水滴走出业绩承压 重回稳健增长
Zhong Guo Jing Ying Bao·2025-09-08 11:17

Core Insights - Waterdrop Inc. reported strong financial performance for the first half of 2025, with revenue of 1.592 billion yuan (approximately 222 million USD), a 15.3% increase year-over-year, and a significant net profit growth of 68% [2][3] - The company declared a cash dividend of 0.03 USD per American Depositary Share or 0.003 USD per common share, totaling approximately 10.9 million USD, with expected payout dates in early November 2025 [2] Revenue and Profitability - In Q2 2025, Waterdrop's revenue reached 838 million yuan (approximately 117 million USD), a 24% increase from 676 million yuan in the same period last year [3] - Insurance-related revenue for Q2 2025 was 739 million yuan (approximately 103 million USD), reflecting a 28.7% increase from 574 million yuan year-over-year [3] - The total operating profit for the first half of 2025 was 208 million yuan (approximately 29.04 million USD), up from 138 million yuan in the previous year [2] Cost Management - The company's total costs and expenses for Q2 2025 were 741 million yuan (approximately 103 million USD), a 19% increase from 624 million yuan in the same period last year [4] - Operating costs for Q2 2025 were 416.5 million yuan, compared to 319.1 million yuan in the previous year [4] Marketing and Administrative Expenses - Sales and marketing expenses for Q2 2025 amounted to 198.8 million yuan (approximately 27.7 million USD), a 26.3% increase from 157.4 million yuan year-over-year, primarily due to increased marketing costs for third-party traffic channels [5] - General and administrative expenses decreased by 21.9% to 73.4 million yuan (approximately 10.2 million USD) from 94 million yuan in the same period last year [5] Technological Advancements - Waterdrop has integrated AI technology across its insurance business, enhancing user experience and significantly reducing operational costs [4] - The company developed an AI-based insurance product knowledge base that includes information on approximately 7,000 insurance products, facilitating real-time queries for insurance advisors [3] - The launch of the AI underwriting expert "KEYI.AI" has reduced the average processing time for complex health insurance underwriting by 80% and improved response speed by 260 times, achieving a 99.8% accuracy rate [3]