Waterdrop Inc. (WDH.US) has released its unaudited financial results for the first quarter ended March 31, 2026.
For Q1 2026, the company reported net operating revenue of 1.242 billion yuan, representing a year-over-year increase of 64.8%. Net profit attributable to the parent company was 98.37 million yuan, marking 17 consecutive quarters of profitability.
As of May 31, 2026, the company had cumulatively repurchased approximately 61.8 million American Depositary Shares (ADS) from the public market.
This year marks the tenth anniversary of Waterdrop Inc.'s founding. The robust performance in the first quarter has delivered rapid revenue growth, establishing a solid foundation for the next decade. The company plans to continue increasing investment in AI and technological innovation to make healthcare and financial services more accessible.
Insurance Business Shows Steady Growth with Rising AI Integration
Insurance-related revenue continued its rapid expansion in the first quarter, growing 74.1% year-over-year. The company is accelerating the application of AI technology across the entire insurance chain. During the quarter, the AI Insurance Expert contributed a 17.7% sequential increase in scale premiums, while the AI Underwriting Assistant can respond within seconds and has cumulatively handled over 10,000 underwriting inquiries.
On the product supply side, Waterdrop continues to innovate, leveraging AI and big data for product customization to extend insurance coverage to individuals with pre-existing conditions. Premiums for such policies grew 24.3% year-over-year this quarter.
For instance, the recently launched "Guardian Initial Cancer Insurance (Premium Edition)" features three core advantages: comprehensive protection, lenient underwriting, and high cost-effectiveness, lowering the barrier to access high-quality cancer coverage and making million-yuan lifetime cancer protection affordable for every family.
On the service front, the insurance business continues to deepen its "full lifecycle service," providing users with over 30 membership benefits, including health check-ups and medical green channel services.
4.94 Billion Donors Contribute 73.5 Billion Yuan, Aiding 3.75 Million Patients
The Waterdrop Crowdfunding business continued its role in providing urgent relief this quarter. Since its launch in 2016, approximately 494 million compassionate individuals have donated a total of 73.5 billion yuan on the platform to aid 3.75 million patients with serious illnesses.
Waterdrop Crowdfunding adheres to the principle of "technology for good," utilizing AI technology to build a dual-guarantee system for verifying case authenticity and ensuring transparency in fund flows. This quarter, the platform completed a phased upgrade in AI review, evolving the audit process towards an AI-collaborative model while maintaining quality. The current AI risk control model now has rapid structured processing capabilities, can autonomously apply review rules for preliminary judgments, and significantly reduces the time spent on document organization and initial review.
For families facing major illnesses, the first three days after launching a fundraiser are a critical "golden period." Many users may have questions about fundraising or withdrawals during late-night or early-morning hours. To address this, Waterdrop Crowdfunding introduced an AI Fundraising Assistant, which can be activated at any time to provide immediate guidance based on user needs.
Data shows that since its launch, the AI Fundraising Assistant has served 82,076 fundraising users nationwide.
Yifan Pharmaceutical Reports Quarterly Revenue of 24.2 Million Yuan, Partners with 243 Companies
The company's digital clinical trial solutions business, Yifan Pharmaceutical, demonstrated steady growth. First-quarter net operating revenue was 24.2 million yuan, a year-over-year increase of 5.4%. During the quarter, Yifan Pharmaceutical established cooperative relationships with 243 renowned domestic and international pharmaceutical companies and CROs.
As of March 31, 2026, it had cumulatively executed 1,718 clinical trial projects and enrolled 15,512 patients.
In digital omnichannel marketing, Yifan Pharmaceutical continues to advance the application of large language model technology in physician and patient service scenarios, implementing multiple projects related to health management, health science popularization, and digital humans, significantly improving service efficiency and user experience.
Regarding social responsibility, this quarter Waterdrop partnered once again with the Jinyun County Medical Insurance Bureau to upgrade the multi-level medical security system and strengthen the social safety net. As of May 27, 2026, the "Jinqing Assistance" program has achieved full population coverage for medical services in Jinyun County, automatically screening over 11.2 million person-times, identifying more than 21,000 individuals with high out-of-pocket medical expenses, assisting 764 people with total aid amounting to 16.9854 million yuan, including 14.7891 million yuan raised through Waterdrop Crowdfunding.
Shen Peng, Founder and CEO of Waterdrop Inc., stated: "The company has started the new year with solid first-quarter results, featuring rapid revenue growth and the increasing penetration of AI capabilities across all business processes. Looking ahead, we will continue to accelerate our evolution into an AI-native company, integrating AI more deeply into our entire business workflow to drive high-quality, sustainable development. We are committed to creating long-term value that ensures user peace of mind, mutually beneficial partnerships, and shareholder trust."
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