BEIJING, Sept. 8, 2021 /PRNewswire/ -- Waterdrop Inc.
("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading
technology platform dedicated to insurance and healthcare service
with a positive social impact, today announced its unaudited
financial results for the second quarter ended June 30, 2021.
Financial and Operational Highlights for the Second
Quarter of 2021
- We achieved outstanding business growth in the second quarter
of 2021. The first-year premiums ("FYP") generated through our
Waterdrop Insurance Marketplace for the second quarter reached
RMB5,357 million (US$829.6 million), representing an increase of
94.1% year over year.
- The number of insurance customers and FYP per customer both
grew rapidly. A total of 4.2 million customers purchased insurance
policies from Waterdrop during the second quarter of 2021, an
increase of 53.0% year over year. The number of cumulative
insurance customers reached 102.1 million and cumulative paying
insurance customers reached 24.9 million as of June 30, 2021. The FYP per customer increased to
RMB1,267, or 26.9% year over
year.
- We continued to expand and enrich our product offerings. As of
June 30, 2021, we offered 275
insurance products on our platform. Over 90% of our FYP was
contributed by our exclusive customized insurance products. In
terms of product mix, the FYP of critical illness insurance
increased by 120% in the second quarter of 2021, continuing our
strong performance seen in the first quarter after the changes in
the regulatory definition of critical illness.
- Net operating revenue increased by 38.0% to RMB939.4 million (US$145.5
million) year over year. Excluding the impact from the
cessation of our mutual aid business in March 2021, the adjusted net operating
revenue(1) increased by 44.4% year over year.
- As of June 30, 2021,
approximately 372 million people donated an aggregate of over
RMB42.8 billion to nearly 2.1 million
patients through our Waterdrop Medical Crowdfunding. Waterdrop
Medical Crowdfunding charges zero service fees and we do not
generate any revenues from medical crowdfunding business.
Mr. Peng Shen, Founder, Chairman
and Chief Executive Officer of Waterdrop, commented, "Waterdrop's
listing on the NYSE in the second quarter of 2021 marked an
important milestone since our inception. Recently, the capital
markets have witnessed an increase in volatility and the insurance
industry in China has entered a
period of transformation, which have affected the overall
investment sentiment. We believe our well-established business
infrastructure, organizational capabilities, and competitive
advantages will allow us to efficiently adapt to the new trends and
challenges. To demonstrate our confidence in the long-term
sustainable development and consistent commitment to generating
shareholder value, we have decided to launch a share repurchase
program and have obtained the Board approval."
Mr. Guang Yang, Co-founder,
Director and General Manager of Insurance Marketplace, commented,
"We strive to serve a broader range of users with better customer
experience, to develop products and services tailored for different
groups, and to contribute to new innovations on the supply side.
During the second quarter, we have made some encouraging progress
in offering new products that go beyond our existing portfolio,
including but not limited to cancer insurance, outpatient medical
insurance, and critical illness insurance for substandard groups.
In terms of channel development, we have been evaluating the market
window for appropriate opportunities to invest in external traffic
and build vast customer base. To improve our efficiency in external
traffic channels, we have also increased the use of technological
applications and automatic service tools. We believe recent
regulatory initiatives will benefit the long-term development of
the industry. We will remain fully compliant with regulatory
requirements and take the lead in upgrading and optimizing business
model for online insurance."
Mr. Kangping Shi, Chief Financial
Officer of Waterdrop, added, "Although the overall industry growth
decelerated in the second quarter, we managed to achieve strong
growth of 44.4% year over year in adjusted net revenue on a
comparable basis. This performance has demonstrated our proven
success in customer acquisition, aptitude in customer service, as
well as the strong demand from our targeted markets. In light of
the latest regulatory trends and industry competition dynamics, we
would gradually focus more on quality enhancement than volume
growth. Going forward, we will further improve our cost
structure and adjust our budget plan through more refined
operational management and stricter cost controls. In the third
quarter, we expect to materially reduce our sales and marketing
expenses."
Financial Results for the Second Quarter of 2021
Operating revenue, net
Net operating revenue for the second quarter of 2021 increased
by 38.0% year over year to RMB939.4
million (US$145.5 million)
from RMB680.8 million for the
same period of 2020, which was primarily due to the growth of
insurance related income.
- Insurance related income includes insurance brokerage income
and technical service income. Insurance brokerage income represents
brokerage commissions earned from insurance companies. Technical
service income is derived from providing technical services to
insurance companies, insurance brokerage and agency companies,
including customer relationship maintenance, customer complaint
management, claim review, and user referral services, etc. Our
insurance related income amounted to RMB899.1 million (US$139.2
million) in the second quarter of 2021, representing an
increase of 38.3% year over year compared to RMB650.0 million for the second quarter of 2020,
which was mainly driven by the strong FYP growth.
- Net operating revenue from management fee income was nil for
the second quarter of 2021, compared to RMB30.4 million for the second quarter of 2020,
which was mainly due to the cessation of the mutual aid business at
the end of March 2021. Following this
adjustment, the corresponding management fee income from mutual aid
business is no longer a revenue stream for the Company in the
second quarter of 2021 and onwards. Excluding such management fee
income, the adjusted net operating revenue(1) for the
second quarter of 2021 increased by 44.4% compared with the same
period of 2020.
Operating costs and expenses
Operating costs and expenses increased by RMB1,081.1 million, or 160.5% year over year, to
RMB1,754.7 million (US$271.8 million) for the second quarter of 2021
from RMB673.6 million for the same
period of 2020.
- Operating costs increased by 63.3% year over year to
RMB260.4 million (US$40.3 million) for the second quarter of 2021,
compared with RMB159.4 million for
the second quarter of 2020, which was mainly due to (i)
RMB38.0 million increase in personnel
cost as our consultants and insurance agents team rapidly expanded
to support the business growth, and (ii) RMB56.4 million increase in professional and
outsourced customer service fees.
- Sales and marketing expenses increased by 270.3% year over year
to RMB1,244.9 million (US$192.8 million) for the second quarter of 2021,
compared with RMB336.2 million for
the second quarter of 2020. The increase was primarily due to (i)
RMB734.6 million increase in
marketing expenses to third-party traffic channels as a result of
our accelerated business expansion and branding promotions in the
favorable market window, and (ii) RMB153.4
million increase in outsourced sales and marketing service
fees to third parties.
- General and administrative expenses increased by 21.8% year
over year to RMB149.1 million
(US$23.1 million) for the second
quarter of 2021, compared with RMB122.4
million for the second quarter of 2020. The increase was
primarily due to an increase of RMB29.7
million in professional service fees and personnel cost,
partially offset by a RMB13.0 million
decrease in share-based compensation expenses.
- Research and development expenses increased by 80.4% year over
year to RMB100.3 million
(US$15.5 million) for the second
quarter of 2021, compared with RMB55.6
million for the second quarter of 2020. The increase was
primarily due to a RMB44.1 million
increase in research and development personnel cost and share-based
compensation expenses, as our research and development team
continued to expand to enhance our competitive capabilities in
technology.
Operating loss for the second quarter
of 2021 was RMB815.4 million (US$126.3 million), compared with operating
profit of RMB7.2 million for the
same period of 2020.
Interest income for the second quarter of
2021 was RMB11.3 million (US$1.8 million), compared
with RMB5.5 million for the same period of 2020. The
increase was primarily due to the increase in our bank balance
and short-term investments as a result of the receipt of net
proceeds from the completion of our initial public offering in
May 2021. The Company does not
generate interest income from the medical crowdfunding
business.
Income tax benefit for the second
quarter of 2021 was RMB143.5
million (US$22.2 million),
compared with income tax expense of RMB16.6
million for the same period of 2020.
Net loss attributable to Waterdrop for
the second quarter of 2021 was RMB655.8 million (US$101.6 million), compared with net loss of
RMB19 thousand for the same period of
2020.
Adjusted net loss attributable to
Waterdrop for the second quarter of
2021 was RMB570.1 million
(US$88.3 million), compared with
adjusted net profit RMB89.8 million
for the same period of 2020. Adjusted net loss margin was
negative 60.7% for the second quarter of 2021, compared with
positive margin of 13.2% for the second quarter of 2020.
Cash and cash equivalents and restricted cash
As of June 30, 2021, the Company
had combined cash and cash equivalents and restricted
cash of RMB1,487.8 million
(US$230.4 million), as compared with
RMB1,323.3 million as of
December 31, 2020.
_____________
|
Note:
(1) See the sections entitled "Non-GAAP Financial Measures" for
more information.
|
Share Repurchase Plan
The Board of the Company has approved a share repurchase program
whereby the Company is authorized to repurchase its own ordinary
shares in the form of American depository shares with an aggregate
value of up to US$50 million during
the 12-month period. The Company expects to fund the repurchase out
of its existing cash balance. The Company's proposed repurchase may
be made from time to time in the open market at prevailing market
prices, in privately negotiated transactions, in block trades
and/or through other legally permissible means, depending on market
conditions and in accordance with applicable rules and regulations.
The timing and dollar amount of repurchase transactions will be
subject to the Securities and Exchange Commission (the "SEC") Rule
10b-18 and/or Rule 10b5-1
requirements. The Board will review the share repurchase program
periodically, and may authorize adjustment of its terms and size or
suspend or discontinue the program.
Business Outlook
The Company expects the FYP generated through Waterdrop
Insurance Marketplace to be in the range of RMB4.3 to RMB4.6
billion for the third quarter of 2021. Also the Company
expects to materially reduce the sales and marketing expenses
compared to the second quarter of 2021. This forecast is based on
the current market conditions and reflects the Company's
preliminary view and estimates, which are all subject to
changes.
Exchange Rate
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate of
RMB6.4566 to US$1.00, the noon buying rate in effect on
June 30, 2021 in the H.10 statistical
release of the Federal Reserve Board. The Company makes no
representation that the RMB or USD amounts referred could be
converted into USD or RMB, as the case may be, at any particular
rate or at all. For analytical presentation, all percentages are
calculated using the numbers presented in the financial statements
contained in this earnings release.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as
adjusted net operating revenue and adjusted net loss, in evaluating
the Company's operating results and for financial and operational
decision-making purposes. Adjusted net operating revenue represents
net operating revenue excluding management fee income from mutual
aid business. Adjusted net loss represents net loss excluding
share-based compensation expense, impact of terminating the
mutual aid plan, foreign currency exchange gain or losses, and
share of results of equity method investee. Such adjustments have
no impact on income tax.
These non-GAAP financial measures should not be considered in
isolation or construed as an alternative to net loss or any other
measure of performance or as an indicator of our operating
performance. Investors are encouraged to review the Company's
historical non-GAAP financial measures to the most directly
comparable GAAP measures. Adjusted net operating revenue and
adjusted net loss presented here may not be comparable to similarly
titled measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to our data. The Company
encourage investors and others to review its financial information
in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Among other things, quotations in this
announcement, contain forward-looking statements. Waterdrop may
also make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about Waterdrop's beliefs, plans and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Waterdrop's mission, goals and strategies; Waterdrop's
future business development, financial condition and results of
operations; the expected growth of the insurance and online
healthcare industry in China;
Waterdrop's expectations regarding demand for and market acceptance
of our products and services; Waterdrop's expectations regarding
its relationships with consumers, insurance carriers and other
partners; competition in the industry and relevant government
policies and regulations relating to insurance and online
healthcare industry. Further information regarding these and other
risks is included in Waterdrop's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and Waterdrop does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Conference Call Information
Waterdrop's management team will hold a conference call on
September 8, 2021 at 8:00
AM U.S. Eastern Time (8:00 PM Beijing/Hong
Kong Time on the same day) to discuss the financial
results. Dial-in details for the earnings conference call are as
follows:
United
States:
|
1-888-317-6003
|
Hong Kong:
|
852-580-81995
|
Mainland
China:
|
4001-206115
|
International:
|
1-412-317-6061
|
Elite Entry
Number:
|
5215739 #
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the Elite Entry Number to join the call.
A telephone replay will be accessible through September
15, 2021 by dialing the following numbers:
United
States:
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Access
Code:
|
10160009 #
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.waterdrop-inc.com/.
About Waterdrop Inc.
Waterdrop Inc. (NYSE: WDH) is a leading technology platform
dedicated to insurance and healthcare service with a positive
social impact. Founded in 2016, with the comprehensive coverage of
Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding,
Waterdrop aims to bring insurance and healthcare service to
billions through technology. For more information, please visit
www.waterdrop-inc.com.
For investor inquiries, please contact
Waterdrop Inc.
Xiaojiao Cui
IR@shuidi-inc.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-1380-111-0739
E-mail: Eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
WATERDROP
INC.
Unaudited
Condensed Consolidated Balance Sheets
(All amounts in
thousands, unless otherwise noted)
|
|
|
As
of
|
|
December
31,
2020
|
June
30,
2021
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
1,061,962
|
893,361
|
138,364
|
Restricted
cash
|
261,387
|
594,395
|
92,060
|
Short-term
investments
|
1,193,160
|
2,342,975
|
362,881
|
Accounts
receivable
|
539,791
|
626,107
|
96,972
|
Current contract
assets
|
824,544
|
893,226
|
138,343
|
Amount due from
related parties
|
813
|
906
|
140
|
Prepaid expense and
other assets
|
651,080
|
474,825
|
73,541
|
Total current
assets
|
4,532,737
|
5,825,795
|
902,301
|
Non-current
assets
|
|
|
|
Non-current contract
assets
|
24,006
|
23,541
|
3,646
|
Property, equipment
and software, net
|
28,724
|
42,917
|
6,647
|
Intangible assets,
net
|
53,034
|
56,822
|
8,801
|
Long-term
investments
|
2,741
|
2,721
|
421
|
Right of use assets,
net
|
60,694
|
70,160
|
10,866
|
Deferred tax
assets
|
-
|
6,012
|
931
|
Goodwill
|
3,119
|
3,119
|
483
|
Total non-current
assets
|
172,318
|
205,292
|
31,795
|
Total
assets
|
4,705,055
|
6,031,087
|
934,096
|
|
|
|
|
Liabilities,
Mezzanine Equity and Shareholders'
(Deficit)/Equity
|
|
|
|
Current
liabilities
|
|
|
|
Amount due to related
parties
|
9,789
|
14,616
|
2,264
|
Insurance premium
payables
|
607,326
|
604,700
|
93,656
|
Deferred
revenue
|
22,017
|
3,783
|
586
|
Accrued expenses and
other current liabilities
|
595,606
|
834,440
|
129,238
|
Current lease
liabilities
|
36,551
|
42,867
|
6,639
|
Total current
liabilities
|
1,271,289
|
1,500,406
|
232,383
|
Non-current
liabilities
|
|
|
|
Non-current lease
liabilities
|
27,709
|
25,441
|
3,940
|
Deferred tax
liabilities
|
225,745
|
13,551
|
2,099
|
Total non-current
liabilities
|
253,454
|
38,992
|
6,039
|
Total
liabilities
|
1,524,743
|
1,539,398
|
238,422
|
|
|
|
|
Total mezzanine
equity
|
4,837,336
|
-
|
-
|
Shareholders'
(deficit)/equity
|
|
|
|
Ordinary shares
|
41
|
-
|
-
|
Class A ordinary
shares
|
-
|
107
|
17
|
Class B ordinary
shares
|
-
|
27
|
4
|
Additional paid-in
capital
|
-
|
7,274,877
|
1,126,735
|
Accumulated other
comprehensive income
|
14,956
|
3,140
|
486
|
Accumulated
deficit
|
(1,672,021)
|
(2,786,462)
|
(431,568)
|
Total
shareholders' (deficit)/equity
|
(1,657,024)
|
4,491,689
|
695,674
|
Total liabilities,
mezzanine equity and
shareholders'
(deficit)/equity
|
4,705,055
|
6,031,087
|
934,096
|
WATERDROP
INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(All amounts in
thousands, except for share and per share data, or otherwise
noted)
|
|
|
|
|
For the Three
Months Ended June 30,
|
For the Six
Months Ended June 30,
|
|
2020
|
2021
|
2020
|
2021
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
Operating revenue,
net
|
680,839
|
939,354
|
145,487
|
1,334,634
|
1,822,721
|
282,304
|
Operating costs
and
expenses(i)
|
|
|
|
|
|
|
Operating
costs
|
(159,440)
|
(260,417)
|
(40,333)
|
(292,728)
|
(561,025)
|
(86,892)
|
Sales and marketing
expenses
|
(336,182)
|
(1,244,935)
|
(192,816)
|
(835,383)
|
(2,082,088)
|
(322,474)
|
General and
administrative expenses
|
(122,424)
|
(149,101)
|
(23,093)
|
(187,189)
|
(270,388)
|
(41,878)
|
Research and
development expenses
|
(55,590)
|
(100,259)
|
(15,528)
|
(123,200)
|
(185,134)
|
(28,674)
|
Total operating
costs and expenses
|
(673,636)
|
(1,754,712)
|
(271,770)
|
(1,438,500)
|
(3,098,635)
|
(479,918)
|
Operating
profit/(loss)
|
7,203
|
(815,358)
|
(126,283)
|
(103,866)
|
(1,275,914)
|
(197,614)
|
Other
income
|
|
|
|
|
|
|
Interest
income
|
5,525
|
11,327
|
1,754
|
10,837
|
24,542
|
3,801
|
Foreign currency
exchange gain
|
941
|
1,473
|
228
|
6,176
|
2,257
|
350
|
Others, net
|
2,889
|
3,332
|
516
|
4,521
|
5,433
|
841
|
Profit/(loss)
before income tax, and share of loss in equity method
investee
|
16,558
|
(799,226)
|
(123,785)
|
(82,332)
|
(1,243,682)
|
(192,622)
|
Income tax
(expense)/benefit
|
(16,575)
|
143,474
|
22,221
|
(38,413)
|
217,774
|
33,729
|
Share of loss in
equity method investee
|
(2)
|
-
|
-
|
(5)
|
-
|
-
|
Net loss
attributable to Waterdrop Inc.
|
(19)
|
(655,752)
|
(101,564)
|
(120,750)
|
(1,025,908)
|
(158,893)
|
Deemed dividend on
modification on preferred shares
|
(67,975)
|
-
|
-
|
(67,975)
|
-
|
-
|
Deemed dividend upon
issuance of warrants
|
(90,268)
|
-
|
-
|
(90,268)
|
-
|
-
|
Preferred shares
redemption value accretion
|
(61,328)
|
(42,000)
|
(6,505)
|
(114,964)
|
(152,287)
|
(23,586)
|
Net loss
attributable to ordinary shareholders
|
(219,590)
|
(697,752)
|
(108,069)
|
(393,957)
|
(1,178,195)
|
(182,479)
|
Net
loss
|
(19)
|
(655,752)
|
(101,564)
|
(120,750)
|
(1,025,908)
|
(158,893)
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of tax
|
3,529
|
(9,253)
|
(1,433)
|
3,590
|
(12,035)
|
(1,864)
|
Unrealized
gains/(loss) on available for sale investments, net of
tax
|
368
|
(848)
|
(131)
|
393
|
219
|
34
|
Comprehensive
income/(loss)
|
3,878
|
(665,853)
|
(103,128)
|
(116,767)
|
(1,037,724)
|
(160,723)
|
Weighted average
number of ordinary shares used in computing net loss per
share
|
|
|
|
|
|
|
Basic and
diluted
|
1,153,883,893
|
2,854,023,284
|
2,854,023,284
|
1,173,805,725
|
2,027,403,481
|
2,027,403,481
|
Net loss per share
attributable to ordinary shareholders
|
|
|
|
|
|
|
Basic and
diluted
|
(0.19)
|
(0.24)
|
(0.04)
|
(0.34)
|
(0.58)
|
(0.09)
|
|
|
|
|
|
|
|
(i) Share-based
compensation expenses are included in the operating costs and
expenses as follows. As of June 30, 2021, there are 286,740,404
outstanding share options under 2018 Share Incentive Plan,
and nil Class A ordinary shares of the Company have been issued as
a result of the exercise of any option under the 2018
Plan.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended June 30,
|
For the Six
Months Ended June 30,
|
|
2020
|
2021
|
2020
|
2021
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(979)
|
(3,633)
|
(563)
|
(1,301)
|
(6,614)
|
(1,024)
|
General and
administrative expenses
|
(86,893)
|
(73,939)
|
(11,452)
|
(104,282)
|
(135,960)
|
(21,058)
|
Research and
development expenses
|
(2,919)
|
(9,597)
|
(1,486)
|
(4,641)
|
(15,773)
|
(2,443)
|
Total
|
(90,791)
|
(87,169)
|
(13,501)
|
(110,224)
|
(158,347)
|
(24,525)
|
WATERDROP
INC.
Reconciliations of
GAAP and Non-GAAP Results
(All amounts in
thousands, unless otherwise noted)
|
|
|
|
|
For the Three
Months Ended June 30,
|
For the Six
Months Ended June 30,
|
|
2020
|
2021
|
2020
|
2021
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
Net operating
revenue
|
680,839
|
939,354
|
145,487
|
1,334,634
|
1,822,721
|
282,304
|
Less:
|
|
|
|
|
|
|
Management fee
income
|
30,352
|
-
|
-
|
69,238
|
2,745(ii)
|
425
|
Adjusted net
operating revenue
|
650,487
|
939,354
|
145,487
|
1,265,396
|
1,819,976
|
281,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended June 30,
|
For the Six
Months Ended June 30,
|
|
2020
|
2021
|
2020
|
2021
|
|
RMB
|
RMB
|
USD
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
Net
loss
|
(19)
|
(655,752)
|
(101,564)
|
(120,750)
|
(1,025,908)
|
(158,893)
|
Add:
|
|
|
|
|
|
|
Share-based
compensation expense
|
90,791
|
87,169
|
13,501
|
110,224
|
158,347
|
24,525
|
Foreign currency
exchange gain
|
(941)
|
(1,473)
|
(228)
|
(6,176)
|
(2,257)
|
(350)
|
Impact of terminating
the mutual aid plan (iii)
|
-
|
-
|
-
|
-
|
96,697
|
14,976
|
Share of results of
equity method investee
|
2
|
-
|
-
|
5
|
-
|
-
|
Adjusted net
profit/(loss)
|
89,833
|
(570,056)
|
(88,291)
|
(16,697)
|
(773,121)
|
(119,742)
|
(ii)
This represents management fee revenue related to the mutual aid
business for the first half year of 2021 after recording the
RMB19.9 million reduction of management fee revenue previously
recognized for each participant to the extent of the cumulative
amount earned until March 26, 2021.
|
(iii)
This represents the estimated cost of medical expenses and cost of
one-year health insurance coverage. RMB19.9 million (US$3.0
million) was accounted for as a reduction of management fee revenue
previously recognized for each participant to the extent of the
cumulative amount earned until March 26, 2021. RMB76.8 million
(US$11.8 million) was recorded as operating costs.
|
View original
content:https://www.prnewswire.com/news-releases/waterdrop-inc-announces-second-quarter-2021-unaudited-financial-results-301371031.html
SOURCE Waterdrop Inc.