other receivables and financial liabilities
included in trade and other payables approximate to their carrying amounts largely due to the short-term
maturities of these instruments.
The Group’s finance department headed by the finance manager is responsible for determining the policies
and procedures for the fair value measurement of financial instruments. At each reporting date, the finance
department analyses the movements in the values of financial instruments and determines the major inputs
applied in the valuation. The valuation is reviewed and approved by the chief financial officer.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could
be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The Group invests in financial assets at FVTPL, which represent wealth management products and structured
deposits, and investment funds. The fair values are based on cash flows discounted using the expected yield
rate.
The fair values of the non-current portion of term deposits have been calculated by discounting the future
cash flows using the expected yield rate.

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

55

Notes to the Interim Condensed Consolidated Financial Information
30 June 2026

17 FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL
INSTRUMENTS (Continued)
Fair value hierarchy
The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:

Assets measured at fair value:
As at 30 June 2026
Fair value measurement using
Quoted
prices in
active
markets
(Level 1)

Financial assets at fair value through
profit or loss

Significant
Significant
observable unobservable
inputs
inputs
(Level 3)
(Level 2)

Total

RMB’000

RMB’000

RMB’000

RMB’000

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

–

3,655,438

–

3,655,438

As at 31 December 2025
Fair value measurement using

Financial assets at fair value through
profit or loss

Quoted
prices in
active
markets
(Level 1)

Significant
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Total

RMB’000

RMB’000

RMB’000

RMB’000

–

4,764,671

–

4,764,671

During the period, there were no transfers of fair value measurements between Level 1 and Level 2 and no
transfers into or out of Level 3 for both financial assets and financial liabilities (six months ended 30 June
2025: Nil).
The Group did not have any financial liabilities measured at fair value as at 30 June 2026 (as at 31 December
2025: Nil).

18 EVENTS AFTER THE REPORTING PERIOD
There were no material subsequent events need to be disclosed during the period from 30 June 2026 to the
approval date of the interim consolidated financial information by the Board of Directors on 18 August 2026.

19 APPROVAL OF THE FINANCIAL INFORMATION
The interim condensed consolidated financial information was approved and authorized for issue by the
Board of Directors on 18 August 2026.

56

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Definitions
In this interim report, unless the context otherwise requires, the following expressions shall have the following
meanings:
“Audit and Risk Management
Committee”

Audit and Risk Management Committee under the Board

“Bank”/“Ping An Bank”

Ping An Bank Co., Ltd. (平安銀行股份有限公司), a company incorporated
under the laws of the PRC on 22 December 1987 whose shares are listed
on the Shenzhen Stock Exchange (SZSE: 000001), and a subsidiary of Ping
An

“Board”

the board of directors of the Company

“Company” or “the Company”

Ping An Healthcare and Technology Company Limited (平安健康醫療科
技有限公司), an exempted company incorporated in the Cayman Islands
with limited liability on 12 November 2014

“connected person(s)”

has the meaning ascribed to it under the Listing Rules

“Controlling Shareholder(s)”

has the meaning ascribed to it under the Listing Rules

“Corporate Governance Code”

the Corporate Governance Code as set out in Appendix C1 to the Listing
Rules

“Director(s)”

the director(s) of the Company

“EIS Option(s)”

the option(s) granted and to be granted to the Directors and employees
of the Group under the Employee Incentive Scheme

“EIS Share(s)”

the Share(s) under the EIS Options which are directly held by Le An Xin

“Employee Incentive Scheme” or
“EIS”

the scheme adopted by the Company on 26 December 2014, as amended
or otherwise modified from time to time, to grant options to the incentive
targets

“Glorious Peace”

Glorious Peace Limited (安鑫有限公司), a company incorporated under the
laws of BVI on 10 November 2014, an indirect wholly-owned subsidiary of
Ping An and our Controlling Shareholder

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

57

Definitions

58

“Group”, “the Group”,
“we”, “us” or “our”

the Company, its subsidiaries and the Operating Entities or, where the
context so requires, in respect of the period prior to the Company becoming
the holding company of its present subsidiaries, such subsidiaries as if
they were subsidiaries of the Company at the relevant time

“Health Insurance”/
“Ping An Health Insurance”

Ping An Health Insurance Company Ltd. (平安健康保險股份有限公司), a
company incorporated under the laws of the PRC on 13 June 2005 and a
subsidiary of Ping An

“HK$”

Hong Kong dollars, the lawful currency of Hong Kong

“Hong Kong Share Registrar”

Computershare Hong Kong Investor Services Limited

“Hong Kong” or “HK”

the Hong Kong Special Administrative Region of the People’s Republic
of China

“IFRS”

International Financial Reporting Standard

“Independent Third Party(ies)”

has the meaning ascribed to it under the Listing Rules

“Latest Practicable Date”

18 August 2026, being the latest practicable date prior to the printing
of this report (where applicable) for ascertaining certain information
contained herein

“Le An Xin”

Le An Xin (PTC) Limited, a company incorporated under the laws of BVI
on 17 October 2017

“Life Insurance”/
“Ping An Life Insurance”

Ping An Life Insurance Company of China, Ltd. (中國平安人壽保險股份有限
公司), a company incorporated under the laws of the PRC on 17 December
2002 and a subsidiary of Ping An

“Listing”

the listing of the Shares on the Main Board of the Stock Exchange

“Listing Date”

4 May 2018, the date on which the Shares were listed and on which dealings
in the Shares were first permitted to take place on the Stock Exchange

“Listing Rules”

the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited, as amended, supplemented or otherwise modified
from time to time

“Lufax Holding”

Lufax Holding Ltd. (陸金所控股有限公司), a company incorporated under
the laws of the Cayman Islands on 2 December 2014 whose shares are
dually listed on the New York Stock Exchange (NYSE: LU) and the Hong
Kong Stock Exchange (HKEX: 06623)

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

Definitions

“Main Board”

the stock market (excluding the option market) operated by the Stock
Exchange which is independent from and operated in parallel with the
GEM of the Stock Exchange

“Model Code”

Model Code for Securities Transactions by Directors of Listed Issuers as
set out in Appendix C3 to the Listing Rules

“Nomination and Remuneration
Committee”

Nomination and Remuneration Committee under the Board

“OneConnect”

OneConnect Financial Technology Co., Ltd. (壹賬通金融科技有限公司)

“Operating Entities”

the entities we control through the contractual arrangements, namely
Ping An Health Cloud and its subsidiaries

“Paying users”

users who purchase products and/or services on our platform via apps,
WAP (Wireless Application Protocol) or plug-ins at least once during a
period of time

“Ping An”/“Ping An Insurance
(Group)”

Ping An Insurance (Group) Company of China, Ltd. (中國平安保險(集團)股
份有限公司), a company incorporated under the laws of the PRC whose
shares are dually listed on the Shanghai Stock Exchange and the Stock
Exchange (SSE: 601318; SEHK: 2318). It is our Controlling Shareholder

“Ping An Annuity”

Ping An Annuity Insurance Company Ltd. (平安養老保險股份有限公司), a
company incorporated under the laws of the PRC on 13 December 2004
and a subsidiary of Ping An

“Ping An Asset Management”

Ping An Asset Management Co., Ltd. (平安資產管理有限責任公司), a
company incorporated under the laws of the PRC on 27 May 2005, a
subsidiary of Ping An

“Ping An Group”

Ping An and its subsidiaries

“Ping An Health Cloud” or
“PAHC”

Ping An Health Cloud Company Limited (平安健康互聯網股份有限公司), a
company incorporated under the laws of the PRC on 20 August 2014 and
one of our Operating Entities

“Pingan Yingjian”

Pingan Yingjian Medical Management (Shanghai) Limited (平安盈健醫療
管理(上海)有限公司), a company incorporated under the laws of the PRC
on 24 April 2015, a subsidiary of Ping An Health Cloud and one of our
Operating Entities

INTERIM REPORT 2026

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

59

Definitions

60

“Property & Casualty Insurance”/
“Ping An Property &
Casualty Insurance”

Ping An Property & Casualty Insurance Company of China, Ltd. (中國平安
財產保險股份有限公司), a company incorporated under the laws of the PRC
on 24 December 2002 and a subsidiary of Ping An

“Prospectus”

the prospectus of the Company dated 23 April 2018

“Reporting Period”

the six months ended 30 June 2026

“RMB” or “Renminbi”

Renminbi, the lawful currency of China

“SFO”

the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong), as amended, supplemented or otherwise modified from time to
time

“Share(s)”

ordinary share(s) in the share capital of the Company with a par value
of USD0.00001 each before share subdivision and with a par value of
USD0.000005 each after share subdivision

“Shareholder(s)”

holder(s) of the Shares

“Stock Exchange”

The Stock Exchange of Hong Kong Limited

“subsidiary(ies)”

has the meaning ascribed to it under the Listing Rules

“substantial shareholder(s)”

has the meaning ascribed to it under the Listing Rules

“USD”

United States dollars, the lawful currency of the United States

“Yingjian Enterprise Management
Consulting”

Yingjian Enterprise Management Consulting (Shanghai) Co., Ltd. (盈健企
業管理諮詢(上海)有限公司), a company incorporated under the laws of the
PRC on 19 December 2014 and one of the shareholders of Pingan Yingjian

“%”

per cent

PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED

INTERIM REPORT 2026

To Provide Every Enterprise with a Harmonious Workplace
To Provide Every Family with a Dedicated Doctor
To Provide Every User with a Safe and Healthy Life

平安健康醫療科技有限公司

PING AN HEALTHCARE AND TECHNOLOGY
COMPANY LIMITED
（於開曼群島註冊成立的有限公司）

2026 年中期報告

股份代號 :1833.HK

此中期報告（「中期報告」）
（英文及中文版）已於本公司網站 www.pagd.net 和披露易網
站 www.hkexnews.hk 上登載。凡選擇以本公司網站瀏覽公司通訊（包括但不僅限於年
度報告及（如適用）財務摘要報告、中期報告及（如適用）中期摘要報告、會議通告、上市
文件、通函及代表委任表格）以代替任何或所有印刷本之股東，可提出要求後獲免費發送
中期報告印刷本。
股東可隨時書面通知香港證券登記處，郵寄地址為香港灣仔皇后大道東183號合和中心
17M樓，或通過電郵地址 pagd.ecom@computershare.com.hk ，要求更改所選擇收
取公司通訊的方式（收取印刷本或通過本公司網站以電子方式瀏覽）及語言版本（僅收取
英文版 ；或僅收取中文版 ；或同時收取中、英文版）。

目錄
公司資料

3

董事長和首席執行官致辭

5

管理層討論與分析

8

其他資料

25

中期財務資料審閱報告

34

中期簡明合併損益表

35

中期簡明合併綜合收益表

36

中期簡明合併財務狀況表

37

中期簡明合併權益變動表

39

中期簡明合併現金流量表

40

中期簡明合併財務資料附註

41

釋義

57

公司資料
董事

聯席公司秘書

執行董事

徐勤女士

何明科先生

陳承元先生

非執行董事

主要股份過戶登記處

郭曉濤先生（主席）

Maples Fund Services (Cayman) Limited

付欣女士
蔡方方女士
朱梓陽先生

獨立非執行董事
湯雲為先生

PO Box 1093, Boundary Hall
Cricket Square
Grand Cayman, KY1-1102
Cayman Islands

香港證券登記處

郭田勇先生

香港中央證券登記有限公司

周永健博士

香港
灣仔

審計及風險管理委員會
湯雲為先生（主席）
郭田勇先生
蔡方方女士

皇后大道東183號
合和中心17樓1712-1716號舖

核數師
安永會計師事務所

提名及薪酬委員會
郭田勇先生（主席）
湯雲為先生
周永健博士

執業會計師及註冊公眾利益實體核數師
香港
鰂魚涌英皇道979號
太古坊一座27樓

郭曉濤先生

註冊辦事處

可持續發展委員會

Maples Corporate Service Limited的辦事處

周永健博士（主席）
何明科先生
付欣女士

授權代表
何明科先生
徐勤女士

PO Box 309
Ugland House
Grand Cayman, KY1-1104
Cayman Islands

中國總部及主要營業地點
中國
上海市
楊浦區國霞路298號
INNO創智B棟5-8樓

註 ： 自2026年8月19日起，董事會由執行董事何明科先生及席通專先生 ；非執行董事朱友剛先生及范彥君女士 ；及獨立非執行董事湯雲為先
生、郭田勇先生及李國棟醫生組成，董事會下各專門委員會組成亦相應變動，詳情請參見本公司於2026年8月18日發佈的關於變更董事
及董事委員會組成的公告。
2026 中期報告

平安健康醫療科技有限公司

3

公司資料

香港主要營業地點

法律顧問

香港

關於香港法律 ：

灣仔

歐華律師事務所

皇后大道東248號

香港

大新金融中心40樓

中環康樂廣場八號
交易廣場三期二十五樓

主要往來銀行
廣發銀行股份有限公司

關於中國法律 ：

香港

海問律師事務所

中環

中國

康樂廣場8號交易廣場1座12樓

上海市
南京西路1515號

股份代號

靜安嘉里中心一座2605號

1833

關於開曼群島法律 ：

公司網站

邁普達律師事務所（香港）有限法律責任合夥

www.pagd.net

香港
灣仔

上市日期

港灣道18號
中環廣場26樓

2018年5月4日

4

平安健康醫療科技有限公司

2026 中期報告

董事長和首席執行官致辭
尊敬的各位股東 ：

商保協同築牢生態基本盤，深耕醫險協同價值經營。公司
與平安集團綜合金融業務持續加深協同，按照客戶保單類

2026年作為「十五五」規劃開局之年，健康中國建設邁入

型、保費層級、養老需求搭建差異化會員權益矩陣，精準

高質量、體系化發展新階段。國民健康理念持續迭代，需

匹配客群需求，實現醫療健康養老服務與保險產品深度融

求重心從疾病治療加快轉向全周期主動式健康管護 ；多層

合。同時，公司不斷豐富醫健權益，鏈接生命科學、基

次醫療保障體系不斷健全，持續探索醫、藥、險產業深度

因檢測、腫瘤篩查等醫療服務與資源，通過有溫度的多元

融合路徑。伴隨AI醫療產業化落地、醫療數據合規流通、

化服務場景，增加客戶服務觸點，助力保險場景化營銷獲

醫保精細化支付改革持續推進，互聯網醫療正式從流量爭

客。報告期內，享有平安居家權益客戶壽險新單件均首年

奪轉向商業落地周期，行業競爭進入以技術為底座、以場

保費提升9.7倍1，醫險協同商業模式持續成熟。

景為載體、以支付為牽引、以生態為壁壘的價值競爭新時
企業健管開拓市場化增長點，持續釋放發展勢能。作為公

代。

司優化收入結構的核心戰略賽道，企業健管業務依托渠
作為平安集團醫療養老生態圈的核心旗艦，我們順應政策

道、產品、運營三維體系升級。渠道端深度聯動平安生態

導向與市場需求，代表支付方整合供應方，持續整合升級

資源，聚焦高價值大中型企業客戶，並為其配置專屬服務

「四到」
（到線、到院、到家、到企）服務矩陣，借助AI醫

團隊 ；產品服務端，聯合平安集團打造「商業保險+健康

療技術賦能全場景服務，深化與平安集團「綜合金融+醫

保障計劃+醫療健康服務」一體化方案，聯動第三方完善

療養老」戰略協同，為用戶提供「省心、省時、又省錢」的

藥品供給體系，覆蓋多元職場健康需求 ；運營端，公司實

一站式醫療健康養老解決方案，致力於打造中國特色的管

施主動精細化運營，布局「平安圈」線下服務網絡，錨定

理式醫療模式。報告期內，公司實現總收入人民幣24.84 「三公里服務半徑」，甄選整合優質醫療服務資源，在合作
億元，其中，企業健管業務收入人民幣7.14億元，同比增

藥房拓展「平安醫健付」支付服務，持續提升轉化效率、

長65.1% ；收入結構不斷優化，企業健管業務收入佔比達

客戶黏性與服務口碑。報告期內，公司在過去12個月內服

28.7%，同比提升11.5個百分點。

務的付費企業客戶超7,700家，同比增長超73% ；企業健
管業務GMV超人民幣17.9億元。

1

保費提升指壽險代理人渠道及社區金融渠道下，享有上述權益的客戶購買該權益下所有產品的件均首年保費與不享有上述權益的客戶購
買所有同類產品的件均首年保費的倍數，為2026年上半年經營成果。

2026 中期報告

平安健康醫療科技有限公司

5

董事長和首席執行官致辭

深耕場景底座，將「四到」服務體系作為服務落地的核心

數智築基，賦能夯實技術底座，驅動醫療普惠提質增效。

載體。公司持續迭代升級「四到」服務體系，緊扣線上問

數智化是公司整合醫療資源、升級服務效能，破解供給端

診、線下就醫、職場健康、居家養老等長期剛需，搭建一

瓶頸的核心抓手，解決醫療服務「看得上、看得好」的供

套廣覆蓋、高質量、高性價比的全周期醫療服務網絡。

給難題。依托平安集團技術積淀與自主研發能力，公司持

「到線」服務完成AI家醫全面升級，依托「AI+真人醫生」

續深化AI能力建設，夯實「數據+模型+場景」一體化閉環

協同機制覆蓋平安集團100%個人客戶，報告期內，AI醫

優勢。數據層面，依托平安集團全球領先的醫療行業四大

生使用人數超970萬人。「到院」服務持續擴容優質醫療資

數據庫，以及公司近15億次諮詢及問診數據等，在嚴守

源，現有平安甄選醫院合作數量達3,216家，累計簽約專

合規底線的前提下支撐醫療大模型訓練 ；模型層面，持續

家醫生超3,700位，合作藥店近24.5萬家，依托一站式平

迭代多模態技術底座「平安醫博通®醫療大模型」，以及針

安醫健付結算打通院內、院外就醫支付鏈路，提升用戶體

對關鍵醫療場景的5大醫療垂域模型，為業務全流程提供

驗和便捷性。「到家」服務落地標準化「平安居家」服務體

智能化決策支撐 ；場景層面，深耕嚴肅醫療賽道，打造

系，截至報告期末，獲得居家養老服務資格的客戶超31萬 「AI+真人醫生」差異化服務體系。報告期內，公司持續升
人 ；同時，公司強化服務標準打造，推動制定國內首個長

級AI醫療產品體系及AI複雜疾病多學科會診輔助平台能

壽醫學老年健康服務團體標準，補齊行業服務規範短板，

力，相關產品臨床服務效能持續提升。同時，AI助力毛利

升級居家養老醫療服務。「到企」服務創新升級企業醫務室

提升，報告期內，AI毛利貢獻佔比約4.6%，持續驅動服

綜合解決方案，打造「科技+醫療+服務」三位一體的智慧

務提質增效。

健康新範式，通過集成音視頻問診、名醫問診、MDT多
學科會診三大功能，精準匹配企業健康管理需求。

6

平安健康醫療科技有限公司

2026 中期報告

董事長和首席執行官致辭

義利相融，可持續經營兼顧民生與商業價值。公司各項

陣，分層精細化運營客戶，賦能平安集團綜合金融業務差

ESG舉措循序漸進、務實落地，推動CARE可持續發展

異化競爭力，另一方面拓深企業健管業務，打通線上線下

戰略深度融入日常運營與醫療服務。對內持續完善醫療質

運營鏈路，沉澱客戶流量、提升用戶黏性。公司將始終以

控、執業規範、醫療數據安全全流程管理機制，穩固整體

用戶需求為導向，持續整合「四到」服務網絡，構建全場

醫療健康養老服務專業底色 ；對外依托全域服務網絡常態

景、多觸點服務體系，打造線上 ╱ 線下閉環服務體驗，

化開展普惠健康科普、公益線上問診，持續拓寬基礎醫療

聯動行業夥伴共建健康產業生態，持續落地AI能力優化就

服務可及邊界。公司踐行「投資於人」人本理念，沉澱標

醫與保險服務體驗，以更智能、精準、有溫度的健康服務

準化職場健康管理實踐範式，為行業人本化運營提供可落

回饋用戶、股東與社會，矢志為數字中國、健康中國建設

地參考，在穩健經營創造企業價值的同時，切實扛起普惠

長效創造可持續價值。

民生的社會責任，實現商業價值、民生價值共生共進。
久久為功，長期深耕夯實核心競爭實力。立足國內醫療健
康產業高速發展的時代機遇，作為平安醫療養老生態圈
的核心旗艦和平安集團併表子公司，我們將持續依托「四

郭曉濤

何明科

到」服務體系與AI技術優勢，深化與平安集團的協同和雙

董事長

首席執行官

向賦能 ；一方面深耕商保協同賽道，迭代升級醫養產品矩

2026年8月18日

2026 中期報告

平安健康醫療科技有限公司

7

管理層討論與分析
作為平安集團醫療養老生態圈的核心旗艦，隨着平安集團「綜合金融+醫療養老」雙輪驅動戰略持續落地深化，公司持
續整合升級「四到」
（到線、到院、到家、到企）服務矩陣，提供「省心、省時、又省錢」的一站式醫療健康養老服務，與
平安集團綜合金融業務協同閉環，打造中國特色的管理式醫療模式。隨着公司和平安集團的協同合作持續深化，雙向
賦能的長期戰略價值進一步彰顯。
2026年是我國全面開啟「十五五」健康產業高質量發展藍圖的開局之年，也是深化落實「健康中國2030」戰略的關鍵時
期，醫療健康領域政策支持力度持續加大，並加快從制度設計向落地應用轉化。在醫療健康領域，承接2025年末國家衛
健委等五部委聯合印發《關於促進和規範「人工智能+醫療衛生」應用發展的實施意見》的頂層設計，2026年上半年各地配
套實施細則密集落地，為醫療AI的實際應用提供了更清晰的政策指引和落地場景，推動規模化應用。在養老服務領域，
國家持續落實頂層養老改革部署，鞏固居家養老基礎地位，2026年上半年，多項醫養結合衛生行業標準陸續出台，同期
國內首個長壽醫學老年健康服務團體標準《基於長壽醫學的老年健康服務規範》正式發布，大力支持科技賦能居家養老、
老年慢病管理與居家康復服務。在醫療和商保協同發展領域，一體化結算逐步推進，醫險協同機制不斷完善。
在政策紅利持續釋放的背景下，公司憑藉豐富的支付方資源、廣泛的服務網絡、領先的醫療科技能力及強大的平安生
態等核心競爭優勢，持續打造專業、全面、高質量、一站式的「醫療+養老」服務平台，為用戶提供「省心、省時、又省
錢」的醫療養老服務。

8

平安健康醫療科技有限公司

2026 中期報告

管理層討論與分析

主要財務數據
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

收入

2,483,833

2,502,193

-0.7%

營業成本

(1,527,163)

(1,662,484)

-8.1%

毛利

956,670

839,709

13.9%

銷售及營銷費用

(386,069)

(381,020)

1.3%

管理費用

(405,512)

(371,947)

9.0%

(144,446)

(161,633)

-10.6%

其他收入

13,125

16,468

-20.3%

金融資產及合約相關資產減值損失

(1,011)

(30,190)

-96.7%

其他收益淨額

38,882

1,848

2,004.0%

財務收入淨額

44,612

60,033

-25.7%

應佔聯營公司（虧損）╱ 利潤

(10,044)

1,359

不適用

除稅前利潤

250,653

136,260

84.0%

所得稅費用

(30,880)

(1,352)

2184.0%

期內利潤

219,773

134,908

62.9%

－ 母公司擁有人

219,332

134,164

63.5%

－ 非控制性權益

441

744

-40.7%

226,800

164,749

37.7%

－ 其中 ：研發費用

同比變動

利潤歸屬 ：

非國際財務報告準則調整
經調整淨利潤

2026 中期報告

平安健康醫療科技有限公司

9

管理層討論與分析

－

公司持續深化醫險協同模式，聚焦打磨迭代醫療健康及養老產品服務，加強與集團綜合金融業務的協同閉環，同
時大力推進企業健管業務的發展。報告期內，公司錄得總收入人民幣2,483.8百萬元。

－

具體看，企業健管業務收入人民幣713.8百萬元，同比增長65.1% ；收入結構不斷優化，企業健管業務收入佔比達
28.7%，同比提升11.5個百分點 ；公司商保協同業務收入人民幣1,584.4百萬元，同比基本持平 ；

－

公司業務質量持續改善，錄得毛利人民幣956.7百萬元，同比提升13.9% ；

－

公司持續進行科技研發，進一步提升AI應用賦能、數字化經營等能力 ；同時，為持續擴大業務規模，適度加大核
心業務投入，總費用小幅提升 ；總費用佔收入的比例31.9%，同比增長1.8個百分點 ；其中，管理費用佔收入的比
例16.3%，同比提升1.5個百分點 ；銷售及營銷費用佔收入的比例15.5%，同比提升0.3個百分點 ；

－

隨着收入結構不斷優化，業務質量持續改善，公司錄得歸母利潤人民幣219.3百萬元，同比增長63.5% ；調整後淨
利潤人民幣226.8百萬元，同比增長37.7%。

10

平安健康醫療科技有限公司

2026 中期報告

管理層討論與分析

主要業務經營分析
報告期內，作為平安集團醫療養老生態圈的核心旗艦和平安集團併表子公司，進一步強化與平安集團的協同。對於商
保協同業務，公司持續深化醫險協同模式、聚焦打磨迭代醫療健康及養老產品服務，在助力險司提升產品競爭力的同
時，助力獲客、黏客及客戶價值提升，並持續賦能平安集團綜合金融業務 ；對於企業健管業務，公司協同平安集團持
續拓展企業客戶，為企業打造了「商業保險+健康保障計劃+醫療健康服務」一體化解決方案，不斷豐富產品和服務，強
化運營轉化，助力企業提升員工健康水平及職場幸福感。
同時，公司持續建設廣覆蓋、高質量、高性價比的「四到」服務體系，形成覆蓋全場景、全周期的線上 ╱ 線下健康管理
閉環。在科技能力建設方面，公司持續提升AI應用賦能，通過AI與真人醫生的有機結合，在確保服務溫度和專業度的
同時，AI在用戶覆蓋及使用提升、毛利增長、降本增效等多方面持續賦能。

1.

支付方
商保協同業務
平安集團持續深化「綜合金融+醫療養老」戰略布局。作為平安集團醫療養老生態圈的核心旗艦，公司與平安集團
綜合金融業務持續加深協同。報告期內，公司進一步賦能平安壽險、平安產險、平安健康險、平安銀行等支付
方，為平安集團個人客戶提供線上 ╱ 線下一站式、7*24小時、主動式醫療養老服務，助力平安集團綜合金融業務
打造差異化產品競爭力，並且助力金融獲客、黏客及客戶價值提升。報告期內，享有平安居家權益客戶壽險新單
件均首年保費提升9.7倍1。

1

保費提升指壽險代理人渠道及社區金融渠道下，享有上述權益的客戶購買該權益下所有產品的件均首年保費與不享有上述權益的客戶購
買所有同類產品的件均首年保費的倍數，為2026年上半年經營成果。
2026 中期報告

平安健康醫療科技有限公司

11

管理層討論與分析

報告期內，公司持續深化醫險協同模式，聚焦打磨迭代產品服務，依托公司搭建的與保險產品深度融合的會員服
務體系，基於保單類型和保費層級，持續迭代、豐富會員權益，助力提升保險產品的差異化競爭力及客戶黏性。
針對財富管理類保險客戶，公司持續升級多層次會員體系，在原有產品服務體系基礎上協同平安壽險發布「就醫
通」健康服務計劃，為客戶提供前沿檢測及全流程就醫資源，構建全鏈路健康+醫療服務體系 ；面向高價值客戶，
公司全新推出「私享會員俱樂部」，整合腫瘤基因檢測、PET/MR等多項前沿檢測及先進療法等優質醫療資源，配
套慢病管理、重疾專案管理、心理諮詢等服務，構建全場景醫療健康服務體系 ；針對養老儲備類保險客戶，公司
持續升級居家養老服務體系，報告期內，協同平安壽險聯合發布「平安居家」服務品牌，推動服務由被動響應向主
動健康管理轉型。截至報告期末，獲得居家養老服務資格的客戶超31萬人。
同時，公司不斷豐富營銷獲客場景，基於保險、銀行等金融客戶的需求，聯合有資質的機構，鏈接生命科學、基
因檢測、腫瘤篩查、腸道菌群移植、前沿超級療法及先進藥械等醫療服務與資源，通過多元化的服務場景，增加
客戶服務觸點，助力保險場景化營銷獲客。

企業健管業務
憑藉服務平安集團個人金融客戶所積累的能力，公司逐步向外輻射，面向企業客戶市場。公司致力於為企業客戶
提供專業、全面、高品質、一站式的企業健康管理解決方案，秉承「省心、省時、又省錢」的「三省」服務理念，幫
助提升企業員工的健康水平和職場幸福感。
在客戶拓展方面，公司持續深化與通過平安集團渠道觸達的企業客戶的合作，重點拓展擁有較強支付能力及支付
意願的大中型企業，向其提供企業員工健康管理的綜合解決方案。報告期內，公司在過去12個月內服務的付費企
業客戶超7,700家，同比增長超73%;企業健管業務GMV超17.9億。

12

平安健康醫療科技有限公司

2026 中期報告

管理層討論與分析

公司以豐富產品及服務為核心抓手，強化線上線下雙向運營轉化，協同平安集團為企業客戶打造「商業保險+健康
保障計劃+醫療健康服務」一體化解決方案，為客戶提供保障全面、服務優質、性價比高的企業員工健康管理服務
體系。在線上，通過引入第三方平台持續擴充產品和服務品類，滿足企業員工各類醫療及健康管理服務需求，依
托第三方平台履約能力，提升用戶服務體驗 ；同時，通過家庭醫生，在取得用戶授權的前提下，基於員工健康檔
案進行全程主動式健康管理，精準匹配產品及服務，從而有效提升服務使用率與健康干預效果。在線下，針對企
業端，通過駐場醫務室及定期到企活動等，提供包括健康篩查、就醫指導、健康管理等全方位的醫療健康服務。
報告期內，面向重點合作的企業客戶，公司配置了專屬服務團隊，定制專屬員工福利與權益，提供「一企一策」的
定製解決方案 ；針對員工端，提供覆蓋特色診療、特色藥品、特色健康管理服務的主動式醫療管理。報告期內，
公司持續打造「平安圈」線下服務網絡，以企業客戶職場及生活區域為核心坐標，錨定「三公里服務半徑」，整合優
質藥店等服務網點，為員工打造「省心、省時、又省錢」的優質服務體驗。同時公司協同平安集團持續提升到企健
康服務專員隊伍能力，為企業提供全方位專屬服務，提升客戶滿意度。

服務要點 ：
作為企業員工身邊「三公里服務半徑」的健康驛站，
「平安圈」網點整合了優質藥店等線下服務網點。依
托「平安圈」線下服務網絡，公司為重點合作門店增
設員工專屬權益，並配備企業專屬健康活動 ；企業
員工到店後，針對特定合作產品可享專屬福利，讓
企業健康福利轉化為員工觸手可及、真實可感的實
惠。截至報告期末，公司已建成並投入運行的「平
安圈」超500個，圈內合作門店規模突破1萬家，並
與全國頭部連鎖藥房達成深度合作。通過打通線上
問診與線下門店服務閉環，公司為企業員工提供健康諮詢、報告解讀、慢病管理、用藥指導及藥品福利等
專屬服務及權益，兼顧員工身心健康保障與企業高質量可持續發展，實現雙向共贏。

2026 中期報告

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管理層討論與分析

2. 「四到」服務體系
公司持續建設廣覆蓋、高質量、高性價比的「四到」服務體系。報告期內，公司進一步拓展服務網絡，提升服務品
質，積極引入第三方服務供應商，進一步豐富服務及產品供給 ；並通過與國內外頭部藥企的合作，打通優質藥械
資源渠道，全方位滿足用戶醫療及健康管理需求，推動客戶滿意度、服務口碑穩步提升。

「到線」服務
公司持續匯聚來自平安集團醫養生態圈及外部企業客戶的流量，以「到線」服務為用戶蓄水池和核心觸點，構建全
場景、多觸點閉環服務。
公司不斷升級多層次家庭醫生服務體系，為保險客戶及企業員工提供全周期、主動式的醫療健康管理服務。報告
期內，面向慢病用戶，公司推出「多病共管」服務，結合每位用戶慢病類型、各項指標差異等數據，組建由個案管
理師、醫生、心理諮詢師、營養師、康復治療師構成的專屬服務小組，全面跟蹤管理用戶生活方式、疾病狀態、
用藥情況，開展精細化動態健康干預，切實改善用戶健康狀況。
同時，公司「AI+真人醫生」服務覆蓋平安集團100%個人客戶，兼顧服務溫度和專業性，為用戶提供7X24小時線
上問診服務。

服務案例 ：
平安集團某保險客戶患有高血壓、動脈粥樣硬化、
高脂血症、糖尿病等基礎慢病，該客戶享有專屬醫
療權益，公司為其提供了一體化「多病共管」綜合醫
療健康服務。由個案管理師全程跟進客戶各項身體
指標變化情況，統籌整體健康管理方案並階段性進
行調整 ；心理諮詢師為客戶主動進行心理疏導，提
升睡眠質量 ；營養師除了提供日常飲食建議，還針
對每日餐食照片進行專業點評 ；慢病醫生根據客戶
歷史就診及用藥記錄，綜合多種慢性病提供聯合用
藥指導意見 ；康復治療師結合客戶身體適配度及耐受度規劃專屬運動方案，每日提醒運動打卡並規範運動
動作。經過多維度的健康管理，客戶各項生理指標均得到有效改善，健康狀態穩步提升。

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平安健康醫療科技有限公司

2026 中期報告

管理層討論與分析

「到院」服務
公司持續擴增線下服務網絡，截至報告期末，公司已建立了約5萬名內外部醫生團隊，其中累計簽約專家醫生超
3,700位，包括9位院士 ╱ 國醫，超820位正副院長 ╱ 科室主任 ╱ 學科帶頭人等，提供MDT、門診、住院等尖刀
服務 ；平安甄選醫院合作數量達3,216家，其中三甲醫院達1,732家，三甲醫院覆蓋率達92.3%，提供包括「號、
床、刀、檢、康」等服務，滿足客戶就醫全方位、全周期服務需求 ；合作藥店近24.5萬家 ；合作體檢供應商超
4,600家。
同時，針對企業健管客戶線下購藥等場景，公司持續推進通過直連方式的平安醫健付服務，可在全國14.9萬家藥
店實現二維碼支付，較年初大幅提升 ；針對客戶線下就醫等場景，公司推出就醫 2 便捷支付試點服務，客戶可享受
「零墊款、快速理賠」的服務體驗。在提升用戶便捷體驗的同時，實現服務及數據閉環，未來將進一步擴大服務覆
蓋範圍。

服務案例 ：
張女士就職於某大型企業，享有企業健康保障計
劃。某日張女士因出現咽喉腫痛不適，前往公司樓
下已簽約「平安圈」服務網絡的藥店，現場完成流
感快速篩查後選購對症藥品。結算時，張女士登錄
APP出示平安醫健付二維碼，因選購藥品已納入保
障目錄，對應費用直接從企業專屬健康保障資金賬
戶劃扣，無需個人先行自費墊付。張女士全流程享
受「免報銷、一鍵付」的便捷購藥服務，服務體驗顯
著改善。

2

全國公立二級及以上醫保定點醫院，及其他指定醫院。
2026 中期報告

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管理層討論與分析

「到家」服務
公司聚焦醫療、健管、安全、照護等場景，持續深化「到家」服務能力建設。報告期內，依托平安集團「綜合金融+
醫療養老」優勢，公司協同平安壽險聯合發布「平安居家」服務品牌，推出了覆蓋睡眠、營養、運動等一系列居家
場景的「7好」3 王牌服務。平安居家以「智能管家+生活管家+醫生管家」三位一體管家為樞紐，以主動管理、聚焦
剛需、服務可視為抓手，為客戶打造了一套完整的主動健康管理體系。
在醫療服務方面，整合優質資源，打造了覆蓋「院前 － 院中 － 院後」的就醫全周期服務 ；在健康管理方面，以
7*24小時全天候服務實現主動健康管理 ；在安全保障方面，協同集團打造了全球急難救援服務 ；在專業照護方
面，通過院內照護、居家照護、養老機構推薦實現三大照護場景無縫銜接，滿足個性化照護需求。截至報告期
末，居家養老服務已覆蓋全國140個城市。

「到企」服務
在企業健管場景中，公司為企業員工提供專業的健康篩查、問診就醫、健康管理等豐富的到企服務，助力企業打
造健康職場。同時，報告期內，公司創新升級企業醫務室綜合解決方案，打造「科技+醫療+服務」三位一體的智
慧健康新範式，通過集成音視頻問診、名醫問診、MDT多學科會診三大功能，實現常見病、多發病等在線診療服
務。員工足不出企，即可享受優質醫療資源及全面健康保障。

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16

「7好」指睡眠管理、營養管理、機能改善、多病共管、就醫寶典、全球詢醫找藥，及智能守護服務。

平安健康醫療科技有限公司

2026 中期報告

管理層討論與分析

服務案例 ：
公司攜手全球知名藥企禮來（中國），於某大型企業
內落地主題到企活動，探索「保險+醫療+藥企」融
合創新模式。通過整合公司豐富的醫療服務資源以
及禮來體重管理特色服務，該到企活動設立多個定
制化特色健康互動區域，員工通過參與互動屏健康
挑戰、體感遊戲、智能檢測等活動，即可輕鬆獲取
自身健康狀態評估。同時，線上醫生和專業健康顧問結合禮來科學減重方案，為員工提供專業及個性化體
重管理諮詢、飲食與運動指導，助力科學減重。此外，員工可通過現場參與活動掃碼領取專屬服務禮包，
將健康管理延伸至日常，推動企業健康管理從「活動化」邁向「常態化」。

此外，公司強化服務標準打造，推動服務質量提升及產業升級。報告期內，中國老年保健協會正式發布實施國內
首個長壽醫學老年健康服務團體標準《基於長壽醫學的老年健康服務規範》
（T/CAWAORG 058 – 2026）。標準集
結26位全國頂尖老年醫學、全科醫學專家，聯合23家三甲醫院、養老機構共同編製，公司作為核心起草單位全程
深度參與，補齊國內長壽醫學標準化服務短板，用標準化體系升級居家養老醫療服務。

2026 中期報告

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管理層討論與分析

3. 科技賦能
報告期內，公司憑藉自主研發及平安集團的技術優勢，持續深化AI能力建設，強化「數據+模型+場景」閉環能力，
推動AI在各大醫療健康服務場景的應用落地，AI賦能成果日益凸顯。
在數據方面，公司擁有獨特的醫險數據閉環優勢。基於平安集團全球領先的醫療行業四大數據庫4，以及公司近15
億次諮詢及問診數據等，在嚴格遵守法律法規相關要求的前提下，公司對上述海量數據進行處理和調用，用於AI
醫療大模型的訓練。
在模型方面，公司持續迭代多模態技術底座「平安醫博通®醫療大模型」，以及針對關鍵醫療場景的5大醫療垂域模
型，為業務全流程提供智能化決策支持。
在應用場景方面，公司在嚴肅醫療領域縱深發展，通過「AI+真人醫生」構建差異化優勢，為用戶提供專業、有溫
度的服務，並進行追蹤式主動健康管理。報告期內，公司持續升級醫療AI產品體系，「AI+真人醫生」全面接入平
安集團全矩陣生態APP，服務覆蓋平安集團100%個人客戶。AI醫生精準診斷覆蓋疾病超1.13萬種，AI醫生輔助
診療準確率近96%。同時，公司進一步升級AI複雜疾病多學科會診輔助平台，在原有乳腺癌病種的應用基礎上，
進一步拓展至胃癌，AI複雜疾病多學科會診診療方案準確率近90%，未來將擴展至更多病種。
在AI科技能力不斷提升、深入應用的同時，AI賦能成果顯著。在AI的助力下，公司服務覆蓋及使用大幅提升，報
告期內，AI醫生使用人數超970萬人。同時，AI助力毛利提升，報告期內，AI毛利貢獻佔比約4.6%。
未來，公司將充分利用醫險數據閉環、「AI+真人醫生」服務組合、線上 ╱ 線下一站式醫療場景等獨特優勢，加速
推進AI大模型在專業醫療服務、醫險協同產品服務創新等更多場景的深耕應用。

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18

包括個企信息庫、 醫院醫生庫、 疾病目錄庫、 藥品藥械庫。

平安健康醫療科技有限公司

2026 中期報告

管理層討論與分析

長期戰略及管理層展望
隨着我國社會經濟的發展、居民健康意識的增強，以及老齡化進程的加快，大眾對優質醫療服務資源的需求持續攀
升，醫療健康產業將迎來新的發展機遇 ；當前，商業保險和企業正逐步成為醫療健康行業的重要支付方，多層次醫療
健康保障體系將進一步發展壯大。
作為平安集團醫療養老生態圈的核心旗艦和平安集團併表子公司，公司憑藉「四到」服務體系和AI技術能力優勢，將持
續深化與平安集團的協同和雙向賦能，打造中國特色的健康管理組織。同時，憑藉服務內部積累的服務網絡、運營效
率及數據信息優勢，公司向企業客戶等外部市場不斷輻射，輸出專業健康管理能力。
在商保協同領域，公司將持續深化醫險協同產品創新和場景融合，聚焦打磨迭代產品服務，提升全鏈路服務能力、強
化客戶分層運營，助力平安集團綜合金融業務打造差異化產品競爭力，賦能金融獲客、黏客、客戶價值提升 ；在企業
健管領域，將協同平安集團快速拓展客戶，做大企業健管業務規模，提升線上線下運營轉化。在匯聚各渠道流量的基
礎上，公司將進一步深化客戶經營，提升客戶全生命周期的黏性及價值。
在服務能力建設方面，公司將堅持用戶導向，持續整合「四到」服務網絡，構建全場景、多觸點服務體系，打造線上 ╱
線下閉環服務體驗 ；同時升級供應鏈管理體系，與行業夥伴攜手構建共贏生態。並且不斷深化科技能力建設和應用，
推動AI在更多醫療服務場景及醫險協同場景的落地，通過AI驅動服務效率提升與服務體驗優化，打造更智能、更精
準、有溫度的醫療健康服務體系。
未來，公司將繼續砥礪前行，為用戶、股東、社會提供可持續發展長期價值 —— 為用戶提供高質量的醫療健康服務，
為股東創造更持續穩定的價值回報，並為助力數字中國和健康中國的戰略落地而不懈努力。

2026 中期報告

平安健康醫療科技有限公司

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管理層討論與分析

財務回顧
收入
截至6月30日止六個月
2026年

2025年*

人民幣千元

人民幣千元

商保協同業務

1,584,427

1,584,313

0.0%

企業健管業務

713,842

432,361

65.1%

其他

185,564

485,519

-61.8%

收入總計

2,483,833

2,502,193

-0.7%

同比變動

收入 ：

*

2025年同期數據信息已重述。

報告期內，公司錄得收入為人民幣2,483.8百萬元，同比下降0.7%（2025年同期 ：人民幣2,502.2百萬元）。公司持續深
化醫險協同模式，聚焦打磨迭代醫療健康及養老產品服務，加強與集團綜合金融業務的協同閉環。公司收入結構不斷
優化，大力推進企業健管業務的發展，使其同比增長65.1%至人民幣713.8百萬元。

毛利及毛利率
報告期內，公司業務質量持續提升，錄得毛利額為人民幣956.7百萬元，同比增長13.9%（2025年同期 ：人民幣839.7百
萬元）。公司毛利率38.5%，較2025年同期增加4.9個百分點。

銷售及營銷費用
2026年上半年的銷售及營銷費用為人民幣386.1百萬元，較2025年上半年的人民幣381.0百萬元增加1.3%。銷售及營銷
費用率為15.5%，同比增加0.3個百分點。公司在投產管控和資源配置效率持續優化的同時，積極佈局新業務拓展。

管理費用
2026年上半年的管理費用為人民幣405.5百萬元，較2025年上半年的人民幣371.9百萬元增加9.0%。管理費用率為
16.3%，同比增加1.5個百分點。隨着企業健管業務規模持續擴大，強化了運營服務和供應商管理的職能， 使得相關費
用增加。

20

平安健康醫療科技有限公司

2026 中期報告

管理層討論與分析

其他收入
2026年上半年其他收入為人民幣13.1百萬元，較2025年上半年的其他收入人民幣16.5百萬元減少20.3%。主要歸因於
本期銀行短期投資收益的波動，及收到政府補助的減少。

其他收益淨額
2026年上半年其他收益淨額為人民幣38.9百萬元，2025年上半年的其他收益淨額人民幣1.8百萬元。主要波動原因是
2025年上半年計提於聯營公司之投資減值損失人民幣40.1百萬元，報告期內無進一步減值跡象。

財務收入淨額
2026年上半年的財務收入淨額人民幣44.6百萬元，較2025年上半年的財務收入淨額人民幣60.0百萬元減少25.7%，主
要歸因於公司利息收入的減少。

期內淨利潤及非國際財務報告準則衡量指標 ：經調整淨利潤
我們於2026年上半年的淨利潤為人民幣219.8百萬元，2025年上半年的淨利潤為人民幣134.9百萬元。為補充我們根據
國際財務報告準則呈列的合併財務資料，我們亦採用並非國際財務報告準則規定或並非按國際財務報告準則呈列的「經
調整淨利潤」作為額外財務衡量指標。就本中期報告及日後中期報告而言，「經調整淨利潤」將可用於與「非公認會計原
則的淨利潤」交換。我們相信，該額外財務衡量指標有利於通過去除我們的管理層認為對我們經營表現不具指標性的項
目的潛在影響，來比較不同期間及不同公司間的經營表現。我們亦相信，該衡量指標為投資者及其他人士提供有幫助
的信息，以通過與我們的管理層相同方式瞭解及評估我們的合併經營業績。然而，我們呈列的「經調整淨利潤」未必可
與其他公司所呈列類似計量指標相比。該非國際財務報告準則衡量指標用作分析工具存在局限性， 閣下不應視其為獨
立於或可代替我們根據國際財務報告準則所呈報經營業績或財務狀況的分析。2026年上半年，剔除股份支付、外匯匯
兌損失淨額的影響，經調整淨利潤為人民幣226.8百萬元，2025年上半年的經調整淨利潤為人民幣164.7百萬元。下表
載列截至2026年及2025年6月30日止六個月的經調整淨利潤是根據國際財務報告準則計算及呈列的最直接可供比較財
務衡量指標（即期內淨利潤）而調整 ：
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

219,773

134,908

股份支付

4,747

5,325

外匯匯兌損失淨額

2,280

24,516

226,800

164,749

期內淨利潤
剔除 ：

經調整淨利潤

2026 中期報告

平安健康醫療科技有限公司

21

管理層討論與分析

流動資金及財務資源
我們於2026年6月30日及2025年12月31日的現金及其他流動財務資源如下 ：
2026年

2025年

6月30日

12月31日

人民幣千元

人民幣千元

人民幣

4,382,319

1,658,745

美元

32,658

12,579

港幣

6,461

48,748

4,421,438

1,720,072

現金及現金等價物包括貨幣資金、銀行存款及其他原到期時間不超過三個月（含三個月）的短期高流動性存款。我們的
現金及現金等價物大部分以人民幣呈列。
於2026年6月30日，我們的全部可利用資金總額為人民幣9,641.4百萬元。其中，現金及現金等價物為人民幣4,421.4百
萬元，受限資金為人民幣975.8百萬元，定期存款為人民幣588.7百萬元，金融資產為人民幣3,655.4百萬元。購買的金
融資產有效提升了公司閒置資金的收益率和流動性，主要包括平安資產管理、平安理財等發行的理財產品。
截至2026年6月30日止六個月與截至2025年6月30日止六個月的現金流量如下 ：
未經審計
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

經營活動所得現金淨額

25,392

63,557

投資活動所得現金淨額

2,699,207

4,671,325

融資活動所用現金淨額

(21,245)

(3,924,273)

現金及現金等價物的增加淨額

2,703,354

810,609

期初之現金及現金等價物

1,720,072

2,044,653

(1,988)

(2,250)

4,421,438

2,853,012

匯率變動對現金及現金等價物的影響
期末之現金及現金等價物

投資活動所得現金淨額主要包括申購以公允價值計量且其變動計入損益的金融資產及初始期限大於三個月的定期存款
人民幣1,848.3百萬元以及收回以公允價值計量且其變動計入損益的金融資產及初始期限大於三個月的定期存款所得款
項人民幣4,554.3百萬元。

資金政策
我們的現金幾乎完全來自股本資金。有關現金僅可投資於相對流通及低風險的工具，如銀行存款或貨幣市場工具。投
資的主要目標是按高於活期存款銀行利率的收益率產生財務收益，並維持流動性。

22

平安健康醫療科技有限公司

2026 中期報告

管理層討論與分析

資本開支
截至6月30日止六個月

購買物業、廠房及設備，無形資產及其他資產

2026年

2025年

人民幣千元

人民幣千元

6,993

3,582

我們的資本開支主要包括購買物業、廠房及設備（主要是辦公及電子設備）的開支。

外匯風險
於截至2026年6月30日止六個月，我們主要在中國經營業務且大部分交易以本公司的功能貨幣人民幣結算。外匯風險
是受外匯匯率變化而產生虧損的風險。人民幣及我們業務營運所用的其他貨幣之間的匯率波動或會影響我們的財務狀
況及經營業績。我們承擔的外匯風險主要來自美元 ╱ 人民幣及港元 ╱ 人民幣匯率變動。考慮到外匯市場匯率波動可能
帶來的外匯風險，公司已於2020年完成金融工具的使用準備，2026年持續備有該等工具，以隨時應對匯率波動影響。

資產抵押
於2026年6月30日，我們無抵押任何資產。

預計負債
於2026年6月30日，本集團尚有作為被起訴方的未決訴訟。本集團基於事實和進展，並結合內部及外部經辦律師的意
見，將這些案件及糾紛的很可能損失確認為預計負債。

股息
截至2026年6月30日止六個月，我們概無派付或宣派任何股息。

銀行貸款及其他借款
於2026年6月30日，除本公司之附屬公司平安盈健從其股東盈健企業管理諮詢取得借款人民幣10,500千元外，我們並
無任何未償還借貸。於2026年6月30日，本集團之資產負債比率為22.98%，該比率是通過將本集團於2026年6月30日
的負債總額除以資產總額而得出。

2026 中期報告

平安健康醫療科技有限公司

23

管理層討論與分析

所持重大投資
於2026年6月30日，我們並無持有任何佔本集團資產總額5%或以上的重大投資。

重大投資及資本資產的未來計劃
於2026年6月30日，我們無任何未來作重大投資或購入資本資產的計劃。

附屬公司、聯營公司及合營企業的重大收購及出售
截至2026年6月30日止六個月，我們並未進行有關附屬公司、聯營公司及合營企業的重大收購及出售。

僱員及薪酬政策
於2026年6月30日，本集團合計共擁有1,586名員工，其中大部份員工位於中國不同的城市，包括上海，深圳，廣州，
合肥，北京，青島等。本集團建立了「現金薪酬+福利+長期激勵」的薪酬體系，薪酬乃經參考市況以及僱員個人的表
現、資質及經驗而釐定。根據本公司及僱員個人的表現，本公司提供具競爭力的薪酬待遇來挽留員工，包括薪金、酌
情花紅及福利計劃。本公司員工有資格參與首次公開發售前僱員購股權計劃，詳情載於招股章程。除在職培訓外，我
們亦採用培訓政策，向僱員提供多種內部及外部培訓。於報告期內，本公司與員工的關係始終穩定。我們並無經歷任
何對我們的業務活動造成重大影響的罷工或其他勞工糾紛。

24

平安健康醫療科技有限公司

2026 中期報告

其他資料
董事及最高行政人員於股份、相關股份及債權證之權益與淡倉
於2026年6月30日，董事及本公司最高行政人員於本公司或其相聯法團（定義見證券及期貨條例第XV部）的股份、相關
股份及債權證中擁有的根據證券及期貨條例第XV部第7及第8分部知會本公司及聯交所的權益及淡倉（包括根據證券及
期貨條例該等條文被當作或視為擁有的權益及淡倉），或根據證券及期貨條例第352條本公司存置的登記冊所記錄的權
益及淡倉，或根據標準守則知會本公司及聯交所之權益或淡倉如下 ：

於本公司股份的好倉 ╱ 淡倉
所持本公司權益
董事姓名

權益性質

股份數目

好倉 ╱ 淡倉

何明科先生(2)

實益擁有人

1,162,433

好倉

之概約百分比 (1)
0.05%

附註 ：
(1)

計算基準為本公司於2026年6月30日的已發行股份總數2,161,443,720股。

(2)

於2026年6月30日，取決於集團整體和個人的績效表現，何明科先生根據僱員激勵計劃可享有共不超過1,278,676股股份，概無持有根
據僱員激勵計劃項下的EIS購股權獲行使而發行的股份。

2026 中期報告

平安健康醫療科技有限公司

25

其他資料

於本公司相聯法團（定義見證券及期貨條例）股份的好倉 ╱ 淡倉 ：
平安集團

所持平安集團

股份及 ╱ 或

權益之概約
百分比(1)

董事姓名

相聯法團名稱

權益性質

相關股份數目

好倉 ╱ 淡倉

郭曉濤(2)

平安集團

實益擁有人

170,506股A股

好倉

0.00%

其他(2)

103,368股A股
好倉

0.00%

好倉

0.01%

895,703股H股
付欣

(3)

平安集團

實益擁有人

137,206股A股

(3)

139,893股A股

其他

672,209股H股
蔡方方

(4)

平安集團

實益擁有人

790,124股A股

(4)

815,519股A股

其他

677,667股H股
附註 ：
(1)

計算基準為平安集團於2026年6月30日的全部已發行股份總數，包括已發行A股10,660,065,083股和H股7,447,576,912股。

(2)

103,368股平安集團A股及895,703股平安集團H股乃根據平安集團長期服務計劃授予郭曉濤先生作為其薪酬的一部分。有關股份乃由一
家信託公司持有並將取決於若干條件於其退休後歸屬。

(3)

139,893股平安集團A股及672,209股平安集團H股乃根據平安集團長期服務計劃授予付欣女士作為其薪酬的一部分。有關股份乃由一家
信託公司持有並將取決於若干條件於其退休後歸屬。

(4)

815,519股平安集團A股及677,667股平安集團H股乃根據平安集團長期服務計劃授予蔡方方女士作為其薪酬的一部分。有關股份乃由一
家信託公司持有並將取決於若干條件於其退休後歸屬。

除上文所披露者外，於2026年6月30日，據董事所知，概無董事或本公司最高行政人員於本公司或其任何相聯法團（定
義見證券及期貨條例第XV部）的股份、相關股份或債權證中擁有或視為擁有根據證券及期貨條例第XV部第7及第8分
部知會本公司及聯交所的權益或淡倉（包括彼等根據證券及期貨條例等條文被當作或視為擁有的權益及淡倉），或根據
證券及期貨條例第352條本公司存置的登記冊所記錄的權益或淡倉，或根據標準守則知會本公司及聯交所之權益或淡
倉。

26

平安健康醫療科技有限公司

2026 中期報告

其他資料

主要股東於本公司股份及相關股份之權益與淡倉
於2026年6月30日，據董事所知，下列人士（董事或本公司最高行政人員除外）擁有根據證券及期貨條例第XV部第2及
3分部的條文向本公司披露的本公司股份或相關股份的權益或淡倉 ；或根據本公司按證券及期貨條例第336條存置的登
記冊所記錄之權益或淡倉，或直接或間接於本公司的股份中擁有5%或以上權益 ：

於本公司股份的好倉 ╱ 淡倉
所持本公司
權益之概約
好倉 ╱ 淡倉

百分比(1)

1,160,994,737

好倉

53.71%

受控法團權益

1,160,994,737

好倉

53.71%

實益擁有人

1,160,994,737

好倉

53.71%

受控法團權益

1,160,994,737

好倉

53.71%

受控法團權益

126,404,850

好倉

5.84%

113,610,502

淡倉

5.25%

股東名稱

權益性質

An Ke Technology Company Limited(2)

受控法團權益

Shenzhen Ping An Financial Technology

股份數目

Consulting Co., Ltd.

(2)

平安(2)
安鑫

(2)

Morgan Stanley

附註 ：
(1)

計算基準為本公司於2026年6月30日的已發行股份總數2,161,443,720股。

(2)

截至2026年6月30日，安鑫直接持有的股份總數為1,160,994,737股股份。安鑫由An Ke Technology Company Limited全資擁有，
An Ke Technology Company Limited由Shenzhen Ping An Financial Technology Consulting Co., Ltd.全資擁有，而平安則全
資擁有Shenzhen Ping An Financial Technology Consulting Co., Ltd.。因此，平安、An Ke Technology Company Limited及
Shenzhen Ping An Financial Technology Consulting Co., Ltd.均被視為於安鑫所持有的股份中擁有權益。

(3)

根據證券及期貨條例第336條，倘符合若干條件，股東須呈交披露權益表格，有關規定的全部詳情於聯交所官方網站上可供查閱。當股
東所持本公司股權發生變動時，除非符合若干條件，否則毋須告知本公司及聯交所。因此，主要股東於本公司之最新持股量或有別於向
本公司及聯交所所提呈者。本公司未必有相關權益明細的充分資料，且無法核證披露權益表格資料之準確性。

除上文所披露者外，於2026年6月30日，董事並不知悉任何其他人士（本公司董事或最高行政人員除外）於本公司股份
或相關股份中擁有根據證券及期貨條例第XV部第2及3分部須向本公司披露的權益或淡倉，或根據證券及期貨條例第
336條本公司須予存置的登記冊所記錄的權益或淡倉，或直接或間接於本公司的股份中擁有5%或以上的權益。

2026 中期報告

平安健康醫療科技有限公司

27

其他資料

僱員激勵計劃
僱員激勵計劃由董事會於2014年12月26日批准及由董事會不時修訂。僱員激勵計劃的目的在於吸引並保留人才，促進
本公司及相關實體的長期可持續發展，實現股東價值最大化，實現股東、本公司及員工的共同利益。
EIS股份已發行，由樂安炘直接持有。鑒於EIS股份已發行，EIS購股權獲行使將不會對持股比例產生任何攤薄影響。此
外，本公司授出EIS購股權或任何受託人或信託控制實體於歸屬EIS購股權時向本公司關連人士轉讓根據僱員激勵計劃
的任何EIS股份應不受上市規則第十四A章的規定所限。本公司根據僱員激勵計劃可授出的EIS股份總數為70,000,000
股（上市當天進行拆股後數量），截至2026年1月1日可供授出的EIS股份數目為27,282,746股，佔本報告日期已發行股
份的1.26% ；截至2026年6月30日剩餘可供授出的EIS股份數目為27,358,821股，佔本報告日期已發行股份的1.27%。
截至2026年6月30日，本公司根據僱員激勵計劃授出的EIS購股權所涉及的未行使購股權的股份總數為7,395,187股（上
市當天進行拆股後數量），佔本報告日期已發行股份的0.34%。EIS購股權所涉及的所有有關股份已獲發行。
下表顯示截至2026年6月30日止六個月僱員激勵計劃項下授出的購股權的詳情 ：

授出數量
姓名

職位

授出日期

何明科先生6

執行董事、

2025年12月30日

1

首席執行官
臧珞琦女士
（已辭任）

1,162,433 2026年10月7日－

截至

2026年

2026年

1月1日 於報告期間 於報告期間

6月30日

行使價

未行使

已行使3 註銷╱失效

未行使

（港元╱股）

（股）

（股）

（股）

（股）

–

1,162,433

–

–

1,162,433

–

188,450

–

–

188,450

–

151,140

–

–

151,140

–

75,380

–

–

75,380

–

150,000

63,750

11,250

75,000

–

1,162,433

–

–

1,162,433

0.63

–

–

–

–

0.63

–

–

–

–

0.63

–

–

–

–

0.91

–

–

–

–

2028年10月7日
2022年3月15日

執行董事、
7

（股） 歸屬期間

2

截至

250,000 2023年3月15日－
2026年3月15日

執行副總裁及
首席財務官

總薪酬最高的

2021年10月26日

五名個人總計

300,000 2022年10月26日－
2025年10月26日

2022年10月23日

100,000 2023年10月23日－
2026年10月23日

2023年12月1日

300,000 2024年12月1日－
2027年12月1日

2025年12月30日

1,162,433 2026年10月7日－
2028年10月7日

其他承授人

2014年12月31日

4,917,500 2015年12月31日－
2018年12月31日

2015年3月31日

280,000 2016年3月31日－
2019年3月31日

2015年6月30日

148,000 2016年6月30日－
2019年6月30日

2015年10月1日

11,534,500 2016年10月1日－
2019年10月1日

28

平安健康醫療科技有限公司

2026 中期報告

其他資料

截至

截至

授出數量
姓名

職位

授出日期

1

2016年2月25日

（股） 歸屬期間

2

3,923,000 2017年2月25日－

2026年

2026年

1月1日 於報告期間 於報告期間

6月30日

行使價

未行使

已行使3 註銷╱失效

未行使

（港元╱股）

（股）

（股）

（股）

（股）

5.95

–

–

–

–

26.47

499,214

–

–

499,214

37.84

962,276

–

–

962,276

37.84

–

–

–

–

0-36.21

57,894

–

–

57,894

–

38

–

–

38

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

225,852

–

–

225,852

–

2,808

–

–

2,808

–

76,140

–

–

76,140

–

130,000

–

–

130,000

–

165,131

–

–

165,131

–

54

–

–

54

–

915,138

–

–

915,138

2020年2月25日
2017年3月31日

16,475,800 2018年3月31日－
2021年3月31日

2017年11月30日 14,287,098 2018年11月30日－
2021年11月30日
2017年12月31日

840,000 2018年12月31日－
2021年12月31日

2019年2月28日

3,867,694 2020年2月28日－
2023年2月28日

2019年5月31日

188,335 2020年5月31日－
2023年5月31日

2019年8月31日

110,713 2020年8月31日－
2023年8月31日

2019年9月8日

100,000 2020年9月8日－
2023年9月8日

2019年11月30日

25,575 2020年11月30日－
2023年10月21日

2020年10月21日

1,952,100 2021年10月21日－
2024年10月21日

2020年12月31日

166,600 2021年12月31日－
2024年12月31日

2021年1月11日

300,000 2021年10月21日－
2024年10月21日

2021年5月31日

260,000 2022年5月31日－
2025年5月31日

2021年8月24日

3,284,700 2022年8月24日－
2025年8月24日

2021年10月26日

248,600 2022年10月26日－
2025年10月26日

2022年1月29日

3,229,200 2023年1月29日－
2026年1月29日

2026 中期報告

平安健康醫療科技有限公司

29

其他資料

截至

截至

姓名

職位

授出日期

2022年3月15日

（股） 歸屬期間

2

2026年

1月1日 於報告期間 於報告期間

6月30日

行使價

未行使

已行使3 註銷╱失效

未行使

（港元╱股）

（股）

（股）

（股）

（股）

–

188,450

–

–

188,450

–

7,614

–

–

7,614

–

–

–

–

–

–

226,805

–

–

226,805

–

2,376,645

–

59,825

2,316,820

–

162,000

–

5,000

157,000

7,535,012

63,750

76,075

7,395,187

授出數量
1

2026年

250,000 2023年3月15日－
2026年3月15日

2022年5月20日

230,000 2023年5月20日－
2026年5月20日

2022年7月26日

25,000 2023年7月26日－
2026年7月26日

2022年10月23日

475,000 2023年12月23日－
2026年12月23日

2022年12月19日

5,512,000 2023年12月19日－
2026年12月19日

2024年11月23日

162,000 2025年11月23日－
2028年11月23日

總計4

74,655,8485

註：
1.

報告期內授出EIS購股權的表現取決於特定業績的滿足程度，包括集團整體和受讓人的關鍵績效指標的實現情況 ；

2.

EIS購股權自歸屬後可供行使，惟不得超過授出日期起計10年 ；

3.

緊接EIS購股權行使日前一日的收市價為港幣11.29元 ╱ 股 ；

4.

為避免重複計算，總計為薪酬最高五名個人（已包含何明科先生）及其他承授人（已包含臧珞琦女士）的購股權之總數 ；

5.

授予數量為原始授出股份數量，已包括註銷 ╱ 失效並重新授予的股份數量 ；

6.

取決於集團整體和個人的績效表現，何明科先生根據僱員激勵計劃可享有共不超過1,278,676股股份 ；

7.

臧珞琦女士因個人工作安排，於2026年6月16日辭任公司執行董事、執行副總裁、首席財務官、董事會秘書、公司秘書及授權代表。

購買、出售或贖回本公司上市證券
於截至2026年6月30日止六個月，本公司或其任何附屬公司概無購回、出售或贖回本公司任何上市證券（包括出售具有
上市規則所賦予涵義的庫存股份）。於2026年6月30日，本公司並無持有任何該等庫存股份。

30

平安健康醫療科技有限公司

2026 中期報告

其他資料

董事及最高行政人員及其資料變動
於報告期內直至最後實際可行日期，董事及最高行政人員變動情況如下 ：
1.

徐勤女士於2026年6月16日獲委任為公司首席財務官、董事會秘書、聯席公司秘書及授權代表。

2.

陳承元先生於2026年6月16日獲委任為公司聯席公司秘書。

3.

臧珞琦女士因個人工作安排，於2026年6月16日辭任公司執行董事、執行副總裁、首席財務官、董事會秘書、公
司秘書及授權代表。

4.

劉程先生因個人工作安排，於2026年3月24日辭任公司董事會秘書、公司秘書及授權代表。

根據上市規則第13.51B(1)條的披露規定，董事個人資料變動情況如下 ：
1.

非執行董事付欣女士於2026年2月起不再擔任陸金所控股的董事，於2026年7月起不再擔任金融壹賬通的非執行
董事。

2.

非執行董事蔡方方女士於2026年2月至2026年7月出任陸金所控股的非執行董事，於2026年5月起不再擔任平
安 ╱ 平安保險（集團）執行董事、董事會關聯交易控制與消費者權益保護委員會委員。

審計及風險管理委員會
本公司已根據企業管治守則成立審計及風險管理委員會。審計及風險管理委員會的主要職責為審閱及監督本集團的財
務報告程序及內部監控制度，審查本集團財務資料，並考慮有關外聘核數師及其委任事宜。
審計及風險管理委員會由兩名獨立非執行董事湯雲為先生、郭田勇先生及一名非執行董事蔡方方女士組成。湯雲為先
生為審計及風險管理委員會主席，其具備規定的適當專業資格。
審計及風險管理委員會已審閱本集團截至2026年6月30日止六個月的未經審計中期財務賬目。審計及風險管理委員
會亦已與本公司管理層討論有關本公司所採納的會計政策及慣例以及內部控制的事宜。基於上述審閱及與管理層的討
論，審計及風險管理委員會信納本集團的未經審計中期財務資料已按適用的會計準則編製。

2026 中期報告

平安健康醫療科技有限公司

31

其他資料

遵守有關董事證券交易的守則
本公司已採納標準守則作為有關董事買賣本公司證券的行為守則。在向本公司全體董事作出特定查詢後，本公司全體
董事確認，截至2026年6月30日止六個月，其已遵守標準守則所載的必要準則。
董事會亦已制定書面指引，規範可能擁有有關本公司證券的內幕消息知情人士和未公開資訊知情人士的所有交易（如企
業管治守則第C.1.3條所述）。

遵守企業管治守則
根據企業管治守則守則條文第B.3.5條，發行人應為提名委員會委任至少一名不同性別的董事。報告期內，本公司董事
會提名及薪酬委員會成員目前均屬同一性別。經考慮 ：(1)董事會目前已有兩名女性董事，佔董事會成員總數25%，董
事會整體組成已體現本公司推動性別多元化的承諾 ；(2)本公司已採納並實施董事會多元化政策，瞭解及認同具有多元
化董事會成員的裨益，並視在董事會層面的多元化為維持競爭優勢的重要元素 ；(3)提名及薪酬委員會成員目前由具備
多元背景及觀點的董事組成，在獨立性、專業知識及管理經驗方面保持適當平衡，能夠在檢討董事會架構並促進董事
會多元化方面提供有效建議 ；(4)本公司的董事提名均按照公開、透明及合規的程序進行，因此，董事會認為提名及薪
酬委員會目前的組成並未對其履行相關職責或推動董事會多元化方面造成重大影響。
於2026年8月19日，范彥君女士獲委任為本公司非執行董事和提名及薪酬委員會成員，自該日起，本公司已符合上述
企業管治守則守則條文第B.3.5條的規定。
董事確認，除上述事項外，截至2026年6月30日止六個月，本公司一直遵守企業管治守則所載所有適用守則條文。

所得款項用途
上市所得款項淨額用途
本公司股份於上市日期在聯交所主板上市，而本公司自全球發售收取之所得款項淨額為約8,564.0百萬港元（經扣除包
銷佣金及所有相關開支）。上市所得款項的用途及計劃用途符合本公司以前所披露的計劃。

32

平安健康醫療科技有限公司

2026 中期報告

其他資料

配售所得款項淨額用途
茲提述本公司日期為2020年9月30日及2020年10月9日的公告（「該等公告」），為把握市場機遇、夯實本公司在行業中
的領先地位及為業務的拓展提供堅實的基礎，本公司與配售代理於2020年9月30日訂立配售協議，從而根據配售協議
所載條款及條件，按配售價每股配售股份98.20港元配售合共80,000,000股新股份（面值總額為400美元）。配售股份於
配售協議日期的市價為99.25港元。
於2020年10月9日，本公司已完成按每股配售股份98.20港元的價格向不少於六名承配人（為本公司的獨立第三方）配售
80,000,000股普通股股份，經扣除佣金、獎勵費及費用後，本公司自配售事項收取的所得款項淨額約為7,828.0百萬港
元，相當於淨發行價每股配售股份約97.85港元。配售所得款項的計劃用途符合本公司先前所披露的計劃。

所得款項的使用時間表
下表載明於2026年6月30日，本集團對於所得款項用途的計劃時間表 ：
截至2026年
所得款項淨額計劃用途

截至2026年

所得款項

6月30日

6月30日

剩餘款項淨額

淨額分配

已使用款項

剩餘款項淨額

預計使用時間1

（百萬港元）
為我們潛在投資、收購境內公司及與

544.9

–

544.9

2028年12月31日以前

境內公司的策略聯盟以及我們的海外
拓展計劃提供資金
註：
1.

預期動用剩餘所得款項淨額時間表按本公司最佳預測制定，當中考慮（其中包括）目前及日後市場狀況及業務發展及需要，因此可能會
發生變動。

2026 中期報告

平安健康醫療科技有限公司

33

中期財務資料審閱報告
致平安健康醫療科技有限公司董事會
（於開曼群島註冊成立的有限公司）

引言
吾等已審閱列載於第35至56頁的中期財務資料，此中期財務資料包括平安健康醫療科技有限公司（「貴公司」）及其附屬
公司（「貴集團」）於二零二六年六月三十日的簡明合併財務狀況表與截至該日止六個月期間的中期簡明合併損益表、中
期簡明合併綜合收益表、中期簡明合併權益變動表和中期簡明合併現金流量表，以及解釋附註。香港聯合交易所有限
公司證券上市規則規定，就中期財務資料擬備的報告必須符合以上規則的有關條文以及國際會計師公會頒佈的國際會
計準則第34號「中期財務報告」。 貴公司董事須負責根據國際會計準則第34號擬備及列報該等中期財務資料。吾等的
責任是根據吾等的審閱對該等中期財務資料作出結論，並僅按照吾等協定的業務約定條款向閣下（作為整體）報告吾等
的結論，除此之外本報告別無其他目的。吾等不會就本報告的內容向任何其他人士負上或承擔任何責任。

審閱範圍
吾等已根據香港會計師公會頒佈的香港審閱準則第2410號「由實體的獨立核數師執行中期財務資料審閱」進行審閱。
審閱中期財務資料包括主要向負責財務和會計事務的人員作出查詢，及應用分析性和其他審閱程序。審閱的範圍遠較
根據《香港審計準則》進行審計的範圍為小，故不能令吾等可保證吾等將知悉在審計中可能被發現的所有重大事項。因
此，吾等不會發表審計意見。

結論
根據吾等的審閱，吾等並無發現任何事項，令吾等相信貴集團的中期財務資料未有在各重大方面根據國際會計準則第
34號擬備。

安永會計師事務所
執業會計師
香港，2026年8月18日

34

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併損益表
截至2026年6月30日止六個月期間

2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

2,483,833

2,502,193

(1,527,163)

(1,662,484)

毛利

956,670

839,709

銷售及營銷費用

(386,069)

(381,020)

管理費用

(405,512)

(371,947)

金融資產及合約相關資產減值損失

(1,011)

(30,190)

其他收入

13,125

16,468

其他收益淨額

38,882

1,848

財務收入淨額

44,612

60,033

應佔聯營公司（虧損）╱ 利潤

(10,044)

1,359

除稅前利潤

250,653

136,260

(30,880)

(1,352)

219,773

134,908

－ 母公司所有者

219,332

134,164

－ 非控制性權益

441

744

219,773

134,908

附註

收入

5

營業成本

所得稅費用

7

期內淨利潤
歸屬於 ：

歸屬於本公司普通股股東的每股盈利
－ 基本（人民幣元）

8

0.10

0.07

－ 稀釋（人民幣元）

8

0.10

0.07

2026 中期報告

平安健康醫療科技有限公司

35

中期簡明合併綜合收益表
截至2026年6月30日止六個月期間

2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

219,773

134,908

換算海外業務的匯兌差額

(56,342)

(28,764)

期內其他綜合虧損

(56,342)

(28,764)

期內綜合收益總額

163,431

106,144

－ 母公司所有者

162,990

105,400

－ 非控制性權益

441

744

163,431

106,144

期內利潤

其後期間可能重新分類至損益的其他綜合虧損 ：

歸屬於 ：

36

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務狀況表
於2026年6月30日

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

1,677,692

1,677,692

28,332

38,623

76,637

85,874

其他無形資產

4,940

9,582

於聯營及合營企業投資

63,098

72,829

1,865,161

1,888,112

附註

非流動資產
商譽

9

使用權資產
物業、廠房及設備

10

以公允價值計量且其變動計入損益的金融資產
受限資金

12

105,000

300,000

定期存款

12

466,976

469,937

4,287,836

4,542,649

78,028

63,325

923,101

1,032,978

合同資產

153,012

179,805

預付賬款及其他應收款項

432,288

440,048

以公允價值計量且其變動計入損益的金融資產

1,790,277

2,876,559

非流動資產總額
流動資產
存貨
應收賬款

11

受限資金

12

870,805

676,371

定期存款

12

121,772

1,698,696

現金及現金等價物

12

4,421,438

1,720,072

8,790,721

8,687,854

流動資產總額

2026 中期報告

平安健康醫療科技有限公司

37

中期簡明合併財務狀況表
於2026年6月30日

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

2,034,699

2,115,122

合同負債

780,902

1,073,513

租賃負債

21,540

25,243

應交稅費

30,382

–

預計負債

5,400

–

流動負債總額

2,872,923

3,213,878

流動淨資產

5,917,798

5,473,976

資產總值減流動負債

10,205,634

10,016,625

7,520

14,547

10,546

48

合同負債

115,062

96,915

非流動負債總額

133,128

111,510

10,072,506

9,905,115

72

72

(1)

(1)

儲備

16,616,413

16,669,585

累計虧損

(6,533,899)

(6,753,231)

10,082,585

9,916,425

(10,079)

(11,310)

10,072,506

9,905,115

附註

流動負債
應付賬款及其他應付款項

13

非流動負債
租賃負債
應付賬款及其他應付款項

13

淨資產
權益
本公司所有者應佔權益
股本

15

庫存股份

非控制性權益
權益總額

38

平安健康醫療科技有限公司

郭曉濤

何明科

（董事）

（董事）

2026 中期報告

中期簡明合併權益變動表
截至2026年6月30日止六個月期間

歸屬於本公司所有者

*

股本

庫存股份

儲備

累計虧損

總額 非控制性權益

權益總額

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

於2026年1月1日（經審計）

72

(1)

16,669,585

(6,753,231)

9,916,425

(11,310)

9,905,115

期內利潤

–

–

–

219,332

219,332

441

219,773

期內其他綜合虧損

–

–

(56,342)

–

(56,342)

–

(56,342)

期內綜合收益總額

–

–

(56,342)

219,332

162,990

441

163,431

應佔聯營企業其他儲備份額

–

–

314

–

314

–

314

少數股東債務豁免

–

–

790

–

790

790

1,580

股份支付

–

–

4,747

–

4,747

–

4,747

長期服務計劃*

–

–

(2,681)

–

(2,681)

–

(2,681)

於2026年6月30日（未經審計）

72

(1)

16,616,413

(6,533,899)

10,082,585

(10,079)

10,072,506

於2025年，若干核心員工從中國平安保險（集團）股份有限公司（「平安」）及其附屬公司調入本集團。該等員工參與了平安於過往年度實
施的長期服務計劃，並有權在滿足若干條件後申請獎勵股份。截至2026年6月30日止，平安及其附屬公司就長期服務計劃向本集團共將
收取人民幣2,863,000元的對價。此外，截至2026年6月30日止年度，本集團在長期服務計劃下的員工服務成本為人民幣182,000元。

歸屬於本公司所有者
股本

庫存股份

儲備

累計虧損

總額 非控制性權益

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

人民幣千元

於2025年1月1日（經審計）

35

(1)

10,722,077

(7,132,742)

3,589,369

(9,750)

3,579,619

期內利潤

–

–

–

134,164

134,164

744

134,908

期內其他綜合虧損

–

–

(28,764)

–

(28,764)

–

(28,764)

期內綜合收益總額

–

–

(28,764)

134,164

105,400

744

106,144

選擇以股代息

37

–

6,003,704

–

6,003,741

–

6,003,741

股份支付

–

–

5,325

–

5,325

–

5,325

行使購股權

–

–

370

–

370

–

370

於2025年6月30日（未經審計）

72

(1)

16,702,712

(6,998,578)

9,704,205

(9,006)

9,695,199

2026 中期報告

權益總額

平安健康醫療科技有限公司

39

中期簡明合併現金流量表
截至2026年6月30日止六個月期間

2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

26,270

64,709

(878)

(1,152)

25,392

63,557

處置物業、廠房及設備及無形資產所得款項

154

17

購置物業、廠房及設備及無形資產支付款項

(6,993)

(3,582)

(1,792,158)

(5,271,848)

2,894,591

9,576,335

存入初始存期超過三個月的定期存款

(56,099)

(567,112)

初始存期超過三個月的定期存款所得利息

40,122

52,559

收回初始存期超過三個月的定期存款

1,619,590

884,956

投資活動所得現金淨額

2,699,207

4,671,325

(21,245)

(18,044)

已付股息

–

(3,906,599)

行使購股權計劃之所得款項

–

370

(21,245)

(3,924,273)

現金及現金等價物的增加淨額

2,703,354

810,609

期初之現金及現金等價物

1,720,072

2,044,653

(1,988)

(2,250)

4,421,438

2,853,012

481,336

773,945

3,873,402

2,007,155

66,700

71,912

4,421,438

2,853,012

附註

經營活動現金流量
經營活動產生現金
已付所得稅
經營活動產生現金淨額
投資活動現金流量

投資以公允價值計量且其變動計入損益的金融資產
支付的款項
出售以公允價值計量且其變動計入損益的金融資產
之所得款項

融資活動現金流量
就租賃負債付款

融資活動所用現金淨額

匯率變動對現金及現金等價物的影響
期末之現金及現金等價物
現金及現金等價物結餘分析
現金及銀行結餘
初始期限為三個月以下的短期銀行存款
其他現金等價物
於財務狀況表及現金流量表列示之現金及現金等價物

40

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務資料附註
2026年6月30日

1

一般資料
平安健康醫療科技有限公司（「本公司」）於2014年11月12日根據開曼群島公司法（1961年第3號法例第22章，
經綜合及修訂）在開曼群島註冊成立為獲豁免有限公司。本公司註冊辦事處的地址為 PO Box 309,Ugland
House,Grand Cayman,KY1-1104,Cayman Islands。
本公司乃一間投資控股公司。本公司及其附屬公司主要於中華人民共和國（「中國」）透過移動平台從事醫療及健康
服務。
於2026年6月30日，安鑫有限公司（「安鑫」）為本公司的控股股東，持有本公司53.71%股權。平安為本公司的最終
母公司。

2 編製基準
截至2026年6月30日止六個月期間的中期簡明合併財務資料已根據國際會計準則第34號「中期財務報告」編製。中
期簡明合併財務資料未包含年度財務報表要求的所有資料和披露，故應當與本集團截至2025年12月31日止年度財
務報表一併閱讀。

3 會計政策變更和披露變動
除本期財務資訊首次執行的下列修訂後國際財務報告準則外，編製本中期簡明合併財務資料所採用的會計政策與
本集團截至2025年12月31日止年度的年度財務報表所採用的會計政策一致。
國際財務報告準則第9號及第7號（修訂本）

金融工具分類和計量的修訂

國際財務報告準則第9號及第7號（修訂本）

參考依賴自然條件的電力合同

國際財務報導準則會計準則之年度改善 － 第11冊

國際財務報告準則第1號，第7號，第9號，
第10號及國際會計準則第7號的修訂

2026 中期報告

平安健康醫療科技有限公司

41

中期簡明合併財務資料附註
2026年6月30日

3 會計政策變更和披露變動（續）
修訂後國際財務報告準則的性質及影響說明如下 ：
(a) 國際財務報告準則第9號和第7號的修訂 —— 金融工具的分類與計量修訂明確指出，當實體對合同現金流量的
權利到期或轉讓時，金融資產即告終止確認 ；而金融負債則在結算日終止確認。修訂引入了一項會計政策選
擇，允許在滿足特定條件時，通過電子支付系統在結算日前終止確認金融負債。此外，修訂明確了如何評估
具有環境、社會、治理等類似或有特徵的金融資產的合同現金流量特性。同時，修訂還明確了對具有無追索
權特徵及合同關聯工具的金融資產進行分類的要求。修訂內容還包括對以公允價值通過其他綜合收益計量的
權益工具投資以及具有或有特徵的金融工具的額外披露。由於本集團過往關於金融資產和負債終止確認的會
計政策與修訂內容一致，且本集團不存在修訂所涉及的金融資產，因此修訂對中期合併財務報表未產生任何
影響。本集團將在截至2026年12月31日的年度合併財務報表中，就以公允價值通過其他綜合收益計量的權益
投資提供額外披露。
(b) 國際財務報告準則第9號及第7號關於依賴自然條件的電力合同修訂案明確了適用範圍合同的「自用」要求，
並修改了適用範圍合同中現金流量套期關係中被套期項目的指定要求。修訂案還增加了額外披露內容，使財
務報表使用者能夠理解這些合同對實體財務業績及未來現金流的影響。由於本集團不存在適用修訂範圍的合
同，因此該修訂案對中期合併財務報表未產生任何影響。
(c) 國際財務報告準則會計準則的年度改善 —— 第11冊對國際財務報告標準第1號、第7號（以及隨附的國際財務
報告原則第7號實施指南）、第9號、第10號和國際會計準則第7號進行了狹義修訂。修訂包括澄清、簡化、更
正或更改，以提高相應國際財務報告準則會計準則的一致性。修訂對中期簡明綜合財務資訊沒有任何影響。

4 經營分部資料
出於管理目的，本集團沒有根據其服務劃分為業務部門，只有一個可報告的經營部門。管理層監控集團經營部門
的整體經營業績，以便就資源配置和績效評估做出決策。

地區資料
由於本集團的絕大部分收入及經營利潤均來自中國內地，且本集團的大部分可辨認經營資產均位於中國內地，故
並無根據國際財務報告準則第8號經營分部呈列地區分部資料。

主要客戶資料
收入約人民幣1,051,499,000元（截至2025年6月30日的六個月 ：人民幣702,553,000元）來自向單一客戶銷售貨品
和提供服務，包括向已知與該客戶處於共同控制下的一組實體的銷售。

42

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務資料附註
2026年6月30日

5 收入
收入分析如下 ：
2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

2,483,833

2,502,193

2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

商保協同業務

1,584,427

1,584,313

企業健管業務

713,842

432,361

其他

185,564

485,519

總計

2,483,833

2,502,193

2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

於某一時間點

2,277,228

2,278,517

於一段時間段

206,605

223,676

2,483,833

2,502,193

客戶合同收入

客戶合同收入
(a) 細分收入資料

收入確認的時間

總計

2026 中期報告

平安健康醫療科技有限公司

43

中期簡明合併財務資料附註
2026年6月30日

6 稅前利潤
貴集團除稅前利潤已扣除 ╱（計入）以下各項 ：
2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

已付供應商服務費成本

843,866

714,808

貨物成本

592,792

824,034

–

40,050

存貨減值損失

3,256

325

金融資產及合約相關資產減值損失

1,011

30,190

以公允價值計量且其變動計入損益的金融資產公允價值變動

(45,462)

(63,643)

銀行短期投資投資收益

(3,454)

(1,371)

利息收入

(45,559)

(61,810)

使用權資產折舊

18,230

18,006

物業、廠房及設備折舊

14,880

12,757

其他無形資產攤銷

4,678

6,821

審計費用

2,534

2,104

406,950

416,572

2,280

24,516

投資聯營公司減值撥備

僱員費用（包含高管薪酬)*
外匯匯兌虧損淨額
*

44

僱員費用金額已計入合併損益表的「營業成本」、「銷售和行銷費用」及「管理費用」。

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務資料附註
2026年6月30日

7 所得稅費用
本集團截至2026年6月30日止六個月的所得稅費用分析如下 ：

當期所得稅 － 中國內地

2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

30,880

1,352

(a) 開曼群島所得稅
本公司根據開曼群島法律註冊成立為開曼群島公司法項下的獲豁免有限公司，且毋須繳納開曼群島所得稅。
(b) 香港利得稅
香港利得稅稅率為16.5%（2025 ：16.5%）。由於截至2026年6月30日止六個月及2025年6月30日止六個月並
無須繳納香港利得稅的估計應納稅利潤，故並無計提香港利得稅撥備。
(c) 中國企業所得稅（「企業所得稅」）
本集團就其中國業務經營的所得稅撥備乃根據現行法律、詮釋及其慣例，就應納稅利潤按25%的稅率計算。
並且根據中國稅務局頒布的相關財稅政策，本集團的一些附屬公司由於是小微型企業因此被授予了某些稅收
減免。
(d) 中國預扣稅（「預扣稅」）
根據新企業所得稅法（「新企業所得稅法」），在向於境外註冊成立的直接控股公司分配利潤時，中國公司自
2008年1月1日起向外國投資者分配所賺取的利潤須按5%或10%的稅率繳納預扣稅，視乎外國投資者註冊成
立所在國家而定。本集團的預扣稅為本公司及海外子公司所賺取的投資收益所需繳納的稅款。
本集團並無計劃要求其中國附屬公司分派其保留盈利，且擬由其中國附屬公司保留相關盈利以在中國經營及
拓展其業務。因此，於2026年6月30日，概無產生與預扣稅有關的遞延所得稅負債（未經審計）
（於2025年12
月31日（經審計）：零）。

2026 中期報告

平安健康醫療科技有限公司

45

中期簡明合併財務資料附註
2026年6月30日

8 每股盈利
(a) 截至2026年6月30日止六個月及2025年6月30日止六個月的每股基本盈利乃按歸屬於母公司普通股股東的收
益除以期間已發行普通股加權平均數計算得出。
每股盈利乃按下列各項計算得出 ：

歸屬於母公司普通股股東的期內淨利潤（人民幣千元）
已發行普通股加權平均數（以千計）
歸屬於母公司普通股股東的每股基本盈利（人民幣元）

2026年

2025年

（未經審計）

（未經審計）

219,332

134,164

2,126,658

1,988,353

0.10

0.07

(b) 每股稀釋盈利乃假設具有潛在稀釋作用之普通股已轉換而調整已發行普通股加權平均數計算得出。
截至2026年6月30日止六個月及2025年6月30日止六個月，本集團存在股票期權作為稀釋性潛在普通股，該
期權被納入每股稀釋盈利的計算中。
2026年

2025年

（未經審計）

（未經審計）

219,332

134,164

2,126,658

1,988,353

5,335

3,678

2,131,993

1,992,031

0.10

0.07

盈利
歸屬於母公司普通股股東的期內淨利潤（人民幣千元）
普通股加權平均數
已發行普通股加權平均數（以千計）
就下列各項作出調整 ：
假設購股權獲行使（以千計）
每股攤薄盈利的普通股加權平均數（以千計）
歸屬於母公司普通股股東的每股攤薄盈利（人民幣元）

46

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務資料附註
2026年6月30日

9 商譽
2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

醫療服務相關現金產生單位

1,289,682

1,289,682

健康服務相關現金產生單位

379,246

379,246

8,764

8,764

1,677,692

1,677,692

–

–

1,677,692

1,677,692

其他

減值（附註a）
賬面淨值
附註 ：
(a)

截至2026年6月30日，管理層審查了基於業務計劃的現金流預測，該預測用於進行截至2025年12月31日的商譽減值測試。管理
層未發現業務計劃的重大變化，也未識別出任何商譽減值跡象。

10 物業、廠房及設備
截至2026年6月30日止六個月期間，本集團購置資產成本為人民幣6,168,000元（2025年同期 ：人民幣3,211,000
元）；處置資產帳面淨值為人民幣525,000元（2025年同期 ：人民幣18,000元），導致處置淨虧損為人民幣371,000
元（2025年同期 ：無）。
同期內，本集團未確認資產減值損失（2025年同期 ：無）。

2026 中期報告

平安健康醫療科技有限公司

47

中期簡明合併財務資料附註
2026年6月30日

11 應收賬款
截至報告期末，基於確認和扣除損失準備金的貿易應收款賬齡分析如下 ：
2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

最多3個月

501,676

774,148

3至6個月

266,823

94,266

6個月至1年

83,708

97,304

1至2年

62,981

48,072

2年以上

7,913

19,188

923,101

1,032,978

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

481,336

488,667

3,873,402

1,136,288

66,700

95,117

4,421,438

1,720,072

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

美元

32,658

12,579

港幣

6,461

48,748

人民幣

4,382,319

1,658,745

總計

4,421,438

1,720,072

總計

12 現金及現金等價物、受限資金及定期存款
(a) 現金及現金等價物

現金及銀行結餘
初始期限為三個月以下的短期銀行存款
其他現金等價物
總計
現金及現金等價物以以下貨幣計量 ：

48

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務資料附註
2026年6月30日

12 現金及現金等價物、受限資金及定期存款（續）
(b) 受限資金
於2026年6月30日，銀行受限資金總計人民幣975,805,369元（截至2025年12月31日 ：人民幣976,371,000元），
其中人民幣970,755,369元（截至2025年12月31日 ：人民幣970,749,000元）由於未決訴訟被法院合法凍結。
於2025年3月，本集團初始期限大於一年、總額約人民幣941,000,000元的定期存款因正在進行的訴訟爭議受法定
凍結。集團一審判決勝訴，正在等待二審判決。該凍結僅屬法院常規保全程序，並不構成對案件結果之任何預先
判斷。

(c) 定期存款
2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

121,948

1,699,020

減值

(176)

(324)

總計

121,772

1,698,696

467,184

470,301

減值

(208)

(364)

總計

466,976

469,937

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

人民幣

533,941

2,125,953

港幣

55,191

18,064

美元

–

25,304

總計

589,132

2,169,321

流動資產
將於一年內到期的初始期限大於三個月的定期存款

非流動資產
將於一年以上到期的初始期限大於三個月的定期存款

定期存款以以下貨幣計量 ：

於2026年6月30日，本集團定期存款的加權平均實際利率為1.70%（於2025年12月31日 ：2.33%)。

2026 中期報告

平安健康醫療科技有限公司

49

中期簡明合併財務資料附註
2026年6月30日

13 應付賬款及其他應付款項
2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

應付賬款（附註a）

680,788

704,244

應付工資

492,188

573,707

預提費用

469,001

442,042

其他應付款項（附註b）

243,058

215,948

應交其他稅金

82,175

107,118

應付關聯方款項

64,013

68,588

應交預扣稅

3,476

3,475

2,034,699

2,115,122

10,546

48

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

最多3個月

519,666

582,428

3至6個月

50,625

6,391

6個月至1年

44,660

35,416

流動負債

總計
非流動負債
應付關聯方款項
附註 ：
(a)

基於計提日期對應付賬款賬齡分析如下 ：

1至2年

13,101

69,893

2年以上

52,736

10,116

總計

680,788

704,244

應付賬款為無息負債，通常按30-60天信用期結算。
(b) 其他應付款項為無息負債，通常按30-60天信用期結算。

50

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務資料附註
2026年6月30日

14 股息
截至2026年6月30日的六個月內，公司未宣佈（截至2025年6月30日六個月 ：無）任何股息。

15 股本
股份數目

美元

10,000,000,000

50,000

股份數目

美元

人民幣等值（元）

2,161,443,720

10,807

72,448

法定
於2026年1月1日（經審計）和
2026年6月30日（未經審計）每股0.000005美元的普通股

已發行
於2026年1月1日（經審計）和
2026年6月30日（未經審計）
每股0.000005美元的普通股

2026 中期報告

平安健康醫療科技有限公司

51

中期簡明合併財務資料附註
2026年6月30日

16 關聯方交易
除於其他附註已披露事項外，本集團與其關聯方開展以下重大交易。本公司董事認為，關聯方交易於正常業務過
程中按本集團與各關聯方磋商的條款進行。本集團就關聯方交易的定價政策由相關訂約方經共同磋商後釐定。

(a) 關聯方名稱及與關聯方的關係

52

關聯方名稱

與本公司的關係

安鑫

本集團實現控制的股東

平安

安鑫的最終母公司

中國平安人壽保險股份有限公司（「平安壽險」）

由平安控制

中國平安財產保險股份有限公司（「平安產險」）

由平安控制

平安銀行股份有限公司（「平安銀行」）

由平安控制

平安健康保險股份有限公司（「平安健康險」）

由平安控制

平安養老保險股份有限公司（「平安養老險」）

由平安控制

深圳平安金融科技諮詢有限公司（「平安金融科技」）

由平安控制

平安信託有限責任公司（「平安信託」）

由平安控制

平安國際融資租賃有限公司（「平安融資租賃」）

由平安控制

平安資產管理有限責任公司（「平安資產管理」）

由平安控制

中國平安保險海外（控股）有限公司（「平安海外控股」）

由平安控制

盈健企業管理諮詢（上海）有限公司（「盈健企業管理諮詢」）

本集團附屬公司之股東

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務資料附註
2026年6月30日

16 關聯方交易（續）
(b) 與關聯方的重大交易
2026年

2025年

人民幣千元

人民幣千元

（未經審計）

（未經審計）

–

–

提供產品及服務
平安壽險及其附屬公司
平安產險及其附屬公司
平安健康險
平安銀行及其附屬公司
平安金融科技及其附屬公司
平安養老險

450,742
429,009
64,990
52,396
35,329
15,430

391,667
137,750
67,750
57,057
22,686
21,483

購買服務
平安融資租賃及其附屬公司
平安金融科技及其附屬公司
平安銀行及其附屬公司
平安健康險
平安養老險
平安壽險及其附屬公司
平安
平安產險及其附屬公司

102,105
92,613
57,917
9,221
6,093
5,894
4,238
797

72,239
133,153
5,174
62,485
4,564
2,544
–
8,496

存款利息
平安銀行及其附屬公司

16,688

10,520

投資收益
平安資產管理及其附屬公司
平安海外控股及其附屬公司
平安銀行及其附屬公司
平安信託及其附屬公司

11,088
3,820
3,520
597

629
–
14,692
–

已付物業租賃費用
平安壽險及其附屬公司
平安產險及其附屬公司

7,615
1,575

6,432
278

商標許可
平安

2026 中期報告

平安健康醫療科技有限公司

53

中期簡明合併財務資料附註
2026年6月30日

16 關聯方交易（續）
(c) 與關聯方之期 ╱ 年末餘額
2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審計）

（經審計）

3,225,918
46,412

454,245
73,329

受限資金
平安銀行及其附屬公司

34,755

35,138

以公允價值計量且其變動計入損益的金融資產
平安銀行及其附屬公司
平安資產管理及其附屬公司
平安海外控股及其附屬公司
平安信託及其附屬公司

554,003
523,557
259,364
30,623

681,190
1,344,733
109,209
30,026

應收賬款
平安壽險及其附屬公司
平安產險及其附屬公司
平安健康險
平安金融科技及其附屬公司
平安銀行及其附屬公司
平安融資租賃及其附屬公司
平安養老險

383,842
152,414
63,965
60,850
39,837
7,251
3,571

410,215
224,660
88,905
48,869
63,140
13,045
5,253

平安金融科技及其附屬公司

18,332

21,982

平安壽險及其附屬公司

3,142

3,216

平安健康險

7,660

7,276

平安金融科技及其附屬公司

7,416

9,394

平安產險及其附屬公司

2,622

2,470

平安金融科技及其附屬公司

33,672

25,521

盈健企業管理諮詢

10,500

11,955

平安產險及其附屬公司

10,232

9,731

平安壽險及其附屬公司

5,404

3,249

平安

2,511

29

平安健康險

1,694

1,758

現金及現金等價物及定期存款
平安銀行及其附屬公司
平安金融科技及其附屬公司

預付賬款及其他應收款項
押金

應收關聯方款項

應付賬款及其他應付款項

54

平安健康醫療科技有限公司

2026 中期報告

中期簡明合併財務資料附註
2026年6月30日

16 關聯方交易（續）
(c) 與關聯方之期 ╱ 年末餘額（續）
除根據平安銀行存款利率計算的定期存款及以公允價值計量且其變動計入損益的金融資產而產生的應收利息外，
其他預付賬款及其他應收款項、應收關聯方之應收賬款及押金等有關款項為無抵押、免息及須按要求償還。
2023年1月5日，本集團與少數股東盈健企業管理諮詢簽訂協定，以4.75%的約定利率獲得1,050萬元貸款。2026
年2月10日，簽署了一項貸款延期協定，將貸款延長至2029年2月10日。
2026年2月10日，本集團與盈健企業管理諮詢簽署協定，免除人民幣10,500,000元貸款的歷史年度利息，並繼續
免除未來利息。
除上述貸款外，應付關聯方之應付賬款及其他應付款項，均為無抵押、免息及須按要求償還。

17 金融工具公允價值及公允價值層次
管理層已評估，現金及現金等價物、受限資金、定期存款、應收賬款、計入預付賬款及其他應收款項的金融資
產、計入應付賬款及其他應付款項的金融負債的公允價值與其賬面值相若，主要因該等工具的到期日短。
本集團的財務部門由財務經理領導，負責釐定金融工具公允價值計量的政策及程序。於各報告日期，財務部門分
析金融工具價值的變動並釐定估值中應用的主要輸入數據。估值由首席財務官審閱及批准。
金融資產及負債的公允價值按自願雙方當前交易（強制或清算出售交易除外）中該工具可換取的金額入賬。
本集團投資於以公允價值計量且其變動計入損益的金融資產，即理財產品、結構性存款及投資基金。公允價值基
於使用預期收益率貼現的現金流量。
定期存款非流動部分的公允價值通過使用預期收益率對未來現金流進行折現計算得出。

2026 中期報告

平安健康醫療科技有限公司

55

中期簡明合併財務資料附註
2026年6月30日

17 金融工具公允價值及公允價值層次（續）
公允價值層級
下表列示本集團金融工具的公允價值計量層級 ：

按公允價值計量的資產 ：
於2026年6月30日
公允價值計量採用的依據
活躍市場中

重大可觀察

重大不可觀察

的報價

輸入值

輸入值

（第一層次）

（第二層次）

（第三層次）

總計

人民幣千元

人民幣千元

人民幣千元

人民幣千元

(未經審計)

(未經審計)

(未經審計)

(未經審計)

–

3,655,438

–

3,655,438

以公允價值計量且其變動計入
損益的金融資產
於2025年12月31日
公允價值計量採用的依據
活躍市場中

重大可觀察

重大不可觀察

的報價

輸入值

輸入值

（第一層次）

（第二層次）

（第三層次）

總計

人民幣千元

人民幣千元

人民幣千元

人民幣千元

–

4,764,671

–

4,764,671

以公允價值計量且其變動計入
損益的金融資產

於報告期內，第1層級與第2層級之間的公允價值計量並無轉撥，而金融資產及金融負債均無轉入或轉出第3層級
（截至2025年6月30日的六個月 ：無）。
於2026年6月30日，無按公允價值計量的負債（截至2025年12月31日 ：無）。

18 報告期期後事項
自2026年6月30日至2026年8月18日董事會批准報出本中期簡明合併財務資料的期間無重大期後事項。

19 財務資料之批准
本中期簡明合併財務資料經本公司董事會於2026年8月18日批准並授權公佈。

56

平安健康醫療科技有限公司

2026 中期報告

釋義
於本中期報告內，除文義另有所指外，下列詞彙具有以下涵義 ：
審計及風險管理委員會 ：

董事會審計及風險管理委員會

銀行 ╱ 平安銀行 ：

平安銀行股份有限公司，一家於1987年12月22日根據中國法律註冊成立的公司，股
份於深圳證券交易所（深交所 ：000001）上市的公司，並為平安的附屬公司

董事會 ：

本公司董事會

本公司、公司 ：

平安健康醫療科技有限公司，一家於2014年11月12日在開曼群島註冊成立的獲豁免
有限公司

關連人士 ：

具有上市規則賦予的涵義

控股股東 ：

具有上市規則賦予的涵義

企業管治守則 ：

上市規則附錄C1所載的企業管治守則

董事 ：

本公司董事

EIS購股權 ：

根據僱員激勵計劃向董事及本集團僱員已授出及將授出的購股權

EIS股份 ：

樂安炘直接持有的EIS購股權的股份

僱員激勵計劃 ：

本公司於2014年12月26日採納的計劃（經不時修訂或以其他方式修改），以向激勵目
標授出購股權

安鑫 ：

安鑫有限公司，一家於2014年11月10日根據英屬處女群島法律註冊成立的公司，為
平安的間接全資附屬公司，並為我們的控股股東

2026 中期報告

平安健康醫療科技有限公司

57

釋義

集團、本集團或我們 ：

本公司、其附屬公司及經營實體或如文義所指就本公司成為其現有附屬公司的控股公
司前的期間而言，則指有關附屬公司，猶如其於有關時間為本公司的附屬公司

健康險 ╱ 平安健康險 ：

平安健康保險股份有限公司，一家於2005 年6 月13 日根據中國法律註冊成立的公
司，並為平安的附屬公司

港元 ：

香港法定貨幣港元

香港證券登記處 ：

香港中央證券登記有限公司

香港 ：

中華人民共和國香港特別行政區

國際財務報告準則 ：

國際財務報告準則

獨立第三方 ：

具有上市規則賦予的涵義

最後實際可行日期 ：

2026年8月18日，即本報告付印前（如適用），為確定其中所載若干資料的最後實際
可行日期

樂安炘 ：

Le An Xin (PTC) Limited，一家於2017年10月17日根據英屬處女群島法律註冊成
立的公司

壽險 ╱ 平安壽險 ：

中國平安人壽保險股份有限公司，一家於2002年12月17日根據中國法律註冊成立的
公司，並為平安的附屬公司

上市 ：

股份於聯交所主板上市

上市日期 ：

股份於聯交所上市並獲准在聯交所開始買賣之日，為2018年5月4日

上市規則 ：

香港聯合交易所有限公司證券上市規則（經不時修訂、補充或以其他方式修改）

陸金所控股 ：

陸金所控股有限公司，一家於2014年12月2日根據開曼群島法律註冊成立的公司，
股份於紐約證券交易所（紐交所 ：LU）及香港聯交所上市（聯交所 ：06623）雙重上市
的公司

58

平安健康醫療科技有限公司

2026 中期報告

釋義

主板 ：

由聯交所營運的證券交易所（不包括期權市場），獨立於聯交所GEM，但與其並行運
作

標準守則 ：

上市規則附錄C3所載上市發行人董事進行證券交易的標準守則

提名及薪酬委員會 ：

董事會提名及薪酬委員會

金融壹賬通 ：

壹賬通金融科技有限公司

經營實體 ：

我們通過合約安排控制的實體，即平安健康互聯網及其附屬公司

付費用戶 ：

在一段期間內通過移動應用程式、WAP或者插件渠道在我們平台購買產品及 ╱ 或服
務一次及以上的用戶

平安 ╱ 平安保險（集團）：

中國平安保險（集團）股份有限公司，一家根據中國法律註冊成立的公司，其股份在
上海證券交易所及聯交所（上交所 ：601318 ；香港聯交所 ：2318）雙重上市。其為我
們的控股股東

平安養老險 ：

平安養老保險股份有限公司，一家於2004年12月13日根據中國法律註冊成立的公
司，並為平安的附屬公司

平安資產管理 ：

平安資產管理有限責任公司，一家於2005 年5 月27 日根據中國法律註冊成立的公
司，為平安的附屬公司

平安集團 ：

平安及其附屬公司

平安健康互聯網 ：

平安健康互聯網股份有限公司，一家於2014年8月20日根據中國法律註冊成立的公
司，為我們的經營實體之一

平安盈健 ：

平安盈健醫療管理（上海）有限公司，一家於2015年4月24日根據中國法律註冊成立
的公司，為平安健康互聯網的附屬公司及我們的經營實體之一

2026 中期報告

平安健康醫療科技有限公司

59

釋義

產險 ╱ 平安產險 ：

中國平安財產保險股份有限公司，一家於2002年12月24日根據中國法律註冊成立的
公司，並為平安的附屬公司

招股章程 ：

本公司日期為2018年4月23日的招股章程

報告期 ：

截至2026年6月30日止六個月

人民幣 ：

中國法定貨幣人民幣

證券及期貨條例 ：

香港法例第571章證券及期貨條例，經不時修訂、補充或以其他方式修改

股份 ：

本公司股本中，於股份拆細前每股面值0.00001美元及股份拆細後每股面值0.000005
美元的普通股

股東 ：

股份持有人

聯交所 ：

香港聯合交易所有限公司

附屬公司 ：

具有上市規則賦予的涵義

主要股東 ：

具有上市規則賦予的涵義

美元 ：

美國的法定貨幣美元

盈健企業管理諮詢 ：

盈健企業管理諮詢（上海）有限公司，一家於2014年12月19日根據中國法律註冊成立
的公司，為平安盈健的股東之一

%：

60

平安健康醫療科技有限公司

百分比

2026 中期報告

讓每一家企業擁有幸福職場
讓每一個家庭擁有專屬醫生
讓每一位用戶擁有健康長壽