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]