Waterdrop Inc. Announces Third Quarter 2024 Unaudited Financial Results, Net profit rises 152.6% year-on-year

Financial Performance - Net operating revenue for Q3 2024 was RMB 704.1 million, with net profit attributable to ordinary shareholders reaching RMB 92.8 million, a 152.6% increase year-over-year [1] - Operating expenses accounted for 47.9% of revenue, a decrease of 6.9 percentage points year-over-year [1] - The company sustained profitability for the eleventh consecutive quarter [1] Insurance Business - Insurance-related revenue in Q3 2024 was RMB 600.7 million, with operating profit reaching RMB 123 million [3] - First-year premiums (FYPs) generated by the insurance business amounted to RMB 2,041.8 million, a 20.4% increase year-over-year [3] - The company established the "Three Good Services Alliance" with 14 insurance companies and launched "Public Review Panels" to enhance user-centric insurance services [4] AI and Technology Innovations - AI Consultant, powered by the "Waterdrop Guardian" large language model, generated million yuan in monthly premiums by serving user inquiries [5] - The company deployed "AI Service Quality Agent" to streamline service quality inspection processes, replacing manual work [5] - A conversational AI platform was developed to customize AI sales agents for businesses, with pilots initiated in insurance and non-insurance sectors [5] Medical Crowdfunding - Waterdrop Medical Crowdfunding raised RMB 66.3 billion for 3.32 million patients, with 466 million people cumulatively donating as of September 30, 2024 [6] - The platform recorded an operating loss of approximately RMB 17.9 million, though losses have narrowed compared to previous periods [6] Digital Clinical Trials - Waterdrop's Digital Clinical Trial Solution generated revenues of approximately RMB 24.3 million in Q3 2024 [7] - The E-Find Platform cumulatively enrolled over 9,500 patients into 1,137 clinical trial programs as of September 30, 2024 [7] Strategic Vision - The company remains user-centric and explores innovations powered by Large Language Models to boost business growth [8] - Waterdrop aims to build core capabilities and drive high-quality business growth by leveraging advanced technologies, adhering to its mission of bringing insurance and healthcare services to billions through technology [8]