Waterdrop Inc (WDH) 2025 Q2 法說會逐字稿

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

大家早安。我是水滴投資者關係部的 Tracy Lisang。我很高興歡迎大家參加水滴2025年第二季財報電話會議。（操作員指示）提醒一下，今天的電話會議正在被錄音。

Please note that discussion today will contain forward-looking statements made under the Safe Harbor provision 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 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 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; Mrs. Xu Xiaoying, Head of Finance Department; and Mrs. Jasmine Li, Corporate Secretary.

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、財務部長徐小英女士和公司秘書李茉莉女士。

We'll be happy to take some of the questions in the Mandarin line at the end of the conference call.

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 morning, everyone. This is Shen Peng. In the second quarter, we are pleased to see the integration of AI with the insurance and healthcare sectors began to deliver satisfying results.

大家早安。我是沈鵬。第二季度，我們很高興地看到人工智慧與保險、醫療等產業的整合開始取得令人滿意的成果。

Revenue growth accelerated further with quarterly revenue reaching RMB840 million, up 23.9% year on year. Powered by AI, the company has improved operational efficiency significantly, driving an 85.9% year-on-year increase in operating profit and lifting the operating margin by 3.9 percentage points.

營收成長進一步加快，當季收入達人民幣8.4億元，年增23.9%。在人工智慧的驅動下，公司營運效率大幅提升，帶動營業利潤年增85.9%，營業利益率提升3.9個百分點。

Our InsurTech business leveraged technological innovation to bring inclusive protection for more users. Our Waterdrop Guardian AI application suite has been rolled out across customer acquisition, sales, underwriting, customer service, quality assurance, and other key process.

我們的保險科技業務利用科技創新為更多用戶帶來普惠保障。我們的水滴守護AI應用套件已涵蓋客戶獲取、銷售、承保、客戶服務、品質保證等關鍵流程。

With that, FYP in Q2 increased 80% year over year, and productivity per capita improved significantly. Waterdrop Medical Crowdfunding platform has also upgraded its risk assessment system by integrating large language model capabilities in case authenticity and transparency. As of June 30, it has raised Medical Crowdfunding medical funds for 3.54 million patients.

其中，第二季職工薪資年增80%，人均勞動生產力大幅提高。水滴醫療眾籌平台也升級了風險評估體系，融入大型語言模式能力，提升案例真實性與透明度。截至6月30日，已為354萬名患者籌集醫療眾籌醫療資金。

With the market rebounding, the number of patients enrolled in our E-Find Platform also reached a historical high, with nearly 1,000 patients were enrolled in the second quarter of 2025, where operations remain robust and improving.

隨著市場回暖，我們E-Find平台的入組患者數量也創下歷史新高，2025年第二季入組患者近1,000名，平台營運維持強勁並持續改善。

We keep improving our AI technology stack. Our self-development multi-agent collaboration framework can be reused a lot. They help us quickly build different types of agentic chatbot and let AI agents collaborate within milliseconds. Thanks to this, we can provide more stable AI agents to handle more and more complex situations.

我們不斷改進我們的人工智慧技術堆疊。我們自主開發的多智能體協作框架可以大量重複使用。它們幫助我們快速建立不同類型的代理聊天機器人，並讓人工智慧代理在幾毫秒內進行協作。得益於此，我們可以提供更穩定的AI代理來處理越來越複雜的情況。

We also created proxy reward models and added the GRPO algorithm. This allows agents to break away from fixed scripts and change their communication strategies according to what customers do. To fix the slow responding issue when making AI agent calls, we use a distributed p-value cache. It significantly speed up the inference of the first token.

我們還創建了代理獎勵模型並添加了 GRPO 演算法。這使得代理商能夠擺脫固定腳本並根據客戶的行為改變他們的溝通策略。為了解決 AI 代理呼叫時響應緩慢的問題，我們使用了分散式 p 值快取。它顯著加快了第一個標記的推理速度。

As of June 30, the company has submitted 60 patent applications related to large language models, with 9 of them filed outside -- international. Our AI-driven business innovations were recently included in Harvard Business School's case collection, receiving recognition from the world-renowned academic institutions. Based on these technologies, we will continue to expand the use of AI in our insurance and healthcare sectors, constantly creating value for our business and the industry.

截至6月30日，該公司已提交60項與大型語言模型相關的專利申請，其中9項在國際以外提交。我們的人工智慧商業創新成果近期被收錄至哈佛商學院案例集，並獲得全球知名學術機構的認可。基於這些技術，我們將持續拓展人工智慧在保險、醫療健康領域的應用，並持續為我們的業務和產業創造價值。

The company also actively engaged in social return initiatives. As of June 30, 2025, our Waterdrop Welfare Platform has collaborated with 118 public charitable organizations. It has initiated over 15,500 public welfare projects.

公司也積極投身社會回報事業。截至2025年6月30日，水滴公益平台已與118家公益組織合作。發起公益計畫超過15500個。

In July, it participated in the relief efforts for the flood -- disease in North China, providing assistance to the affected people through monetary and material donations. This year marks our ninth anniversary of the company's established. We are very grateful for the continuous support from our shareholders and investors over time.

7月，參與華北地區水災救災工作，提供受災民眾捐款、捐物援助。今年是我們公司成立九週年。我們非常感謝股東和投資者長期以來的持續支持。

The company has actively conducted share repurchase in the open market for four consecutive years. To keep repaying shareholders' trust, our Board recently approved two new initiatives. On one hand, we are pleased to announce that our Board has recently approved an enhanced cash dividend of $10.9 million, representing a 50% increase over the previous dividend. The dividend per ordinary share was $0.003, and the dividend per ADS will be $0.03.

公司已連續四年在公開市場積極進行股份回購。為了繼續回報股東的信任，我們的董事會最近批准了兩項新措施。一方面，我們很高興地宣布，董事會最近批准增加 1,090 萬美元的現金股息，比上次股息增加 50%。每股普通股股息為 0.003 美元，每股 ADS 股息為 0.03 美元。

The Board has also authorized a fifth annual share repurchase plan. Since our first share repurchase program was launched in 2021, we have repurchased approximately 55.7 million ADS for $109 million as of August 31, 2025.

董事會也批准了第五個年度股票回購計畫。自 2021 年啟動首個股票回購計畫以來，截至 2025 年 8 月 31 日，我們已回購約 5,570 萬股 A​​DS，回購金額為 1.09 億美元。

Looking ahead, we will build on the current performance and make further efforts to achieve the business goals for the year of 2025 in the medium- and long-term business development, striving to create more value for our stakeholders.

展望未來，我們將在現有業績的基礎上，在中長期業務發展中進一步努力，實現2025年的經營目標，努力為利害關係人創造更多價值。

Next, I will now pass to Ran Wei to introduce the development of Insurance business in Q2.

以下請冉偉介紹一下第二季保險業務的發展。

Thank you, Shen Peng. In Q2, our Insurance business delivered robust growth. The first-year premium reached RMB3.2 billion, up 80.2% year over year and 53.1% quarter over quarter. Insurance-related revenue was about RMB740 million, up 28.7% year over year and 12.2% quarter over quarter.

謝謝沈鵬。第二季度，我們的保險業務實現了強勁成長。首年保費達32億元，年增80.2%，季增53.1%。保險相關收入約人民幣7.40億元，較去年成長28.7%，較上季成長12.2%。

Operating margin improved to 23.1%, up by near 2 percentage points year over year, driving our -- driven by our deeper AI integration. For [short-term] products, we increased investment in customer acquisition and technology, representing FYP to RMB2.43 billion, up 95% year over year and 62.1% quarter over quarter.

營業利潤率提高至 23.1%，年增近 2 個百分點，這得益於我們更深入的人工智慧整合。對於[短期]產品，我們增加了客戶獲取和技術的投入，即首年保費達到人民幣24.3億元，同比增長95％，環比增長62.1％。

In customer acquisition, we continuously tap into AI capabilities, iterate on user outreach and recommendation AI models, and drive continuous breakthrough in customer acquisition from the public domain. We are increasingly applying AI tools to enhance the production speed and the quantity of marketing materials to support front-end customer acquisition efforts.

在獲客方面，我們不斷挖掘AI能力，迭代用戶觸達和推薦AI模型，推動大眾獲客不斷突破。我們越來越多地應用人工智慧工具來提高行銷材料的生產速度和數量，以支援前端的客戶獲取工作。

At the same time, we utilized AI to facilitate better conversion of different scenarios. For example, our new AI Pro insurance model, the app, and the Mini Program use large language model for real-time matching and convert nearly 50% better than the traditional advertisement slot.

同時，我們利用AI來促進不同場景的更好轉換。例如我們新的AI Pro保險模型，APP、小程式都採用大型語言模型進行即時匹配，轉換率比傳統廣告位高出近50%。

In the voice service scenario, AI medical insurance experts continue to improve efficiency. In Q2, it assisted in achieving a 155% increase in the scale of insurance premiums compared to the Q1 and plan to continue expanding in the second half of the year. In Wecom scenario, AI medical insurance experts launched as of end of March and by June lifted FYP per lead 58% compared to that in May.

在語音服務場景下，AI醫保專家持續提升效率。第二季協助實現保費規模季增155%，並計畫在下半年繼續擴大。在微盟場景中，AI醫保專家於3月底上線，6月每條線索的首年保費較5月份提升了58%。

On products, we expanded our portfolio. We have new long-term medical plans such as (inaudible), Xin Yi Bao, which requires no health declaration and guarantee renewal for five years. We also rolled out Huiminbao, a mid- to high-end plan with zero deductible and nationwide eligibility; and version 6.0 of our maternity insurance, Jie Hao Yun.

在產品方面，我們擴大了產品組合。我們有新的長期醫療計劃，例如（聽不清楚）心怡寶，該計劃不需要健康聲明，並保證五年會續保。我們還推出了惠民保，這是一項零免賠額、全國適用的中高端計劃；以及生育保險6.0版「節好運」。

We are the first in the market to accept expected mother with pre-existing conditions. Our products for people with preexisting conditions contributing a quarterly premium of RMB300 million, a year-on-year increase of 146.6%.

我們是市場上第一家接受患有既往疾病的準媽媽的公司。我們的既有疾病險產品每季貢獻保費3億元，年增146.6%。

In terms of long-term insurance, we actively explore the efficiency improvement of AI tools for online sales consultants and planners, which contributed to the long-term FYP reaching RMB770 million, a year-on-year increase of 45.4% and sequential increase of 30.5%.

長期險方面，積極探索人工智慧工具對線上銷售顧問、策劃師的效能提升，推動長期首年保費達到7.7億元，年增45.4%，季增30.5%。

With the assistance of AI tools, the productivity of traditional online sales team has achieved a double-digit growth both year on year and quarter on quarter. And Shenlanbao independently contributed FYP of RMB210 million. We've given online sales consultants and planners an insurance product knowledge-based query tool called Life Planner Copilot.

在AI工具的輔助下，傳統線上銷售團隊的生產力年比、季比均達到了兩位數的成長。其中深藍寶獨自貢獻了2.1億元的FYP。我們為線上銷售顧問和規劃師提供了一種基於保險產品知識的查詢工具，稱為 Life Planner Copilot。

It's based on large language model. The model base has information on about 7,000 insurance products. It helps consultants search for relevant insurance contract terms in real time. In total, it has handled 300,000 insurance product-related consultations.

它是基於大型語言模型。模型庫收錄了約7000種保險產品的資訊。它可以幫助顧問即時搜尋相關的保險合約條款。累計處理保險產品相關諮詢30萬次。

After months of internal testing, we launched KEYI.AI at the end of August. Think of it as an insurance-focused DeepSeek. It delivers expert underwriting answers for every informed product with industry-leading accuracy. And we plan to open the platform to our partners to accelerate AI adoption across the industry value chain.

經過數月的內部測試，我們在8月底推出了KEYI.AI。可以將其視為以保險為中心的 DeepSeek。它以行業領先的準確度為每種知情產品提供專家承保答案。我們計劃向合作夥伴開放該平台，以加速整個產業價值鏈的人工智慧應用。

Besides tools for agents, we have launched an AI super presales assistant, Wecom. It can receive customer consultation 24/7. It can figure out customers' insurance needs and their intention to buy insurance on its own, match suitable products based on customers' situations, and make an appointment with the most appropriate salesmen for them. According to the data since its launch, the AI assistant is more efficient than human assistance and has effectively improved the team's work efficiency.

除了代理商工具外，我們還推出了AI超級售前助理Wecom。可以24小時全天候接受客戶諮詢。它可以自主了解客戶的保險需求和購買保險的意願，根據客戶的情況匹配合適的產品，並預約最合適的銷售人員。從上線以來的數據來看，AI助理的效率比人工助理更高，有效提升了團隊的工作效率。

On the supply side of long-term products, we keep pushing health insurance innovation. We kept refining our critical units aligned with easy health declaration and introduced the cost-effective (inaudible) critical unit plan and rolled out no health declaration income protection insurance product.

在長期產品供給側，我們不斷推動健康險創新。我們不斷完善與簡易健康申報相一致的關鍵單位，並推出了具有成本效益的（聽不清楚）關鍵單位計劃，並推出了無需健康申報的收入保障保險產品。

Besides disability insurance crossed over -- crossed RMB100 million in quarterly FYP for the first time, underscoring a strong user acceptance. Since its rollout at the end of March, our AI customer service agent has scaled rapidly, a voice support alongside text.

此外，失能保險第一季保費首次突破1億元人民幣，彰顯用戶接受度較高。自 3 月底推出以來，我們的 AI 客戶服務代理規模迅速擴大，除了文字支援外還提供語音支援。

In June alone, it handled 250,000 service sessions, leading first contact resolution rate. Online insurers now achieved 100% AI coverage. Meanwhile, in Q2, our AI quality control assistant boosted Q&A efficiency by 94% compared with traditional manual way.

僅在 6 月份，它就處理了 250,000 次服務會話，首次聯繫解決率領先。線上保險公司目前已實現 100% 的人工智慧覆蓋。同時，第二季我們的AI品管助理相比傳統人工方式問答效率提升了94%。

This concludes the Insurance business update. Now I will hand over to our Board Secretary, Jasmine, to review Q2 progress in Waterdrop Crowdfunding and healthcare sectors.

保險業務更新到此結束。現在，我將把時間交給董事會秘書 Jasmine，來回顧水滴眾籌和醫療保健領域第二季的進展。

Thank you, Ran Wei. As of the end of June 2025, around 480 million people cumulatively donated RMB70 billion to about 3.54 million patients through our Waterdrop Medical Crowdfunding platform. Guided by (inaudible), we again increased R&D investment on our personal medical crowdfunding risk controls.

謝謝你，冉薇。截至2025年6月底，約有4.8億人透過水滴醫療眾籌平台累計向約354萬名病患捐款700億元人民幣。在（聽不清楚）的指導下，我們再次增加了對個人醫療眾籌風險控制的研發投入。

For case level risk, large language model metrics can now identify 15 high-risk scenarios, like suspected identities, abnormal spending, or ethical violations. It does this by analyzing every word in the campaign's contact, comments, and hidden clues, which greatly improves the detective accuracy.

對於案例層級風險，大型語言模型指標現在可以識別 15 種高風險場景，例如可疑身分、異常支出或違反道德行為。它透過分析活動聯絡人、評論和隱藏線索中的每個字來實現這一點，從而大大提高偵探的準確性。

For fund level risk, a dynamic monitoring algorithm checks the diagnosed timeline, commercial insurance payouts, and the fundraising speed. If anything wrong with fund, it will automatically limit or pause the campaign. Then many review will be carried out within minutes.

對於基金層面的風險，動態監控演算法檢查診斷時間表、商業保險賠償和籌款速度。如果資金出現任何問題，它將自動限製或暫停活動。然後許多審查將在幾分鐘內完成。

To address malicious promotion activities, we have developed an abnormal behavior recognition model. We incorporated crucial factors, such as donation conversion rate, information dissemination patterns, and [assess] characteristics. This model shows the top accuracy in the industry. This model can detect and stop the malicious campaign in real time.

為了因應惡意推廣活動，我們開發了異常行為識別模型。我們納入了捐贈轉換率、資訊傳播模式和[評估]特徵等關鍵因素。該模型展現了業界最高的精度。該模型可以即時檢測並阻止惡意活動。

On May 27, we partnered with Guangzhou civil affairs bureaucracy to launch the Waterdrop Co-Help. It is the first project under our new designation as a government-endorsed platform that integrates social and public welfare resources.

5月27日，我們與廣州民政部門合作啟動「水滴互助」計畫。這是我們作為政府認可的社會公益資源整合平台的首個項目。

This project ensures that welfare resources can accurately reach the target population by integrating the system with (inaudible) platform. At the same time, in place like Guangzhou Co-Help space and hospitals, the platform keeps improving its serviceability and actively responds to and explore the government enterprise collaboration innovation model.

此計畫透過系統與（聽不清楚）平台的整合，確保福利資源能精準地到達目標族群。同時，在廣州共濟空間、醫院等地，平台不斷提升服務能力，積極回應並探索政企協同創新模式。

Turning to our Healthcare business, we continue to advance on steady and upward trajectory. Digital clinical trial business has entered a phase of rapid scale-up, coupled with efficiency gains. E-Find Platform expanded its collaboration to 198 pharmaceutical and contract research organizations.

談到我們的醫療保健業務，我們繼續穩步上升。數位化臨床試驗業務已進入快速擴張階段，效率也不斷提升。E-Find 平台將其合作範圍擴大到 198 家製藥和合約研究組織。

Meanwhile, we initiated service for 114 new programs. The number of patients enrolled about reached -- also reached a historic high, with 999 patients enrolled in Q2 of 2025, representing a 34.2% year-over-year revenue growth.

同時，新開通了114個專案服務。入組患者數量也達到了歷史最高水平，2025 年第二季度入組患者數量達到 999 名，收入年增 34.2%。

Our digital omnichannel marketing business also accelerated. We renewed our three-year contract with a leading global multinational pharmaceutical. Through the application of AI in patient services and health education management, we achieved a 105% increase in productivity per capita, representing a substantial enhancement in our service capability.

我們的數位全通路行銷業務也加速發展。我們與一家全球領先的跨國製藥公司續簽了三年合約。我們透過人工智慧在病患服務與健康教育管理的應用，實現了人均生產效率提升105%，服務能力大幅提升。

Looking ahead, we will deepen our LLM capabilities and algorithmic precision to unlock further growth as healthcare digitalization vision accelerates. Now I will hand over to Xu Xiaoying, our Head of Finance Department, to discuss our financial performance in this quarter.

展望未來，隨著醫療數位化願景的加速，我們將深化我們的 LLM 能力和演算法精度，以釋放進一步的成長。現在我將把時間交給我們的財務部長徐小英來討論我們本季的財務表現。

Thank you, Jasmine. Hello, everyone. I will now walk you through our financial highlights for the second quarter of 2025. Before I go into details, please be reminded that all numbers quoted here will be in RMB. And please refer to our earnings release for detailed information on our financial performance on both the year-over-year and quarter-over-quarter basis, respectively.

謝謝你，茉莉。大家好。現在我將向您介紹我們 2025 年第二季的財務亮點。在我詳細介紹之前，請注意，這裡引用的所有數字均以人民幣為單位。請參閱我們的收益報告，以獲取有關我們同比和環比財務表現的詳細資訊。

On the basis of steady growth in the previous quarter, the company has further achieved significant year-on-year and quarter-on-quarter growth in both revenue and profit this quarter. As Shen Peng and Jasmine just mentioned, the further development of company's AI application will improve the efficiency of our business operation in multiple segments, including customer acquisition, sales, service, and quality control, providing strong motivation for the performance growth in the second quarter.

在上季穩定成長的基礎上，本季公司進一步實現營收、獲利年增、季比大幅成長。如同剛才沈鵬和Jasmine所提到的，公司人工智慧應用的進一步發展，將提升我們在獲客、銷售、服務、品控等多個環節的業務營運效率，為第二季的業績成長提供強勁動力。

In Q2, Waterdrop achieved remarkable financial results with both -- with the total revenue amounted to RMB838 million, representing a year-on-year increase of 23.9% and a quarter-on-quarter increase of 11.2%. By segment, the Insurance business contributed RMB739 million, showing a year-on-year increase of 28.7%. The corresponding service fees generated RMB67.4 million, remaining stable on year on year.

第二季度，水滴公司業績表現亮眼，總營收達8.38億元，年增23.9%，季增11.2%。分板塊來看，保險業務貢獻收入7.39億元，較去年成長28.7%。相應服務費收入為6,740萬元，較去年同期維持穩定。

The digital clinical trial solutions yielded RMB27.7 million with a year-on-year increase of 34.2%. Meanwhile, the company has been making its operation more efficient. In second quarter, the total operating costs and expenses were around RMB741 million, which is about 18.7% higher than the same period last year as the growth rate of the costs and expenses was lower than that of the revenue.

數位化臨床試驗解決方案營收2,770萬元，年增34.2%。與此同時，該公司一直在提高營運效率。第二季度，總營業成本及費用約為人民幣7.41億元，較去年同期增加約18.7%，成本及費用的增幅低於收入的增幅。

This quarter, the operating cost was RMB416 million, a 30.5% increase from last year. This was mainly because the cost of referral and service fee went up by about RMB73.4 million this quarter. Also during this quarter, the company made additional efforts in Medical Crowdfunding business to assist and have more users.

本季營業成本為4.16億元，較去年同期成長30.5%。主要是由於本季介紹費及服務費成本增加約7,340萬元。本季度，該公司也加大了醫療眾籌業務的投入，以協助並吸引更多用戶。

Moreover, as the company has been enhancing its AI capability to attract more users during this quarter, it acquired users while consuming both efficiency and user experience. The sales and marketing expenses amounted to RMB199 million, representing a 26.3% increase compared to last year. This is primarily due to an increase of RMB44.3 million in marketing expenses for third-party traffic channels.

此外，由於公司本季持續增強AI能力以吸引更多用戶，在獲取用戶的同時也消耗了效率和用戶體驗。銷售及行銷費用為人民幣1.99億元，較去年同期成長26.3%。主要是由於第三方流量通路行銷費用增加4,430萬元。

General and administrative expenses decreased by 21.9% year over year to RMB73.4 million for the second quarter of 2025. This was primarily because the company tightened its operational control and the allowance for credit losses were RMB13.4 million than the last year.

2025年第二季度，一般及行政開支年減21.9%至人民幣7,340萬元。主要是由於公司加強經營管控，提列信用損失準備比上年增加1,340萬元。

The R&D expenses were RMB51.9 million, remaining stable for the same period of last year. In the future, we will continue to pool resources to accomplish major cost adjust -- the internal structure of R&D expenses and allocate more resources to the AI capabilities building.

研發費用為5,190萬元，與去年同期持平。未來我們將持續集中資源完成重大成本調整──研發費用的內部架構，並將更多資源投入人工智慧能力建構。

In terms of the operating profit in Q2, the company's operating profit reached RMB97 million, showing a high-speed year-on-year growth of 85.9%. The operating profit margins of the company as a whole and the Insurance business has both further improved.

從第二季營業利潤來看，公司營業利潤達到0.97億元，較去年同期成長85.9%，呈現高速成長。公司整體及保險業務的營業利益率均進一步提升。

Net profit attributable to the company's ordinary shareholders reached RMB140 million, up 58.7% year over year. As of June 30, 2025, we held RMB3.4 billion in cash reserves with operating cash flow remaining -- operating cash flow remained positive, providing a solid foundation for continued growth and strategic investment.

歸屬於公司普通股股東的淨利達1.40億元，較去年同期成長58.7%。截至2025年6月30日，我們持有現金儲備34億元人民幣，經營現金流保持正值，為持續成長和策略投資奠定了堅實的基礎。

In conclusion, Waterdrop's excellent performance in this quarter further demonstrates its robust operational capability and the effective synergy among its diverse business segment. Looking ahead, we will continue to leverage technology and AI to expand our user base.

綜上所述，水滴本季的優異表現，進一步彰顯了其強大的營運能力以及各業務板塊之間的有效協同作用。展望未來，我們將繼續利用科技和人工智慧來擴大我們的用戶群。

At the same time, we will optimize our operations to enhance efficiency, thereby facilitating the stable growth of business revenue and profits. Additionally, we will persist in creating long-term value for shareholders and society.

同時，優化運營，提升效率，促進業務收入和利潤穩定成長。此外，我們也將堅持為股東和社會創造長期價值。

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。