Welcome to our dedicated page for Waterdrop SEC filings (Ticker: WDH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Waterdrop Inc. filings document foreign-private-issuer reporting for an ADR whose ADSs represent rights to Class A ordinary shares. Form 6-K current reports furnish unaudited financial results, cash dividend announcements, insurance business metrics, Waterdrop Medical Crowdfunding activity, and E-Find Platform clinical trial enrollment disclosures.
The company’s regulatory record also covers annual Form 20-F reporting, audited consolidated financial statements, board composition changes, finance leadership responsibilities, internal control oversight, and other governance matters reported by a foreign issuer under the Exchange Act.
Waterdrop Inc. reports that Ms. Xiaoying Xu, a vice president of finance and the head of finance, has tendered her resignation, effective July 31, 2026. The company explains that she is stepping down for personal reasons.
The company states that her resignation was not due to any dispute or disagreement with the company on matters relating to operations, policies, or practices, and expresses gratitude for her contributions. The report is signed by Jieru Li, Vice President of Finance, Board Secretary and Head of Strategy and Capital Markets.
Waterdrop Inc. director Chang Qianfei filed an initial ownership report showing rights to 60,000 Class A ordinary shares through restricted share unit awards. These RSUs were granted on July 1, 2026 and vest in twelve equal monthly installments of 5,000 shares from August 1, 2026 through July 1, 2027.
Waterdrop Inc. appointed Ms. Qianfei Chang as an independent director of its board, effective July 1, 2026, replacing Mr. Heping Feng, who resigned for personal reasons and without any dispute or disagreement. Ms. Chang will serve as chairman of the audit committee, and as a member of the compensation and nominating and corporate governance committees.
She brings over 15 years of experience in financial management, equity investment and audit oversight from roles at China Development Bank Capital, United Credit Ratings and PricewaterhouseCoopers. Ms. Chang is a Certified Public Accountant in China and holds advanced degrees from the Chinese University of Hong Kong and Tsinghua University.
Waterdrop Inc. reported strong top-line growth but softer earnings for the first quarter of 2026. Net operating revenue reached RMB1,242.2 million (US$180.1 million), up 64.8% year-over-year but down 12.0% from the prior quarter.
Operating profit was RMB80.0 million (US$11.6 million), slightly above RMB75.9 million a year earlier, while net profit attributable to ordinary shareholders was RMB98.4 million (US$14.3 million), below both the first and fourth quarters of 2025. Adjusted non-GAAP net profit was RMB106.3 million (US$15.4 million).
Insurance-related income rose 74.1% year-over-year, with premiums for pre-existing condition insurance up 24.3%. Revenue from digital clinical trial solutions was about RMB24.2 million, a 5.4% year-over-year increase. As of March 31, 2026, cash position was RMB2,880.7 million (US$417.6 million). As of May 31, 2026, the company had repurchased approximately 61.8 million ADSs for about US$120.1 million and paid a cash dividend of about US$10.8 million.
Waterdrop Inc., a Cayman Islands holding company listed on the NYSE via ADSs, reports consolidated 2025 results and details its China-focused VIE structure. Net operating revenue reached RMB3,977,761 thousand, generating net profit attributable to ordinary shareholders of RMB568,936 thousand after several prior years of mixed performance.
The company conducts value-added telecom, insurance brokerage and agency, and medical crowdfunding mainly through mainland China subsidiaries and variable interest entities, which contributed most revenues historically. It highlights significant legal, regulatory and enforcement risks tied to the VIE structure, PRC oversight of offshore listings, data and cybersecurity, and evolving insurance and crowdfunding rules.
Waterdrop explains cash flows among the Cayman parent, Hong Kong entities, PRC subsidiaries and VIEs, including large intercompany loans and annual service fees from VIEs to its WFOE. It notes HFCAA-related audit inspection history, potential trading prohibitions if PCAOB access changes, dividend and capital control constraints, and growing use of AI technologies within a tightening regulatory framework.
Waterdrop Inc. director Feng Heping reported his existing equity interests. He directly holds 299,820 Class A ordinary shares that were issued upon full vesting of restricted share units granted on June 25, 2023. He also holds share options over 150,000 Class A ordinary shares, granted on June 25, 2021 and now fully vested and exercisable at an exercise price of US$0.08 per share.
Waterdrop Inc. director Huang Kai Victor has filed an initial Form 3 with the SEC, which is a required statement of beneficial ownership when someone becomes an insider. This filing does not list any transactions in Waterdrop shares; it simply establishes his reporting status as a company director.
Waterdrop Inc. reported strong growth for the fourth quarter and full year 2025 and declared a cash dividend. Q4 net operating revenue reached RMB1,411.2 million (US$201.8 million), up 105.5% year-over-year and 44.8% sequentially, with operating profit of RMB83.9 million and net profit attributable to ordinary shareholders of RMB162.1 million.
For 2025, net operating revenue rose 43.5% to RMB3,977.8 million, while operating profit more than doubled to RMB370.9 million and net profit attributable to ordinary shareholders increased to RMB568.9 million. Adjusted net profit was RMB619.6 million. The company highlighted rapid AI-driven growth in its insurance and clinical trial businesses and ongoing cost discipline in general and administrative spending.
The board approved a cash dividend of US$0.03 per ADS (US$0.003 per ordinary share), with an expected aggregate payout of about US$10.8 million. By February 2026, Waterdrop had cumulatively repurchased approximately 60.7 million ADSs for about US$118.1 million, while ending 2025 with a cash position of RMB3,249.0 million (US$464.6 million).
Waterdrop Inc. director YU Haiyang filed an initial ownership report on Form 3 stating that he currently has no securities beneficially owned in the company. This filing is a routine disclosure of insider holdings and does not report any recent stock transactions or option awards.
Waterdrop Inc. director and VP of Human Resources Xiaolei Sun has filed an initial ownership report detailing her equity interests in the company. The filing lists share options over 800,000 Class A ordinary shares with an exercise price of US$0.08 per share, all of which are fully vested and exercisable.
The report also describes indirect pecuniary interest in 4,200,000 Class A ordinary shares held of record by Ark Trust (Hong Kong) Limited, for which she disclaims beneficial ownership beyond that indirect interest. In addition, several restricted share unit awards are outlined, including 1,039,630 and 1,583,340 Class A ordinary shares that have fully vested from grants made on October 1, 2022 and January 1, 2023, respectively.
Further awards cover 73,730, 1,000,000 and 900,000 Class A ordinary shares from grants in 2023, 2024 and 2026, with portions already vested and the remaining shares scheduled to vest in installments between January 1, 2027 and February 1, 2030.