Core Insights - Waterdrop Inc. reported a net revenue of 975 million yuan for Q3 2025, representing a year-on-year growth of 38.4%, and a net profit attributable to shareholders of 158 million yuan, up 60.1%, marking 15 consecutive quarters of profitability [1] - The company has repurchased approximately 58.1 million ADS from the open market since announcing its stock repurchase plan in September 2021 [1] Insurance Business Performance - Insurance-related revenue reached 870 million yuan in Q3, a year-on-year increase of 44.8%, with operating profit at 176 million yuan, up 44% [2] - The first-year premium scale for insurance business grew by 32.3% quarter-on-quarter, driven by increased AI application in internal processes [2] - AI applications in insurance include "AI Medical Insurance Expert" leading to an 82% quarter-on-quarter growth in premium, and "AI Underwriting Expert" providing rapid responses [2] - New product innovations include "Family Health Insurance" covering up to 9 family members and "National High-end Medical Insurance" enhancing access to quality private hospitals [2] Charitable Contributions - Waterdrop Fund has facilitated donations of 71.2 billion yuan from approximately 485 million users to 3.61 million patients as of September 30, 2025 [3] - The company employs AI technology to ensure transparency and authenticity in donations, enhancing risk control mechanisms [3] - Collaboration with local government for a "Waterdrop Assistance" project provides streamlined support for patients in need [3] Digital Clinical Trials - The digital clinical trial solution business reported a net revenue of 31.9 million yuan, a 31.3% year-on-year increase, with over 13,282 patients enrolled [4] - The number of patients enrolled in a single quarter surpassed 1,000 for the first time, indicating improved operational efficiency [4] - Ongoing partnerships with 216 pharmaceutical companies and CROs, along with multiple health management projects, demonstrate the company's growth in this sector [4] Future Outlook - The CEO emphasized that AI technology is a core driver for enhancing business quality and efficiency, contributing to double-digit growth in revenue and profit [5] - The company aims to leverage technological advancements to integrate AI capabilities across its business operations for sustainable high-quality development [5]