Ping An Healthcare’s Cost-Cutting Pays Off as Loss Narrows

The company behind China’s leading medical app Ping An Health booked shrinking losses in 2022 even as it reported its first drop in annual revenue since it went public, as cost-cutting and a growing user base helped its bottom line.

Ping An Healthcare and Technology Co. Ltd. — which went public in Hong Kong in 2018 — posted a revenue of 6.16 billion yuan ($893 million) last year, a 16% decrease year-on-year, according to the company’s earnings report released Monday. Its net loss narrowed by 60.3% to 611 million yuan.