Waterdrop Inc.

Good morning, ladies and gentlemen, and thank you for standing by for WaterDrop, Inc.' 's third quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to Ms. Jasmine Lee. Please proceed, Ms. Lee.

Thank you. Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the US 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 your public filings 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 reconciliation between Nangap and Gap. First of all, I would like to invite Shen Peng to speak.

Hello, everyone. Thank you for participating in the third quarter of the company's launch in 2024. In the third quarter, the company is determined to pursue healthy business and sustainable development, and the plan is to maintain stability. The total total revenue in the quarter is 70.4 billion yuan, which is about 9,281 million yuan, which is more than 150% of the total growth. In the first three quarters of 2024, the company's total revenue reached RMB20.8 billion, and the total growth was 1.8%. The total net profit was about RMB2.6 billion, and the total growth was 42%. Since the first quarter of 2022, the company has maintained a steady growth rate in the 11th quarter in a series of consecutive quarters. In the quarter, we have seen a rise in the value of new customers and a rise in the number of new customers. In the insurance business, we focus on providing health care for pregnant women and children, expanding the corporate network, and promoting the development of new products and services. The annual cost of insurance is up to 20.4 billion yuan, which is a significant increase compared to the previous year. The business has made more than 20% of its operating profit. In addition to the water-based insurance, the water-based insurance actively adopts the law and personal assistance network platform management methods. The number of users and the number of payments has continued to increase, while losing more and more risk. Normal medical business requires the ability of a single person to start a cooperation network, not only to expand, but also to increase the number of patients at the same time. In addition, I would like to introduce here the importance of the company's AI field, namely, as a technology company in the health industry and in the health insurance industry, to actively capture large models and then step up to the logic point. After two years, based on the internal business environment and the accumulation of long-term AI technology, and the opportunity for timely acceleration of AI technology, we are currently developing a large-format, face-to-face, three-point application solution called AI-top-3. The AI-top-3 platform is equipped with mature AI out-of-the-box capabilities and transformation capabilities, which can support the Chinese cryptocurrency industry in audio, sales, and customer service. to help our ecological cooperation partners to improve service efficiency. After the second quarter of this year, AI TopSales platform has reached the new milestone of global commercialization. On the one hand, we have further reduced the amount of waste and waste cooperation, and the first time achieved cooperation in the field of health insurance. What is more helpful is that AI TopSales has begun to monitor the non-mobility industry, explore service e-commerce, education, We need to do a lot of things. This is also included in the industry at present. We have established the test image of 10 customers. Eight of them started to train. This reflects the basic market space of the market. The company will continue to invest in R&D. I want AI applications to build the next-generation core experience. We are very grateful to our shareholders and investors for their long-term support for us. In addition to the business of business, In addition to the promotion of the company's value, it also adopts the method of non-return and return, which is the opportunity to return to the stock market. By the end of November 2024, the company has accumulated about 50.9 million shares in the public market, which is about 1.02 billion US dollars. These returns will be used for the resumption of the stock market. At the same time, the company has recently completed the second special promotion of the last year. In the field of enterprise and social development, the topic has always been a possible development concept. After the recovery and development of the society, at the end of September, the water and land engineering platform opened a project with 155 public works and 12 public works. There are 1.55 million engineering projects on the line. In this week, the company also released a report on ESG in 2022. Also, Zhejiang University of Technology and the Green Technology and Engineering Institute jointly organized the online insurance industry in ESG to publish the book. and provided valuable reference for the Internet security industry ESG implementation. In recent years, the company has won the Grand Prize of ESG Connect Leadership Organization and the Grand Prize of ESG Disclosure, showing the company's importance for ESG work and the commitment to ESG. The above are the overall introductions of the company's three seasons. In the future, the company will continue to add technology Okay, thank you very much.