# EDGAR Filing Document

**Accession Number:** 0001823986
**File Stem:** 0001104659-26-029192
**Filing Date:** 2026-3
**Character Count:** 6469
**Document Hash:** be8febebfd6b1875f470114a1997be93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-029192.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001104659-26-029192

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260317

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260317

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** XU XIAOYING
- **CENTRAL INDEX KEY:** 0002116700

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40376
- **FILM NUMBER:** 26759844

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** WATERDROP BUILDING B, NO.203, WANGJING
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Waterdrop Inc.
- **CENTRAL INDEX KEY:** 0001823986
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BLOCK C, WANGJING SCIENCE PARK
- **STREET 2:** NO. 2 LIZE ZHONGER ROAD, CHAOYANG
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100102
- **BUSINESS PHONE:** 861053394997

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BLOCK C, WANGJING SCIENCE PARK
- **STREET 2:** NO. 2 LIZE ZHONGER ROAD, CHAOYANG
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100102

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>XU XIAOYING<br><sub>(Last) (First) (Middle)</sub><br>NO. 203 WANGJING LIZE ZHONGYUAN ZONE 2<br>CHAOYANG DISTRICT<br><sub>(Street)</sub><br>BEIJING, F4 100102<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Waterdrop Inc. [ WDH ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2026-03-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [ ] 10% Owner<br>[X] Officer (give title below)   [ ] Other (specify below)<br>_Head of Finance_ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Class A ordinary shares | 600000 | D |  |
| Class A ordinary shares<sup>(1)</sup> | 4500000 | D |  |
| Class A ordinary shares<sup>(2)</sup> | 1000000 | D |  |
| Class A ordinary shares<sup>(3)</sup> | 553820 | D |  |
| Class A ordinary shares<sup>(4)</sup> | 700000 | D |  |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Represents 4,500,000 Class A ordinary shares of the Issuer issued or issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on March 25, 2023, representing the contingent right to receive Class A ordinary shares of the Issuer. Of such restricted share units, restricted share units for 2,025,000 Class A ordinary shares have been vested and the remaining will vest in installments on March 25, 2026 and March 25, 2027.

(2) Represents 1,000,000 Class A ordinary shares of the Issuer issued or issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on April 1, 2024, representing the contingent right to receive Class A ordinary shares of the Issuer. Of such restricted share units, restricted share units for 400,000 Class A ordinary shares have been vested and the remaining will vest in installments on March 1, 2027 and March 1, 2028.

(3) Represents 553,820 Class A ordinary shares of the Issuer issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on March 1, 2025, representing the contingent right to receive Class A ordinary shares of the Issuer. These restricted share units shall vest in installments on April 1, 2026, April 1, 2027, April 1, 2028, and April 1, 2029.

(4) Represents 700,000 Class A ordinary shares of the Issuer issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on February 24, 2026, representing the contingent right to receive Class A ordinary shares of the Issuer. These restricted share units shall vest in installments on February 1, 2027, February 1, 2028, February 1, 2029, and February 1, 2030.

**Signature:** /s/Xiaoying Xu  
**Date:** 2026-03-17

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**