Waterdrop Inc. WDH

What this company does

Waterdrop sells insurance policies underwritten by insurance carriers through its platform, and is generally paid commissions calculated as a percentage of the premiums paid. As of December 31, 2025, the cumulative number of insurance consumers served, including those served through Shenlanbao Insurance Marketplace, was approximately 123.4 million, of which 38.9 million were paying insurance consumers. It works with 103 insurance carriers to offer 2,379 types of health and life insurance products on Waterdrop Insurance Marketplace, split between short-term health insurance and long-term health and life insurance. Waterdrop Medical Crowdfunding, a platform launched in July 2016 on which patients raise money for medical costs, had drawn cumulative donations of RMB72.3 billion from around 490 million people to 3.68 million patients. An offline crowdfunding consultant team serves patients across 31 provinces and 311 cities, alongside an online team for direct users, and these consultants handle enquiries, conduct initial patient verification and review campaigns. Since late 2021 the company has run E-Find Patient Recruitment, a digital platform through which pharmaceutical companies find matches for clinical trials. In 2025 it cooperated with 298 pharmaceutical companies and CROs, and its patient recruitment services cover Phase I to Phase III clinical trials in therapeutic areas including oncology, chronic diseases and rare diseases.

Written from the business description in Waterdrop Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 28 April 2026. Every sentence was checked against that document before publication.