Core Insights - Waterdrop Inc. reported a net operating revenue of RMB 838.0 million for Q2 2025, marking a 23.9% year-over-year increase, with a net profit of RMB 140.2 million, up 58.7% from the previous year, maintaining profitability for the fourteenth consecutive quarter [1] - The company has repurchased approximately 55.7 million American Depositary Shares (ADSs) since September 2021 and approved a cash dividend of US$10.9 million, a 50% increase over the previous dividend [2] Insurance Business Performance - Insurance-related revenue reached RMB 738.6 million in Q2 2025, a 28.7% year-over-year increase, with operating profit at RMB 170.9 million, up 39% year-over-year [3] - First-year premiums (FYPs) generated by the insurance business amounted to RMB 3,204.3 million, reflecting an 80.2% year-over-year increase, with short-term policies growing by 95.0% and long-term policies by 45.4% [4][3] Product Innovations - Waterdrop introduced the first Million Medical Insurance policy with no health declaration required and guaranteed renewal for five years, targeting users with chronic conditions [5] - The upgraded maternity insurance product "Jie Hao Yun" now covers mothers with pre-existing conditions, and the suite of insurance products for pre-existing conditions has lowered entry barriers for users [5] Medical Crowdfunding Achievements - Waterdrop Medical Crowdfunding raised a cumulative RMB 70 billion for 3.54 million patients, with around 480 million people participating in donations [6] - The platform launched 'Waterdrop Co-Help' in partnership with Guangzhou's Civil Affairs Bureau, integrating social and public welfare resources [7] Digital Clinical Trials - The E-Find Platform generated revenues of approximately RMB 27.7 million, a 34.2% year-over-year increase, enrolling 999 patients in Q2 2025 [8][9] - The platform expanded its collaboration to 198 pharmaceuticals and contract research organizations, initiating services for 114 new programs [9] AI Integration and Productivity - Monthly premiums facilitated by the 'AI Medical Insurance Expert' increased by 155% compared to the previous quarter, enhancing user experience through AI applications [10][11] - The company launched 'KEYI.AI', a real-time AI underwriting assistant, with plans to extend its availability to industry partners [11] Future Outlook - The CEO expressed confidence in the company's growth trajectory, emphasizing the integration of AI into sales and service processes, and the commitment to providing long-term value for users, partners, and shareholders [13]