Core Viewpoint - Waterdrop Inc., known for its crowdfunding platform "Waterdrop Fundraising," is facing growth challenges despite a slight revenue increase in 2024. The company's main business, insurance, shows limited growth potential, and its recent expansion into CRO (Contract Research Organization) services is also under pressure due to industry competition and regulatory challenges [2][6][23]. Group 1: Company Overview - Waterdrop Inc. is primarily an insurance company that uses its crowdfunding platform to drive traffic to its insurance services, which has been a key part of its business model [2][9]. - The company has experienced a decline in revenue from 30.71 billion RMB in 2021 to 23.41 billion RMB in 2023, with a slight recovery expected in 2024 [12]. - The insurance business has consistently accounted for over 85% of the company's total revenue from 2021 to 2024 [9]. Group 2: Financial Performance - The insurance-related revenue for Waterdrop Inc. was 30.71 billion RMB in 2021, 25.59 billion RMB in 2022, and 23.41 billion RMB in 2023, indicating a downward trend [12]. - Operating profit from the insurance segment has also declined from 10.35 billion RMB in 2021 to 4.77 billion RMB in 2024 [12]. - In 2024, the company reported a slight increase in overall revenue, but the growth was primarily driven by a reduction in losses from its crowdfunding business [14]. Group 3: CRO Business Development - Waterdrop Inc. expanded into the CRO business in 2022, which initially showed promise with a revenue increase of approximately 68% in 2023 [4][20]. - However, in 2024, the CRO business revenue declined by 9.4%, reflecting a challenging market environment and increased competition [4][21]. - The CRO segment's performance is under pressure due to tightening budgets from pharmaceutical companies and a competitive landscape dominated by established players [21][23]. Group 4: Challenges and Risks - The company's crowdfunding platform, Waterdrop Fundraising, has faced scrutiny due to issues with trust and transparency, impacting its ability to convert traffic into insurance sales [10][11]. - Recent controversies, including fraudulent fundraising cases, have led to a crisis of credibility for both the platform and the parent company [11]. - The increase in service fees for the crowdfunding platform may negatively affect donor trust and subsequently the conversion rates to insurance products [14][15].

在此背景下，水滴公司（ WDH.US ）交出了一份亮眼的成绩单：全年净利润同比激增 119.8% ，连续 12 个季度盈利， AI 技术对业务的全场景 赋能效果显著。 从 "流量平台"到"科技驱动型服务商"，水滴的转型路径不仅折射出保险行业的变革方向，更成为观察 AI 产业化落地的典型案例。 来源 | 美股研究社 2025 年，保险科技领域迎来新一轮竞争洗牌。随着 AI 大模型技术加速渗透，行业从"流量争夺"转向"效率革命"，头部企业的技术壁垒成为核 心竞争力。 基于对用户需求的深度洞察，以及强大的数据分析和精算能力，水滴保所上线的产品，大部分都是与保险公司联合定制的专属产品。 2024 年，水滴筹持续发挥其"救急难"的重要社会价值，积极助力多层次医疗保障体系建设。截至 2024 年 12 月 31 日，累计约 4.7 亿用户通 过水滴筹平台，向超过 340 万名患者捐赠了总额达 675 亿元的善款。 2024 年 12 月，水滴筹迎来了具有里程碑意义的时刻，正式成为民政部首批指定的个人求助网络服务平台。 财 务 亮 眼 背 后 ， 保 险 科 技 正 在 破 解 盈 利 难 题 ？ 财报数据显示， 2024 ...