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Waterdrop (WDH) investor relations material
Waterdrop Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Dec, 2025
Executive summary
Achieved total revenue of CNY 975 million in Q3 2025, up 38.4% year-on-year, with net profit attributable to ordinary shareholders at CNY 158 million, a 60.1% increase year-on-year.
Operating profit for Q3 was nearly CNY 114 million, a 329.8% year-on-year increase.
Maintained GAAP profitability for 15 consecutive quarters since Q1 2022.
AI integration and new product launches significantly enhanced business quality, efficiency, and operational performance.
Expanded medical crowdfunding and clinical trial patient recruitment, with 485 million cumulative donors and 13,282 patients enrolled in trials.
Financial highlights
Insurance business revenue reached CNY 870 million, up 44.8% year-on-year and 17.8% quarter-on-quarter, with an operating profit margin of 20.3%.
Digital clinical trial solution income was CNY 31.9 million, up 31.3% year-on-year.
Operating costs and expenses rose 27.1% year-on-year, below revenue growth rate.
Adjusted net profit (non-GAAP) for Q3 was CNY 167.7 million, up from CNY 126 million a year ago.
Cash position at period end was CNY 3.61 billion, with positive net operating cash flow.
Outlook and guidance
Confident in achieving full-year revenue and profit guidance, with plans to further leverage AI for sustainable long-term growth.
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Frequently asked questions
Waterdrop Inc. is a technology platform dedicated to providing insurance and healthcare services. The company's primary business involves offering a wide range of insurance products, including life, health, and accidental insurance. Waterdrop leverages technology to simplify the insurance purchasing process, making it more accessible and efficient for users. In addition to insurance, Waterdrop provides healthcare-related services, such as medical crowdfunding and online healthcare consultation, aiming to address the diverse needs of its customers. The company serves various sectors by integrating insurance and healthcare solutions to enhance the overall customer experience. Waterdrop Inc. is headquartered in Beijing, China, and its shares are listed on the NYSE.
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