Waterdrop Inc. (NYSE:WDH) Q3 2024 Earnings Conference Call December 11, 2024 7:00 AM ET
Company Participants
Tracy Li - Investor Relations
Shen Peng - Founder, Chairman & Chief Executive Officer
Ran Wei - Director & General Manager, Insurance Business
Jasmine Li - Board Secretary
Xu Xiaoying - Head, Finance
Tracy Li
Good morning, everyone. This is Tracy Li from Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's Third Quarter 2024 Earnings Conference Call. All participants are in listen-only mode in our English line. As a reminder, today's conference is being recorded.
Please note that this discussion today will contain forward-looking statements made under the safe harbor provisions of 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. Potential risks and uncertainties include, but are not limited to, those outlined in our public findings with the SEC. The company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Also, this call includes discussion of certain non-GAAP measures. Please refer to our earnings release for a reconciliation 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; Mrs. Xu Xiaoying, Head of the Finance Department; and Mrs. 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.
Shen Peng
Hello, everyone. This is Shen Peng.
In Q3, the company remained committed to healthy operations and sustainable growth, delivering solid results. Total revenue for this quarter reached RMB704 million, and net profit attributable to ordinary shareholders was around RMB92.8 million, reflecting a year-over-year increase of over 150%.
For the nine months of 2024, the company reported total revenue of RMB2.08 billion, up 5.8% year-on-year, and net profit attributable to ordinary shareholders, RMB260 million, a 142% increase compared to the last year. Since Q1 of 2022, we have achieved profitability for 11 consecutive quarters.
In Q3, each of our business segments focused on enhancing user value, with key metrics showing steady growth.
In Insurance Business, we targeted seniors, mothers, and individuals with pre-existing conditions, expanding our network of insurers and launched several innovative products. First year premiums totaled over RMB2 billion, a significant increase year-on-year with operating profit margin above 20%.