近日，由金融界主办的"启航·2025金融峰会"在北京举办。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓。其中，水滴公司凭借在AI赋能保险服务 场景的深耕与突出表现，荣获"杰出保险服务奖"。 好服务方面，水滴上线AI智能客服"保小慧"，实现了"边说边办"的沉浸式服务。语音回复时效性平均仅1.5秒，月均交互量超百万次，能够7x24小时全时段 100%响应，上线3个月服务能力提升40倍；并推出了行业首个AI核保专家"KEYI.AI"，实现秒级内完成响应，复杂健康险核保平均处理时间缩短80%，准确 率达到99.8%，还可为被拒保客户推荐其他适合保险产品，大幅度节省了用户因购险困惑、核保等待产生的时间成本。 好理赔方面，过去一年，在AI+人工协同模式下，水滴保助力合作保司在一般理赔案件中处理时长缩短了43.3%，实现用户与保司的双向增效。今年，水滴 保特别成立"帮帮赔服务工作室"，为用户和保司构建理性沟通的理赔服务平台。AI数字员工"帮帮"正式入职工作室，借助自然语言处理、情感计算和AI大数 据分析能力，为用户提供智能对话、材料审核和理赔进度预测等服务。 责任编辑：钟离 据了解，2024年，水滴公司旗下水滴保推出 ...

管理层在业绩会上强调，这一增长得益于数据基础设施的升级，将决策延迟压缩至50毫秒以内，实现了 对流量的毫秒级精准识别与分层。这种基于实时数据的ROI动态策略，不仅推动首年保费（FYP）环比 增长32.3%，更大幅提升了获客效率与质量，验证了公司在复杂市场环境下"有质量增长"的执行力。 研报认为，水滴三季度营收与利润的双重加速验证AI战略的有效性。销售端，"AI医疗险专家"促成的保 费规模环比激增82%，证明AI已具备直接的商业变现能力。核保端，行业首个AI核保助手"KEYI.AI"将 复杂案件处理时间从数分钟缩短至秒级（1秒），准确率高达99.8%，彻底重构了风控效率。此外，公 司推出"Waterdrop Sea. AI"低代码平台，赋能内部员工快速构建AI解决方案，进一步降低研发与运营边 际成本，构建了从底层模型到上层应用的完整技术护城河。 水滴公司创始人兼CEO沈鹏表示："三季度，AI技术作为业务提质增效的核心驱动力，推动公司收入与 利润实现双位数高速增长。展望未来，我们将持续把握技术演进带来的机遇，推动AI能力在业务全链 条的深度融合与应用创新，为公司的高质量发展注入持续动能。我们将以此为基础，致力于实 ...

研报认为，水滴三季度营收与利润的双重加速验证AI战略的有效性。销售端，"AI医疗险专家"促成的保 费规模环比激增82%，证明AI已具备直接的商业变现能力。核保端，行业首个AI核保助手"KEYI.AI"将 复杂案件处理时间从数分钟缩短至秒级（1秒），准确率高达99.8%，彻底重构了风控效率。此外，公 司推出"Waterdrop Sea. AI"低代码平台，赋能内部员工快速构建AI解决方案，进一步降低研发与运营边 际成本，构建了从底层模型到上层应用的完整技术护城河。 在水滴公司(NYSE: WDH)发布2025年第三季度业绩后，中信建投发布研报称，维持水滴公司买入评 级。研报分析认为，水滴公司Q3营收与归母净利润的超预期表现，有力验证其已走出调整期进入高质 量增长阶段。结合AI战略在营销获客与风控端落地带来的效率革命，以及公司持续执行的回购与分红 政策带来的股东回报确定性，看好其未来增长空间。 水滴公司已经连续15个季度实现盈利。在2025年第三季度，公司实现净营业收入9.75亿元，同比大幅增 长38.4%；归母净利润达1.58亿元，同比增长60.1%，净利润率从去年同期的14.1%扩大至16.3%，盈利 能力持 ...

Core Insights - Waterdrop Inc. reported a net operating revenue of RMB 974.9 million for Q3 2025, marking a 38.4% year-over-year increase and a net profit of RMB 158.5 million, up 60.1% from the previous year, maintaining profitability for the fifteenth consecutive quarter [1] Financial Performance - Net operating revenue reached RMB 974.9 million, a 38.4% increase year-over-year [1] - Net profit attributable to ordinary shareholders was RMB 158.5 million, reflecting a 60.1% increase year-over-year [1] - Operating expenses accounted for 39.6% of revenue, down 8.3 percentage points year-over-year [1] Insurance Business - Insurance-related revenue was RMB 869.7 million, up 44.8% year-over-year [1] - Operating profit from the insurance business reached RMB 176.4 million, a 44% increase year-over-year [1] - First-year premiums (FYPs) increased by 32.3% quarter-over-quarter [1] - AI-driven initiatives led to an 82% increase in premiums facilitated by the "AI Medical Insurance Expert" on a quarter-over-quarter basis [1] Medical Crowdfunding - Waterdrop Medical Crowdfunding raised a cumulative RMB 71.2 billion for 3.61 million patients as of September 30, 2025 [1] - Enhanced risk control measures and advanced analytics improved fraud detection and transparency in fund distribution [1] Digital Clinical Trials - The E-Find Platform generated revenues of approximately RMB 31.9 million, a 31.3% year-over-year increase [1] - Cumulatively enrolled 13,282 patients into 1,491 clinical trial programs [1] - Over one thousand patients were enrolled in the third quarter alone [1] Social Responsibility and ESG - Waterdrop released its 2024 ESG report, optimizing its governance structure and enhancing data management capabilities [1] - Collaborated with 119 public charity organizations and launched over 15,500 public welfare projects [1] Future Outlook - The company aims to deepen AI integration and drive innovation across its business ecosystem to fuel sustainable growth [2]

Core Insights - Waterdrop Inc. reported significant profit growth in Q3 2025, with operating profit reaching RMB 113.8 million (US$ 16.0 million), a year-over-year increase of 329.8% [1] - The company experienced rapid revenue expansion, with net operating revenue of RMB 974.9 million (US$ 136.9 million), up 38.4% year-over-year [1] - The insurance-related income surged to RMB 869.7 million (US$ 122.2 million), reflecting a 44.8% increase from the same period in 2024 [1] Financial Highlights - Operating profit for Q3 2025 was RMB 113.8 million (US$ 16.0 million), compared to RMB 26.5 million in Q3 2024 [2] - Net profit attributable to ordinary shareholders was RMB 158.5 million (US$ 22.3 million), a 60.1% increase year-over-year [1] - Adjusted net profit for Q3 2025 was RMB 167.7 million (US$ 23.6 million), up from RMB 126.0 million in Q3 2024 [3] Revenue Breakdown - Insurance segment revenue was RMB 869.7 million (US$ 122.2 million), a 44.8% increase year-over-year [1] - Crowdfunding service fees remained stable at RMB 65.7 million (US$ 9.2 million), nearly unchanged from RMB 65.8 million in Q3 2024 [1] - Digital clinical trial solution income rose to RMB 31.9 million (US$ 4.5 million), marking a 31.3% increase from the previous year [1] Cost and Expense Analysis - Operating costs and expenses increased by 27.1% year-over-year to RMB 861.1 million (US$ 121.0 million) [1] - Sales and marketing expenses rose by 40.3% year-over-year to RMB 243.0 million (US$ 34.1 million) [1] - General and administrative expenses decreased by 23.7% year-over-year to RMB 84.7 million (US$ 11.9 million) [1] Operational Developments - The company enrolled 13,282 patients into 1,491 clinical trial programs through its E-Find Platform as of September 30, 2025 [1] - Waterdrop Medical Crowdfunding facilitated donations totaling RMB 71.2 billion to 3.61 million patients [1] - The company repurchased approximately 58.1 million ADSs from the open market, totaling around US$ 113.4 million as of November 30, 2025 [1]

Core Insights - The report indicates a rapid growth in China's chronic illness insurance market, with a market size exceeding 12 billion yuan in 2024, reflecting a 50% year-on-year increase [1] - Waterdrop Insurance plans to launch 214 innovative chronic illness insurance products by 2025, leveraging AI technology to promote inclusivity in insurance coverage [1] Group 1: Market Demand and Challenges - The elderly population in China has reached 310 million, accounting for 22% of the total population, with 75% suffering from at least one chronic disease [2] - The prevalence of chronic diseases among the youth is alarming, with rates of sub-health and chronic diseases being twice that of the elderly [2] - The average treatment cost for chronic illness patients is 87,000 yuan, which is 2.1 times the annual disposable income of residents in 2024, indicating a significant protection gap [2] Group 2: Insurance Accessibility Issues - Nearly 30% of chronic illness patients face rejection for insurance due to inability to pass health disclosures [3] - A significant portion of the population expresses a strong willingness to pay extra premiums for coverage of pre-existing conditions, with an average willingness to pay 4,049 yuan annually [3] - The report highlights the need for government and industry collaboration to enhance the development of chronic illness insurance products [3] Group 3: AI and Product Innovation - Waterdrop Insurance has launched 214 chronic illness insurance products, including 34 that are industry-first innovations, and 37 that support no health disclosures [4] - The application of AI technology has significantly reduced the average processing time for health insurance underwriting by 80% [6] - Waterdrop Insurance has initiated a "Universal Product Alliance" with 18 insurance companies to focus on the insurance needs of chronic illness patients and other specific demographics [6]

Core Insights - The article discusses the transformative impact of AI on the underwriting process in health insurance, highlighting the shift from traditional manual methods to AI-driven intelligent decision-making [1][2][5]. Group 1: AI Underwriting Transformation - AI underwriting systems can now understand and analyze medical texts, health questionnaires, and insurance terms, moving from "process assistance" to "intelligent decision-making" [1][2]. - The use of algorithms replaces manual judgment in non-structured segments, significantly improving efficiency and accuracy in health risk identification and underwriting recommendations [2][3]. Group 2: Case Study - Waterdrop's AI Underwriting Expert "KEYI.AI" - Waterdrop's AI underwriting expert "KEYI.AI" has achieved an 80% reduction in average processing time and a 260-fold increase in response speed, with an accuracy rate of 99.8% [3]. - The system also enhances customer experience by matching rejected clients with suitable products six times more effectively and offers 24/7 "second-level response" capabilities [3]. Group 3: Industry Trends and International Expansion - Several insurance technology companies are initiating international expansion plans, with Waterdrop establishing a licensed insurance brokerage in Hong Kong and aiming to leverage its domestic success in international markets [4]. - The industry is witnessing a shift towards "smart insurance," where AI not only enhances underwriting but also improves overall service quality and customer understanding [5][7]. Group 4: Governance and Regulatory Considerations - The rise of AI underwriting introduces new governance challenges, including the need for algorithm transparency, data security, and fairness in risk assessment [8][9]. - The industry must balance the scientific efficiency of AI with the necessity for regulatory frameworks that protect public interests [9]. Group 5: Future Outlook - The essence of AI underwriting is to enhance human capabilities rather than replace them, focusing on scientific risk identification and understanding customer needs [10]. - Future competition in the insurance sector will hinge on algorithm precision, data sensitivity, and service philosophy, marking a significant shift towards an "intelligent decision-making era" [10].

Core Insights - The insurance industry is transitioning towards an intelligent decision-making era with the rise of AI underwriting, significantly improving efficiency and user experience [1][10] Group 1: AI Underwriting Transformation - Traditional underwriting processes are often slow and inefficient, leading to poor user experiences due to complex terms and information asymmetry [1] - AI underwriting systems can now analyze medical texts, health questionnaires, and insurance terms, moving from process assistance to intelligent decision-making [2][3] - Waterdrop's AI underwriting expert "KEYI.AI" has demonstrated an 80% reduction in average processing time and a response speed increase of hundreds of times, achieving an accuracy rate of 99.8% [2][3] Group 2: Industry Trends and Innovations - AI underwriting is automating tasks such as health risk identification, terms matching, and underwriting recommendations, replacing manual judgment in non-structured segments [2] - Waterdrop's "KEYI" system has improved the matching of rejected clients to suitable products by six times and offers 24/7 instant response capabilities [3] - The introduction of AI in underwriting is not just about efficiency but also about enhancing the entire insurance value chain, leading to smarter risk assessments and better customer interactions [5][6] Group 3: International Expansion and Collaboration - Several insurance technology companies, including Waterdrop, are planning international expansions, with Waterdrop establishing a licensed insurance brokerage in Hong Kong [4] - Waterdrop aims to leverage its domestic success in product and operational innovation to explore applications of technology in international insurance markets [4] Group 4: Governance and Ethical Considerations - The rise of AI underwriting raises new governance issues, including the need for algorithm transparency, data security, and fairness in risk selection [8] - The industry must balance the scientific efficiency of AI with the need for regulatory frameworks that protect public interests [8] Group 5: Future Outlook - The essence of AI underwriting is to enhance human capabilities rather than replace them, focusing on scientific risk identification and understanding customer needs [9][10] - Future competition in the insurance sector will hinge on algorithm precision, data sensitivity, and service philosophy, marking a significant shift in the industry's landscape [10]

Group 1 - The core viewpoint of the news is the recognition of Waterdrop Company as a leading private enterprise in Beijing, emphasizing its achievements in technological innovation and its inclusion in the 2025 Beijing Private Enterprises "Specialized, Refined, Unique, and Innovative" Top 100 list [1][4] - Waterdrop Company has established an "All in AI" technology development strategy, leveraging digital construction and self-developed AI models to enhance the entire insurance service process, resulting in improved efficiency and user experience [3] - The company has developed the "Waterdrop Water Guardian Model," which has received multiple patent authorizations and is expected to drive high-quality growth through enhanced service efficiency and quality [3] Group 2 - The Beijing Private Enterprises Top 100 list has been conducted annually since 2018, aiming to identify high-quality private enterprises that align with the capital's functional positioning and contribute to the high-quality development of the private economy [4] - Waterdrop Company has also been recognized for its social responsibility initiatives, marking its continuous inclusion in the Beijing Private Enterprises Top 100 as both a responsibility and an acknowledgment of its technological innovations [4] - The company aims to maintain a user-centered approach and continue investing in technology and service innovation to create greater social value in the future [4]

Core Viewpoint - Waterdrop Inc. reported strong financial performance for Q2 2025, with significant year-over-year growth in revenue and profit, driven by advancements in AI technology and innovative insurance products [1][2][3] Financial Performance - For Q2 2025, Waterdrop's net revenue reached 838 million yuan, representing a year-over-year increase of 23.9% [1] - The company's net profit attributable to shareholders was 140 million yuan, up 58.7% year-over-year, marking 14 consecutive quarters of profitability [1] - Operating expenses as a percentage of revenue decreased by 6.4 percentage points to 38.7% [1] Insurance Business Growth - Insurance-related revenue for Q2 was 739 million yuan, a 28.7% increase year-over-year, with operating profit reaching 171 million yuan, up 39% [1] - The first-year premium for insurance business grew by 80.2% year-over-year, totaling 3.204 billion yuan [1] - Short-term insurance first-year premiums increased by 95% due to enhanced customer acquisition and AI capabilities [1] - Long-term insurance first-year premiums grew by 45.4% as a result of accelerated AI model applications [1] Product Innovations - Waterdrop launched the industry's first medical insurance product that does not require health declarations and guarantees renewal for five years, targeting chronic and sub-healthy individuals [2] - The "Good Pregnancy" maternity insurance product was upgraded to version 6.0, allowing mothers with pre-existing conditions to apply [2] - The company has customized dozens of insurance products for individuals with pre-existing conditions, effectively lowering the insurance application threshold [2] Social Impact and Digital Initiatives - Waterdrop's crowdfunding platform has helped approximately 480 million users donate 70 billion yuan to 3.54 million patients since its launch [2] - The digital clinical trial business reported a net revenue of 27.7 million yuan, a 34.2% year-over-year increase, with partnerships established with 198 domestic and international pharmaceutical companies and CROs [2] AI Technology Integration - AI technology has been integrated across all business scenarios, significantly enhancing operational efficiency [2][3] - The AI medical insurance expert improved scale premium by 155% quarter-over-quarter [3] - An AI-based insurance product knowledge database was developed, containing information on approximately 7,000 insurance products, supporting real-time queries for insurance advisors [3] - The AI customer service tool "Bao Xiao Hui" provides 24/7 support, achieving 100% coverage of online service requests [3] - The launch of the industry's first AI underwriting expert "KEYI.AI" reduced the average processing time for complex health insurance underwriting by 80% and improved response speed by 260 times, with an accuracy rate of 99.8% [3]