Waterdrop (WDH) Q1 FY26 earnings call

A prepared-remarks-only call (no Q&A appears in the transcript). Waterdrop is deliberately trading near-term profit for scale: management declared growth its top priority for 2026, redeploying a validated user-acquisition playbook into heavier traffic and AI investment while pruning low-ROI channels, and framing this year's flat profit as the price of a larger user base expected to compound into future earnings.