作为筹款案例的发起者，《个人求助网络服务平台管理办法》规定平台应当告知求助人、信息发布人对 求助信息的真实性负责。中国社会科学院副研究员栗燕杰表示认同，求助人和发布人对信息真实要承担 首要最基本的责任，如果发生虚假，首先要追究的是信息发布者的责任。 如何有效化解平台在信息核验等方面所面临的困境，北京师范大学民生保障研究中心主任谢琼提出，应 细化民政部门查验标准，建立跨部门信息共享机制，设计便捷的举报与验证机制，利用大病筹款熟人社 交圈让公众参与信息监督，平台对举报线索及时响应、公开核查结果，形成 "平台审核 + 公众监督" 的 双重防线。北京嘉维律师事务所律师赵占领从法律实务角度指出，在司法实践中已逐步形成"合理审慎 注意义务"的判断标准，若平台已在自身能力范围内做到应做之事，应当依法予以适当免责。 在公众监督方面，水滴公司品牌与公众沟通部副总裁郭爱娣介绍，水滴筹已在产品设计上设置了"证 实"与"举报"机制，筹款人须经熟人验证后方可提现。过去一年，平台通过举报核验并终止筹款的案例 达1403个。此外，对于接收到公众举报，平台一旦核实发现求助人存在隐瞒、虚假、伪造等行为，会立 即冻结筹款、终止项目、调查处理，对 ...

12月23日，由法治日报主办，主题为"聚焦真实与安全·大病筹款行业高质量发展之路"的圆桌访谈 在北京举行。《个人求助网络服务平台管理办法》（简称管理办法）正式实施一周年之际，来自慈善、 法律以及企业等部门相关学者专家齐聚一堂，围绕大病筹款平台的信息真实、资金安全、权责划分等核 心议题，共同讨论大病筹款行业高质量发展路径，凝聚行业共识。与会专家认为，大病筹款是社会救助 体系以及医疗保障建设的有益补充，多方共治是实现大病筹款行业可持续发展的必然选择。 2024 年 9 月，民政部联合国家网信办、工业和信息化部、公安部、金融监管总局联合印发《管理 办法》，明确了个人求助网络服务平台的运营规范和监管要求，并于同年 12 月指定水滴筹等三家平台 开展相关服务。一年来，筹款信息真实性核验与资金安全成为行业合规运营的底线要求，也成为社会各 界关注的焦点。此次研讨会旨在总结《管理办法》实施成效，破解行业发展痛点，推动大病筹款行业在 规范中前行。 强化多方共治，破解信息壁垒困境 因罹患霍奇金淋巴瘤，兰某飞通过水滴筹发起筹款。然而，发起筹款不到一个月，兰某飞就在多个 社交群聊中晒出新房照片。这一举动立刻引发了捐助人的质疑和举报， ...

Summary of Waterdrop Inc. Conference Call Company Overview - Waterdrop Inc. operates in three main segments: insurance technology, critical illness crowdfunding, and pharmaceutical services. The insurance technology segment includes three consumer brands: Waterdrop Insurance, Deep Blue Insurance, and Waterdrop Financial. The crowdfunding segment is primarily represented by Waterdrop Crowdfunding, while the pharmaceutical services segment is provided through Yifan Pharmaceutical, offering B2B services [2][4]. Key Financial Highlights - As of Q3 2025, Waterdrop Inc. reported revenues of 975 million yuan, with a net profit margin of 16.3%, resulting in a net profit of 158 million yuan, marking the highest quarterly revenue in the company's history. 88% of the revenue comes from insurance operations, with the remainder from crowdfunding and digital clinical trials. The company has been profitable for 15 consecutive quarters, with cash reserves of 3.51 billion yuan [2][11]. Business Model and Revenue Generation - The insurance technology segment generates revenue primarily through two channels: commissions from insurance sales and technology service fees for digital marketing, risk control, and claims assistance. Waterdrop Crowdfunding charges a platform service fee of 6% on the amount raised, with a cap of 8,000 yuan per case. Yifan Pharmaceutical charges recruitment service fees based on the number of successfully enrolled patients [6][11]. Market Position and Growth - Waterdrop Crowdfunding holds a 90% market share in the critical illness crowdfunding sector, having assisted 3.61 million patients in raising a total of 71.012 billion yuan. The insurance technology segment has served over 100 million users, with more than 30 million purchasing policies [2][5]. Strategic Focus and Future Directions - The company's strategic goal is to cover the entire lifecycle of user needs, enhancing awareness of insurance through the "Waterdrop Crowdfunding to Insurance" model. Waterdrop aims to optimize service levels and user experience while increasing customer acquisition investments and exploring mergers and acquisitions in mainland China, Hong Kong, and overseas markets. The company anticipates revenue and profit growth exceeding 20% for the year [3][12][13]. Industry Insights - The Chinese life insurance market is valued at approximately 4 trillion yuan, with new premiums around 1.4 trillion yuan annually. The penetration rate of third-party intermediaries in life insurance sales is below 10%, indicating significant growth potential. The market is expected to continue evolving towards more precise targeting of specific user groups and the introduction of more inclusive insurance products [7][16]. AI and Technology Integration - Waterdrop is focusing on AI integration across its operations, enhancing efficiency in customer service, sales, and underwriting processes. The company has launched the WorldDrop platform to facilitate rapid deployment of consumer applications with low-code or no-code solutions, improving marketing and customer service efficiency [10][14]. Regulatory Impact - The "reporting and operation integration" policy, effective from Q2 2024, has led to significant commission reductions for life insurance products. However, the overall impact on Waterdrop's business is expected to be limited due to its diversified product offerings, which include short-term and long-term health insurance [19][20]. User Segmentation and Profitability - Waterdrop's user segmentation strategy includes targeting different demographics with tailored products. The company aims to maintain positive margins on new policies while enhancing profitability through cross-selling and upgrading existing customer coverage. The balance between new and existing business will influence annual profit levels, with expectations for increased revenue and profit in 2026 [22][23].

Core Insights - The third "Management Change and Corporate Sustainable Development" international academic conference was held, focusing on "AI Development and Corporate Continuous Innovation" with nearly 300 experts and representatives attending [1] - Waterdrop Company won the Global Best Case Brand Award for its contributions in the field of inclusive protection, with 11 companies recognized out of over 100 nominees [1][4] - Waterdrop Company is a leading insurance technology and healthcare platform in China, established in 2016, aiming to provide health protection solutions [2] Company Overview - Waterdrop Company operates multiple businesses including Waterdrop Fundraising, Waterdrop Insurance, Yifan Medicine, Waterdrop Finance, and Luhang Wuyou, creating a diverse service ecosystem [2] - Since 2019, Waterdrop has invested nearly 300 million yuan annually in technology research and development to address supply-side issues in insurance using AI [2] - By the end of 2024, Waterdrop had applied for 48 patents related to its self-developed "Waterdrop Water Guardian Model" and had over 100 authorized patents in AI [2] Product Innovation - The "Waterdrop Water Guardian Model" enhances the insurance service chain by providing professional, accurate, and easy-to-understand advice for insurance agents and users [3] - Waterdrop has launched inclusive products like "Good Pregnancy" and "Medical Insurance" to meet the differentiated protection needs of elderly, sick, and pregnant groups [3] - As of 2025, Waterdrop Insurance had launched 214 sick body insurance products, with 34 being domestic firsts, and an average of 1.14 days to launch a new product [3] Social Impact - Waterdrop Fundraising has facilitated medical assistance, with approximately 4.8 billion people donating around 70 billion yuan to over 3.54 million patients by June 2025 [3] - The company aims to create user value through inclusive protection and plans to focus more on this area while leveraging AI technology [4]

Core Viewpoint - The seminar on "New Ecology of Medical Assistance Services from a Multi-Party Cooperation Perspective" was held in Hangzhou, focusing on the current status and future of the medical assistance service system in China [1][3] Group 1: Medical Assistance System - Medical assistance is a crucial part of China's multi-tiered medical security system, aimed at alleviating the medical burden on disadvantaged groups and preventing poverty due to illness [3] - The "Joint Initiative for Co-Building the Medical Assistance Service System" was launched, emphasizing three core action directions: conducting industry research, promoting collaborative discussions among stakeholders, and enhancing patient and family services in medical institutions [1][5] Group 2: Innovations and Practices - Waterdrop Company has been innovating in the medical assistance field for nine years, establishing a model called "JinQing Help" that effectively connects government, social organizations, and hospitals for precise assistance [5] - The initiative aims to address the "last mile" of assistance services by providing policy consultation and application support for patients through service stations in hospitals [5] Group 3: Challenges and Future Directions - Experts highlighted the need to focus on the risks of high medical expenses for low- and middle-income populations, advocating for stronger collaboration among government, social organizations, and healthcare providers to integrate resources [7] - The seminar provided a platform for stakeholders to discuss challenges such as the lack of coordination within hospitals and the fragmentation of assistance resources, aiming to upgrade the medical assistance service system towards professionalism and collaboration [8]

Core Viewpoint - The company "轻松健康集团" (Easy Health Group) has received approval from the China Securities Regulatory Commission for its IPO, paving the way for its listing in Hong Kong. The company, previously known for its crowdfunding platform "轻松筹" (Easy Fundraising), has shifted its focus towards providing comprehensive digital health services and health insurance solutions [1][5]. Company Overview - Founded by Yang Yin, who previously worked at IDG Inc., the company initially focused on crowdfunding for medical expenses, leveraging social media to connect those in need with potential donors [2][3]. - The company has rebranded itself as "轻松健康集团" and has expanded its services beyond crowdfunding to include health insurance and comprehensive health services [3][5]. Financial Performance - The revenue figures for the company are as follows: - 2022: 394 million RMB - 2023: 490 million RMB - 2024: 945 million RMB - 2025 (first half): 656 million RMB - Adjusted net profits for the same periods were: - 2022: 149 million RMB - 2023: 146 million RMB - 2024: 84.4 million RMB - 2025 (first half): 51.2 million RMB [5][6]. Business Model and Services - The company positions itself as a one-stop platform for digital health services, offering screening, medical appointment services, and health insurance products. The insurance services have contributed significantly to the company's revenue, accounting for 81.5% in 2022 and decreasing to 22.9% by 2025, while health services have increased from 15.2% to 65.3% during the same period [5][6][7]. Market Position and User Base - As of now, the company has 170 million registered users and collaborates with 86 pharmaceutical partners, offering a total of 294 insurance products from 58 insurance companies [7]. - The company has completed eight rounds of financing, raising approximately 126 million USD, with notable investors including IDG Capital and Tencent [7]. Industry Context - The crowdfunding model has evolved significantly since its inception, with increased competition and regulatory scrutiny. The company has adapted by shifting its focus from post-event fundraising to preventive health management [9][10].

Core Viewpoint - Recently, Easy Health Group has received approval from the China Securities Regulatory Commission for its IPO, paving the way for its listing in Hong Kong. The company, previously known for its crowdfunding platform "Qing Song Chou," has evolved its business model and is now focused on providing comprehensive health services and insurance solutions [1][5]. Company Overview - Easy Health Group was founded by Yang Yin, who transitioned from a career at IDG Inc. to entrepreneurship in 2014, capitalizing on the mobile internet trend. The company initially focused on crowdfunding for medical expenses, which gained traction through social media [2][4]. - The company has rebranded from "Qing Song Chou" to "Easy Health Group" and has expanded its services beyond crowdfunding to include health insurance and comprehensive health services [5][8]. Financial Performance - The revenue figures for Easy Health Group are as follows: - 2022: 394 million RMB - 2023: 490 million RMB - 2024: 945 million RMB - 2025 (first half): 656 million RMB - Adjusted net profits for the same periods were: - 2022: 149 million RMB - 2023: 146 million RMB - 2024: 84.4 million RMB - 2025 (first half): 51.2 million RMB [6][7]. Business Model and Services - Easy Health Group positions itself as a one-stop platform for digital health services and health insurance solutions. Its health services include screening, medical appointment services, and health products, while its insurance services offer various health insurance products from partner companies [6][8]. - The insurance service has been a significant revenue contributor, accounting for 81.5% of total revenue in 2022, while health services have seen an increase in revenue contribution from 15.2% in 2022 to 65.3% in 2024 [8]. User Base and Partnerships - The company boasts a user base of 170 million registered users and collaborates with 86 pharmaceutical partners, offering a total of 294 insurance products from 58 insurance companies [9]. Investment and Ownership - Prior to the IPO, Yang Yin holds a 23.93% stake in the company through a holding company, making her the largest single shareholder [10]. The company has completed eight rounds of financing, raising approximately $126 million, with notable investors including IDG Capital and Tencent [9].

Core Viewpoint - The article discusses the upcoming IPO of Qingsong Health Group, which has paved the way for its listing in Hong Kong after receiving approval from the China Securities Regulatory Commission. The company, previously known for its crowdfunding platform Qingsongchou, has shifted its focus towards comprehensive health services and insurance solutions [2][3][8]. Company Overview - Qingsong Health Group, founded by Yang Yin, initially gained recognition through its crowdfunding platform Qingsongchou, which helped families raise funds for medical expenses. The company has evolved from its original business model to focus on digital health services and insurance [3][8]. - Yang Yin, the founder and CEO, transitioned from a career in investment to entrepreneurship in 2014, leveraging the rise of mobile internet to create a platform that connects individuals in need of financial assistance with potential donors [7][8]. Business Model and Financial Performance - The company has positioned itself as a one-stop platform for digital health services and health insurance solutions, offering services such as screening, medical appointment services, and health products [11]. - Revenue figures for Qingsong Health Group show a growth trajectory, with revenues of RMB 393.6 million in 2022, RMB 489.96 million in 2023, and projected revenues of RMB 945 million for 2024. The adjusted net profits for the same periods were RMB 149 million, RMB 146 million, and RMB 8.44 million respectively [11][12]. - The insurance services, launched in December 2016, have contributed significantly to the company's revenue, accounting for 81.5% of total revenue in 2022, while health services have seen an increase in revenue contribution from 15.2% in 2022 to 65.3% in 2024 [12]. Market Position and User Base - Qingsong Health Group has established a substantial user base, with 170 million registered users and partnerships with 86 pharmaceutical companies, offering a total of 294 insurance products from 58 insurance partners [13]. - The company has completed eight rounds of financing, raising approximately $126 million, with notable investors including IDG Capital, Sunshine Insurance, and Tencent [13]. Industry Context - The crowdfunding model for medical expenses has faced increasing competition and regulatory scrutiny, leading companies like Qingsong Health and Waterdrop to pivot towards insurance and health management services to ensure sustainability and profitability [17]. - The regulatory environment has evolved, with new guidelines requiring platforms to ensure the authenticity of fundraising requests and manage funds through dedicated accounts, reflecting a shift towards greater accountability in the industry [17].

Core Insights - Nuanwa Technology, a leading domestic insurance AI technology company, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in the insurance technology sector [1] - The company has achieved profitability starting in 2023, with adjusted net profits projected at RMB 18.51 million, RMB 57.50 million, and RMB 24.90 million for the years 2023, 2024, and the first half of 2025 respectively [1][2] - The insurance technology industry is under pressure from regulatory changes and market conditions, prompting companies to leverage technology for competitive differentiation and explore new growth avenues [1][4] AI Implementation - AI technology is becoming central to enhancing operational efficiency and user experience in the insurance technology sector [2] - Nuanwa Technology's AI systems, "Alamos" and "Robopo," automate the underwriting and claims processes, achieving a 97.5% policy renewal rate and a 63.0% cross-selling rate in the first half of the year, significantly above industry averages [2] - The company has facilitated RMB 10.7 billion in first-year premiums and intercepted over one million high-risk applicants, reducing claim rates by 10 to 23 percentage points [2] Industry Trends - Companies like Shouhui Technology and Waterdrop are focusing on AI underwriting and advisory services to automate key processes, enhancing efficiency and accuracy [3] - Waterdrop's AI initiatives have led to a 100% user coverage with its AI customer service and a 99.8% accuracy rate in underwriting [3] - The regulatory push for digital transformation in the insurance sector is creating substantial market opportunities for third-party technology service providers [4] Strategic Developments - Insurance technology firms are deepening their vertical market focus, developing customized products, and building ecosystem partnerships to create competitive advantages [5] - Waterdrop has launched 174 customized insurance products in 2024, with over 92% being tailored offerings, while Car Car Technology has partnered with 15 major car manufacturers to integrate insurance services into their apps [6] - Zhibao Technology is expanding its service boundaries through ecosystem collaborations, including partnerships in disaster management and health insurance [7] Profitability Improvements - Several listed insurance technology companies are showing signs of profitability improvement, with Waterdrop reporting a net operating income of RMB 838 million and a net profit of RMB 140 million in Q2 2025 [8] - Shouhui Technology has achieved a total premium of approximately RMB 4.9 billion in the first half of 2025, with a net profit increase of over 900% [8][9] - Companies are finding a better balance between technology investment and commercial benefits, with a focus on quality over scale [9] International Expansion - Nuanwa Technology is considering international markets as a key focus for future growth, aiming to replicate its technology capabilities in suitable overseas markets [10] - Waterdrop has established a licensed insurance brokerage in Hong Kong and is expanding its international business [10][11] - Car Car Technology plans to initiate its internationalization process in Q4 2025, targeting the Asia-Pacific and European markets [11]

Group 1 - The "New Good China" initiative was launched in Nanjing, aiming to encourage new social strata to engage in public welfare and promote a culture of kindness [1][3] - The initiative's advocates, including Zheng Gang and Sun Xiaolei, released the "New Good China" manifesto, calling for collective efforts to enhance social welfare and integrate new public welfare narratives [3] - A coalition named "Telling the Story of 'New Good China'" was formed with 13 organizations, including Waterdrop, Tencent, and Alibaba, to consolidate resources and promote the initiative through diverse communication channels [3] Group 2 - Waterdrop has been committed to using internet technology to ensure healthcare access for the public, actively fulfilling its corporate social responsibility in the public welfare sector [4] - Waterdrop Charity, recognized as a public fundraising platform, has launched over 15,500 charity projects and raised over 1.374 billion yuan, benefiting numerous individuals in need [4] - Sun Xiaolei highlighted Waterdrop's achievements in promoting kindness through technology, including a robust risk control system to combat fraudulent fundraising activities [6] Group 3 - Since its launch, Waterdrop has facilitated donations of 70 billion yuan from approximately 480 million users to 3.54 million patients, showcasing the power of technology in building trust [6] - The company plans to continue investing in research and development to enhance its personal assistance network services, aiming to create a more transparent and trustworthy platform for social welfare [6]