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Waterdrop Inc. (NYSE: WDH) is a pioneering technology platform dedicated to insurance and healthcare services, delivering a significant social impact. Established in 2016, Waterdrop leverages advanced technology to provide comprehensive insurance solutions and medical crowdfunding services, aimed at bringing insurance and healthcare to billions. The platform's main components include the Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, offering a wide range of services to its users.
In recent financial highlights for the first quarter of 2024, Waterdrop reported impressive results, achieving a net profit attributable to ordinary shareholders of RMB 80.6 million, marking a 36.5% quarter-over-quarter growth. This denotes the ninth consecutive quarter of profitability. The company's operating revenue increased by 16.3% year-over-year to RMB 704.7 million, demonstrating robust growth and sustained operational efficiency.
The Waterdrop Insurance Marketplace continues to excel, with first-year premiums (FYPs) reaching RMB 1.755 billion. Notably, life insurance accounted for 56.4% of the long-term insurance product mix, underlining the company's strong presence in the insurance sector. Waterdrop's innovative use of AI technology, through its proprietary ShuishouGPT platform, has significantly enhanced its service offerings, providing autonomous user interactions and achieving over 90% accuracy in insurance-related inquiries.
Waterdrop Medical Crowdfunding upheld its mission of saving lives by raising RMB 63.8 billion for over 3.17 million patients. The platform's Guardian Program ensures the efficiency, security, and transparency of fundraising activities. Waterdrop's healthcare-related services have also seen substantial growth, with revenues of approximately RMB 25.3 million, representing a year-on-year growth of 7.3%.
In addition to its core businesses, Waterdrop has ventured into digital clinical trial solutions, partnering with numerous pharmaceutical companies and Contract Research Organizations (CROs). By the end of the first quarter of 2024, Waterdrop had collaborated with 179 pharmaceuticals and CROs, enrolling approximately 7,800 patients and signing 88 new projects.
Waterdrop's commitment to technological innovation, customer-centric approach, and robust financial performance underscore its position as a leader in the insurance and healthcare sectors. The company's strategic acquisitions, such as Shenlanbao, and its continuous investment in AI and big data technologies, highlight its dedication to providing high-quality, customized insurance and healthcare solutions.
Waterdrop Inc. (NYSE: WDH) announced its Q4 and fiscal year 2022 financial results, revealing a 12.5% increase in net operating revenue to RMB 679.5 million (US$98.5 million), but a 16.2% decrease in first-year premiums (FYP) to RMB 1,591.9 million (US$230.8 million). Notably, the company achieved a net profit of RMB 126.2 million (US$18.3 million), compared to a net loss of RMB 71.2 million in Q4 2021. Operating costs fell by 10.5% year over year, highlighting effective cost control measures. As of December 31, 2022, cash and cash equivalents rose to RMB 3.7 billion (US$537.1 million), supporting a positive operating cash flow amidst challenges in the insurance industry.
Waterdrop Inc. (NYSE: WDH) announced board and executive leadership changes on March 17, 2023. Mr. Wei Ran has been appointed as a new director and general manager of the insurance technology business, while Mr. Yao Hu resigned but will focus on the company's healthcare strategy. After the changes, the board will consist of nine members, including three independent directors. Mr. Zetao Zhu has been named general manager of crowdfunding and pharmatech, enhancing the leadership team's expertise. Mr. Ran, with a background in strategy and consulting, is expected to drive the company's growth in insurance and healthcare services.
Waterdrop Inc. (NYSE: WDH) announced it will release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022 before U.S. markets open on March 17, 2023.
The company will host a conference call on the same day at 8:00 AM ET to discuss the results, providing various dial-in options for participants. Live webcasts will also be available on the company’s investor relations website.
itel has launched the A60, its most cost-effective 4G smartphone, aimed at enhancing the user experience across Africa. The device boasts a 6.6" HD+ screen and a 5000mAh battery. itel's cooperation with 9 local operators in 17 African nations, including MTN and Orange, enables value-added offers for consumers. The company conducted over 30 channel meetings in February across 19 countries, showcasing the A60’s features and benefits, including free SIM cards and data plans. With significant investments in technology, itel seeks to dominate the $50 smartphone market.
Pawaii has launched the Caremi Mobile Smart Pet Water Fountain, offering early bird discounts up to 55% during its crowdfunding campaign on Indiegogo from February 14 to April 8, 2023. This product features an innovative water filtration system in collaboration with Waterdrop, reducing impurities using a multi-stage filtration process and UV sterilization. The fountain tracks pets' water intake, helping owners prevent dehydration. Industry experts praise its safety features and effectiveness. Pawaii aims to enhance pet care with technology, emphasizing the importance of safe, clean drinking water for pets.
Wilmington, Del., Feb. 15, 2023 /PRNewswire/ -- Pawaii has launched its Caremi Mobile Smart Pet Water Fountain on Indiegogo, achieving a remarkable 200% of its crowdfunding target within the first 15 hours. The product aims to enhance pet owners' ability to protect and entertain their pets, featuring a proprietary app for tracking water intake and health monitoring. Pawaii collaborated with Waterdrop to incorporate a NSF-certified water filter and UV sterilization, ensuring clean water for pets. The company is optimistic about continued strong performance, encouraging potential customers to look for upcoming deals.
Waterdrop, recognized by over 10 million US families, has partnered with pet brand Pawaii to launch the Caremi Mobile Smart Pet Water Fountain. This innovative product combines Waterdrop's water purification expertise with smart technology, ensuring pets receive safe, purified water. Its features include a proprietary app to monitor pets' water intake and NSF-certified multi-stage filtration. The Caremi fountain is available for crowdfunding on Indiegogo from February 14 to April 8, 2023, with early bird discounts of up to 55% for participants. This initiative aligns with Waterdrop's mission to enhance family health.
On February 9, 2023, Peng Shen, Founder and CEO of Waterdrop (NYSE: WDH), was elected to the School Affairs Council of HKU Business School following alumni nominations and voting. Established in 2001, HKU Business School ranks 18th globally in the UTD Top 100 Business School Research Rankings, making it a leading institution in Asia. Peng Shen, a notable figure with various accolades such as Forbes 30 Under 30 Asia, founded Waterdrop in 2016, launching initiatives like Waterdrop Medical Crowdfunding. His participation in the council emphasizes Waterdrop's commitment to positive social impact in insurance and healthcare.
WILMINGTON, Del., Feb. 13, 2023 /PRNewswire/ -- Pawaii announces the launch of its Caremi Mobile Smart Pet Water Fountain, the first NSF-certified pet fountain, debuting on Indiegogo from February 14 to April 8, 2023. This innovative product, developed in collaboration with Waterdrop, features a proprietary app to track pet hydration and includes a multi-stage filtration system for clean water. Pawaii aims to enhance the quality of life for pets and their owners with user-friendly designs. Early bird backers can enjoy discounts of up to 51%. The company is committed to elevating pet care standards through quality products.
Waterdrop Inc. (NYSE: WDH) announced on Feb. 8, 2023, that it is internally testing a ChatGPT-like application for enhancing its insurance marketing and services. Head of AI business, Huang Mingxing, highlighted that the chatbot aims to improve efficiency by handling customer inquiries and introducing insurance products using voice or text. While the technology is inspired by ChatGPT, Waterdrop plans to utilize a smaller model with dedicated data training to optimize performance for its specific needs. This initiative follows the launch of the 'Waterdrop Assistant' in 2022, which also aimed to augment service worker efficiency.
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