Core Insights - Waterdrop Inc. reported strong financial results for Q2 2025, with significant revenue and profit growth driven by AI integration in sales and services [2][3][9]. Financial Performance - Net operating revenue for Q2 2025 increased by 23.9% year-over-year to RMB 838.0 million (US$ 117.0 million) from RMB 676.2 million in Q2 2024 [9]. - Operating costs and expenses rose by 18.7% year-over-year to RMB 740.6 million (US$ 103.4 million) [10]. - Net profit attributable to ordinary shareholders reached RMB 140.2 million (US$ 19.6 million), a 58.7% increase year-over-year [11][15]. - Adjusted net profit attributable to ordinary shareholders (non-GAAP) was RMB 151.6 million (US$ 21.2 million), up from RMB 108.7 million in Q2 2024 [16]. Business Segments - The insurance business saw first-year premiums (FYP) grow by 80.2% year-over-year, reaching RMB 3,204.3 million (US$ 447.3 million) [11]. - Insurance-related income increased by 28.7% year-over-year to RMB 738.6 million (US$ 103.1 million) [12]. - Medical crowdfunding services generated RMB 67.4 million (US$ 9.4 million) in service fees, a slight decrease of 2.7% year-over-year [12]. - Digital clinical trial solution income rose by 34.2% year-over-year to RMB 27.7 million (US$ 3.9 million) [12]. Operational Highlights - The "Waterdrop Guardian" AI Application Suite enhanced user experience, with premiums facilitated by the 'AI Medical Insurance Expert' increasing by 155% compared to the previous quarter [4]. - The E-Find Platform expanded its collaboration to 198 pharmaceutical and contract research organizations, enrolling a record 999 patients in Q2 2025, representing a 34.2% year-over-year revenue growth [7]. Shareholder Returns - The board approved a cash dividend of US$ 10.9 million, a 50% increase over the previous dividend [8][20]. - The company has repurchased approximately 55.7 million ADSs for US$ 109.0 million since the launch of its first share repurchase program in 2021 [18]. Future Outlook - The company aims to continue delivering top-line and bottom-line growth in the second half of 2025, emphasizing tech-driven innovation as a core strategy [9].