Latest news with #Waterdrop
Associated Press
30-04-2025
- Business
- Associated Press
Waterdrop Inc. Releases 2024 Annual Report: AI-Enabled Efficiencies Drive Business Growth
BEIJING, April 30, 2025 /PRNewswire/ -- Waterdrop Inc. ('Waterdrop', the 'Company' or 'we') (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced the filing of its annual report for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission (SEC). For the year, the Company reported net revenue of RMB 2.772 billion and net profit attributable to shareholders of RMB 368 million, representing a 119.8% year-on-year increase. This achievement extends the company's streak of profitability to 12 consecutive quarters. As of the end of February 2025, Waterdrop had repurchased approximately 52.1 million American Depositary Shares (ADS) for an aggregate consideration of US$100 million under its share buyback program. Leading financial institutions, including Goldman Sachs, UOB Kay Hian, and Guotai Junan International, have reaffirmed their Buy ratings for Waterdrop, citing improved operational leverage and margin expansion supported by the Company's proprietary technology infrastructure. Analysts project 2025 revenue growth of 20% and have revised their 12-month price targets upward, reflecting strong market confidence in the Company's strategic execution.. Key Business Highlights from the 2024 Annual Report: Waterdrop has emerged as an industry leader in AI adoption, investing nearly RMB 300 million annually in R&D and securing over 100 technology patents. The Company has integrated large language models into critical workflows including underwriting, renewals, claims management, and customer service. Key initiatives include: Mr. Peng Shen, Founder, Chairman, and CEO of Waterdrop, announced the Company's ambitious 'All in AI' strategy for 2025, highlighting AI's role in driving efficiency and fostering collaborative growth with partners. 'AI has been instrumental in our 120% net profit surge this year,' Shen noted. 'We will continue refining our AI capabilities to deliver sustainable value for all stakeholders.' About Waterdrop Inc. Waterdrop Inc. ( NYSE: WDH ) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit View original content: SOURCE Waterdrop Inc.
USA Today
21-04-2025
- Lifestyle
- USA Today
10 thoughtful Mother's Day gifts you can order right now
Products are chosen independently by our editors. Purchases made through our links may earn us a commission. Mother's Day is coming up fast, but you don't have to wait to get your shopping done. If you're not sure what to get, we've rounded up a list of great options that are both thoughtful and actually useful. Whether you're shopping for your wife (loads of unique picks, here), your mom, or another mother figure in your life, these gifts cover a little bit of everything. From cozy comforts like a heated hand massager and spa-worthy shower steamers to big-ticket picks like a sleek water dispenser or a lightweight carry-on, there's something here for every type of mom. 1. A gift that offers sweet stress relief and gets delivered fast Xllent Hand Massager with Compression & Heating $21.99 Mom can soothe her sore hands with compression and warming heat therapy. It's specifically designed for relief from carpal tunnel or everyday tension. Read Our Review BUY NOW (27% off) Save $8 at Amazon 2. Healthier water without creating more ocean plastic Waterdrop Reverse Osmosis Hot Cold Water Dispenser, A2 $399.00 She can enjoy crisp, cold water or piping-hot tea with this sleek, installation-free dispenser that filters out the bad stuff, like harmful chemicals, excessive minerals, and viruses and bacteria. It also cools fast, runs quietly, and even lets Mom pick her perfect temp and pour size with a smart touchscreen. BUY NOW (20% off) Save $100 at Waterdrop RENPHO Foot Massager Machine $119.99 Does the mom in your life have aching feet? Treat her to a deep-kneading shiatsu massage and optional heat. This massager is easy to use and perfect for Mom's tired legs after a long day. Read Our Review BUY NOW (40% off) Save $80 at Amazon 4. Beautiful blooms that never wither no matter the season Freshcut Paper Pop Up Cards, English Daffodils $12.95 This cheerful paper bouquet pops open into a vibrant 12-inch display. It's a sweet alternative to flowers that lasts much longer—Mom can have this on display and enjoy these flowers all year long! BUY NOW at Amazon 5. The sweet scent of aromatherapy in the shower Shower Steamers Aromatherapy $12.99 Turn Mom's shower into a spa with these long-lasting, essential oil steamers. Each one is packed with natural fragrance for a relaxing start or end to the day, and you'll give her the ultimate spa experience at home. BUY NOW (24% off) Save $4 at Amazon 6. A gift that makes whipping up weekday so easy the kids can do it Instant Pot Duo 7-in-1 Electric Pressure Cooker $99.95 From pressure cooking to slow cooking, this multitasker makes weeknight meals easier. It even includes access to hundreds of recipes to keep weekly dinners interesting and delicious! Read Our Review BUY NOW at Amazon 7. A skincare upgrade that's as sexy as Rihanna Fenty Skin Full-Size Start'r Set $88.99 Mom can get Rihanna's full skincare routine in one sleek set. This Fenty skincare package includes a cleanser, toner-serum hybrid, and SPF moisturizer. BUY NOW at Amazon 8. A pro-style blowout she can manage every day BaBylissPRO Nano Titanium Hair Dryer $89.99 This pro-level hair dryer delivers smooth, frizz-free results fast—we tested it and it tops our list. It's lightweight, powerful, and great for everyday styling. Mom could just enjoy a salon-quality blowout without ever leaving the house! Read Our Review BUY NOW (5% off) Save $5 at Amazon 9. For the jet-setting mom Travelpro Maxlite 5 Spinner Luggage $186.99 This lightweight spinner luggage is perfect for longer trips and easy to maneuver on the plane and off it. (We haven't tested this model, but love many of the brand's companion products.) Durable design and expandable packing space make it perfect for mom's next big trip, whether that's a family vacation or weekend getaway with the girls. Read Our Review BUY NOW at Amazon 10. A gift that says chocolate is more important than your waistline Bonnie & Pop Chocolate Gift Basket $37.99 Packed with truffles, clusters, caramels, and more, this tin is a chocolate lover's dream. It's great gift that looks as good as it tastes, and it's the tastiest treat you can give Mom this Mother's Day. BUY NOW at Amazon
USA Today
17-04-2025
- Health
- USA Today
Everything you need to know about reverse osmosis water filter systems
Products are chosen independently by our editors. Purchases made through our links may earn us a commission. If you've been considering an upgrade to your tap water—or you're looking for a long-lasting, lower-waste option for purified water without plastic bottles—then reverse osmosis filtration systems should be on your radar. Reverse osmosis filtration systems, or RO systems, are popular options for people looking to make their water clearer and tastier, and to filter it so that it is free of harmful chemicals, excessive minerals, and viruses and bacteria. There are several options, with models ranging from countertop standalone units to whole-house systems. However, there are advantages and disadvantages you need to take into account. If you're reading to upgrade from your standard water filter pitcher, here's what you need to know. Waterdrop X Series Undersink Reverse Osmosis System X16 $1,999.00 Enjoy fresh, clean water straight from your tap with this under-your-sink RO filter system. During the Spring Sale, March 25-31, you can save up to $500 or 25% off the X16. BUY NOW at Waterdrop What is reverse osmosis anyway? Reverse osmosis filters work by creating pressure that forces incoming water through a semi-permeable membrane that removes contaminants from the treated water while creating a stream of waste water called brine or concentrate that contains everything that was removed. The reverse osmosis process can catch smaller particles and molecules than a physical filter can alone, including things like dissolved chemicals and even bacteria and viruses, making it an excellent choice for treating water in the home. What role does a reverse osmosis filter have in the home? Credit: Waterdrop An under-the-sink reverse osmosis water filtration system, like the X Series from Waterdrop, can provide the whole family with purified water with the flick of the faucet. Installing a reverse osmosis filter can make a measurable difference in your water quality by ensuring a continuous supply of clean, purified water without relying on plastic bottles. Users concerned about harmful chemicals or contaminants in their water—or who don't like the taste or clarity of the water in their home—can rest assured that foreign particles and solids, as well as chemicals like chlorides and fluoride, are efficiently removed. Step by step: Here's how RO filters purify water Most RO filtration systems have three, four, or five filters. Almost all systems include: A sediment prefilter that removes particles and sediment An activated carbon prefilter that removes chemicals, including chlorine and fluoride A reverse osmosis membrane that takes out dissolved solids, including lead They can also include: - Additional carbon filters that come before or after the reverse osmosis membranes - UV filters to kill any remaining bacteria or viruses - A remineralizing cartridge that adds back a calibrated mix of helpful minerals to rebalance the water for optimal mineral content for health benefits and crisper taste What are the benefits of using an RO water filter system in the home? Considering adding filtration? There are several reasons a reverse osmosis water filtration system might be a great addition to your home. Health advantages If you live in an area with poor water quality, you may already be using other water filters like activated carbon filters, UV filters and/or ceramic filters in filter pitchers, or on-faucet filters. However, if your local water is known for poor quality, you need to ask whether water filters remove contaminants. Chemicals like lead, arsenic, and chlorine can be harmful in elevated levels, and even water that comes from a treatment plant has to run through pipes that can introduce chemicals, viruses, or bacteria. RO filter systems ensure your water is being filtered directly before your use. Taste improvement Water's taste is created by many things: The minerals in the water, additives from the water processing source that inhibit the growth of bacteria and mold, and any residue from the pipes the water is carried through. If any of these factors create a taste you don't like, a reverse osmosis system may be the answer, as it filters out things like excessive calcium or magnesium, dissolved salts, chlorine, or any other elements that may contribute to an unpleasant taste. Some users find that reverse-osmosis-purified water tastes flat after all minerals are removed (although some prefer this purer taste)—in this case, looking for an RO system that includes a remineralization step can create the water taste they prefer. Price and cost savings The cost of a reverse osmosis system varies significantly depending on the type of system you choose. Countertop models are standalone units that sit in your kitchen or bathroom and filter the water you add to their tanks. Prices range from $150 to $500. Waterdrop C1S Countertop CoreRO System This countertop RO model from Waterdrop removes 99% of lead from your tap water. BUY NOW at Waterdrop Also from: Amazon Under-sink systems or point-of-use systems are designed to filter the water for a single sink. These systems generally run from $100 to $500, with prices varying depending on whether you buy a three-step or five-step filter process or a system with or without a tank. Waterdrop X Series Undersink Reverse Osmosis System X16 $1,999.00 Enjoy fresh, clean water straight from your tap with this under-your-sink RO filter system. During the Spring Sale, March 25-31, you can save up to $500 or 25% off the X16. BUY NOW at Waterdrop Whole-house reverse osmosis systems or point-of-entry systems vary in price, as well, with some options starting under $1,000 but going as high as $20,000 or more, with many options in the $2,000 to $3,000 range. Whether you opt for an under-sink model or a whole-house model, there are additional costs to consider. While some systems can be installed by the buyer directly, others will require professional installation, which can cost $200 or more (sometimes much more) depending on your region and the complexity of the system. No matter what system you use, you'll need to purchase replacement filters and membranes according to your system's suggested schedule. Filters vary in price, from as little as $20 for a single replacement to more than $200. The final additional cost to consider is a potential increase in your water bill, as RO systems create wastewater with every gallon of purified water they make. Depending on the price of water in your area, this extra water could be a small or a significant expense to consider. Things to know about installing a home reverse osmosis system While some reverse osmosis systems will need the services of a professional to install (whole home systems generally need to be left to the pros), there are a few that don't. Countertop models need no installation and can be set up and used like any other small appliance in the kitchen. Many under-sink models can be installed by anyone comfortable with basic plumbing–the filter system will need to be attached to the cold water supply with tools like a drill and a screwdriver. Check your model's instruction manual for additional details. Maintenance and care Reverse osmosis water filter systems need regular care and maintenance to continue to operate efficiently and effectively—and to prolong the life of your investment. In general, most systems recommend four types of regular maintenance: changing the filters (often every six months to a year); changing the membrane (every few years); sanitizing the system (when you change the filters or every year); and draining the storage tank (when you change the filters). While these are general guidelines, specific systems will have their own maintenance best practices. Refer to the owner's manual for your model for more specific instructions on how to care for your filter system. Are there any environmental impacts to using an RO system Reverse Osmosis systems have both positive and negative impacts on the environment—but in our opinion, there are more upsides than downsides. In the negative column, RO systems create waste water in the process of purification that contains the impurities that have been filtered out of the clean water. Some systems say they create approximately one gallon of waste water for each purified gallon created; many systems average between three and five gallons for each purified gallon. The most inefficient systems create as many as 10 gallons of waste water per purified gallon, which is often sent down the drain. The wastewater produced by RO filtration isn't greywater, like the waste water created in sinks, showers, and washing machines—because of the reverse osmosis filtration process, it contains a much higher concentration of minerals, bacteria, and particulate than normal tap water. (It contains, in fact, all of the things removed from the purified water.) However, if you set up a tank to hold the waste water created by your system—and, crucially, test it to make sure its level of total dissolved solids (TDS) doesn't make it unfit for any use—RO filter waste water can be used to water non-edible plants, flush toilets, and mop floors to mitigate the impact. The upside of RO filtration systems is how much waste they can help users avoid. The average American drinks approximately 26 gallons of bottled water a year—the equivalent of 208 single-serving 16.9-ounce water bottles each. When you consider that one plastic water bottle uses 9.25 grams of plastic, the impact of replacing bottled water with filtered water is significant. In addition, using a reverse osmosis system can help cut down on the amount of microplastics in your life and the environment. Given that a liter of bottled water (two average-sized water bottles) contains 240,000 pieces of microplastic, using water that bypasses plastic bottle storage entirely can make a measurable difference in microplastic exposure. Waterdrop X Series Undersink Reverse Osmosis System X16 $1,999.00 Enjoy fresh, clean water straight from your tap with this under-your-sink RO filter system. During the Spring Sale, March 25-31, you can save up to $500 or 25% off the X16. BUY NOW at Waterdrop Waterdrop X Series Reverse Osmosis System X12 $1,299.00 Enjoy fresh, clean water straight from your tap with this under-your-sink RO filter system. During the Spring Sale, March 25-31, you can save up to $500 or 25% off the X12. BUY NOW at Waterdrop Our Experts I'm Jennifer Ernst Beaudry, a reporter who's covered consumer goods, including all things home and garden, for more than 15 years. Resources
Associated Press
19-03-2025
- Business
- Associated Press
Goldman Sachs Maintains ‘Buy' Rating for Waterdrop with Price Target of US$1.80
BEIJING, March 19, 2025 /PRNewswire/ -- Following the release of Waterdrop Inc. 's (WDH) fourth-quarter and full-year 2024 financial results, Goldman Sachs' latest research report maintains a 'Buy' rating for Waterdrop and sets a 12-month price target of US$1.80 per ADS. According to Goldman Sachs' report, Waterdrop achieved a higher-than-expected net profit attributable to shareholders of 368 million yuan (approx. US$51 million) for the full year of 2024, representing a year-on-year increase of 119.8%. In the fourth quarter of 2024, the first-year premium (FYP) for the insurance business reached approximately 1.9 billion yuan (approx. US$263 million), up 24.5% year-on-year, primarily driven by improved customer acquisition efficiency in short-term insurance products. Additionally, losses in the non-insurance segment continued to narrow during the quarter. In its fourth-quarter and full-year 2024 earnings report, Waterdrop announced a cash dividend of US$ 0.02 per ADS, bringing the total dividend for fiscal year 2024 to US$ 0.04 per ADS (consistent with 2023). Given the stability of its operations, the company plans to distribute cash dividends on a semi-annual basis going forward. Regarding share buyback, since the announcement of its share buyback program in September 2021, Waterdrop had repurchased approximately 52.1 million ADSs (American Depositary Shares) from the open market as of the end of February 2025, totaling approximately US$100 million. As one of the first companies in the industry to adopt AI LLMs, Waterdrop has consistently driven innovation through technology since its inception, investing approximately 300 million yuan (approx. US$42 million) annually in research and development. The company has accumulated over 100 technology patents and built a comprehensive LLM application system covering all insurance scenarios. Recently, Waterdrop introduced the DeepSeek model, significantly enhancing its AI-driven service capabilities in market segments. Waterdrop's application of large models focuses on two main areas: launching AI Insurance Assistant to empower insurance service personnel; and upgrading the AI Insurance Expert to provide users with insurance consultation and planning services. For example, the company has releases Bao Xiaohui, an AI Service Assistant which is available 24/7 to provide responses in real time, reducing issue escalation and improving service efficiency by some 50%. Looking ahead to fiscal 2025, Waterdrop foresees revenue growth of approximately 20%, with increased investment in business expansion. Goldman Sachs analysts believe this may lead to higher sales and marketing expenses, potentially putting downward pressure on the company's profit margins. However, the reduction in losses from non-insurance segments could partially offset this pressure.
Associated Press
12-03-2025
- Business
- Associated Press
Waterdrop Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and a Cash Dividend
BEIJING, March 12, 2025 /PRNewswire/ -- Waterdrop Inc. ('Waterdrop', the 'Company' or 'we') (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced its unaudited financial results for the three and twelve months ended December 31, 2024 and a cash dividend. Financial and Operational Highlights for the Fourth Quarter of 2024 Marked improvement in profitability and healthy liquidity: In the fourth quarter of 2024, net profit attributable to our ordinary shareholders reached RMB99.6 million (US$13.6 million), representing a year-over-year growth of 68.7%. We continued to generate positive operating cash flow during the fourth quarter of 2024. Solid business performance: For the fourth quarter of 2024, the first-year premiums ('FYP') generated through our insurance business amounted to RMB1,897.9 million (US$260.0 million), representing an increase of 24.5% year over year. Net operating revenue was RMB686.8 million (US$94.1 million), representing an increase of 4.2% year over year. Expanded crowdfunding coverage: As of December 31, 2024, around 470 million people cumulatively had donated an aggregate of RMB67.5 billion to 3.40 million patients through Waterdrop Medical Crowdfunding. Dependable performance in patient recruitment: As of December 31, 2024, the Company had cumulatively enrolled 10,395 patients into 1,212 clinical trial programs through the E-Find Platform. Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, 'We are pleased to report a set of outstanding financial results for the fourth quarter and the full year of 2024. We have sustained remarkable profitability and doubled our annual net profit attributable to ordinary shareholders, attaining a 119.8% year-on-year increase. Our insurance business capped off the year with an annual FYP of RMB7,472.8 million (US$1,023.8 million), marking a 5.1% year-over-year growth. Throughout the fourth quarter, we honed our focus on optimizing customer acquisition channels and diversifying product offerings, which yielded robust outcomes. Our targeted acquisition strategies spurred a 14.9% year-over-year surge in new user acquired. Leveraging user insights, we introduced more inclusive short-term insurance products in this quarter, including medical plans tailored for individuals with pre-existing conditions. Furthermore, we sustained our efforts to enhance and diversify our long-term insurance offerings, with disability income insurance alone achieving an FYP exceeding RMB90 million. As a milestone, Waterdrop Medical Crowdfunding has been officially recognized as a pioneer in China's standardized medical crowdfunding sector. Following new legislation changes, the platform secured designation from the Ministry of Civil Affairs on December 25, 2024, becoming one of the first batch state-endorsed 'Online Service Platforms for Individuals Seeking Financial Help'. During this quarter, our digital clinical trial solution income continued its growth, realizing a year-over-year increase of 22.9%. We collaborated with a total of 177 pharmaceutical companies and contract research organizations ('CROs'). Moreover, we enrolled 880 patients and initiated services for 79 new programs during the fourth quarter of 2024. Alternatively, we recently announced the strategic integration and local deployment of DeepSeek models, which marks a significant step forward in our AI-driven insurance ecosystem. Utilizing advanced AI models, Waterdrop's AI Insurance Expert now supports multi-modal interactions, including voice and text. The system excels in managing complex dialogues and assisting with sales strategies, autonomously handling voice communications and consultations for medical insurance products. Our every decision is guided by the principles of maximizing and prioritizing shareholders' returns. By the end of February 2025, the Company had cumulatively repurchased approximately 52.1 million ADSs from the open market. We are also pleased to announce that, with the board approval, the Company will soon start another cash dividend of approximately US$7.3 million. Looking ahead to 2025, we aim for faster growth and to scale up our business operations, all the while continuing to contribute to profitability, by using technology to enhance our core competitiveness.' Financial Results for the Fourth Quarter of 2024 Operating revenue, net Net operating revenue for the fourth quarter of 2024 increased by 4.2% year over year to RMB686.8 million (US$94.1 million) from RMB659.4 million for the same period of 2023. On a quarter-over-quarter basis, net operating revenue decreased by 2.5%. Insurance-related income includes insurance brokerage income and technical service income. Insurance brokerage income represents brokerage commissions earned from insurance companies. Technical service income is derived from providing technical services including customer relationship maintenance, customer complaint management, claim review, and user referral services, among other things, to insurance companies, insurance brokers, and agency companies. Our insurance-related income amounted to RMB582.4 million (US$79.8 million) in the fourth quarter of 2024, representing a decrease of 0.9% year over year from RMB587.9 million for the fourth quarter of 2023, which was mainly due to the decrease in technical service income. On a quarter-over-quarter basis, insurance-related income decreased by 3.0%. Crowdfunding service fees represent the service income earned when patients successfully withdraw the proceeds from their crowdfunding campaigns. Our role is to operate the Waterdrop Medical Crowdfunding platform to provide crowdfunding related services through the internet, enabling patients with significant medical bills to seek help from caring hearts through technology (the 'medical crowdfunding services'). Our medical crowdfunding services generally consist of providing technical and internet support, managing, reviewing and supervising the crowdfunding campaigns, providing comprehensive risk management and anti-fraud measures, and facilitating the collection and transfer of the funds. For the fourth quarter of 2024, we generated RMB65.1 million (US$8.9 million) in service fees, representing an increase of 62.8% year over year from RMB40.0 million for the fourth quarter of 2023. On a quarter-over-quarter basis, crowdfunding service fees decreased by 1.1%. Digital clinical trial solution income represents the service income earned from our customers mainly including biopharmaceutical companies and leading biotechnology companies. We match qualified and suitable patients for enrollment in clinical trials for our customers and generate digital clinical trial solution revenue for successful matches and we typically charge our customers a fixed unit price per successful match. For the fourth quarter of 2024, our digital clinical trial solution income amounted to RMB25.5 million (US$3.5 million), representing an increase of 22.9% from RMB20.8 million in the same period of 2023. On a quarter-over-quarter basis, digital clinical trial solution income increased by 5.2%. Operating costs and expenses Operating costs and expenses increased by 0.2% year over year to RMB633.9 million (US$86.8 million) for the fourth quarter of 2024. On a quarter-over-quarter basis, operating costs and expenses decreased by 6.5%. Operating costs increased by 7.2% year over year to RMB323.8 million (US$44.4 million) for the fourth quarter of 2024, as compared with RMB302.1 million for the fourth quarter of 2023, which was primarily driven by (i) an increase of RMB39.1 million in costs of referral and service fees, partially offset by (ii) a decrease of RMB3.6 million in personnel costs. On a quarter-over-quarter basis, operating costs decreased by 4.9% from RMB340.6 million, primarily due to (i) a decrease of RMB13.2 million in costs of referral and service fees, partially offset by (ii) an increase of RMB5.7 million in personnel costs. Sales and marketing expenses increased by 4.1% year over year to RMB182.0 million (US$24.9 million) for the fourth quarter of 2024, as compared with RMB174.8 million for the same quarter of 2023. The increase was primarily due to (i) an increase of RMB30.2 million in marketing expenses for third-party traffic channels, and partially offset by (ii) a decrease of RMB22.8 million in personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, sales and marketing expenses increased by 5.1% from RMB173.2 million, primarily due to (i) an increase of RMB11.9 million in marketing expenses to third-party traffic channels, (ii) an increase of RMB2.5 million in sales and marketing personnel costs and share-based compensation expenses, and partially offset by (iii) a decrease of RMB5.7 million in outsourced sales and marketing service fees to third parties. General and administrative expenses decreased by 23.2% year over year to RMB73.7 million (US$10.1 million) for the fourth quarter of 2024, compared with RMB96.0 million for the same quarter of 2023. The year-over-year variance was due to (i) a decrease of RMB22.3 million in allowance for credit losses, (ii) a decrease of RMB2.7 million in professional service fees, partially offset by (iii) an increase of RMB5.7 million in personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, general and administrative expenses decreased by 33.6% from RMB111.0 million, due to (i) a non-cash impairment of intangible assets related to Shenlanbao of RMB20.6 million recorded in the third quarter of 2024, with no corresponding item in the fourth quarter, (ii) a decrease of RMB13.7 million allowance for credit losses, and (iii) a decrease of RMB5.4 million in personnel costs and share-based compensation expenses. Research and development expenses decreased by 9.3% year over year to RMB54.3 million (US$7.4 million) for the fourth quarter of 2024, compared with RMB59.8 million for the same period of 2023. The decrease was primarily due to a decrease of RMB5.8 million in personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, research and development expenses slightly increased by 2.5% from RMB53.0 million. Operating profit for the fourth quarter of 2024 was RMB53.0 million (US$7.3 million), as compared with RMB26.6 million for the fourth quarter of 2023 and RMB26.5 million for the third quarter of 2024. Interest income for the fourth quarter of 2024 was RMB35.8 million (US$4.9 million), as compared with RMB34.7 million for the fourth quarter of 2023 and RMB36.0 million for the third quarter of 2024. Income tax expense for the fourth quarter of 2024 was RMB1.9 million (US$0.3 million), as compared with RMB15.2 million for the fourth quarter of 2023 and an income tax benefit of RMB7.8 million for the third quarter of 2024. Net profit attributable to the Company's ordinary shareholders for the fourth quarter of 2024 was RMB99.6 million (US$13.6 million), as compared with RMB59.1 million for the same period of 2023, and RMB99.0 million for the third quarter of 2024. Adjusted net profit attributable to the Company's ordinary shareholders (non-GAAP(1)) for the fourth quarter of 2024 was RMB107.1 million (US$14.7 million), as compared with RMB74.7 million for the same period of 2023, and RMB126.0 million for the third quarter of 2024. Financial Results for the Fiscal Year of 2024 Net operating revenue for the year of 2024 increased by 5.4% year over year to RMB2,771.8 million (US$379.7 million) from RMB2,630.7 million for the year of 2023, which was primarily due to the increase of crowdfunding service fees and insurance related income. Our insurance-related income amounted to RMB2,363.8 million (US$323.8 million) in 2024, representing an increase of 1.0% year over year from RMB2,340.9 million for the year of 2023, which was mainly due to the increase in insurance brokerage income. Our crowdfunding service fees amounted to RMB267.7 million (US$36.7 million) in 2024, representing an increase of 64.5% year over year from RMB162.7 million for the year of 2023. Our digital clinical trial solution income amounted to RMB91.1 million (US$12.5 million) in 2024, representing a decrease of 9.4% year over year from RMB100.5 million for the year of 2023. Operating costs and expenses Operating costs and expenses decreased by 1.7% year over year to RMB2,593.7 million (US$355.3 million) for the year of 2024, mainly due to the effective cost control measures. Operating costs increased by 10.0% year over year to RMB1,314.7 million (US$180.1 million) for the year of 2024, compared with RMB1,195.5 million for the year of 2023, which was primarily driven by (i) an increase of RMB138.8 million in costs of referral and service fees, partially offset by (ii) a decrease of RMB12.3 million in the costs for crowdfunding consultants team, and (iii) a decrease of RMB10.3 million in the costs for digital clinical trial solution consultants team. Sales and marketing expenses decreased by 6.2% year over year to RMB694.8 million (US$95.2 million) for the year of 2024, compared with RMB740.5 million for the year of 2023. The decrease was primarily due to (i) a decrease of RMB93.1 million in personnel costs and share based compensation costs, partially offset by (ii) an increase of RMB40.6 million in marketing expenses to third-party traffic channel, and (iii) an increase of RMB12.5 million in outsourced sales and marketing service fees to third parties. General and administrative expenses decreased by 8.6% year over year to RMB367.7 million (US$50.4 million) for the year of 2024, compared with RMB402.4 million for the year of 2023. The year-over-year variance was due to (i) a decrease of RMB32.5 million in the professional service fee, (ii) a decrease of RMB18.3 million in general and administrative personnel costs and share-based compensation expenses, (iii) a decrease of RMB5.9 million in office rental and office administrative expenses, partially offset by (iv) a non-cash impairment of intangible assets related to Shenlanbao of RMB20.6 million recorded in 2024, and (v) an increase of RMB9.6 million in allowance for credit losses. Research and development expenses decreased by 27.6% year over year to RMB216.5 million (US$29.7 million) for the year of 2024, compared with RMB299.1 million for the year of 2023. The decrease was primarily due to a decrease of RMB79.9 million in research and development personnel costs and share-based compensation expenses. Operating profit for the year of 2024 was RMB178.2 million (US$24.4 million), compared with an operating loss of RMB6.7 million for the year of 2023. Interest income for the year of 2024 was RMB149.1 million (US$20.4 million), compared with RMB136.0 million for the year of 2023. Income tax expense for the year of 2024 was RMB9.7 million (US$1.3 million), compared with RMB0.6 million for the year of 2023. Net profit attributable to the Company's ordinary shareholders for the year of 2024 was RMB367.5 million (US$50.3 million), compared to RMB167.2 million for the year of 2023. Adjusted net profit attributable to the Company's ordinary shareholders (non-GAAP) for the year 2024 was RMB440.2 million (US$61.2 million), compared to RMB295.6 million for the year of 2023. Cash position(2) As of December 31, 2024, cash position of the Company was RMB3,670.3 million (US$502.8 million), as compared with RMB3,571.6 million as of December 31, 2023. (1) See the sections entitled 'Non-GAAP Financial Measure' and 'Reconciliations of GAAP and Non-GAAP Results' for more information about the non-GAAP measures referred to in this announcement. (2) Cash position includes cash and cash equivalents, short-term investments, and long-term debt investments included in long-term investments. Share Repurchase Programs Pursuant to the share repurchase programs launched in September 2021, September 2022, September 2023 and September 2024, respectively, we had cumulatively repurchased approximately 52.1 million ADSs from the open market with cash for a total consideration of approximately US$103.7 million as of February 28, 2025. Cash Dividend The Board has approved a cash dividend of US$0.02 per ADS or US$0.002 per ordinary share, for a total amount of approximately US$7.3 million, to shareholders of record as of the close of business on April 11, 2025. The payment date is expected to be on or around April 30, 2025 for holders of ordinary shares and on or around May 2, 2025 for holders of ADSs. Supplemental Information We organize and report our business in three operating segments: Insurance, which mainly includes Waterdrop Insurance Marketplace, Shenlanbao Insurance Marketplace and technical support service; Crowdfunding, which mainly includes Waterdrop Medical Crowdfunding; and Others, which mainly include Digital Clinical Trial Solution and other new initiatives. The table below sets forth the segment operating results, with the twelve-month comparative figures retrospectively adjusted to conform to this presentation. For the Three Months Ended For the Twelve Months Ended December 31, 2023 September 30, 2024 December 31, 2024 December 31, 2023* December 31, 2024 RMB RMB RMB USD RMB RMB USD （All amounts in thousands） Operating revenue, net Insurance 587,866 600,726 582,442 79,794 2,340,915 2,363,777 323,836 Crowdfunding 40,013 65,839 65,138 8,924 162,683 267,650 36,668 Others 31,485 37,576 39,244 5,377 127,109 140,394 19,234 Total consolidated operating revenue, net 659,364 704,141 686,824 94,095 2,630,707 2,771,821 379,738 Operating profit/(loss) Insurance 128,223 122,501 102,586 14,054 528,137 477,205 65,377 Crowdfunding (51,718) (17,902) (22,009) (3,015) (245,776) (95,084) (13,026) Others (27,078) (31,716) (5,933) (811) (155,235) (96,531) (13,226) Total segment operating profit 49,427 72,883 74,644 10,228 127,126 285,590 39,125 Unallocated items** (22,788) (46,413) (21,684) (2,971) (133,869) (107,432) (14,718) Total consolidated operating profit/(loss) 26,639 26,470 52,960 7,257 (6,743) 178,158 24,407 Total other income 44,463 60,842 40,443 5,541 170,983 182,432 24,992 Profit before income tax 71,102 87,312 93,403 12,798 164,240 360,590 49,399 Income tax (expense)/ benefit (15,164) 7,843 (1,936) (265) (555) (9,707) (1,330) Net profit 55,938 95,155 91,467 12,533 163,685 350,883 48,069 * Starting from the second quarter of 2023, our chief operating decision maker began managing the business through three operating segments and assessing performance and allocating resources under this new operating segment structure. The twelve-month comparative figures were retrospectively adjusted to conform to this presentation. ** The share-based compensation and impairment of intangible assets acquired from business combination represent unallocated items in the segment information because our management does not consider these as part of the segment operating performance measure. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ('USD' or 'US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. Non-GAAP Financial Measure The Company uses non-GAAP financial measure, adjusted net profit attributable to our ordinary shareholders, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net profit attributable to our ordinary shareholders represents net profit attributable to our ordinary shareholders excluding share-based compensation expense attributable to our ordinary shareholders, foreign currency exchange gain or losses, impact of terminating the mutual aid plan, impairment of intangible assets acquired from business combination and related tax effects on non-GAAP adjustments. The non-GAAP financial measure is not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measure has limitations as analytical tools and when assessing the Company's operating performance, investors should not consider it in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Investors are encouraged to review the Company's historical non-GAAP financial measure to the most directly comparable GAAP measure. Adjusted net profit attributable to our ordinary shareholders presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measure differently, limiting its usefulness as a comparative measure to our data. The Company mitigates these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measure, please see the table captioned 'Reconciliation of GAAP and Non-GAAP Results' set forth at the end of this press release. Safe Harbor Statement This press release contains statements that may constitute 'forward-looking' statements pursuant to the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'likely to' and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. Waterdrop may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Waterdrop's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Waterdrop's mission, goals and strategies; Waterdrop's future business development, financial condition and results of operations; the expected growth of the insurance, medical crowdfunding and healthcare industry in China; Waterdrop's expectations regarding demand for and market acceptance of our products and services; Waterdrop's expectations regarding its relationships with consumers, insurance carriers and other partners; competition in the industry and relevant government policies and regulations relating to insurance, medical crowdfunding and healthcare industry. Further information regarding these and other risks is included in Waterdrop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Conference Call Information Waterdrop's management team will hold a conference call on March 12, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day) to discuss the financial results. Dial-in details for the earnings conference call are as follows: International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Hong Kong Toll Free: 800-963976 Hong Kong: 852-58081995 Mainland China: 4001-206115 Chinese Line (Mandarin) Entry Number: 8850389 English Interpretation Line (Listen-only Mode) Entry Number: 2865357 Participants can choose between the Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call. Telephone replays will be accessible two hours after the conclusion of the conference call until March 19, 2025 by dialing the following numbers: A live and archived webcast of the conference call will also be available at the Company's investor relations website at About Waterdrop Inc. Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit For investor inquiries, please contact Waterdrop Inc. [email protected] WATERDROP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (All amounts in thousands, except for share and per share data, or otherwise noted) For the Three Months Ended For the Twelve Months Ended December 31, 2023 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024 RMB RMB RMB USD RMB RMB USD Operating revenue, net 659,364 704,141 686,824 94,095 2,630,707 2,771,821 379,738 Operating costs and expenses(ii) Operating costs (302,143) (340,560) (323,836) (44,365) (1,195,544) (1,314,740) (180,119) Sales and marketing expenses (174,817) (173,172) (182,038) (24,939) (740,451) (694,769) (95,183) General and administrative expenses (95,959) (110,988) (73,725) (10,100) (402,395) (367,652) (50,368) Research and development expenses (59,806) (52,951) (54,265) (7,434) (299,060) (216,502) (29,661) Total operating costs and expenses (632,725) (677,671) (633,864) (86,838) (2,637,450) (2,593,663) (355,331) Operating profit/(loss) 26,639 26,470 52,960 7,257 (6,743) 178,158 24,407 Other income Interest income 34,659 36,005 35,802 4,905 136,043 149,121 20,429 Foreign currency exchange gain/ (loss) 6,956 7,909 (963) (132) 4,342 8,016 1,098 Others, net 2,848 16,928 5,604 768 30,598 25,295 3,465 Profit before income tax 71,102 87,312 93,403 12,798 164,240 360,590 49,399 Income tax (expense)/ benefit (15,164) 7,843 (1,936) (265) (555) (9,707) (1,330) Net profit 55,938 95,155 91,467 12,533 163,685 350,883 48,069 Net loss attributable to mezzanine equity classified as non-controlling interests shareholders(i) (3,119) (3,818) (8,148) (1,116) (3,536) (16,627) (2,278) Net profit attributable to ordinary shareholders 59,057 98,973 99,615 13,649 167,221 367,510 50,347 Other comprehensive income: Foreign currency translation adjustment, net of tax (39,390) (83,054) 89,187 12,219 37,413 44,773 6,134 Unrealized loss on available for sale investments, net of tax - - (29,330) (4,018) (1,551) (29,330) (4,018) Total comprehensive income 16,548 12,101 151,324 20,734 199,547 366,326 50,185 Total comprehensive loss attributable to mezzanine equity classified as non-controlling interests shareholders(i) (3,119) (3,818) (8,148) (1,116) (3,536) (16,627) (2,278) Total comprehensive income attributable to ordinary shareholders 19,667 15,919 159,472 21,850 203,083 382,953 52,463 Weighted average number of ordinary shares used in computing net profit per share Basic 3,698,466,876 3,624,431,887 3,620,987,566 3,620,987,566 3,769,679,736 3,650,504,339 3,650,504,339 Diluted 3,762,270,456 3,689,357,838 3,699,552,300 3,699,552,300 3,880,861,496 3,719,776,955 3,719,776,955 Net profit per share attributable to ordinary shareholders Basic 0.02 0.03 0.03 0.00 0.04 0.10 0.01 Diluted 0.02 0.03 0.03 0.00 0.04 0.10 0.01 (i) Corrections were made to certain line items of the comparative figures for the three months ended September 30, 2024, because of an omitted attribution to non-controlling interests, resulted in a reclassification impact amounting to RMB6,168. Accordingly, net profit attributable to ordinary shareholders and net gain (loss) attributable to mezzanine equity classified as non-controlling interests shareholders previously reported at RMB92,805 and RMB2,350 are restated to RMB98,973 and RMB(3,818), respectively. The reclassification does not have a material impact on the consolidated financial statements nor Non-GAAP results. (ii) Share-based compensation expenses are included in the operating costs and expenses as follows. For the Three Months Ended For the Twelve Months Ended December 31, 2023 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024 RMB RMB RMB USD RMB RMB USD Sales and marketing expenses (1,991) (1,993) (1,692) (232) (35,352) (6,825) (935) General and administrative expenses (18,693) (21,297) (17,336) (2,375) (85,335) (69,245) (9,486) Research and development expenses (2,104) (2,563) (2,656) (364) (13,182) (10,802) (1,480) Total (22,788) (25,853) (21,684) (2,971) (133,869) (86,872) (11,901) WATERDROP INC. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, unless otherwise noted) For the Three Months Ended For the Twelve Months Ended December 31, 2023 September 30, 2024 December 31, 2024 December 31, 2023 December 31, 2024 RMB RMB RMB USD RMB RMB USD Net profit attributable to the Company's ordinary shareholders(i) 59,057 98,973 99,615 13,649 167,221 367,510 50,347 Add: Share-based compensation expense attributable to the Company's ordinary shareholders 22,556 25,673 21,502 2,946 132,686 86,449 11,843 Foreign currency exchange (gain)/ loss (6,956) (7,909) 963 132 (4,342) (8,016) (1,098) Impact of terminating the mutual aid plan (iii) - - (14,985) (2,053) - (14,985) (2,053) Impairment of intangible assets acquired from business combination(i) - 12,336 - - - 12,336 2,817 Tax effects on non-GAAP adjustments(i) - (3,084) - - - (3,084) (704) Adjusted net profit attributable to the Company's ordinary shareholders 74,657 125,989 107,095 14,674 295,565 440,210 61,152 (iii) This represents the reversal of the difference between estimated cost of medical expense coverage and actual payment. SOURCE Waterdrop Inc.
