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    Waterdrop Inc. Announces First Quarter 2025 Unaudited Financial Results

    6/5/25 6:00:00 AM ET
    $WDH
    Specialty Insurers
    Finance
    Get the next $WDH alert in real time by email

    BEIJING, June 5, 2025 /PRNewswire/ -- 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 months ended March 31, 2025.

    Financial and Operational Highlights for the First Quarter of 2025

    • Profit growth with stable liquidity: In the first quarter of 2025, net profit attributable to our ordinary shareholders reached RMB108.2 million (US$14.9 million), marking a solid increase of 34.2% year-over-year. We continued to generate positive operating cash flow during the first quarter of 2025.
    • Accelerated business growth: The first-year premiums ("FYP") generated through our insurance business reached RMB2,092.4 million (US$288.3 million) during the first quarter of 2025, representing an increase of 19.3% year over year. Net operating revenue was RMB753.7 million (US$103.9 million), representing an increase of 7.0% year over year.
    • Expanded crowdfunding coverage: As of March 31, 2025, around 475 million people cumulatively had donated an aggregate of RMB68.8 billion to 3.47 million patients through Waterdrop Medical Crowdfunding.
    • Steadfast performance in patient recruitment: As of March 31, 2025, the Company had cumulatively enrolled 11,217 patients into 1,281 clinical trial programs through the E-Find Platform.

    Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "We achieved remarkable growth in the first quarter of 2025, kicking off the year with robust operational and financial outcomes. Both revenue and profit grew on a year-on-year and quarter-on-quarter basis.

    In line with our annual growth objectives, our insurance business maintained a strong upward trajectory. We refined our public domain user acquisition strategies and improved services for private domain users, leading to a notable 30.1% year-over-year increase in short-term insurance premium. Product innovation remains a top priority, as highlighted by the upgrade of 'Jiehaoyun', our industry-first product, to version 5.0. Furthermore, we recently introduced a revolutionary Million Medical Insurance product that uniquely offers both a health declaration waiver and guaranteed renewal for five consecutive years. Despite headwinds from product iteration, our long-term insurance premiums grew by 27.6% quarter-on-quarter, demonstrating operational resilience.

    Waterdrop Medical Crowdfunding further enhanced its risk control framework through ongoing upgrades, improving the rigor of campaign validation processes. This quarter, we expanded our verification platform to cover 92% of domestic cities. The system now enables smoother user-led verification of critical credibility factors like housing, vehicle ownership, and income data. These improvements deliver more reliable and efficient risk management.

    Our digital clinical trial solution revenue sustained its growth momentum this quarter, reflecting an 11.5% increase compared to the same period last year. We collaborated with a total of 185 pharmaceutical companies and contract research organizations ("CROs"). Meanwhile, we enrolled 822 patients and initiated services for 77 new programs during the first quarter of 2025.

    We are pleased to report that Waterdrop Guardian AI applications are playing increasingly critical roles in both internal and external use cases. For instance, the penetration of our 'AI Insurance Expert - Medical Insurance' has further expanded and facilitated over 2 million yuan in monthly premiums this quarter. Additionally, our 'AI Service Quality Copilot' has boosted unit operational efficiency by 83% since its launch. Beyond internal initiatives, we have partnered with four Property and Casualty insurers to pilot AI-driven applications in the auto insurance sector, collaborating to set industry benchmarks.

    Every strategic action we take is anchored in our objective of maximizing shareholder value. The Company distributed approximately US$7.3 million in cash dividends this quarter and repurchased a cumulative total of approximately 54.2 million ADSs from the open market as of May 31, 2025.

    Our long-standing commitment to user-centric philosophy and AI investment laid the foundation for our achievements. Looking ahead to the upcoming quarters of 2025, we will leverage our proven business know-how to accelerate operational growth, creating greater value to both users and shareholders."

    Financial Results for the First Quarter of 2025

    Operating revenue, net

    Net operating revenue for the first quarter of 2025 increased by 7.0% year-over-year to RMB753.7 million (US$103.9 million) from RMB704.7 million for the same period of 2024. On a quarter-over-quarter basis, net operating revenue increased by 9.7%.

    • Insurance-related income includes insurance brokerage income and technical service income. Insurance brokerage income represents brokerage commissions earned from insurance companies. Technical service income is derived from providing technical services including customer relationship maintenance, customer complaint management, claim review, and user referral services, among other things, to insurance companies, insurance brokers, and agency companies. Our insurance-related income amounted to RMB658.0 million (US$90.7 million) in the first quarter of 2025, representing an increase of 8.4% year-over-year from RMB606.8 million for the first quarter of 2024, which was mainly due to an increase in insurance brokerage income. On a quarter-over-quarter basis, insurance-related income increased by 13.0%.
    • Crowdfunding service fees represent the service income earned when patients successfully withdraw the proceeds from their crowdfunding campaigns. Our role is to operate the Waterdrop Medical Crowdfunding platform to provide crowdfunding related services through the internet, enabling patients with significant medical bills to seek help from caring hearts through technology (the "medical crowdfunding services"). Our medical crowdfunding services generally consist of providing technical and internet support, managing, reviewing and supervising the crowdfunding campaigns, providing comprehensive risk management and anti-fraud measures, and facilitating the collection and transfer of the funds. For the first quarter of 2025, we generated RMB67.1 million (US$9.3 million) in service fees, remaining stable compared with the service fees of RMB67.4 million for the first quarter of 2024. On a quarter-over-quarter basis, crowdfunding service fees increased by 3.1%.
    • Digital clinical trial solution income represents the service income earned from our customers mainly including biopharmaceutical companies and leading biotechnology companies. We match qualified and suitable patients for enrollment in clinical trials for our customers and generate digital clinical trial solution revenue for successful matches and we typically charge our customers a fixed unit price per successful match. For the first quarter of 2025, our digital clinical trial solution income amounted to RMB23.0 million (US$3.2 million), representing an increase of 11.5% from RMB20.6 million in the same period of 2024. On a quarter-over-quarter basis, digital clinical trial solution income decreased by 9.9%.

    Operating costs and expenses

    Operating costs and expenses increased by 3.0% year over year to RMB677.8 million (US$93.4 million) for the first quarter of 2025. On a quarter-over-quarter basis, operating costs and expenses increased by 6.9%.

    • Operating costs increased by 13.0% year over year to RMB374.2 million (US$51.6 million) for the first quarter of 2025, as compared with RMB331.2 million for the first quarter of 2024, which was primarily driven by (i) an increase of RMB37.7 million in costs of referral and service fees, (ii) an increase of RMB2.8 million in the costs for the digital clinical trial solution consultants team, and (iii) an increase of RMB1.7 million in personnel costs. On a quarter-over-quarter basis, operating costs increased by 15.6% from RMB323.8 million, primarily due to (i) an increase of RMB28.3 million in costs of referral and service fees, and (ii) an increase of RMB8.4 million in the costs for the crowdfunding consultants team.
    • Sales and marketing expenses decreased by 5.4% year over year to RMB172.4 million (US$23.8 million) for the first quarter of 2025, as compared with RMB182.1 million for the same quarter of 2024. The decrease was primarily due to (i) a decrease of RMB5.9 million in outsourced sales and marketing service fees to third parties, (ii) a decrease of RMB5.6 million in personnel costs and share-based compensation expenses, partially offset by (iii) an increase of RMB4.5 million in marketing expenses for third-party traffic channels. On a quarter-over-quarter basis, sales and marketing expenses decreased by 5.3% from RMB182.0 million, primarily due to (i) a decrease of RMB7.5 million in marketing expenses for third-party traffic channels, and (ii) a decrease of RMB1.9 million in outsourced sales and marketing service fees to third parties.
    • General and administrative expenses decreased by 15.8% year over year to RMB74.9 million (US$10.3 million) for the first quarter of 2025, compared with RMB89.0 million for the same quarter of 2024. The year-over-year variance was due to (i) a decrease of RMB9.8 million in professional service fees, and (ii) a decrease of RMB4.0 million in allowance for credit losses. On a quarter-over-quarter basis, general and administrative expenses increased by 1.7% from RMB73.7 million, due to (i) an increase of RMB4.7 million in allowance for credit losses, partially offset by (ii) a decrease of RMB2.6 million in professional service fees.
    • Research and development expenses remained stable at RMB56.2 million (US$7.8 million) for the first quarter of 2025, maintaining nearly the same level as RMB56.0 million for the same period of 2024. On a quarter-over-quarter basis, research and development expenses increased by 3.6% from RMB54.3 million. The increase was primarily due to an increase of RMB1.7 million in personnel costs and share-based compensation expenses.

    Operating profit for the first quarter of 2025 was RMB75.9 million (US$10.5 million), as compared with RMB46.4 million for the first quarter of 2024 and RMB53.0 million for the fourth quarter of 2024.

    Interest income for the first quarter of 2025 was RMB33.8 million (US$4.7 million), as compared with RMB39.8 million for the first quarter of 2024 and RMB35.8 million for the fourth quarter of 2024.

    Income tax expense for the first quarter of 2025 was RMB13.3 million (US$1.8 million), as compared with RMB8.6 million for the first quarter of 2024 and RMB1.9 million for the fourth quarter of 2024.

    Net profit attributable to the Company's ordinary shareholders for the first quarter of 2025 was RMB108.2 million (US$14.9 million), as compared with RMB80.6 million for the same period of 2024, and RMB99.6 million for the fourth quarter of 2024.

    Adjusted net profit attributable to the Company's ordinary shareholders (non-GAAP(1)) for the first quarter of 2025 was RMB130.0 million (US$17.9 million), as compared with RMB98.4 million for the same period of 2024, and RMB107.1 million for the fourth quarter of 2024. 

    Cash position(2)

    As of March 31, 2025, cash position of the Company was RMB3,543.3 million (US$488.3 million), as compared with RMB3,670.3 million as of December 31, 2024.

    (1) See the sections entitled "Non-GAAP Financial Measure" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP 

         measures referred to in this announcement.

    (2) Cash position includes cash and cash equivalents, short-term investments, and long-term debt investments included in long-term investments.

    Share Repurchase Programs

    Pursuant to the share repurchase programs launched in September 2021, September 2022, September 2023 and September 2024, respectively, we had cumulatively repurchased approximately 54.2 million ADSs from the open market with cash for a total consideration of approximately US$106.6 million as of May 31, 2025.

    Supplemental Information

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

    • Insurance, which mainly includes insurance brokerage service and technical service;
    • Crowdfunding, which mainly includes crowdfunding service; and
    • Others, which do not individually or in the aggregate meet the quantitative and qualitative thresholds to be individually reportable and are aggregated.

    The table below sets forth the segment operating results, with the three-month comparative figures retrospectively adjusted to conform to this presentation.

     





    For the Three Months Ended 





    March 31, 2024



    December 31, 2024



    March 31, 2025





    RMB



    RMB



    RMB



    USD





    (All amounts in thousands)

    Operating revenue, net

















     Insurance 



    606,777



    582,442



    657,988



    90,673

     Crowdfunding 



    67,350



    65,138



    67,131



    9,251

     Others 



    30,573



    39,244



    28,575



    3,938

    Total consolidated operating revenue, net



    704,700



    686,824



    753,694



    103,862

    Operating costs and expenses

















     Insurance 



    (477,614)



    (479,856)



    (506,575)



    (69,808)

     Crowdfunding 



    (99,587)



    (87,147)



    (97,299)



    (13,408)

     Others 



    (62,005)



    (45,177)



    (54,000)



    (7,442)

    Operating profit/(loss)

















     Insurance 



    129,163



    102,586



    151,413



    20,865

     Crowdfunding 



    (32,237)



    (22,009)



    (30,168)



    (4,157)

     Others 



    (31,432)



    (5,933)



    (25,425)



    (3,504)

    Total segment operating profit



    65,494



    74,644



    95,820



    13,204

    Unallocated items*



    (19,130)



    (21,684)



    (19,927)



    (2,746)

    Total consolidated operating profit



    46,364



    52,960



    75,893



    10,458

    Total other income



    42,781



    40,443



    41,690



    5,745

    Consolidated profit before income tax



    89,145



    93,403



    117,583



    16,203



















    * The share-based compensation represents unallocated items in the segment information because our management does

       not consider this as part of the segment operating performance measure.

    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 RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 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, and impact of terminating the mutual aid plan on non-GAAP adjustments. Such adjustments have no impact on income tax.

    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 June 5, 2025 at 8:00 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 States Toll Free:

    1-888-317-6003

    Hong Kong Toll Free:

    800-963976

    Hong Kong:

    852-58081995

    Mainland China:

    4001-206115

    Chinese Line (Mandarin) Entry Number:

    0072517

    English Interpretation Line (Listen-only Mode) Entry Number:

    8162178

    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 until June 12, 2025 by dialing the following numbers:

    United States Toll Free:

    1-877-344-7529

    International:

    1-412-317-0088

    Chinese Line Access Code:

    9960990

    English Interpretation Line Access Code:

    6469856

    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, please contact

    Waterdrop Inc.

    [email protected] 

    WATERDROP INC.

    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

    (All amounts in thousands, unless otherwise noted)





    As of 



    December 31, 2024



    March 31, 2025



    RMB



    RMB



    USD

    Assets











    Current assets











           Cash and cash equivalents

    986,323



    1,158,059



    159,585

           Restricted cash 

    520,588



    603,924



    83,223

           Short-term investments

    1,612,619



    778,068



    107,221

           Accounts receivable, net 

    716,206



    768,855



    105,951

           Current contract assets 

    619,436



    632,525



    87,164

           Amount due from related parties

    257



    270



    37

           Prepaid expense and other assets

    182,641



    192,849



    26,575

    Total current assets

    4,638,070



    4,134,550



    569,756

    Non-current assets











           Non-current contract assets

    153,749



    171,226



    23,596

           Property, equipment and software, net

    240,024



    240,846



    33,189

           Intangible assets, net

    153,011



    152,979



    21,081

           Long-term investments

    1,114,160



    1,649,792



    227,347

           Right of use assets, net

    46,872



    36,970



    5,095

           Deferred tax assets

    27,028



    21,278



    2,932

           Goodwill

    80,751



    80,751



    11,128

    Total non-current assets

    1,815,595



    2,353,842



    324,368

    Total assets

    6,453,665



    6,488,392



    894,124













    Liabilities, Mezzanine Equity and Shareholders' Equity 











    Current liabilities











           Amount due to related parties

    10,616



    10,851



    1,495

           Insurance premium payables 

    537,344



    624,202



    86,017

           Accrued expenses and other current liabilities

    704,035



    791,425



    109,061

           Short-term loans

    198,373



    -



    -

           Current lease liabilities

    34,573



    30,973



    4,268

    Total current liabilities 

    1,484,941



    1,457,451



    200,841

    Non-current liabilities











           Non-current lease liabilities

    10,971



    5,707



    786

           Deferred tax liabilities

    84,185



    91,680



    12,634

    Total non-current liabilities

    95,156



    97,387



    13,420

    Total liabilities

    1,580,097



    1,554,838



    214,261













    Mezzanine Equity











           Redeemable non-controlling interests

    76,133



    72,193



    9,948













    Shareholders' equity











           Class A ordinary shares

    112



    113



    16

           Class B ordinary shares

    27



    27



    4

           Treasury stock

    (15)



    (16)



    (2)

           Additional paid-in capital

    6,832,214



    6,784,389



    934,914

           Accumulated other comprehensive income

    159,550



    163,106



    22,477

           Accumulated deficit

    (2,194,453)



    (2,086,258)



    (287,494)

    Total shareholders' equity

    4,797,435



    4,861,361



    669,915

    Total liabilities, mezzanine equity and shareholders' equity

    6,453,665



    6,488,392



    894,124

       

     

    WATERDROP INC.

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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







    For the Three Months Ended 





    March 31, 2024



    December 31, 2024



    March 31, 2025





    RMB



    RMB



    RMB



    USD



















    Operating revenue, net



    704,700



    686,824



    753,694



    103,862

    Operating costs and expenses(i)

















     Operating costs 



    (331,243)



    (323,836)



    (374,218)



    (51,569)

     Sales and marketing expenses 



    (182,146)



    (182,038)



    (172,396)



    (23,757)

     General and administrative expenses 



    (88,961)



    (73,725)



    (74,943)



    (10,327)

     Research and development expenses 



    (55,986)



    (54,265)



    (56,244)



    (7,751)

    Total operating costs and expenses



    (658,336)



    (633,864)



    (677,801)



    (93,404)

    Operating profit



    46,364



    52,960



    75,893



    10,458

    Other income

















     Interest income 



    39,804



    35,802



    33,814



    4,660

     Foreign currency exchange gain/(loss) 



    1,514



    (963)



    (2,103)



    (290)

     Others, net 



    1,463



    5,604



    9,979



    1,375

    Profit before income tax



    89,145



    93,403



    117,583



    16,203

     Income tax expense 



    (8,588)



    (1,936)



    (13,328)



    (1,837)

    Net profit 



    80,557



    91,467



    104,255



    14,366

     Net loss attributable to mezzanine equity classified as non-

         controlling interests shareholders 



    (75)



    (8,148)



    (3,940)



    (543)

    Net profit attributable to ordinary shareholders



    80,632



    99,615



    108,195



    14,909

    Other comprehensive income:

















     Foreign currency translation adjustment, net of tax 



    25,143



    89,187



    (14,056)



    (1,937)

     Unrealized (loss)/gain on available for sale investments, net of tax 



    -



    (29,330)



    17,612



    2,427

    Total comprehensive income



    105,700



    151,324



    107,811



    14,856

     Total comprehensive loss attributable to mezzanine equity

         classified as non-controlling interests shareholders 



    (75)



    (8,148)



    (3,940)



    (543)

    Total comprehensive income attributable to ordinary shareholders



    105,775



    159,472



    111,751



    15,399

    Weighted average number of ordinary shares used in computing

       net profit per share

















     Basic 



    3,696,619,172



    3,620,987,566



    3,620,380,862



    3,620,380,862

     Diluted 



    3,756,462,107



    3,699,552,300



    3,711,999,000



    3,711,999,000

    Net profit per share attributable to ordinary shareholders

















     Basic 



    0.02



    0.03



    0.03



    0.00

     Diluted 



    0.02



    0.03



    0.03



    0.00





































    (i) Share-based compensation expenses are included in the operating costs and expenses as follows. 























    For the Three Months Ended 





    March 31, 2024



    December 31, 2024



    March 31, 2025





    RMB



    RMB



    RMB



    USD

    Sales and marketing expenses



    (1,820)



    (1,692)



    (1,899)



    (262)

    General and administrative expenses



    (14,327)



    (17,336)



    (15,527)



    (2,140)

    Research and development expenses



    (2,983)



    (2,656)



    (2,501)



    (344)

    Total 



    (19,130)



    (21,684)



    (19,927)



    (2,746)

     

     

     

    WATERDROP INC.

    RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

    (All amounts in thousands, unless otherwise noted)























    For the Three Months Ended 





    March 31, 2024



    December 31, 2024



    March 31, 2025





    RMB



    RMB



    RMB



    USD



















    Net profit attributable to the Company's ordinary shareholders



    80,632



    99,615



    108,195



    14,909

    Add:

















     Share-based compensation expense attributable to the Company's

         ordinary shareholders 



    19,260



    21,502



    19,750



    2,722

     Foreign currency exchange (gain)/ loss 



    (1,514)



    963



    2,103



    290

     Impact of terminating the mutual aid plan(ii) 



    -



    (14,985)



    -



    -

    Adjusted net profit attributable to the Company's ordinary

         shareholders



    98,378



    107,095



    130,048



    17,921





































    (ii) This represents the reversal of the difference between estimated cost of medical expense coverage and actual payment.

     

     

    Cision View original content:https://www.prnewswire.com/news-releases/waterdrop-inc-announces-first-quarter-2025-unaudited-financial-results-302474144.html

    SOURCE Waterdrop Inc.

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