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解构水滴2024年财报:收入利润双增背后,三大难点如何破局?
美股研究社· 2025-03-14 11:30
Core Viewpoint - The internet insurance technology company Waterdrop reported strong performance in its unaudited financial results for Q4 and the full year of 2024, achieving positive profitability for the 12th consecutive quarter, with significant growth in first-year premium scale and overall revenue, despite facing challenges in its insurance business and reduced R&D investment [1][3][10]. Financial Performance - In Q4 2024, Waterdrop's first-year premium scale reached 1.898 billion RMB, a year-on-year increase of 24.5%, significantly improving from the declines of -16.17% and -4.2% in Q4 2022 and 2023 respectively [3][4]. - For the full year 2024, the first-year premium scale totaled 7.473 billion RMB, up 5.1% from 2023, contrasting with previous years' performance where it saw declines of -58.13% and a slight increase of 3.75% [3][4]. Revenue Breakdown - In Q4 2024, Waterdrop's total revenue was 6.87 billion RMB, a 4.25% increase from the previous year, while the insurance-related revenue slightly decreased by 0.92% to 5.82 billion RMB [5][6]. - The overall revenue for 2024 was 2.772 billion RMB, reflecting a 5.4% growth compared to 2023, with insurance revenue at 2.364 billion RMB, a modest increase of 0.98% [5][7]. Cost Management - Waterdrop managed to control its operating costs, with total operating costs and expenses for 2024 at 2.594 billion RMB, a decrease of 1.66% from 2023 [7][8]. - R&D expenses were significantly reduced by 27.61% to 217 million RMB, attributed to lower personnel costs and stock-based compensation [7][8]. Profitability - The company achieved a substantial increase in operating profit, with Q4 2024 operating profit at 53 million RMB, up 98.81% year-on-year, and a full-year operating profit of 178 million RMB, a turnaround from a loss in the previous year [10][11]. - Despite a decline in insurance business profits, the reduction in losses from crowdfunding and other operations contributed to the overall profitability [10][11]. Net Profit - Waterdrop reported a net profit of 91 million RMB in Q4 2024, a 63.51% increase from the previous year, and a full-year net profit of 351 million RMB, up 114.36% from 2023 [12][13]. Strategic Developments - The crowdfunding business has been recognized as a pioneer in standardized medical crowdfunding in China, enhancing its market position [13]. - Waterdrop is embracing digital transformation with the integration of AI-driven models to improve its insurance ecosystem [13]. Stock Performance and Shareholder Returns - Following the positive financial results, Waterdrop's stock price increased by 7.38% on the day of the earnings release, although it has seen a significant decline of over 88% since its IPO [15][16]. - The company has initiated multiple share buyback programs and announced a cash dividend of 0.02 USD per ADS, reflecting its commitment to returning value to shareholders [15][16].
从爆款到平台,蚂蚁保如何重塑 6 亿人的保险体验
晚点LatePost· 2024-10-10 09:18
从退货运费险,到服务 6 亿用户。 10 月 10 日,互联网保险优选平台蚂蚁保宣布,知名演员刘亦菲成为蚂蚁保首位全球品牌代言人。这是蚂 蚁保成立 8 年来首次启用品牌代言人,也是其少见的高调行动。 和电商、本地生活、短视频等行业相比,互联网保险行业一直相对低调。2010 年,支付宝联合淘宝推出退 货运费险,这一互联网创新险种的试水,如今已是中国数十万亿电商市场的标配,也是蚂蚁保平台的源 起。 2016 年,蚂蚁又在原先支付宝保险的基础上,成立了互联网保险优选平台蚂蚁保,陆续上线好医保、宠物 险、电诈险、惠民保等爆款产品。八年后,蚂蚁保已成长为一个一站式综合保险平台,覆盖健康险、家财 险、储蓄险、车险等全系列险种,连接近百家保险公司和 6 亿保民。 从运费险到成立蚂蚁保,再到如今签下刘亦菲冲上热搜,蚂蚁的保险业务绝大多数时候远离舆论场中心。 蚂蚁集团副总裁、蚂蚁保总经理陈冠华对我们说,保险是最复杂的金融产品之一,做保险需要坚持长期主 义,有时候得慢工出细活。蚂蚁保和保险公司已经一起走过 8 年时间,但也还只是长征路途的开始。 从爆款健康险开始,回归保障本质 运费险成功之后,大概 2012 年开始,当时的支付宝 ...