Waterdrop Inc. Reports 38.4% YoY Increase in Net Operating Revenue, Net Profit Rises 60.1%

Waterdrop Inc. reported Q3 2025 unaudited financial results, with net operating revenue of RMB 974.9m, a 38.4% YoY increase. Net profit rose 60.1% YoY to RMB 158.5m, marking the 15th consecutive quarter of profitability. Insurance-related revenue increased 44.8% YoY to RMB 869.7m, with operating profit up 44% YoY. First-year premiums increased 32.3% QoQ. The company repurchased approximately 58.1 million ADSs since announcing its first share repurchase program in September 2021.