Waterdrop Inc. (NYSE:WDH) Q2 2024 Earnings Conference Call September 4, 2024 8:00 AM ET
Company Participants
Tracy Lisang - IR
Peng Shen - Founder, Chairman and CEO
Ran Wei - Director and GM of Insurance Business
Xu Xiaoying - Head of Finance Department
Jasmine Li - Board Secretary
Tracy Lisang
Good morning, everyone. This is Tracy Lisang with Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's Second Quarter 2024 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 the discussion today will consist forward-looking statements made under the Safe Harbor provision of the U.S. Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Certain risks and uncertainties include, but are 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 under applicable law. Also, this call includes 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. Ran Wei, Director and GM of Insurance Business; Xu Xiaoying, Head of Finance Department; and Jasmine Li, Board Secretary.
We will be happy to take some of the questions in the Mandarin line at the end of the conference call.
Peng Shen
Hello, everyone. This is Shen Peng. In May 2024, we celebrated Waterdrop's 8th anniversary. Over these years, we have continuously [indiscernible]. Particularly over the past two years, faced with a complex and changing environment, the company has proactively transformed its business. We have greater emphasis on delivering value, pursuing healthy operations and ensuring sustainable growth. As a technology company amid the new wave of AI, we are actively exploring the application of large language models Shuishou LLM in the industry to build the company's core competitiveness for the next stage.
In Q2, our business continued to advance with existing strategies, achieving robust financial performance. The company's overall revenue reached a total of RMB676 million. Our net profit attributable to ordinary shareholders was nearly RMB88.3 million, reflecting a year-over-year increase of over 300%. Waterdrop has maintained profitability for 10 consecutive quarters since Q1 of 2022. This quarter, Waterdrop consolidated its leading position in the industry. Firstly, our insurance business quarterly FYP reached RMB1.78 billion with an operating profit margin increasing 21%.