# EDGAR Filing Document

**Accession Number:** 0001823986
**File Stem:** 0001104659-26-074836
**Filing Date:** 2026-6
**Character Count:** 32351
**Document Hash:** aaf86d821b255ed7b8462d9c9fbacbcd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-074836.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001104659-26-074836

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260617

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**FILER**: 

**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

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40376
- **FILM NUMBER:** 261096557

**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<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE<br> 13a-16 OR 15d-16 UNDER<br> THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of June 2026**

**Commission File Number 001-40376**

**Waterdrop Inc.**

(Translation of registrant's name into English)

**No. 203 Wangjing Lize Zhongyuan Zone 2**

**Chaoyang District, Beijing**

**People's Republic of China** 

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ⌧ Form 40-F ◻

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2618160d1_ex99-1.htm) | [Press Release—Waterdrop Inc. Announces First Quarter 2026 Unaudited Financial Results](tm2618160d1_ex99-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Waterdrop Inc.** | **Waterdrop Inc.** |
|  | By: | /s/ Xiaoying Xu |
|  | Name: | Xiaoying Xu |
|  | Title: | Head of Finance |
| Date: June 16, 2026 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

**Waterdrop Inc. Announces First Quarter 2026 Unaudited Financial Results** 

BEIJING, June 16, 2026 - Waterdrop Inc. ("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare services with a positive social impact, today announced its unaudited financial results for the three months ended March 31, 2026.

**Financial and Operational Highlights for the First Quarter of 2026**

· Strong Core Business Growth: Net operating revenue
for the first quarter rose to RMB1,242.2 million (US$180.1 million), representing a 64.8% year-over-year increase. Insurance-related income
for the quarter reached RMB1,145.8 million (US$166.1 million), up 74.1% from the same period in 2025.

· Year-Over-Year Operating Profit Improvement:
In the first quarter of 2026, operating profit was RMB80.0 million (US$11.6 million), representing a 5.3% year-over-year increase.

· Expanded Scale of Medical Crowdfunding:
As of March 31, 2026, around 494 million people have cumulatively donated an aggregate of RMB73.5 billion to 3.75 million patients through
Waterdrop Medical Crowdfunding.

· Continued Expansion in Patient Enrollment: As
of March 31, 2026, the Company had cumulatively enrolled 15,512 patients into 1,718 clinical trial programs through the E-Find Platform.

Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "2026 marks Waterdrop's tenth anniversary. We opened the year with a solid first-quarter result, underpinned by rapid top-line growth.

For our insurance business, we deepened R&D investment to strengthen our traffic infrastructure and user acquisition capabilities. Insurance-related income rose 74.1% year-over-year. On the product side, we aim to bring insurance within reach for more people through inclusive underwriting and affordable pricing. Premiums for pre-existing condition insurance increased 24.3% year-over-year. We also launched 'Shouhu Ruchu,' a competitively priced cancer plan with metastasis coverage and optional recurrence benefits.

Our AI deployment continued to enhance operational efficiency. First-year premiums facilitated by our user-facing 'AI Insurance Expert' increased by 17.7% quarter-over-quarter. Our KEYI.AI underwriting assistant has processed more than 10,000 inquiries to date. To further empower our consultants, we launched 'Claw Copilot,' an application built into our CRM system that integrates KEYI.AI, product knowledge base, and a suite of additional AI tools to provide real-time support during customer interactions.

During this quarter, we upgraded our AI-assisted risk screening framework for Waterdrop Medical Crowdfunding, improving the speed and consistency of campaign intake and initial screening. We also streamlined localized risk operations by integrating multilingual risk specialists and culturally attuned review workflows, while maintaining strict compliance.

In our digital clinical trial business, the E-Find platform leverages proprietary patented technology to match and recommend patients for innovative drug clinical trials based on structured medical records. In the first quarter, we partnered with 243 pharmaceutical companies and contract research organizations and enrolled 957 patients. Revenue from digital clinical trial solutions was approximately RMB24.2 million, up 5.4% year-over-year.

As part of our ongoing shareholder return program, as of May 31, 2026, we had repurchased approximately 61.8 million ADSs for about US$120.1 million, and recently paid a cash dividend of approximately US$10.8 million.

As we look to the future, we remain dedicated to the enduring purpose that has shaped our journey since day one. In 2026, we aim to move faster toward becoming an AI-native company to strengthen execution and support durable value for our users and shareholders."

**Financial Results for the First Quarter of 2026**

***Operating revenue, net***

 

Net operating revenue for the first quarter of 2026 reached RMB1,242.2 million (US$180.1 million), which represents an increase of 64.8% year-over-year from RMB753.7 million for the same period of 2025. On a quarter-over-quarter basis, net operating revenue decreased by 12.0%.

· 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 analytics and intelligent recommendation service, risk assessment technical service, customer
relationship management ("CRM") system-based technical services and marketing services to insurance companies, insurance brokers,
and agency companies. Reinforced by cumulative big data, we provide risk assessment technical services through algorithm-driven verification
system assessing risk by analyzing user profiles and medical history, tagging risk levels for hierarchical management that help insurers
refine their risk analysis capabilities since 2025. 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. Our insurance-related
income amounted to RMB1,145.8 million (US$166.1 million) in the first quarter of 2026, representing an increase of 74.1% year-over-year
from RMB658.0 million for the first quarter of 2025, which was mainly due to the increase in technical service income. Our technical service
income amounted to RMB421.0 million (US$61.0 million) in the first quarter of 2026, compared with RMB9.4 million for the same quarter
of 2025. On a quarter-over-quarter basis, insurance-related income decreased by 12.6%, due to the decrease 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 first quarter
of 2026, we generated RMB60.7 million (US$8.8 million) in service fees, representing a decrease of 9.5% from RMB67.1 million for the first
quarter of 2025. On a quarter-over-quarter basis, crowdfunding service fees slightly decreased by 1.1%.

· 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 first quarter of 2026, our
digital clinical trial solution income amounted to RMB24.2 million (US$3.5 million), representing an increase of 5.4% from RMB23.0 million
in the same period of 2025. On a quarter-over-quarter basis, digital clinical trial solution income decreased by 32.2%.

 **

***Operating costs and expenses***

 **

Operating costs and expenses increased by 71.5% year-over-year to RMB1,162.3 million (US$168.5 million) for the first quarter of 2026. On a quarter-over-quarter basis, operating costs and expenses decreased by 12.4%.

· Operating costs increased by 30.1% year-over-year
to RMB486.8 million (US$70.6 million) for the first quarter of 2026, as compared with RMB374.2 million for the first quarter of 2025,
which was primarily driven by (i) an increase of RMB53.9 million in costs of referral and service fees, (ii) an increase of RMB38.9 million
in the costs for short message service (SMS) costs for new user onboarding and authentication processes; and (iii) an increase of RMB7.3
million in personnel costs. On a quarter-over-quarter basis, operating costs decreased by 28.1% from RMB677.3 million, primarily due to
(i) a decrease of RMB201.9 million in costs of referral and service fees, partially offset by (ii) an increase of RMB12.3 million in the
costs for SMS.

· Sales and marketing expenses increased by 213.8%
year-over-year to RMB541.1 million (US$78.4 million) for the first quarter of 2026, as compared with RMB172.4 million for the same quarter
of 2025. The increase was primarily due to an increase of RMB361.4 million in marketing expenses for third-party traffic channels. On
a quarter-over-quarter basis, sales and marketing expenses increased by 6.8% from RMB506.8 million, primarily due to an increase of RMB29.4
million in marketing expenses for third-party traffic channels.

· General and administrative expenses decreased
by 4.3% year-over-year to RMB71.7 million (US$10.4 million) for the first quarter of 2026, as compared with RMB74.9 million for the same
quarter of 2025. On a quarter-over-quarter basis, general and administrative expenses decreased by 7.0% from RMB77.1 million, due to a
decrease of RMB6.5 million in professional service fees.

· Research and development expenses increased by
11.5% year-over-year to RMB62.7 million (US$9.1 million) for the first quarter of 2026, as compared with RMB56.2 million for the same
period of 2025, which was primarily driven by an increase of RMB6.7 million in cloud server fees and other IT support expenses. On a quarter-over-quarter
basis, research and development expenses decreased by 5.2% from RMB66.2 million. The decrease was primarily due to (i) a decrease of RMB4.3
million in personnel costs and share-based compensation expenses, partially offset by (ii) an increase of RMB1.2 million in cloud server
fees and other IT support expenses.

***Operating profit*** for the first quarter of 2026 was RMB80.0 million (US$11.6 million), as compared with RMB75.9 million for the first quarter of 2025 and RMB83.9 million for the fourth quarter of 2025.

***Interest income*** for the first quarter of 2026 was RMB29.1 million (US$4.2 million), as compared with RMB33.8 million for the first quarter of 2025 and RMB34.8 million for the fourth quarter of 2025.

***Income tax expense*** for the first quarter of 2026 was RMB6.8 million (US$1.0 million), as compared with income tax expense of RMB13.3 million for the first quarter of 2025 and income tax benefit of RMB41.7 million for the fourth quarter of 2025.

***Net profit attributable to the Company's ordinary shareholders*** for the first quarter of 2026 was RMB98.4 million (US$14.3 million), as compared with RMB108.2 million for the same period of 2025, and RMB162.1 million for the fourth quarter of 2025.

 ****

***Adjusted net profit attributable to the Company's ordinary shareholders (non-GAAP<sup>1</sup>)*** for the first quarter of 2026 was RMB106.3 million (US$15.4 million), as compared with RMB130.0 million for the same period of 2025 and RMB170.2 million for the fourth quarter of 2025.

***Cash position<sup>2</sup>***

 

As of March 31, 2026, cash position of the Company was RMB2,880.7 million (US$417.6 million), as compared with RMB3,249.0 million as of December 31, 2025.

<sup>1</sup> 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.

<sup>2</sup> 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 61.8 million ADSs from the open market with cash for a total consideration of approximately US$120.1 million as of May 31, 2026.

**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 ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2025** | **December 31, 2025** | **March 31, 2026** | **March 31, 2026** |
|  | **RMB** | **RMB** | **RMB** | **USD** |
|  | (All amounts in thousands) | (All amounts in thousands) | (All amounts in thousands) | (All amounts in thousands) |
| **Operating revenue, net** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 657988 | 1310357 | 1145790 | 166105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdfunding | 67131 | 61429 | 60729 | 8804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 28575 | 39462 | 35729 | 5179 |
| **Total consolidated operating revenue, net** | **753694** | **1411248** | **1242248** | **180088** |
| **Operating costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | (506575) | (1164229) | (992834) | (143931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdfunding | (97299) | (96722) | (96786) | (14031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | (54000) | (58252) | (64721) | (9383) |
| **Operating profit/(loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 151413 | 146128 | 152956 | 22174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdfunding | (30168) | (35293) | (36057) | (5227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | (25425) | (18790) | (28992) | (4204) |
| **Total segment operating profit** | **95820** | **92045** | **87907** | **12743** |
| Unallocated items\* | (19927) | (8181) | (7954) | (1152) |
| **Total consolidated operating profit** | **75893** | **83864** | **79953** | **11591** |
| Total other income | 41690 | 36538 | 27258 | 3952 |
| **Consolidated profit before income tax, and share of results of equity method investee** | **117583** | **120402** | **107211** | **15543** |

---

\* 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 RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026 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 and foreign currency exchange gain or losses. Such adjustments have no impact on income tax.

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 "Reconciliations 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 June 16, 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: | 4749778 |
| English Interpretation Line (Listen-only Mode) Entry Number: | 1011277 |

---

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 June 23, 2026 by dialing the following numbers:

---

| | |
|:---|:---|
| United States Toll Free: | 1-855-669-9658 |
| International: | 1-412-317-0088 |
| Chinese Line Access Code: | 8479769 |
| English Interpretation Line Access Code: | 6416967 |

---

A live and archived webcast of the conference call will also be available at the Company's investor relations website at <u>http://ir.waterdrop-inc.com/</u>.

**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 services to billions through technology. For more information, please visit <u>www.waterdrop-inc.com</u>.

**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** | **As of** | **As of** |
|  | **December 31, 2025** | **March 31, 2026** | **March 31, 2026** |
|  | **RMB** | **RMB** | **USD** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 483003 | 751940 | 109008 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 648450 | 935432 | 135609 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 530668 | 143805 | 20847 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1260464 | 1821836 | 264111 |
| &nbsp;&nbsp;&nbsp;Current contract assets | 806916 | 879145 | 127449 |
| &nbsp;&nbsp;&nbsp;Amount due from related parties | 209 | 280 | 41 |
| &nbsp;&nbsp;&nbsp;Prepaid expense and other assets | 251084 | 294031 | 42628 |
| **Total current assets** | **3980794** | **4826469** | **699693** |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-current contract assets | 295516 | 323671 | 46922 |
| &nbsp;&nbsp;&nbsp;Property, equipment and software, net | 255698 | 253567 | 36759 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 177140 | 179182 | 25976 |
| &nbsp;&nbsp;&nbsp;Long-term investments | 2284102 | 2076805 | 301073 |
| &nbsp;&nbsp;&nbsp;Right of use assets, net | 23955 | 21448 | 3109 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 2870 | 578 | 84 |
| &nbsp;&nbsp;&nbsp;Goodwill | 80751 | 80751 | 11706 |
| **Total non-current assets** | **3120032** | **2936002** | **425629** |
| **Total assets** | **7100826** | **7762471** | **1125322** |
| **Liabilities and Shareholders' Equity** |  |  |  |
| **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Amount due to related parties | 9324 | 9914 | 1437 |
| &nbsp;&nbsp;&nbsp;Insurance premium payables | 684800 | 1009041 | 146280 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1140448 | 1173724 | 170154 |
| &nbsp;&nbsp;&nbsp;Short-term loans | 47000 | 274675 | 39820 |
| &nbsp;&nbsp;&nbsp;Current lease liabilities | 10888 | 9746 | 1413 |
| **Total current liabilities** | **1892460** | **2477100** | **359104** |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-current lease liabilities | 12640 | 11034 | 1600 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 43798 | 48522 | 7034 |
| **Total non-current liabilities** | **56438** | **59556** | **8634** |
| **Total liabilities** | **1948898** | **2536656** | **367738** |
| **Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A ordinary shares | 116 | 116 | 17 |
| &nbsp;&nbsp;&nbsp;Class B ordinary shares | 27 | 27 | 4 |
| &nbsp;&nbsp;&nbsp;Treasury stock | (16) | (17) | (2) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 6733696 | 6640030 | 962602 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 43622 | 3373 | 489 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1625517) | (1527145) | (221390) |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | - | 109431 | 15864 |
| **Total shareholders' equity** | **5151928** | **5225815** | **757584** |
| **Total liabilities and shareholders' equity** | **7100826** | **7762471** | **1125322** |

---

**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 Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2025** | **December 31, 2025** | **March 31, 2026** | **March 31, 2026** |
|  | **RMB** | **RMB** | **RMB** | **USD** |
| **Operating revenue, net** | **753694** | **1411248** | **1242248** | **180088** |
| **Operating costs and expenses<sup>(i)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating costs | (374218) | (677337) | (486812) | (70573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing expenses | (172396) | (506786) | (541052) | (78436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | (74943) | (77094) | (71701) | (10394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | (56244) | (66167) | (62730) | (9094) |
| **Total operating costs and expenses** | **(677801)** | **(1327384)** | **(1162295)** | **(168497)** |
| **Operating profit** | **75893** | **83864** | **79953** | **11591** |
| **Other income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 33814 | 34812 | 29088 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (loss)/gain | (2103) | 111 | 22 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others, net | 9979 | 1615 | (1852) | (268) |
| **Profit before income tax, and share of results of equity method investee** | **117583** | **120402** | **107211** | **15543** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense)/ benefit | (13328) | 41714 | (6785) | (984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of results of equity method investee | - | - | (2155) | (312) |
| **Net profit** | **104255** | **162116** | **98271** | **14247** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interests shareholders | (3940) | - | (101) | (15) |
| **Net profit attributable to ordinary shareholders** | **108195** | **162116** | **98372** | **14262** |
| **Other comprehensive income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment, net of tax | (14056) | (44224) | (34915) | (5062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain/ (loss) on available for sale investments, net of tax | 17612 | (17530) | (5334) | (773) |
| **Total comprehensive income** | **107811** | **100362** | **58022** | **8412** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive loss attributable to non-controlling interests shareholders | (3940) | - | (101) | (15) |
| **Total comprehensive income attributable to ordinary shareholders** | **111751** | **100362** | **58123** | **8427** |
| **Weighted average number of ordinary shares used in computing net profit per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 3620380862 | 3612924848 | 3597746765 | 3597746765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 3711999000 | 3706306921 | 3689297909 | 3689297909 |
| **Net profit per share attributable to ordinary shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 0.03 | 0.04 | 0.03 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.03 | 0.04 | 0.03 | 0.00 |

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(i) Share-based compensation expenses are included in the operating costs and expenses as follows.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2025** | **December 31, 2025** | **March 31, 2026** | **March 31, 2026** |
|  | **RMB** | **RMB** | **RMB** | **USD** |
| Sales and marketing expenses | (1899) | (1134) | (1108) | (160) |
| General and administrative expenses | (15527) | (6531) | (6134) | (889) |
| Research and development expenses | (2501) | (516) | (712) | (103) |
| **Total** | **(19927)** | **(8181)** | **(7954)** | **(1152)** |

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**WATERDROP INC.**

**RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS** 

**(All amounts in thousands, unless otherwise noted)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2025** | **December 31, 2025** | **March 31, 2026** | **March 31, 2026** |
|  | **RMB** | **RMB** | **RMB** | **USD** |
| **Net profit attributable to the Company's ordinary shareholders** | **108195** | **162116** | **98372** | **14262** |
| **Add:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense attributable to the Company's ordinary shareholders | 19750 | 8181 | 7954 | 1152 |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange loss/(gain) | 2103 | (111) | (22) | (3) |
| **Adjusted net profit attributable to the Company's ordinary shareholders** | **130048** | **170186** | **106304** | **15411** |

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