Net profit of 105 million yuan cost costs to reduce water drops to investors expectations?

Insurance -related revenue was 628.2 million yuan, and the US GM Accounting Standards (GAAP) made a profit of 105 million yuan. The water drop company, which has been transformed since the previous quarter, has achieved profitability in the first quarter of 2022. With the profit number, there are expenses and costs. Decrease -sales and marketing costs, a year -on -year decrease of 75.6%, and total operating costs and expenses decreased by 60.4%year -on -year.

On the day of the release of the annual report, the company's stock price rose 12.77%. Since the third quarter of last year, water drops have changed the development model. From the pursuit of rapid growth to the improvement of business quality and profitability, at the performance level, this transformation has achieved results.

Shen Peng, the founder and CEO of Shui Drop Company, said that this year is the sixth year of the establishment of Shui Dipping Company. With the comprehensive efforts of actively adjusting strategy and business models, pursuing high -quality development, and re -positioning the new growth trajectory, a new start Essence The first quarter was the second full quarter after the upgrade of the water drop business model, and the operating efficiency was significantly improved. Based on the experience performance and business trends in the past two quarters, management is confident in this year's overall profitability.

Under the blessing of management confidence, what are the highlights of Shui Drop Company?

01

Decrease in expenses to help profits grow from the previous month

Data show that the net operating income of Shui Drop Company in the first quarter was 648.7 million yuan, an increase of 7.4%over the previous quarter. Based on the United States GAAP (GAAP), profitability is 105 million yuan.

In the fourth quarter of last year, Shui Drop Company achieved a profit of 5.91 million yuan based on Non-GAAP. In the first quarter of this year, Non-GAAP's profit increased significantly to 127.3 million yuan.

In addition, the company's financial report shows that in the first quarter of this year, the sales and marketing costs of Shui Drop Company were 204 million yuan, a year -on -year decrease of 75.6%, and a decrease of 15.2%month -on -month. Due to the significant decrease in this cost, the total operating costs and costs of Shui Drop Company decreased significantly. In the first quarter, it was 532 million yuan, a year -on -year decrease of 60.4%, and a decrease of 21.5%month -on -month.

The optimization of the expenses in Shui Drop Company's financial report has begun since the third quarter.

Earlier, Shi Kangping, chief financial officer of Shui Drop, said that since the third quarter of 2021, water drops have more stringent cost budgets, and their efforts in cost control and refined operation management have achieved results.

Earlier, the high cost of water drops, relying on third -party channels to obtain customers' attention. According to the financial report of the previous two quarters of water drops, the sales and marketing costs of water drops in the second and third quarters of 2021 reached 1.2449 billion yuan, 781.7 billion yuan In the same period, the profit was 656 million yuan and 477 million yuan. In the fourth quarter of 2021, the sales and marketing costs of water droplets further reduced to 241 million yuan, a decrease of 541 million yuan from the third quarter, of which the marketing cost of third -party traffic channels decreased by 467.2 million yuan, which means that water droplets basically get rid of get rid of It has relying on third -party traffic channels to market customer acquisition.

Due to the sharp increase in profitability, the cash flow of Shui Drop Company continued to increase: As of March 31, 2022, the amount of cash and cash equivalent and short -term investment in Shui Drop Company increased by 137.1 million yuan to 2.924.2 billion yuan from the end of 2021.

Due to the sharp increase in profitability, the cash flow of Shui Drop Company continued to increase: As of March 31, 2022, the amount of cash and cash equivalent and short -term investment in Shui Drop Company increased by 137.1 million yuan to 2.924.2 billion yuan from the end of 2021.

02

Insurance sector revenue is 628 million yuan

The main income of Water Drop Company comes from the insurance business sector. The insurance -related income is 628.2 million yuan, which is mainly divided into insurance brokerage income and technical service income. Technical services, get service fees.

As of the end of the first quarter, the number of insurance customers with water drop insurance services exceeded 111 million, and the number of paid insurance customers exceeded 28.8 million. The number of insurance products provided by water drops to customers increased to 408 models, which was 44 more than at the end of last year. By increasing supply -side innovation, it offset the impact of the decline in sales and marketing costs.

On the other hand, the business structure and quality of water drop insurance have continued to improve, and a number of health insurance products that can be insured by a number of critical illness insurance products, chronic patients, and kidney diseases have been launched: as of the end of the first quarter, the first annual premium contributed by critical illness insurance products The proportion rose to 27.6%; the overall repurchase rate and renewal rate of water drop insurance increased to more than 70%and more than 90%, respectively.

03

The medical layout business was first unveiled the veil for the first time

In August 2020, Mizuki Company announced that it had received $ 230 million in round D financing, led by Swiss reinsurance and Tencent, IDG Capital and Lighting Global Fund and other old shareholders to invest.

Talking about the planning after financing, at that time, Shen Peng once said that the company intends to target the United States Union's Health Model, with "medicine+insurance" as its core to establish a health security platform.

In the first quarterly report, Shui Drop Company first disclosed the progress of the medical business. The company's Wanfan Medicine launched more than 50 clinical trial recruitment projects in the first quarter, and more than 500 patients participated. It is reported that this business is to recruit patients for pharmaceutical clinical trials for pharmaceutical companies to rely on the huge patient group and intelligent matching system on the water drop platform. However, the financial report did not disclose the income of the business in the first quarter. In the first quarterly report, Shui Drop Company first disclosed the progress of the medical business. The company's Wanfan Medicine launched more than 50 clinical trial recruitment projects in the first quarter, and more than 500 patients participated. It is reported that this business is to recruit patients for pharmaceutical clinical trials for pharmaceutical companies to rely on the huge patient group and intelligent matching system on the water drop platform. However, the financial report did not disclose the income of the business in the first quarter.

According to the person in charge of the "Wanfan Pharmaceutical" business, more than 1/3 of the patients with a personal disease of the Personal Drops of Water Drops are more than 1/3 of the patients with a total of millions of help patients per year as cancer patients, and some of them will have existing public drug resistance. Sexuality, or hope to take new therapy but unable to bear high costs, this part of the patient will take the initiative to consult the platform to consult clinical trial projects, hoping to obtain the opportunity to get free medication through clinical trial projects.

Since 2021, the strategic cooperation between water droplets and Zhengdianqing and stone medicine has cooperated to complete more than 20 clinical trials, which has comprehensively promoted the research and development progress of its clinical trials, and helped water drops to quickly become an important strategic partner of domestic pharmaceutical companies. On the other hand, water drops have also established extensive cooperation with many leading biotechnology companies, and have been highly recognized by head companies. The cooperation between water droplets and Fu Honghanlin has successfully helped more than 50 patients who have been rescued and willing to participate in the test in less than half a year of project cycle. Promote R & D efficiency and test progress. With excellent service efficiency and quality, water droplets were successfully selected as the list of "recruitment service preferred suppliers" of Fu Honghanlin.

This quarter's financial report shows that as of March 31, 2022, the help patients on the water droplet platform have nearly 2.5 million, the number of donors reached 403 million, and the cumulative fundraising amount exceeded 50.9 billion yuan. The blessing of the number of patients with a huge patient, coupled with the intelligent matching technology of the water drop platform, makes "Wanfan Pharmaceutical" expected to become the industry's best third -party patient recruitment platform.

In addition, Shui Drop Corporation ’s Disease raise platform Shui Drop. At the end of the first quarter of this year, the cumulative donation users exceeded 400 million, which raised about 5.9 billion yuan for the total of nearly 2.5 million patients with major diseases. In April of this year, the water drops were charged 3%of the service fee based on the fundraising amount. It is expected that the service fee income will be disclosed in the next quarter financial report.

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