Core Insights - Waterdrop Inc. reported a net revenue of 754 million yuan for Q1 2025, representing a year-on-year growth of 7% [1] - The company achieved a net profit attributable to shareholders of 108 million yuan, marking a 34.2% increase year-on-year, and has maintained profitability for 13 consecutive quarters [1] - Operating expenses as a percentage of revenue decreased by 6.1 percentage points to 40.3% [1] Financial Performance - Insurance-related revenue reached 658 million yuan, up 8.4% year-on-year, with operating profit at 151 million yuan [1] - The first-year scale premium for the insurance business grew by 19.3% to 2.092 billion yuan [1] - Short-term insurance first-year scale premium increased by 30.1% [1] Product Development - The company upgraded its exclusive maternal and infant insurance product "Jie Hao Yun" to version 5.0, adding various disease coverages and introducing a medication subsidy [2] - Waterdrop launched the "All Insurance" million medical insurance, the first in the industry to offer guaranteed renewal for five years without health declarations, targeting chronic and sub-healthy individuals [2] AI and Technology Integration - Waterdrop has applied for 51 patents related to large model capabilities as of the end of Q1 [2] - AI applications have significantly improved efficiency across various business segments, with the "AI Quality Inspection Assistant" enhancing quality management efficiency by 83% [2] - The "Waterdrop AI Insurance Expert" contributed over 2 million yuan in premium assistance in a single month [2] Social Impact and Other Business Segments - Waterdrop Fund has facilitated donations of 68.8 billion yuan to approximately 3.47 million patients since its inception, with a Q1 operating loss of about 30.2 million yuan [3] - The digital clinical trial solution business generated a net revenue of 23 million yuan, reflecting an 11.5% year-on-year growth, with partnerships reaching 185 pharmaceutical and CRO companies [3]

Core Viewpoint - Waterdrop Inc. reported strong financial and operational growth in the first quarter of 2025, with significant increases in revenue and profit compared to previous periods [3][10]. Financial and Operational Highlights - Net operating revenue for Q1 2025 increased by 7.0% year-over-year to RMB 753.7 million (US$ 103.9 million) and by 9.7% quarter-over-quarter [9]. - Net profit attributable to ordinary shareholders reached RMB 108.2 million (US$ 14.9 million), marking a 34.2% year-over-year increase [10][15]. - First-year premiums generated through the insurance business reached RMB 2,092.4 million (US$ 288.3 million), representing a 19.3% year-over-year increase [10]. - Insurance-related income amounted to RMB 658.0 million (US$ 90.7 million), an increase of 8.4% year-over-year [11]. - Digital clinical trial solution income grew by 11.5% year-over-year to RMB 23.0 million (US$ 3.2 million) [12]. Insurance Business Performance - The insurance business saw a 30.1% year-over-year increase in short-term insurance premiums [4]. - Long-term insurance premiums grew by 27.6% quarter-over-quarter, indicating operational resilience despite product iteration challenges [4]. Crowdfunding and Risk Management - Waterdrop Medical Crowdfunding expanded its verification platform to cover 92% of domestic cities, enhancing risk control and campaign validation processes [5]. - Cumulatively, around 475 million people donated an aggregate of RMB 68.8 billion to 3.47 million patients through the crowdfunding platform [10]. AI and Technology Integration - The penetration of 'AI Insurance Expert - Medical Insurance' facilitated over RMB 2 million in monthly premiums [7]. - The 'AI Service Quality Copilot' improved unit operational efficiency by 83% since its launch [7]. Shareholder Value and Cash Position - The company distributed approximately US$ 7.3 million in cash dividends and repurchased around 54.2 million ADSs for a total consideration of approximately US$ 106.6 million as of May 31, 2025 [8][18]. - As of March 31, 2025, the cash position was RMB 3,543.3 million (US$ 488.3 million) [17].

Group 1 - The core viewpoint of the articles highlights the rapid growth and potential of the AI health management market in China, which is expected to exceed 1 trillion yuan and reach 2.59 trillion yuan by 2027, with a compound annual growth rate of over 20% [1] - The company Waterdrop is leveraging AI technology to create a comprehensive health management ecosystem that links user health data with insurance premiums, allowing for dynamic adjustments based on health improvements [1][4] - Waterdrop has developed innovative insurance products tailored for high-risk groups, including those with chronic diseases, by lowering underwriting thresholds and introducing health management mechanisms that can reduce premiums based on health improvements [2][6] Group 2 - There is a significant gap in the insurance market for the 400 million individuals with pre-existing conditions in China, who have historically faced challenges in obtaining insurance coverage due to data limitations and complex underwriting processes [4] - Waterdrop has launched over 1,000 innovative insurance products, including the first medical insurance without health declarations and a long-term critical illness insurance that incorporates dynamic health incentives, aimed at traditionally underserved populations [6]

Core Viewpoint - Waterdrop Inc., known for its crowdfunding platform "Waterdrop Fundraising," is facing growth challenges despite a slight revenue increase in 2024. The company's main business, insurance, shows limited growth potential, and its recent expansion into CRO (Contract Research Organization) services is also under pressure due to industry competition and regulatory challenges [2][6][23]. Group 1: Company Overview - Waterdrop Inc. is primarily an insurance company that uses its crowdfunding platform to drive traffic to its insurance services, which has been a key part of its business model [2][9]. - The company has experienced a decline in revenue from 30.71 billion RMB in 2021 to 23.41 billion RMB in 2023, with a slight recovery expected in 2024 [12]. - The insurance business has consistently accounted for over 85% of the company's total revenue from 2021 to 2024 [9]. Group 2: Financial Performance - The insurance-related revenue for Waterdrop Inc. was 30.71 billion RMB in 2021, 25.59 billion RMB in 2022, and 23.41 billion RMB in 2023, indicating a downward trend [12]. - Operating profit from the insurance segment has also declined from 10.35 billion RMB in 2021 to 4.77 billion RMB in 2024 [12]. - In 2024, the company reported a slight increase in overall revenue, but the growth was primarily driven by a reduction in losses from its crowdfunding business [14]. Group 3: CRO Business Development - Waterdrop Inc. expanded into the CRO business in 2022, which initially showed promise with a revenue increase of approximately 68% in 2023 [4][20]. - However, in 2024, the CRO business revenue declined by 9.4%, reflecting a challenging market environment and increased competition [4][21]. - The CRO segment's performance is under pressure due to tightening budgets from pharmaceutical companies and a competitive landscape dominated by established players [21][23]. Group 4: Challenges and Risks - The company's crowdfunding platform, Waterdrop Fundraising, has faced scrutiny due to issues with trust and transparency, impacting its ability to convert traffic into insurance sales [10][11]. - Recent controversies, including fraudulent fundraising cases, have led to a crisis of credibility for both the platform and the parent company [11]. - The increase in service fees for the crowdfunding platform may negatively affect donor trust and subsequently the conversion rates to insurance products [14][15].

Core Viewpoint - Waterdrop Inc. is set to announce its unaudited financial results for Q1 2025 on June 5, 2025, before U.S. markets open [1] Group 1: Financial Results Announcement - The financial results will cover the first quarter ended March 31, 2025 [1] - A conference call to discuss the financial results is scheduled for June 5, 2025, at 8:00 AM U.S. Eastern Time [2] - Participants can join the call using various international and toll-free numbers, with options for Chinese and English interpretation [2] Group 2: Conference Call Details - Telephone replays of the conference call will be available two hours after its conclusion until June 12, 2025 [3] - Live and archived webcasts of the conference call will be accessible on the company's investor relations website [3] Group 3: Company Overview - Waterdrop Inc. is a technology platform focused on insurance and healthcare services, founded in 2016 [4] - The company aims to leverage technology to provide insurance and healthcare services to billions [4]

Core Insights - Waterdrop Inc. reported a net revenue of RMB 2.772 billion and a net profit of RMB 368 million for the fiscal year ended December 31, 2024, marking a 119.8% year-on-year increase and achieving profitability for 12 consecutive quarters [1] - The company has initiated a share buyback program, repurchasing approximately 52.1 million American Depositary Shares for an aggregate consideration of US$100 million as of February 2025 [1] Financial Performance - The insurance business generated first-year premiums of RMB 7.473 billion, with annual revenue of RMB 2.36 billion and an operating profit of RMB 477 million [5] - Analysts project a revenue growth of 20% for 2025, with upward revisions to 12-month price targets reflecting strong market confidence [2] Technological Advancements - Waterdrop has invested nearly RMB 300 million annually in R&D, securing over 100 technology patents and integrating large language models into critical workflows [3] - The company announced an 'All in AI' strategy for 2025, emphasizing AI's role in driving efficiency and collaborative growth [3] Business Segments - The Medical Crowdfunding platform facilitated donations for over 3.4 million patients, with 470 million donors contributing RMB 67.5 billion [5] - The digital clinical trial solutions segment reported RMB 91.1 million in net revenue, enrolling 10,395 patients and completing 1,212 clinical trial projects [5] Customer Engagement - The AI Insurance Assistant supports sales enablement and compliance oversight for licensed agents [5] - The AI Insurance Expert, powering the chatbot Bao Xiao Hui, has reduced average query resolution time by 50% and provides full coverage across all service channels [5]

在此背景下，水滴公司（ WDH.US ）交出了一份亮眼的成绩单：全年净利润同比激增 119.8% ，连续 12 个季度盈利， AI 技术对业务的全场景 赋能效果显著。 从 "流量平台"到"科技驱动型服务商"，水滴的转型路径不仅折射出保险行业的变革方向，更成为观察 AI 产业化落地的典型案例。 来源 | 美股研究社 2025 年，保险科技领域迎来新一轮竞争洗牌。随着 AI 大模型技术加速渗透，行业从"流量争夺"转向"效率革命"，头部企业的技术壁垒成为核 心竞争力。 基于对用户需求的深度洞察，以及强大的数据分析和精算能力，水滴保所上线的产品，大部分都是与保险公司联合定制的专属产品。 2024 年，水滴筹持续发挥其"救急难"的重要社会价值，积极助力多层次医疗保障体系建设。截至 2024 年 12 月 31 日，累计约 4.7 亿用户通 过水滴筹平台，向超过 340 万名患者捐赠了总额达 675 亿元的善款。 2024 年 12 月，水滴筹迎来了具有里程碑意义的时刻，正式成为民政部首批指定的个人求助网络服务平台。 财 务 亮 眼 背 后 ， 保 险 科 技 正 在 破 解 盈 利 难 题 ？ 财报数据显示， 2024 ...

Core Insights - The insurance industry is experiencing a pivotal moment with the integration of AI, which is expected to drive significant growth and transformation [1][2] - Waterdrop Inc. is at the forefront of this AI revolution, with a projected nearly 120% increase in net profit for 2024, driven by its "All in AI" strategy [1][5] Group 1: AI Integration in Insurance - The vast data assets accumulated over the past decade in internet insurance provide a solid foundation for building large AI models, which will catalyze the AI + insurance explosion [2] - AI technology is reshaping the insurance value chain, with the potential impact of this transformation expected to surpass the total changes seen in the past decade [2] - Waterdrop is one of the earliest companies to apply AI large models in the insurance sector, investing nearly 300 million yuan annually in R&D and holding over 100 technology patents [2] Group 2: Service Enhancements through AI - Waterdrop's self-developed "Waterdrop AI Insurance Expert" can communicate with users via voice, handling inquiries about various insurance products with an average response time of around 2 seconds [3] - The newly launched "AI Customer Service" named "Bao Xiao Hui" can accurately identify user emotions and respond 24/7, expected to reduce issue transfer rates by 50% and improve service efficiency by 50% [3][5] Group 3: Cost Reduction and Efficiency - The implementation of AI quality inspection solutions has significantly reduced the costs of manual inspections by over 50% while covering all communication scenarios [5] - Waterdrop's commitment to the "All in AI" strategy aims to enhance AI capabilities continuously, focusing on cost reduction and efficiency improvements for both the company and its insurance partners [5]

Core Viewpoint - Waterdrop Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, highlighting its commitment to transparency and regulatory compliance [1]. Company Overview - Waterdrop Inc. is a leading technology platform focused on insurance and healthcare services, aiming to create a positive social impact [3]. - Founded in 2016, the company offers comprehensive services through the Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, targeting to provide insurance and healthcare services to billions using technology [3]. Financial Reporting - The annual report includes audited consolidated financial statements and is available for shareholders upon request, demonstrating the company's commitment to shareholder engagement and transparency [2].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report ________ For the transition period from ________ to ________ ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the f ...