BEIJING , Dec. 3, 2025 /PRNewswire/ -- On December 3, 2025, Waterdrop Inc. (NYSE: WDH), a leading te...


          
		  
          
            
            
            ,  /PRNewswire/ -- On December 3, 2025, Waterdrop Inc. (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare services with a positive social impact, unveiled its unaudited financial results for the three months ended September 30,2025. During the quarter, Waterdrop reported net operating revenue of RMB 974.9 million, representing an increase of 38.4% year-over-year. Net profit attributable to ordinary shareholders totaled RMB 158.5 million, up  60.1% from the previous year, sustaining profitability for the fifteenth consecutive quarter. Operating expenses, including sales, administrative, and R&D expenses, accounted for 39.6% of revenue, a decrease of 8.3 percentage points year-on-year.
Since announcing its first share repurchase program in September 2021, As of November 30, 2025, Waterdrop has repurchased approximately 58.1 million American Depositary Shares (ADSs) from the open market.
Insurance Business: operating revenue increased by 44.8% YOY
Waterdrop's insurance-related revenue amounted to RMB 869.7 million in the third quarter of 2025, representing an increase of 44.8% year-over-year. The insurance business operating profit reached RMB 176.4 million,representing an increase of 44% year-over-year. First-year premiums (FYPs) generated by insurance business increased by 32.3% quarter over quarter.
By deploying AI at key touchpoints, the company is unlocking new levels of performance. Premiums facilitated by "AI Medical Insurance Expert" increased by 82% on a quarter-over-quarter basis. Thanks to "KEYI.AI" underwriting assistant, underwriting workflow is streamlined and the corresponding processing time is dramatically reduced, turning tasks that previously took several minutes into a near-instantaneous process. Meanwhile, "AI Customer Service Agent" currently independently handles 600,000 inquiries in one month. 
Waterdrop Insurance Marketplace prioritize user needs and continue to deliver innovative insurance products to users and their loved ones. In this quarter, the company introduced "Quan Jia Fu Family Protection Plan", which covers up to nine family members under a single policy, and upgraded "Guo Min Bao Mid-to-High-End Medical Insurance" with an expanded network of quality private hospitals. Additionally, the "Wu You Shou Hu" series of disability insurance product matrix has been upgraded, achieving comprehensive coverage from broad-spectrum protection that "covers all diseases" to in-depth protection that "pays out for life in case of high-incidence severe diseases leading to disability".
Waterdrop Medical Crowdfunding cumulatively Raised RMB 71.2 Billion for 3.61 Million Patients
During the quarter, Waterdrop Medical Crowdfunding upheld its mission of "saving lives" with remarkable success. As of September 30, 2025, around 485 million people cumulatively donated an aggregate of RMB 71.2 billion to 3.61 million patients through Waterdrop Medical Crowdfunding.
During the third quarter, Waterdrop Medical Crowdfunding significantly fortified its case risk control measures. Advanced analytics have improved the algorithm model's identification capabilities. By leveraging donation visit features, it has improved automatic early-warning systems to better detect and reduce fraud. This quarter also saw the rollout of a strengthened donor evaluation system, which now offers comprehensive evaluation rationales and gives donors clear insights into how their contributions are allocated and used. This has significantly enhanced the transparency, rationality, and traceability of fund distribution across all stages.
Since its launch in 2016, Waterdrop Medical Crowdfunding has continuously improved the assistance service model, partnered with Guangzhou's Civil Affairs Bureau to launch 'Waterdrop Co-Help'. Online one-click application for Guangzhou registered low-income patients through the "Sui Hao Ban" platform. Offline service teams are established through the "Sui Jiu Yi•Co-Help Space" to provide door-to-door assistance services.Innovative practice in deeply integrating government assistance with major disease personal assistance.
E-Find Platform enrolled over one thousand patients this quarter
Waterdrop's Digital Clinical Trial Solution has maintained its growth in the third quarter of 2025, generating revenues of approximately RMB 31.9 million, representing an increase of 31.3% year-over-year. As of  September 30, 2025, the Company had cumulatively enrolled 13,282 patients into 1,491 clinical trial programs through the E-Find Platform.
In this quarter, E-Find Platform expanded its collaboration to 216 pharmaceuticals and contract research organizations. Meanwhile, the number of patients enrolled also reached a historic high, over one thousand patients were enrolled in the third quarter.
In terms of digital omnichannel marketing, this quarter, E-Find Platform continuously advanced the application of large-scale model technology in the doctor-patient service scenarios, and has implemented multiple projects related to health management, health popularization and digital human. Additionally, Waterdrop collaborated with a leading multinational pharmaceutical company for three consecutive years, providing services to hundreds of thousands of patients in total, with significant improvements in service efficiency and user experience.
In terms of social responsibility, Waterdrop adhered to the concept of sustainable development and released its 2024 ESG report this quarter, disclosing multiple environmental data for the first time. It continued to optimize its ESG governance structure and enhanced the ESG data refinement management capability. In terms of public welfare practice, as of September 30, 2025, Waterdrop Charity platform has cooperated with 119 public charity organizations and launched over 15,500 public welfare projects.
Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "In the third quarter, AI served as the core driver for enhancing business quality and efficiency, propelling the company to achieve double-digit high growth in both revenue and profit. Looking ahead, we will capitalize on technological opportunities by deepening AI integration and driving innovation across our business ecosystem, thereby fueling sustainable growth. We are committed to creating lasting value by providing reliable services to our users, fostering mutually beneficial partnerships, and maintaining a strong dedication to our shareholders."
SOURCE Waterdrop Inc.

          
        

Waterdrop Inc. Announces Third Quarter 2025 Unaudited Financial Results, Net profit rises 60.1% year-on-year

<article>
    <h2>Waterdrop Inc. Reports Strong Third Quarter 2025 Financial Results</h2>
    <p>On December 3, 2025, Waterdrop Inc. (NYSE: WDH) announced its unaudited financial results for the third quarter of 2025, marking a significant period for the company. Waterdrop achieved a net operating revenue of <strong>RMB 974.9 million</strong>, reflecting a robust increase of <strong>38.4%</strong> year-over-year. The company's net profit attributable to ordinary shareholders reached <strong>RMB 158.5 million</strong>, representing a remarkable <strong>60.1%</strong> growth compared to the same quarter in the previous year, marking the fifteenth consecutive quarter of profitability.</p>
    
    <h3>Key Financial Highlights</h3>
    <ul>
        <li><strong>Net Operating Revenue:</strong> RMB 974.9 million (+38.4% YoY)</li>
        <li><strong>Net Profit:</strong> RMB 158.5 million (+60.1% YoY)</li>
        <li><strong>Operating Expenses:</strong> 39.6% of revenue, down 8.3 percentage points YoY</li>
        <li><strong>ADS Repurchases:</strong> Approximately 58.1 million ADSs repurchased by November 30, 2025</li>
    </ul>

    <h3>Growth in Insurance Business</h3>
    <p>Waterdrop's insurance-related revenue surged to <strong>RMB 869.7 million</strong>, up <strong>44.8%</strong> year-over-year. The operating profit from the insurance sector expanded to <strong>RMB 176.4 million</strong>, showing a significant <strong>44%</strong> increase compared to the previous year. Additionally, first-year premiums (FYPs) saw an impressive <strong>32.3%</strong> rise from the previous quarter.</p>
    <p>The integration of artificial intelligence (AI) into operations played a crucial role in these positive outcomes. For instance, premiums facilitated by the "AI Medical Insurance Expert" rose by <strong>82%</strong> quarter-over-quarter, while the "AI Customer Service Agent" managed <strong>600,000</strong> inquiries monthly.</p>

    <h3>Innovative Insurance Products</h3>
    <p>In its commitment to meet user needs, Waterdrop introduced several innovative insurance products this quarter, including:</p>
    <ul>
        <li><strong>"Quan Jia Fu Family Protection Plan":</strong> Covers up to nine family members under one policy.</li>
        <li><strong>"Guo Min Bao Mid-to-High-End Medical Insurance":</strong> Upgraded with an expanded private hospital network.</li>
        <li><strong>"Wu You Shou Hu" Disability Insurance:</strong> Enhanced coverage options tailored to serious illnesses.</li>
    </ul>

    <h3>Advancements in Medical Crowdfunding</h3>
    <p>Waterdrop Medical Crowdfunding continued its successful operations, raising a total of <strong>RMB 71.2 billion</strong> for <strong>3.61 million</strong> patients as of September 30, 2025. This quarter, the platform strengthened its risk control measures, enhancing transparency and fraud detection through advanced analytics.</p>

    <h3>Growth of E-Find Platform</h3>
    <p>The Digital Clinical Trial Solution of Waterdrop, particularly its E-Find Platform, reported a revenue increase of approximately <strong>RMB 31.9 million</strong>, representing a <strong>31.3%</strong> year-on-year growth. The platform enrolled over <strong>1,000</strong> patients in the third quarter, bringing the total to <strong>13,282</strong> patients across <strong>1,491</strong> clinical trial programs.</p>

    <h3>Commitment to Social Responsibility</h3>
    <p>Waterdrop also released its 2024 ESG report this quarter, furthering its commitment to sustainable development and highlighting numerous public welfare initiatives. As of September 30, 2025, the company partnered with <strong>119</strong> charity organizations, launching over <strong>15,500</strong> public welfare projects.</p>

    <h3>CEO Insights on Future Growth</h3>
    <p>Mr. Peng Shen, Founder, Chairman, and CEO of Waterdrop, stated, “In the third quarter, AI has become a core driver for enhancing business quality and efficiency, enabling the company to achieve double-digit high growth in both revenue and profit. Looking ahead, we will focus on integrating AI and driving innovation across our business ecosystem, ensuring sustainable growth and lasting value for our users and shareholders.”</p>
</article>

Waterdrop's Q3 2025 revenue grew 38.4% YoY to RMB 974.9 million.
Net profit rose 60.1% YoY, sustaining profitability for fifteen quarters.
Insurance operating revenue increased 44.8%, driven by AI enhancements.
Medical crowdfunding raised RMB 71.2 billion for 3.61 million patients.
E-Find Platform enrollment reached historic highs with improved service efficiency.

Waterdrop Inc. Announces Third Quarter 2025 Unaudited Financial Results, Net profit rises 60.1% year-on-year

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News