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WDH on NYSE

Waterdrop Inc.

Waterdrop Inc. is an insurance agents company based in Grand Cayman, Cayman Islands.2 Its shares trade on NYSE under the symbol WDH.2

$1.01 down 0.02 (1.94%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

$568.8MRevenue, fiscal 20254
$80.8MNet income, fiscal 20254

Compare with eHealthInsurance, Hagerty Insurance Agency or Life Technologies, or pick any stock.

  • 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

9.3%Operating margin4
14.2%Net margin4
49.8%Revenue growth, 20254
11.0%Return on equity4
$30.6MFree cash flow4

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.

  1. Insurance Brokerage Income2.6B CNY465%up 11% from 2024
  2. Technical Service Income1.0B CNY425%up 2358% from 2024
  3. Crowdfunding Service Fees261.6M CNY47%down 2% from 2024
  4. Digital Clinical Trial Solution Income118.3M CNY43%up 30% from 2024
  5. Other Revenues21.3M CNY41%down 57% from 2024
Products and services by year
Products and services202320242025
Insurance Brokerage Income2.2B CNY2.3B CNY2.6B CNY
Technical Service Income135.8M CNY40.9M CNY1.0B CNY
Crowdfunding Service Fees162.7M CNY267.6M CNY261.6M CNY
Digital Clinical Trial Solution Income100.5M CNY91.1M CNY118.3M CNY
Other Revenues26.6M CNY49.3M CNY21.3M CNY

Business segments

Insurance brought in 90% of the revenue Waterdrop Inc. broke down this way in fiscal 2025.

  1. Insurance3.6B CNY490%up 51% from 2024
  2. Crowdfunding261.6M CNY47%down 2% from 2024
  3. Other Operating139.6M CNY44%down 1% from 2024
Business segments by year
Business segments202320242025
Insurance2.3B CNY2.4B CNY3.6B CNY
Crowdfunding162.7M CNY267.6M CNY261.6M CNY
Other Operating127.1M CNY140.4M CNY139.6M 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

Revenue789104$568.8M in 2025+13% since 2021
0$200.0M$400.0M$600.0M2021: $503.1M$503.1M20212022: $406.2M$406.2M2022−19%2023: $370.5M$370.5M2023−9%2024: $379.7M$379.7M2024+2%2025: $568.8M$568.8M2025+50%
Operating income789104$53.0M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2021: -$292.3M-$292.3M20212022: $69.3M$69.3M20222023: -$950.0K-$950.0K20232024: $24.4M$24.4M20242025: $53.0M$53.0M2025+117%
Net income789104$80.8M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2021: -$247.0M-$247.0M20212022: $88.1M$88.1M20222023: $23.1M$23.1M2023−74%2024: $48.1M$48.1M2024+108%2025: $80.8M$80.8M2025+68%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Operating revenue, net4.0B CNY2.8B CNY2.6B 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)/profit370.9M CNY178.2M CNY-6.7M CNY
Interest income135.7M CNY149.1M CNY136.0M CNY
Foreign currency exchange gain276.0K CNY8.0M CNY4.3M CNY
Others, net36.6M CNY25.3M CNY30.6M CNY
Profit before income tax543.4M CNY360.6M CNY164.2M CNY
Income tax (expense)/benefit21.6M CNY-9.7M CNY-555.0K CNY
Net profit565.1M CNY350.9M CNY163.7M 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 shareholders568.9M CNY367.5M CNY167.2M CNY
Foreign currency translation adjustment-106.7M CNY44.8M CNY37.4M CNY
Unrealized loss on available for sale investments, net of tax-9.3M CNY-29.3M CNY-1.6M CNY
Total comprehensive income449.1M CNY366.3M CNY199.5M 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 shareholders453.0M CNY383.0M CNY203.1M CNY
Basic3.6B shares3.7B shares3.8B shares
Diluted3.7B shares3.7B shares3.9B shares
Basic0.16 CNY0.10 CNY0.04 CNY
Diluted0.15 CNY0.10 CNY0.04 CNY

Compare Waterdrop Inc. with another company

Corporate structure

Waterdrop Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Waterdrop Inc.

  • Banyan Partners Fund III, L.P. Filed SCHEDULE 13G/A on Waterdrop Inc., latest Feb 13, 2026 (4 filings since Feb 11, 2022)
  • Peng Shen Filed SC 13G/A on Waterdrop Inc., latest Feb 9, 2024 (3 filings since Feb 4, 2022)
  • SWISS RE LTD Filed SC 13G/A on Waterdrop Inc., latest Feb 9, 2024 (2 filings since Feb 4, 2022)
  • Boyu Capital Fund IV, L.P. Filed SC 13G on Waterdrop Inc., latest Feb 14, 2022
  • Waterdrop Inc. Grand Cayman, Cayman Islands

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Waterdrop Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation342.1M CNY4 Dec 31, 2025314.0M CNY4 Dec 31, 2024+9.0%
Accumulated depreciation86.4M CNY4 Dec 31, 202574.0M CNY4 Dec 31, 2024+16.8%
Property and equipment, net$36.6M4 Dec 31, 2025$32.9M10 Dec 31, 2024+11.2%
Operating-lease assets (leased space)$3.4M4 Dec 31, 2025$6.4M10 Dec 31, 2024−46.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$69.1M4 Dec 31, 2025$135.1M10 Dec 31, 2024−48.9%
Marketable securities, current$75.9M4 Dec 31, 2025$220.9M10 Dec 31, 2024−65.7%
Debt securities available for sale$332.5M10 Dec 31, 2024
Long-term investments$326.6M4 Dec 31, 2025$152.6M10 Dec 31, 2024+114.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$11.5M4 Dec 31, 2025$11.1M10 Dec 31, 2024+4.4%
Intangible assets, net (excluding goodwill)$25.3M4 Dec 31, 2025$21.0M10 Dec 31, 2024+20.8%
Finite-lived intangibles, gross203.0M CNY4 Dec 31, 2025178.7M CNY4 Dec 31, 2024+13.6%
Accumulated amortization864.0K CNY4 Dec 31, 2025735.0K CNY4 Dec 31, 2024+17.6%

Leadership

Who has led Waterdrop Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Peng Shen2026–now
Board members and other officers (13)

Timeline

  1. Mar 16, 2026New chief executive Peng Shen becomes CEO11
  2. May 14, 2018Founded Waterdrop Inc. is founded2

Calendar

Coming up

  1. Dec 2, 2026Reports results for the quarter ending Sep/202622

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

71 filings to the SEC since October 2021: 5 annual reports, 17 insider forms, 10 large holders, 39 other. The latest 20:

  1. Sep 8, 20266-K EDGAR
  2. Jul 24, 20266-K EDGAR
  3. Jul 1, 20263 OWNERSHIP DOCUMENT EDGAR
  4. Jun 23, 20266-K EDGAR
  5. Jun 17, 20266-K EDGAR
  6. Apr 28, 202620-F EDGAR
  7. Mar 30, 20263 OWNERSHIP DOCUMENT EDGAR
  8. Mar 27, 20263 OWNERSHIP DOCUMENT EDGAR
  9. Mar 25, 20266-K EDGAR
  10. Mar 18, 20263 EDGAR
  11. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  12. Mar 17, 20263/A OWNERSHIP DOCUMENT EDGAR
  13. Mar 17, 20263/A OWNERSHIP DOCUMENT EDGAR
  14. Mar 17, 20263/A OWNERSHIP DOCUMENT EDGAR
  15. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  16. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  17. Mar 17, 20263 OWNERSHIP DOCUMENT EDGAR
  18. Mar 16, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Mar 16, 20263 OWNERSHIP DOCUMENT EDGAR
  20. 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.

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.

FundSharesValueShare of the fundChange
Boundless Plain Holdings Ltd11,485,432$13.0M3.0%No change
IDG China Capital Fund III Associates L.P.5,729,041$6.5M1.1%No change
Morgan Stanley3,271,149$3.7M0.0%−127,878
Baader Bank Aktiengesellschaft1,603,508$1.8M0.1%No change
Avenir Tech Ltd859,202$970.9K0.2%No change
IDG China Capital Fund GP III Associates Ltd.283,175$320.0K0.4%No change
Citadel Advisors LLC231,742$261.9K0.0%+201,275
Goldman Sachs Group Inc164,440$185.8K0.0%−3,773
Renaissance Technologies LLC134,327$151.8K0.0%+76,370
Invesco Ltd.97,672$110.4K0.0%−13,564
State Street Corp68,321$77.2K0.0%−5,012
Millennium Management LLC61,475$69.5K0.0%New
Sei Investments Co40,824$46.1K0.0%+15,904
Arrowstreet Capital, Limited Partnership39,372$44.5K0.0%No change
Ethos Financial Group, LLC38,401$43.4K0.0%No change
SmartHarvest Portfolios, LLC32,086$36.3K0.0%−15,637
Police & Firemen's Retirement System of New Jersey23,970$27.1K0.0%No change
Wells Fargo & Company/mn20,000$22.6K0.0%No change
Bnp Paribas Financial Markets19,400$21.9K0.0%−2,100
OVERSEA-CHINESE BANKING Corp Ltd19,081$21.6K0.0%New
Rhumbline Advisers15,359$17.4K0.0%No change
Ground Swell Capital, LLC13,683$15.5K0.0%New
Centiva Capital, LP12,328$13.9K0.0%−25,267
Point72 Asset Management, L.P.10,717$12.1K0.0%New
XTX Topco Ltd10,050$11.4K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Waterdrop Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARWaterdrop Inc.1
  • CIK0001823986
  • Filer statusAccelerated filer an emerging growth company; not a shell company6
  • Incorporated inCayman Islands6
  • Fiscal year endsDecember 311
  • Industry code (SIC)6411 Insurance Agents, Brokers & Service1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business addressBlock C, Wangjing Science Park, No. 2 Lize Zhonger Road, Chaoyang, Beijing, 100102, China1
  • Phone8610533949971
  • Shares outstanding2,806,929,941 Common Class A shares; 801,904,979 Common Class B shares as of Dec 31, 20256
  • AuditorDeloitte Touche Tohmatsu Certified Public Accountants LLP, Beijing, the People’s Republic of China PCAOB ID 1113; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceDec 11, 20201
  • Filings100 in all: 6-K (34), 3 (14), CORRESP (8), UPLOAD (8), 20-F (5), SC 13G/A (5), DRSLTR (4), SC 13G (4)1
    All 21 form types

    3/A (3), DRS/A (3), EFFECT (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-1/A (1), F-6 (1), S-8 (1), SC 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 28, 2026

Securities registered for trading

ClassSymbolExchange
American depositary sharesWDHNew York Stock Exchange
Class A ordinary shares, par value US$0.000005 per shareNew York Stock Exchange

From the cover page of the 20-F filed Apr 28, 2026 (Section 12(b) of the Exchange Act).6

Sources

The numbers on this page point here. Each one links to the record it came from.

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