Waterdrop Q4 and FY2025 Financial Results: Q4 operating revenue rises 105.5% YoY, and declared a cash dividend
BEIJING, March 25, 2026 /PRNewswire/ -- Waterdrop Inc. (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced its unaudited financial results for the three and twelve months ended December 31, 2025 and a cash dividend.
During the fourth quarter, Waterdrop reported net operating revenue of 1,411.2 million，representing a 105.5% year-over-year increase. Net profit attributable to ordinary shareholders reached RMB162.1 million, representing a solid year-over-year increase of 62.7%，sustaining profitability for the sixteenth consecutive quarter.
For the year of 2025, Waterdrop reported net operating revenue increased by 43.5% year over year to RMB 3,977.8 million,which was primarily due to the increase of insurance related income. Net profit attributable to ordinary shareholders for the year of 2025 was RMB568.9 million, compared to RMB367.5 million for the year of 2024.
By the end of February 2026, the Company had cumulatively repurchased approximately 60.7 million ADSs from the open market. With the board approval, the Company will soon start another cash dividend of approximately US$10.8 million. As of December 31, 2025, cash position of the Company was RMB3,249.0 million (US$464.6 million).
Insurance Business Operating Profit Totaled RMB 644.9 Million in 2025
In the fourth quarter of 2025, Waterdrop's insurance-related revenue amounted to RMB 1,311.5 million (US$187.6 million), up by 125.0% from the same period of 2024，which was mainly due to the increase in technical service income. The operating profit totaled RMB 146.1 million in the quarter.
For the year of 2025, Waterdrop's insurance-related income amounted to RMB3,576.6 million (US$511.4 million),representing an increase of 51.3% year-over-year from RMB2,363.8 million for the year of 2024. Annual operating profit totaled RMB 644.9 million.
Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "2025 marked a year of renewed acceleration for Waterdrop, driven by the strategic integration of AI into our core operational infrastructure. This technological alignment has materially enhanced our operational efficiency and reinforced our competitive positioning.
"In our insurance business, we achieved a 125.0% year-over-year surge in insurance-related income this quarter, driven by models that cut through the noise within high-concurrency traffic. Through a self-reinforcing loop, these models not only maintain accuracy at scale but leverage growing data to continuously sharpen targeting capabilities. "
To support this growth, Waterdrop simultaneously expanded AI deployment across critical insurance operations. Premiums facilitated by "AI Medical Insurance Expert" increased 145% on a quarter-over-quarter basis. "AI Customer Service Agent" independently handled over 1.4 million customer inquiries within a single month. The rollout of "AI Service Quality Copilot" drove per-capita inspection efficiency to 2.75 times that of the manual-only baseline.
Waterdrop Medical Crowdfunding Raised RMB 72.3 Billion for 3.68 Million Patients
During the quarter, Waterdrop Medical Crowdfunding upheld its mission of "emergency rescue" with remarkable success. As of December 31, 2025, around 490 million people cumulatively donated an aggregate of RMB72.3 billion to 3.68 million patients through Waterdrop Medical Crowdfunding.
Concurrently, the company comprehensively upgraded the risk control system for Waterdrop Medical Crowdfunding. By deploying automated dynamic data masking to replace manual redaction, thereby mitigating the risk of data theft and accelerating reviews. Furthermore, the company introduced a receipt verification model that integrates a Medical Knowledge Graph with credential validation. This model cross-references clinical logic, pharmacy qualifications, and other data to precisely root out fabricated receipts and effectively prevent fund misappropriation.
E-Find Platform enrolled 14,555 patients into 1,611 clinical trial programs
Waterdrop's Digital Clinical Trial Solution has maintained its growth in the fourth quarter of 2025, generating revenues of approximately RMB35.7 million (US$5.1 million), representing an increase of 39.9% YoY. On a quarter-over-quarter basis, digital clinical trial solution income increased by 12.1%.
And the income amounted to RMB118.3 million (US$16.9 million) in 2025, representing an increase of 29.9% year-over-year. As of December 31, 2025, the Company had cumulatively enrolled 14,555 patients into 1,611 clinical trial programs through the E-Find Platform.
In the digital clinical trial business, the company secured a national invention patent for China's first intelligent drug-patient matching technology. Capable of deeply interpreting complex medical records and trial protocols, the system enables high-precision, automated matching between patients and clinical trials. During the quarter, the E-Find Platform collaborated with 224 pharmaceutical companies and contract research organizations. Patient enrollment for this quarter reached 1,273, driving a 39.9% year-over-year revenue increase.
Mr. Peng Shen, said, "In 2025, Waterdrop anchored growth in technology, leveraging end-to-end AI to drive a transformative surge in efficiency and profits. As AI reshapes the industry ecosystem, we are executing a systemic shift from AI-assisted to AI-Native. We are embedding intelligence across our full value chain, from acquisition to claims. Through this, we harness technology for good to safeguard billions of lives, creating sustainable value for our users, partners, and society."
SOURCE Waterdrop Inc.
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