BEIJING, April 29, 2024 /PRNewswire/ -- On April 25, 2024, Waterdrop Inc. ("Waterdrop", the
"Company" or "we") (NYSE: WDH), a leading technology platform
dedicated to insurance and healthcare service with a positive
social impact, released its annual report on Form 20-F for the
fiscal year ending December 31, 2023.
For 2023, the Company recorded a net operating revenue of
RMB 2.63 billion and a net profit of
RMB 167 million, respectively. As of
December 31, 2023, Waterdrop had
combined cash and cash equivalents and short-term investments of
RMB 3.393 billion, with an operating
cash flow of approximately RMB 407
million. Since the first quarter of 2022, the Company has
achieved profitability for eight consecutive quarters. The annual
report provides a more detailed disclosure of Waterdrop's
operations in 2023.
In 2023, the Company continued to carry out its share repurchase
program. And in the first quarter of 2024, Waterdrop collectively
repurchased approximately 41.27 million shares of American
Depositary Shares (ADS) from the public market. In March 2024, our board of directors also approved
a special cash dividend of approximately US$15 million.
For 2023, Waterdrop Insurance Marketplace, our insurance
segment, reported a first-year premiums (FYP) of RMB 7.109 billion. Total revenue for the segment
reached RMB 2.34 billion with an
operating profit of RMB 528 million.
By the end of 2023, the Company collaborated with 101 insurance
companies and offered 1,357 various online insurance products to
115.3 million customers, covering short-term and long-term health
insurance and life insurance categories. Most of the offerings are
customized products developed in collaboration with insurance
providers, tailored to meet the specific needs of consumers and
backed by our robust data analysis and actuarial expertise.
To enhance user experience, Waterdrop Insurance Marketplace
brought in experienced insurance consultants to provide
personalized one-on-one consultation services. Our consultants have
extensive expertise in assessing individual customer needs,
providing tailored guidance, and assisting customers in selecting
the optimal insurance solutions. Since early 2021, Waterdrop
Insurance Marketplace has undertaken an initiative to integrate its
online and offline insurance operations to enhance broker
capabilities and improve customer experience.
To further our commitment to service excellence, Waterdrop
recently rolled out the "Triple Excellence Service" initiative,
which focuses on providing premium service, high-quality products,
and efficient claim processing. This initiative spans the full
spectrum of insurance services, covering policy planning, product
customization, and claims service to streamline the insurance
process and improve overall customer satisfaction.
In June 2023, Waterdrop acquired
Shenlanbao, a domestic online insurance brokerage firm known for
providing services including insurance education, product reviews,
one-on-one insurance planning, and policy management. The strategic
acquisition will help Waterdrop meet the vast insurance market
demand and enhance its long-term insurance sales capabilities.
Meanwhile, Waterdrop remains dedicated to improving customer
service and consistently invests in technological innovations. We
developed and tested a large language model (LLM) called
"ShuishouGPT", which has been in beta use, to apply across range of
insurance business functions including consultation, underwriting,
claims processing, and customer service. The new application has
already meaningfully increased our operational efficiency and
reinforced the robustness of the overall insurance service
chain.
In 2023, Waterdrop continued to fulfill its mission in providing
emergency aid through Waterdrop Crowdfunding platform. As of
December 31, 2023, approximately 450
million individuals contributed a total of about RMB 62.6 billion through the platform to aid over
3.1 million patients. To enhance the service experience, we also
established online and offline advisory teams. By the end of 2023,
the offline advisory network had extended its reach to 225 cities
across 30 provinces nationwide, ensuring broad and effective
service coverage.
The Company has also ventured into digital clinical trial
solutions, covering Phase I to III clinical trials across several
therapeutic areas including oncology, chronic diseases, and some
rare diseases. We have partnered with 204 pharmaceutical companies
and Contract Research Organizations (CROs) by 2023, successfully
recruiting over 3,300 patients for more than 500 clinical trial
programs. The segment experienced strong annual revenue growth of
69% to RMB 101 million in 2023.
In an earlier research notes by Goldman Sachs, the investment
bank maintained a "Buy" rating on Waterdrop, with a 12-month target
price of $2.4, demonstrating its
positive view of the prospects of the Company.
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SOURCE Waterdrop Inc.
