Waterdrop Inc. Announces Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results
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.
- Net profit of RMB 126.2 million for Q4 2022, a turnaround from a net loss of RMB 71.2 million in Q4 2021.
- Operating revenue increased by 12.5% year over year to RMB 679.5 million (US$98.5 million).
- Cash and cash equivalents rose to RMB 3.7 billion (US$537.1 million).
- Sales and marketing expenses decreased by 42.8% year over year.
- First-year premiums (FYP) decreased by 16.2% year over year to RMB 1,591.9 million.
- Net operating revenue for the full year decreased by 12.6% to RMB 2.8 billion (US$406.2 million).
- Insurance-related income fell by 16.7% year over year.
Financial and Operational Highlights for the Fourth Quarter of and Fiscal Year 2022
- Resilient business development and healthy revenue growth: For the fourth quarter of 2022, the first-year premiums ("FYP") generated through our
Waterdrop Insurance Marketplace amounted toRMB1,591.9 million (US ), a decrease of$230.8 million 16.2% year over year. Our net operating revenue wasRMB679.5 million (US ), which represents an increase of$98.5 million 12.5% year over year, and extends our growth momentum as we made further progress on reforming our business strategy. - Effective financial discipline and sustained profitability: For the fourth quarter of 2022, our sales and marketing expenses decreased by
42.8% , and total operating costs and expenses decreased by10.5% year over year. Our net profit reachedRMB126.2 million (US ), continuing the trend in profitability since the beginning of 2022. Our solid financial performance highlights our achievements in cost control and profit enhancement.$18.3 million - Positive cash flow: As of
December 31, 2022 , our cash and cash equivalents and short-term investments balance increased byRMB116.0 million from the end of the third quarter of 2022 toRMB3,704.5 million (US ), as we continued to generate positive operating cash flow, partially offset by the investing and financing cash outflow.$537.1 million - Further expanded product offerings: As of
December 31, 2022 , we offered 775 insurance products on our platform, as compared with 536 as ofSeptember 30, 2022 . In the fourth quarter of 2022, the FYP generated from critical illness insurance products increased by25.7% year over year and accounted for29.0% of overall FYP generated through ourWaterdrop Insurance Marketplace . - As of
December 31, 2022 , approximately 426 million people cumulatively had donated an aggregate of approximatelyRMB56.9 billion to over 2.77 million patients through Waterdrop Medical Crowdfunding.
Mr.
In terms of the insurance business, despite the temporary external headwinds such as the pandemic and industry adjustments, we have been proactively optimizing our business operations and consistently exploring new customer acquisition channels. By streamlining our transaction processes to be more user-centric and enriching insurance product offerings, we consistently strengthened our user lifecycle management and our take rates and the repurchase and renewal rates remained at high levels. In addition, we adhered to promoting insurance product diversification and business innovation. For instance, regarding products for customers with illness, we cooperated with a world top insurer to launch a customized product against leukemia recurrence for the patients to meet their evolving protection needs and fill the market gaps.
As for the medical crowdfunding business, in the fourth quarter, our Operational Transparency Committee made further improvements, which enabled the transparency from a single campaign to the whole medical fundraising platform. To be more specific, we began to make available the monthly billings, including the fund overview and breakdown of the funds raised on our crowdfunding platform, as well as the campaign review status for public oversight and monitoring. We strive to ensure the fund safety and continue to implement various measures to detect and reduce the occurrence of fraudulent activities on our platform.
Although operation and development of clinical trials were greatly impacted by the pandemic in many provinces and cities across the country in the fourth quarter, our E-find Patient Platform still enrolled approximately 700 patients in the fourth quarter, with approximately 80 new clinical trial programs successfully launched. For the full year of 2022, E-find Patient Platform enrolled more than 2800 patients. Leveraging our digital and technology capabilities and the track records of sustainable business growth, we aspire to create an industry paradigm for identifying and recruiting eligible patients through E-find Patient Platform, and accelerate the go-to-market process of clinical trials. With our excellent reputation and influential position in the pharmaceutical industry, we will actively explore and develop more high-value Contract Research Organization (the "CRO") services along the value chain.
To summarize, we remain confident in the value of our businesses and services for users and our ability to achieve our financial and business goals. Looking ahead, we will continue to execute our user-centric strategy and generate positive values for our users and shareholders in 2023."
Financial Results for the Fourth Quarter of 2022
Operating revenue, net
Net operating revenue for the fourth quarter of 2022 increased by
- 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
RMB611.5 million (US ) in the fourth quarter of 2022, representing an increase of$88.7 million 5.0% year over year fromRMB582.2 million for the fourth quarter of 2021, which was mainly due to the increase in insurance brokerage income. - 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. Since
April 7, 2022 , our crowdfunding platform has ceased to fully subsidize the related cost and started to charge a service fee of3% of the funds raised, up to a maximum amount ofRMB5,000 for a single campaign. Considering the specific situation of each case, we may selectively subsidize the service fee for certain extremely needy patients. For the fourth quarter of 2022, we generatedRMB40.7 million in crowdfunding service fees, compared to nil in the same period of 2021. - Digital clinical trial solution income represents the service income earned when we match qualified patients with optimal suitability for enrollment in clinical trials for our customers mainly including biopharmaceutical companies and leading biotechnology companies. For the fourth quarter of 2022, we generated
RMB22.7 million in service fees, compared toRMB0.6 million in the same period of 2021.
Operating costs and expenses
Operating costs and expenses decreased by
- Operating costs increased by
41.3% year over year toRMB278.6 million (US ) for the fourth quarter of 2022, compared with$40.4 million RMB197.1 million for the fourth quarter of 2021, which was primarily driven by (i) aRMB51.2 million increase in professional and outsourced customer service fees, and (ii) an increase ofRMB56.6 million mainly due to recording the crowdfunding consultants team costs as operating costs rather than as sales and marketing expense, as we started to generate crowdfunding service fees since April, 2022, partially offset by aRMB41.4 million decrease in personnel cost for our consultants and insurance agents team. On a quarter-over-quarter basis, operating costs decreased by18.4% in the fourth quarter of 2022, primarily due to the fact that professional and outsourced customer service fees decreased byRMB24.9 million , as compared to the third quarter of 2022. - Sales and marketing expenses decreased by
42.8% year over year toRMB137.8 million (US ) for the fourth quarter of 2022, compared with$20.0 million RMB241.0 million for the same quarter of 2021. The decrease was primarily due to (i) aRMB36.1 million decrease in marketing expenses to third-party traffic channels and (ii) aRMB79.6 million decrease in outsourced sales and marketing service fees to third parties. On a quarter-over-quarter basis, sales and marketing expenses remained stable compared withRMB137.9 million for the third quarter of 2022. - General and administrative expenses decreased by
20.3% year over year toRMB118.6 million (US ) for the fourth quarter of 2022, compared with$17.2 million RMB148.7 million for the same quarter of 2021. The year-over-year variance was due to the combined impact of (i) a decrease ofRMB39.0 million impairment loss over prepayment in the fourth quarter of 2021, and partially offset by an increase ofRMB 14.9 million allowance for doubtful accounts in the fourth quarter of 2022, and (ii) aRMB7.7 million decrease in personnel cost. On a quarter-over-quarter basis, general and administrative expenses increased by44.5% in the fourth quarter of 2022, primarily due to (i)RMB18.4 million increase in allowance for doubtful accounts, (ii)RMB8.5 million increase in professional service fees, and (iii)RMB4.2 million increase in share-based compensation expenses, as compared to the third quarter of 2022. - Research and development expenses decreased by
21.2% year over year toRMB71.7 million (US ) for the fourth quarter of 2022, compared with$10.4 million RMB91.0 million for the same period of 2021. The decrease was primarily due toRMB16.1 million decreases in research and development personnel costs. On a quarter-over-quarter basis, research and development expenses decreased by8.5% fromRMB78.4 million , which was mainly due toRMB6.4 million decrease in research and development personnel costs.
Operating profit for the fourth quarter of 2022 was
Interest income for the fourth quarter of 2022 was
Income tax expense for the fourth quarter of 2022 was
Net profit attributable to
Adjusted net profit attributable to
Cash and cash equivalents and short-term investments
As of
Financial Results for the Fiscal Year of 2022
Net operating revenue for the year of 2022 decreased by
- 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
RMB2,559.2 million (US ) in 2022, representing a decrease of$371.0 million 16.7% year over year fromRMB3,071.0 million for the year of 2021, which was mainly due to the decrease in insurance brokerage income. - Crowdfunding service fees represent the service income earned when patients successfully withdraw the proceeds from their crowdfunding campaigns. 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. Since
April 7, 2022 , our crowdfunding platform has ceased to fully subsidize the related cost and started to charge a service fee of3% of the funds raised, up to a maximum amount ofRMB5,000 for a single campaign. Considering the specific situation of each case, we may selectively subsidize the service fees for certain extremely needy patients. For the year of 2022, we generatedRMB155.8 million in crowdfunding service fees, compared to nil in the year of 2021. - Digital clinical trial solution income represents the service income earned when we match qualified patients with optimal suitability for enrollment in clinical trials for our life sciences customers. For the year of 2022, we generated
RMB59.5 million in service fees, compared toRMB0.6 million in the year of 2021.
Operating costs and expenses
Operating costs and expenses decreased by
- Operating costs decreased by
3.3% year over year toRMB1,019.4 million (US ) for the year of 2022, compared with$147.8 million RMB1,054.5 million for the year of 2021, which was primarily driven by aRMB219.9 million decrease in personnel cost for our consultants and insurance agents team, partially offset by an increase ofRMB181.8 million mainly due to recording the crowdfunding consultants team costs as operating costs rather than as sales and marketing expense, as we started to generate crowdfunding service fees sinceApril 2022 . - Sales and marketing expenses decreased by
79.9% year over year toRMB624.5 million (US ) for the year of 2022, compared with$90.5 million RMB3,104.8 million for the year of 2021. The decrease was primarily due to (i) aRMB2,112.5 million decrease in marketing expenses to third-party traffic channels, and (ii) aRMB358.2 million decrease in outsourced sales and marketing service fees to third parties. - General and administrative expenses decreased by
26.7% year over year toRMB388.7 million (US ) for the year of 2022, compared with$56.4 million RMB530.5 million for the year of 2021. The year-over-year variance was due to the combined impact of (i) a decrease ofRMB109.8 million in share-based compensation expenses, (ii) aRMB21.2 million decrease in personnel cost, and (iii) a decrease ofRMB39.0 million impairment loss over prepayment for the year of 2021, and partially offset by an increase ofRMB 23.5 million allowance for doubtful accounts for the year of 2022,. - Research and development expenses decreased by
23.1% year over year toRMB291.3 million (US ) for year of 2022, compared with$42.2 million RMB379.0 million for the year of 2021. The decrease was primarily due toRMB66.0 million decreases in research and development personnel costs.
Operating profit for the year of 2022 was
Interest income for the year of 2022 was
Income tax expense for the year of 2022 was
Net profit attributable to
Adjusted net profit attributable to
Share Repurchase Plan
Pursuant to the share repurchase program launched in
Exchange Rate
This announcement contains translations of certain RMB amounts into
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as adjusted net operating revenue and adjusted net profit/loss, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net operating revenue represents net operating revenue excluding management fee income from mutual aid business. Adjusted net profit/loss represents net profit/loss excluding share-based compensation expense, the impact of terminating the mutual aid plan and foreign currency exchange gain or losses. Such adjustments have no impact on income tax.
The non-GAAP financial measures are not presented in accordance with
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable
For more information on the non-GAAP financial measures, 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
Conference Call Information
International: | 1-412-317-6061 |
United States Toll Free: | 1-888-317-6003 |
Hong Kong Toll Free: | 800-963976 |
852-58081995 | |
Mainland | 4001-206115 |
Chinese Line Entry Number: | 6859276 |
English Interpretation Line Entry Number: | 9375854 |
Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call.
A telephone replay will be accessible two hours after the conclusion of the conference call through March 24, 2023 by dialing the following numbers:
United States Toll Free: | 1-877-344-7529 |
International: | 1-412-317-0088 |
Chinese Line Access Code: | 7585967 |
English Interpretation Line Access Code: | 7172612 |
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
For investor inquiries, please contact
IR@shuidi-inc.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(All amounts in thousands, unless otherwise noted) | |||||
As of | |||||
RMB | RMB | USD | |||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 817,719 | 1,574,171 | 228,233 | ||
Restricted cash | 667,664 | 517,364 | 75,011 | ||
Short-term investments | 1,969,362 | 2,130,377 | 308,876 | ||
Accounts receivable, net | 643,843 | 675,796 | 97,981 | ||
Current contract assets | 563,611 | 450,085 | 65,256 | ||
Amount due from related parties | 1,049 | 358 | 52 | ||
Prepaid expense and other assets | 369,794 | 342,468 | 49,655 | ||
Total current assets | 5,033,042 | 5,690,619 | 825,064 | ||
Non-current assets | |||||
Non-current contract assets | 29,889 | 103,591 | 15,019 | ||
Property, equipment and software, net | 44,762 | 31,397 | 4,552 | ||
Intangible assets, net | 56,753 | 56,614 | 8,208 | ||
Long-term investments | 11,812 | 11,969 | 1,735 | ||
Right of use assets, net | 59,081 | 18,447 | 2,675 | ||
Deferred tax assets | 11,840 | 6,166 | 894 | ||
| 3,420 | 3,420 | 496 | ||
Total non-current assets | 217,557 | 231,604 | 33,579 | ||
Total assets | 5,250,599 | 5,922,223 | 858,643 | ||
Liabilities and Shareholders' Equity | |||||
Current liabilities | |||||
Amount due to related parties | 20,449 | 11,553 | 1,675 | ||
Insurance premium payables | 685,028 | 516,661 | 74,909 | ||
Deferred revenue | 803 | - | - | ||
Accrued expenses and other current liabilities | 498,752 | 584,123 | 84,689 | ||
Current lease liabilities | 44,113 | 9,354 | 1,356 | ||
Total current liabilities | 1,249,145 | 1,121,691 | 162,629 | ||
Non-current liabilities | |||||
Non-current lease liabilities | 14,477 | 4,701 | 682 | ||
Deferred tax liabilities | 13,551 | 29,703 | 4,307 | ||
Total non-current liabilities | 28,028 | 34,404 | 4,989 | ||
Total liabilities | 1,277,173 | 1,156,095 | 167,618 | ||
Shareholders' equity | |||||
Class A ordinary shares | 107 | 108 | 16 | ||
Class B ordinary shares | 27 | 27 | 4 | ||
| - | (3) | - | ||
Additional paid-in capital | 7,329,420 | 7,384,670 | 1,070,677 | ||
Accumulated other comprehensive (loss)/income | (21,492) | 108,245 | 15,694 | ||
Accumulated deficit | (3,334,636) | (2,726,919) | (395,366) | ||
Total shareholders' equity | 3,973,426 | 4,766,128 | 691,025 | ||
Total liabilities and shareholders' equity | 5,250,599 | 5,922,223 | 858,643 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME | ||||||||||||||
(All amounts in thousands, except for share and per share data, or otherwise noted) | ||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||
2021 | 2022 | |||||||||||||
RMB | RMB | RMB | USD | RMB | RMB | USD | ||||||||
Operating revenue, net | 603,888 | 772,192 | 679,470 | 98,514 | 3,205,914 | 2,801,768 | 406,218 | |||||||
Operating costs and expenses(i) | ||||||||||||||
Operating costs | (197,133) | (341,293) | (278,573) | (40,389) | (1,054,475) | (1,019,362) | (147,794) | |||||||
Sales and marketing expenses | (241,010) | (137,919) | (137,793) | (19,978) | (3,104,769) | (624,478) | (90,541) | |||||||
General and administrative expenses | (148,715) | (82,039) | (118,563) | (17,190) | (530,522) | (388,651) | (56,349) | |||||||
Research and development expenses | (90,967) | (78,378) | (71,685) | (10,393) | (378,990) | (291,290) | (42,233) | |||||||
Total operating costs and expenses | (677,825) | (639,629) | (606,614) | (87,950) | (5,068,756) | (2,323,781) | (336,917) | |||||||
Operating (loss)/profit | (73,937) | 132,563 | 72,856 | 10,564 | (1,862,842) | 477,987 | 69,301 | |||||||
Other income | ||||||||||||||
Interest income | 12,192 | 24,331 | 27,677 | 4,013 | 48,662 | 81,713 | 11,847 | |||||||
Foreign currency exchange (loss)/gain | (5,616) | (1,012) | 4,260 | 618 | 9,349 | 4,064 | 589 | |||||||
Others, net | 1,198 | 4,598 | 21,954 | 3,182 | 9,764 | 66,929 | 9,704 | |||||||
(Loss)/profit before income tax | (66,163) | 160,480 | 126,747 | 18,377 | (1,795,067) | 630,693 | 91,441 | |||||||
Income tax (expense)/benefit | (5,034) | 9,134 | (545) | (79) | 220,987 | (22,976) | (3,331) | |||||||
Net (loss)/profit attributable to | (71,197) | 169,614 | 126,202 | 18,298 | (1,574,080) | 607,717 | 88,110 | |||||||
Preferred shares redemption value accretion | - | - | - | - | (152,287) | - | - | |||||||
Net (loss)/profit attributable to ordinary shareholders | (71,197) | 169,614 | 126,202 | 18,298 | (1,726,367) | 607,717 | 88,110 | |||||||
Net (loss)/profit | (71,197) | 169,614 | 126,202 | 18,298 | (1,574,080) | 607,717 | 88,110 | |||||||
Other comprehensive (loss)/income: | ||||||||||||||
Foreign currency translation adjustment, net of tax | (10,465) | 93,742 | (40,297) | (5,843) | (36,640) | 129,563 | 18,785 | |||||||
Unrealized gains/(loss) on available for sale investments, net | 154 | 341 | (4,339) | (629) | 192 | 174 | 25 | |||||||
Comprehensive (loss)/income | (81,508) | 263,697 | 81,566 | 11,826 | (1,610,528) | 737,454 | 106,920 | |||||||
Weighted average number of ordinary shares used in computing | ||||||||||||||
Basic | 3,935,102,446 | 3,916,993,146 | 3,903,634,639 | 3,903,634,639 | 2,990,507,749 | 3,921,388,720 | 3,921,388,720 | |||||||
Diluted | 3,935,102,446 | 3,999,147,416 | 4,067,145,456 | 4,067,145,456 | 2,990,507,749 | 4,022,467,160 | 4,022,467,160 | |||||||
Net (loss)/profit per share attributable to ordinary shareholders | ||||||||||||||
Basic | (0.02) | 0.04 | 0.03 | 0.00 | (0.58) | 0.15 | 0.02 | |||||||
Diluted | (0.02) | 0.04 | 0.03 | 0.00 | (0.58) | 0.15 | 0.02 | |||||||
(i) Share-based compensation expenses are included in the operating costs and expenses as follows. | ||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||
2021 | 2022 | |||||||||||||
RMB | RMB | RMB | USD | RMB | RMB | USD | ||||||||
Sales and marketing expenses | (1,876) | (1,912) | (9,635) | (1,397) | (10,853) | (16,120) | (2,337) | |||||||
General and administrative expenses | (25,880) | (19,665) | (23,886) | (3,463) | (190,252) | (80,448) | (11,664) | |||||||
Research and development expenses | (4,018) | (3,975) | (4,201) | (609) | (25,056) | (15,458) | (2,241) | |||||||
Total | (31,774) | (25,552) | (37,722) | (5,469) | (226,161) | (112,026) | (16,242) |
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | |||||||||||||||||||||||||||||
(All amounts in thousands, unless otherwise noted) | |||||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||||
2021 | 2022 | ||||||||||||||||||||||||||||
RMB | RMB | RMB | USD | RMB | RMB | USD | |||||||||||||||||||||||
Net operating revenue | 603,888 | 772,192 | 679,470 | 98,514 | 3,205,914 | 2,801,768 | 406,218 | ||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Management fee income | - | - | - | - | 2,745 (ii) | - | - | ||||||||||||||||||||||
Adjusted net operating revenue | 603,888 | 772,192 | 679,470 | 98,514 | 3,203,169 | 2,801,768 | 406,218 | ||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||||||||||
2021 | 2022 | ||||||||||||||||||||||||||||
RMB | RMB | RMB | USD | RMB | RMB | USD | |||||||||||||||||||||||
Net (loss)/profit | (71,197) | 169,614 | 126,202 | 18,298 | (1,574,080) | 607,717 | 88,110 | ||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Share-based compensation expense | 31,774 | 25,552 | 37,722 | 5,469 | 226,161 | 112,026 | 16,242 | ||||||||||||||||||||||
Foreign currency exchange loss/(gain) | 5,616 | 1,012 | (4,260) | (618) | (9,349) | (4,064) | (589) | ||||||||||||||||||||||
Impairment loss | 39,717 | - | - | 39,717 | |||||||||||||||||||||||||
Impact of terminating the mutual aid plan (iii) | - | 19,549 | - | - | 96,697 | 19,549 | 2,834 | ||||||||||||||||||||||
Adjusted net profit/(loss) | 5,910 | 215,727 | 159,664 | 23,149 | (1,220,854) | 735,228 | 106,597 | ||||||||||||||||||||||
(ii) This represents the net management fee revenue related to the mutual aid business for the three months ended | |||||||||||||||||||||||||||||
(iii) This represents the estimated cost of medical expenses and cost of one-year health insurance coverage. RMB19.9 million ( |
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