On April 25, Shuidi released its 2023 annual report for the year ended December 31, 2023. In 2023, Shuidi's net revenue was 2,631 million yuan, and net profit to mother was 167 million yuan. As of December 31, 2023, the total amount of cash, cash equivalents and short-term investments held by Shuidi was $3.393 billion, with an operating cash flow of approximately $407 million. According to previous financial data, Shuidi has been profitable for 8 consecutive quarters.

By the end of March 2024, Shuidi had repurchased approximately 41.27 million ADS (American Depositary Shares) shares from the open market. The annual report released this time revealed in more detail the operations of Shuidi Company in 2023.

In 2023, Shuidi's insurance business achieved first-year premiums of 7.109 billion yuan, annual revenue of 2.34 billion yuan, and annual operating profit of 528 million yuan. As of December 31, 2023, Shuidi Insurance has cooperated with 101 insurance companies to serve a total of 115.3 million insurance customers, providing 1,357 insurance products online, including both short-term health insurance and long-term health insurance and life insurance. Based on an understanding of user needs, as well as data analysis and actuarial capabilities, most of the products launched by Shuidi Insurance are customized by United Insurance Company.

In order to provide users with 1V1 consulting services, Shuidi Insurance introduced experienced insurance planners to gain insight into consumer insurance needs, provide appropriate guidance, and help consumers match suitable insurance products. Since the beginning of 2021, Shuidi Insurance has been striving to integrate online and offline insurance businesses to empower insurance brokers and enhance the consumer experience. Recently, Water Drop Insurance also launched the “Three Best Services” with good service, good products, and good claims processing as the core, covering the whole process of insurance services such as insurance planning, product customization, and claims processing services.

In June 2023, Shuidi acquired Deep Blue Insurance. Deep Blue Insurance mainly provides services such as insurance knowledge popularization, popular product evaluation, 1V1 insurance planning, and insurance policy management, etc., which will help Shuidi to further explore the needs of its huge insurance user base and enhance the sales capacity of long-term insurance products.

In order to enhance the service experience, Shuidi Company continues to strengthen technological innovation. Among them, the “Shuidi Water Protection Model” developed by Shuidi has been tested and used in closed beta, covering various scenarios in the insurance business, including consulting, underwriting, claims processing, customer service, etc., which will bring deep empowerment and efficiency to the entire insurance service chain.

In 2023, Water Drop Funding will continue to play an “emergency emergency” role. As of December 31, 2023, about 450 million people donated a total of about 62.6 billion yuan to more than 3.1 million patients through Water Drop Fundraising. In order to enhance the patient service experience, the business has also established offline and online consulting service teams. As of December 31, 2023, the offline consultant team covered 225 cities in 30 provinces across the country.

The digital clinical trial solution is Shuidi's new business unit, covering phase I to phase III clinical trials in multiple treatment areas, including oncology, chronic diseases, and rare diseases. In 2023, the business collaborated with 204 pharmaceutical companies and CROs to successfully recruit more than 3,300 patients in more than 500 clinical trials. Revenue also grew from 594.56 million yuan in 2022 to 101 million yuan in 2023, an increase of 69% over the previous year.

Goldman Sachs recently released a research report, maintaining Shuidi's “buy” rating and giving Shuidi a target price of 2.4 US dollars within the next 12 months, showing that the capital market recognizes Shuidi.