Q4 2025 Waterdrop Inc Earnings Call Transcript
Good morning, everyone. This is Tracy Li from Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.
Please note that discussion today will come from forward-looking statements made under the safe harbor provision of the US Private Securities and 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. Shen Peng, our founder,
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