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BEIJING - Waterdrop Inc. (NYSE: WDH), a prominent technology platform in the insurance and healthcare service industry with a market capitalization of $450 million, has disclosed its financial results for the fourth quarter and the full year ending December 31, 2024. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimates. The company reported a significant year-over-year increase in net profit for both the quarter and the fiscal year, alongside a cash dividend announcement.
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In the fourth quarter, the net profit attributable to ordinary shareholders soared to RMB99.6 million (US$13.6 million), marking a 68.7% increase from the same period last year. The company maintains a healthy gross profit margin of 52.9% and trades at an attractive P/E ratio of 10.8x. The company’s first-year premiums (FYP) from its insurance business grew by 24.5% year-over-year to RMB1,897.9 million (US$260.0 million). Net operating revenue saw a moderate rise of 4.2% year-over-year to RMB686.8 million (US$94.1 million).
For the full year, Waterdrop’s net operating revenue climbed by 5.4% to RMB2,771.8 million (US$379.7 million), with insurance-related income contributing RMB2,363.8 million (US$323.8 million), a 1.0% increase over the previous year. Crowdfunding service fees surged by 64.5% to RMB267.7 million (US$36.7 million), while digital clinical trial solution income slightly declined by 9.4% to RMB91.1 million (US$12.5 million).
The company’s operating profit for 2024 was RMB178.2 million (US$24.4 million), a significant turnaround from an operating loss of RMB6.7 million in 2023. The net profit attributable to ordinary shareholders for the year was RMB367.5 million (US$50.3 million), more than doubling from RMB167.2 million in the previous year.
Waterdrop also highlighted its expanded medical crowdfunding coverage, with approximately 470 million people donating a total of RMB67.5 billion to 3.40 million patients as of December 31, 2024. The company enrolled 10,395 patients in clinical trial programs through its E-Find Platform.
In addition to the financial results, Waterdrop announced its board-approved cash dividend of approximately US$7.3 million. The dividend of US$0.02 per ADS or US$0.002 per ordinary share will be payable to shareholders of record as of April 11, 2025, with payment dates expected around April 30, 2025, for ordinary shares and May 2, 2025, for ADS holders.
The company’s cash position as of December 31, 2024, stood at RMB3,670.3 million (US$502.8 million), compared to RMB3,571.6 million at the end of the previous year. InvestingPro data shows the company maintains a strong current ratio of 3.12, indicating robust liquidity with liquid assets well exceeding short-term obligations. The company’s financial health score is rated as "GOOD" by InvestingPro’s comprehensive analysis system.
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This report is based on a press release statement from Waterdrop Inc. and includes no endorsement of the company’s claims.
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