$WDH
Waterdrop Inc.
CIK:0001823986|SEC Filings
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2025
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2025
USD ($)
$ / shares
shares
|
Dec. 31, 2024
CNY (¥)
¥ / shares
shares
|
Dec. 31, 2023
CNY (¥)
¥ / shares
shares
|
|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
| Operating revenue, net | ¥ 3,977,761 | $ 568,812 | ¥ 2,771,821 | ¥ 2,630,707 |
| Operating costs and expenses | ||||
| Operating costs | (1,943,162) | (277,868) | (1,314,740) | (1,195,544) |
| Sales and marketing expenses | (1,120,929) | (160,291) | (694,769) | (740,451) |
| General and administrative expenses | (310,129) | (44,348) | (367,652) | (402,395) |
| Research and development expenses | (232,683) | (33,273) | (216,502) | (299,060) |
| Total operating costs and expenses | (3,606,903) | (515,780) | (2,593,663) | (2,637,450) |
| Operating (loss)/profit | 370,858 | 53,032 | 178,158 | (6,743) |
| Other income | ||||
| Interest income | 135,697 | 19,404 | 149,121 | 136,043 |
| Foreign currency exchange gain | 276 | 39 | 8,016 | 4,342 |
| Others, net | 36,618 | 5,236 | 25,295 | 30,598 |
| Profit before income tax | 543,449 | 77,711 | 360,590 | 164,240 |
| Income tax (expense)/benefit | 21,608 | 3,090 | (9,707) | (555) |
| Net profit | 565,057 | 80,801 | 350,883 | 163,685 |
| Net loss attributable to mezzanine equity classified as non-controlling interests shareholders | (3,879) | (555) | (16,627) | (3,536) |
| Net profit attributable to ordinary shareholders | 568,936 | 81,356 | 367,510 | 167,221 |
| Other comprehensive income | ||||
| Foreign currency translation adjustment | (106,666) | (15,253) | 44,773 | 37,413 |
| Unrealized loss on available for sale investments, net of tax | (9,262) | (1,324) | (29,330) | (1,551) |
| Total comprehensive income | 449,129 | 64,224 | 366,326 | 199,547 |
| Total comprehensive loss attributable to mezzanine equity classified as non-controlling interests shareholders | (3,879) | (555) | (16,627) | (3,536) |
| Total comprehensive income attributable to ordinary shareholders | ¥ 453,008 | $ 64,779 | ¥ 382,953 | ¥ 203,083 |
| Weighted average number of ordinary shares used in computing net profit per share | ||||
| Basic | 3,615,328,154 | 3,615,328,154 | 3,650,504,339 | 3,769,679,736 |
| Diluted | 3,713,518,076 | 3,713,518,076 | 3,719,776,955 | 3,880,861,496 |
| Net profit per share attributable to ordinary shareholders | ||||
| Basic | (per share) | ¥ 0.16 | $ 0.02 | ¥ 0.1 | ¥ 0.04 |
| Diluted | (per share) | ¥ 0.15 | $ 0.02 | ¥ 0.1 | ¥ 0.04 |
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands |
Dec. 31, 2025
CNY (¥)
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
CNY (¥)
|
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalents | ¥ 483,003 | $ 69,069 | ¥ 986,323 |
| Restricted cash | 648,450 | 92,727 | 520,588 |
| Short-term investments | 530,668 | 75,885 | 1,612,619 |
| Accounts receivable, net of allowance of RMB28,772 and RMB46,616 (US$6,666) as of December 31, 2024 and 2025, respectively | 1,260,464 | 180,244 | 716,206 |
| Current contract assets | 806,916 | 115,387 | 619,436 |
| Amount due from related parties | ¥ 209 | $ 30 | ¥ 257 |
| Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | Related Party [Member] |
| Prepaid expense and other assets | ¥ 251,084 | $ 35,905 | ¥ 182,641 |
| Total current assets | 3,980,794 | 569,247 | 4,638,070 |
| Non-current assets | |||
| Non-current contract assets | 295,516 | 42,258 | 153,749 |
| Property, equipment and software, net | 255,698 | 36,564 | 240,024 |
| Intangible assets, net | 177,140 | 25,331 | 153,011 |
| Long-term investments | 2,284,102 | 326,622 | 1,114,160 |
| Right of use assets, net | 23,955 | 3,426 | 46,872 |
| Deferred tax assets | 2,870 | 410 | 27,028 |
| Goodwill | 80,751 | 11,547 | 80,751 |
| Total non-current assets | 3,120,032 | 446,158 | 1,815,595 |
| Total assets | 7,100,826 | 1,015,405 | 6,453,665 |
| Current liabilities | |||
| Amount due to related parties (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB253 and RMB1 as of December 31, 2024 and 2025, respectively) | ¥ 9,324 | $ 1,333 | ¥ 10,616 |
| Other Liability, Current, Related Party [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | Related Party [Member] |
| Insurance premium payables (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB537,344 and RMB684,800 as of December 31, 2024 and 2025, respectively) | ¥ 684,800 | $ 97,925 | ¥ 537,344 |
| Accrued expenses and other current liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB534,932 and RMB729,682 as of December 31, 2024 and 2025, respectively) | 1,140,448 | 163,082 | 704,035 |
| Short-term loans | 47,000 | 6,721 | 198,373 |
| Current lease liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB13,232 and RMB8,751 as of December 31, 2024 and 2025, respectively) | 10,888 | 1,557 | 34,573 |
| Total current liabilities | 1,892,460 | 270,618 | 1,484,941 |
| Non-current liabilities | |||
| Non-current lease liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB6,247 and RMB12,053 as of December 31, 2024 and 2025, respectively) | 12,640 | 1,807 | 10,971 |
| Deferred tax liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB83,760 and RMB43,374 as of December 31, 2024 and 2025, respectively) | 43,798 | 6,263 | 84,185 |
| Total non-current liabilities | 56,438 | 8,070 | 95,156 |
| Total liabilities | 1,948,898 | 278,688 | 1,580,097 |
| Commitments and contingencies (Note 21) | |||
| Redeemable non-controlling interests | 76,133 | ||
| Shareholders' equity | |||
| Ordinary shares (US$ 0.000005 par value; 10,000,000,000 shares authorized, 8,900,000,000 Class A ordinary shares authorized, 3,282,256,521 Class A ordinary shares issued, 2,822,868,761 and 2,806,929,941 Class A ordinary shares outstanding as of December 31, 2024 and 2025, respectively; 1,000,000,000 Class B ordinary shares authorized, 801,904,979 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025) | 143 | 21 | 139 |
| Treasury stock | (16) | (2) | (15) |
| Additional paid-in capital | 6,733,696 | 962,906 | 6,832,214 |
| Accumulated other comprehensive income | 43,622 | 6,238 | 159,550 |
| Accumulated deficit | (1,625,517) | (232,446) | (2,194,453) |
| Total shareholders' equity | 5,151,928 | 736,717 | 4,797,435 |
| Total liabilities, mezzanine equity and shareholders' equity | ¥ 7,100,826 | $ 1,015,405 | ¥ 6,453,665 |