WDH 6-K 2025 - Equibles

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2025

Commission File Number 001-40376

Waterdrop Inc.

(Translation of registrant’s name into English)

No. 203 Wangjing Lize Zhongyuan Zone 2

Chaoyang District, Beijing

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release— Waterdrop Inc. Announces Third Quarter 2025 Unaudited Financial Results

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Waterdrop Inc.

	By:	/s/ Xiaoying Xu
	Name:	Xiaoying Xu
	Title:	Head of Finance
Date: December 3, 2025

Exhibit 99.1

Waterdrop Inc. Announces Third Quarter 2025Unaudited Financial Results

BEIJING, December 3, 2025

Waterdrop Inc. ("Waterdrop", the "Company" or "we") (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 nine months ended September 30, 2025.

Financial and OperationalHighlights for the Third Quarter of 2025

·	Substantial<br> profit growth: In the third quarter of 2025, operating profit was RMB113.8 million (US$16.0<br> million), marking a strong year-over-year increase of 329.8%. Net profit attributable to<br> our ordinary shareholders reached RMB158.5 million (US$22.3 million), representing a solid<br> year-over-year increase of 60.1%.
·	Rapid<br> revenue expansion in the core business: Net operating revenue was RMB974.9 million (US$136.9<br> million), representing an increase of 38.4% year-over-year. Insurance-related income amounted<br> to RMB869.7 million (US$122.2 million) in the third quarter of 2025, rising by 44.8% from<br> the same period of 2024.
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·	Medical<br> crowdfunding coverage: As of September 30, 2025, approximately 485 million people had<br> cumulatively donated a total of RMB71.2 billion to 3.61 million patients through Waterdrop<br> Medical Crowdfunding.
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·	Patient<br> recruitment performance: As of September 30, 2025, the Company had cumulatively enrolled<br> 13,282 patients into 1,491 clinical trial programs through the E-Find Platform.
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Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "We are pleased to announce another quarter of outstanding performance, marked by robust revenue expansion and significant profit growth.

For our insurance business, we upgraded our data infrastructure and real-time identification capabilities, allowing us to gain profound insights of our users within milliseconds. This enables us to optimize traffic utilization and sharpen user-acquisition performance, fueling a 32.3% sequential increase in insurance premiums. Moreover, we prioritize user needs and continue to deliver innovative insurance products to users and their loved ones. In this quarter, we introduced 'Quan Jia Fu Family Protection Plan', which covers up to nine family members under a single policy, and upgraded 'Guo Min Bao Mid-to-High-End Medical Insurance' with an expanded network of quality private hospitals.

Our commitment to AI is creating a faster, more efficient, and more intelligent platform. By deploying AI at key touchpoints, we are unlocking new levels of performance. Premiums facilitated by our 'AI Medical Insurance Expert' increased by 82% on a quarter-over-quarter basis. Thanks to our 'KEYI.AI' underwriting assistant, underwriting workflow is streamlined and the corresponding processing time is dramatically reduced, turning tasks that previously took several minutes into a near-instantaneous process. Meanwhile, our 'AI Customer Service Agent' can now independently handle approximately 600,000 inquiries in one month. To democratize these capabilities, we have launched 'Waterdrop Sea.AI', a low-code platform that empowers our employees to build and deploy custom AI solutions, further accelerating innovation across the organization.

During the third quarter, Waterdrop Medical Crowdfunding markedly fortified its campaign risk control measures. By analyzing donation visit data to identify subtle patterns, advanced analytics have improved the identification capabilities of our algorithm model. This, in turn, has improved automatic early-warning systems to better detect and reduce fraud. This quarter also witnessed the rollout of a strengthened donor evaluation system, which now offers comprehensive evaluation rationales and gives donors clear insights into how their contributions are allocated and used. These measures have profoundly enhanced the transparency, rationality, and traceability of fund distribution.

During this quarter, the E-Find Platform has consistently delivered satisfactory fulfillment quality by collaborating across our ecosystem channels and enhancing digital capabilities. At the same time, the number of ongoing projects has increased steadily. In the third quarter, we expanded our collaboration network by partnering with 216 pharmaceutical and contract research organizations. Furthermore, the number of patients enrolled reached 1,066, fueling a 31.3% year-over-year increase in revenue.

We deeply value the trust of our investors and are dedicated to delivering strong returns for shareholders. By the end of November 2025, the company had cumulatively repurchased around 58.1 million ADSs from the open market. We also recently completed our latest cash dividend of approximately US$10.9 million.

In 2025 and beyond, we expect business momentum to continue. AI is driving more and more pragmatic advancements in our business, shaping future services for better experience, improving efficiency, and bringing tangible value to users and our shareholders."

Financial Results for theThird Quarter of 2025

Operating revenue, net

Net operating revenue for the third quarter of 2025 increased by 38.4% year-over-year to RMB974.9 million (US$136.9 million) from RMB704.1 million for the same period of 2024. On a quarter-over-quarter basis, net operating revenue increased by 16.3%.

·	Insurance-related<br> income includes insurance brokerage income and technical service income. Insurance brokerage<br> income represents brokerage commissions earned from insurance companies. Technical service<br> income is derived from providing technical services including analytics and intelligent recommendation<br> service, risk assessment technical service, customer relationship maintenance, customer complaint<br> management, claim assistance and investigation service, and user referral services, among<br> other things, to insurance companies, insurance brokers, and agency companies. We leverage<br> multi-dimensional consumer insights to deliver analytics and intelligent recommendation services,<br> enabling policyholders to be matched with more suitable products and improving sales efficiency.<br> We provide risk assessment services through the analysis of potential insureds' information,<br> providing risk assessment results that help insurers refine their risk analysis capabilities.<br> Consideration for each of these services is primarily based on standard unit prices and service<br> volumes rendered during the period. Our insurance-related income amounted to RMB869.7 million<br> (US$122.2 million) in the third quarter of 2025, representing an increase of 44.8% year-over-year<br> from RMB600.7 million for the third quarter of 2024, which was mainly due to the increase<br> in technical service income. Our technical service income amounted to RMB196.4 million (US$27.6<br> million) in the third quarter of 2025, comparing with RMB10.2 million for the same quarter<br> of 2024. On a quarter-over-quarter basis, insurance-related income increased by 17.8%.
·	Crowdfunding<br> service fees represent the service income earned when patients successfully withdraw the<br> proceeds from their crowdfunding campaigns. Our role is to operate the Waterdrop Medical<br> Crowdfunding platform to provide crowdfunding related services through the internet, enabling<br> patients with significant medical bills to seek help from caring hearts through technology<br> (the "medical crowdfunding services"). Our medical crowdfunding services generally<br> consist of providing technical and internet support, managing, reviewing and supervising<br> the crowdfunding campaigns, providing comprehensive risk management and anti-fraud measures,<br> and facilitating the collection and transfer of the funds. For the third quarter of 2025,<br> we generated RMB65.7 million (US$9.2 million) in service fees, maintaining nearly the same<br> level as RMB65.8 for the third quarter of 2024. On a quarter-over-quarter basis, crowdfunding<br> service fees slightly decreased by 2.6%.
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·	Digital<br> clinical trial solution income represents the service income earned from our customers mainly<br> including biopharmaceutical companies and leading biotechnology companies. We match qualified<br> and suitable patients for enrollment in clinical trials for our customers and generate digital<br> clinical trial solution revenue for successful matches and we typically charge our customers<br> a fixed unit price per successful match. For the third quarter of 2025, our digital clinical<br> trial solution income amounted to RMB31.9 million (US$4.5 million), representing an increase<br> of 31.3% from RMB24.3 million in the same period of 2024. On a quarter-over-quarter basis,<br> digital clinical trial solution income increased by 14.9%.
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Operating costs and expenses

Operating costs and expenses increased by 27.1% year-over-year to RMB861.1 million (US$121.0 million) for the third quarter of 2025. On a quarter-over-quarter basis, operating costs and expenses increased by 16.3%.

·	Operating<br> costs increased by 39.5% year-over-year to RMB475.1 million (US$66.7 million) for the third<br> quarter of 2025, as compared with RMB340.6 million for the third quarter of 2024, which was<br> primarily driven by (i) an increase of RMB66.7 million in costs of referral and service<br> fees, (ii) an increase of RMB32.4 million in personnel costs, and (iii) an increase<br> of RMB16.9 million in the costs for the crowdfunding consultants team. On a quarter-over-quarter<br> basis, operating costs increased by 14.1% from RMB416.5 million, primarily due to (i) an<br> increase of RMB25.6 million in costs of referral and service fees, and (ii) an increase<br> of RMB16.4 million in personnel costs.
·	Sales<br> and marketing expenses increased by 40.3% year-over-year to RMB243.0 million (US$34.1 million)<br> for the third quarter of 2025, as compared with RMB173.2 million for the same quarter of<br> 2024. The increase was primarily due to an increase of RMB79.0 million in marketing expenses<br> for third-party traffic channels, partially offset by a decrease of RMB7.1 million in outsourced<br> sales and marketing service fees to third parties. On a quarter-over-quarter basis, sales<br> and marketing expenses increased by 22.2% from RMB198.8 million, primarily due to an increase<br> of RMB49.1 million in marketing expenses for third-party traffic channels.
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·	General<br> and administrative expenses decreased by 23.7% year-over-year to RMB84.7 million (US$11.9<br> million) for the third quarter of 2025, as compared with RMB111.0 million for the same quarter<br> of 2024. The year-over-year variance was due to (i) a decrease of RMB15.6 million in<br> personnel costs and share-based compensation expenses, and (ii) an impairment of intangible<br> assets related to Shenlanbao of RMB20.6 million recorded in the third quarter of 2024, with<br> no corresponding item in the third quarter of 2025, and offset by (iii) an increase<br> of RMB8.8 million in allowance for credit losses. On a quarter-over-quarter basis, general<br> and administrative expenses increased by 15.4% from RMB73.4 million, due to an increase of<br> RMB19.1 million in allowance for credit losses, partially offset by a decrease of RMB6.2<br> million in personnel costs and share-based compensation expenses.
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·	Research<br> and development expenses increased by 10.2% year-over-year to RMB58.3 million (US$8.2 million)<br> for the third quarter of 2025, as compared with RMB53.0 million for the same period of 2024,<br> which was primarily driven by (i) an increase of RMB3.2 million in personnel costs and<br> share-based compensation expenses, and (ii) an increase of RMB2.7 million in cloud server<br> expense and other related technical support expenses. On a quarter-over-quarter basis, research<br> and development expenses increased by 12.3% from RMB51.9 million. The increase was primarily<br> due to (i) an increase of RMB4.7 million in personnel costs and share-based compensation<br> expenses, and (ii) an increase of RMB2.2 million in cloud server and other related technical<br> support expenses.
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Operating profit for the third quarter of 2025 was RMB113.8 million (US$16.0 million), as compared with RMB26.5 million for the third quarter of 2024 and RMB97.3 million for the second quarter of 2025.

Interest income for the third quarter of 2025 was RMB37.5 million (US$5.3 million), as compared with RMB36.0 million for the third quarter of 2024 and RMB29.5 million for the second quarter of 2025.

Income tax expense for the third quarter of 2025 was RMB9.6 million (US$1.4 million), as compared with income tax benefit of RMB7.8 million for the third quarter of 2024 and income tax benefit of RMB2.9 million for the second quarter of 2025.

Net profit attributableto the Company's ordinary shareholders for the third quarter of 2025 was RMB158.5 million (US$22.3 million), as compared with RMB99.0 million for the same period of 2024, and RMB140.2 million for the second quarter of 2025.

Adjusted net profit attributableto the Company's ordinary shareholders (non-GAAP^(1)^) for the third quarter of 2025 was RMB167.7 million (US$23.6 million), as compared with RMB126.0 million for the same period of 2024 and RMB151.6 million for the second quarter of 2025.

(1)	See the sections entitled "Non-GAAP Financial<br> Measure" and "Reconciliations of GAAP and Non-GAAP Results" for more information<br> about the non-GAAP measures referred to in this announcement.

Cash position^(2)^

As of September 30, 2025, cash position of the Company was RMB3,510.0 million (US$493.1 million), as compared with RMB3,670.3 million as of December 31, 2024.

Share Repurchase Programs

Pursuant to the share repurchase programs launched in September 2021, September 2022, September 2023, September 2024, and September 2025, respectively, we had cumulatively repurchased approximately 58.1 million ADSs from the open market with cash for a total consideration of approximately US$113.4 million as of November 30, 2025.

Supplemental Information

We organize and report our business in the following operating segments:

·	Insurance,<br> which mainly includes insurance brokerage service and technical service;
·	Crowdfunding,<br> which mainly includes crowdfunding service; and
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·	Others,<br> which do not individually or in the aggregate meet the quantitative and qualitative thresholds<br> to be individually reportable and are aggregated.
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The table below sets forth the segment operating results, with three-month and nine-month ended September 30, 2024 retrospectively adjusted to conform to this presentation.

	For<br> the Three Months Ended												For<br> the Nine Months Ended
	September 30,<br> 2024			June 30,<br> 2025			September 30,<br> 2025						September<br> 30, 2024				September 30,<br> 2025
	RMB			RMB			RMB					RMB				RMB
	(All amounts in thousands)
Operating<br> revenue, net
Insurance		600,726			738,561			869,660		122,160				1,781,335				2,266,209		318,332
Crowdfunding		65,839			67,419			65,657		9,223				202,512				200,207		28,123
Others		37,576			31,979			39,543		5,555				101,150				100,097		14,061
Total<br> consolidated operating revenue, net		704,141			837,959			974,860		136,938				2,084,997				2,566,513		360,516
Operating<br> costs and expenses
Insurance		(478,225	)		(567,642	)		(693,216	)	(97,376	)			(1,406,716	)			(1,767,433	)	(248,271	)
Crowdfunding		(83,741	)		(99,519	)		(98,771	)	(13,874	)			(275,587	)			(295,589	)	(41,521	)
Others		(69,292	)		(58,620	)		(60,291	)	(8,468	)			(191,748	)			(172,911	)	(24,288	)
Operating<br> profit/(loss)
Insurance		122,501			170,919			176,444		24,784				374,619				498,776		70,061
Crowdfunding		(17,902	)		(32,100	)		(33,114	)	(4,651	)			(73,075	)			(95,382	)	(13,398	)
Others		(31,716	)		(26,641	)		(20,748	)	(2,913	)			(90,598	)			(72,814	)	(10,227	)
Total<br> segment operating profit		72,883			112,178			122,582		17,220				210,946				330,580		46,436
Unallocated<br> items*		(46,413	)		(14,842	)		(8,817	)	(1,240	)			(85,748	)			(43,586	)	(6,121	)
Total<br> consolidated operating profit		26,470			97,336			113,765		15,980				125,198				286,994		40,315
Total<br> other income		60,842			40,032			54,331		7,632				141,989				136,053		19,111
Consolidated<br> profit before income tax		87,312			137,368			168,096		23,612				267,187				423,047		59,426

All values are in US Dollars.

*	The share-based<br> compensation represents unallocated items in the segment information because our management does not consider this as part of the<br> segment operating performance measure.
(2)	Cash position includes cash and cash equivalents, short-term<br> investments, and long-term debt investments included in long-term investments.
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Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD" or "US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Non-GAAP Financial Measure

The Company uses non-GAAP financial measure, adjusted net profit attributable to our ordinary shareholders, in evaluating the Company's operating results and for financial and operational decision-making purposes. Adjusted net profit attributable to our ordinary shareholders represents net profit attributable to our ordinary shareholders excluding share-based compensation expense attributable to our ordinary shareholders, foreign currency exchange gain or losses, impairment of intangible assets acquired from business combination and related tax effects on non-GAAP adjustments.

The non-GAAP financial measure is not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measure has limitations as analytical tools and when assessing the Company's operating performance, investors should not consider it in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Investors are encouraged to review the Company's historical non-GAAP financial measure to the most directly comparable GAAP measure. Adjusted net profit attributable to our ordinary shareholders presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measure differently, limiting its usefulness as a comparative measure to our data.

The Company mitigates these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measure, please see the table captioned "Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. Waterdrop may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Waterdrop's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Waterdrop's mission, goals and strategies; Waterdrop's future business development, financial condition and results of operations; the expected growth of the insurance, medical crowdfunding and healthcare industry in China; Waterdrop's expectations regarding demand for and market acceptance of our products and services; Waterdrop's expectations regarding its relationships with consumers, insurance carriers and other partners; competition in the industry and relevant government policies and regulations relating to insurance, medical crowdfunding and healthcare industry. Further information regarding these and other risks is included in Waterdrop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Conference Call Information

Waterdrop's management team will hold a conference call on December 3, 2025 at 7:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day) to discuss the financial results. Dial-in details for the earnings conference call are as follows:

International:	1-412-317-6061
United<br> States Toll Free:	1-888-317-6003
Hong<br> Kong Toll Free:	800-963976
Hong<br> Kong:	852-58081995
Mainland<br> China:	4001-206115
Chinese<br> Line (Mandarin) Entry Number:	7542307
English<br> Interpretation Line (Listen-only Mode) Entry Number:	0716285

Participants can choose between the Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call.

Telephone replays will be accessible two hours after the conclusion of the conference call through December 10, 2025 by dialing the following numbers:

United<br> States Toll Free:	1-855-669-9658
International:	1-412-317-0088
Chinese<br> Line Access Code:	8770407
English<br> Interpretation Line Access Code:	6961259

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.waterdrop-inc.com/.

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.

For investor inquiries, pleasecontact

Waterdrop Inc.

[email protected]

WATERDROP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, unless otherwisenoted)

	As of
	December 31,<br> 2024			September 30,<br> 2025
	RMB			RMB
Assets
Current assets
Cash and cash equivalents		986,323			344,532		48,396
Restricted cash		520,588			534,131		75,029
Short-term investments		1,612,619			1,104,844		155,197
Accounts receivable, net		716,206			833,383		117,065
Current contract assets		619,436			738,984		103,804
Amount due from related parties		257			226		32
Prepaid expense<br> and other assets		182,641			209,110		29,373
Total current<br> assets		4,638,070			3,765,210		528,896
Non-current assets
Non-current contract assets		153,749			228,739		32,131
Property, equipment and software, net		240,024			256,795		36,072
Intangible assets, net		153,011			152,914		21,480
Long-term investments		1,114,160			2,104,713		295,647
Right of use assets, net		46,872			23,240		3,265
Deferred tax assets		27,028			1,093		154
Goodwill		80,751			80,751		11,343
Total non-current<br> assets		1,815,595			2,848,245		400,092
Total assets		6,453,665			6,613,455		928,988
Liabilities,<br> Mezzanine Equity and Shareholders' Equity
Current liabilities
Amount due to related parties		10,616			3,794		533
Insurance premium payables		537,344			511,809		71,893
Accrued expenses and other current liabilities		704,035			862,040		121,091
Short-term loans		198,373			63,000		8,850
Current lease liabilities		34,573			10,009		1,406
Total current<br> liabilities		1,484,941			1,450,652		203,773
Non-current liabilities
Non-current lease liabilities		10,971			12,094		1,699
Deferred tax liabilities		84,185			77,994		10,956
Total non-current<br> liabilities		95,156			90,088		12,655
Total liabilities		1,580,097			1,540,740		216,428
Mezzanine equity
Redeemable non-controlling interests		76,133			-		-
Shareholders' equity
Class A ordinary shares		112			115		16
Class B ordinary shares		27			27		4
Treasury stock		(15	)		(15	)	(2	)
Additional paid-in capital		6,832,214			6,754,845		948,847
Accumulated other comprehensive income		159,550			105,376		14,802
Accumulated deficit		(2,194,453	)		(1,787,633	)	(251,107	)
Total shareholders'<br> equity		4,797,435			5,072,715		712,560
Total<br> liabilities, mezzanine equity and shareholders' equity		6,453,665			6,613,455		928,988

All values are in US Dollars.

WATERDROP INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS AND COMPREHENSIVE INCOME

(All amounts in thousands, except for shareand per share data, or otherwise noted)

	For<br> the Three Months Ended												For<br> the Nine Months Ended
	September 30,<br> 2024			June 30,<br> 2025			September 30,<br> 2025						September 30,<br> 2024				September 30,<br> 2025
	RMB			RMB			RMB					RMB				RMB
Operating<br> revenue, net		704,141			837,959			974,860		136,938				2,084,997				2,566,513		360,516
Operating costs and expenses^(i)^
Operating<br> costs		(340,560	)		(416,493	)		(475,114	)	(66,739	)			(990,904	)			(1,265,825	)	(177,809	)
Sales<br> and marketing expenses		(173,172	)		(198,785	)		(242,962	)	(34,129	)			(512,731	)			(614,143	)	(86,268	)
General<br> and administrative expenses		(110,988	)		(73,400	)		(84,692	)	(11,897	)			(293,927	)			(233,035	)	(32,734	)
Research<br> and development expenses		(52,951	)		(51,945	)		(58,327	)	(8,193	)			(162,237	)			(166,516	)	(23,390	)
Total<br> operating costs and expenses		(677,671	)		(740,623	)		(861,095	)	(120,958	)			(1,959,799	)			(2,279,519	)	(320,201	)
Operating<br> profit		26,470			97,336			113,765		15,980				125,198				286,994		40,315
Other<br> income
Interest<br> income		36,005			29,534			37,537		5,273				113,319				100,885		14,171
Foreign<br> currency exchange gain/(loss)		7,909			2,656			(388	)	(55	)			8,979				165		23
Others,<br> net		16,928			7,842			17,182		2,414				19,691				35,003		4,917
Profit<br> before income tax		87,312			137,368			168,096		23,612				267,187				423,047		59,426
Income<br> tax benefit/(expense)		7,843			2,852			(9,630	)	(1,353	)			(7,771	)			(20,106	)	(2,824	)
Net<br> profit		95,155			140,220			158,466		22,259				259,416				402,941		56,602
Net<br> (loss)/ profit attributable to mezzanine equity classified as non-controlling interests shareholders		(3,818	)		61			-		-				(8,479	)			(3,879	)	(545	)
Net<br> profit attributable to ordinary shareholders		98,973			140,159			158,466		22,259				267,895				406,820		57,147
Other<br> comprehensive income:
Foreign<br> currency translation adjustment, net of tax		(83,054	)		(33,283	)		(15,103	)	(2,122	)			(44,414	)			(62,442	)	(8,771	)
Unrealized<br> (loss)/gain on available for sale investments, net of tax		-			(18,771	)		9,427		1,324				-				8,268		1,161
Total<br> comprehensive income		12,101			88,166			152,790		21,461				215,002				348,767		48,992
Total<br> comprehensive (loss)/ profit attributable to mezzanine equity classified as non-controlling interests shareholders		(3,818	)		61			-		-				(8,479	)			(3,879	)	(545	)
Total<br> comprehensive income attributable to ordinary shareholders		15,919			88,105			152,790		21,461				223,481				352,646		49,537
Weighted<br> average number of ordinary shares used in computing net profit per share
Basic		3,624,431,887			3,608,253,358			3,619,786,490		3,619,786,490				3,660,415,080				3,616,138,060		3,616,138,060
Diluted		3,689,357,838			3,711,084,352			3,724,685,425		3,724,685,425				3,726,590,324				3,715,930,599		3,715,930,599
Net<br> profit per share attributable to ordinary shareholders
Basic		0.03			0.04			0.04		0.01				0.07				0.11		0.02
Diluted		0.03			0.04			0.04		0.01				0.07				0.11		0.02

All values are in US Dollars.

(i)	Share-based<br> compensation expenses are included in the operating costs and expenses as follows.
		For<br> the Three Months Ended																For<br> the Nine Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		September 30,<br> 2024				June 30,<br> 2025				September 30,<br> 2025								September 30,<br> 2024				September 30,<br> 2025
		RMB				RMB				RMB							RMB				RMB
Sales<br> and marketing expenses			(1,993	)			(1,949	)			(1,314	)			(185	)			(5,133	)			(5,162	)			(725	)
General<br> and administrative expenses			(21,297	)			(11,899	)			(6,940	)			(976	)			(51,909	)			(34,366	)			(4,826	)
Research<br> and development expenses			(2,563	)			(994	)			(563	)			(79	)			(8,146	)			(4,058	)			(570	)
Total			(25,853	)			(14,842	)			(8,817	)			(1,240	)			(65,188	)			(43,586	)			(6,121	)

All values are in US Dollars.

WATERDROP INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, unless otherwisenoted)

	For<br> the Three Months Ended										For<br> the Nine Months Ended
	September 30,<br> 2024			June 30,<br> 2025			September 30,<br> 2025				September 30,<br> 2024				September 30,<br> 2025
	RMB			RMB			RMB			RMB				RMB
Net<br> profit attributable to the Company's ordinary shareholders		98,973			140,159			158,466	22,259			267,895				406,820		57,147
Add:
Share-based<br> compensation expense attributable to the Company's ordinary shareholders		25,673			14,144			8,817	1,239			64,947				42,711		6,000
Foreign<br> currency exchange (gain)/loss		(7,909	)		(2,656	)		388	55			(8,979	)			(165	)	(23	)
Impairment<br> of intangible assets acquired from business combination		12,336			-			-	-			12,336				-		-
Tax<br> effects on non-GAAP adjustments		(3,084	)		-			-	-			(3,084	)			-		-
Adjusted<br> net profit attributable to the Company's ordinary shareholders		125,989			151,647			167,671	23,553			333,115				449,366		63,124

All values are in US Dollars.