Dingdang Health Technology Group Limited (Dingdang Health) has incurred losses exceeding 6 billion RMB in the first half of this year, ranking at the bottom of the performance among four internet medical companies in China.
According to a report by Sina Finance on November 21, Dingdang Health, alongside JD Health, Ali Health, and Ping An Good Doctor, had the lowest performance among the four internet medical companies in China. Dingdang Health’s previous prospectus disclosed cumulative losses of approximately 2.9 billion RMB from 2018 to 2021 before its IPO. After listing in 2022, from 2022 to the first half of 2025, cumulative disclosed losses amounted to around 3.5 billion RMB, totaling losses of about 6.4 billion RMB.
The report points out that Dingdang Health’s continued losses are mainly attributed to its asset-heavy and marketing-heavy business model. The company’s “asset-heavy” model involves self-built pharmacies and delivery teams to ensure a “28-minute door-to-door drug delivery” service experience, resulting in high expenses.
Furthermore, the company is forced to continuously invest significant funds in maintaining operations and market promotion, with these high costs constantly eroding its profit margins. Coupled with fierce competition from the other three internet medical companies, Dingdang Health lacks clear advantages in drug prices, drug variety, and delivery speed.
To sustain operations and competitiveness, Dingdang Health has made significant investments in performance obligations, sales, and marketing expenses. In 2023, 2024, and the first half of 2025, sales and marketing promotion expenses accounted for 20%, 21.7%, and 22.6% of the annual revenue, respectively.
Facing the prolonged inability to turn a profit, the company’s stock price has been fluctuating downwards. On September 14, 2022, Dingdang Health officially listed on the main board of the Hong Kong Stock Exchange at an IPO price of 12 HKD per share. As of the market close on November 21, Dingdang Health’s stock was at 1.01 HKD per share, dropping by 1.942%. Calculating over the past three years, its stock price has cumulatively declined by approximately 92%.
Public data indicates that Dingdang Health Technology Group Limited was established in March 2021, operating the digital health platform “Dingdang Kuaiyao.” On September 14, 2022, it listed on the main board of the Hong Kong Stock Exchange, providing drug instant delivery, online consultations, and chronic disease management services through an “online ordering + offline delivery” model. Operating under the motto of delivering in 28 minutes, there have been numerous consumer complaints on platforms like Black Cat Complaints about Dingdang Health’s service quality issues such as delivery delays, casting doubt on its core business model.