Waterdrop Inc.

Good morning, ladies and gentlemen, and thank you for standing by for WaterDrop, Inc. second quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I will now like to turn the meeting over to your host for today's call, Ms. Xiaojue Kuei. Please proceed, Ms. Kuei.

Thank you, operator. Hello, everyone. Thank you for joining WaterDrop Second Quarter 2021 Earnings Conference Call. Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities and the Litigation Reform Act of 1996. Forward-looking statements are subject to risks and uncertainties that may cause true 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 doesn't 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. Yang Guang, co-founder, director, and the general manager of the insurance marketplace, and Mr. Kevin Hsu, our CFO. We will be available for a Q&A session after the remarks. Now I would like to turn the call over to our CEO, Mr. Shen Peng. Please go ahead.

Hello. Thank you all for participating in the press conference of ShuiDi. In the second quarter of this year, ShuiDi was launched in New Jersey. The company became the first Chinese insurance technology to be listed in the United States. It has become an important milestone since its start. At the same time, our performance in the second quarter has also been very strong. In the second quarter of this year, the Chinese insurance market has increased by the same number in various numbers. The price of our central trading market has always shown a positive demand pattern. Our insurance fees and business income have also maintained a strong growth. The annual insurance fee reached 535.7 billion this year, which increased by 94.1%. The net income reached 9.39 billion RMB, which increased by 44.4% after adjustment. This result is very prominent in the market.