Document:

EX-4.31

 Exhibit 4.31 

Power of Attorney 
 I, LIU
Nian, a citizen of the People’s Republic of China (“China” or the “PRC”) whose Identification Card No. is [***] and a holder of 1% of the registered capital of Beijing Guangmu Weichen Technology Co., Ltd. (“Guangmu
Weichen”) as of the date of this Power of Attorney, hereby irrevocably authorize and entrust Beijing Absolute Health Co., Ltd. (“WFOE”) to exercise the following rights and handle the following matters on my behalf relating to all
equity interests held by me now and in the future (“My Shareholding”) in Guangmu Weichen, during the term of this Power of Attorney: 

WFOE or any person(s) designated by WFOE (including but not limited to directors of WFOE’s parent company Waterdrop Group HK Limited,
successors of such directors and liquidators in replacement of such directors, excluding any non-independent persons or persons who may result in the conflicts of interest) (“Agent”) is hereby
authorized to act on my behalf as my sole and exclusive agent to exercise the rights with respect to all matters concerning My Shareholding, including without limitation to: (1) as the shareholder’s proxy, convening and attending
shareholders’ meetings of Guangmu Weichen according to the company’s articles of association, (2) exercising all of the shareholder’s rights and shareholder’s voting rights that I am entitled to under the laws of China and
the articles of association of Guangmu Weichen (including any other shareholder voting rights stipulated after the amendments to the articles of association), including without limitation handling the sale, transfer, pledge or disposition of My
Shareholding in part or in whole, (3) representing myself in appointing and nominating any legal representative, director, supervisor, chief manager and other executive of Guangmu Weichen, and (4) sign the notice of the shareholders
meeting, the meeting minutes and resolutions on behalf of the shareholders, and submit the documents required for the approval, registration and filing related to the company’s operation to the relevant government departments (including the
company registration management department) on behalf of the shareholders. 
 Without limiting the generality of the powers granted
hereunder, the Agent shall have the power and authority to, on behalf of myself, execute: (1) the Exclusive Option Agreement executed on December 8, 2021 by and among me, WFOE, Guangmu Weichen and other related parties, and (2) the
Equity Interest Pledge Agreement executed on December 8, 2021 by and among me, WFOE, Guangmu Weichen and other related parties (in each case, including any modification, amendment or restatement to the aforementioned documents, collectively
referred to as the “Transaction Documents”), and any documents and agreements I shall sign as required in the aforesaid agreements (including without limitation the “Share Transfer Contract” as described under the
Exclusive Option Agreement). 
 All the actions associated with My Shareholding conducted by the Agent shall be deemed as my own actions,
and all the documents related to My Shareholding executed by the Agent shall be deemed to be executed by me. I hereby acknowledge and ratify the actions taken by the Agent and the documents executed by the Agent in relation to My Shareholding.

  
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 The Agent has the right to re-authorize or assign
one or multiple matters and its rights related to such matters under this Power of Attorney to any other person or entity at its own discretion and without obtaining my prior consent. If required by PRC laws, the Agent shall designate a qualified
PRC citizen to handle such matters and exercise such rights as set forth in this Power of Attorney. 
 During the period that I am a
shareholder of Guangmu Weichen, This Power of Attorney shall be irrevocable and continuously effective and valid from the date of execution of this Power of Attorney. This Power of Attorney takes effect as of the date hereof and shall become
effective until all equity or all assets of Guangmu Weichen have been transferred to the WFOE and/or other entities or individuals designated by it in accordance with the Exclusive Option Agreement signed by the parties on the date of execution of
this Power of Attorney. 
 I hereby declare and covenant the following: (1) I am a Chinese citizen with full capacity and a registered
lawful shareholder of Guangmu Weichen. I have full and independent legal status and legal capacity, and have been duly authorized to sign, deliver and perform this Power of Attorney. I can independently act as a party of litigation, (2) There
is no litigation, arbitration or other judicial or administrative action that has arisen and is pending that will affect my ability to perform the obligations under this Power of Attorney, (3) natural person shareholders have made proper
arrangements and signed necessary documents to ensure that in the event of his or her death, incapacity, bankruptcy, divorce or other events that may affect their exercise of equity, the heirs, guardians, creditors, spouses and other persons who may
acquire equity or related rights as a result, shall not affect or hinder the performance of this Power of Attorney. 
 During the term of
this Power of Attorney, I hereby waive all the rights associated with My Shareholding, which have been authorized to the Agent through this Power of Attorney, and shall not exercise such rights by myself. 

This Power of Attorney is dated on December 8, 2021. 

The Remainder of this page is intentionally left blank 

  
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 Principal: /s/ LIU Nian 

Accepted by: Beijing Absolute Health Co., Ltd. (seal) 

Authorized Representative: /s/ SHEN Peng 
 (Company seal: /s/
Beijing Absolute Health Co., Ltd.) 

  
 Signature Page to Power
of AttorneyEX-4.32

 Exhibit 4.32 
  

 
 Spousal Consent Letter 

The undersigned, YAN Shi, (Identification Card No. [***]), is the lawful spouse of LIU Nian (Identification Card No. [***]). I hereby confirm
I have understood, and unconditionally and irrevocably issue this Spousal Consent Letter in respect of the equity interest held by LIU Nian in Beijing Guangmu Weichen Technology Co., Ltd. (“Guangmu Weichen”) as following: 

I have understood: 
  

	 	(1)	 All of the equity interests held by LIU Nian in Guangmu Weichen will be disposed of in accordance with the
Exclusive Option Agreement executed on December 8, 2021 by and among LIU Nian and Beijing Absolute Health Co., Ltd. (“WFOE”) and related parties, and such equity interests are subject to the control formed by WFOE and/or its
subsidiaries through a series of agreement arrangements. 

  

	 	(2)	 All of the equity interests held by LIU Nian in Guangmu Weichen will be disposed of in accordance with the
Equity Interest Pledge Agreement executed on December 8, 2021 by and among LIU Nian, WFOE, Guangmu Weichen and related parties. 

  

	 	(3)	 All of the equity interests held by LIU Nian in Guangmu Weichen will be disposed of in accordance with the
Power of Attorney executed on December 8, 2021 issued by LIU Nian to WFOE. 

 I hereby confirm I understand and agree
that LIU Nian executed the Exclusive Option Agreement, the Equity Interest Pledge Agreement and the Power of Attorney (in each case, including any modification, amendment or restatement to the aforementioned documents, collectively referred to as
the “Transaction Documents”), and to dispose of the corresponding equity and interest attached thereto in Guangmu Weichen in accordance with the Transaction Documents. I will not take any action at any time to impede the arrangements for
the disposal of the aforesaid shareholding. 
 I hereby confirm and agree that the equity interests and any rights and interests attached
thereto in Guangmu Weichen currently and hereafter held by my spouse is her individual property, and shall not constitute the jointly owned properties between my spouse and I, which my spouse is entitled to dispose of on her own. I hereby
unconditionally and irrevocably waive any right or interest with respect to such equity interest and its corresponding assets that I may be entitled to under any applicable laws, and undertake not to raise any claim with respect to such equity
interest and its corresponding assets, including claiming that such equity interest and its corresponding assets constitute the jointly owned property between my spouse and me, and thereby claiming to participate in the daily operation and
management of Guangmu Weichen or cast vote or in any way impact the decision of my spouse regarding such equity interests or any rights and interest attached thereto. 

  
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 I further confirm that, no separate authority or consent on my part is required for LIU Nian
to perform the Transaction Documents, amend or terminate the Transaction Documents. 
 I hereby undertake to execute all necessary documents
and take all necessary actions to ensure appropriate performance of the Transaction Documents (as amended from time to time). 
 I hereby
agree and covenant that, if I acquire any equity interests or any rights or interest attached thereto from Guangmu Weichen for any reason, I shall be bound by the Transaction Documents (as amended from time to time), and comply with the obligations
of shareholders of Guangmu Weichen under the Transaction Documents (as amended from time to time). For such purpose, at the request of WFOE, I will execute a series of written documents with the form and substance substantially the same as the
Transaction Documents (as amended from time to time). 
 I hereby further confirm, covenant and undertake, in all cases, including without
limitation, the occurrence of the divorce between my spouse and me, my spouse shall be entitled to independently dispose the equity interest and the corresponding assets he/she holds in Guangmu Weichen, and I will not take any actions that may
affect or prevent my spouse’s performance of her duties under the Transaction Documents, including but not limited to raising any claim for the equity interest in Guangmu Weichen or any rights endowed under the Transaction Documents. 

I hereby agree and covenant that, I will not act in any manner or any claim or file a lawsuit that conflicts with the arrangement contemplated
under the Transaction Documents or this Spousal Consent Letter at any time whether direct or indirect, active or passive. 
 The Spousal
Consent Letter is dated on December 8, 2021. 

 (Signature page to Spousal Consent Letter) 

Signatory: /s/ Yan Shi

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