Shuidi Company announced Q1 2023 results: revenue of 606 million yuan and net profit of 49.73 million yuan

On June 2nd, Shuidi Company released its unaudited financial performance report for the first quarter ended March 31, 2023. Data shows that Shuidi Company has a net operating income of 606 million yuan and a net profit of 49

On June 2nd, Shuidi Company released its unaudited financial performance report for the first quarter ended March 31, 2023. Data shows that Shuidi Company has a net operating income of 606 million yuan and a net profit of 49.73 million yuan, maintaining profitability for five consecutive quarters.

In the first quarter, Shuidi Company completed a first-year premium of 1.692 billion yuan, an increase of 6.3% compared to the previous quarter. As of March 31, 2023, Shuidi Company has provided 876 insurance products to customers, and the supply of new products increased by over 100 in the first quarter. The first year premium generated by serious illness insurance products accounted for 26.9% of the overall premium of Shuidi Insurance.

As of the end of the first quarter, Shuidi Company had a cash reserve of 3.5973 billion yuan; Since the launch of the stock repurchase plan by Shuidi Company, as of May 31, it has invested approximately $61.2 million in cash to repurchase approximately 24.9 million ADSs from the public market.

In 2022, Shuidi Company's annual revenue from digital clinical trial solutions was 59.456 million yuan. In the first quarter of 2023, Shuidi Company further accelerated its business direction, successfully enrolling over 700 new patients and signing over 70 cooperative clinical trial projects.

In the first quarter, Shuidi Company's revenue from digital clinical trial solutions was 22.8 million yuan, an increase of 166.5% compared to 8.6 million yuan in the first quarter of 2022.

According to the financial report, in the first quarter of 2023, Shuidi Company's R&D expenses were 78.66 million yuan, an increase of 11.1% compared to 70.83 million yuan in the same period of 2022. The proportion of R&D investment in operating revenue reached 12.98%.

Shuidi Company stated in its financial report that its artificial intelligence dialogue robot has increased its independent insurance voice consultation response from 2 minutes to over 10 minutes. With the help of the robot's "assistant", Shuidi Insurance's service team can further improve its service capabilities.

Shen Peng, the founder and CEO of Shuidi Company, stated that in the first quarter of 2023, Shuidi Company will maintain sustainable and high-quality development. In the future, Shuidi Company will continue to focus on users, create value for users, further consolidate its existing business advantages, and have a mindset of always starting a business, pursuing higher quality innovation and growth.