According to a research report published by CCB International, Ping An Good Doctor recorded revenue of 2.4 billion yuan in the second half of last year, a year-on-year decrease of 26.4%, which is lower than the market and the bank's forecast of 2.9 billion yuan. Thanks to higher operating margins and higher financial returns, losses narrowed to 103 million yuan in the second half of last year, a decline of 245 million yuan compared to the first half of the year. The bank expects ARPU for silver users to have more room for growth. At the same time, with the support of Ping An Group's insurance customers, CCB predicts that the company's compound annual revenue growth rate from 2024 to 2026 will remain at the level of 12.7%. By improving user experience and optimizing service quality, user loyalty will increase and drive overall ARPU growth. Due to the slower growth rate of the new strategic business than expected, the bank lowered its 2024-2026 revenue forecast by an average of 8%, and the target price was lowered from HK$16.8 to HK$15.9, maintaining an outperforming market rating.