WDHNYSEInsurance Agents, Brokers & ServiceFiscal year ends December 31
Waterdrop Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 28, 2026
$1.01+0.00 (0.00%)
Close on Oct 19, 2026
Waterdrop Inc. revenue by segment
By business segment
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|
| Insurance | CN¥3.58B | CN¥2.36B | CN¥2.34B | CN¥2.56B | CN¥3.07B | – | – | 89.9% | +51.3% |
| Crowdfunding | CN¥261.64M | CN¥267.65M | CN¥162.68M | CN¥155.80M | – | – | – | 6.6% | -2.2% |
| Others | CN¥139.56M | CN¥140.39M | CN¥127.11M | CN¥86.81M | CN¥134.91M | – | – | 3.5% | -0.6% |
| Operating income | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | YoY |
|---|---|---|---|---|---|---|---|---|
| Insurance | CN¥644.90M | CN¥477.21M | CN¥528.14M | CN¥1.04B | -CN¥811.32M | – | – | +35.1% |
| Others | -CN¥91.60M | -CN¥96.53M | -CN¥155.24M | -CN¥190.90M | -CN¥150.39M | – | – | -5.1% |
| Crowdfunding | -CN¥130.68M | -CN¥95.08M | -CN¥245.78M | -CN¥254.18M | -CN¥674.98M | – | – | +37.4% |
By product or service
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|
| Insurance brokerage income | CN¥2.57B | CN¥2.32B | CN¥2.21B | CN¥2.34B | CN¥2.83B | CN¥2.70B | CN¥1.31B | 64.6% | +10.7% |
| Technical service income | CN¥1.01B | CN¥40.94M | CN¥135.76M | CN¥215.83M | CN¥243.54M | CN¥194.13M | CN¥51.71M | 25.3% | +2358.0% |
| Crowdfunding service fees | CN¥261.64M | CN¥267.65M | CN¥162.68M | CN¥155.80M | – | – | – | 6.6% | -2.2% |
| Digital clinical trial solution income | CN¥118.30M | CN¥91.07M | CN¥100.50M | CN¥59.46M | CN¥566.00K | – | – | 3.0% | +29.9% |
| Other revenues | CN¥21.26M | CN¥49.33M | CN¥26.61M | CN¥27.35M | CN¥131.59M | CN¥28.67M | CN¥8.40M | 0.5% | -56.9% |
| Management fee income | – | – | – | – | CN¥2.75M | CN¥109.83M | CN¥142.68M | – | – |
By region
From the segment and revenue-disaggregation notes of Waterdrop's 10-K and 10-Q filings (XBRL). Fourth-quarter figures are the fiscal year less the first nine months. Segment names follow the company's own labels and can change when it reorganizes.