Waterdrop Inc. (NYSE:WDH) Q2 2023 Results Conference Call September 7, 2023 8:00 AM ET

Company Participants

Shen Peng - Founder, Chairman & Chief Executive Officer

Yang Guang - Co-Founder, Director, SVP and GM of International Business

Zetao Zhu - GM of Crowdfunding and Pharmatech Business

Chen Richard - Board Secretary

Conference Call Participants

Unidentified Company Representative

Good morning everyone. This is [indiscernible] from Waterdrop Investor Relationships. It's my pleasure to welcome everyone to Waterdrop's Second Quarter 2023 Earnings Conference Call. All participants are in a listen-only mode in our English line. As a reminder, today's conference call is being recorded. Please note that discussion today will contain forward-looking statements made under the safe harbor provision of U.S. Private Securities and the litigation Reform Act of 1995.

Forward-looking statements are subject to risks and uncertainties and may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but not limited to those outlined in our public filings with the SEC. The Company does not undertake any obligation to update any forward-looking statements, except as required and applicable law.

Also, this call includes a discussion of certain non-GAAP measures. Please refer to our earnings release for reconciliations between non-GAAP and GAAP. Joining us today on the call are Mr. Shen Peng, our Founder, Chairman and CEO; Mr. Yang Guang, Co-Founder, Director, SVP and GM of International Business; Mr. Zhu Zetao, GM of Crowdfunding and Pharmatech Business; Mr. Chen Richard, Board Secretary.

And we will be happy to take some of the questions in the mandarin line at the end of the conference call.

Shen Peng

Hello, everyone. This is Shen Peng. Thank you for joining our second quarter 2023 earnings conference call. With the second quarter, in insurance and pharmaceutical industry with the gradual enforcement of regulation, transparency and acceleration have significantly improved, effectively enhancing user experience and satisfaction. This has also led compliance user insurance companies in breaking new growth opportunities.

In this setting, the Company's proactively consensus regulatory trends, responds actively to market demand, continually innovates product and optimize service and solidifying a leading edge in these sectors. Regardless of the challenging external environment, the management firmly convinced the adhering to long-term value and maintaining a user-centric approach with secure greater market space.

And in the second quarter of 2023, the Company continues to focus on creating value for our users' capability healthy development. The financial performance remains robust with our revenue reached RMB679 million, carrying over an upward trend for the last five quarters, the net profit reached RMB21.7 million, demonstrating the sustainable and high-quality development of the Company's operations.