Q3 2025 Waterdrop Inc Earnings Call (Chinese) Transcript
Key Points
- Waterdrop Inc (WDH) reported a strong year-on-year revenue growth of 38.4% for the third quarter, reaching over CNY970 million.
- The company's net profit attributable to ordinary shareholders increased by 60.1% year-on-year, amounting to approximately CNY150 million.
- The insurtech business segment showed solid performance with a 44.8% year-on-year increase in operating profit, reaching about CNY180 million.
- Waterdrop Inc (WDH) has maintained GAAP profitability for 15 consecutive quarters since the first quarter of 2022.
- The company has developed 69 patent applications centered on large language models, including nine international filings, showcasing its commitment to innovation.
- Operating costs and expenses increased by 27.1% year-on-year, totaling approximately RMB861 million.
- Sales and marketing expenses rose by 40.3% year-on-year, driven by increased traffic investment and third-party channel marketing expenses.
- Despite the revenue growth, the cost of referral and service fees increased by RMB66.7 million, impacting overall cost structure.
- R&D expenses rose by 10.2% year-on-year, with personnel and technical support expenses contributing to the increase.
- The company faces risks and uncertainties that may cause actual results to differ materially from current expectations, as highlighted 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 US 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 in 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
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