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Leidi News, Lei Jianping, March 26
Waterdrop Inc. (WDH) released its financial report for the fourth quarter and the full year ending in 2025 yesterday. The report shows that Waterdrop Inc. expects revenue of 3.978 billion yuan (approximately 569 million USD) in 2025, an increase of 43.5% compared to 2.772 billion yuan in the same period last year; among this, insurance revenue is expected to be 3.577 billion yuan (approximately 511 million USD), an increase of 51.3% compared to 2.364 billion yuan in the same period last year.
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Waterdrop Inc. expects crowdfunding service fees of 261.6 million yuan (37.4 million USD) in 2025, a slight decrease of 2.2% from 267.7 million yuan in 2024; revenue from digital clinical trial solutions is expected to be 118.3 million yuan (16.9 million USD), an increase of 29.9% compared to 91.1 million yuan in 2024.
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Waterdrop Inc. expects operating profit of 371 million yuan (approximately 53 million USD) in 2025, compared to 178 million yuan in the same period last year; interest income is expected to be 136 million yuan, compared to 149 million yuan in the same period last year; net profit attributable to the parent company is expected to be 569 million yuan (approximately 81.4 million USD), an increase of 54.8% compared to 367 million yuan in the same period last year.
The board of directors of Waterdrop Inc. has approved a cash dividend of 0.03 USD per ADS or 0.003 USD per common share to registered shareholders as of the close of business on April 24, 2026. The total dividend is expected to be approximately 10.8 million USD. The payment date for common shareholders is expected to be around May 13, 2026, while the payment date for American Depositary Share holders is expected to be around May 20, 2026.
Waterdrop Inc. founder and CEO Shen Peng stated: &#34;In 2025, Waterdrop Inc. is anchored on the core strategy of 'technology-driven growth', achieving operational efficiency leaps through full-chain penetration of AI, resulting in rapid growth in revenue and profit. The AI wave is reconstructing the industry ecosystem at an unprecedented speed, and we will systematically complete the strategic leap from 'using AI tools' to 'AI-native company', deeply embedding AI into the entire value chain of customer acquisition, underwriting, claims, and services
Waterdrop Q4 revenue 1.41 billion, up 105.5% year-on-year
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Waterdrop's revenue for the fourth quarter of 2025 was 1.411 billion yuan (approximately 200 million USD), an increase of 105.5% compared to 687 million yuan in the same period last year.
The insurance business is the main source of revenue for Waterdrop. In the fourth quarter of 2025, Waterdrop's insurance-related revenue was 1.31 billion yuan (approximately 187 million USD), up 125% from 582 million yuan in the same period last year.
Waterdrop's crowdfunding service fee for the fourth quarter of 2025 was 61.4 million yuan, a decrease of 5.7% compared to the same period last year; revenue from digital clinical trial solutions was 35.7 million yuan, an increase of 39.9% from 25.5 million yuan in the same period last year.
Waterdrop Q4 costs and expenses 1.327 billion, up 109% year-on-year
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Waterdrop's costs and expenses for the fourth quarter of 2025 were 1.327 billion yuan (approximately 190 million USD), an increase of 109% compared to 634 million yuan in the same period last year.
Among them, Waterdrop's operating costs for the fourth quarter of 2025 were 677 million yuan, up 109.2% from 324 million yuan in the same period last year; sales and marketing expenses were 507 million yuan, up 178.4% from 182 million yuan in the same period last year; administrative expenses were 77.1 million yuan, up 4.6% from 73.7 million yuan in the same period last year; R&amp;D expenses were 66.2 million yuan, up 21.9% from 54.3 million yuan in the same period last year.
Waterdrop Q4 operating profit 83.9 million, operating profit margin 5.9%
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Waterdrop's operating profit for the fourth quarter of 2025 was 83.9 million yuan, compared to an operating profit of 53 million yuan in the same period last year. Waterdrop's operating profit margin for the fourth quarter of 2025 was 5.9%.
Waterdrop Q4 net profit 162 million, up 77% year-on-year
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Waterdrop's net profit for the fourth quarter of 2025 was 162 million yuan, an increase of 77% compared to 91.47 million yuan in the same period last year.
Waterdrop's adjusted net profit for the fourth quarter of 2025 was 170 million yuan (approximately 24.3 million USD), compared to 107 million yuan in the same period last year.
As of December 31, 2025, Waterdrop held cash of 3.29 billion yuan (approximately 465 million USD), compared to 3.67 billion yuan in the same period last year.
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Waterdrop Inc. (WDH) released its 2025 financial report, with revenue of 3.978 billion yuan (approximately 569 million USD), a year-on-year increase of 43.5%. Insurance revenue was 3.577 billion yuan (approximately 511 million USD), up 51.3%. Net profit was 569 million yuan (approximately 81.4 million USD), an increase of 54.8%. The board of directors approved a dividend of 0.03 USD per share, with a total expected amount of 10.8 million USD. CEO Shen Peng stated that growth will be driven by AI technology to enhance operational efficiency. Q4 2025 revenue was 1.411 billion yuan, a year-on-year increase of 105.5%

Waterdrop Quarterly Report Illustrated: Revenue of 1.4 billion, Net Profit of 160 million, Dividend of 10.8 million USD