Shuidi's Q2 revenue in 2023 increased by 12% quarter-on-quarter, making profits for 6 consecutive quarters

According to news from this site on September 7, Shuidi Company today announced its unaudited second quarter performance report for 2023 as of June 30, 2023.

In the second quarter of 2023, Shuidi's net operating income was 679 million yuan, an increase of 12% compared with the previous quarter; net profit was 21.7 million yuan, achieving profitability for 6 consecutive quarters.

The performance report shows that in the second quarter of 2023, Shuidibao, the Internet insurance platform owned by Shuidi Company, generated first-year premiums of 2.197 billion yuan, an increase of 29.8% compared with the previous quarter. As of June 30, 2023, the Shuidi platform provided 1,050 insurance products to customers, an increase of 174 in a single quarter, and critical illness insurance products accounted for 21.8% of the first-year scale premiums generated. In the second quarter, Shuidi Company’s insurance-related income was 597 million yuan, accounting for 87.9%.

The service fee income of Shuidichiu business in the second quarter was approximately 44.68 million yuan, and the operating loss of this business was approximately 64.13 million yuan. As of June 30, 2023, a total of approximately 439 million users of Shuidichi have donated 60.1 billion yuan to more than 2.95 million patients since its launch.

It is worth noting that Shuidi Company’s new business, Yifan Pharmaceuticals, achieved revenue of 29.4 million yuan in the second quarter of 2023,

compared to 11 million yuan in the same period of 2022, an increase of more than 167%. In the second quarter, Yifan Pharmaceuticals collaborated with 132 pharmaceutical companies and CROs, successfully recruited more than 900 patients and signed 80 new clinical trial projects.

At the same time as the second quarter performance report was released, Shuidi also announced a new stock repurchase plan. According to the new plan, Waterdrop has been authorized by the board of directors to repurchase the company's common shares in the form of American depositary shares (ADS) within a 12-month period, with a total value not exceeding US$50 million (note on this site: currently approximately 366 million yuan).

Since announcing the launch of the stock repurchase plan in September 2021, as of August 31, 2023, Shuidi has repurchased shares from the open market with cash, spending approximately US$86.1 million (currently approximately 630 million yuan) RMB).

The second quarter performance report shows that as of June 30, 2023, the total cash, cash equivalents and short-term investments held by Shuidi Company was 3.399 billion yuan.

Shen Peng, founder and CEO of Shuidi Company, said in the financial report that Shuidi Company adheres to the user-centered development route. The number of new users in the insurance business continues to grow, the renewal rate continues to remain at a high level, and the pharmaceutical CRO business The first full-cycle clinical trial CRO operation project was launched and key progress was made. "In the future, we will continue to integrate resources to maximize the advantages of Shuidi in the insurance and medical industries."

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