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After several years of development in the online healthcare industry, mainland Chinese have gradually developed a habit of seeking medical care online. The Report shows that Ping An Good Doctor is a strong industry leader accounting for over 70% of the total time spent by users on online healthcare applications, which implies that most of the users with online healthcare needs prefer Ping An Good Doctor as their first choice, as evidenced by the user data recently published by the company. In the recent past, the number of registered users on Ping An Good Doctor exceeded 300 million; in other words, there was one Ping An Good Doctor customer for every three Chinese Internet users.
With competition in the online health arena growing more and more fierce, traffic is playing an increasingly significant role among industry players. Trustdata also expressed concern over the company's overall traffic performance in its report. It points out that the traffic across the entire ecosystem of Ping An Good Doctor surged by 31% from the previous year to approximately 65 million in the third quarter this year, mainly attributable to the company's intensified efforts in the development of AI medical technology and the continuous expansion of its collaboration channels. For instance, on 13 August, the day on which the Private Doctor service was launched, Ping An Good Doctor already signed cooperation agreements with 29 global industry leaders for a total contractual amount exceeding RMB300 million. Through the cooperation, the users of these strategic partners can enjoy the comprehensive, high-quality, one-stop healthcare services provided by Ping An Good Doctor - Private Doctor. This cooperation model has not only extended the service coverage of Ping An Good Doctor, but also set an example for other industries to retain users.
The Report suggests that Ping An Good Doctor is leading a host of online health service providers in areas including user activity and loyalty and especially average daily activation numbers. That Ping An Good Doctor can maintain such a large share of the market in the exceptionally competitive online healthcare "battlefield" is related to its self-developed service model of "Internet + AI + 1,000 in-house physicians". In this model, Ping An Good Doctor cooperates with offline pharmacies and hospitals in providing users with 24/7 one-stop healthcare services such as online consultation services, referrals, registration, inpatient arrangements, second medical opinions and one-hour medicine delivery. Fully catering for users' healthcare needs by offering customised, thorough Private Doctor services, Ping An Good Doctor has won widespread trust from users.
Many international investment banks have shown optimism about the prospects of Ping An Good Doctor. Considering that the Private Doctor services of Ping An Good Doctor can help foster long-term and stable relationships between users and private doctors and will therefore be the major growth driver for the company in the next three to five years, JP Morgan has assigned an "Overweight" rating to Ping An Good Doctor with a target price of HK$63. Bloomberg states that Ping An Good Doctor, as a leading online healthcare services provider, is entering a golden age of rapid development when its online consultation numbers will likely triple by 2021. Likewise, for the first time, Macquarie has also given Ping An Good Doctor an "Outperform" rating in its research report released in early September, with a target price of HK$65.
About Ping An Healthcare and Technology Company Limited
As the world's leading one-stop healthcare ecosystem platform, Ping An Healthcare and Technology Company Limited ("Ping An Good Doctor"; stock code: 01833.HK) is strive to provide every family with a family doctor, every person with an e-profile and everyone with a healthcare management plan through our "mobile medical + AI technology". At present, Ping An Good Doctor has established key business segments including online medical services, consumer healthcare, healthcare mall, and health management and wellness interaction.
As of 30 June 2019, our number of registered users reached 289.3 million and the number of monthly active users reached 62.7 million, it has become the largest mobile medical application in China in terms of coverage. Being powered by self-developed AI-assisted diagnosis system, our in-house medical team is strive to provide users with one-stop medical services covering 7/24 online consultation, referral, registration, online drug purchase and one-hour medicine delivery.
In April 2015, the Company received $400 million private placement from Softbank Vision Fund. On 4 May 2018, Ping An Good Doctor became the No.1 listed internet healthcare company in the world when it joined the Hong Kong Stock Exchange, stock code 01833.HK.NEXT ARTICLE
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