Waterdrop Inc. Announces Third Quarter 2024 Unaudited Financial Results, Net profit rises 152.6% year-on-year
Rhea-AI Summary
Waterdrop Inc. (NYSE: WDH) reported strong Q3 2024 financial results with net operating revenue of RMB 704.1 million. The company's net profit reached RMB 92.8 million, marking a 152.6% year-over-year increase and its eleventh consecutive profitable quarter. Operating expenses decreased by 6.9 percentage points to 47.9% of revenue.
The insurance business generated RMB 600.7 million in revenue with operating profit of RMB 123 million. First-year premiums grew 20.4% to RMB 2,041.8 million. The company's Medical Crowdfunding platform has raised RMB 66.3 billion for 3.32 million patients, while its Digital Clinical Trial Solution generated RMB 24.3 million in revenue, enrolling over 9,500 patients in 1,137 clinical trials.
AI-generated analysis. Not financial advice.
Positive
- Net profit increased 152.6% year-over-year to RMB 92.8 million
- Operating expenses reduced by 6.9 percentage points to 47.9% of revenue
- Insurance business first-year premiums grew 20.4% to RMB 2,041.8 million
- Maintained profitability for eleven consecutive quarters
Negative
- Medical Crowdfunding segment reported operating loss of RMB 17.9 million
News Market Reaction – WDH
On the day this news was published, WDH declined 0.84%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Since announcing its first share repurchase program in September 2021, as of September 2024, Waterdrop has repurchased approximately 50.9 million American Depositary Shares (ADSs) from the open market.
Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "We are delighted to announce another quarter of robust profitability, with net profit attributable to ordinary shareholders reaching 2.5 times that of the third quarter last year.
Insurance Business Operating Profit Totaled
Waterdrop's insurance-related revenue amounted to
After introducing the "Three Good Services" of good service, good products, and good claims in April this year, on September 11th,Waterdrop Insurance Marketplace, in collaboration with 14 insurance companies, established the "Three Good Services Alliance" and launched the first batch of "Public Review Panels," constructing a new user-centric ecosystem for insurance services.
AI Consultant, a conversational AI agent powered by "Waterdrop Guardian" large language model, has reached the capacity to generate million yuan in monthly premiums by serving user inquires. Meanwhile, a new application, "AI Service Quality Agent", was deployed to streamline the service quality inspection process by replacing manual work. Externally, a conversational AI platform that customizes AI sales agents for businesses, and have initiated pilots with insurance carriers and companies in non-insurance sectors.
Waterdrop Medical Crowdfunding Raised
During the quarter, Waterdrop Medical Crowdfunding upheld its mission of "saving lives" with remarkable success. As of September 30, 2024, around 466 million people cumulatively donated an aggregate of
Waterdrop's Digital Clinical Trial Solution has maintained its growth in the third quarter of 2024, generating revenues of approximately
Shen Peng, Founder and CEO of Waterdrop, said, "This quarter, Waterdrop remained user-centric and explored innovations powered by Large Language Models to boost business growth, while also demonstrating resilient performance across our businesses. Moving forward, we will continue to build core capabilities and drive high-quality business growth by leveraging advanced technologies. We are committed to creating greater value for society and adhering to our mission: at Waterdrop, we aspire to bring insurance and healthcare services to billions through technology."
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SOURCE Waterdrop Inc.