Core Insights - Waterdrop Inc. reported significant profit growth in Q3 2025, with operating profit reaching RMB 113.8 million (US$ 16.0 million), a year-over-year increase of 329.8% [1] - The company experienced rapid revenue expansion, with net operating revenue of RMB 974.9 million (US$ 136.9 million), up 38.4% year-over-year [1] - The insurance-related income surged to RMB 869.7 million (US$ 122.2 million), reflecting a 44.8% increase from the same period in 2024 [1] Financial Highlights - Operating profit for Q3 2025 was RMB 113.8 million (US$ 16.0 million), compared to RMB 26.5 million in Q3 2024 [2] - Net profit attributable to ordinary shareholders was RMB 158.5 million (US$ 22.3 million), a 60.1% increase year-over-year [1] - Adjusted net profit for Q3 2025 was RMB 167.7 million (US$ 23.6 million), up from RMB 126.0 million in Q3 2024 [3] Revenue Breakdown - Insurance segment revenue was RMB 869.7 million (US$ 122.2 million), a 44.8% increase year-over-year [1] - Crowdfunding service fees remained stable at RMB 65.7 million (US$ 9.2 million), nearly unchanged from RMB 65.8 million in Q3 2024 [1] - Digital clinical trial solution income rose to RMB 31.9 million (US$ 4.5 million), marking a 31.3% increase from the previous year [1] Cost and Expense Analysis - Operating costs and expenses increased by 27.1% year-over-year to RMB 861.1 million (US$ 121.0 million) [1] - Sales and marketing expenses rose by 40.3% year-over-year to RMB 243.0 million (US$ 34.1 million) [1] - General and administrative expenses decreased by 23.7% year-over-year to RMB 84.7 million (US$ 11.9 million) [1] Operational Developments - The company enrolled 13,282 patients into 1,491 clinical trial programs through its E-Find Platform as of September 30, 2025 [1] - Waterdrop Medical Crowdfunding facilitated donations totaling RMB 71.2 billion to 3.61 million patients [1] - The company repurchased approximately 58.1 million ADSs from the open market, totaling around US$ 113.4 million as of November 30, 2025 [1]

Core Insights - Waterdrop Inc. was awarded the Global Best Case Brands Award for its contributions to inclusive protection and innovative practices in the insurance and healthcare sectors [1][2][7] Company Overview - Founded in 2016, Waterdrop Inc. is a leading insurance technology and healthcare platform in China, focusing on making insurance and healthcare accessible for all [3] - The company's business portfolio includes Waterdrop Medical Crowdfunding, Waterdrop Insurance Marketplace, E-Find, Waterdrop Financial, and Lugo Visa, creating a diversified service ecosystem [3] Technological Advancements - Since 2019, Waterdrop has invested nearly RMB 300 million annually in technology R&D, particularly in AI to enhance insurance offerings [4] - The GuardianShuishou LLM, developed by Waterdrop, has completed algorithm filing and secured multiple patents, with 48 patents related to its foundation model filed by the end of 2024 [4][5] Product Innovation - Waterdrop has launched inclusive insurance products tailored for seniors, individuals with pre-existing conditions, and pregnant women, introducing 214 new offerings in 2025 alone [5] - The company has created products that require no health declaration, with an average of one new product for pre-existing conditions launched every 1.14 days [5] Social Impact - Waterdrop Medical Crowdfunding has facilitated approximately RMB 70 billion in contributions for over 3.54 million patients with major illnesses, with a new fundraising campaign initiated every 53 seconds [6] - The platform allows patients to share campaigns on social networks, enabling quick and easy donations, with an average of seven staff members supporting each campaign [6] Future Outlook - Winning the Global Best Case Brands Award underscores the research value of Waterdrop's innovative business model, with a commitment to deepening its AI-driven strategy and enhancing inclusive protection [7]

Core Insights - The report indicates a rapid growth in China's chronic illness insurance market, with a market size exceeding 12 billion yuan in 2024, reflecting a 50% year-on-year increase [1] - Waterdrop Insurance plans to launch 214 innovative chronic illness insurance products by 2025, leveraging AI technology to promote inclusivity in insurance coverage [1] Group 1: Market Demand and Challenges - The elderly population in China has reached 310 million, accounting for 22% of the total population, with 75% suffering from at least one chronic disease [2] - The prevalence of chronic diseases among the youth is alarming, with rates of sub-health and chronic diseases being twice that of the elderly [2] - The average treatment cost for chronic illness patients is 87,000 yuan, which is 2.1 times the annual disposable income of residents in 2024, indicating a significant protection gap [2] Group 2: Insurance Accessibility Issues - Nearly 30% of chronic illness patients face rejection for insurance due to inability to pass health disclosures [3] - A significant portion of the population expresses a strong willingness to pay extra premiums for coverage of pre-existing conditions, with an average willingness to pay 4,049 yuan annually [3] - The report highlights the need for government and industry collaboration to enhance the development of chronic illness insurance products [3] Group 3: AI and Product Innovation - Waterdrop Insurance has launched 214 chronic illness insurance products, including 34 that are industry-first innovations, and 37 that support no health disclosures [4] - The application of AI technology has significantly reduced the average processing time for health insurance underwriting by 80% [6] - Waterdrop Insurance has initiated a "Universal Product Alliance" with 18 insurance companies to focus on the insurance needs of chronic illness patients and other specific demographics [6]

Core Insights - The report highlights the growing demand for insurance among individuals with pre-existing conditions due to rising treatment costs and a significant protection gap [1][2] - The health insurance sector in China is facing challenges in product restructuring and meeting the needs of the aging population and younger individuals with chronic diseases [1][2] Group 1: Market Trends - The average treatment cost for individuals with pre-existing conditions in China is 87,000 yuan, which is 2.1 times the annual disposable income of residents [2] - Over 60% of severe disease patients incur out-of-pocket expenses exceeding 100,000 yuan, indicating a clear protection gap [2] - The growth rate of health insurance from property insurance companies reached 9.08% in the first half of 2025, while life insurance companies only saw a growth of 0.15% [1] Group 2: Product Development - Waterdrop Insurance has launched 214 new insurance products for individuals with pre-existing conditions by 2025, averaging one new product every 1.14 days [3] - The use of AI technology has significantly improved efficiency, reducing the average processing time for complex health insurance underwriting by 80% and achieving a 99.8% accuracy rate [3] Group 3: Industry Recommendations - The report suggests that government departments should enhance policy support and integrate pre-existing condition insurance into the inclusive insurance framework [3] - Companies are encouraged to invest more resources into the development of pre-existing condition insurance, leveraging big data and AI to improve risk assessment and underwriting capabilities [3] - A "Inclusive Product Alliance" has been initiated by Waterdrop Insurance in collaboration with 18 insurance companies to promote the implementation of inclusive insurance [3]

Core Insights - The third "Management Change and Corporate Sustainable Development" international academic conference was held, focusing on "AI Development and Corporate Continuous Innovation" with nearly 300 experts and representatives attending [1] - Waterdrop Company won the Global Best Case Brand Award for its contributions in the field of inclusive protection, with 11 companies recognized out of over 100 nominees [1][4] - Waterdrop Company is a leading insurance technology and healthcare platform in China, established in 2016, aiming to provide health protection solutions [2] Company Overview - Waterdrop Company operates multiple businesses including Waterdrop Fundraising, Waterdrop Insurance, Yifan Medicine, Waterdrop Finance, and Luhang Wuyou, creating a diverse service ecosystem [2] - Since 2019, Waterdrop has invested nearly 300 million yuan annually in technology research and development to address supply-side issues in insurance using AI [2] - By the end of 2024, Waterdrop had applied for 48 patents related to its self-developed "Waterdrop Water Guardian Model" and had over 100 authorized patents in AI [2] Product Innovation - The "Waterdrop Water Guardian Model" enhances the insurance service chain by providing professional, accurate, and easy-to-understand advice for insurance agents and users [3] - Waterdrop has launched inclusive products like "Good Pregnancy" and "Medical Insurance" to meet the differentiated protection needs of elderly, sick, and pregnant groups [3] - As of 2025, Waterdrop Insurance had launched 214 sick body insurance products, with 34 being domestic firsts, and an average of 1.14 days to launch a new product [3] Social Impact - Waterdrop Fundraising has facilitated medical assistance, with approximately 4.8 billion people donating around 70 billion yuan to over 3.54 million patients by June 2025 [3] - The company aims to create user value through inclusive protection and plans to focus more on this area while leveraging AI technology [4]

Core Insights - The report highlights the growing challenge of providing insurance for individuals with pre-existing conditions in the context of an aging population and increasing chronic diseases among younger people [1][2] - The average treatment cost for this group is approximately 90,000 yuan, which is 2.1 times the annual disposable income of residents, indicating a significant financial burden [1] - The insurance industry is viewing insurance for individuals with pre-existing conditions as a key area for innovation and inclusive health insurance solutions [1][6] Group 1: Market Demand and Challenges - Nearly 30% of individuals with pre-existing conditions are denied coverage due to health disclosures, and many are unaware that they can obtain insurance despite their conditions [2][3] - Over 75% of this group desires insurance products that cover their existing conditions and are willing to pay extra premiums for such targeted coverage, indicating a substantial unmet demand in the market [2] - Medical insurance has become a necessity for 44.5% of individuals with pre-existing conditions, with specialized products for cancer recurrence and disability risks emerging as important supplements [2][3] Group 2: Differentiated Needs Among Subgroups - Older individuals with pre-existing conditions have a stronger demand for long-term stable coverage due to higher treatment costs and longer illness duration [3] - Younger individuals are more affected by sub-health and chronic diseases, preferring insurance products with lower entry barriers and flexible coverage [3] - There is a significant demand for insurance that covers pregnancy-related health issues among the mother and baby demographic [3] Group 3: Role of AI in Insurance Innovation - AI is driving systemic changes across the insurance service chain, addressing the challenges faced by individuals with pre-existing conditions [4][5] - Waterdrop Insurance has launched 214 insurance products for individuals with pre-existing conditions, with 34 being first-of-their-kind in China, and an average of 1.14 days to launch a new product [4] - AI has improved user experience and operational efficiency, with AI customer service achieving an average response time of 1.5 seconds and significantly reducing underwriting processing time [4][5] Group 4: Industry Collaboration and Ecosystem Development - Waterdrop Insurance has initiated a "Universal Product Alliance" with 18 insurance companies to scale up inclusive insurance solutions through industry collaboration [6] - The former vice-chairman of the China Insurance Regulatory Commission emphasized the need for policy, industry, and technology to work together to promote high-quality development of insurance for individuals with pre-existing conditions [6] - The insurance service chain requires enhanced collaboration among institutions to build a more robust and open insurance future, ensuring that inclusive coverage reaches all who need it [6] Group 5: Future Development Path - The development path for insurance for individuals with pre-existing conditions is becoming clearer, representing a new growth curve for the insurance industry and a commitment to inclusive and technology-driven values [7]

11月27日，"聚势·共好"第二届水滴保服务生态大会在北京举行，"带病体保险"成为大会高频词。 《带病体保险创新研究报告（2025）》（下称"报告"）显示，我国带病体人群平均治疗费用8.7万元， 约为居民人均可支配收入的2.1倍，六成以上重疾患者自付疾病花费超过10万元，保障缺口明显。 在医疗费用依旧较高、慢性病年轻化趋势加速的背景下，带病体人群正在成为最迫切需要商业保险保障 的群体。但现实是，他们往往最难买到保险。 发布会上，多位业内人士都提到同一个现象：不是带病体人群不需要保险，而是保险无法顺利触达他 们。 同时，青年群体的健康风险正在被重新认识。报告显示，青年群体亚健康、慢病患病率是银发群体的两 倍，慢病趋向年轻化，疾病谱系变化对产品创新提出新要求。 然而，尽管这一群体的保险需求不断增长，但他们在投保时面临着现实障碍——门槛、成本、认知与制 度。 报告由水滴保联合中国金融传媒、中国社会科学院保险与经济发展研究中心在会上共同发布。 推广带病体保险有其重要性与现实意义。原中国保监会党委副书记、副主席周延礼在会上致辞时表示， 发展带病体保险是对国家"十五五"规划中"坚持人民至上、高质量发展"原则的具体实践，也 ...

Core Insights - The report highlights a significant protection gap for individuals with pre-existing conditions in China, particularly among the younger population, where the prevalence of chronic diseases is twice that of the elderly [1] - The development of insurance products for individuals with pre-existing conditions is essential for expanding coverage and improving public welfare, necessitating innovation in product offerings and the use of AI and big data for better risk assessment and management [1][2] Group 1 - The report indicates that the chronic disease incidence among the youth is twice that of the elderly, signaling a shift in disease patterns that demands innovative insurance solutions [1] - Individuals with pre-existing conditions face challenges such as limited product options, increased premiums, and insufficient coverage, highlighting the need for tailored insurance products [1] - The former vice chairman of the China Insurance Regulatory Commission emphasized that developing insurance for individuals with pre-existing conditions is crucial for enhancing the insurance industry's coverage and service capabilities [1] Group 2 - The assistant secretary-general of the Beijing Insurance Industry Association noted that the insurance sector must evolve to meet changing consumer demands, focusing on proactive service integration and improved accessibility and satisfaction [2] - The CEO of Waterdrop Company stated that AI is not only a tool for efficiency but also a key driver for achieving universal insurance coverage, particularly for underserved groups such as the elderly and those with pre-existing conditions [2] - Waterdrop has launched 214 insurance products for individuals with pre-existing conditions by 2025, with 34 being first-of-their-kind in China, demonstrating a commitment to innovation and accessibility in insurance offerings [2] Group 3 - At the conference, Waterdrop and 18 insurance companies formed the "Inclusive Product Alliance" to address the insurance needs of specific demographics, including those with pre-existing conditions, the elderly, and mothers and infants [3] - The alliance aims to leverage AI and collaborative product development to promote inclusive insurance services, aligning with the strategy of leading new supply through new demand [3]

Core Insights - The core message emphasizes the transformation of the insurance industry from a supply-driven model to a demand-driven model, focusing on understanding user needs and providing tailored services [1][4][14] Group 1: Service Ecosystem Development - Waterdrop Insurance has launched the "Three Good Service Alliance" with 18 insurance companies to address the protection gaps for underrepresented groups such as those with pre-existing conditions, the elderly, and mothers [2][5] - The "Three Good Service" framework focuses on providing good products, good services, and good claims processes, aiming to enhance user experience and satisfaction [1][11] Group 2: Focus on Pre-existing Conditions - A report released at the conference highlights that the average treatment cost for individuals with pre-existing conditions is 87,000 yuan, which is 2.1 times the average disposable income, indicating a significant protection gap [4][5] - The report also notes that over 60% of critical illness patients face out-of-pocket expenses exceeding 100,000 yuan, underscoring the urgent need for better insurance products tailored to this demographic [4][5] Group 3: Product Innovation and AI Integration - Waterdrop has introduced 214 insurance products for individuals with pre-existing conditions, with 34 being first-of-their-kind in China, and an average of 1.14 days to launch a new product [5][12] - The company invests 300 million yuan annually in AI research, resulting in over 100 technology patents and the development of a proprietary AI model to enhance product customization, underwriting, and claims processing [8][9] Group 4: Claims Processing Enhancement - The "Help Help Claim" service has processed over 200,000 claims, with a nearly 98% success rate for first-time submissions, demonstrating the effectiveness of integrating AI with human support in claims management [11][12] - The average processing time for general claims has been reduced by 43.3% through the AI and human collaboration model, improving overall efficiency in claims handling [12][13]

Core Insights - The second Waterdrop Insurance Service Ecosystem Conference was held in Beijing on November 27, where Waterdrop, in collaboration with 18 insurance companies, established the "Inclusive Product Alliance" to address the insurance needs of specific groups such as those with pre-existing conditions, the elderly, and mothers and infants [1] Group 1 - Waterdrop's founder and CEO, Shen Peng, emphasized the company's mission over the past nine years to leverage technology to ensure that the public has access to medical insurance [1] - The focus is on traditionally overlooked groups in the insurance market, utilizing AI and large model technology to promote inclusive insurance solutions and gradually build a health protection ecosystem covering millions of families [1] - Shen Peng stated that AI serves not only as an efficiency tool but also as a core driver to achieve the goal of "insurance for everyone" [1] Group 2 - In 2024, Waterdrop, along with 14 insurance companies, will launch the "Three Good Service Alliance," expanding the number of participating insurance companies to 18 this year [1] - The initiative aims to unite industry forces to return insurance to its fundamental purpose of protection and collaboratively develop high-quality insurance products that are affordable and accessible to the public [1]