Waterdrop Inc (WDH) 2025 Q3 法說會逐字稿

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.

各位早安。我是來自水滴投資者關係部門的Tracy Li。我很高興歡迎大家參加 Waterdrop 2025 年第三季財報電話會議。（操作說明）提醒各位，今天的會議正在錄音。請注意，今天的討論將包含根據美國《證券交易法》安全港條款所作的前瞻性陳述。

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.

私人證券與 1995 年訴訟改革法案。前瞻性陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。潛在風險和不確定性包括但不限於我們在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。除法律要求和適用法律另有規定外，本公司不承擔更新任何前瞻性聲明的義務。此外，本次電話會議也將討論一些非GAAP指標。請參閱我們的獲利報告，以了解非GAAP與GAAP之間的調節情況。

Joining us today on the call are Mr. Ran Wei, Director and GM of Insurance Business; Ms. Xu Xiaoying, Head of Finance Department; and Ms. Jasmine Lee, Corporate 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保險業務總監兼總經理冉偉先生、財務部主管徐曉穎女士和公司秘書李茉莉女士。在電話會議結束時，我們很樂意回答一些來自普通話線路的問題。

In the third quarter, the company continued its growth trend with overall revenue reaching over CNY970 million, up 38.4% year-on-year. Meanwhile, AI play a significant role in enhancing business quality and efficiency drugging net profit attributable to the ordinary shareholders to about CNY150 million, a year-on-year increase of 60.1%.

第三季度，公司持續維持成長勢頭，總收入超過9.7億元人民幣，較去年同期成長38.4%。同時，人工智慧在提升業務品質和效率方面發揮了重要作用，使歸屬於普通股股東的淨利潤達到約1.5億元人民幣，年增60.1%。

For the first three quarters of 2025, the company's total revenue amounted to CNY2.67 billion, up 23.1% year-on-year. Well, net profit attributable to ordinary shareholders reached about CNY410 million, rising 51.9% compared to the same period last year. The company has maintained a GAAP (inaudible) for 15 consecutive quarters since the first quarter of 2022.

2025年前三個季度，公司總收入達人民幣26.7億元，較去年同期成長23.1%。歸屬於普通股股東的淨利達約4.1億元人民幣，較去年同期成長51.9%。自 2022 年第一季以來，該公司已連續 15 個季度保持 GAAP（聽不清楚）標準。

By segment, backed by the full integration of AI, our (inaudible) business continued its solid performance with operating profit reaching about CNY180 million in this quarter, a year-on-year increase of 44.8%. The medical performance platform maintains stable patients and has priced medical campaign for cumulative total of 3.1 million patients as of the end of this quarter. The digital critical trial solutions business continued to excel in project focus, erode over 1,000 patients in one single quarter, demonstrating robust growth momentum. This quarter, we continue to invest in AI. As of the end of September, the company has sell 16-month patent application business on large (inaudible) including my international filings.

按業務板塊劃分，在人工智慧全面整合的支援下，我們的（聽不清楚）業務持續保持穩健成長，本季營業利潤達到約1.8億元人民幣，較去年同期成長44.8%。截至本季末，該醫療績效平台擁有穩定的患者群體，並已為累計 310 萬名患者制定了醫療推廣計畫。數位關鍵試驗解決方案業務在專案重點方面持續表現出色，在一個季度內就吸引了超過 1000 名患者，展現出強勁的成長勢頭。本季，我們將持續加大對人工智慧的投入。截至 9 月底，該公司已售出 16 個月的專利申請業務，涉及大量（聽不清楚）專利申請，包括我的國際申請。

During this quarter, our intelligent chatbot has been upgraded to a new hybrid attention mechanism. This updated system can select the appropriate rec method more flexibly, making it better at understanding and handling long conversations. The inference throughput currently is double that of the original. In a key move to systematic like our AI capability, we launched AI in late September, a low-code AI platform that empowers our employees to smoothly view and deploy tailored solutions for various tasks such as marketing and customer service across app website and WeChat official up.

本季度，我們的智慧聊天機器人已升級為新的混合注意力機制。更新後的系統能夠更靈活地選擇合適的錄音方式，以便更好地理解和處理長時間的對話。目前的推理吞吐量是原來的兩倍。為了系統化地提升我們的人工智慧能力，我們在 9 月下旬推出了人工智慧平台，這是一個低程式碼人工智慧平台，使我們的員工能夠流暢地查看和部署針對各種任務（例如在應用程式網站和微信官方平台上的行銷和客戶服務）的客製化解決方案。

Going forward, we will also explore its application in noninsurance areas, providing strong support for the company's growth. Waterdrop in sustainable development is dedicated to creating value for society. In the quarter, we updated our ESG matter, released the 2024 annual ESG report and disclosed global new environmental data and continue to enhance our ESG governance framework.

展望未來，我們也將探索其在非保險領域的應用，為公司的發展提供強而有力的支持。水滴永續發展致力於為社會創造價值。本季度，我們更新了 ESG 事項，發布了 2024 年年度 ESG 報告，揭露了全球新的環境數據，並繼續加強我們的 ESG 治理架構。

In public welfare, as of September 30, 2025, Waterdrop Charity platform has collaborated with 119 charities and launched more than 15,500 projects. Together with Guangzhou Civil Affairs Bureau, we established the Waterdrop CoHealth program, which allows patients in need to apply for a visit online and offline, providing an innovative models that integrate government ads and the individual campaigns.

在公益領域，截至2025年9月30日，水滴慈善平台已與119家慈善機構合作，啟動了超過15,500個計畫。我們與廣州民政局共同推出了水滴健康公益項目，讓有需要的患者可以透過線上和線下方式申請就診，提供了一種將政府廣告和個人活動相結合的創新模式。

We extend our appreciation to our shareholders for their enduring trust and support. In early November, we completed our fourth cash dividend distribution since IPO with a total payout of around $10.9 million. By the end of November 2025, we had repurchased approximately 58.1 million ADS in the open market, totaling $113 million.

我們衷心感謝股東們一直以來的信任與支持。11月初，我們完成了自IPO以來的第四次現金股息派發，總股息約1090萬美元。截至 2025 年 11 月底，我們在公開市場上回購了約 5,810 萬份 ADS，總計 1.13 億美元。

Building on our robust business performance, we are confident in addressing full year revenue and profit guidance. Going forward, we will leverage advancing AI technologies to drive integration and innovation across our operations, giving sustainable long-term growth.

憑藉我們強勁的業務表現，我們有信心實現全年營收和利潤預期。展望未來，我們將利用先進的人工智慧技術來推動我們營運各個環節的整合與創新，從而實現永續的長期成長。

Next, I will pass to Ran Wei to introduce the development of insurance business in Q3.

接下來，我將把麥克風交給冉偉，讓他介紹第三季保險業務的發展。

Hi, everyone. This is an Ran Wei. In the third quarter, our insurance business maintained significant growth momentum. Insurance-related revenue reached about CNY870 million, increasing by 44.8% year-on-year and 17.8% quarter-on-quarter. The business achieved an operating profit margin of 20.3%. This quarter, we optimized our real-time identification capabilities in public traffic scenarios. At the data infrastructure level, we fully integrated the data names among advertising, operation and risk control system.

大家好。這是冉偉。第三季度，我們的保險業務保持了強勁的成長動能。保險相關收入達約8.7億元人民幣，較去年同期成長44.8%，較上季成長17.8%。該企業實現了 20.3% 的營業利潤率。本季度，我們優化了公共交通場景下的即時辨識能力。在資料基礎設施層面，我們實現了廣告、營運和風險控制系統之間的資料名稱的完全整合。

The integration slashed our end-to-end decision latency to under 50 milliseconds. Section response feed allow us to generate more comprehensive decision-making and perform precise stratification immediately upon receiving an advertising requirements, thereby enhancing the ability to identify the future high-quality traffic. As a proportion, we continue to increase through iteration. We also match user with suitable coverage offerings based on their specific needs and payment capabilities and the payment capacity.

此次整合將我們的端對端決策延遲縮短至 50 毫秒以下。部分回應回饋使我們能夠在收到廣告需求後立即進行更全面的決策和精確的分層，從而增強識別未來高品質流量的能力。透過迭代，我們不斷提高比例。我們也會根據用戶的特定需求、支付能力和支付容量，為用戶配對合適的保險方案。

Now the entire business is deeply integrated with our corporate data leak and AI platform, (inaudible) training and health update to continually refine our marketing strategy. On the supply side, we continue to drive product innovation. In this quarter, we introduced (inaudible) family protection plan, which covers up to nine family members in their one single policy and upgraded mid-to high-end medical insurance, with an expanded network of quality private hospitals. For critical illness insurance, we further enriched our (inaudible) series of introducing modular options tailored to diverse budget needs. We also upgraded the (inaudible) disability insurance series and have achieved a comprehensive coverage for intensive protection.

現在，整個業務都與我們的企業資料外洩和人工智慧平台深度集成，（聽不清楚）訓練和健康更新，以不斷改進我們的行銷策略。在供應方面，我們將繼續推動產品創新。本季度，我們推出了（聽不清楚）家庭保障計劃，一份保單最多可涵蓋九名家庭成員，併升級了中高端醫療保險，擴大了優質私立醫院網絡。對於重大疾病保險，我們進一步豐富了（聽不清楚）系列產品，推出了可滿足不同預算需求的模組化選項。我們也升級了（聽不清楚）殘障保險系列，實現了全面覆蓋，提供更全面的保障。

Pre-existing condition insurance contributed about CYN400 million in FIP during this quarter, a year-on-year increase of 103.9%. On the service side, we deploy AI more widely, enhancing operational efficiency. We expanded the rollout of AI Pro insurance model on our WeChat Mini Program homepage. This is LLM powered model offers users real-time Q&A and personalized recommendations, forming a 36% sequential increase in facilitated FIP. In Voice services, AI medical insurance expert continued to boost the efficiency.

本季既往病症保險為FIP貢獻了約4億人民幣，年增103.9%。在服務方面，我們更廣泛地部署人工智慧，以提高營運效率。我們在微信小程式首頁擴大了AI Pro保險模式的推廣範圍。此 LLM 驅動模型為使用者提供即時問答和個人化建議，使促進 FIP 的進程提高了 36%。在語音服務領域，人工智慧醫療保險專家不斷提升效率。

In third quarter, it assisted in achieving an 82% increase in FIP compared to the Q2. In the (inaudible) service scenario, the productivity of AI medical insurance experts in September doubled that of June. AI application also continued to empower long-term insurance services. As of the end of this quarter, the knowledge-based AI life planner copilot had cumulatively assisted in over 340,000 insurance product-related consultations.

第三季度，它幫助實現了 FIP 比第二季度增長 82%。在（聽不清楚）服務場景中，9 月 AI 醫療保險專家的生產力是 6 月的兩倍。人工智慧應用也持續為長期保險服務賦能。截至本季末，基於知識的人工智慧人生規劃助理累計協助處理了超過 34 萬起與保險產品相關的諮詢。

The underwriting assistant (inaudible) AI reduced the response time from underwriting cases for the traditional manual model of five minutes to one second. The AI super presales assistant has consistently maintained higher APL than the human agent. And beginning in September, -- this scenario has been fully transitioned to AI operations. In after-sales services, our AI customer service agent now can handle over 600,000 insurers in one month, serving 85% of online cases independently. At the end of September, we launched Waterdrop C Point AI, a local platform that is accelerating the development of AI application across multiple business scenarios.

承保助理（聽不清楚）人工智慧將傳統人工承保模式的五分鐘回應時間縮短至一秒。AI超級售前助理一直保持著比人類客服更高的平均成交率。從 9 月開始，這種情況已完全過渡到人工智慧營運。在售後服務方面，我們的人工智慧客服代理現在一個月可以處理超過 60 萬名保險客戶，獨立處理 85% 的線上案例。9月底，我們推出了Waterdrop C Point AI，這是一個本地平台，旨在加速人工智慧應用在多個商業場景中的開發。

That concludes our insurance update in this quarter. Now I will walk you through the third quarter progress in corresponding and healthcare sectors. As of September 30, 2025, approximately 485 million people had stimulated (inaudible) a total of 71.2 billion to 3.61 million patients through Water Medical corresponding. In the third quarter, we focused on strengthening the campaign risk control measures. We expand core (inaudible) incorporating differentiated modification to our workflow, which boosted the efficiency of the review process.

本季保險業的最新情況介紹到此結束。現在我將帶大家了解一下第三季通訊和醫療保健產業的進展。截至 2025 年 9 月 30 日，約有 4.85 億人透過 Water Medical 刺激了（聽不清楚）總計 712 億人次，使 361 萬名患者受益。第三季度，我們重點加強了競選風險控制措施。我們擴展了核心（聽不清楚）功能，並對我們的工作流程進行了差異化修改，從而提高了審核流程的效率。

By analyzing donation visit data to identify patterns, advanced analysts that can refine the identification capabilities of our algorithm model. This in turn has improved automatic early warning system to better detect and reduce fraud. Additionally, the platform continued prioritizing the transparency of campaign authenticity. This quarter, we fortified our special case review mechanism by only deploying course of the request review and potential usage bond with real-time display review timeline and the reviewers status.

透過分析捐贈存取資料來識別模式，高級分析師可以改進我們演算法模型的識別能力。這反過來又改進了自動預警系統，從而更好地偵測和減少詐欺行為。此外，該平台繼續優先考慮競選活動真實性的透明度。本季度，我們加強了特殊案例審查機制，僅部署了請求審查和潛在使用保證金的流程，並即時顯示審查時間表和審查員狀態。

This now gives donors clear insight into how their contribution, how their donations are allocated and used. This (inaudible) have profoundly enhanced the transparency rationality and traceability of fund distribution. And our healthcare business continued its strong performance this quarter.

現在，捐贈者可以清楚地了解他們的捐款是如何被分配和使用的。這大大提高了資金分配的透明度、合理性和可追溯性。本季度，我們的醫療保健業務持續保持強勁表現。

The inline (inaudible) platform expanded collaboration network by partnering with 216 pharmaceutical and contract research organizations. Meanwhile, we initiated services for 125 new programs. For the first time, we successfully enrolled over 1,000 patients in one single quarter. Since its launch, the program has achieved cumulative enrollment of more than 13,000 patients, only allowed its massive patient database and digital ability to expand collaboration projects in areas like psoriasis tumors and digestive tumors, accelerating clinical development process of our partners.

該線上（聽不清楚）平台透過與 216 家製藥和合約研究機構合作，擴大了合作網絡。同時，我們啟動了125個新專案的服務。我們首次在一個季度內成功招募了超過 1000 名患者。自啟動以來，該計劃已累積招募超過 13,000 名患者，憑藉其龐大的患者資料庫和數位化能力，得以在銀屑病腫瘤和消化系統腫瘤等領域拓展合作項目，加速合作夥伴的臨床開發進程。

Notably, in the challenging field of gynecological tumor, quarterly enrollment increased by 130% compared to the previous four quarter average level. The company has also made significant strides in chronic disease, building on its existing focus on the like skin disease, respiratory conditions and psoriatic hypertension, the company has expanded its disease coverage into the rheumatology and immunology.

值得注意的是，在婦科腫瘤這一充滿挑戰的領域，季度入組人數比前四個季度的平均值增加了 130%。該公司在慢性病領域也取得了重大進展，在現有專注於皮膚病、呼吸系統疾病和銀屑病高血壓等疾病的基礎上，該公司已將其疾病覆蓋範圍擴展到風濕病和免疫學領域。

Enhancing digital matching accuracy between patient database and contact libraries remain a key strategic focus for Waterdrop. This quarter, we upgraded our algorithm medical data structure matching, enabling thriving performance across multiple high-quality, high difficulty projects. Through the ecosystem synergy and refined project operations, Waterdrop consistently delivered satisfactory fulfillment quality, driving sustained order growth. As a result, digital clinical trial solution income in the third quarter reached RMB31.85 million, marking a 31.3% year-on-year increase. In the digital omnichannel marketing, we advanced LLM powered application in medical patient service launching products in patient health management, knowledge promotion and digital humans.

提高病患資料庫和聯絡人資料庫之間的數位匹配準確性仍然是 Waterdrop 的關鍵策略重點。本季度，我們升級了演算法，實現了醫療數據結構匹配，從而在多個高品質、高難度項目中取得了優異的性能。透過生態系統協同和精細化的專案運營，Waterdrop 持續提供令人滿意的交付質量，從而推動訂單持續成長。因此，第三季數位臨床試驗解決方案營收達3,185萬元，年增31.3%。在數位全通路行銷領域，我們推進了 LLM 驅動的醫療患者服務應用程序，推出了患者健康管理、知識推廣和數位人產品。

The company secured a three-year contract with a world-leading pharmaceutical for patient medicine, serving hundreds of thousands of patients and profoundly improving service efficiency and user experience. Now, I'll hand it over to Jasmine, our Head of Finance Department to discuss our financial performance in this quarter.

該公司與一家世界領先的製藥公司簽訂了一份為期三年的患者用藥合同，為數十萬患者提供服務，並顯著提高了服務效率和用戶體驗。現在，我將把發言權交給我們的財務主管 Jasmine，讓她來討論我們本季的財務表現。

Hello, everyone. I will now walk you through our financial highlights for the third 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-on-year and quarter-on-quarter basis, respectively.

大家好。接下來，我將帶您了解我們2025年第三季的財務亮點。在詳細介紹之前，請注意，這裡引用的所有數字均以人民幣為單位，有關我們同比和環比財務業績的詳細信息，請參閱我們的盈利報告。

In the third quarter, the company reported total revenue of RMB975 million, marking a year-on-year growth of 38.4%, reflecting a strong growth trajectory. By segment, our Insurance business generated about RMB870 million in revenue, up 44.8% year-on-year. Corresponding service fees stood at and at around RMB65.6 million, remaining stable year-on-year and digital clinical trial solutions contributed over RMB31.85 million with a year-on-year increase of 31.3%. Operating costs and expenses totaled approximately RMB861 million, marking a year-on-year increase of 27.1%. This growth rate of operating cost was lower than the revenue growth, further boosting profitability.

第三季度，該公司總營收達人民幣9.75億元，年增38.4%，呈現強勁的成長動能。按業務板塊劃分，我們的保險業務創造了約8.7億元的收入，年增44.8%。相應的服務費約為人民幣6,560萬元，與上年同期保持穩定；數位臨床試驗解決方案貢獻了超過人民幣3,185萬元，年增31.3%。營運成本和費用總計約人民幣8.61億元，年增27.1%。營運成本的成長率低於收入的成長率，進一步提高了獲利能力。

Operating costs for this quarter reached RMB 475 million, up 39.5% year-on-year, driven by RMB 66.7 million rise in cost of referral and service fees, along with RMB32.4 million and RMB16.9 million increase in personnel costs and the cost of performing consultant fees.

本季營運成本達 4.75 億元，年增 39.5%，主要原因是轉診和服務費成本增加人民幣 6,670 萬元，以及人員成本增加人民幣 3,240 萬元和諮詢費成本增加 1,690 萬元。

Sales and marketing expenses amounted to RMB243 million, rising 40.3% year-on-year. This was mainly because the enhanced AI application, which improved the user identification accuracy and conversion rate. Based on this, we boosted our traffic investment, resulting in RMB79 million year-on-year rise in the marketing expenses for the third-party traffic channel. General and administrative expenses declined 23.7% year-on-year to RMB84.7 million. Key factors include a RMB15.6 million reduction in personnel costs and the absence of last year's RMB20.6 million impairment loss, which contributed to the delta decrease.

銷售及市場推廣費用達人民幣2.43億元，較去年成長40.3%。這主要是因為人工智慧應用得到了增強，提高了用戶識別準確率和轉換率。基於此，我們加大了流量投入，導致第三方流量管道的行銷費用較去年同期成長7,900萬元。一般及行政費用較去年同期下降23.7%至人民幣8,470萬元。關鍵因素包括人員成本減少人民幣1,560萬元，以及去年人民幣2,060萬元的減損損失的取消，這導致了差額的減少。

The R&D expenses rose 10.2% to over RMB58.3 million with personnel costs and cross service expense and other technical support expenses increasing by RMB3.2 million and RMB2.7 million, respectively, compared to the same period of 2024. In this quarter, the company reported an operating profit of nearly RMB114 million, marking a substantial year-on-year increase of 329.8%.

研發費用成長10.2%，超過人民幣5,830萬元，其中人員成本、交叉服務費用和其他技術支援費用分別比2024年同期增加人民幣320萬元和人民幣270萬元。本季度，該公司實現營業利潤近人民幣1.14億元，年增329.8%。

Net profit attributable to the company's ordinary shareholders reached RMB158 million, up 60.1% year-on-year. As of the end of this period, the company held ample cash position of about RMB3.51 billion. Net operating cash flow remained positive, providing firm financial support for business expansion and technological development.

歸屬於公司普通股股東的淨利達人民幣1.58億元，較去年同期成長60.1%。截至該期間末，公司持有約人民幣35.1億元的充足現金儲備。淨經營現金流保持為正，為業務擴張和技術發展提供了堅實的財務支持。

And in summary, during this quarter, we focused on refined management while achieving scale growth. Moving forward, the company will advance with greater productivity and program and further strong act to reach a new stage of development. And ladies and gentlemen, with that, we will conclude today's conference call. We do thank you for joining. Have a good time.

總而言之，本季我們專注於改善管理，同時實現了規模成長。展望未來，公司將透過提高生產力、完善計劃和採取更強有力的行動，邁向新的發展階段。女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。玩的很開心。