Waterdrop (WDH) Q1 2026 Earnings Transcript

Healthcare and Crowdfunding Business Head — Xu Xiaoying

Peng Shen: Dear investors and analysts, thank you for joining Waterdrop s first quarter 206 earnings conference call. In the first quarter, we continued our last year s growth momentum with total revenue of 1.24 billion yuan at 64.8% year-on-year, and net profit attributable to ordinary shareholders of more than 98 million yuan. Since the first quarter of 2022, we have maintained a gap-proof visibility for 17 consecutive quarters. By second, our insurance business continues its user acquisition strategy with insurance-related income at 74.1% year-over-year. As these capabilities have been validated, we sharpened our focus on user experience while continuing to optimize our traffic channels and user-targeting efficiency.

The Khorfani distance remains stable, having raised the medical cost for a cumulative 3.75 million patients by the end of the Q1. And our digital clinical trial solution business is the standard enrollment growth, with more than 15,500 patients enrolled to date. On the technology front, we are accelerating our shift toward an AI-native company. As of March 31, 2006, we had filed 75 LLM-related patent applications, including nine international ones and were recently granted two more national invention patents in intelligence, semantic understanding, and the multimodal recognition. These technologies will be progressively applied to the insurance scenario, such as intelligent customer service and claims, improving service quality and efficiency.