智通财经网·2025-10-14 09:17Core Viewpoint - Waterdrop Inc. (WDH.US) has demonstrated strong financial performance with double-digit growth in both revenue and net profit, supported by its AI strategy, which is expected to further enhance profitability and is currently undervalued, leading to a "Buy" rating from CITIC Securities [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 accounted for 38.7% of revenue, a decrease of 6.4 percentage points year-on-year [1] - Insurance-related revenue reached 739 million yuan, up 28.7% year-on-year, with first-year premium income at 3.204 billion yuan, an increase of 80.2% [1] - Short-term and long-term insurance businesses grew by 95% and 45.4% respectively, while digital clinical trial business revenue increased by 34.2% year-on-year [1] AI Strategy and Innovation - Waterdrop's "All in AI" strategy has been fully implemented, reshaping the entire insurance value chain with quantifiable results [2] - The company invests nearly 300 million yuan annually in technology R&D, holding over 100 technology patents and submitting 60 related to large language models, including 9 international patent applications [2] - AI-driven growth has been established in sales and customer acquisition, with the self-developed "Waterdrop Water Guardian" AI insurance expert contributing to a 155% quarter-on-quarter increase in premium [2] - The AI customer service "Bao Xiaohui" covers 100% of online business, providing round-the-clock responses [2] - The introduction of the industry's first AI underwriting expert "KEYI.AI" has reduced processing time for complex underwriting issues by 80%, achieving a 99.8% accuracy rate [2] - Over 92% of customized products launched in 2024 will leverage AI and big data analysis to target traditionally underserved markets [2] Business Structure and Market Expansion - Waterdrop has developed a comprehensive business model encompassing "fundraising + insurance + pharmaceuticals," with high synergy among its segments [3] - The company is actively exploring overseas markets, establishing offices in Hong Kong, Singapore, and the United States, and will continue to focus on user pain points and technology-enabled opportunities in the global insurance market [3]