Waterdrop, Inc. ADR Class A company (WDH.US) achieved a revenue of RMB 679 million in the second quarter of 2023 and has been profitable for six consecutive quarters.

September 7th, Waterdrop, Inc. ADR Class A company (WDH.US) released its unaudited financial report for the second quarter of 2023, ending on June 30th. In the second quarter of 2023, the net operating income of Waterdrop, Inc. ADR Class A company was RMB 679 million, a 12% increase compared to the previous quarter, with a net profit of RMB 21.7 million, achieving profitability for the sixth consecutive quarter. Insurance-related business income accounted for nearly 90% while the critical illness crowdfunding business remains in deficit. According to the performance report, the first-year premium generated by the internet insurance platform, Waterdrop, Inc. ADR Class A, was RMB 2.197 billion, a 29.8% increase compared to the previous quarter. As of June 30th, 2023, Waterdrop, Inc. ADR Class A platform provided 1,050 insurance products to customers, with an increase of 174 products in a single quarter. The first-year premium generated by critical illness insurance products accounted for 21.8%. In the second quarter, insurance-related income of Waterdrop, Inc. ADR Class A company was RMB 597 million, indicating that insurance-related business is the main source of income for the company, accounting for 87.9%. From the performance of the second quarter, the core indicators of Waterdrop, Inc. ADR Class A's insurance-related business are accelerating growth. The company's another business, Waterdrop, Inc. ADR Class A Chou, had a service fee income of approximately RMB 44.68 million in the second quarter, with an operating loss of approximately RMB 64.13 million. As of June 30th, 2023, Waterdrop, Inc. ADR Class A Chou had accumulated approximately 439 million users who donated RMB 60.1 billion to over 2.95 million patients. It is worth noting Waterdrop, Inc. ADR Class A company's new business, Yifan Medicine, achieved revenue of RMB 29.4 million in the second quarter of 2023, a growth rate of over 167% compared to the same period in 2022. In the second quarter, Yifan Medicine collaborated with 132 pharmaceutical companies and CROs, successfully recruiting over 900 patients and signing 80 new clinical trial projects. Initiating a new stock repurchase plan, with a maximum repurchase of $50 million in the next year Alongside the release of the second quarter financial report, Waterdrop, Inc. ADR Class A company also announced a new stock repurchase plan. Under the new plan, Waterdrop, Inc. ADR Class A company was authorized by the board of directors to repurchase its ordinary shares in the form of American Depositary Shares (ADS) within a 12-month period, with a total value not exceeding $50 million. Since announcing the initiation of the stock repurchase plan in September 2021, as of August 31st, 2023, Waterdrop, Inc. ADR Class A company has repurchased stocks from the public market for approximately $86.1 million in cash. The second quarter financial report shows that as of June 30th, 2023, Waterdrop, Inc. ADR Class A company held a total of RMB 3.399 billion in cash and cash equivalents and short-term investments. Regarding the performance achieved in the second quarter of 2023, Shen Peng, the founder and CEO of Waterdrop, Inc. ADR Class A company said that the company adheres to a user-centric development strategy. The number of new users in the insurance business continues to grow, and the renewal rate remains at a high level. The medical CRO business has initiated its first full-cycle clinical trial CRO operation project, achieving key progress. "In the future, we will continue to integrate resources and maximize Waterdrop, Inc. ADR Class A's advantages in the insurance and medical industries."