Waterdrop Inc.

Waterdrop Inc. operates a technology platform focused on insurance and healthcare services. Its Insurance Business provides various health and life insurance products, acting as a portal for both insurance consumers and insurance carriers. This business integrates data, systems, and services to facilitate execution and consumer experience using its technology. As of December 31, 2025, the company served approximately 123.4 million cumulative insurance consumers, including those from Shenlanbao Insurance Marketplace after its acquisition of Shenlanbao, with 38.9 million being paying insurance consumers. Its consumers include individuals from lower-tier cities, younger internet users new to insurance, and those who might not otherwise afford or be aware of insurance products. Consumers are acquired through third-party traffic channels, its medical crowdfunding operation, and private domain channels such as social media followers and returning or existing users. The company offers a wide array of health and life insurance products. As of December 31, 2025, it collaborated with 103 insurance carriers to offer 2,379 types of health and life insurance products on Waterdrop Insurance Marketplace. Of these, 1,105 were short-term health insurance, 1,274 were long-term health and life insurance, 1,721 were health insurance, and 658 were life insurance.