Core Insights - Waterdrop Inc. released its 2024 Environmental, Social and Governance (ESG) Report on September 25, 2025, highlighting the company's advancements in various areas of corporate governance and sustainability [1] Group 1: Corporate Governance - The Report provides an in-depth overview of the company's progress in corporate governance [1] Group 2: Technology Innovation - Waterdrop Inc. emphasizes its initiatives in technology innovation as part of its ESG efforts [1] Group 3: Product Responsibility - The company outlines its commitment to product responsibility within the ESG framework [1] Group 4: Talent Development - Talent development is highlighted as a key focus area in the company's ESG Report [1] Group 5: Environmental Protection - The Report details the company's initiatives aimed at environmental protection [1] Group 6: Sustainable Ecosystem Development - Waterdrop Inc. discusses its efforts towards sustainable ecosystem development in the ESG Report [1]

Core Viewpoint - Waterdrop Inc. (WDH.US) has demonstrated strong financial performance with double-digit year-on-year growth in both revenue and net profit for Q2 2025, leading to a target price of $2.6 and a "Buy" rating from Guoyuan International [1] Financial Performance - In Q2 2025, Waterdrop achieved net revenue of 838 million yuan and a net profit attributable to shareholders of 140 million yuan, marking 14 consecutive quarters of profitability [1] - Operating expenses, including sales, management, and R&D costs, accounted for 38.7% of revenue, a decrease of 6.4 percentage points year-on-year [1] - Insurance-related revenue reached 739 million yuan, reflecting a year-on-year increase of 28.7%, with first-year premium scale hitting 3.204 billion yuan, up 80.2% [1] - Short-term and long-term insurance businesses grew by 95% and 45.4%, respectively, while revenue from digital clinical trial services rebounded with a 34.2% year-on-year growth [1] Strategic Initiatives - Waterdrop is implementing an "All in AI" strategy to build technological barriers and convert traffic into commercial value, significantly enhancing operational efficiency [2] - The company has developed an AI-driven growth engine, with its proprietary "Waterdrop Water Guardian" AI insurance expert contributing to a 155% quarter-on-quarter increase in premium contributions [2] - In underwriting, the introduction of the AI underwriting expert "KEYI.AI" has improved processing times and achieved a 99.8% accuracy rate [2] - Customer service has been enhanced through the AI customer service agent "Bao Xiaohui," achieving over 95.5% resolution rate for service scenarios [2] Business Structure and Market Expansion - Waterdrop has established three main business segments: fundraising, insurance, and digital clinical trial solutions, leveraging technology to improve efficiency in the insurance sector [3] - The company is in the early stages of exploring overseas markets, having initiated insurance operations in Hong Kong and developed a comprehensive insurance brokerage service system over the past two years [3] - Future plans include further international business development and addressing user pain points in overseas insurance markets through technological empowerment [3]

北京民营企业专精特新百强以企业年度经营情况、研发创新能力、产业发展定位等为核心指标，综合考 量企业依法合规经营、诚实守信等方面情况，根据核心指标和辅助指标的量化赋值确定入围榜单企业， 入围企业均在科技创新方面取得重大成果。 作为北京民营企业专精特新百强榜的入选者，水滴公司始终将科技创新作为核心竞争力，并搭建"All in AI"的科技发展战略，依托数字化建设与自主研发的AI大模型，深度赋能保险服务全流程，实现业务流 程的线上化、标准化、数智化，在为用户提供更便捷、更普惠的保险服务的同时，显著提升业务效益， 驱动公司高质量发展。 （原标题：水滴公司(WDH.US)入选2025"北京民营企业专精特新百强榜"） 9月19日，北京市工商联、北京市通州区人民政府联合召开2025北京民营企业百强发布会，公布了2025 北京民营企业"1+3"百强榜单。凭借在科技创新方面的丰硕成果，水滴公司(WDH.US)入选2025年"北京 民营企业专精特新百强榜"。 基于"水滴水守大模型"技术底座，水滴持续提升服务效率与质量，优化用户体验。在辅助销售环节，公 司已形成AI驱动的增长引擎，自研的"水滴水守"AI保险专家凭借多模态交互能力， ...

Group 1 - The core viewpoint of the news is the recognition of Waterdrop Company as a leading private enterprise in Beijing, emphasizing its achievements in technological innovation and its inclusion in the 2025 Beijing Private Enterprises "Specialized, Refined, Unique, and Innovative" Top 100 list [1][4] - Waterdrop Company has established an "All in AI" technology development strategy, leveraging digital construction and self-developed AI models to enhance the entire insurance service process, resulting in improved efficiency and user experience [3] - The company has developed the "Waterdrop Water Guardian Model," which has received multiple patent authorizations and is expected to drive high-quality growth through enhanced service efficiency and quality [3] Group 2 - The Beijing Private Enterprises Top 100 list has been conducted annually since 2018, aiming to identify high-quality private enterprises that align with the capital's functional positioning and contribute to the high-quality development of the private economy [4] - Waterdrop Company has also been recognized for its social responsibility initiatives, marking its continuous inclusion in the Beijing Private Enterprises Top 100 as both a responsibility and an acknowledgment of its technological innovations [4] - The company aims to maintain a user-centered approach and continue investing in technology and service innovation to create greater social value in the future [4]

水滴公司(NYSE: WDH)发布2025年第二季度业绩后，近日国泰君安国际发布研报，上调水滴公司目标 价至2.35美元，维持"买入"评级。2025年第二季度，得益于运营效率优化提升，水滴公司利润表现超出 预期。国泰君安国际提高了水滴公司2025至2027年的盈利预期，反映盈利增强及增长动能稳健。 国泰君安国际研报指出，水滴公司在2025年第二季度财 务表现强劲，归母净利润1.4亿元，同比增长58.7%；保 险相关收入7.39亿元，同比增长28.7%，首年规模保费达 32.04亿元，同比增长80.2%；公司营业费用（包含销售 费用、管理费用和研发费用）占收入比为 38.7%，同比 下降6.4个百分点。 水滴公司创始人兼CEO沈鹏表示，以用户为中心和AI应 用战略是公司增长的关键驱动力。依托AI大模型语义解 析与策略研判能力，水滴的AI风控模型已经覆盖15个筹 款高风险场景，大幅提升风控识别准确率。此外，水滴 AI客服"保小慧"能7×24小时快速响应，实现在线场景客 服工单100%覆盖。为保险顾问及规划师开发了基于AI大 模型的保险产品知识库查询工具，已累计辅助决策30万 次。 展望未来，水滴公司将通过产品创新 ...

Core Viewpoint - Waterdrop Inc. (WDH.US) reported strong financial performance for Q2 2025, leading to an upgraded target price of $2.35 by Guotai Junan International, maintaining a "Buy" rating [1] Financial Performance - The net profit attributable to shareholders reached 140 million yuan, a year-on-year increase of 58.7% [1] - Insurance-related revenue was 739 million yuan, up 28.7% year-on-year, with first-year premium scale reaching 3.204 billion yuan, an increase of 80.2% [1] - Operating expenses, including sales, management, and R&D costs, accounted for 38.7% of revenue, a decrease of 6.4 percentage points year-on-year [1] Strategic Initiatives - The company's growth is driven by a user-centric approach and AI application strategy, enhancing operational efficiency [1] - Waterdrop's AI risk control model covers 15 high-risk fundraising scenarios, significantly improving risk identification accuracy [1] - The AI customer service tool "Bao Xiaohui" provides 24/7 rapid response, achieving 100% coverage of online service requests [1] Future Outlook - Waterdrop plans to sustain growth through product innovation and the application of AI models [2] - The launch of the industry's first AI underwriting expert "KEYI.AI" reduces the average processing time for complex health insurance underwriting by 80% and achieves an accuracy rate of 99.8% [2] - "KEYI.AI" will also be made available to industry partners, further empowering the AI transformation of the insurance product chain [2]

Group 1 - The "New Good China" initiative was launched in Nanjing, aiming to encourage new social strata to engage in public welfare and promote a culture of kindness [1][3] - The initiative's advocates, including Zheng Gang and Sun Xiaolei, released the "New Good China" manifesto, calling for collective efforts to enhance social welfare and integrate new public welfare narratives [3] - A coalition named "Telling the Story of 'New Good China'" was formed with 13 organizations, including Waterdrop, Tencent, and Alibaba, to consolidate resources and promote the initiative through diverse communication channels [3] Group 2 - Waterdrop has been committed to using internet technology to ensure healthcare access for the public, actively fulfilling its corporate social responsibility in the public welfare sector [4] - Waterdrop Charity, recognized as a public fundraising platform, has launched over 15,500 charity projects and raised over 1.374 billion yuan, benefiting numerous individuals in need [4] - Sun Xiaolei highlighted Waterdrop's achievements in promoting kindness through technology, including a robust risk control system to combat fraudulent fundraising activities [6] Group 3 - Since its launch, Waterdrop has facilitated donations of 70 billion yuan from approximately 480 million users to 3.54 million patients, showcasing the power of technology in building trust [6] - The company plans to continue investing in research and development to enhance its personal assistance network services, aiming to create a more transparent and trustworthy platform for social welfare [6]

Group 1 - The Guangzhou Community Charity and Medical Charity Government-Society (Government-Enterprise) Coordination Symposium was successfully held, with participation from various government departments and Waterdrop Company [1][4] - Waterdrop Company's founder and CEO, Shen Peng, shared experiences regarding the "Waterdrop Mutual Assistance" project, which aims to provide support for individuals facing significant medical expenses due to illness [1][7] - The symposium highlighted Guangzhou's strong foundation in charity development, with a focus on community charity and the collaboration between government, enterprises, and social organizations [6] Group 2 - Guangzhou has a rich charitable culture and is actively promoting high-quality development in charity through innovative practices, responding to national strategic deployments [2] - The city is exploring collaborative development paths between charity and grassroots governance, emphasizing the importance of meeting community needs [2] - Shen Peng emphasized that the "Waterdrop Mutual Assistance" project is the first government-society cooperation project designated by the Ministry of Civil Affairs, aiming to connect government assistance with individual needs [7]

Group 1 - The "PolyU x Waterdrop International Future Challenge" successfully attracted over 700 elite startup teams globally, competing for a total prize of over HKD 2 million [1] - The event was sponsored by Waterdrop, Huawei Cloud Hong Kong, and PolyU's Medical and Social Sciences Faculty, with support from strategic partners like Cathay Pacific, Nike, and NTT [2] - The competition featured a public group focusing on key sectors such as logistics, fintech, health tech, IT, and sports, aiming to drive industry innovation and solutions [2] Group 2 - Nearly 30 outstanding startup teams competed in the final round through elevator pitches, with winners selected by judges and audience votes [2] - The event serves as a platform for education, research commercialization, startup incubation, and investment matching, providing opportunities for aspiring entrepreneurs [5] - Waterdrop's CEO, Shen Peng, emphasized the importance of giving back to society and supporting young entrepreneurs, reflecting on his own entrepreneurial journey [7] Group 3 - Waterdrop is a leading insurtech and healthcare platform in China, with multiple services including Waterdrop Fundraising, Waterdrop Insurance, and Waterdrop Finance, creating a diverse service ecosystem [9] - The company invests approximately CNY 300 million annually in technology research and development, focusing on big data and AI applications to enhance insurance service efficiency [9] - Waterdrop established a licensed insurance brokerage in Hong Kong in 2023, offering professional insurance brokerage and wealth planning services [9] Group 4 - Waterdrop aims to share its specialized insurance brokerage capabilities and operational experience with Hong Kong partners to enhance operational efficiency and customer experience [10] - The company plans to further develop international business and collaborate with local partners to provide comprehensive services in identity planning, education, healthcare, and business expansion [10]

[Table_Title] Company Report: Waterdrop (WDH US) 中文版 Muyang Zhao 赵沐阳 公司报告：水滴 (WDH US) Chinese version muyang.zhao@gtjas.com.hk 2025 [Table_S年第二季度运营效率提升 ummary] | [Table_Rank] Rating: | Buy | | --- | --- | | | Maintained | | 评级： | 买入 (维持) | | [Table_Price] 6-18m TP 目标价: | US$2.35 | | Revised from 原目标价： | US$1.80 | Stock performance 股价表现 [Table_QuotePic] | [Table_PriceChange] Change in Share Price | 1 M | 3 M | 1 Y | | --- | --- | --- | --- | | 股价变动 | 1 个月 | 3 个月 | 1 年 | | Abs. % 绝对变动 % | 2.8 | 30.1 | 78.3 | ...