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Waterdrop Inc. Reports 2024 Q1 Revenue of RMB 704.7 Million, net profit rises 62.2% year-on-year, Sustaining Profitability for Nine Consecutive Quarters

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BEIJING, June 6, 2024 /PRNewswire/ — On June 5, Waterdrop Inc. (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare services with a positive social impact, unveiled its unaudited financial results for the first quarter of 2024 ended March 31, 2024. During the quarter, Waterdrop reported net operating revenue of RMB 704.7 million, a year-over-year increase of 16.3%. Net profit attributable to ordinary shareholders totaled RMB 80.6 million, up 62.2% from the previous year, sustaining profitability for the ninth consecutive quarter. Operating expenses, including sales and marketing expenses, general and administrative expenses, and R&D expenses, accounted for 46.4% of revenue, a decrease of 11 percentage points year-on-year.

Since announcing its stock repurchase program in September 2021, as of May 31, 2024, Waterdrop has repurchased approximately 45.5 million American Depositary Shares (ADSs) from the open market.

Insurance Business Operating Profit Totaled RMB 129.2 Million, with Life Insurance Accounting for 56.4% of Long-term Insurance Product Mix

Waterdrop’s insurance-related revenue increased 13.1% year-on-year to RMB 607 million. The insurance business operating profit reached RMB 129.2 million in Q1 2024. First-year premiums (FYPs) generated by Waterdrop Insurance Marketplace amounted to RMB 1.755 billion, up 3.7% year-on-year.

During the quarter, the insurance business demonstrated significant improvements in underwriting quality, especially within the long-term insurance services segment. Notably, the share of life insurance in the FYPs climbed to 56.4% of the long-term insurance product mix, marking a year-on-year increase of 9.9 percentage points. Moreover, the renewal rate exceeded 95%, underscoring the trust and recognition our insurance services garner from policyholders.

The quarter also saw significant enhancements in insurance technology, notably through the expanded capabilities of the ShuishouGPT platform. In health insurance, the AI insurance consultant can now autonomously interact with users for up to 40 minutes. Additionally, its accuracy in answering insurance-related inquiries exceeds 90%, substantially boosting sales effectiveness and quality assurance. To date, Waterdrop has secured four authorized patents and submitted over ten patent applications related to this technology.

Waterdrop Medical Crowdfunding Raised RMB 63.8 Billion for 3.17 Million Patients, Signing 88 New Medical Service Projects

During the quarter, Waterdrop Medical Crowdfunding upheld its mission of “saving lives” with remarkable success. As of March 31, 2024, the platform had brought in donations totaling RMB 63.8 billion from approximately 456 million policyholders, benefiting over 3.17 million patients since its inception. Despite recording an operating loss of approximately RMB 32.2 million, the losses have narrowed compared to previous periods.

To enhance service quality, Waterdrop Medical Crowdfunding unveiled the ‘Guardian Program’, a comprehensive initiative that addresses fundraising efficiency, traffic support, fund security, and audit upgrades to deliver a superior fundraising experience and empower patients and financially challenged families. Furthermore, the platform introduced an online ‘Green Transfer Channel’ that swiftly advances patient expenses within an hour of application approval, especially in critical situations such as ICU admissions, urgent major surgeries, or organ transplants. Additionally, the platform also offers fee waivers for disadvantaged households and provides financial subsidies to patients affected by accidental disasters and major accidents, extending its compassion and support to those in need.

Waterdrop’s healthcare-related services business has witnessed significant progress in the first quarter of 2024, generating revenues of approximately RMB 25.3 million, representing a year-on-year growth of 7.3%. The company has expanded its partner network, collaborating with 179 pharmaceuticals and CROs, signing 88 new cooperation projects, and cumulatively enrolling approximately 7,800 patients.

Shen Peng, Founder and CEO of Waterdrop, said, “In the recent quarter, we adhered to our sustainable development strategy and drove a steady improvement in profitability, with technological innovation serving as our cornerstone. While acknowledging the challenges that lie ahead for our business expansion, we remain focused on pursuing sustainable growth. We will continually broaden our operational horizons, aligned with our mission and core business segments, to deliver even greater value to our users and partners.”

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SOURCE Waterdrop Inc.

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TetraMem Inc and SK hynix Announce Research Partnership

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November 16, 2024

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FREMONT, Calif., Nov. 16, 2024 /CNW/ — Today, TetraMem Inc (www.tetramem.com) & SK hynix Inc (www.skhynix.com) announced that they have signed an SOW outlining their partnership on a joint research project to advance the promise of in-memory computing (IMC) for AI applications.

With the rapid growth of AI, we are transitioning from a compute-centric to a memory-centric paradigm, making the development of emerging memory technologies and IMC increasingly crucial for advancing AI performance and efficiency. The combination of complementary technologies from TetraMem, the world leading analog IMC startup with a fundamentally hardware and software platform; and SK hynix, the global leader in memory and AI memory technologies, will enable breakthroughs in the scalability and market accessibility of new memory computing architectures.

“We are thrilled to be working with SK hynix. This partnership not only strength our investment relationship, but also represents a major step forward in advancing and proliferating analog memory-based computing research, now coming to the forefront of the AI/ML conversation,” Glenn GE, TetraMem’s CEO and CO-founder.

Per Soogil Kim, Vice President of SK hynix: “This exciting collaboration foreshadows considerable improvements in the speed, capability, and power efficiency of AI compute. We look forward to working with the TetraMem team on this project.”

Media Contact:
John DaCosta
john.dacosta@tetramem.com

View original content:https://www.prnewswire.com/news-releases/tetramem-inc-and-sk-hynix-announce-research-partnership-302307644.html

SOURCE TetraMem Inc

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Life After Hate Launches HateEraser–A Revolutionary Spray Paint Remover to Eliminate Hate-Based Graffiti

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2 hours ago

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November 16, 2024

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HateEraser removes hate-based graffiti in communities and gives first-time offenders a second chance through judge-mandated service

NEW YORK, Nov. 16, 2024 /PRNewswire/ — Today, on the International Day for Tolerance and in response to the alarming 600% rise in hate-based graffiti, the Chicago-based nonprofit Life After Hate has launched HateEraser—the first aerosol-gel based formula designed to quickly eradicate hate speech from most surfaces.

Life After Hate is partnering with police stations across the country to distribute HateEraser as part of a new program in which first-time offenders are required to use it during court-mandated community service. This initiative is based on the belief that educating offenders on the damage their actions cause can help prevent them from continuing a life of hate.

“We know that hate-based speech and hate-based graffiti are the first steps to hate-based violence,” remarked Life After Hate Director Pat Riccards. “HateEraser works to change the futures of people motivated by hate and extremist ideologies through education, community service, and helping people alter their path away from a life of continued radical hate.”

The HateEraser formula contains acetone, xylene, and multiple varieties of alcohol and hydrocarbons. “This unique combination of active ingredients,” according to Savannah Technical College Chemistry Professor Ujjvala Bagal, “removes hateful markings as quickly as they were made.”

Street artists do not want to be associated with hate-based graffiti. That’s why they joined in on the HateEraser effort. The cans were designed by street artists from across the country to help inspire change in their communities, with every design telling a different story of acceptance, anti-hate, and empathy. “The hope is that through the HateEraser program, education, action, and strengthening hate crime laws, we can help foster a safe and more accepting community,” said Dina Peck, Chief Creative Officer of The Purpose Group.

“Hate has no place in our art,” Jax, one of the artists on the project, said. “And I’m proud to be a part of something that makes real change in my community.”

Today’s news is the latest glimpse into how Life After Hate has been embracing several innovative solutions for helping individuals disengage from hateful violence and make our communities safer. Last May, the organization unveiled Daily Former Discord, a multi-level public engagement tool. It’s designed to help those currently engaged in violent extremism, those looking to exit such hate groups, and those who have successfully left lives of hate behind reengage in society. 

Learn more at https://hateeraser.org/ 

ABOUT LIFE AFTER HATE

Life After Hate is a leader in the violence intervention community. They are the first nonprofit in the United States dedicated to helping individuals disengage from violent far-right hate groups and hateful online spaces. Since its founding in 2011, Life After Hate has expanded its services to include family members of individuals who are involved with the violent far right or are disengaging.

 ABOUT THE PURPOSE GROUP

The Purpose Group believes all great brands are built on purpose. The Purpose Group is composed of Patients & Purpose and Science & Purpose and is an expanding group of agencies that are part of Omnicom Health Group (OHG)–a global collective of communications companies with more than 5,000 dedicated healthcare communications specialists. OHG provides marketing services to the health and life-science industries.

View original content to download multimedia:https://www.prnewswire.com/news-releases/life-after-hate-launches-hateerasera-revolutionary-spray-paint-remover-to-eliminate-hate-based-graffiti-302306362.html

SOURCE Life After Hate

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WIN SOURCE Showcased Supply Chain Management Solutions at Electronica 2024, Driving Innovation and Collaboration in the Industry

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2 hours ago

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November 16, 2024

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MUNICH, Nov. 16, 2024 /PRNewswire/ — WIN SOURCE recently showcased its comprehensive supply chain management solutions at Electronica 2024 (Booth B4-121). Key solutions presented included global sourcing, obsolete management, cost control, and excess inventory management, providing valuable insights to industry professionals.

During the trade show, WIN SOURCE’s WinLink Solution Hub and WinConnect API Solution drew significant attention, enabling customers to streamline BOM management and achieve seamless system integration. At the same time, the company showcased its excess inventory management solutions and anti-counterfeit technologies, demonstrating its commitment to reducing supply chain waste, optimizing inventory utilization, and ensuring product quality. These innovative solutions received high praise from customers and partners, further reinforcing WIN SOURCE’s leadership in supply chain management.

In addition, WIN SOURCE engaged in in-depth discussions with numerous customers, gathering valuable market feedback and exploring future collaboration opportunities. Customers expressed strong appreciation for WIN SOURCE’s support in optimizing supply chain efficiency and strengthening operational resilience, laying a solid foundation for the company’s future business expansion.

“WIN SOURCE has always been dedicated to supporting our customers navigate the evolving market demands through innovative supply chain management services,” said Ethan Tsai, CEO of WIN SOURCE. “We look forward to collaborating with more industry partners to drive supply chain optimization and promote sustainability.”

At this premier global event for the electronics industry, WIN SOURCE showcased its innovative solutions in global supply chain management while gaining valuable insights into market needs and industry trends. WIN SOURCE remains committed to advancing industry standards, optimizing supply chain efficiency, and collaborating with global partners to address future challenges.

About WIN SOURCE

WIN SOURCE specializes in providing comprehensive electronic components and supply chain management services to its customers. The product range includes an extensive variety of electronic components, including integrated circuits (ICs), CPUs, memory modules, and other semiconductor devices, among others. With an extensive global supply chain network, WIN SOURCE collaborates with over 3,000 suppliers, ensuring procurement security through rigorous quality management and a 3-year warranty. Additionally, WIN SOURCE offers fast logistics services with 24-hour shipping to ensure timely delivery. For more information, please visit the WIN SOURCE official website and follow us on Facebook, Twitter, and LinkedIn.

Reprinted from WIN SOURCE ELECTRONIC-NEWS

© 2024 Win Source Electronics. All rights reserved. This content is protected by copyright and may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Win Source Electronics.

Media Contact
E-mail: service@win-source.net
Address: 23046 Avenida de la Carlota, Laguna Hills, CA 92653, United States
Website: win-source.net
win-source.group

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SOURCE WIN SOURCE

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