WDH vs XHG
Waterdrop Inc. and XChange Tec.inc, side by side — 6 fiscal years reported in CNY, drawn from SEC filings.
At a glance
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% | −19.9% |
| 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.
Revenue by year
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 565.8M |
| FY2021 | CNY 3.2B | CNY 939.2M |
| FY2020 | CNY 3.0B | CNY 1.1B |
| FY2019 | CNY 1.5B | CNY 1.1B |
Net income by year
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 |
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