WDH on NYSE
Waterdrop Inc.
Insurance agents company based in Grand Cayman, Cayman Islands. Summary from the record
$1.01 down 0.02 (1.94%)Price as of Oct 15, 2026 at 17:33 UTC
Last updated Oct 19, 2026.
Overview
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- TickerWDH on NYSE2
- IndustryInsurance Agents, Brokers & Service2
- HeadquartersGrand Cayman, Cayman Islands2
- Incorporated inCayman Islands5
- Business addressBlock C, Wangjing Science Park, No. 2 Lize Zhonger Road, Chaoyang, Beijing, 1001025
- Filer categoryAccelerated filer, Emerging growth company5
- Legal formexempt company2
- LEI655600TO7NRHFZN44V922
- StatusActive2
- LEI statusIssued and current2
- Registered addressUgland House, KY1-1104 Grand Cayman, Cayman Islands2
- Registered withGeneral Registry, 3370852
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We commenced our operation through Beijing Zongqing Xiangqian Technology Co., Ltd. (formerly known as Beijing Weizhong Culture Technology Co., Ltd.), or Zongqing Xiangqian, in 2016. We launched Waterdrop Mutual Aid platform in May 2016 and then launched Waterdrop Medical Crowdfunding platform for critical illness crowdfunding in July 2016. Beijing Shuidi Hubao Technology Co., Ltd., or Shuidi Hubao, was established in December 2016 to operate Waterdrop Medical Crowdfunding platform. Beijing Shuidi Hulian Technology Co., Ltd., or Shuidi Hulian, was established in December 2016 to operate Waterdrop Mutual Aid platform. We acquired Shuidi Insurance Brokerage Co., Ltd. (formerly known as Baoduoduo Insurance Brokerage Co., Ltd.), or Shuidi Insurance Brokerage, in September 2016 to conduct insurance brokerage business and Tairui Insurance Agency Co., Ltd. in June 2020 to conduct insurance agenc…6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Insurance Brokerage Income brought in 65% of the revenue Waterdrop Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Insurance Brokerage Income | 2.2B CNY | 2.3B CNY | 2.6B CNY |
| Technical Service Income | 135.8M CNY | 40.9M CNY | 1.0B CNY |
| Crowdfunding Service Fees | 162.7M CNY | 267.6M CNY | 261.6M CNY |
| Digital Clinical Trial Solution Income | 100.5M CNY | 91.1M CNY | 118.3M CNY |
| Other Revenues | 26.6M CNY | 49.3M CNY | 21.3M CNY |
Business segments
Insurance brought in 90% of the revenue Waterdrop Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Insurance | 2.3B CNY | 2.4B CNY | 3.6B CNY |
| Crowdfunding | 162.7M CNY | 267.6M CNY | 261.6M CNY |
| Other Operating | 127.1M CNY | 140.4M CNY | 139.6M CNY |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development6¢$33.3M
- Other costs79¢$451.6M
- Income tax1¢$3.1M
- Profit14¢$80.8M
Out of $568.8M in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending12¢$4.2M
- Dividends paid53¢$18.6M
- Kept or used elsewhere34¢$12.0M
Out of $34.9M of cash from operations.4
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Operating revenue, net | 4.0B CNY | 2.8B CNY | 2.6B CNY |
| Operating costs | -1.9B CNY | -1.3B CNY | -1.2B CNY |
| Sales and marketing expenses | -1.1B CNY | -694.8M CNY | -740.5M CNY |
| General and administrative expenses | -310.1M CNY | -367.7M CNY | -402.4M CNY |
| Research and development expenses | -232.7M CNY | -216.5M CNY | -299.1M CNY |
| Total operating costs and expenses | -3.6B CNY | -2.6B CNY | -2.6B CNY |
| Operating (loss)/profit | 370.9M CNY | 178.2M CNY | -6.7M CNY |
| Interest income | 135.7M CNY | 149.1M CNY | 136.0M CNY |
| Foreign currency exchange gain | 276.0K CNY | 8.0M CNY | 4.3M CNY |
| Others, net | 36.6M CNY | 25.3M CNY | 30.6M CNY |
| Profit before income tax | 543.4M CNY | 360.6M CNY | 164.2M CNY |
| Income tax (expense)/benefit | 21.6M CNY | -9.7M CNY | -555.0K CNY |
| Net profit | 565.1M CNY | 350.9M CNY | 163.7M CNY |
| Net loss attributable to mezzanine equity classified as non-controlling interests shareholders | -3.9M CNY | -16.6M CNY | -3.5M CNY |
| Net profit attributable to ordinary shareholders | 568.9M CNY | 367.5M CNY | 167.2M CNY |
| Foreign currency translation adjustment | -106.7M CNY | 44.8M CNY | 37.4M CNY |
| Unrealized loss on available for sale investments, net of tax | -9.3M CNY | -29.3M CNY | -1.6M CNY |
| Total comprehensive income | 449.1M CNY | 366.3M CNY | 199.5M CNY |
| Total comprehensive loss attributable to mezzanine equity classified as non-controlling interests shareholders | -3.9M CNY | -16.6M CNY | -3.5M CNY |
| Total comprehensive income attributable to ordinary shareholders | 453.0M CNY | 383.0M CNY | 203.1M CNY |
| Basic | 3.6B shares | 3.7B shares | 3.8B shares |
| Diluted | 3.7B shares | 3.7B shares | 3.9B shares |
| Basic | 0.16 CNY | 0.10 CNY | 0.04 CNY |
| Diluted | 0.15 CNY | 0.10 CNY | 0.04 CNY |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | 483.0M CNY | 986.3M CNY | 396.9M CNY | |
| Restricted cash | 648.5M CNY | 520.6M CNY | 577.1M CNY | |
| Short-term investments | 530.7M CNY | 1.6B CNY | ||
| Accounts receivable, net of allowance of RMB28,772 and RMB46,616 (US$6,666) as of December 31, 2024 and 2025, respectively | 1.3B CNY | 716.2M CNY | ||
| Current contract assets | 806.9M CNY | 619.4M CNY | ||
| Amount due from related parties | 209.0K CNY | 257.0K CNY | ||
| Prepaid expense and other assets | 251.1M CNY | 182.6M CNY | ||
| Total current assets | 4.0B CNY | 4.6B CNY | ||
| Non-current contract assets | 295.5M CNY | 153.7M CNY | ||
| Property, equipment and software, net | 255.7M CNY | 240.0M CNY | ||
| Intangible assets, net | 177.1M CNY | 153.0M CNY | ||
| Long-term investments | 2.3B CNY | 1.1B CNY | ||
| Right of use assets, net | 24.0M CNY | 46.9M CNY | ||
| Deferred tax assets | 2.9M CNY | 27.0M CNY | ||
| Goodwill | 80.8M CNY | 80.8M CNY | 80.8M CNY | 3.4M CNY |
| Total non-current assets | 3.1B CNY | 1.8B CNY | ||
| Total assets | 7.1B CNY | 6.5B CNY | ||
| Amount due to related parties (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB253 and RMB1 as of December 31, 2024 and 2025, respectively) | 9.3M CNY | 10.6M CNY | ||
| Short-term loans | 47.0M CNY | 198.4M CNY | ||
| Total current liabilities | 1.9B CNY | 1.5B CNY | ||
| Non-current lease liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB6,247 and RMB12,053 as of December 31, 2024 and 2025, respectively) | 12.6M CNY | 11.0M CNY | ||
| Total non-current liabilities | 56.4M CNY | 95.2M CNY | ||
| Total liabilities | 1.9B CNY | 1.6B CNY | ||
| Redeemable non-controlling interests | 76.1M CNY | 92.8M CNY | ||
| Ordinary shares (US$ 0.000005 par value; 10,000,000,000 shares authorized, 8,900,000,000 Class A ordinary shares authorized, 3,282,256,521 Class A ordinary shares issued, 2,822,868,761 and 2,806,929,941 Class A ordinary shares outstanding as of December 31, 2024 and 2025, respectively; 1,000,000,000 Class B ordinary shares authorized, 801,904,979 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025) | 143.0K CNY | 139.0K CNY | ||
| Treasury stock | -16.0K CNY | -15.0K CNY | ||
| Additional paid-in capital | 6.7B CNY | 6.8B CNY | ||
| Accumulated other comprehensive income | 43.6M CNY | 159.6M CNY | ||
| Accumulated deficit | -1.6B CNY | -2.2B CNY | ||
| Total shareholders' equity | 5.2B CNY | 4.8B CNY | 4.6B CNY | 4.8B CNY |
| Total liabilities, mezzanine equity and shareholders' equity | 7.1B CNY | 6.5B CNY | ||
| Accounts receivable, net of allowance | 46.6M CNY | 28.8M CNY | ||
| Insurance premium payables | 684.8M CNY | 537.3M CNY | ||
| Accrued expenses and other current liabilities | 1.1B CNY | 704.0M CNY | ||
| Current lease liabilities | 10.9M CNY | 34.6M CNY | ||
| Deferred tax liabilities | 43.8M CNY | 84.2M CNY | ||
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ||
| Common Stock, Shares Authorized | 10.0B shares | 10.0B shares | ||
| Common Stock, Shares, Issued | 3.6B shares | |||
| Common stock, shares outstanding | 3.6B shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | 483.0M CNY | 986.3M CNY | 396.9M CNY | |
| Restricted cash | 648.5M CNY | 520.6M CNY | 577.1M CNY | |
| Short-term investments | 530.7M CNY | 1.6B CNY | ||
| Accounts receivable, net of allowance of RMB28,772 and RMB46,616 (US$6,666) as of December 31, 2024 and 2025, respectively | 1.3B CNY | 716.2M CNY | ||
| Current contract assets | 806.9M CNY | 619.4M CNY | ||
| Amount due from related parties | 209.0K CNY | 257.0K CNY | ||
| Prepaid expense and other assets | 251.1M CNY | 182.6M CNY | ||
| Total current assets | 4.0B CNY | 4.6B CNY | ||
| Non-current contract assets | 295.5M CNY | 153.7M CNY | ||
| Property, equipment and software, net | 255.7M CNY | 240.0M CNY | ||
| Intangible assets, net | 177.1M CNY | 153.0M CNY | ||
| Long-term investments | 2.3B CNY | 1.1B CNY | ||
| Right of use assets, net | 24.0M CNY | 46.9M CNY | ||
| Deferred tax assets | 2.9M CNY | 27.0M CNY | ||
| Goodwill | 80.8M CNY | 80.8M CNY | 80.8M CNY | 3.4M CNY |
| Total non-current assets | 3.1B CNY | 1.8B CNY | ||
| Total assets | 7.1B CNY | 6.5B CNY | ||
| Amount due to related parties (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB253 and RMB1 as of December 31, 2024 and 2025, respectively) | 9.3M CNY | 10.6M CNY | ||
| Short-term loans | 47.0M CNY | 198.4M CNY | ||
| Total current liabilities | 1.9B CNY | 1.5B CNY | ||
| Non-current lease liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB6,247 and RMB12,053 as of December 31, 2024 and 2025, respectively) | 12.6M CNY | 11.0M CNY | ||
| Total non-current liabilities | 56.4M CNY | 95.2M CNY | ||
| Total liabilities | 1.9B CNY | 1.6B CNY | ||
| Redeemable non-controlling interests | 76.1M CNY | 92.8M CNY | ||
| Ordinary shares (US$ 0.000005 par value; 10,000,000,000 shares authorized, 8,900,000,000 Class A ordinary shares authorized, 3,282,256,521 Class A ordinary shares issued, 2,822,868,761 and 2,806,929,941 Class A ordinary shares outstanding as of December 31, 2024 and 2025, respectively; 1,000,000,000 Class B ordinary shares authorized, 801,904,979 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025) | 143.0K CNY | 139.0K CNY | ||
| Treasury stock | -16.0K CNY | -15.0K CNY | ||
| Additional paid-in capital | 6.7B CNY | 6.8B CNY | ||
| Accumulated other comprehensive income | 43.6M CNY | 159.6M CNY | ||
| Accumulated deficit | -1.6B CNY | -2.2B CNY | ||
| Total shareholders' equity | 5.2B CNY | 4.8B CNY | 4.6B CNY | 4.8B CNY |
| Total liabilities, mezzanine equity and shareholders' equity | 7.1B CNY | 6.5B CNY | ||
| Accounts receivable, net of allowance | 46.6M CNY | 28.8M CNY | ||
| Insurance premium payables | 684.8M CNY | 537.3M CNY | ||
| Accrued expenses and other current liabilities | 1.1B CNY | 704.0M CNY | ||
| Current lease liabilities | 10.9M CNY | 34.6M CNY | ||
| Deferred tax liabilities | 43.8M CNY | 84.2M CNY | ||
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ||
| Common Stock, Shares Authorized | 10.0B shares | 10.0B shares | ||
| Common Stock, Shares, Issued | 3.6B shares | |||
| Common stock, shares outstanding | 3.6B shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net profit | 565.1M CNY | 350.9M CNY | 163.7M CNY |
| Depreciation of property, equipment and software | 13.8M CNY | 11.4M CNY | 13.4M CNY |
| Amortization of intangible assets | 129.0K CNY | 128.0K CNY | 138.0K CNY |
| Share-based compensation expense | 51.8M CNY | 86.9M CNY | 133.9M CNY |
| Loss from disposal of property and equipment | 58.0K CNY | 662.0K CNY | 1.6M CNY |
| Loss from disposals of subsidiaries | 322.0K CNY | 2.2M CNY | |
| Loss/(gain) from early termination of lease | -378.0K CNY | 384.0K CNY | |
| Allowance for doubtful debts | 18.0M CNY | 12.6M CNY | 9.6M CNY |
| Impairment loss | 24.3M CNY | 3.1M CNY | |
| Interest income | -8.6M CNY | -17.0M CNY | -19.8M CNY |
| Foreign exchange gain | -276.0K CNY | -8.0M CNY | -4.3M CNY |
| Accounts receivable | -562.1M CNY | -35.1M CNY | 20.3M CNY |
| Contract assets | -329.4M CNY | -66.2M CNY | -99.9M CNY |
| Prepaid expense and other assets | -68.4M CNY | 16.2M CNY | 149.9M CNY |
| Amount due from/to related parties | -1.2M CNY | 915.0K CNY | -1.8M CNY |
| Insurance premium payables | 147.5M CNY | -54.6M CNY | 75.3M CNY |
| Deferred tax assets | 24.2M CNY | -2.8M CNY | -15.5M CNY |
| Deferred tax liabilities | -46.5M CNY | 10.9M CNY | 13.4M CNY |
| Accrued expenses and other current liabilities | 438.8M CNY | 107.9M CNY | -43.5M CNY |
| Right of use assets, net | 2.8M CNY | 3.5M CNY | -36.7M CNY |
| Operating lease liabilities | -1.5M CNY | -5.5M CNY | 41.6M CNY |
| Net cash provided by operating activities | 243.9M CNY | 437.2M CNY | 406.5M CNY |
| Purchase of property, equipment and software | -29.6M CNY | -218.4M CNY | -13.5M CNY |
| Disposal of property, equipment and software | 112.0K CNY | 164.0K CNY | 227.0K CNY |
| Cash paid for asset acquisitions, net of cash acquired | -17.0M CNY | ||
| Purchase of short-term investments | -6.2B CNY | -6.4B CNY | -11.4B CNY |
| Proceeds from maturity of short-term investments | 7.2B CNY | 7.9B CNY | 10.7B CNY |
| Purchase of long-term investments | -1.3B CNY | -1.0B CNY | -200.7M CNY |
| Proceeds from early redemption of long-term investments | 72.5M CNY | 72.0M CNY | |
| Acquisitions of subsidiaries, net of cash acquired | -195.9M CNY | ||
| Disposal of subsidiaries, net of cash disposed | 121.0K CNY | -1.3M CNY | |
| Net cash (used in)/provided by investing activities | -224.7M CNY | 291.6M CNY | -1.2B CNY |
| Dividend to shareholders | -130.4M CNY | -158.7M CNY | |
| Proceeds from short-term loans | 110.0M CNY | 246.9M CNY | 167.2M CNY |
| Repayment of short-term loans | -261.5M CNY | -187.1M CNY | -30.1M CNY |
| Payments to acquire noncontrolling interest | -7.2M CNY | ||
| Proceeds from exercise of share option | 6.4M CNY | 7.2M CNY | 11.7M CNY |
| Payment for share repurchase | -91.2M CNY | -107.0M CNY | -526.0M CNY |
| Principal payments under finance lease obligation | -19.0K CNY | ||
| Net cash used in financing activities | -373.9M CNY | -198.6M CNY | -377.2M CNY |
| Effect of exchange rate changes on cash and cash equivalents | -20.7M CNY | 2.6M CNY | 26.2M CNY |
| Net (decrease)/increase in cash and cash equivalents and restricted cash | -375.5M CNY | 532.9M CNY | -1.1B CNY |
| Cash paid for income tax | 362.0K CNY | 2.0M CNY | 1.3M CNY |
| Cash paid for interest | 283.0K CNY | 1.9M CNY | 236.0K CNY |
No quarter-by-quarter statement was filed.
Leadership
Who has led Waterdrop Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Board members and other officers (13)
- Head of Insurance BusinessWei Ran Mar 16, 2026 to now12
- Head of R&DXiaobo Zhou Mar 16, 2026 to now13
- Head of LegalNian Liu Mar 17, 2026 to now14
- VP of Human ResourcesXiaolei Sun Mar 17, 2026 to now15
- Board memberPeng Shen Mar 16, 2026 to now11
- Board memberWei Ran Mar 16, 2026 to now12
- Board memberWenjie Guan Mar 16, 2026 to now16
- Board memberChenyang Wei Mar 17, 2026 to now17
- Board memberXiaolei Sun Mar 17, 2026 to now15
- Board memberHaiyang Yu Mar 18, 2026 to now18
- Board memberKai Victor Huang Mar 27, 2026 to now19
- Board memberHeping Feng Mar 30, 2026 to now20
- Board memberQianfei Chang Jul 1, 2026 to now21
Timeline
Filings
71 filings to the SEC since October 2021: 5 annual reports, 17 insider forms, 10 large holders, 39 other. The latest 20:
- Sep 8, 20266-K EDGAR
- Jul 24, 20266-K EDGAR
- Jul 1, 20263 OWNERSHIP DOCUMENT EDGAR
- Jun 23, 20266-K EDGAR
- Jun 17, 20266-K EDGAR
- Apr 28, 202620-F EDGAR
- Mar 30, 20263 OWNERSHIP DOCUMENT EDGAR
- Mar 27, 20263 OWNERSHIP DOCUMENT EDGAR
- Mar 25, 20266-K EDGAR
- Mar 18, 20263 EDGAR
- Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
- Mar 17, 20263/A OWNERSHIP DOCUMENT EDGAR
- Mar 17, 20263/A OWNERSHIP DOCUMENT EDGAR
- Mar 17, 20263/A OWNERSHIP DOCUMENT EDGAR
- Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
- Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
- Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20263 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20263 OWNERSHIP DOCUMENT EDGAR
- Mar 16, 20263 OWNERSHIP DOCUMENT EDGAR
The 71 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Banyan Partners Fund III, L.P.SCHEDULE 13G/A, 4 filings Feb 11, 2022 to Feb 13, 202622
- Peng ShenSC 13G/A, 3 filings Feb 4, 2022 to Feb 9, 202423
- SWISS RE LTDSC 13G/A, 2 filings Feb 4, 2022 to Feb 9, 202424
- Boyu Capital Fund IV, L.P.SC 13G, 1 filing Feb 14, 202225
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 39. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARWaterdrop Inc. filings on SEC EDGAR
- 2
- 3Yahoo FinanceWDH quote
- 4SEC EDGARWaterdrop Inc. 10-K for fiscal 2025
- 5SEC EDGARWaterdrop Inc. filings on SEC EDGAR
- 6
- 7SEC EDGARWaterdrop Inc. 10-K for fiscal 2021
- 8SEC EDGARWaterdrop Inc. 10-K for fiscal 2022
- 9SEC EDGARWaterdrop Inc. 10-K for fiscal 2023
- 10SEC EDGARWaterdrop Inc. 10-K for fiscal 2024
- 11SEC EDGARPeng Shen, Chief executive officer
- 12SEC EDGARWei Ran, Head of Insurance Business
- 13SEC EDGARXiaobo Zhou, Head of R&D
- 14SEC EDGARNian Liu, Head of Legal
- 15SEC EDGARXiaolei Sun, VP of Human Resources
- 16SEC EDGARWenjie Guan, Board member
- 17SEC EDGARChenyang Wei, Board member
- 18SEC EDGARHaiyang Yu, Board member
- 19SEC EDGARKai Victor Huang, Board member
- 20SEC EDGARHeping Feng, Board member
- 21SEC EDGARQianfei Chang, Board member
- 22
- 23SEC EDGARPeng Shen SC 13G/A on Waterdrop Inc.
- 24
- 25