# EDGAR Filing Document

**Accession Number:** 0001699470
**File Stem:** 0001104659-26-014669
**Filing Date:** 2026-2
**Character Count:** 50425
**Document Hash:** 2dd224376a20f324dde99559c791ef6d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-014669.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001104659-26-014669

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92544
- **FILM NUMBER:** 26628801

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banyan Partners Fund III, L.P.
- **CENTRAL INDEX KEY:** 0001699470

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O WALKERS CORPORATE LIMITED
- **STREET 2:** CAYMAN CORPORATE CENTRE, 27 HOSPITAL RD
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **NON US STATE TERRITORY:** CAYMAN ISLANDS
- **PROVINCE COUNTRY:** E9
- **BUSINESS PHONE:** 010-8444-2729

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O WALKERS CORPORATE LIMITED
- **STREET 2:** CAYMAN CORPORATE CENTRE, 27 HOSPITAL RD
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **NON US STATE TERRITORY:** CAYMAN ISLANDS
- **PROVINCE COUNTRY:** E9

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**Issuer:** Waterdrop Inc.

**Title of Class of Securities:** Class A Ordinary Shares, par value US$0.000005 per share

**CUSIP Number:** 94132V105

**Date of Event Which Requires Filing of this Statement:** 12/31/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Gaorong Technology Consulting Limited | Names of Reporting Persons<br>Gaorong Technology Consulting Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D8 | Citizenship or Place of Organization<br>D8 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>74814973.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>74814973.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74814973.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74814973.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.66% | Percent of Class Represented by Amount in Row (9)<br>2.66% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by Gaorong Technology Consulting Limited ("Gaorong Technology"), Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) ("Suzhou Gaorong"), Xizang Gaorong Capital Management Co., Ltd. ("Xizang Gaorong"), Beijing Gaorong Capital Management Consulting Co., Ltd ("Beijing Gaorong"), Gaorong Group Holdings Limited ("Gaorong Holdings"), Banyan Partners Fund III, L.P. ("Banyan Fund III"), Banyan Partners Fund III-A, L.P. ("Banyan Fund III-A") and Banyan Partners III Ltd. ("Banyan III GP", collectively with Gaorong Technology, Suzhou Gaorong, Xizang Gaorong, Beijing Gaorong, Gaorong Holdings, Banyan Fund III, Banyan Fund III-A, the "Reporting Persons"). The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Represents 74,814,973 Class A ordinary shares directly held by Gaorong Technology. Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology. Gaorong Holdings directly holds 57,368,488 Class A ordinary shares. Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings. Banyan Fund III directly holds 22,438,823 Class A ordinary shares and Banyan Fund III-A directly holds 1,435,546 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings.

Comments to item 10: Gaorong Technology disclaims beneficial ownership over shares reported herein that are directly held by Gaorong Holdings, Banyan Fund III and Banyan Fund III-A.

Comments to item 11: Calculation is based on 3,616,625,100 ordinary shares issued and outstanding as of March 31, 2025, consisting of 2,814,720,121 Class A ordinary shares and 801,904,979 Class B ordinary shares, as reported in the Issuer's annual report on Form 20-F filed with the Securities and Exchange Commission on April 25, 2025 (the "Issuer's 20-F Filing"). Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Gaorong Technology represent approximately 0.75% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) | Names of Reporting Persons<br>Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>74814973.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>74814973.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74814973.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74814973.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.66% | Percent of Class Represented by Amount in Row (9)<br>2.66% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Represents 74,814,973 Class A ordinary shares directly held by Gaorong Technology. Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology. Gaorong Holdings directly holds 57,368,488 Class A ordinary shares. Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings. Banyan Fund III directly holds 22,438,823 Class A ordinary shares and Banyan Fund III-A directly holds 1,435,546 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings.

Comments to item 10: Suzhou Gaorong disclaims beneficial ownership over shares reported herein that are directly held by Gaorong Holdings, Banyan Fund III and Banyan Fund III-A.

Comments to item 11: Calculation is based on 3,616,625,100 ordinary shares issued and outstanding as of March 31, 2025, consisting of 2,814,720,121 Class A ordinary shares and 801,904,979 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Suzhou Gaorong represent approximately 0.75% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Xizang Gaorong Capital Management Co., Ltd. | Names of Reporting Persons<br>Xizang Gaorong Capital Management Co., Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>74814973.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>74814973.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74814973.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74814973.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.66% | Percent of Class Represented by Amount in Row (9)<br>2.66% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Represents 74,814,973 Class A ordinary shares directly held by Gaorong Technology. Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology. Gaorong Holdings directly holds 57,368,488 Class A ordinary shares. Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings. Banyan Fund III directly holds 22,438,823 Class A ordinary shares and Banyan Fund III-A directly holds 1,435,546 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings.

Comments to item 10: Xizang Gaorong disclaims beneficial ownership over shares reported herein that are directly held by Gaorong Holdings, Banyan Fund III and Banyan Fund III-A.

Comments to item 11: Calculation is based on 3,616,625,100 ordinary shares issued and outstanding as of March 31, 2025, consisting of 2,814,720,121 Class A ordinary shares and 801,904,979 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Xizang Gaorong represent approximately 0.75% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Beijing Gaorong Capital Management Consulting Co., Ltd. | Names of Reporting Persons<br>Beijing Gaorong Capital Management Consulting Co., Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>74814973.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>74814973.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74814973.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74814973.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.66% | Percent of Class Represented by Amount in Row (9)<br>2.66% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Represents 74,814,973 Class A ordinary shares directly held by Gaorong Technology. Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology. Gaorong Holdings directly holds 57,368,488 Class A ordinary shares. Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings. Banyan Fund III directly holds 22,438,823 Class A ordinary shares and Banyan Fund III-A directly holds 1,435,546 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings.

Comments to item 10: Beijing Gaorong disclaims beneficial ownership over shares reported herein that are directly held by Gaorong Holdings, Banyan Fund III and Banyan Fund III-A.

Comments to item 11: Calculation is based on 3,616,625,100 ordinary shares issued and outstanding as of March 31, 2025, consisting of 2,814,720,121 Class A ordinary shares and 801,904,979 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by the Beijing Gaorong represent approximately 0.75% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Gaorong Group Holdings Limited | Names of Reporting Persons<br>Gaorong Group Holdings Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D8 | Citizenship or Place of Organization<br>D8 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>57368488.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>57368488.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>57368488.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>57368488.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.04% | Percent of Class Represented by Amount in Row (9)<br>2.04% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Represents 57,368,488 Class A ordinary shares directly held by Gaorong Holdings. Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings. Banyan Fund III directly holds 22,438,823 Class A ordinary shares and Banyan Fund III-A directly holds 1,435,546 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings. Gaorong Technology directly holds 74,814,973 Class A ordinary shares. Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology.

Comments to item 10: Gaorong Holdings disclaims beneficial ownership over shares reported herein that are directly held by Gaorong Technology, Banyan Fund III and Banyan Fund III-A.

Comments to item 11: Calculation is based on 3,616,625,100 ordinary shares issued and outstanding, as of March 31, 2025, consisting of 2,814,720,121 Class A ordinary shares and 801,904,979 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Gaorong Holdings represent approximately 0.57% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Banyan Partners Fund III, L.P. | Names of Reporting Persons<br>Banyan Partners Fund III, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>79807311.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>79807311.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>79807311.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>79807311.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.84% | Percent of Class Represented by Amount in Row (9)<br>2.84% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Consists of (i) 57,368,488 Class A ordinary shares directly held by Gaorong Holdings and (ii) 22,438,823 Class A ordinary shares directly held by Banyan Fund III. Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings. Banyan Fund III-A directly holds 1,435,546 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings. Gaorong Technology directly holds 74,814,973 Class A ordinary shares. Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology.

Comments to item 10: Banyan Fund III disclaims beneficial ownership over shares reported herein that are directly held by Gaorong Technology and Banyan Fund III-A.

Comments to item 11: Calculation is based on 3,616,625,100 ordinary shares issued and outstanding as of March 31, 2025, consisting of 2,814,720,121 Class A ordinary shares and 801,904,979 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by the Banyan Fund III represent approximately 0.80% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Banyan Partners Fund III-A, L.P. | Names of Reporting Persons<br>Banyan Partners Fund III-A, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>1435546.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>1435546.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1435546.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1435546.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.05% | Percent of Class Represented by Amount in Row (9)<br>0.05% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Represents 1,435,546 Class A ordinary shares directly held by Banyan Fund III-A. Banyan Fund III directly holds 22,438,823 Class A ordinary shares. Gaorong Holdings directly holds 57,368,488 Class A ordinary shares. Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings. Gaorong Technology directly holds 74,814,973 Class A ordinary shares. Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology.

Comments to item 10: Banyan Fund III-A disclaims beneficial ownership over shares reported herein that are directly held by Gaorong Technology, Gaorong Holdings and Banyan Fund III.

Comments to item 11: Calculation is based on 3,616,625,100 ordinary shares issued and outstanding as of March 31, 2025, consisting of 2,814,720,121 Class A ordinary shares and 801,904,979 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by the Banyan Fund III-A represent approximately 0.01% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Banyan Partners III Ltd. | Names of Reporting Persons<br>Banyan Partners III Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>81242857.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>81242857.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>81242857.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>81242857.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.89% | Percent of Class Represented by Amount in Row (9)<br>2.89% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Consists of (i) 57,368,488 Class A ordinary shares directly held by Gaorong Holdings, (ii) 22,438,823 Class A ordinary shares directly held by Banyan Fund III, and (iii) 1,435,546 Class A ordinary shares directly held by Banyan Fund III-A. Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings. Gaorong Technology directly holds 74,814,973 Class A ordinary shares. Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology.

Comments to item 10: Banyan III GP disclaims beneficial ownership over shares reported herein that are directly held by Gaorong Technology.

Comments to item 11: Calculation is based on 3,616,625,100 ordinary shares issued and outstanding as of March 31, 2025, consisting of 2,814,720,121 Class A ordinary shares and 801,904,979 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by the Banyan III GP represent approximately 0.81% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

**Item 1(a). Name of Issuer:**
Waterdrop Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
Block C, Wangjing Science and Technology Park, No. 2 Lize Zhonger Road, Chaoyang District, Beijing 100102, People's Republic of China

**Item 2(a). Name of Person Filing:**
Gaorong Technology Consulting Limited ("Gaorong Technology")

Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) ("Suzhou Gaorong")

Xizang Gaorong Capital Management Co., Ltd. ("Xizang Gaorong")

Beijing Gaorong Capital Management Consulting Co., Ltd. ("Beijing Gaorong")

Gaorong Group Holdings Limited ("Gaorong Holdings")

Banyan Partners Fund III, L.P. ("Banyan Fund III")

Banyan Partners Fund III-A, L.P. ("Banyan Fund III-A")

Banyan Partners III Ltd. ("Banyan III GP")

**Item 2(b). Address of Principal Business Office:**
The address of each of Gaorong Technology Consulting Limited and Gaorong Group Holdings Limited is:
OMC Chambers
Wickhams Cay 1
Road Town, Tortola
British Virgin Islands

The address of Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) is:
Unit 01, 33/F, Yuanrong Centre
Xingzuo Commercial Plaza, Building 1
269 Wangdun Road
Suzhou Industrial Park
Wuzhong District, Suzhou
Jiangsu Province
People's Republic of China

The address of Xizang Gaorong Capital Management Co., Ltd. is:
2-14-10C, Chuangye Jidi Mansion
Dazi County Industrial Park
Lhasa City, Tibet Autonomous Region
People's Republic of China

The address of Beijing Gaorong Capital Management Consulting Co., Ltd. is:
503, 4/F, Building 1
6 Danling Street
Haidian District, Beijing
People's Republic of China

The address of each of Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P. and Banyan Partners III Ltd. is:c/o Walkers Corporate Limited
190 Elgin Avenue
George Town
Grand Cayman, KY1-9008
Cayman Islands

**Item 2(c). Citizenship:**
Gaorong Technology Consulting Limited: British Virgin Islands

Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership): People's Republic of China

Xizang Gaorong Capital Management Co., Ltd.: People's Republic of China

Beijing Gaorong Capital Management Consulting Co., Ltd.: People's Republic of China

Gaorong Group Holdings Limited: British Virgin Islands

Banyan Partners Fund III, L.P.: Cayman Islands

Banyan Partners Fund III-A, L.P.: Cayman Islands

Banyan Partners III Ltd.: Cayman Islands

**Item 2(d). Title of Class of Securities:**
Class A Ordinary Shares, par value US$0.000005 per share

**Item 2(e). CUSIP Number:**
94132V105

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Gaorong Technology Consulting Limited directly holds 74,814,973 Class A ordinary shares.
Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) directly holds no Class A ordinary shares.
Xizang Gaorong Capital Management Co., Ltd. directly holds no Class A ordinary shares.
Beijing Gaorong Capital Management Consulting Co., Ltd. directly holds no Class A ordinary shares.
Gaorong Technology is wholly owned by Suzhou Gaorong whose general partner is Xizang Gaorong. Xizang Gaorong is wholly owned by Beijing Gaorong. As such, Suzhou Gaorong, Xizang Gaorong and Beijing Gaorong may exercise voting and dispositive power over the ordinary shares held by Gaorong Technology.
Gaorong Group Holdings Limited directly holds 57,368,488 Class A ordinary shares.
Banyan Fund III and Banyan Fund III-A hold 79.33% and 14.00% of the total share capital of Gaorong Holdings, respectively, and as such Banyan Fund III may exercise voting and dispositive power over the ordinary shares held by Gaorong Holdings.
Banyan Partners Fund III, L.P. directly holds 22,438,823 Class A ordinary shares.
Banyan Partners Fund III-A, L.P. directly holds 1,435,546 Class A ordinary shares.
Banyan Partners III Ltd. directly holds no Class A ordinary shares.
Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may in the aggregate exercise voting and dispositive power over the ordinary shares held by Banyan Fund III, Banyan Fund III-A and Gaorong Holdings.
The Reporting Persons in the aggregate beneficially own 5.54% of the outstanding Class A ordinary shares, 4.32% of the total outstanding ordinary shares and 1.56% of the aggregate voting power. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G. In addition, Gaorong Technology disclaims beneficial ownership over the shares reported herein directly held by Gaorong Holdings, Banyan Fund III and Banyan Fund III-A; Gaorong Holdings disclaims beneficial ownership over the shares reported herein directly held by Gaorong Technology, Banyan Fund III and Banyan Fund III-A; Banyan Fund III disclaims beneficial ownership over the shares reported herein directly held by Gaorong Technology and Banyan Fund III-A; and Banyan Fund III-A disclaims beneficial ownership over the shares reported herein directly held by Gaorong Technology, Gaorong Holdings and Banyan Fund III. Each of the Reporting Persons may be deemed to beneficially own the percentage of Class A ordinary shares listed above which is calculated based on 2,814,720,121 outstanding Class A ordinary shares as reported in the Issuer's 20-F Filing. Each of the Reporting Persons may be deemed to beneficially own the percentage of the total ordinary shares listed above which is calculated based on 2,814,720,121 outstanding Class A ordinary shares and 801,904,979 outstanding Class B ordinary shares as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes. Accordingly, and based on the foregoing, each of the Reporting Persons may be deemed to beneficially own the percentage of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer listed above.

**(b) Percent of class:**

Gaorong Technology Consulting Limited beneficially owns 2.66% of the outstanding Class A ordinary shares, 2.07% of the total outstanding ordinary shares and 0.75% of the aggregate voting power.
Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) beneficially owns 2.66% of the outstanding Class A ordinary shares, 2.07% of the total outstanding ordinary shares and 0.75% of the aggregate voting power.
Xizang Gaorong Capital Management Co., Ltd. beneficially owns 2.66% of the outstanding Class A ordinary shares, 2.07% of the total outstanding ordinary shares and 0.75% of the aggregate voting power.
Beijing Gaorong Capital Management Consulting Co., Ltd. beneficially owns 2.66% of the outstanding Class A ordinary shares, 2.07% of the total outstanding ordinary shares and 0.75% of the aggregate voting power.
Gaorong Group Holdings Limited beneficially owns 2.04% of the outstanding Class A ordinary shares, 1.59% of the total outstanding ordinary shares and 0.57% of the aggregate voting power.
Banyan Partners Fund III, L.P. beneficially owns 2.84% of the outstanding Class A ordinary shares, 2.21% of the total outstanding ordinary shares and 0.80% of the aggregate voting power.
Banyan Partners Fund III-A, L.P. beneficially owns 0.05% of the outstanding Class A ordinary shares, 0.04% of the total outstanding ordinary shares and 0.01% of the aggregate voting power.
Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, in the aggregate beneficially owns 2.89% of the outstanding Class A ordinary shares, 2.25% of the total outstanding ordinary shares and 0.81% of the aggregate voting power.
The above-mentioned percents of class are calculated based on 2,814,720,121 outstanding Class A ordinary shares and 801,904,979 outstanding Class B ordinary shares as reported in the Issuer's 20-F Filing.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Gaorong Technology Consulting Limited holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Xizang Gaorong Capital Management Co., Ltd. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Beijing Gaorong Capital Management Consulting Co., Ltd. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Gaorong Group Holdings Limited holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Banyan Partners Fund III, L.P. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Banyan Partners Fund III-A, L.P. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Banyan Partners III Ltd. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.

**(ii) Shared power to vote or to direct the vote:**

Gaorong Technology Consulting Limited holds 74,814,973 Class A ordinary shares with shared voting power or the ability to direct the vote.
Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) holds 74,814,973 Class A ordinary shares with shared voting power or the ability to direct the vote.
Xizang Gaorong Capital Management Co., Ltd. holds 74,814,973 Class A ordinary shares with shared voting power or the ability to direct the vote.
Beijing Gaorong Capital Management Consulting Co., Ltd. holds 74,814,973 Class A ordinary shares with shared voting power or the ability to direct the vote.
Gaorong Group Holdings Limited holds 57,368,488 Class A ordinary shares with shared voting power or the ability to direct the vote.
Banyan Partners Fund III, L.P. holds 79,807,311 Class A ordinary shares with shared voting power or the ability to direct the vote.
Banyan Partners Fund III-A, L.P. holds 1,435,546 Class A ordinary shares with shared voting power or the ability to direct the vote.
Banyan Partners III Ltd. holds 81,242,857 Class A ordinary shares with shared voting power or the ability to direct the vote.

**(iii) Sole power to dispose or to direct the disposition of:**

Gaorong Technology Consulting Limited holds no Class A ordinary shares with sole power to dispose or to direct the disposition of.
Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) holds no Class A ordinary shares with sole power to dispose or to direct the disposition of.
Xizang Gaorong Capital Management Co., Ltd. holds no Class A ordinary shares with sole power to dispose or to direct the disposition of.
Beijing Gaorong Capital Management Consulting Co., Ltd. holds no Class A ordinary shares with sole power to dispose or to direct the disposition of.
Gaorong Group Holdings Limited holds no Class A ordinary shares with sole power to dispose or to direct the disposition of.
Banyan Partners Fund III, L.P. holds no Class A ordinary shares with sole power to dispose or to direct the disposition of.
Banyan Partners Fund III-A, L.P. holds no Class A ordinary shares with sole power to dispose or to direct the disposition of.
Banyan Partners III Ltd. holds no Class A ordinary shares with sole power to dispose or to direct the disposition of.

**(iv) Shared power to dispose or to direct the disposition of:**

Gaorong Technology Consulting Limited holds 74,814,973 Class A ordinary shares with shared power to dispose or to direct the disposition of.
Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership) holds 74,814,973 Class A ordinary shares with shared power to dispose or to direct the disposition of.
Xizang Gaorong Capital Management Co., Ltd. holds 74,814,973 Class A ordinary shares with shared power to dispose or to direct the disposition of.
Beijing Gaorong Capital Management Consulting Co., Ltd. holds 74,814,973 Class A ordinary shares with shared power to dispose or to direct the disposition of.
Gaorong Group Holdings Limited holds 57,368,488 Class A ordinary shares with shared power to dispose or to direct the disposition of.
Banyan Partners Fund III, L.P. holds 79,807,311 Class A ordinary shares with shared power to dispose or to direct the disposition of.
Banyan Partners Fund III-A, L.P. holds 1,435,546 Class A ordinary shares with shared power to dispose or to direct the disposition of.
Banyan Partners III Ltd. holds 81,242,857 Class A ordinary shares with shared power to dispose or to direct the disposition of.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Gaorong Technology Consulting Limited**

**Date:** 02/13/2026

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Suzhou Industry Park Gaorong Growth Investment Center (Limited Partnership)**

**Date:** 02/13/2026

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Xizang Gaorong Capital Management Co., Ltd.**

**Date:** 02/13/2026

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Beijing Gaorong Capital Management Consulting Co., Ltd.**

**Date:** 02/13/2026

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Gaorong Group Holdings Limited**

**Date:** 02/13/2026

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Banyan Partners Fund III, L.P.**

**Date:** 02/13/2026

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Banyan Partners Fund III-A, L.P.**

**Date:** 02/13/2026

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Banyan Partners III Ltd.**

**Date:** 02/13/2026

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory