In its unaudited financial results for the third quarter of 2023, Waterdrop Inc. ("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading technology platform dedicated to the insurance and healthcare industry with a positive social impact, today announced its unaudited financial results.
Highlights of the company's financial and operational performance for the third quarter of 2023
In his remarks, Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, stated that "We are pleased to announce that we have achieved profitability for seven consecutive quarters." The net profit of our company increased by 67.4% quarter-over-quarter during the third quarter, reaching RMB36.3 million. As a result of our high-quality development approach focusing on user value, our business performance remained steady during the quarter. 
Despite market turbulence, our insurance business continued to provide its users with high-quality service through multiple channels and innovative product offerings even during turbulent market conditions. We further enhanced our content creation capability during the quarter by applying Artificial Intelligence Generated Content ("AIGC") technologies, while increasing the number of new users by 20.1% compared to the previous quarter. Additionally, we have continued to improve our service to existing clients and maintained a quarterly policy renewal rate that is above 90%.
It is with great pleasure that we announce that during the third quarter we have completed the acquisition of 60% of Shenzhen Cunzhen Qiushi Technology Co., Ltd. and its subsidiaries (collectively, "Cunzhen Qiushi", also referred to as "Shenlanbao"). This quarter's FYP from Shenlanbao accounted for 6.0% of the overall FYP for the third quarter of 2023, amounting to RMB102.3 million (US$14.0 million). 
With the synergy between Shenlanbao and us, our ability to serve long-term insurance users has greatly improved. In the last quarter, we generated a total of RMB 644.2 million worth of long-term insurance policies through our insurance business, including Waterdrop Insurance Marketplace and Shenlanbao Insurance Marketplace, representing 38.0% of our overall FYP, an increase of 16.6% from the previous quarter.
Our Operational Transparency Committee has continuously improved the transparency of our fundraising activities in the medical crowdfunding business. We took concrete steps to further refine the consultant services, boosting the Net Promoter Score of our patients by 70%. As a result of valuing our users and their opinions, we held the first Open Days for donor and patient representatives, respectively, during which we had in-depth discussions with our users and received positive feedback from them.
With a 60 percent increase in searches in 60 days, the E-Find Platform has sustained a rapid development.As a result, its income increased by 7% year-over-year. The third quarter of the year saw us collaborate with 135 pharmaceutical companies and contract research organizations and enroll more than 800 patients in our trials. As a result of our solid performance, we have been able to establish partnerships with more world-renowned pharmaceutical companies and deepen our relationship with existing customers. Over the course of the quarter, we onboarded 90 new clinical trial programs. Moreover, we launched a patient management project in the field of chronic diseases as well
Moreover, we launched a patient management project in the field of chronic diseases as well

Source prnewswire