BEIJING, Sept. 4, 2024 /PRNewswire/ -- On
September 4, 2024, Waterdrop Inc.
(NYSE: WDH), a leading technology platform dedicated to insurance
and healthcare services with a positive social impact, unveiled its
unaudited financial results for the second quarter of 2024 ended
June 30, 2024. During the quarter,
Waterdrop reported net operating revenue of RMB 676 million. Net profit attributable to
ordinary shareholders totaled RMB 88.3
million, up 306.9% from the previous year, sustaining
profitability for the tenth consecutive quarter. Operating
expenses, including sales, administrative, and R&D costs,
accounted for 45.1% of revenue, a decrease of 12 percentage points
year-on-year.
In addition, Waterdrop also completed the first special cash
dividend in the past quarter. Waterdrop declared that, with the
board approval, the company will soon start the second special cash
dividend of approximately US$7.5
million.
Since announcing its share repurchase program in September 2021, as of August 31, 2024, Waterdrop has repurchased
approximately 49.3 million American Depositary Shares (ADSs) from
the open market. The board of the directors of the Company has
approved a new share repurchase program whereby the Company is
authorized to repurchase its own ordinary shares in the form of
American depository shares with an aggregate value of up to
US$50 million during the 12-month
period through September 9, 2025.
Insurance Business Operating Profit Totaled RMB 123 Million
Waterdrop's insurance-related revenue amounted to RMB573.8 million in the second quarter of 2024.
The insurance business operating profit reached RMB 123 million in Q2 2024. First-year premiums
(FYPs) generated by insurance business amounted to RMB 1,778.6 million.
Waterdrop Insurance Marketplace continually improved online
traffic conversion capabilities and efficiency, driving the number
of new users to grow at 15.8%. At the same time,Waterdrop's
insurance business effectively sustained the policy renewal rate at
a high level.
Committed to investment in technology, Waterdrop further piloted
Shuishou large language model ("LLM"), known as "Waterdrop
Guardian", in multiple service scenarios covering medical, critical
illness, and auto insurance categories. During the quarter, the
Company landed a strategic cooperation with a property &
casualty insurer. This is the first time Waterdrop exports a
customized solution for non-life insurance and the company looks
forward to empowering more industry partners with AI solutions.
Waterdrop Medical Crowdfunding Raised RMB 65.1 Billion for 3.25 Million
Patients
During the quarter, Waterdrop Medical Crowdfunding upheld its
mission of "saving lives" with remarkable success. As of
June 30, 2024, around 461 million
people cumulatively donated an aggregate of RMB65.1 billion to 3.25 million patients through
Waterdrop Medical Crowdfunding. Despite recording an operating loss
of approximately RMB 22.9 million,
the losses have narrowed compared to previous periods.
Waterdrop's healthcare-related business has maintained its
growth in the second quarter of 2024, generating revenues of
approximately RMB 26.4 million. As of
June 30, 2024, the Company had
cumulatively enrolled nearly 8,600 patients into over 1,050
clinical trial programs through the E-Find Platform.
Shen Peng, Founder and CEO of
Waterdrop, said, "In this quarter, we firmly implemented our
high-quality development strategy, enhancing user experience
through technological innovation and driving sustainable growth
across all our businesses. Looking ahead, we will further
strengthen our core operations, actively explore opportunities to
apply large language model within the industry amid the new wave of
AI,and strive to create greater commercial and social
value.Meanwhile,we are grateful for the ongoing support from our
users,partners,shareholders and investors. We're committed to
repaying this trust with top-notch service and solid
profitability."
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