A Shanghai-based health care services unit of insurance giant Ping An Insurance, Ping An Healthcare and Technology, reported an over 300% increase in losses for the first half of 2021 on Tuesday, reports the South China Morning Post.
The company, formerly known as Ping An Good Doctor, said strategic investments aimed at growing market share had weighed upon its gross margin.
“The development was in line with our blueprint,” Ye Lan, the company’s chief financial officer, said in an earnings call. She added that the strategic investments that weighed on profitability were a result of improvement efforts launched mid last year and that the company’s plan to break-even by around 2024 or 2025 was unchanged.
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