BEIJING, March 25, 2026 /PRNewswire/ -- Waterdrop Inc. ("Waterdrop", the "Company" or "we") $(WDH)$, a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced its unaudited financial results for the three and twelve months ended December 31, 2025 and a cash dividend.
Financial and Operational Highlights for the Fourth Quarter of 2025
-- Accelerated Profit Expansion: In the fourth quarter of 2025, operating
profit was RMB83.9 million (US$12.0 million), marking a strong
year-over-year increase of 58.4%. Net profit attributable to our ordinary
shareholders reached RMB162.1 million (US$23.2 million), representing a
solid year-over-year increase of 62.7%.
-- Substantial Core Revenue Growth: Net operating revenue for the fourth
quarter escalated to RMB1,411.2 million (US$201.8 million), representing
a 105.5% year-over-year increase. Insurance-related income for the
quarter reached RMB1,310.4 million (US$187.4 million), up by 125.0% from
the same period of 2024.
-- Reinforced Medical Crowdfunding Coverage: As of December 31, 2025, around
490 million people cumulatively donated an aggregate of RMB72.3 billion
to 3.68 million patients through Waterdrop Medical Crowdfunding.
-- Strong Performance in Patient Enrollment: As of December 31, 2025, the
Company had cumulatively enrolled 14,555 patients into 1,611 clinical
trial programs through the E-Find Platform.
Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "2025 marked a year of renewed acceleration for Waterdrop, driven by the strategic integration of AI into our core operational infrastructure. This technological alignment has materially enhanced our operational efficiency and reinforced our competitive positioning.
In our insurance business, we achieved a 125.0% year-over-year surge in insurance-related income this quarter, driven by AI models that efficiently handle high-concurrency traffic and refine targeting as more data becomes available. To support this growth, we simultaneously expanded AI deployment across key insurance operations, enhancing efficiency and scalability. Premiums facilitated by 'AI Medical Insurance Expert' increased 145% on a quarter-over-quarter basis. 'AI Customer Service Agent' independently handled over 1.4 million customer inquiries within a single month. The rollout of 'AI Service Quality Copilot' drove per-capita inspection efficiency to 2.75 times that of the manual-only baseline. 'Waterdrop Sea.AI', our proprietary low-code AI application platform, completed the launch of its core modules and was used to deploy 'Xiao Bao AI Planner', an AI-powered insurance planner purpose-built for long-term protection products to enhance user response efficiency and advisor-matching precision.
Concurrently, we comprehensively upgraded the risk control system for Waterdrop Medical Crowdfunding. By deploying automated dynamic data masking to replace manual redaction, thereby mitigating the risk of data theft and accelerating reviews. Furthermore, we introduced a receipt verification model that integrates a Medical Knowledge Graph with credential validation. This model cross-references clinical logic, pharmacy qualifications, and other data to precisely root out fabricated receipts and effectively prevent fund misappropriation.
In our digital clinical trial business, we secured a national invention patent for China's first intelligent drug-patient matching technology. Capable of deeply interpreting complex medical records and trial protocols, our system enables high-precision, automated matching between patients and clinical trials. During the quarter, we collaborated with 224 pharmaceutical companies and contract research organizations. Patient enrollment for this quarter reached 1,273, driving a 39.9% year-over-year revenue increase.
As we approach our tenth anniversary in 2026, we remain steadfast in our commitment to consistent shareholder returns. By the end of February 2026, the Company had cumulatively repurchased approximately 60.7 million ADSs from the open market, for approximately US$118.1 million. We are also pleased to announce that, with the board approval, the Company will soon start another cash dividend of approximately US$10.8 million.
Looking ahead, the burgeoning AI landscape unlocks vast new possibilities for industry innovation. Waterdrop is poised to harness its technological advantages to further accelerate scale, fortify its competitive moat, and deliver sustainable long-term value to all stakeholders."
Financial Results for the Fourth Quarter of 2025
Operating revenue, net
Net operating revenue for the fourth quarter of 2025 reached RMB1,411.2 million (US$201.8 million), which represents a significant increase of 105.5% year-over-year from RMB686.8 million for the same period of 2024. On a quarter-over-quarter basis, net operating revenue grew by 44.8%.
-- Insurance-related income includes insurance brokerage income and
technical service income. Insurance brokerage income represents brokerage
commissions earned from insurance companies. Technical service income is
derived from providing technical services including analytics and
intelligent recommendation service, risk assessment technical service,
customer relationship maintenance, customer complaint management, claim
assistance and investigation service, and user referral services, among
other things, to insurance companies, insurance brokers, and agency
companies. We leverage multi-dimensional consumer insights to deliver
analytics and intelligent recommendation services, enabling policyholders
to be matched with more suitable products and improving sales efficiency.
We provide risk assessment services through the analysis of potential
insureds' information, providing risk assessment results that help
insurers refine their risk analysis capabilities. Consideration for each
of these services is primarily based on standard unit prices and service
volumes rendered during the period. Our insurance-related income amounted
to RMB1,310.4 million (US$187.4 million) in the fourth quarter of 2025,
representing an increase of 125.0% year-over-year from RMB582.4 million
for the fourth quarter of 2024, which was mainly due to the increase in
technical service income. Our technical service income amounted to
RMB639.6 million (US$91.5 million) in the fourth quarter of 2025,
comparing with RMB1.8 million for the same quarter of 2024. On a
quarter-over-quarter basis, insurance-related income increased by 50.7%,
also driven by the increase in technical service income.
-- Crowdfunding service fees represent the service income earned when
patients successfully withdraw the proceeds from their crowdfunding
campaigns. Our role is to operate the Waterdrop Medical Crowdfunding
platform to provide crowdfunding related services through the internet,
enabling patients with significant medical bills to seek help from caring
hearts through technology (the "medical crowdfunding services"). Our
medical crowdfunding services generally consist of providing technical
and internet support, managing, reviewing and supervising the
crowdfunding campaigns, providing comprehensive risk management and
anti-fraud measures, and facilitating the collection and transfer of the
funds. For the fourth quarter of 2025, we generated RMB61.4 million
(US$8.8 million) in service fees, representing a decrease of 5.7% from
RMB65.1 for the fourth quarter of 2024. On a quarter-over-quarter basis,
crowdfunding service fees decreased by 6.4%.
-- Digital clinical trial solution income represents the service income
earned from our customers mainly including biopharmaceutical companies
and leading biotechnology companies. We match qualified and suitable
patients for enrollment in clinical trials for our customers and generate
digital clinical trial solution revenue for successful matches and we
typically charge our customers a fixed unit price per successful match.
For the fourth quarter of 2025, our digital clinical trial solution
income amounted to RMB35.7 million (US$5.1 million), representing an
increase of 39.9% from RMB25.5 million in the same period of 2024. On a
quarter-over-quarter basis, digital clinical trial solution income
increased by 12.1%.
Operating costs and expenses
Operating costs and expenses increased by 109.4% year-over-year to RMB1,327.4 million (US$189.8 million) for the fourth quarter of 2025. On a quarter-over-quarter basis, operating costs and expenses increased by 54.2%.
-- Operating costs increased by 109.2% year-over-year to RMB677.3 million
(US$96.9 million) for the fourth quarter of 2025, as compared with
RMB323.8 million for the fourth quarter of 2024, which was primarily
driven by (i) an increase of RMB283.9 million in costs of referral and
service fees, (ii) an increase of RMB26.8 million in the costs for short
message service (SMS) costs for new user onboarding and authentication
processes; (iii)an increase of RMB11.5 million in personnel costs, and
(iv) an increase of RMB11.0 million in the costs for the crowdfunding
consultants team. On a quarter-over-quarter basis, operating costs
increased by 42.6% from RMB475.1 million, primarily due to (i) an
increase of RMB205.3 million in costs of referral and service fees and
(ii) an increase of RMB14.1 million in the costs for SMS, partially
offset by (iii) a decrease of RMB15.2 million in personnel costs.
-- Sales and marketing expenses increased by 178.4% year-over-year to
RMB506.8 million (US$72.5 million) for the fourth quarter of 2025, as
compared with RMB182.0 million for the same quarter of 2024. The increase
was primarily due to an increase of RMB324.5 million in marketing
expenses for third-party traffic channels. On a quarter-over-quarter
basis, sales and marketing expenses increased by 108.6% from RMB243.0
million, primarily due to an increase of RMB257.4 million in marketing
expenses for third-party traffic channels.
-- General and administrative expenses increased by 4.6% year-over-year to
RMB77.1 million (US$11.0 million) for the fourth quarter of 2025, as
compared with RMB73.7 million for the same quarter of 2024. The
year-over-year variance was due to (i) an increase of RMB6.7 million in
allowance for credit losses and (ii) an increase of RMB5.2 million in
professional service fees, partially offset by (iii) a decrease of RMB6.5
million in personnel costs and share-based compensation expenses. On a
quarter-over-quarter basis, general and administrative expenses decreased
by 9.0% from RMB84.7 million, due to (i) a decrease of RMB15.9 million in
allowance for credit losses, which was partially offset by (ii)an
increase of RMB5.6 million in professional service fee, and(iii) an
increase of RMB3.7 million in personnel costs and share-based
compensation expenses.
-- Research and development expenses increased by 21.9% year-over-year to
RMB66.2 million (US$9.5 million) for the fourth quarter of 2025, as
compared with RMB54.3 million for the same period of 2024, which was
primarily driven by (i) an increase of RMB6.4 million in personnel costs
and share-based compensation expenses, and (ii) an increase of RMB5.8
million in cloud server fees and other IT support expenses. On a
quarter-over-quarter basis, research and development expenses increased
by 13.4% from RMB58.3 million. The increase was primarily due to (i) an
increase of RMB3.9 million in personnel costs and share-based
compensation expenses, and (ii) an increase of RMB3.7 million in cloud
server fees and other IT support expenses.
Operating profit for the fourth quarter of 2025 was RMB83.9 million (US$12.0 million), as compared with RMB53.0 million for the fourth quarter of 2024 and RMB113.8 million for the third quarter of 2025.
Interest income for the fourth quarter of 2025 was RMB34.8 million (US$5.0 million), as compared with RMB35.8 million for the fourth quarter of 2024 and RMB37.5 million for the third quarter of 2025.
Income tax benefit for the fourth quarter of 2025 was RMB41.7 million (US$6.0 million), as compared with income tax expense of RMB1.9 million for the fourth quarter of 2024 and income tax expense of RMB9.6 million for the third quarter of 2025.
Net profit attributable to the Company's ordinary shareholders for the fourth quarter of 2025 was RMB162.1 million (US$23.2 million), as compared with RMB99.6 million for the same period of 2024, and RMB158.5 million for the third quarter of 2025.
Adjusted net profit attributable to the Company's ordinary shareholders (non-GAAP((1) ) for the fourth quarter of 2025 was RMB170.2 million (US$24.3 million), as compared with RMB107.1 million for the same period of 2024 and RMB167.7 million for the third quarter of 2025.
Financial Results for the Fiscal Year of 2025
Net operating revenue for the year of 2025 increased by 43.5% year-over-year to RMB3,977.8 million (US$568.8 million) from RMB2,771.8 million for the year of 2024, which was primarily due to the increase of insurance related income.
-- Our insurance-related income amounted to RMB3,576.6 million (US$511.4
million) in 2025, representing an increase of 51.3% year-over-year from
RMB2,363.8 million for the year of 2024, which was mainly due to the
increase in technical service income.
-- Our crowdfunding service fees amounted to RMB261.6 million (US$37.4
million) in 2025, representing a slight decrease of 2.2% year-over-year
from RMB267.7 million for the year of 2024.
-- Our digital clinical trial solution income amounted to RMB118.3 million
(US$16.9 million) in 2025, representing an increase of 29.9%
year-over-year from RMB91.1 million for the year of 2024.
Operating costs and expenses
Operating costs and expenses increased by 39.1% year-over-year to RMB3,606.9 million (US$515.8 million) for the year of 2025, mainly due to the business expansion.
Operating costs increased by 47.8% year-over-year to RMB1,943.2 million (US$277.9 million) for the year of 2025, compared with RMB1,314.7 million for the year of 2024, which was primarily driven by (i) an increase of RMB461.7 million in costs of referral and service fees, (ii) an increase of RMB52.6 million in personnel costs, (iii) an increase of RMB42.2 million in SMS cost; (iv) an increase of RMB39.7 million in the costs for crowdfunding consultants team, and (v) an increase of RMB12.2 million in the costs for digital clinical trial solution consultants team.
Sales and marketing expenses increased by 61.3% year-over-year to RMB1,120.9 million (US$160.3 million) for the year of 2025, compared with RMB694.8 million for the year of 2024. The increase was primarily due to (i) an increase of RMB452.3 million in marketing expenses to third-party traffic channel, partially offset by (ii) a decrease of RMB11.4 million in sales and marketing personnel costs and share-based compensation expenses, and (iii) a decrease of RMB8.9 million in outsourced sales and marketing service fees to third parties.
General and administrative expenses decreased by 15.6% year-over-year to RMB310.1 million (US$44.3 million) for the year of 2024, compared with RMB367.7 million for the year of 2024. The year-over-year variance was due to (i) a decrease of RMB23.2 million in general and administrative personnel costs and share-based compensation expenses, (ii) a decrease of RMB9.5 million in the professional service fee, (iii) a RMB20.6 million impairment of intangible assets related to Shenlanbao recorded in the year of 2024, with no corresponding item in the year of 2025, and (iv) a decrease of RMB1.9 million in allowance for credit losses.
Research and development expenses increased by 7.5% year-over-year to RMB232.7 million (US$33.3 million) for the year of 2025, compared with RMB216.5 million for the year of 2024. The increase was primarily due to (i) an increase of RMB9.0 million in cloud server fees and other IT support expenses and (ii) an increase of RMB8.3 million in research and development personnel costs and share-based compensation expenses.
Operating profit for the year of 2025 was RMB370.9 million (US$53.0 million), compared with RMB178.2 million for the year of 2024.
Interest income for the year of 2025 was RMB135.7 million (US$19.4 million), compared with RMB149.1 million for the year of 2024.
Income tax benefit for the year of 2025 was RMB21.6 million (US$3.1 million), compared with income tax expense of RMB9.7 million for the year of 2024.
Net profit attributable to the Company's ordinary shareholders for the year of 2025 was RMB568.9 million (US$81.4 million), compared to RMB367.5 million for the year of 2024.
Adjusted net profit attributable to the Company's ordinary shareholders (non-GAAP((1) ) for the year 2025 was RMB619.6 million (US$88.6 million), compared to RMB440.2 million for the year of 2024.
Cash position((2)
As of December 31, 2025, cash position of the Company was RMB3,249.0 million (US$464.6 million), as compared with RMB3,670.3 million as of December 31, 2024.
(1) See the sections entitled "Non-GAAP Financial Measure" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this announcement. (2) Cash position includes cash and cash equivalents, short-term investments, and long-term debt investments included in long-term investments.
Share Repurchase Programs
Pursuant to the share repurchase programs launched in September 2021, September 2022, September 2023, September 2024, and September 2025, respectively, we had cumulatively repurchased approximately 60.7 million ADSs from the open market with cash for a total consideration of approximately US$118.1 million as of February 28, 2026.
Cash Dividend
The Board has approved a cash dividend of US$0.03 per ADS or US$0.003 per ordinary share to shareholders of record as of the close of business on April 24, 2026. The aggregate amount of the dividend is expected to be approximately US$10.8 million. The payment date is expected to be on or around May 13, 2026, for holders of ordinary shares and on or around May 20, 2026, for holders of ADSs.
Supplemental Information
We organize and report our business in the following operating segments:
-- Insurance, which mainly includes insurance brokerage service and
technical service;
-- Crowdfunding, which mainly includes crowdfunding service; and
-- Others, which do not individually or in the aggregate meet the
quantitative and qualitative thresholds to be individually reportable and
are aggregated.
The table below sets forth the segment operating results, with three-month and twelve-month ended December 31, 2025.
For the Three Months Ended For the Twelve Months Ended
-------------------------------------------- -----------------------------------
December September December
31, 2024 30, 2025 December 31, 2025 31, 2024 December 31, 2025
--------- --------- ---------------------- ----------- ----------------------
RMB RMB RMB USD RMB RMB USD
(All amounts in thousands)
Operating
revenue, net
Insurance 582,442 869,660 1,310,357 187,379 2,363,777 3,576,566 511,442
Crowdfunding 65,138 65,657 61,429 8,784 267,650 261,636 37,413
Others 39,244 39,543 39,462 5,643 140,394 139,559 19,957
--------- --------- ----------- --------- ----------- ----------- ---------
Total
consolidated
operating
revenue, net 686,824 974,860 1,411,248 201,806 2,771,821 3,977,761 568,812
--------- --------- ----------- --------- ----------- ----------- ---------
Operating
costs and
expenses
Insurance (479,856) (693,216) (1,164,229) (166,483) (1,886,572) (2,931,662) (419,222)
Crowdfunding (87,147) (98,771) (96,722) (13,831) (362,734) (392,311) (56,100)
Others (45,177) (60,291) (58,252) (8,329) (236,925) (231,163) (33,056)
--------- --------- ----------- --------- ----------- ----------- ---------
Operating
profit/(loss)
Insurance 102,586 176,444 146,128 20,896 477,205 644,904 92,220
Crowdfunding (22,009) (33,114) (35,293) (5,047) (95,084) (130,675) (18,687)
Others (5,933) (20,748) (18,790) (2,686) (96,531) (91,604) (13,099)
--------- --------- ----------- --------- ----------- ----------- ---------
Total segment
operating
profit 74,644 122,582 92,045 13,163 285,590 422,625 60,434
--------- --------- ----------- --------- ----------- ----------- ---------
Unallocated
items* (21,684) (8,817) (8,181) (1,170) (107,432) (51,767) (7,402)
--------- --------- ----------- --------- ----------- ----------- ---------
Total
consolidated
operating
profit 52,960 113,765 83,864 11,993 178,158 370,858 53,032
--------- --------- ----------- --------- ----------- ----------- ---------
Total other
income 40,443 54,331 36,538 5,225 182,432 172,591 24,679
--------- --------- ----------- --------- ----------- ----------- ---------
Consolidated
profit before
income tax 93,403 168,096 120,402 17,218 360,590 543,449 77,711
========= ========= =========== ========= =========== =========== =========
* The share-based compensation represents unallocated items in the segment information because our
management does not consider this as part of the segment operating performance measure.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars ("USD" or "US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.
Non-GAAP Financial Measure
The Company uses non-GAAP financial measure, adjusted net profit attributable to our ordinary shareholders, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net profit attributable to our ordinary shareholders represents net profit attributable to our ordinary shareholders excluding share-based compensation expense attributable to our ordinary shareholders, foreign currency exchange gain or losses, impact of terminating the mutual aid plan, impairment of intangible assets acquired from business combination and related tax effects on non-GAAP adjustments.
The non-GAAP financial measure is not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measure has limitations as analytical tools and when assessing the Company's operating performance, investors should not consider it in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Investors are encouraged to review the Company's historical non-GAAP financial measure to the most directly comparable GAAP measure. Adjusted net profit attributable to our ordinary shareholders presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measure differently, limiting its usefulness as a comparative measure to our data.
The Company mitigates these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance.
For more information on the non-GAAP financial measure, please see the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. Waterdrop may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Waterdrop's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Waterdrop's mission, goals and strategies; Waterdrop's future business development, financial condition and results of operations; the expected growth of the insurance, medical crowdfunding and healthcare industry in China; Waterdrop's expectations regarding demand for and market acceptance of our products and services; Waterdrop's expectations regarding its relationships with consumers, insurance carriers and other partners; competition in the industry and relevant government policies and regulations relating to insurance, medical crowdfunding and healthcare industry. Further information regarding these and other risks is included in Waterdrop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Conference Call Information
Waterdrop's management team will hold a conference call on March 25, 2026 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day) to discuss the financial results. Dial-in details for the earnings conference call are as follows:
International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Hong Kong Toll Free: 800-963976 Hong Kong: 852-58081995 Mainland China: 4001-206115 Chinese Line (Mandarin) Entry Number: 1613336 English Interpretation Line (Listen-only Mode) Entry Number: 0047529
Participants can choose between the Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call.
Telephone replays will be accessible two hours after the conclusion of the conference call through April 1, 2026 by dialing the following numbers:
United States Toll Free: 1-855-669-9658 International: 1-412-317-0088 Chinese Line Access Code: 2333750 English Interpretation Line Access Code: 7366741
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.waterdrop-inc.com/.
About Waterdrop Inc.
Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.
For investor inquiries, please contact
Waterdrop Inc.
IR@shuidi-inc.com
WATERDROP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, unless otherwise noted)
As of
-----------------------------------------
December 31, 2024 December 31, 2025
----------------- ----------------------
RMB RMB USD
Assets
Current assets
Cash and cash equivalents 986,323 483,003 69,069
Restricted cash 520,588 648,450 92,727
Short-term investments 1,612,619 530,668 75,885
Accounts receivable, net 716,206 1,260,464 180,244
Current contract assets 619,436 806,916 115,387
Amount due from related
parties 257 209 30
Prepaid expense and other
assets 182,641 251,084 35,905
Total current assets 4,638,070 3,980,794 569,247
----------------- ----------- ---------
Non-current assets
Non-current contract
assets 153,749 295,516 42,258
Property, equipment and
software, net 240,024 255,698 36,564
Intangible assets, net 153,011 177,140 25,331
Long-term investments 1,114,160 2,284,102 326,622
Right of use assets, net 46,872 23,955 3,426
Deferred tax assets 27,028 2,870 410
Goodwill 80,751 80,751 11,547
Total non-current assets 1,815,595 3,120,032 446,158
----------------- ----------- ---------
Total assets 6,453,665 7,100,826 1,015,405
================= =========== =========
Liabilities, Mezzanine Equity
and Shareholders' Equity
Current liabilities
Amount due to related
parties 10,616 9,324 1,333
Insurance premium
payables 537,344 684,800 97,925
Accrued expenses and
other current
liabilities 704,035 1,140,448 163,082
Short-term loans 198,373 47,000 6,721
Current lease liabilities 34,573 10,888 1,557
Total current liabilities 1,484,941 1,892,460 270,618
----------------- ----------- ---------
Non-current liabilities
Non-current lease
liabilities 10,971 12,640 1,807
Deferred tax liabilities 84,185 43,798 6,263
Total non-current liabilities 95,156 56,438 8,070
----------------- ----------- ---------
Total liabilities 1,580,097 1,948,898 278,688
----------------- ----------- ---------
Mezzanine Equity
Redeemable
non-controlling
interests 76,133 - -
Shareholders' equity
Class A ordinary shares 112 116 17
Class B ordinary shares 27 27 4
Treasury stock (15) (16) (2)
Additional paid-in
capital 6,832,214 6,733,696 962,906
Accumulated other
comprehensive income 159,550 43,622 6,238
Accumulated deficit (2,194,453) (1,625,517) (232,446)
Total shareholders' equity 4,797,435 5,151,928 736,717
----------------- ----------- ---------
Total liabilities, mezzanine
equity and shareholders'
equity 6,453,665 7,100,826 1,015,405
================= =========== =========
WATERDROP INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(All amounts in thousands, except for share and per share data, or otherwise noted)
For the Three Months Ended For the Twelve Months Ended
---------------------------------------------------------- -------------------------------------------
December 31, September 30, December 31,
2024 2025 December 31, 2025 2024 December 31, 2025
------------- ------------- ---------------------------- ------------- ----------------------------
RMB RMB RMB USD RMB RMB USD
Operating revenue,
net 686,824 974,860 1,411,248 201,806 2,771,821 3,977,761 568,812
------------- ------------- ------------- ------------- ------------- ------------- -------------
Operating costs and
expenses(i)
Operating costs (323,836) (475,114) (677,337) (96,858) (1,314,740) (1,943,162) (277,868)
Sales and marketing
expenses (182,038) (242,962) (506,786) (72,469) (694,769) (1,120,929) (160,291)
General and
administrative
expenses (73,725) (84,692) (77,094) (11,024) (367,652) (310,129) (44,348)
Research and
development
expenses (54,265) (58,327) (66,167) (9,462) (216,502) (232,683) (33,273)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total operating
costs and expenses (633,864) (861,095) (1,327,384) (189,813) (2,593,663) (3,606,903) (515,780)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Operating profit 52,960 113,765 83,864 11,993 178,158 370,858 53,032
------------- ------------- ------------- ------------- ------------- ------------- -------------
Other income
Interest income 35,802 37,537 34,812 4,978 149,121 135,697 19,404
Foreign currency
exchange
(loss)/gain (963) (388) 111 16 8,016 276 39
Others, net 5,604 17,182 1,615 231 25,295 36,618 5,236
Profit before income
tax 93,403 168,096 120,402 17,218 360,590 543,449 77,711
------------- ------------- ------------- ------------- ------------- ------------- -------------
Income tax
(expense)/benefit (1,936) (9,630) 41,714 5,965 (9,707) 21,608 3,090
Net profit 91,467 158,466 162,116 23,183 350,883 565,057 80,801
------------- ------------- ------------- ------------- ------------- ------------- -------------
Net loss
attributable to
mezzanine equity
classified as
non-controlling
interests
shareholders (8,148) - - - (16,627) (3,879) (555)
Net profit
attributable to
ordinary
shareholders 99,615 158,466 162,116 23,183 367,510 568,936 81,356
============= ============= ============= ============= ============= ============= =============
Other comprehensive
income:
Foreign currency
translation
adjustment, net of
tax 89,187 (15,103) (44,224) (6,324) 44,773 (106,666) (15,253)
Unrealized
(loss)/gain on
available for sale
investments, net
of tax (29,330) 9,427 (17,530) (2,507) (29,330) (9,262) (1,324)
Total comprehensive
income 151,324 152,790 100,362 14,352 366,326 449,129 64,224
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total comprehensive
loss attributable
to mezzanine
equity classified
as
non-controlling
interests
shareholders (8,148) - - - (16,627) (3,879) (555)
Total comprehensive
income attributable
to ordinary
shareholders 159,472 152,790 100,362 14,352 382,953 453,008 64,779
============= ============= ============= ============= ============= ============= =============
Weighted average
number of ordinary
shares used in
computing net
profit per share
Basic 3,620,987,566 3,619,786,490 3,612,924,848 3,612,924,848 3,650,504,339 3,615,328,154 3,615,328,154
Diluted 3,699,552,300 3,724,685,425 3,706,306,921 3,706,306,921 3,719,776,955 3,713,518,076 3,713,518,076
Net profit per
share attributable
to ordinary
shareholders
Basic 0.03 0.04 0.04 0.01 0.10 0.16 0.02
Diluted 0.03 0.04 0.04 0.01 0.10 0.15 0.02
(i) Share-based compensation expenses are
included in the operating costs and expenses as
follows.
For the Three Months Ended For the Twelve Months Ended
---------------------------------------------------------- -------------------------------------------
December 31, September 30, December 31,
2024 2025 December 31, 2025 2024 December 31, 2025
------------- ------------- ---------------------------- ------------- ----------------------------
RMB RMB RMB USD RMB RMB USD
Sales and marketing
expenses (1,692) (1,314) (1,134) (162) (6,825) (6,296) (900)
General and
administrative
expenses (17,336) (6,940) (6,531) (934) (69,245) (40,897) (5,848)
Research and
development
expenses (2,656) (563) (516) (74) (10,802) (4,574) (654)
Total (21,684) (8,817) (8,181) (1,170) (86,872) (51,767) (7,402)
============= ============= ============= ============= ============= ============= =============
WATERDROP INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, unless otherwise noted)
For the Twelve Months
For the Three Months Ended Ended
------------------------------------ --------------------------
December December
31, September December 31, 31, December 31,
2024 30, 2025 2025 2024 2025
-------- --------- --------------- -------- ----------------
RMB RMB RMB USD RMB RMB USD
Net profit
attributable to
the Company's
ordinary
shareholders 99,615 158,466 162,116 23,183 367,510 568,936 81,356
-------- --------- ------- ------ -------- ------- -------
Add:
Share-based
compensation
expense
attributable
to the
Company's
ordinary
shareholders 21,502 8,817 8,181 1,170 86,449 50,892 7,277
Foreign
currency
exchange
loss/(gain) 963 388 (111) (16) (8,016) (276) (39)
Impact of
terminating
the mutual aid
plan (ii) (14,985) - - - (14,985) - -
Impairment of
intangible
assets
acquired from
business
combination - - - - 12,336 - -
Tax effects on
non-GAAP
adjustments - - - - (3,084) - -
Adjusted net
profit
attributable to
the Company's
ordinary
shareholders 107,095 167,671 170,186 24,337 440,210 619,552 88,594
======== ========= ======= ====== ======== ======= =======
(ii) This represents the reversal of
the difference between estimated
cost of medical expense coverage and
actual payment.
View original content:https://www.prnewswire.com/news-releases/waterdrop-inc-announces-fourth-quarter-and-fiscal-year-2025-unaudited-financial-results-and-declares-a-cash-dividend-302724545.html
SOURCE Waterdrop Inc.
(END) Dow Jones Newswires
March 25, 2026 06:00 ET (10:00 GMT)
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