Q3 2025 Waterdrop Inc Earnings Call Transcript
Key Points
- Waterdrop Inc (WDH) reported a strong year-on-year revenue growth of 38.4% in the third quarter, reaching over CNY970 million.
- Net profit attributable to ordinary shareholders increased by 60.1% year-on-year, amounting to approximately CNY150 million.
- The insurance business segment showed significant growth, with revenue increasing by 44.8% year-on-year and achieving an operating profit margin of 20.3%.
- The company has maintained a GAAP profit for 15 consecutive quarters since the first quarter of 2022.
- Waterdrop Inc (WDH) continues to invest in AI, enhancing business quality and efficiency, and launched a low-code AI platform to empower employees in various tasks.
- Operating costs and expenses increased by 27.1% year-on-year, reaching approximately RMB861 million.
- Sales and marketing expenses rose by 40.3% year-on-year, driven by increased traffic investment and enhanced AI application costs.
- The R&D expenses increased by 10.2% year-on-year, reflecting higher personnel and technical support expenses.
- Despite the growth, the corresponding service fees remained stable year-on-year, indicating limited growth in this segment.
- The company faces risks and uncertainties that may cause actual results to differ materially from current expectations, as noted in their forward-looking statements.
Good morning, everyone. This is Tracy Li from Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's Third Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded. Please note that discussion today will contain forward-looking statements made under the safe harbor provision of the U.S.
Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but not limited to, those outlined in our public filings with the SEC. The company does not undertake any obligation to update any forward-looking statements, except as required and applicable law. Also, this call includes discussion of certain non-GAAP measures. Please refer to our earnings release for a reconciliation between non-GAAP and GAAP.
Joining us today on the call are Mr. Ran Wei, Director and GM of Insurance Business; Ms.
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