Waterdrop Inc. (NYSE: WDH) filed its 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission on April 28, 2026. The filing, which is now available on the company’s investor‑relations website and the SEC’s EDGAR database, provides audited consolidated financial statements and a comprehensive discussion of the company’s operations, risks, and future outlook.
The report shows that Waterdrop’s net operating revenue for 2025 reached RMB 3,977.8 million, a 43.5 % increase from RMB 2,236.5 million in 2024. Net profit attributable to ordinary shareholders rose to RMB 568.9 million, up 55.5 % from RMB 367.5 million the previous year, underscoring the company’s accelerating profitability and scale.
The insurance segment was the primary driver of this growth. Insurance‑related income climbed to RMB 3,576.6 million, a 51.3 % year‑over‑year gain, largely due to higher technical service income. Operating profit from the insurance business totaled RMB 644.9 million, reflecting a strong mix and pricing power in a competitive market. Management highlighted the strategic integration of artificial intelligence across underwriting, claims processing, and customer engagement as a key factor behind the segment’s performance.
Founder, Chairman and CEO Peng Shen said, “2025 marked a year of renewed acceleration for Waterdrop, driven by the strategic integration of AI into our core operational infrastructure.” He added, “Our insurance business capped off the year with an annual FYP of RMB 7,472.8 million, marking a 5.1 % year‑over‑year growth.” These comments illustrate how AI has become a central pillar of the company’s growth strategy and operational efficiency.
The filing also details shareholder returns: Waterdrop declared a cash dividend of approximately US$10.8 million and had repurchased about 60.7 million ADSs by the end of February 2026. In addition, the report discloses significant regulatory risks associated with the company’s Variable Interest Entity structure in China, data‑security obligations, and evolving insurance and crowdfunding rules, all of which could impact future operations and investor confidence.
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