UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of September 2024
Commission File Number 001-40376
Waterdrop
Inc.
(Translation of registrant’s name into English)
Block C, Wangjing Science and Technology Park
No. 2 Lize Zhonger Road, Chaoyang District,
Beijing
People’s Republic of China
(Address of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F
x Form 40-F ¨
Exhibit Index
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Waterdrop Inc. |
| |
|
| |
By: |
/s/ Xiaoying Xu |
| |
Name: |
Xiaoying Xu |
| |
Title: |
Head of Finance |
| |
|
| Date: September 4, 2024 |
|
Exhibit 99.1
Waterdrop Inc. Announces Second Quarter 2024
Unaudited Financial Results and a Special Cash Dividend
BEIJING, Sept. 4, 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, today announced its unaudited financial results for the three and six months ended June 30,
2024 and a special cash dividend.
Financial
and Operational Highlights for the Second Quarter of 2024
| ● | Substantial growth in profit and positive operating cash flow: In the second quarter of 2024, net profit
attributable to our ordinary shareholders reached RMB88.3 million, representing a year-over-year growth of 306.9%. As of June 30,
2024, we continued to generate positive operating cash flow during the second quarter of 2024. |
| ● | Resilient revenue amidst industry challenges: For the second quarter of 2024, the first-year premiums
("FYP") generated through our insurance business amounted to RMB1,778.6 million (US$244.7 million), representing a decrease
of 19.0% year over year. Net operating revenue was RMB676.2 million (US$93.0 million), representing a decrease of 0.4% year over year. |
| ● | Improving margin of insurance segment: For the second quarter of 2024, the operating profit margin of
insurance business increased year over year to 21.4%, compared with 16.7% for the same quarter of 2023. |
| ● | Broadened crowdfunding coverage: As of June 30, 2024, around 461 million people cumulatively had
donated an aggregate of RMB65.1 billion to 3.25 million patients through Waterdrop Medical Crowdfunding. |
| ● | Digital clinical trial services in good progress: As of June 30, 2024, the Company had cumulatively
enrolled nearly 8,600 patients into 1,050 clinical trial programs through the E-Find Platform. |
Mr. Peng Shen, Founder, Chairman,
and Chief Executive Officer of Waterdrop, commented, “During the second quarter of 2024, we delivered sound results in profitability.
The quarterly net profit attributable to our ordinary shareholders reached RMB88.3 million, representing a significant year-over-year
growth of 306.9%.
Our insurance business has shown sequential
developments with FYP increasing by 1.4% quarter-over-quarter. We have continually improved online traffic conversion capabilities and
efficiency, driving the number of new users to grow at 15.8%. At the same time, we have effectively sustained the policy renewal rate
at high level.
Committed to investment in technology,
we further piloted our Shuishou large language model, known as "Waterdrop Guardian", in multiple service scenarios covering
medical, critical illness, and auto insurance categories. During the quarter, the Company initiated a strategic cooperation with a property &
casualty (P&C) insurer. This is the first time we export a customized solution of non-life insurance and we look forward to empowering
more industry partners with AI solutions.
We continually iterate service and business
processes in medical crowdfunding to address user pain points. For instance, in regions populated by ethnic minorities, our platform now
supports bilingual fundraising, aiding in the spread of cases within local communities and bolstered by AI-assisted bilingual case verification
to minimize fraud.
During this quarter, our healthcare-related business
maintained its growth, realizing a quarter-over-quarter growth of 4.1%. We collaborated with a total of 185 pharmaceutical companies and
contract research organizations (“CROs”). Moreover, we enrolled more than 820 patients and initiated services for 88 new programs
during the second quarter of 2024. We stay focused on digitalization trends in clinical trial and multichannel marketing solutions to
serve a broader client base from this angle.
We are grateful for the ongoing support
of our shareholders and investors, and prioritize shareholder interests and investor returns. The Company has actively carried out share
repurchases for three consecutive years, and our board has recently approved a new annual repurchase plan. The repurchased shares will
continue to be used in employee share incentive plans.
In addition, we also completed our first
special cash dividend in the past quarter. We are pleased to announce that, with the board approval, the Company will soon start the second
special cash dividend of approximately US$7.5 million.”
Financial
Results for the Second Quarter of 2024
Operating
revenue, net
Net operating revenue for the second
quarter of 2024 decreased by 0.4% year over year to RMB676.2 million (US$93.0 million) from RMB678.7 million for the same period of 2023.
On a quarter-over-quarter basis, net operating revenue decreased by 4.1%. Net operating revenue generated by Shenlanbao1 for
the second quarter of 2024 was RMB40.4 million (US$5.6 million).
| · | Insurance-related income includes insurance brokerage income and technical service income. Insurance brokerage
income represents brokerage commissions earned from insurance companies. Technical service income is derived from providing technical
services including customer relationship maintenance, customer complaint management, claim review, and user referral services, among other
things, to insurance companies, insurance brokers, and agency companies. Our insurance-related income amounted to RMB573.8 million (US$79.0
million) in the second quarter of 2024, representing a decrease of 4.0% year over year from RMB597.4 million for the second quarter of
2023, which was mainly due to the decrease in FYP. On a quarter-over-quarter basis, insurance-related income decreased by 5.4%. |
| · | Crowdfunding service fees represent the service income earned when patients successfully withdraw the
proceeds from their crowdfunding campaigns. Our role is to operate the Waterdrop Medical Crowdfunding platform to provide crowdfunding
related services through the internet, enabling patients with significant medical bills to seek help from caring hearts through technology
(the “medical crowdfunding services”). Our medical crowdfunding services generally consist of providing technical and internet
support, managing, reviewing and supervising the crowdfunding campaigns, providing comprehensive risk management and anti-fraud measures,
and facilitating the collection and transfer of the funds. For the second quarter of 2024, we generated RMB69.3 million (US$9.5 million)
in service fees, representing an increase of 55.2% year over year from RMB44.7 million for the second quarter of 2023. On a quarter-over-quarter
basis, crowdfunding service fees increased by 2.9%. |
| · | We are expanding the healthcare-related services, including digital clinical trial solution and digital
multichannel marketing solution. Digital clinical trial solution income represents the service income earned from our customers mainly
including biopharmaceutical companies and leading biotechnology companies. We match qualified and suitable patients for enrollment in
clinical trials for our customers and generate digital clinical trial solution revenue for successful matches and we typically charge
our customers a fixed unit price per successful match. Digital multichannel marketing solution income is derived from life science and
healthcare companies. Focusing on the needs of our customers, we provide comprehensive digital marketing solutions around the whole life
cycle of products through integrated services such as patient screening, medication management, doctor-patient services, innovative payment
methods, and channel marketing. For the second quarter of 2024, our healthcare-related income amounted to RMB26.4 million (US$3.6 million),
representing a decrease of 17.0% from RMB31.8 million in the same period of 2023. On a quarter-over-quarter basis, healthcare-related
income increased by 4.2%. |
Operating
costs and expenses
Operating costs and expenses decreased
by 13.4% year over year to RMB623.8 million (US$85.8 million) for the second quarter of 2024. On a quarter-over-quarter basis, operating
costs and expenses decreased by 5.2%. Operating costs and expenses from Shenlanbao1 for the second quarter of 2024 were RMB57.4
million (US$7.9 million).
| · | Operating costs decreased by 4.2% year over year to RMB319.1 million (US$43.9 million) for the second
quarter of 2024, as compared with RMB333.1 million for the second quarter of 2023, which was primarily driven by (i) a decrease of
RMB12.9 million in costs of referral and service fees, (ii) a decrease of RMB8.6 million in the costs for patient recruitment consultants
team, partially offset by (iii) an increase of RMB11.5 million in personnel costs mainly due to the consolidation of the financial
results of Shenlanbao which incurred personnel costs of RMB16.9 million. On a quarter-over-quarter basis, operating costs decreased by
3.7% from RMB331.2 million, primarily due to a decrease of RMB9.9 million in costs of referral and service fees. |
| · | Sales and marketing expenses decreased by 23.0% year over year to RMB157.4 million (US$21.7 million) for
the second quarter of 2024, as compared with RMB204.5 million for the same quarter of 2023. The decrease was primarily due to (i) a
decrease of RMB38.0 million in marketing expenses to third-party traffic channels, and (ii) a decrease of RMB33.2 million in personnel
costs and share-based compensation expenses, partially offset by (iii) the consolidation of the financial results of Shenlanbao which
incurred sales and marketing expenses of RMB30.1 million. On a quarter-over-quarter basis, sales and marketing expenses decreased by 13.6%
from RMB182.1 million, primarily due to (i) a decrease of RMB14.4 million in marketing expenses to third-party traffic channels,
(ii) a decrease of RMB4.9 million in sales and marketing personnel costs and share-based compensation expenses, and (iii) a
decrease of RMB2.7 million in outsourced sales and marketing service fees to third parties |
| 1 | We started to consolidate the financial results of Shenzhen Cunzhen Qiushi Technology Co., Ltd. and
its subsidiaries (collectively, “Cunzhen Qiushi”, also known as “Shenlanbao”) in the third quarter of 2023. |
| · | General and administrative expenses decreased by 2.1% year over year to RMB94.0 million (US$12.9 million)
for the second quarter of 2024, compared with RMB96.0 million for the same quarter of 2023. The year-over-year variance was due to (i) a
decrease of RMB5.5 million in personnel costs and share-based compensation expenses, (ii) a decrease of RMB8.4 million in professional
service fees, partially offset by (iii) an increase of RMB12.6 million allowance for doubtful accounts. On a quarter-over-quarter
basis, general and administrative expenses increased by 5.6% from RMB89.0 million, due to (i) an increase of RMB8.0 million
allowance for doubtful accounts, partially offset by (ii) a decrease of RMB1.7 million in professional service fees. |
| · | Research and development expenses decreased by 38.5% year over year to RMB53.3 million (US$7.3 million)
for the second quarter of 2024, compared with RMB86.7 million for the same period of 2023. The decrease was primarily due to a decrease
of RMB35.3 million in personnel costs and share-based compensation expenses, partially offset by the consolidation of the financial results
of Shenlanbao. On a quarter-over-quarter basis, research and development expenses decreased by 4.8% from RMB56.0 million, which was mainly
due to a decrease of RMB2.8 million in research and development personnel costs and share-based compensation expenses. |
Operating profit for the
second quarter of 2024 was RMB52.4 million (US$7.2 million), as compared with an operating loss of RMB41.6 million for the second quarter
of 2023 and an operating profit of RMB46.4 million for the first quarter of 2024.
Interest income for the
second quarter of 2024 was RMB37.5 million (US$5.2 million), as compared with RMB37.6 million for the second quarter of 2023 and RMB39.8
million for the first quarter of 2024. The decrease was primarily due to the decrease in our short-term and long-term investments.
Income tax expense for
the second quarter of 2024 was RMB7.0 million (US$1.0 million), as compared with an income tax benefit of RMB10.5 million for the second
quarter of 2023 and an income tax expense of RMB8.6 million for the first quarter of 2024.
Net profit attributable to the
Company’s ordinary shareholders for the second quarter of 2024 was RMB88.3 million (US$12.1 million), as compared with RMB21.7
million for the same period of 2023, and RMB80.6 million for the first quarter of 2024.
Adjusted net profit attributable
to the Company’s ordinary shareholders (non-GAAP2) for the second quarter of 2024 was RMB108.7 million (US$15.0
million), as compared with RMB50.3 million for the same period of 2023, and RMB98.4 million for the first quarter of 2024.
Cash and
cash equivalents and short-term investments
As of June 30, 2024, the Company
had combined cash and cash equivalents and short-term investments of RMB2,933.3 million (US$403.6 million), as compared with RMB3,393.4
million as of December 31, 2023.
Share Repurchase
Programs
Pursuant to the share repurchase programs
launched in September 2021, September 2022 and September 2023, respectively, we had cumulatively repurchased approximately
49.3 million ADSs from the open market with cash for a total consideration of over US$100.4 million as of August 31, 2024.
The board of the directors of the Company
(the “Board”) has approved a new share repurchase program whereby the Company is authorized to repurchase its own ordinary
shares in the form of American depository shares with an aggregate value of up to US$50 million during the 12-month period through September 9,
2025. The Company expects to fund the repurchase out of its existing cash balance. The Company’s proposed repurchase may be made
from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through
other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing
and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1
requirements. The Board will review the share repurchase program periodically, and may authorize adjustment of its terms and size or suspend
or discontinue the program.
Special Cash Dividend
The Board has approved a special cash
dividend of US$0.02 per ADS or US$0.002 per ordinary share to shareholders of record as of the close of business on October 11, 2024.
The payment date is expected to be on or around November 5, 2024 for holders of ordinary shares and on or around November 8,
2024 for holders of ADSs.
| 2 | See the sections entitled “Non-GAAP Financial Measure” and “Reconciliations
of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this announcement. |
Supplemental
Information
We organize and report our business
in three operating segments:
| · | Insurance, which mainly includes Waterdrop Insurance
Marketplace, Shenlanbao Insurance Marketplace and technical support service; |
| · | Crowdfunding, which mainly includes Waterdrop Medical
Crowdfunding; and |
| · | Others, which mainly include Digital Clinical Trial
Solution and other new initiatives. |
The table below sets forth the segment
operating results, with the six-month comparative figures retrospectively adjusted to conform to this presentation.
| | |
For
the Three Months Ended | | |
For
the Six Months Ended | |
| | |
June 30,
2023 | | |
March 31,
2024 | | |
June 30,
2024 | | |
June 30,
2023* | | |
June 30,
2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
USD | | |
RMB | | |
RMB | | |
USD | |
| | |
| (All
amounts in thousands) | |
| Operating
revenue, net | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Insurance** | |
| 597,437 | | |
| 606,777 | | |
| 573,832 | | |
| 78,962 | | |
| 1,133,780 | | |
| 1,180,609 | | |
| 162,457 | |
| Crowdfunding | |
| 44,677 | | |
| 67,350 | | |
| 69,323 | | |
| 9,539 | | |
| 86,699 | | |
| 136,673 | | |
| 18,807 | |
| Others | |
| 36,586 | | |
| 30,573 | | |
| 33,001 | | |
| 4,541 | | |
| 64,386 | | |
| 63,574 | | |
| 8,748 | |
| Total
consolidated operating revenue, net | |
| 678,700 | | |
| 704,700 | | |
| 676,156 | | |
| 93,042 | | |
| 1,284,865 | | |
| 1,380,856 | | |
| 190,012 | |
| Operating
profit/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Insurance** | |
| 99,759 | | |
| 129,163 | | |
| 122,955 | | |
| 16,919 | | |
| 254,714 | | |
| 252,118 | | |
| 34,693 | |
| Crowdfunding | |
| (64,131 | ) | |
| (32,237 | ) | |
| (22,936 | ) | |
| (3,156 | ) | |
| (125,265 | ) | |
| (55,173 | ) | |
| (7,592 | ) |
| Others | |
| (47,877 | ) | |
| (31,432 | ) | |
| (27,450 | ) | |
| (3,778 | ) | |
| (84,444 | ) | |
| (58,882 | ) | |
| (8,103 | ) |
| Total
segment operating (loss)/profit | |
| (12,249 | ) | |
| 65,494 | | |
| 72,569 | | |
| 9,985 | | |
| 45,005 | | |
| 138,063 | | |
| 18,998 | |
| Unallocated
item*** | |
| (29,393 | ) | |
| (19,130 | ) | |
| (20,205 | ) | |
| (2,780 | ) | |
| (76,319 | ) | |
| (39,335 | ) | |
| (5,412 | ) |
| Total
consolidated operating (loss)/profit | |
| (41,642 | ) | |
| 46,364 | | |
| 52,364 | | |
| 7,205 | | |
| (31,314 | ) | |
| 98,728 | | |
| 13,586 | |
| Total
other income | |
| 52,835 | | |
| 42,781 | | |
| 38,366 | | |
| 5,280 | | |
| 89,606 | | |
| 81,147 | | |
| 11,166 | |
| Profit
before income tax | |
| 11,193 | | |
| 89,145 | | |
| 90,730 | | |
| 12,485 | | |
| 58,292 | | |
| 179,875 | | |
| 24,752 | |
| Income
tax benefit/(expense) | |
| 10,504 | | |
| (8,588 | ) | |
| (7,026 | ) | |
| (967 | ) | |
| 13,130 | | |
| (15,614 | ) | |
| (2,149 | ) |
| Net
profit | |
| 21,697 | | |
| 80,557 | | |
| 83,704 | | |
| 11,518 | | |
| 71,422 | | |
| 164,261 | | |
| 22,603 | |
| * |
Staring from the second quarter of 2023, our chief operating decision maker starts to manage the business by three operating segments and assess the performance and allocate resources under the new operating segment structure. The six-month comparative figures were retrospectively adjusted to conform to this presentation. |
| ** |
The Company started to consolidate the financial results of Shenlanbao since July 4, 2023 and reported the results of Shenlanbao under the Insurance segment. |
| *** |
The share-based compensation represents an unallocated item in the segment information because our management does not consider this as part of the segment operating performance measure. |
Exchange Rate
This announcement contains translations
of certain RMB amounts into U.S. dollars ("USD" or "US$") at specified rates solely for the convenience of the reader.
Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2672 to US$1.00, the noon buying rate in effect
on June 28, 2024 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or
USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation,
all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.
Non-GAAP Financial
Measure
The Company uses non-GAAP financial
measure, adjusted net profit attributable to our ordinary shareholders, in evaluating the Company's operating results and for financial
and operational decision-making purposes. Adjusted net profit attributable to our ordinary shareholders represents net profit attributable
to our ordinary shareholders excluding share-based compensation expense attributable to our ordinary shareholders and foreign currency
exchange gain or losses. Such adjustments have no impact on income tax.
The non-GAAP financial measure is not
presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies.
The non-GAAP financial measure has limitations as analytical tools and when assessing the Company’s operating performance, investors
should not consider it in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared
in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not
rely on a single financial measure. Investors are encouraged to review the Company's historical non-GAAP financial measure to the most
directly comparable GAAP measure. Adjusted net profit attributable to our ordinary shareholders presented here may not be comparable to
similarly titled measure presented by other companies. Other companies may calculate similarly titled measure differently, limiting its
usefulness as a comparative measure to our data.
The Company mitigates these limitations
by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered
when evaluating the Company’s performance.
For more information on the non-GAAP
financial measure, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this
press release.
Safe Harbor
Statement
This press release contains statements
that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects,"
"anticipates," "aims," "future," "intends," "plans," "believes," "estimates,"
"likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements.
Waterdrop may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about Waterdrop's beliefs, plans and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially
from those contained in any forward-looking statement, including but not limited to the following: Waterdrop's mission, goals and strategies;
Waterdrop's future business development, financial condition and results of operations; the expected growth of the insurance, medical
crowdfunding and healthcare industry in China; Waterdrop's expectations regarding demand for and market acceptance of our products and
services; Waterdrop's expectations regarding its relationships with consumers, insurance carriers and other partners; competition in the
industry and relevant government policies and regulations relating to insurance, medical crowdfunding and healthcare industry. Further
information regarding these and other risks is included in Waterdrop's filings with the SEC. All information provided in this press release
is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except
as required under applicable law.
Conference
Call Information
Waterdrop's management team will hold
a conference call on September 4, 2024 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day) to discuss the
financial results. Dial-in details for the earnings conference call are as follows:
| International: |
1-412-317-6061 |
| United States Toll Free: |
1-888-317-6003 |
| Hong Kong Toll Free: |
800-963976 |
| Hong Kong: |
852-58081995 |
| Mainland China: |
4001-206115 |
| Chinese Line (Mandarin) Entry Number: |
9073979 |
| English Interpretation Line (Listen-only Mode) Entry Number: |
6371615 |
Participants can choose between the
Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial
in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call.
Telephone replays will be accessible
two hours after the conclusion of the conference call until September 11, 2024 by dialing the following numbers:
| United States Toll Free: |
1-877-344-7529 |
| International: |
1-412-317-0088 |
| Chinese Line Access Code: |
7243413 |
| English Interpretation Line Access Code: |
8969523 |
A live and archived webcast of the conference
call will also be available at the Company's investor relations website at http://ir.waterdrop-inc.com/.
About Waterdrop
Inc.
Waterdrop Inc. (NYSE: WDH) is a leading
technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive
coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service
to billions through technology. For more information, please visit www.waterdrop-inc.com.
For
investor inquiries, please contact
Waterdrop
Inc.
IR@shuidi-inc.com
WATERDROP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, unless otherwise
noted)
| | |
As of | |
| | |
December 31, 2023 | | |
June 30, 2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Assets | |
| | |
| | |
| |
| Current assets | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 396,905 | | |
| 719,036 | | |
| 98,943 | |
| Restricted cash | |
| 577,121 | | |
| 507,151 | | |
| 69,786 | |
| Short-term investments | |
| 2,996,527 | | |
| 2,214,227 | | |
| 304,688 | |
| Accounts receivable, net | |
| 693,110 | | |
| 718,002 | | |
| 98,800 | |
| Current contract assets | |
| 572,871 | | |
| 611,290 | | |
| 84,116 | |
| Amount due from related parties | |
| 65 | | |
| 169 | | |
| 23 | |
| Prepaid expense and other assets | |
| 189,846 | | |
| 194,769 | | |
| 26,801 | |
| Total current assets | |
| 5,426,445 | | |
| 4,964,644 | | |
| 683,157 | |
| Non-current assets | |
| | | |
| | | |
| | |
| Non-current contract assets | |
| 134,383 | | |
| 154,745 | | |
| 21,294 | |
| Property, equipment and software, net | |
| 33,878 | | |
| 30,729 | | |
| 4,228 | |
| Intangible assets, net | |
| 177,407 | | |
| 173,635 | | |
| 23,893 | |
| Long-term investments | |
| 211,758 | | |
| 581,813 | | |
| 80,060 | |
| Right of use assets, net | |
| 59,851 | | |
| 63,580 | | |
| 8,749 | |
| Deferred tax assets | |
| 24,190 | | |
| 31,279 | | |
| 4,304 | |
| Goodwill | |
| 80,751 | | |
| 80,751 | | |
| 11,112 | |
| Total non-current assets | |
| 722,218 | | |
| 1,116,532 | | |
| 153,640 | |
| Total assets | |
| 6,148,663 | | |
| 6,081,176 | | |
| 836,797 | |
| | |
| | | |
| | | |
| | |
| Liabilities, Mezzanine Equity and Shareholders’ Equity | |
| | | |
| | | |
| | |
| Current liabilities | |
| | | |
| | | |
| | |
| Amount due to related parties | |
| 9,509 | | |
| 10,031 | | |
| 1,380 | |
| Insurance premium payables | |
| 591,953 | | |
| 521,272 | | |
| 71,729 | |
| Accrued expenses and other current liabilities | |
| 597,684 | | |
| 651,874 | | |
| 89,701 | |
| Short-term loans | |
| 137,557 | | |
| - | | |
| - | |
| Current lease liabilities | |
| 32,908 | | |
| 37,246 | | |
| 5,125 | |
| Total current liabilities | |
| 1,369,611 | | |
| 1,220,423 | | |
| 167,935 | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Non-current lease liabilities | |
| 27,293 | | |
| 26,462 | | |
| 3,641 | |
| Deferred tax liabilities | |
| 73,305 | | |
| 95,592 | | |
| 13,154 | |
| Total non-current liabilities | |
| 100,598 | | |
| 122,054 | | |
| 16,795 | |
| Total liabilities | |
| 1,470,209 | | |
| 1,342,477 | | |
| 184,730 | |
| | |
| | | |
| | | |
| | |
| Mezzanine Equity | |
| | | |
| | | |
| | |
| Redeemable non-controlling interests | |
| 92,760 | | |
| 88,099 | | |
| 12,123 | |
| | |
| | | |
| | | |
| | |
| Shareholders' equity | |
| | | |
| | | |
| | |
| Class A ordinary shares | |
| 112 | | |
| 112 | | |
| 15 | |
| Class B ordinary shares | |
| 27 | | |
| 27 | | |
| 4 | |
| Treasury stock | |
| (12 | ) | |
| (15 | ) | |
| (2 | ) |
| Additional paid-in capital | |
| 7,003,423 | | |
| 6,860,770 | | |
| 944,073 | |
| Accumulated other comprehensive income | |
| 144,107 | | |
| 182,747 | | |
| 25,147 | |
| Accumulated deficit | |
| (2,561,963 | ) | |
| (2,393,041 | ) | |
| (329,293 | ) |
| Total shareholders' equity | |
| 4,585,694 | | |
| 4,650,600 | | |
| 639,944 | |
| Total liabilities, mezzanine equity and shareholders' equity | |
| 6,148,663 | | |
| 6,081,176 | | |
| 836,797 | |
WATERDROP INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME
(All amounts in thousands, except for share
and per share data, or otherwise noted)
| | |
For
the Three Months Ended | | |
For
the Six Months Ended | |
| | |
June 30,
2023 | | |
March 31,
2024 | | |
June 30,
2024 | | |
June 30,
2023 | | |
June 30,
2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
USD | | |
RMB | | |
RMB | | |
USD | |
| Operating
revenue, net | |
| 678,700 | | |
| 704,700 | | |
| 676,156 | | |
| 93,042 | | |
| 1,284,865 | | |
| 1,380,856 | | |
| 190,012 | |
| Operating costs
and expenses(i) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating costs | |
| (333,140 | ) | |
| (331,243 | ) | |
| (319,101 | ) | |
| (43,910 | ) | |
| (581,123 | ) | |
| (650,344 | ) | |
| (89,490 | ) |
| Sales and marketing
expenses | |
| (204,548 | ) | |
| (182,146 | ) | |
| (157,413 | ) | |
| (21,661 | ) | |
| (377,949 | ) | |
| (339,559 | ) | |
| (46,725 | ) |
| General and
administrative expenses | |
| (95,997 | ) | |
| (88,961 | ) | |
| (93,978 | ) | |
| (12,932 | ) | |
| (191,795 | ) | |
| (182,939 | ) | |
| (25,173 | ) |
| Research
and development expenses | |
| (86,657 | ) | |
| (55,986 | ) | |
| (53,300 | ) | |
| (7,334 | ) | |
| (165,312 | ) | |
| (109,286 | ) | |
| (15,038 | ) |
| Total
operating costs and expenses | |
| (720,342 | ) | |
| (658,336 | ) | |
| (623,792 | ) | |
| (85,837 | ) | |
| (1,316,179 | ) | |
| (1,282,128 | ) | |
| (176,426 | ) |
| Operating
(loss)/profit | |
| (41,642 | ) | |
| 46,364 | | |
| 52,364 | | |
| 7,205 | | |
| (31,314 | ) | |
| 98,728 | | |
| 13,586 | |
| Other income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 37,618 | | |
| 39,804 | | |
| 37,510 | | |
| 5,162 | | |
| 68,494 | | |
| 77,314 | | |
| 10,639 | |
| Foreign currency
exchange gain/(loss) | |
| 838 | | |
| 1,514 | | |
| (444 | ) | |
| (61 | ) | |
| 1,120 | | |
| 1,070 | | |
| 147 | |
| Others,
net | |
| 14,379 | | |
| 1,463 | | |
| 1,300 | | |
| 179 | | |
| 19,992 | | |
| 2,763 | | |
| 380 | |
| Profit
before income tax | |
| 11,193 | | |
| 89,145 | | |
| 90,730 | | |
| 12,485 | | |
| 58,292 | | |
| 179,875 | | |
| 24,752 | |
| Income
tax benefit/(expense) | |
| 10,504 | | |
| (8,588 | ) | |
| (7,026 | ) | |
| (967 | ) | |
| 13,130 | | |
| (15,614 | ) | |
| (2,149 | ) |
| Net
profit | |
| 21,697 | | |
| 80,557 | | |
| 83,704 | | |
| 11,518 | | |
| 71,422 | | |
| 164,261 | | |
| 22,603 | |
| Net
loss attributable to mezzanine equity classified as non-controlling interests shareholders | |
| - | | |
| (75 | ) | |
| (4,586 | ) | |
| (631 | ) | |
| - | | |
| (4,661 | ) | |
| (641 | ) |
| Net
profit attributable to ordinary shareholders | |
| 21,697 | | |
| 80,632 | | |
| 88,290 | | |
| 12,149 | | |
| 71,422 | | |
| 168,922 | | |
| 23,244 | |
| Other comprehensive
income: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign currency
translation adjustment, net of tax | |
| 64,434 | | |
| 25,143 | | |
| 13,497 | | |
| 1,857 | | |
| 67,820 | | |
| 38,640 | | |
| 5,317 | |
| Unrealized
loss on available for sale investments, net of tax | |
| (3,508 | ) | |
| - | | |
| - | | |
| - | | |
| (1,551 | ) | |
| - | | |
| - | |
| Total
comprehensive income | |
| 82,623 | | |
| 105,700 | | |
| 97,201 | | |
| 13,375 | | |
| 137,691 | | |
| 202,901 | | |
| 27,920 | |
| Total
comprehensive loss attributable to mezzanine equity classified as non-controlling interests shareholders | |
| - | | |
| (75 | ) | |
| (4,586 | ) | |
| (631 | ) | |
| - | | |
| (4,661 | ) | |
| (641 | ) |
| Total
comprehensive income attributable to ordinary shareholders | |
| 82,623 | | |
| 105,775 | | |
| 101,787 | | |
| 14,006 | | |
| 137,691 | | |
| 207,562 | | |
| 28,561 | |
| Weighted
average number of ordinary shares used in computing net profit per share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 3,795,521,186 | | |
| 3,696,619,172 | | |
| 3,660,589,600 | | |
| 3,660,589,600 | | |
| 3,831,316,817 | | |
| 3,678,604,386 | | |
| 3,678,604,386 | |
| Diluted | |
| 3,949,592,050 | | |
| 3,756,462,107 | | |
| 3,734,346,444 | | |
| 3,734,346,444 | | |
| 3,988,673,677 | | |
| 3,745,404,276 | | |
| 3,745,404,276 | |
| Net
profit per share attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.01 | | |
| 0.02 | | |
| 0.02 | | |
| 0.00 | | |
| 0.02 | | |
| 0.05 | | |
| 0.01 | |
| Diluted | |
| 0.01 | | |
| 0.02 | | |
| 0.02 | | |
| 0.00 | | |
| 0.02 | | |
| 0.05 | | |
| 0.01 | |
| (i) | Share-based compensation expenses are included in the operating costs and expenses as follows. |
| | |
For the Three Months Ended | | |
For the Six Months Ended | |
| | |
June 30, 2023 | | |
March 31, 2024 | | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
USD | | |
RMB | | |
RMB | | |
USD | |
| Sales and marketing expenses | |
| (7,888 | ) | |
| (1,820 | ) | |
| (1,320 | ) | |
| (181 | ) | |
| (24,417 | ) | |
| (3,140 | ) | |
| (432 | ) |
| General and administrative expenses | |
| (18,122 | ) | |
| (14,327 | ) | |
| (16,285 | ) | |
| (2,241 | ) | |
| (44,582 | ) | |
| (30,612 | ) | |
| (4,212 | ) |
| Research and development expenses | |
| (3,383 | ) | |
| (2,983 | ) | |
| (2,600 | ) | |
| (358 | ) | |
| (7,320 | ) | |
| (5,583 | ) | |
| (768 | ) |
| Total | |
| (29,393 | ) | |
| (19,130 | ) | |
| (20,205 | ) | |
| (2,780 | ) | |
| (76,319 | ) | |
| (39,335 | ) | |
| (5,412 | ) |
WATERDROP INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, unless otherwise
noted)
| | |
For the Three Months Ended | | |
For the Six Months Ended | |
| | |
June 30, 2023 | | |
March 31, 2024 | | |
June 30, 2024 | | |
June 30, 2023 | | |
June 30, 2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
USD | | |
RMB | | |
RMB | | |
USD | |
| Net profit attributable to the Company’s ordinary shareholders | |
| 21,697 | | |
| 80,632 | | |
| 88,290 | | |
| 12,149 | | |
| 71,422 | | |
| 168,922 | | |
| 23,244 | |
| Add: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation expense attributable to the Company’s ordinary shareholders | |
| 29,393 | | |
| 19,260 | | |
| 20,015 | | |
| 2,754 | | |
| 76,319 | | |
| 39,274 | | |
| 5,404 | |
| Foreign currency exchange (gain)/loss | |
| (838 | ) | |
| (1,514 | ) | |
| 444 | | |
| 61 | | |
| (1,120 | ) | |
| (1,070 | ) | |
| (147 | ) |
| Adjusted net profit attributable to the Company’s ordinary shareholders | |
| 50,252 | | |
| 98,378 | | |
| 108,749 | | |
| 14,964 | | |
| 146,621 | | |
| 207,126 | | |
| 28,501 | |
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