WDH vs XHG
Waterdrop Inc. and XChange Tec.inc, side by side — 6 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | WDH | XHG |
|---|---|---|
| Revenue | CNY 4.0B | CNY 365.3M |
| Net income | CNY 568.9M | CNY -748.4M |
| Gross margin | · | 2.2% |
| Net margin | 14.2% | −204.9% |
| Return on equity | 11.4% | · |
| Diluted EPS | CNY 0.15 | CNY 0.00 |
| Dividend / share | · | · |
| Payout ratio | 22.9% | · |
| Free cash flow | CNY 214.3M | · |
| Equity | CNY 5.2B | CNY -880.1M |
| Net debt / equity | −0.08× | · |
| Current ratio | 2.10× | 0.04× |
| Revenue CAGR 5y | 5.6% | · |
| Profit CAGR 5y | · | · |
WDH bills 10.9× the revenue of XHG, and XHG closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
6 years side by side
| Fiscal year | WDH | XHG |
|---|---|---|
| FY2025 | CNY 4.0B | CNY 365.3M |
| FY2024 | CNY 2.8B | CNY 288.4M |
| FY2022 | CNY 2.8B | CNY 652.3M |
| FY2021 | CNY 3.2B | CNY 1.0B |
| FY2020 | CNY 3.0B | CNY 1.2B |
| FY2019 | CNY 1.5B | CNY 1.2B |
Bottom line
| Fiscal year | WDH | XHG |
|---|---|---|
| FY2025 | CNY 568.9M | CNY -748.4M |
| FY2024 | CNY 367.5M | CNY -226.8M |
| FY2022 | CNY 607.7M | CNY 820.0M |
| FY2021 | CNY -1.6B | CNY -569.2M |
| FY2020 | CNY -663.9M | CNY -1.5B |
| FY2019 | CNY -321.5M | CNY -498.2M |
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 3,612,494,000 | WDH |
| FY2024 | +CNY 2,483,452,000 | WDH |
| FY2022 | +CNY 2,149,435,000 | WDH |
| FY2021 | +CNY 2,169,708,000 | WDH |
| FY2020 | +CNY 1,819,985,000 | WDH |
| FY2019 | +CNY 277,195,000 | WDH |
WDH has reported the higher revenue in every one of these 6 fiscal years. The gap has widened since the earliest year compared.
6 of 9 comparable fiscal years — a year missing data on either side is not counted.
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +219.1 pp | WDH |
| FY2024 | +91.3 pp | WDH |
| FY2022 | −104.0 pp | XHG |
| FY2021 | +5.8 pp | WDH |
| FY2020 | +105.0 pp | WDH |
| FY2019 | +61.7 pp | WDH |
The higher net margin has changed hands between WDH and XHG over this period.
6 of 9 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
XHG's net margin has been more volatile than WDH's over the 6 comparable fiscal years — 100.5 percentage points of standard deviation against 26.4.
6 of 9 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between WDH and XHG over these 6 fiscal years — WDH led in 5 and XHG in 1.
6 of 9 comparable fiscal years — a year missing data on either side is not counted.