Waterdrop’s revenue in the third quarter was 779.3 million yuan, and its net loss narrowed month on month

0
136

On November 30, insurance and health service technology platform waterdrop company (NYSE: WDH) announced its unaudited financial results for the third quarter today. In the third quarter, waterdrop company had a net operating income of 779.3 million yuan (RMB, the same below), an operating loss of 513 million yuan, a decrease of 37.1% compared with the previous quarter, and a net loss of 477 million yuan, a decrease of 27.3% compared with the previous quarter.
As of September 30, 2021, the first year premium (FYP) generated by waterdrop insurance has reached 14.464 billion yuan, exceeding the whole year of 2020, with a year-on-year increase of 37.5%.
In the third quarter of 2021, sales and marketing expenses decreased by 37.2%, and total operating costs and expenses decreased by 26.4% on a quarterly basis.
In the third quarter, the number of insurance customers of waterdrop insurance platform and the first year premium of a single customer continued to grow. As of September 30, 2021, the cumulative number of insurance customers has reached 108.7 million and the cumulative number of paid insurance customers has reached 27.2 million. In the third quarter, the first year premium of a single customer increased to 1292 yuan, a year-on-year increase of 17.1%.
As of September 30, 2021, waterdrop insurance platform has provided 323 insurance products to further expand the supply of insurance products. More than 90% of the first year premium is contributed by exclusive customized insurance products. In terms of product types, the first year premium of serious illness insurance products in the third quarter increased by 71% year-on-year, continuing the strong growth and product structure optimization since the beginning of the year.
As of September 30, 2021, about 383 million people have donated a total of more than 45.7 billion yuan to more than 2.2 million patients through water drop financing. Waterdrop chip adheres to the zero service fee model and does not obtain any income from the medical crowdfunding business.
Shen Peng, founder, chairman and CEO of waterdrop company, said that in recent months, there have been very large fluctuations in the capital market and the insurance industry has also entered a period of transformation. Nevertheless, waterdrop strives to be customer-centric and focuses on consolidating the company’s fundamentals. It has established a solid business foundation through customer base and social networks, product innovation ability, technical advantages and unique synergy between business departments, “Based on the firm confidence in the company’s prospects and support for the company’s long-term sustainable development, as well as the firm choice to safeguard the interests of the majority of public investors, a total of more than 30 core managers, including myself, have promised not to sell or dispose of the shares or options of shuidi company for at least 18 months after the end of the lock up period of shuidi company this month , continuously strengthen strategic stability and focus on the development of the company. ”
Shi Kangping, chief financial officer of waterdrop, said that sales and marketing expenses decreased by 37.2% in the third quarter compared with the second quarter, “With the optimization and upgrading of sales model, the growth of premium scale has slowed down, but through more refined operation management, we have successfully reduced our dependence on third-party traffic, and our net loss has decreased significantly by 27.3% compared with the second quarter. Looking ahead, we will continue to adhere to our commitment to improve business quality and profitability.”.
According to the financial report, in the third quarter, the operating costs and expenses of shuidi company were RMB 1.292.3 billion. Due to the effective cost control measures since the third quarter, the operating costs and expenses of shuidi decreased by 26.4% compared with the second quarter of 2021.
The sales and marketing expenses in the third quarter of 2021 were 781.7 million yuan. On a quarterly basis, the sales and marketing expenses decreased significantly by 37.2% from 1244.9 million yuan in the second quarter of 2021. This is mainly due to the reduction of 460.4 million yuan in the marketing expenses of third-party traffic channels under the company’s cost control plan, and the stricter budget of expenses.
R & D expenses in the third quarter of 2021 increased by 92.9% year-on-year to 102.9 million yuan and 53.3 million yuan in the third quarter of 2020. This increase was mainly due to the continued expansion of R & D team to improve technical competitiveness. The operating loss in the third quarter of 2021 was 513 million yuan, a decrease of 37.1% compared with the second quarter of 2021. The third quarter of 2021 was attributable to shuidi company The net loss of the company was RMB 477 million, a decrease of 27.3% compared with the net loss of RMB 655.8 million in the second quarter of 2021. The adjusted net loss attributable to shuidi company in the third quarter of 2021 was RMB 453.6 million, a decrease of 20.4% quarter on quarter compared with the second quarter of 2021.
According to the financial report, according to the 12-month stock repurchase plan announced by waterdrop company on September 8 this year, from the announcement to the end of the third quarter, the Company repurchased about 492000 American depositary shares from the open market in cash, with a total price of about $1.4 million.
Waterdrop expects that the sales and marketing expenses and total operating costs and expenses will continue to decrease significantly in the fourth quarter compared with the third quarter. As of September 30, the cash and cash equivalents and short-term investments held by waterdrop totaled RMB 2.6111 billion.