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Ping an Good Doctor 2019 1833 This annual report (the “Annual Report”) (in both English and Chinese versions) has been posted on the Company’s website at www.pagd.net. Shareholders who have chosen to rely on copies of 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 in lieu of any or all the printed copies may request for the printed copy of the Annual Report. Shareholders, who have chosen or are deemed to have consented to receive the Corporate Communications by electronic means through the Company’s website, if have difficulty in receiving or gaining access to the Annual Report on the Company’s website will upon request be sent the Annual 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 all 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 [email protected]. PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED ANNUAL REPORT 2019 Contents Corporate Information 2 Key Financial and Operational Data 4 Chairman’s Statement 5 Management Discussion and Analysis 10 Directors and Senior Management 23 Directors’ Report 29 Corporate Governance Report 49 Environmental, Social and Governance Report 65 Independent Auditor’s Report 142 Consolidated Income Statement 148 Consolidated Statement of Comprehensive Income 149 Consolidated Statement of Financial Position 150 Consolidated Statement of Changes in Equity 152 Consolidated Statement of Cash Flows 153 Notes to the Consolidated Financial Statements 154 Five Year Financial Summary 222 Definitions 223 1 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED ANNUAL REPORT 2019 Corporate Information Directors Auditor Executive Director PricewaterhouseCoopers Certified Public Accountants Mr. WANG Tao (Chairman) 22/F, Prince’s Building Non-executive Directors Central Hong Kong Mr. LEE Yuan Siong (resigned on 29 November 2019) Ms. TAN Sin Yin (appointed on 29 November 2019) Registered Office Mr. YAO Jason Bo Ms. CAI Fangfang The offices of Maples Corporate Service Limited Mr. DOU Wenwei PO Box 309 Ms. WANG Wenjun Ugland House Mr. LAW Siu Wah Eddie (resigned on 30 December 2019) Grand Cayman KY1-1104 Independent Non-executive Directors Cayman Islands Mr. TANG Yunwei Mr. GUO Tianyong Head Office and Principal Place of Mr. LIU Xin Business in China Dr. CHOW Wing Kin Anthony 17-19/F, Block B Shanghai Ping An Building Audit and Risk Management Committee No. 166, Kaibin Road Mr. TANG Yunwei (Chairman) Shanghai Mr. GUO Tianyong PRC Mr. LIU Xin Mr. YAO Jason Bo Principal Place of Business in Hong Mr. LAW Siu Wah Eddie (resigned on 30 December 2019) Kong Nomination and Remuneration Committee 40th Floor Sunlight Tower Mr. GUO Tianyong (Chairman) No. 248 Queen’s Road East Mr. TANG Yunwei Wanchai Dr. CHOW Wing Kin Anthony Hong Kong Mr. LIU Xin Ms. CAI Fangfang Mr. YAO Jason Bo Mr. LAW Siu Wah Eddie (resigned on 30 December 2019) Joint Company Secretaries Ms. LIN Yuan Ms. CHEN Chun Authorised Representatives Mr. WANG Tao Ms. CHEN Chun 2 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED ANNUAL REPORT 2019 Corporate Information Compliance Advisor Legal Advisors Somerley Capital Limited As to Hong Kong and U.S. laws: 20/F, China Building Clifford Chance 29 Queen’s Road Central 27/F, Jardine House Hong Kong One Connaught Place Central Principal Share Registrar and Hong Kong Transfer Office As to PRC law: Maples Fund Services (Cayman) Limited Shanghai International Economic & Trade Law Office PO Box 1093, Boundary Hall Room 305, Huaihai China Building Cricket Square No. 885 Renmin Road Grand Cayman, KY1-1102 Shanghai Cayman Islands PRC Hong Kong Share Registrar As to Cayman Islands law: Computershare Hong Kong Investor Services Limited Maples and Calder (Hong Kong) LLP Shops 1712-1716, 17th Floor 53rd Floor, The Center Hopewell Centre 99 Queen’s Road Central 183 Queen’s Road East Hong Kong Wanchai Hong Kong Principal Banks Bank of China (Hong Kong) Limited 1 Garden Road Hong Kong Stock Code 1833 Company’s Website www.pagd.net Listing Date 4 May 2018 3 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED ANNUAL REPORT 2019 Key Financial and Operational Data (Highlights in 2019) Registered users: MAU: 315.2million 66.9million year-on-year growth An increase of 50.0 million during the past 12 months 22.3% Average daily MPU: consultations: 729thousand 3.0million year-on-year growth year-on-year growth 36.3% 26.0% Online Medical Services Revenue: Revenue: 858.0 5,065.4 (RMB) million (RMB) million year-on-year growth year-on-year growth 108.9% 51.8% 4 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED ANNUAL REPORT 2019 Chairman’s Statement WANG TAO Chairman and Chief Executive Officer The new era of China Internet healthcare industry has come. This is the most significant message received by all Internet healthcare participants in China in 2019. Driven by the Chinese government’s determination to implement the healthcare reform, the industry enjoyed a hyper-growth from water testing to regulated development. In April 2018, the Opinions of the China’s Internet healthcare development. As a leader General Office of the State Council on Promoting the in the industry, Ping An Good Doctor has been in this Development of “Internet + Healthcare” was released, field for more than five years, and is directly benefiting which clarified the positioning and development from a more proactive and open industry policy. While direction of the Internet healthcare services in China. we continue to provide users with high-quality and The content of core industry policies gradually became efficient medical and healthcare services, we are also solidified after the release of the Administrative Measures actively exploring cooperation opportunities with local for Internet Hospitals (for Trial Implementation), governments across China. Taking advantage of our the Administrative Measures for Internet-based experience of Internet healthcare platform operations Consultations (for Trial Implementation), and the and strong AI capability, we hope to develop China’s Regulations for the Management of Telemedicine Internet healthcare industry by empowering local Services (for Trial Implementation) in September governments to boost efficiency and providing users 2018. On 30 August 2019, the National Healthcare with high-quality healthcare service experiences, Security Administration promulgated the Guidelines on starting from the medical resource supply. Optimizing Prices of “Internet +” Medical Services and Social Health Insurance (SHI) Payment Policies, which was one month ahead of the plan of State Council. It showed that policymakers have accelerated the pace with favorable policies, to solve the bottleneck for 5 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED ANNUAL REPORT 2019 Chairman’s Statement Ping An Good Doctor leverages on its in-house full-time We recruit highly-skilled and experienced medical medical team and its proprietary AI-based medical system professionals from offline medical institutions to join our to provide users with timely high-quality medical services, in-house medical team to provide our users with timely covering 24/7 (24 hours per day, 7 days per week) end-to- and efficient 24/7 consultation and diversified membership end services including online consultation, prescription, services. Our full-time doctors are recruited from the well- referral, appointment, second medical opinion and 1-hour known top 3A hospitals including Beijing Military Region drug delivery. Meanwhile, the continuous expansion of our General Hospital, Obstetrics and Gynecology Hospital nationwide and global medical network provides users with Affiliated to Fudan University, Shanghai Changzheng a wide range of medical and healthcare services as well Hospital, Guangzhou Women and Children’s Medical Center as personalized health management plans including our and etc. By combining our proprietary AI technology with membership services. our in-house medical team, we are able to significantly improve the efficiency of the medical consultation services. During the Reporting Period, total revenue of the Group As of 31 December 2019, annual average daily consultations amounted to RMB5,065.4 million, representing a year-on-year grew by 36.3% year-on-year to 729 thousand. Before the increase of 51.8%. Revenue growth remained robust across Chinese government fully rolling out the subsidy for Internet all business segments. In particular, revenue from Online healthcare, collaboration with commercial insurance and the Medical Services amounted to RMB858.0 million, representing membership products will still be the main sources of our a year-on-year growth of 108.9%. Online Medical Services Online Medical Services revenue. Leveraging on experiences revenue accounted for 16.9% of the Group’s total revenue gained from our existing membership products (Health 360) for 2019, an increase from 12.3% recorded for the year and capitalizing on our continuously improving and the ended 31 December 2018. With continuous improvement in evolving ecosystem, we officially launched our new strategic
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