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Ping An-backed online healthcare platform offering telemedicine consultations, health management and online pharmacy services.
Ping An-backed online healthcare platform offering telemedicine consultations, health management and online pharmacy services.
Much of its revenue has come from the Ping An group's own customers, through family-doctor memberships bundled with insurance and employee health plans, plus medicine sales on its online pharmacy. Ping An Insurance is the controlling shareholder, so group sales channels matter.
In one line: China's Teladoc, backed by an insurance giant.
Moat: narrow (brand, data, distribution). Ping An ecosystem integration and an established telemedicine user base differentiate it, though profitability has been elusive.
Headquarters: Shanghai, China · Founded: 2014 · Employees: 1,668
Size Ping An Healthcare and Technology (1833.HK) is a Hong Kong Health Care company (Medical/Nursing Services) with a market value of $1.63B, the 468th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$5.92 on 6 Nov 2026.
Performance Over six months the shares fell 46.8%, against +21.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 7.9% over the last twelve months (peer median +5.9%); the operating margin is 3.3% (peer median 4.6%).
Valuation It trades at 40.1× forward earnings against a peer median of 31.7× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.5 points below its cost of capital (11.5% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$6.08B | HK$5.93B | HK$5.21B | HK$5.16B | HK$7.22B |
| Revenue growth | — | +14% | +1% | -28% | — |
| Gross profit | HK$2.11B | HK$1.92B | HK$1.65B | HK$1.67B | HK$1.94B |
| EBITDA | HK$284M | HK$284M | -HK$80.1M | -HK$714M | -HK$1.17B |
| Net income | HK$519M | HK$412M | HK$88.3M | -HK$356M | -HK$740M |
| Free cash flow | HK$386M | HK$436M | HK$400M | -HK$1.48M | -HK$899M |
| Capital expenditure | HK$47.8M | HK$43.3M | HK$37.1M | HK$47.5M | HK$40.0M |
| Total debt | n/a | HK$44.3M | HK$47.9M | HK$103M | HK$198M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ping An Healthcare and Technology 1833.HK | $1.63B | -47% | +8% | 3% | 40.1× | 15.0% |
| Jd Health 6618.HK | $17.6B | -7% | +26% | 6% | 19.4× | 8.5% |
| Ali Health 0241.HK | $6.39B | -33% | +14% | 5% | 20.9× | 23.9% |
| Teladoc Health TDOC | $1.60B | +21% | -2% | -5% | n/a | -5.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1833.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | +7.8% | 6th lowest of 21 |
| 6-month return | -46.8% | +21.3% | lowest of 21 |
| Distance from 52-week high | -68.5% | -16.0% | lowest of 21 |
| Revenue growth (TTM) | +7.9% | +5.9% | 10th highest of 21 |
| Operating margin | 3.3% | 4.6% | 11th highest of 21 |
| Forward P/E | 40.1× | 31.7× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 15.0% | 15.0% | 8th least demanding of 15 |
| Growth delivered (Del g) | -5.1% | +9.7% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +20.1 pp | +7.4 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -6.5 pp | -3.7 pp | 8th lowest of 20 |
| Net debt / EBITDA | -29.2× | 2.8× | least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ping An Healthcare and Technology 1833.HK | Hong Kong | $1.63B | -47% | +8% | 3% | 40.1× | 15.0% | -5.1% |
| Ambea AMBEA.ST | Sweden | $1.63B | +30% | +13% | 8% | 15.8× | 1.7% | +7.7% |
| Vijaya Diagnostic Centre VIJAYA.NS | India | $1.60B | +22% | +24% | 32% | 64.3× | 39.3% | +16.7% |
| Teladoc Health TDOC | United States | $1.60B | +21% | -2% | -5% | n/a | -5.2% | +18.3% |
| Sonida Senior Living SNDA | United States | $1.58B | -14% | +49% | -11% | n/a | n/a | n/a |
| Personalis PSNL | United States | $1.71B | +164% | -13% | -164% | n/a | n/a | n/a |
| Azenta AZTA | United States | $1.72B | +104% | +1% | -3% | 103.7× | 56.0% | +8.9% |
| Dr. Agarwal's Health Care AGARWALEYE.NS | India | $1.74B | +15% | +22% | 15% | 89.1× | 41.9% | +26.9% |
| U.S. Physical Therapy USPH | United States | $1.48B | +68% | +11% | 10% | 30.4× | 19.9% | +13.0% |
| GeneDx WGS | United States | $1.86B | +53% | +25% | -12% | 98.7× | n/a | n/a |
| agilon health AGL | United States | $1.90B | +109% | 0% | -4% | 67.5× | n/a | n/a |
| Clariane CLARI.PA | France | $1.40B | -20% | +1% | 6% | 8.6× | 6.7% | +6.5% |
| Emeis EMEIS.PA | France | $1.94B | -30% | +4% | 3% | n/a | 21.3% | +8.5% |
| Dian Diagnostics 300244.SZ | China | $1.97B | +11% | -5% | 9% | 25.2× | 2.4% | -1.1% |
| H.U.Group 4544.T | Japan | $1.35B | +24% | +1% | 2% | 41.0× | 10.1% | +2.1% |
| Guangzhou Kingmed Diagnostics 603882.SS | China | $1.99B | +5% | -3% | 7% | 31.7× | 6.7% | -6.1% |
| Diagnostyka DIA.WA | Poland | $1.29B | -5% | +19% | 15% | 18.4× | 6.9% | +18.9% |
| OPKO Health OPK | United States | $1.29B | +52% | -11% | -29% | n/a | n/a | n/a |
| Lumexa Imaging LMRI | United States | $1.29B | +29% | +8% | 3% | 18.6× | n/a | n/a |
| Pennant PNTG | United States | $1.27B | +1% | +38% | 6% | 24.0× | 21.1% | +19.4% |
| Metropolis Healthcare METROPOLIS.NS | India | $1.25B | +12% | +20% | 18% | 45.6× | 32.4% | +10.5% |