Earnings release
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Waterdrop Inc. Announces Second Quarter 2026 Unaudited Financial Results and a Cash Dividend BEIJING, Sept. 8, 2026 /PRNewswire/ -- Waterdrop Inc. ("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare services with a positive social impact, today announced its unaudited financial results for the three and six months ended June 30, 2026 and a cash dividend. Financial and Operational Highlights for the Second Quarter of 2026 Strong Core Business Growth: Net operating revenue for the second quarter rose to RMB1,448.2 million (US$213.4 million), representing a robust year- over-year increase of 72.8%. Insurance-related income for the quarter reached RMB1,333.2 million (US$196.5 million), up 80.5% from the same period in 2025. Improved Operating Performance: In the second quarter of 2026, operating profit was RMB111.3 million (US$16.4 million), marking a 39.2% quarter- over-quarter increase and a 14.3% year-over-year increase. Broader Reach of Medical Crowdfunding: As of June 30, 2026, approximately 499 million individuals had cumulatively donated an aggregate of RMB74.7 billion to 3.82 million patients through Waterdrop Medical Crowdfunding. Continued Expansion in Patient Enrollment: As of June 30, 2026, the Company had facilitated the enrollment of 17,052 patients across 1,873 clinical trial programs through the E-Find Platform. Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, "We are pleased to report another quarter of accelerating growth and strengthening profitability. Our AI initiatives continued to translate into tangible operating leverage. We delivered solid results in insurance business, with an 80.5% year-over-year growth and a 16.4% quarter-over-quarter growth in insurance-related income. Continued refinement of our AI models improved conversion efficiency, leading to a 32.3% sequential increase in the number of new customers acquired. Expanding access to insurance protection remains our core product strategy. During the quarter, we introduced 'Rongyi Bao,' the market's first long-term critical illness insurance product that requires no health disclosure and offers five-year guaranteed renewability. Together with our deepening insights into evolving user needs, these efforts translated into premium growth, with long-term premiums up 33.4% quarter-over-quarter. AI is becoming the foundational layer powering how we sell and serve. Our AI deployment continued to enhance service efficiency and operational quality across our insurance business. In this quarter, premiums facilitated by our 'AI Medical Insurance Expert' rose by 25.6% sequentially. Our 'KEYI.AI' underwriting assistant has processed more than 13,000 inquiries to date. The number of users served by 'AI Super Pre-Sales Assistant' climbed by nearly 50% sequentially. Our AI-powered risk controls for Medical Crowdfunding resulted in marked improvement this quarter. As part of our risk review system, a new asset verification cross-references documents, medical records, and user-generated content to assess the possibility of undisclosed assets, such as property and vehicles, or unreported sources of income, and flags potential inconsistencies across the information reviewed. Within our digital clinical trial business, the E-Find Platform delivered notably strong performance, especially in the chronic disease area. In the second quarter, we partnered with 255 pharmaceutical companies and contract research organizations and enrolled 1,540 patients. Revenue from digital clinical trial solutions was approximately RMB35.2 million, up 26.8% year-over-year. Underscoring the commitment to shareholder returns, the board of directors of the Company (the "Board") has authorized the Company's sixth share repurchase program. Since the initial program launched in 2021, we had repurchased approximately 62.9 million ADSs for US$121.3 million as of August 31, 2026. We are also pleased to announce that, the Board has approved our sixth cash dividend of approximately US$10.8 million. Waterdrop has always regarded technology as our core driver. With AI embedded across our platforms, we are well positioned to capture the growing demand in our existing businesses. Meanwhile, we continue to incubate new AI-driven business initiatives targeting global markets. We remain committed to delivering greater value for our shareholders in the years to come." Financial Results for the Second Quarter of 2026 Operating revenue, net Net operating revenue for the second quarter of 2026 reached RMB1,448.2 million (US$213.4 million), which represents an increase of 72.8% year-over-year from RMB838.0 million for the same period of 2025. On a quarter-over-quarter basis, net operating revenue increased by 16.6%. 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 analytics and intelligent recommendation service, risk assessment technical service and marketing services to insurance companies, insurance brokers, and insurance agencies. Reinforced by cumulative big data, we provide risk assessment technical services through an algorithm-driven verification system assessing risk by analyzing user profiles and medical histories, tagging risk levels for hierarchical management that help insurers refine their risk analysis capabilities since 2025. We leverage multi- dimensional consumer insights to deliver analytics and intelligent recommendation services, enabling policyholders to be matched with more suitable products and improving sales efficiency. Our insurance-related income amounted to RMB1,333.2 million (US$196.5 million) in the second quarter of 2026, representing an increase of 80.5% year-over-year from RMB738.6 million for the second quarter of 2025, driven mainly by enhanced risk assessment service capabilities and increased first-year premiums ("FYP") generated through our platform. Our technical service income amounted to RMB488.0 million (US$71.9 million) in the second quarter of 2026, compared with RMB160.9 million for the same quarter of 2025. On a quarter-over- quarter basis, insurance-related income increased by 16.4%, mainly due to the increase in insurance brokerage income. 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 second quarter of 2026, we generated RMB63.6 million (US$9.4 million) in service fees, representing a decrease of 5.7% from RMB67.4 million for the second quarter of 2025. On a quarter-over-quarter basis, crowdfunding service fees increased by 4.7%. 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 second quarter of 2026, our digital clinical trial solution income amounted to RMB35.2 million (US$5.2 million), representing an increase of 26.8% from RMB27.7 million in the same period of 2025. On a quarter-over-quarter basis, digital clinical trial solution income increased by 45.1%. Operating costs and expenses Operating costs and expenses increased by 80.5% year-over-year to RMB1,336.9 million (US$197.0 million) for the second quarter of 2026. On a quarter-over- quarter basis, operating costs and expenses increased by 15.0%.
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Operating costs increased by 29.0% year-over-year to RMB537.3 million (US$79.2 million) for the second quarter of 2026, as compared with RMB416.5 million for the second quarter of 2025, which was primarily driven by (i) an increase of RMB63.8 million in costs of referral and service fees, (ii) an increase of RMB21.4 million in short message service (SMS) costs for new user onboarding and authentication processes, (iii) an increase of RMB11.2 million in personnel costs, and (iv) an increase of RMB8.2 million in the costs for the digital clinical trial solution consultants team. On a quarter-over- quarter basis, operating costs increased by 10.4% from RMB486.8 million, primarily due to (i) an increase of RMB34.9 million in costs of referral and service fees, (ii) an increase of RMB11.2 million in personnel costs, and (iii) an increase of RMB8.3 million in the costs for the digital clinical trial solution consultants team, partially offset by (iv) a decrease of RMB12.7 million in the costs for SMS due to the decrease of volume of SMS sent during the quarter. Sales and marketing expenses increased by 220.7% year-over-year to RMB637.5 million (US$94.0 million) for the second quarter of 2026, as compared with RMB198.8 million for the same quarter of 2025. The increase was primarily due to (i) an increase of RMB415.0 million in marketing expenses for third-party traffic channels, and (ii) an increase of RMB21.8 million in marketing-related professional technical service fees. On a quarter-over-quarter basis, sales and marketing expenses increased by 17.8% from RMB541.1 million, primarily due to (i) an increase of RMB79.0 million in marketing expenses for third-party traffic channels, and (ii) an increase of RMB12.2 million in marketing-related professional technical service fees. General and administrative expenses increased by 27.2% year-over-year to RMB93.4 million (US$13.8 million) for the second quarter of 2026, as compared with RMB73.4 million for the same quarter of 2025. The increase was primarily due to (i) an increase of RMB33.3 million in allowance for credit losses, partially offset by (ii) a decrease of RMB10.5 million in personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, general and administrative expenses increased by 30.2% from RMB71.7 million, due to (i) an increase of RMB30.2 million in allowance for credit losses, partially offset by (ii) a decrease of RMB10.8 million in personnel costs and share-based compensation expenses. Research and development expenses increased by 32.4% year-over-year to RMB68.8 million (US$10.1 million) for the second quarter of 2026, as compared with RMB51.9 million for the same period of 2025, which was primarily driven by (i) an increase of RMB11.1 million in cloud server fees, token fees and other IT support expenses, and (ii) an increase of RMB6.3 million in personnel costs and share-based compensation expenses. On a quarter-over-quarter basis, research and development expenses increased by 9.7% from RMB62.7 million. The increase was primarily due to (i) an increase of RMB4.0 million in cloud server fees and other IT support expenses, and (ii) an increase of RMB2.0 million in personnel costs and share-based compensation expenses. Operating profit for the second quarter of 2026 was RMB111.3 million (US$16.4 million), as compared with RMB97.3 million for the second quarter of 2025 and RMB80.0 million for the first quarter of 2026. Interest income for the second quarter of 2026 was RMB25.4 million (US$3.7 million), as compared with RMB29.5 million for the second quarter of 2025 and RMB29.1 million for the first quarter of 2026. Income tax expense for the second quarter of 2026 was RMB22.3 million (US$3.3 million), as compared with income tax benefit of RMB2.9 million for the second quarter of 2025 and income tax expense of RMB6.8 million for the first quarter of 2026. Net profit attributable to the Company's ordinary shareholders for the second quarter of 2026 was RMB125.8 million (US$18.5 million), as compared with RMB140.2 million for the same period of 2025 and RMB98.4 million for the first quarter of 2026. Adjusted net profit attributable to the Company's ordinary shareholders (non-GAAP) for the second quarter of 2026 was RMB135.5 million (US$20.0 million), as compared with RMB151.6 million for the same period of 2025 and RMB106.3 million for the first quarter of 2026. Cash position As of June 30, 2026, cash position of the Company was RMB2,652.7 million (US$391.0 million), as compared with RMB3,249.0 million as of December 31, 2025. (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, September 2024, September 2025, and September 2026, respectively, we had cumulatively repurchased approximately 62.9 million ADSs from the open market with cash for a total consideration of approximately US$121.3 million as of August 31, 2026. Our Board has approved a new share repurchase program whereby the Company is authorized to repurchase its own ordinary shares in the form of American depository shares with an aggregate value of up to US$50 million during the 12-month period through September 10, 2027. The Company expects to fund the repurchase from its existing cash balance. The Company's proposed repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the requirements of the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1. The Board will review the share repurchase program periodically, and may authorize adjustment to its terms and size or suspend or discontinue the program. Cash Dividend The Board has approved a cash dividend of US$0.03 per ADS or US$0.003 per ordinary share to shareholders of record as of the close of business on October 9, 2026. The aggregate amount of the dividend is expected to be approximately US$10.8 million. The payment date is expected to be on or around November 3, 2026, for holders of ordinary shares and on or around November 6, 2026, for holders of ADSs. 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 three and six-month ended June 30, 2026. For the Three Months Ended For the Six Months Ended June 30, 2025March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 RMB RMB RMB USD RMB RMB USD (All amounts in thousands) (1) (2)
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Operating revenue, net Insurance 738,561 1,145,790 1,333,211 196,491 1,396,549 2,479,001 365,360 Crowdfunding 67,419 60,729 63,607 9,375 134,550 124,336 18,325 Others 31,979 35,729 51,401 7,575 60,554 87,130 12,841 Total consolidated operating revenue, net 837,959 1,242,248 1,448,219 213,441 1,591,653 2,690,467 396,526 Operating costs and expenses Insurance (567,642) (992,834)(1,149,660)(169,439) (1,074,217)(2,142,494)(315,765) Crowdfunding (99,519) (96,786) (100,874) (14,867) (196,818) (197,660) (29,131) Others (58,620) (64,721) (76,383) (11,258) (112,620) (141,104) (20,796) Operating profit/(loss) Insurance 170,919 152,956 183,551 27,052 322,332 336,507 49,595 Crowdfunding (32,100) (36,057) (37,267) (5,492) (62,268) (73,324) (10,806) Others (26,641) (28,992) (24,982) (3,683) (52,066) (53,974) (7,955) Total segment operating profit 112,178 87,907 121,302 17,877 207,998 209,209 30,834 Unallocated items* (14,842) (7,954) (10,020) (1,476) (34,769) (17,974) (2,649) Total consolidated operating profit 97,336 79,953 111,282 16,401 173,229 191,235 28,185 Total other income 40,032 27,258 37,543 5,532 81,722 64,801 9,551 Consolidated profit before income tax, and share of results of equity method investee 137,368 107,211 148,825 21,933 254,951 256,036 37,736 * 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. Subsequent to June 30, 2026, a wholly owned subsidiary of the Company entered into a secured term loan facility amounting to US$40.0 million with an independent third-party borrower, which has been fully drawn. The borrowings bear interest at 10% per annum, mature 24 months after the respective drawdown dates, and are secured by the borrower's limited partnership interest in a private investment fund. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD" or "US$") 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 RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 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 and foreign currency exchange gain or losses. 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 "Reconciliations 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 September 8, 2026 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: 852-58081995
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Mainland China: 4001-206115 Entry Number: 5895694 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 through September 15, 2026 by dialing the following numbers: United States Toll Free:1-855-669-9658 International: 1-412-317-0088 Replay Access Code: 6264481 Additionally, live and archived webcasts of the conference call will 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 services 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 services to billions through technology. For more information, please visit www.waterdrop-inc.com. For investor inquiries, please contact Waterdrop Inc. IR@shuidi-inc.com WATERDROP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, unless otherwise noted) As of December 31, 2025 June 30, 2026 RMB RMB USD Assets Current assets Cash and cash equivalents 483,003 1,049,440 154,668 Restricted cash 648,450 813,647 119,917 Short-term investments 530,668 195,725 28,846 Accounts receivable, net 1,260,464 2,166,231 319,263 Current contract assets 806,916 900,970 132,787 Amount due from related parties 209 320 47 Prepaid expense and other assets 251,084 308,690 45,495 Total current assets 3,980,794 5,435,023 801,023 Non-current assets Non-current contract assets 295,516 369,665 54,482 Property, equipment and software, net 255,698 251,709 37,097 Intangible assets, net 177,140 179,856 26,507 Long-term investments 2,284,102 1,533,669 226,035 Right of use assets, net 23,955 21,795 3,212 Deferred tax assets 2,870 571 84 Goodwill 80,751 85,472 12,597 Total non-current assets 3,120,032 2,442,737 360,014 Total assets 7,100,826 7,877,7601,161,037 Liabilities and Shareholders' Equity Current liabilities Amount due to related parties 9,324 11,514 1,697 Insurance premium payables 684,800 913,286 134,602 Accrued expenses and other current liabilities1,140,448 1,071,537 157,925 Short-term loans 47,000 476,273 70,194 Current lease liabilities 10,888 10,085 1,486 Total current liabilities 1,892,460 2,482,695 365,904 Non-current liabilities Non-current lease liabilities 12,640 11,237 1,656 Deferred tax liabilities 43,798 70,724 10,423 Total non-current liabilities 56,438 81,961 12,079 Total liabilities 1,948,898 2,564,656 377,983 Shareholders' equity Class A ordinary shares 116 116 17 Class B ordinary shares 27 27 4 Treasury stock (16) (17) (3) Additional paid-in capital 6,733,696 6,642,139 978,930 Statutory reserves - 53,346 7,862 Accumulated other comprehensive income/ (loss) 43,622 (38,017) (5,603) Accumulated deficit (1,625,517)(1,454,719)(214,399) Non-controlling interests - 110,229 16,246 Total shareholders' equity 5,151,928 5,313,104 783,054
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Total liabilities and shareholders' equity 7,100,826 7,877,7601,161,037 View News Release Full Screen 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 For the Six Mo June 30, 2025March 31, 2026 June 30, 2026 June 30, 2025 RMB RMB RMB USD RMB RM Operating revenue, net 837,959 1,242,248 1,448,219 213,441 1,591,653 2,69 Operating costs and expenses Operating costs (416,493) (486,812) (537,279) (79,185) (790,711) (1,02 Sales and marketing expenses (198,785) (541,052) (637,499) (93,956) (371,181) (1,17 General and administrative expenses (73,400) (71,701) (93,359) (13,759) (148,343) (16 Research and development expenses (51,945) (62,730) (68,800) (10,140) (108,189) (13 Total operating costs and expenses (740,623) (1,162,295) (1,336,937) (197,040) (1,418,424) (2,49 Operating profit 97,336 79,953 111,282 16,401 173,229 19 Other income Interest income 29,534 29,088 25,378 3,740 63,348 5 Foreign currency exchange gain 2,656 22 281 41 553 Others, net 7,842 (1,852) 11,884 1,751 17,821 1 Profit before income tax, and share of results of equity method investee 137,368 107,211 148,825 21,933 254,951 25 Income tax benefit/(expense) 2,852 (6,785) (22,275) (3,283) (10,476) (2 Share of results of equity method investee - (2,155) 19 3 - ( Net profit 140,220 98,271 126,569 18,653 244,475 22 Net profit/(loss) attributable to non-controlling interests shareholders 61 (101) 797 117 (3,879) Net profit attributable to ordinary shareholders 140,159 98,372 125,772 18,536 248,354 22 Other comprehensive income: Foreign currency translation adjustment, net of tax (33,283) (34,915) (39,914) (5,883) (47,339) (7 Unrealized loss on available for sale investments, net of tax (18,771) (5,334) (1,476) (218) (1,159) ( Total comprehensive income 88,166 58,022 85,179 12,552 195,977 14 Total comprehensive income/(loss) attributable to non- controlling interests shareholders 61 (101) 797 117 (3,879) Total comprehensive income attributable to ordinary shareholders 88,105 58,123 84,382 12,435 199,856 14 Weighted average number of ordinary shares used in computing net profit per share Basic 3,608,253,3583,597,746,7653,589,788,4963,589,788,4963,614,283,6093,593,74 Diluted 3,711,084,352 3,689,297,9093,673,287,0003,673,287,0003,711,508,1753,681,27 Net profit per share attributable to ordinary shareholders Basic 0.04 0.03 0.04 0.01 0.07 Diluted 0.04 0.03 0.03 0.01 0.07 (i) Share-based compensation expenses are included in the operating costs and expenses as follows. For the Three Months Ended For the Six Mo June 30, 2025March 31, 2026 June 30, 2026 June 30, 2025 RMB RMB RMB USD RMB RM Sales and marketing expenses (1,949) (1,108) (1,053) (155) (3,848) ( General and administrative expenses (11,899) (6,134) (7,819) (1,152) (27,426) (1 Research and development expenses (994) (712) (1,148) (169) (3,495) ( Total (14,842) (7,954) (10,020) (1,476) (34,769) (1 View News Release Full Screen WATERDROP INC. RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, unless otherwise noted) For the Three Months Ended For the Six Months Ended (i)
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June 30, 2025March 31, 2026 June 30, 2026June 30, 2025June 30, 20 RMB RMB RMB USD RMB RMB U Net profit attributable to the Company's ordinary shareholders 140,159 98,372 125,772 18,536 248,354 224,144 33 Add: Share-based compensation expense attributable to the Company's ordinary shareholders 14,144 7,954 10,020 1,476 33,894 17,974 2 Foreign currency exchange gain (2,656) (22) (281) (41) (553) (303) Adjusted net profit attributable to the Company's ordinary shareholders 151,647 106,304 135,511 19,971 281,695 241,815 35 SOURCE Waterdrop Inc.