Core Viewpoint - Waterdrop Inc. has experienced a significant revenue increase in its newly established technology services segment, contributing to a 38.4% year-on-year growth in total revenue for the third quarter [1][2][6]. Revenue Growth - The technology services segment's revenue surged over 20 times year-on-year, rising from approximately 10.2 million to 196.4 million yuan, now accounting for 22.6% of the company's total revenue [9][8]. - The overall revenue for the third quarter reached 975 million yuan (approximately 138 million USD), up from 704 million yuan in the same period last year [6][7]. - For the first nine months of the year, cumulative revenue reached 2.57 billion yuan, a 24% increase from 2.08 billion yuan in the previous year [7]. Business Segments - The company has two main revenue sources: the core insurance brokerage business and a smaller medical crowdfunding business. The insurance brokerage generated 869 million yuan in the third quarter, a 44.8% increase from 601 million yuan year-on-year [8][10]. - The technology services business provides tools to insurance companies to enhance operational efficiency, including risk assessment and customer relationship management [8][10]. Profitability and Market Response - Operating costs and expenses increased by 27.1% year-on-year, significantly lower than the revenue growth rate, leading to a 330% year-on-year increase in operating profit to 114 million yuan [10]. - Net profit also saw a 60% year-on-year increase, reaching 159 million yuan, marking the 15th consecutive quarter of profitability [10]. - Despite the strong financial performance, the market reaction has been muted, with the stock price showing little movement post-earnings announcement [3][11]. Future Outlook - The company aims to leverage AI technology to enhance business quality and efficiency, with plans to deepen the integration of AI across various business operations [6][11]. - There is potential for growth in the digital clinical trial solutions segment, which achieved a revenue of 31.9 million yuan, reflecting a 31% year-on-year increase [10]. - If the company successfully transitions to a technology service provider for insurance companies while expanding collaborations with pharmaceutical firms, there may be upward potential for its stock price [11].

水滴公司 20251204 摘要 水滴公司业务涵盖保险科技、大病众筹和医药服务三大板块，其中保险 科技板块包括水滴保、深蓝保和水滴金融三个 2C 品牌，大病众筹板块 主要为水滴筹，医药服务板块通过一帆医药提供 2B 企业服务。 截至 2025 年三季度，水滴公司保险科技板块累计服务超 1 亿用户，超 3,000 万用户购买保单，与超 100 家保险公司合作；水滴筹占据行业 90%市场份额，共帮助 361 万患者募集善款 71,012 亿元；一帆医药与 多家药企、生物科学公司和 CRO 合作，收取患者招募服务费。 水滴公司保险科技板块收入主要来自保险销售佣金和数字化技术服务费； 水滴筹按筹款金额的 6%收取平台服务费，单案例收费上限 8,000 元； 一帆医药根据成功入组患者数量向药企收取招募服务费。 2025 年第三季度，水滴公司收入达 9.75 亿元，归母净利润率为 16.3%，归母净利润为 1.58 亿元，为历史单季度最高收入水平。88% 的收入来自保险业务，其余来自水滴筹和数字化临床试验。公司已连续 15 个季度盈利，现金状况为 35.1 亿元。 Q&A 水滴公司的主要业务模式和发展历程是怎样的？ 水滴 ...

PresentationUnknown Executive Good morning, everyone. This is Tracy Li from Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded. Please note that discussion today will contain forward-looking statements made under the safe harbor provision of the U.S. Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are subject to risks a ...

Waterdrop (NYSE:WDH) Q3 2025 Earnings Call December 03, 2025 07:00 AM ET Company ParticipantsXiaoying Xu - Head of FinancePeng Shen - CEONone - Company Representative 1None - Company Representative 2Peng ShenFor the first three quarters of 2025, the company's total revenue amounted to CNY 2.57 billion, up 23.1% year-on-year. Net profit attributable to ordinary shareholders reached about CNY 410 million, rising 51.9% compared to the same period last year. The company has maintained sustained profitability fo ...

Waterdrop (NYSE:WDH) Q3 2025 Earnings Call December 03, 2025 07:00 AM ET Company ParticipantsTracy Li - Head of Investor RelationsLi Zhiju - Healthcare ExecutiveYang Wei - Director and General Manager of the Insurance BusinessXiaoying Xu - Head of Finance DepartmentTracy LiMorning, everyone. This is Tracy Li from WaterDrop Investor Relations. It's my pleasure to welcome everyone to WaterDrop's Third Quarter 2025 earnings conference call. All participants are in a listen-only mode in our English line. As a r ...

Waterdrop (NYSE:WDH) Q3 2025 Earnings Call December 03, 2025 07:00 AM ET Company ParticipantsTracy Li - Head of Investor RelationsLi Zhiju - Healthcare ExecutiveYang Wei - Director and General Manager of the Insurance BusinessXiaoying Xu - Head of Finance DepartmentTracy LiMorning, everyone. This is Tracy Li from WaterDrop Investor Relations. It's my pleasure to welcome everyone to WaterDrop's Third Quarter 2025 earnings conference call. All participants are in a listen-only mode in our English line. As a r ...

Waterdrop (NYSE:WDH) Q3 2025 Earnings Call December 03, 2025 07:00 AM ET Speaker0Morning, everyone. This is Tracy Li from WaterDrop Investor Relations. It's my pleasure to welcome everyone to WaterDrop's Third Quarter 2025 earnings conference call. All participants are in a listen-only mode in our English line. As a reminder, today's conference is being recorded. Please note that the discussion today will concentrate on forward-looking statements made under the Safe Harbor Provision of the U.S. Private Secu ...

Financial Data and Key Metrics Changes - For the first three quarters of 2025, total revenue reached CNY 2.57 billion, a year-on-year increase of 23.1, while net profit attributable to ordinary shareholders was approximately CNY 410 million, rising 51.9% compared to the same period last year [1] - The company reported total revenue of CNY 975 million for the third quarter, marking a year-on-year growth of 38.4 [13] - Operating profit for the quarter was nearly CNY 114 million, reflecting a substantial year-over-year increase of 329.8%, with net profit attributable to ordinary shareholders reaching CNY 158 million, up 60.1% year-over-year [15] Business Line Data and Key Metrics Changes - The insurtech business achieved an operating profit of about CNY 180 million in the quarter, a year-on-year increase of 44.3% [1] - Insurance-related revenue reached approximately CNY 870 million, increasing by 44.8% year-on-year and 17.8% quarter-on-quarter, with an operating profit margin of 20.3% [4] - Profiling service fees stood at around CNY 65.66 million, remaining stable year-on-year, while digital clinical trial solutions contributed over CNY 31.85 million, with a year-on-year increase of 31.3% [14] Market Data and Key Metrics Changes - As of September 30, 2025, the cumulative registrations for the medical profiling platform reached approximately 485 million, with a total of CNY 71.2 billion raised for 3.61 million patients [9] - The digital clinical trial solution income in the third quarter reached CNY 31.85 million, marking a 31.3% year-on-year increase [12] Company Strategy and Development Direction - The company is focused on leveraging advancing AI technologies to drive integration and innovation across operations, aiming for sustainable long-term growth [4] - The launch of Waterdrop C-Point AI, a low-code AI platform, is intended to empower employees to build and deploy tailored solutions for various tasks, supporting growth in both insurance and non-insurance areas [2] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding full-year revenue and profit guidance, emphasizing the importance of AI in enhancing operational efficiency and decision-making [4] - The company highlighted its commitment to sustainable development and creating value for society through its various initiatives [2] Other Important Information - The company has filed 69 patent applications centered on large language models, including nine international filings, indicating a strong focus on innovation [2] - As of the end of November 2025, the company had repurchased approximately 58.1 million ADS in the open market, totaling $113 million [3] Q&A Session Summary Question: What are the key drivers of growth in the insurance business? - The insurance business maintained significant growth momentum, with optimized real-time identification capabilities and enhanced integration of data links among advertising, operation, and risk control systems [4] Question: How is the company addressing operational efficiency? - The deployment of AI across various services has significantly improved operational efficiency, with AI medical insurance experts boosting productivity and response times [7][8]

Core Insights - Waterdrop Inc. reported a net operating revenue of RMB 974.9 million for Q3 2025, marking a 38.4% year-over-year increase and a net profit of RMB 158.5 million, up 60.1% from the previous year, maintaining profitability for the fifteenth consecutive quarter [1] Financial Performance - Net operating revenue reached RMB 974.9 million, a 38.4% increase year-over-year [1] - Net profit attributable to ordinary shareholders was RMB 158.5 million, reflecting a 60.1% increase year-over-year [1] - Operating expenses accounted for 39.6% of revenue, down 8.3 percentage points year-over-year [1] Insurance Business - Insurance-related revenue was RMB 869.7 million, up 44.8% year-over-year [1] - Operating profit from the insurance business reached RMB 176.4 million, a 44% increase year-over-year [1] - First-year premiums (FYPs) increased by 32.3% quarter-over-quarter [1] - AI-driven initiatives led to an 82% increase in premiums facilitated by the "AI Medical Insurance Expert" on a quarter-over-quarter basis [1] Medical Crowdfunding - Waterdrop Medical Crowdfunding raised a cumulative RMB 71.2 billion for 3.61 million patients as of September 30, 2025 [1] - Enhanced risk control measures and advanced analytics improved fraud detection and transparency in fund distribution [1] Digital Clinical Trials - The E-Find Platform generated revenues of approximately RMB 31.9 million, a 31.3% year-over-year increase [1] - Cumulatively enrolled 13,282 patients into 1,491 clinical trial programs [1] - Over one thousand patients were enrolled in the third quarter alone [1] Social Responsibility and ESG - Waterdrop released its 2024 ESG report, optimizing its governance structure and enhancing data management capabilities [1] - Collaborated with 119 public charity organizations and launched over 15,500 public welfare projects [1] Future Outlook - The company aims to deepen AI integration and drive innovation across its business ecosystem to fuel sustainable growth [2]

智通财经APP获悉，12月3日，水滴公司（WDH.US）公布截至2025年9月30日未经审计的2025年第三季 度业绩报告。2025年第三季度，水滴公司净营业收入9.75亿元，同比增长38.4%；归母净利润1.58亿 元，同比增长60.1%，连续15个季度实现盈利；营业费用（包含销售费用、管理费用和研发费用）占收 比为 39.6%，同比下降8.3个百分点。从2021年9月宣布启动股票回购计划以来，截至2025年11月30日， 水滴公司累计从公开市场回购约5810万股ADS（美国存托凭证）。 水滴公司数字化临床试验解决方案业务稳健增长。第三季度净营业收入3190万元，同比增长31.3%。截 至9月底，翼帆医药已与216家海内外知名药企及CRO建立合作关系，累计履约项目1491个，累计入组 患者13282名。本季度，翼帆医药单季度入组患者数量首次突破千名，运营效率持续提升。 在数字化全渠道营销方面，本季度翼帆医药持续推进在医患服务场景的大模型技术应用，落地多个健康 管理、健康科普及数字人相关项目。此外，水滴与某头部跨国药企连续三年合作，累计服务患者达数十 万，服务效率和用户体验显著提升。 在社会责任方面，水滴公司 ...