Shuidi's Q2 revenue increased by 12% month-on-month in 2023, making profits for six consecutive quarters.
According to CTOnews.com news on September 7, Waterdrop today released its unaudited results for the second quarter of 2023 as of June 30, 2023.
In the second quarter of 2023, the net operating income of Shuidi Company was 679 million yuan, an increase of 12% over the previous quarter, and the net profit was 21.7 million yuan, making profits for six consecutive quarters.
The first-year premium generated by Shuidi, an Internet insurance platform owned by Shuidi, was 2.197 billion yuan in the second quarter of 2023, an increase of 29.8 percent over the previous quarter, according to the performance report. As of June 30, 2023, Shuidi platform provided customers with 1050 insurance products, an increase of 174,174 in a single quarter, accounting for 21.8 per cent of the first-year scale premiums generated by serious illness insurance products. In the second quarter, Shuidi Company's insurance-related income reached 597 million yuan, accounting for 87.9%.
The service charge income of the Shuidi business in the second quarter was about 44.68 million yuan, and the operating loss of the business was about 64.13 million yuan. As of June 30, 2023, about 439 million users have donated 60.1 billion yuan to more than 2.95 million patients since its launch.
It is worth noting that Shuidi's new business, Yifan Pharmaceutical, achieved revenue of 29.4 million yuan in the second quarter of 2023, an increase of more than 167 percent compared with 11 million yuan in the same period in 2022. In the second quarter, Yifan Pharmaceutical successfully recruited more than 900 patients and signed 80 new clinical trial projects in cooperation with 132 pharmaceutical companies and CRO.
At the same time as the second-quarter results were released, Shuidi also announced a new share buyback plan. Under the new plan, Shuidi is authorized by the board of directors to buy back the company's common shares in the form of American depositary shares (ADS) over a 12-month period, with a total value of no more than $50 million (CTOnews.com Note: currently about 366 million yuan).
Since the launch of the share buyback program in September 2021, as of August 31, 2023, Shuidi has accumulated cash to buy back shares from the open market, spending about $86.1 million (currently about 630 million yuan).
According to the second-quarter results report, as of June 30, 2023, the cash and cash equivalents and short-term investments held by Shuidi Company totaled 3.399 billion yuan.
Shen Peng, founder and CEO of Shuidi Company, said in the financial report that the company adheres to the user-centered development line, the number of new users of the insurance business continues to grow, and the renewal rate continues to maintain a high level. The pharmaceutical CRO business launched the first full-cycle clinical trial CRO operation project, which has made key progress. "in the future, we will continue to integrate resources to maximize the advantages of waterdrop in the insurance and medical industries."
