Waterdrop Q4 and FY2025 Financial Results: Q4 operating revenue rises 105.5% YoY, and declared a cash dividend

Rhea-AI Summary

Waterdrop (NYSE: WDH) reported strong Q4 and full‑year 2025 results: Q4 net operating revenue RMB1,411.2M (+105.5% YoY) and Q4 net profit attributable to shareholders RMB162.1M (+62.7% YoY). For 2025, revenue was RMB3,977.8M (+43.5% YoY) and net profit RMB568.9M.

The company held RMB3,249.0M cash at year-end, repurchased ~60.7M ADS by Feb 2026, and approved a ~US$10.8M cash dividend. Insurance operating profit was RMB644.9M; medical crowdfunding raised RMB72.3B for 3.68M patients. E-Find enrolled 14,555 patients into 1,611 trials.

Positive

• Q4 revenue +105.5% YoY to RMB1,411.2M
• FY2025 revenue +43.5% YoY to RMB3,977.8M
• FY2025 net profit RMB568.9M (vs RMB367.5M)
• Insurance operating profit RMB644.9M in 2025
• Waterdrop Medical Crowdfunding raised RMB72.3B for 3.68M patients
• Cumulative repurchase of ~60.7M ADS by Feb 2026

Negative

• Completed ADS repurchases and approved US$10.8M dividend will reduce cash reserves

News Market Reaction – WDH

-1.20%

7 alerts

-1.20% Session close to close

-2.3% Trough in 25 hr 43 min

$632.87M Market Cap

0.5x Rel. Volume

In the Mar 25 session, WDH declined 1.20%, reflecting a mild negative market reaction. Argus tracked a trough of -2.3% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details robust Q4 and FY2025 performance, with net operating revenue up 43.5% for ...

Analysis

This announcement details robust Q4 and FY2025 performance, with net operating revenue up 43.5% for the year and net profit reaching RMB568.9 million, plus a new US$10.8 million cash dividend and ongoing ADS repurchases. Insurance-related income and digital clinical trial revenues both showed solid growth, while cash remained strong at RMB3,249.0 million. Investors tracking the story may focus on how consistently Waterdrop pairs profit growth with shareholder returns and whether insurance and platform growth rates remain elevated in future periods.

Key Figures

Q4 2025 net operating revenue: 105.5% YoY increase Q4 2025 net profit: RMB162.1 million FY2025 net operating revenue: RMB3,977.8 million +5 more

8 metrics

Q4 2025 net operating revenue 105.5% YoY increase Fourth quarter 2025

Q4 2025 net profit RMB162.1 million Attributable to ordinary shareholders, +62.7% YoY

FY2025 net operating revenue RMB3,977.8 million Full year 2025, +43.5% YoY

FY2025 net profit RMB568.9 million Full year 2025, up from RMB367.5 million in 2024

Cash dividend Approximately US$10.8 million New cash dividend approved by the board

ADS repurchases Approximately 60.7 million ADSs Cumulative open-market repurchases by end of February 2026

Year-end cash position RMB3,249.0 million (US$464.6 million) As of December 31, 2025

Q4 insurance-related revenue RMB1,311.5 million Insurance-related revenue, +125.0% YoY

Previous Dividends,earnings Reports

5 past events · Latest: Sep 04 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Sep 04	Q2 2025 earnings & dividend	Positive	+2.3%	Strong Q2 2025 growth with higher dividend and robust insurance metrics.
Sep 04	Q2 2025 earnings & dividend	Positive	+2.3%	Earnings expansion, higher FYP, enhanced cash dividend, repurchase authorization.
Mar 12	Q4/FY 2024 results	Positive	+7.4%	FY2024 profit up 119.8% YoY and cash dividend declaration.
Mar 12	Q4/FY 2024 earnings & dividend	Positive	+7.4%	Strong Q4/FY 2024 figures with new cash dividend and solid cash position.
Sep 04	Q2 2024 earnings & special dividend	Positive	+5.7%	Q2 2024 profit surge and special cash dividend plus repurchase plan.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Dividend-linked earnings releases have consistently produced positive next-day reactions, with all recent similar announcements followed by gains.

Recent Company History

Over the past two years, Waterdrop has repeatedly paired solid earnings with cash dividends. Prior Q4 and FY2024 results on Mar 12, 2025 showed strong profit growth and a dividend, prompting a 7.38% move. Q2 2024 and Q2 2025 dividend-earnings releases also delivered higher net profit and cash returns, with price gains between 2.25% and 5.66%. Today’s Q4/FY2025 results and new dividend continue this pattern of profitability, cash distributions, and generally positive share-price alignment.

Key Terms

ads, cash dividend, medical crowdfunding, clinical trial, +4 more

8 terms

ads financial

"By the end of February 2026, the Company had cumulatively repurchased approximately 60.7 million ADSs from the open market."

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

cash dividend financial

"and a cash dividend."

A cash dividend is a payment made by a company to its shareholders directly in money, usually on a regular schedule. It is a way for investors to receive a portion of the company's profits, similar to earning interest or a bonus for holding the company's stock. Cash dividends provide income to shareholders and can indicate the company's financial health and stability.

medical crowdfunding medical

"Waterdrop Medical Crowdfunding Raised RMB 72.3 Billion for 3.68 Million Patients"

Medical crowdfunding is the practice of raising money from many individuals online to pay for medical treatment, hospital bills, or related care, much like a community tip jar where many small contributions cover a big expense. For investors, it matters because trends in medical crowdfunding reveal gaps in health coverage, influence the growth of fundraising platforms, and signal patient demand and financial strain that can affect healthcare providers, insurers, and related businesses.

clinical trial medical

"E-Find Platform enrolled 14,555 patients into 1,611 clinical trial programs"

A clinical trial is a carefully controlled study in which a new medicine, medical device, or treatment is tested on people to see if it is safe and effective. For investors it matters because trial results determine whether a product can win regulatory approval and reach patients, much like a road test decides if a new car can be sold; positive or negative results can sharply change a company’s prospects and stock value.

clinical trial programs medical

"E-Find Platform enrolled 14,555 patients into 1,611 clinical trial programs"

A clinical trial program is a coordinated set of medical studies that test whether a new drug, device or treatment is safe and works in people, usually moving through staged steps from small safety tests to larger effectiveness trials. Investors care because each stage changes the likelihood a product will reach the market — like milestones on a road trip that determine whether you’ll reach your destination and how valuable the journey becomes.

medical knowledge graph medical

"receipt verification model that integrates a Medical Knowledge Graph with credential validation."

A medical knowledge graph is a structured map that links medical facts—such as diseases, drugs, genes, clinical trials and regulations—so relationships and patterns become visible, similar to a social network or a city map showing connections. For investors, it matters because these graphs can speed research, reduce costly dead ends, improve regulatory planning and reveal commercial opportunities or risks, affecting a company's development pace, costs and valuation.

contract research organizations medical

"the E-Find Platform collaborated with 224 pharmaceutical companies and contract research organizations."

Contract research organizations (CROs) are independent service providers that run research, testing and regulatory work for companies developing drugs, medical devices or other health products — think of them as the specialized contractors who manage experiments, patient trials and paperwork that companies outsource. Investors care because CROs play a direct role in how quickly and cheaply products move through testing and approval; delays, cost overruns or regulatory problems at a CRO can affect the timelines and value of the companies that hire them, and in turn the CRO’s own revenue and growth.

national invention patent regulatory

"the company secured a national invention patent for China's first intelligent drug-patient matching technology."

A national invention patent is a patent granted by a country's patent office that gives the holder exclusive rights to make, use and sell a specific invention within that nation for a limited time, after officials confirm it is new and inventive. For investors, it functions like a legal fence around a product or technology—reducing competition, enabling higher margins or licensing income, and protecting future revenue streams and company valuation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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."

View original content:https://www.prnewswire.com/news-releases/waterdrop-q4-and-fy2025-financial-results-q4-operating-revenue-rises-105-5-yoy-and-declared-a-cash-dividend-302724822.html

SOURCE Waterdrop Inc.

FAQ

What were Waterdrop (WDH) Q4 2025 revenue and profit figures?

Q4 2025 revenue was RMB1,411.2M and net profit RMB162.1M, both up materially year‑over‑year. According to the company, revenue rose 105.5% YoY and net profit attributable to shareholders rose 62.7% YoY.

How much cash did Waterdrop (WDH) report at December 31, 2025?

Waterdrop held RMB3,249.0M in cash as of December 31, 2025. According to the company, this equates to approximately US$464.6M at the reported exchange level.

What buyback and dividend actions did Waterdrop (WDH) take by Feb 2026?

By end of February 2026, Waterdrop repurchased ~60.7M ADSs and approved a cash dividend of about US$10.8M. According to the company, these measures return capital to shareholders.

How did Waterdrop's insurance business perform in 2025 (WDH)?

Insurance‑related income was RMB3,576.6M in 2025 with operating profit of RMB644.9M. According to the company, insurance income increased 51.3% year‑over‑year, driven by higher technical service income.

What progress did Waterdrop report for its E‑Find clinical trial platform (WDH)?

E‑Find enrolled 14,555 patients into 1,611 clinical trial programs and 2025 revenue was RMB118.3M. According to the company, digital clinical trial revenue rose 29.9% year‑over‑year.