Waterdrop Inc (WDH) 2025 Q1 法說會逐字稿

Good morning, everyone. This is Tracy Lee from Waterdrop, Investor Relations. It's my pleasure to welcome everyone to Waterdrop's first quarter 2025 earnings conference call. (Event Instructions) As a reminder, today's conference call is being recorded.

大家早安。我是 Waterdrop 投資者關係部門的 Tracy Lee。我很高興歡迎大家參加水滴2025年第一季財報電話會議。（活動說明）提醒一下，今天的電話會議正在錄音。

Please note that discussion today will contain forward-looking statements made under the Safe Harbor provisions of 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.

請注意，今天的討論將包含根據美國私人證券安全港條款和 1995 年訴訟改革法案做出的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。

Potential risk 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 under 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.

潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和不確定性。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。此外，本次電話會議也討論了某些非公認會計準則 (non-GAAP) 指標。請參閱我們的收益報告，以了解非 GAAP 和 GAAP 之間的對帳。

Joining us today on the call are Mr. Shen Peng, our Founder, Chairman and CEO; Mr. Ran Wei, Director and GM of Insurance Business; Mr. Xu Xiaoying, Head of Finance Department; and Mrs. Jasmine Lee, Board Secretary. We'll be happy to take some of the questions in the Mandarin line at the end of the conference call.

今天參加電話會議的有我們的創辦人、董事長兼執行長沈鵬先生、保險業務總監兼總經理冉煒先生、財務部長徐小英先生和董事會秘書李茉莉女士。我們很樂意在電話會議結束時透過普通話熱線回答一些問題。

Good afternoon, everyone. This is Shen Peng. In the first quarter, Waterdrop achieved robust business growth, while maintaining a steady profitability. Our revenue reached over RMB750 million, up by 7% year-over-year. With the net profit attributed to the oil company's ordinary shareholders about RMB110 million, a significant 34.2% year-over-year growth.

大家下午好。我是沈鵬。一季度，水滴業務實現強勁成長，同時保持了穩健的獲利能力。營業收入超過7.5億元人民幣，較去年成長7%。歸屬於石油公司普通股股東的淨利約1.1億元，較去年同期大幅成長34.2%。

This marks our 13th consecutive quarter of GAAP profitability. The segment, our insurance business continued proactive growth strategies starting first year premiums up by 19% year-over-year, contributing to an 8% year-over-year increase in insurance revenue.

這是我們連續第 13 個季度實現 GAAP 獲利。該部門，我們的保險業務繼續採取積極的成長策略，第一年保費年增19％，帶動保險收入較去年同期成長8％。

For medical corresponding as a pioneer of online service platforms for individuals seeking financial help, we strictly adhered to regulatory guidelines to be immediately assisting 3.47 million patients. Even this platform maintains stable execution with over the 11,000 patients enrolled today. We further advance our AI stability establishing in the two benchmarks for insurance expectations, R&D expenses in Q1 totaled CNY56 million, up by 3.6% is part of the quarter.

醫療對應方面，作為個人財務援助線上服務平台的先驅，我們嚴格遵守監管準則，立即為 347 萬名患者提供協助。即使今天有超過 11,000 名患者入組，該平台仍能保持穩定執行。我們進一步提升了人工智慧在兩大保險預期基準中的穩定性，第一季研發費用總計人民幣5,600萬元，較上季成長3.6%。

Our Waterdrop Guardian AI insurance efforts expanded across more scenarios, including internal uses in maternity insurance on [VCOM] and external partnerships. Reviewing to shareholders been in our priority, by end of May 2025, we have repurchased approximately 54.2 million ADS in the mobile market, totaling $1.07 million.

水滴守護AI保險業務拓展至更多場景，包括[VCOM]生育保險內部應用以及外部合作。回顧股東一直是我們的優先事項，截至 2025 年 5 月底，我們在行動市場回購了約 5,420 萬股 ADS，總額為 107 萬美元。

This May, we distributed our third cash event of $7.3 million. Waterdrop remains committed to social responsibility and sustainable development, actively creating share value for society. As of March 31, 2025, Waterdrop Charity Platform has partnered with 117 public charitable organization, launching over [15.5 families] projects, including rapid response to respect to earthquake.

今年五月，我們第三次發放現金，總額為 730 萬美元。水滴公司始終致力於社會責任和永續發展，積極為社會創造共享價值。截至2025年3月31日，水滴公益平台已與117家公益機構合作，開展超過[15.5個家庭]個項目，包括地震快速反應等。

Currently, we expect our revenue growth rate in consequent quarter to further increase, we anticipate that the annual revenue will grow by over 20% year over year. In the second half of the year, the company intended to increase its investment in driving business growth, which may have a certain negative impact on the annual profit.

目前我們預計下個季度的營收成長率將進一步提高，預計全年營收將年增20%以上。下半年，公司擬加大投入以推動業務成長，可能對全年利潤產生一定負面影響。

I will now pass to Ran Wei to update our performance in insurance business.

現在請冉偉報告一下我們保險業務的業績。

Thank you, Shen Peng. In the first quarter, our insurance business achieved FYP of approximately RMB2.09 billion, with a year-to-year growth of 19.3% and a quarter-to-quarter growth of 10.2%. Insurance-related revenue reached about RMB660 million, increasing by 8.4% year-over-year and by 13% quarter-over-quarter. The insurance business generated operating profit of approximately RMB115 million with an operating profit margin of 23%. FT for short-term insurance reached RMB1.5 billion, with [30.1%] year-over-year growth and 4.6% quarter-over-quarter growth.

謝謝沈鵬。一季度，本行保險業務實現首年保費收入約20.9億元，年增19.3%，季增10.2%。保險相關收入約6.6億元，較去年成長8.4%，較上季成長13%。保險業務實現營業利潤約1.15億元，營業利益率為23%。短期險業務收入達15億元，較去年成長30.1%，較上季成長4.6%。

On the customer acquisition side, similar on order drop insurance branding, we implemented personalized marketing strategies across traffic platforms, including Tik-Tok by leveraging real-time API capability. Currently, we exclude upgraded coverage and value-added services for existing users to a premium growth from both new and existing customer bases.

在客戶獲取方面，類似於訂單下降保險品牌，我們利用即時 API 功能在包括 Tik-Tok 在內的流量平台上實施了個人化行銷策略。目前，我們不包括為現有用戶提供升級覆蓋範圍和增值服務，而是從新舊客戶群中實現優質成長。

On the supply side, we have continued to innovate in premium medical insurance issuance both top standard risk and mature insurance offerings. During the quarter, our products were sustained risk generated premium of RMB280 million, representing year-over-year growth exiting [200%] we have further strengthened our cooperation with insurance companies come to develop more customized innovation products. Our exclusive maternity insurance product helping a to be agate 5.0.

在供給方面，我們不斷創新優質醫療保險的發行，包括最高標準風險和成熟的保險產品。本季度，我們的產品持續風險產生保費2.8億元，年增200%。我們進一步加強與保險公司的合作，開發更多客製化的創新產品。我們專屬的生育保險產品助力agate 5.0。

Engineering cover for (inaudible) and for the first time, incorporating medication subsidy side, providing expecting mothers with enhanced benefits. In late April, in current share with issuers, we launched the demo, the industry's first minimal insurance products with both health declaration rivers and guaranteed renewal.

工程覆蓋（聽不清楚），並首次納入藥物補助方面，為準媽媽提供更多福利。四月下旬，我們與發行人共同推出了演示版，這是業內首款同時具備健康申報條款和保證續保的最低保險產品。

This product is available for chronic disease patients and in use with sub-optimal health, allowing the renewal up to age 105 and setting new standards for medical insurance coverage. FYP insurance reached RMB590 million, representing a 1.6% year-over-year decline with 27.6% quarter-over-quarter increase. The year-over-year decrease was primarily attributable to the pressure on life insurance products or early observed a significant growth in disability insurance and critical illness insurance.

本產品適用於慢性病患者及亞健康族群使用，可續保至105歲，為醫療保險涵蓋範圍樹立了新的標準。首年保費收入5.9億元，年減1.6%，季增27.6%。年減主要由於壽險產品承壓或前期觀察到失能險、重疾險等產品大幅成長。

Disability insurance exit contributed over RMB87 million in premium. Within critical in insurance, our denoted featuring a flexible health declaration continue to gain user recognition in the launch with multiple upgrades and iteration.

失能保險退出貢獻保費超過8,700萬元。在保險領域，我們以靈活健康申報為特色的特色產品在推出後經過多次升級和迭代，不斷獲得用戶認可。

During this quarter, we also introduced an upgraded version of (inaudible), a specific insurance productive test-type diabetes opinion as well as the industry refers to (inaudible) long-term (inaudible) insurance furthering on revenue innovation in Ramahealth insuring products. The (inaudible) online (inaudible) growth in the workforce side with productivity per capita achieving both year-on-year and sequential increase. (inaudible) continues to refine online lifestyle model indifferently contributed RMB110 million in premiums in Q1.

本季度，我們也推出了升級版（聽不清楚）、特定保險生產性測試型糖尿病意見以及業界所稱的（聽不清楚）長期（聽不清楚）保險，進一步推動了 Ramahealth 保險產品的收入創新。（聽不清楚）在網路上（聽不清楚）勞動力方面的成長，人均生產力達到年比與季增。 （聽不清楚）繼續完善線上生活方式模式，在第一季貢獻了 1.1 億元的保費。

The problem of strengthen in technology collaboration with (inaudible) insurance capital launching AI service applications currently (inaudible), which can generate over 10 service cases. What about content drive the development of large metro model capabilities. As of the end of Q1, the company has filed 51 patents related to aero and technology and (inaudible) continues to enhance operational efficiency across all business segments.

加強技術合作的問題（聽不清楚）保險資金目前推出的AI服務應用（聽不清楚），可以產生10個以上的服務案例。內容如何推動大型地鐵模型能力的發展。截至第一季末，該公司已申請了 51 項與航空和技術相關的專利，並且（聽不清楚）繼續提高所有業務部門的營運效率。

The (inaudible) pilot has improved quality enhancement efficiency by leveraging and rendering capabilities to unit opportunity efficiency by 83%. The AI insurance expert has made a significant progress across multiple premise as the AI insurance expertise, medical insurance is gradually scaling its capacity, (inaudible) 2 million monthly premiums in outbound mirror.

此（聽不清楚）試點透過利用和渲染能力將單位機會效率提高了 83%，從而提高了品質提升效率。AI保險專家在多個前提下取得了重大進展，隨著AI保險專業知識的積累，醫療保險正在逐步擴大其容量，（聽不清楚）出站鏡像每月200萬保費。

Additionally, we (inaudible) service extended its is with the significant launch of maternity insurance service for recline in March, achieving end-to-end policy underwriting and premium generation. In customer service, our AI powered support system operated 24/7, resulting 52% of user in period automatically.

此外，我們（聽不清楚）服務擴展了其範圍，於 3 月推出了重要的生育保險服務，實現了端到端的保單承保和保費產生。在客戶服務方面，我們的人工智慧支援系統全天候運行，自動為 52% 的用戶提供支援。

In the business morals, it's already in 94% of service class without community intervention beyond management insurance and passthrough service, we are actively expanding AI insurance experts applications to new through ongoing R&D efforts. This concludes our business -- insurance business in Q1 and will now pass to our Board Secretary, Jasmine Lee, to update our performance team, medical performing, and the healthcare update.

在商業道德方面，除了管理保險和直通服務之外，它已經涵蓋了94%無需社區幹預的服務類別，我們正在透過持續的研發努力，積極將AI保險專家的應用擴展到新的領域。我們的業務—第一季的保險業務就此結束，現在將移交給董事會秘書 Jasmine Lee，以更新我們的績效團隊、醫療表現和醫療保健的最新情況。

Thank you, Wei Ran. As of the annual around 475 billion people cumulatively derated RMB68.8 billion to about 3.47 million patients through our Medical for funding. We focus on three key cases this quarter. First, we optimized our process design by introducing the online search requirements as the campaign initiation stage. A service (inaudible) clearly communicate to -- commitment the labor orientation to (inaudible) Sentinel, we have certainly educated users order of social supervision, but as well as relevant laws and regulations, much less health declaration in insurance acquisition, this measure established and interpret with ours.

謝謝你，魏然。截至2017年，共有約4750萬人透過我們的醫療救助計畫累計獲得資助688億元人民幣，惠及約347萬名患者。本季我們將重點放在三個關鍵案例。首先，我們優化了流程設計，引入了線上搜尋要求作為活動啟動階段。一項服務（聽不清楚）明確傳達給－承諾以勞動為導向（聽不清楚）哨兵，我們當然已經教育用戶社會監督的秩序，但以及相關法律法規，更不用說在購買保險時的健康申報，這項措施的製定和解釋與我們一致。

Additionally, the (inaudible) continue to be risk control verification stability through systems -- systematic infrastructure equipment this quarter. We delivered sandalized verification deadline for 3 high-risk serial (inaudible), vehicle ownership and income by integrating our special verification channel like traffic management Bureau and (inaudible) governance service platform covering 92% of cities nationwide, we significantly improved the efficiency and quality of risk clarification.

此外，（聽不清楚）本季繼續透過系統－系統基礎設施設備進行風險控制驗證穩定性。整合交管局等專案核查管道及覆蓋全國92%城市的治理服務平台，對3個高風險序列（聽不清楚）、車輛保有量、收入等環節實施統一的核查時限，顯著提高風險釐清效率與品質。

Regarding the notes to concern issue of bond security, Waterdrop implemented and intelligent monitoring combined with system civilian and manual follow-up to hire neuro system can generate optimal risk control solution based on average model.

針對本次債券發行的關注事項，水滴實現了智慧監控，結合系統民用化和人工跟進，採用神經系統，基於平均模型生成最優風險控制方案。

During the ideal efficiency and timing for an inversion, the technological approach has effectively reduced the risk of a with the preparation and ensuring safety of (inaudible) In the mid-part our health care-related business mean steady development, the digital (inaudible) solutions business are with [185] security of 77 new products. The only other 822 patients have been enrolled and the cumulative number of enrolled patients to launch reached 11,215.

在理想的效率和時機發生反轉期間，技術方法有效地降低了準備和確保安全的風險（聽不清楚）在中期，我們的醫療保健相關業務意味著穩步發展，數位（聽不清楚）解決方案業務擁有 [185] 77 種新產品的安全性。僅剩下822名患者入組，累計入組患者人數已達11,215人。

Revenue from digital clinical tires grew by 11.5% year-over-year. The platform continue to the oncology view expanding its collaborated projects this quarter. A, texturing ethanol tumors, thereby strengthen its industry competitiveness. Additionally, leveraging expenses patients database and digital permanent strategy. The performance and multiple (inaudible) in chronic and rare diseases, earning well-traded recognition.

數位臨床輪胎收入年增11.5%。該平臺本季繼續從腫瘤學角度擴大其合作項目。A、加氣乙醇瘤，進而增強其產業競爭力。此外，還利用費用患者資料庫和數位永久策略。在慢性病和罕見疾病領域的表現和多種（聽不清楚）贏得了廣泛的認可。

Currently, in this quarter, the platform has actually an digital omnichannel marketing initiative. (inaudible) ERT-treated up part with medical device company to jointly develop an intelligent service system for (inaudible). This product is expected to be launched in the second quarter, collaborating with our partners to enhance the efficiency of patient health management.

目前，本季該平台實際上已經推出了數位全通路行銷計劃。（聽不清楚）ERT治療部門與醫療器材公司共同開發智慧服務系統（聽不清楚）。該產品預計將於第二季上市，與合作夥伴共同提升病患健康管理的效率。

Now I will hand over to Xiaoying Xu, our Head of Finance expect our financial performance in the quarter.

現在，我將把預測本季財務表現的任務交給我們的財務主管徐曉英。

Thank you. Hello, everyone, I will walk you through our financial highlights for first quarter of 2025. Before I go into detail, please be reminded that all numbers quoted here will be on the and brief to refer to our earnings release for detailed information on our financial performance and most year-over-year and quarter-on-quarter basis, respectively. In the first quarter of '25, all business agenda reverse collated performance. So accommodated to revenue reached RMB754 million, representing a year-over-year quarter.

謝謝。大家好，我將向大家介紹我們 2025 年第一季的財務亮點。在我詳細介紹之前，請注意，這裡引用的所有數字都是簡短的，以分別參考我們的收益報告以獲取有關我們的財務業績和大多數同比和環比的詳細信息。2025年第一季度，所有業務議程均逆轉了整理業績。因此，當季營收達人民幣7.54億元，較上年同期成長1.6%。

By business segment, insurance related income to give approximately RMB658 million in revenue up by 8.4% year-over-year. Performing services amounted to RMB7.1 million year-over-year. Digital clinical care solution systems and we think about RMB22 million in revenue, growing by 11.5% year-over-year.

依業務分部劃分，保險相關收入實現營業收入約人民幣6.58億元，較去年成長8.4%。履行服務總額年增710萬元。數位化臨床護理解決方案系統，預計收入約2,200萬元人民幣，年增11.5%。

In terms of the operations, the company focused on enhancing efficiency and quality. In first quarter, total operating costs and interest expenses amounted to approximately RMB678 billion, representing a year-on-year increase of about 3% (inaudible) was lower than their revenue growth rate of this operating cost for this quarter reached of RMB374 million, an increase of 13% on Y-o-Y basis.

在經營方面，公司著重提升效率和品質。第一季度，總營業成本及利息支出約為人民幣6,780億元，較去年同期成長約3%（聽不清楚），低於其營收成長率。本季營業成本達人民幣3.74億元，年增13%。

This was primarily due to about RMB37.7 million in cost of referral services during this period, along with more is a RMB2.8 million increase in (inaudible)high version and computing. Sales and marketing expenses amounted to RMB172 million, decreasing by approximately RMB5.6 million at -- the reduction was primarily reflected in also (inaudible) therapy and related operational costs through the progress of application of AI capability team internal operational efficiency continued to improve with a decrease of RMB5.9 million and RMB5.6 million, respectively, in this area this quarter.

這主要是因為本期間轉診服務成本約為 3,770 萬元，另外還有（聽不清楚）高版本和計算成本增加了 280 萬元。銷售和行銷費用為人民幣 1.72 億元，減少約人民幣 560 萬元——減少主要反映在（聽不清楚）治療和相關營運成本透過應用人工智慧能力團隊內部營運效率的進步繼續提高，本季該領域分別減少了人民幣 590 萬元和人民幣 560 萬元。

Moderately impact investment in our customer acquisition led to year-over-year, RMB4.5 million in freight and marketing expenses for services channel and reduce combined APAC soft and marketing expenses for the period decreased by 5.4% year-over-year.

對客戶獲取的投資產生了適度影響，導致服務管道的運費和行銷費用同比減少 450 萬元人民幣，並減少了亞太地區本期綜合軟體和行銷費用同比下降 5.4%。

General and administrative expenses were RMB[74.29] million, down 15.8% year-over-year, primarily attributable to improvements in the stores management efficiency and a reduction in professional services. R&D expenses were approximately RMB56.2 million, remaining stable year-over-year, offering the structure of R&D costs have further adjusted to focus more on stability.

一般及行政開支為人民幣 [7,429] 萬元，年減 15.8%，主要由於門市管理效率提升及專業服務減少。研發費用約人民幣5,620萬元，較去年同期維持穩定，研發費用結構進一步調整，更重視穩定性。

In the first quarter, the company achieved this net profit attributed to the ordinary shareholders 108 million, representing figure in a year-over-year growth of 34.2%. As of the end of Q1, 2025, the company maintains ample cash conserve about RMB[3.54] billion with operating cash flow continues to be positive. This quarter, the generated net operating cash inflow of RMB94.5 million for an positions financial support for future business growth.

一季度，公司實現歸屬於普通股股東的淨利1.08億元，年增34.2%。截至2025年第一季末，公司現金儲備充裕約35.4億元，經營現金流持續為正。本季產生淨經營現金流入9,450萬元，為未來業務成長提供了資金支持。

In summary, the strong first quarter performance demonstrates, what is a sustainable and stable traffic growth with notable programs across mobile business segment. Moving forward, we will adhere to the business path of strengthening growth and improving efficiency through (inaudible) and continue to be the first at performance.

綜上所述，第一季的強勁表現表明，行動業務領域的專案進展顯著，流量成長可持續且穩定。未來，我們將堅持「強成長、提效益」的經營道路，並持續維持業績第一。

And ladies and gentlemen, with that we will conclude today's conference call. We do thank you for joining. Have a good time.

女士們、先生們，今天的電話會議就到此結束。我們非常感謝您的加入。玩的很開心。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。