← Waterdrop Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and Cash Equivalents, at Carrying Value | $1.1b | $128.3m | $228.2m | $55.9m | $135.1m | $69.1m | |
| Prepaid Expense and Other Assets, Current | $651.1m | $58.0m | $49.7m | $26.7m | $25.0m | $35.9m | |
| Short-term Investments | $1.2b | $309.0m | $308.9m | $422.1m | $220.9m | $75.9m | |
| Cash and cash equivalents | $1.1b | $817.7m | $1.6b | $396.9m | $986.3m | $483.0m | |
| Accounts receivable, net of allowance of RMB28,772 and RMB46,616 (US$6,666) as of December 31, 2024 and 2025, respectively | $539.8m | $643.8m | $675.8m | $693.1m | $716.2m | $1.3b | |
| Prepaid expense and other assets | $651.1m | $369.8m | $342.5m | $189.8m | $182.6m | $251.1m | |
| Accounts Receivable | — | — | $675.8m | $693.1m | $716.2m | $1.3b | |
| Allowance For Doubtful Accounts Receivable | — | — | ($10.3m) | ($19.3m) | ($28.8m) | ($46.6m) | |
| Cash Cash Equivalents And Short Term Investments | — | — | $3.7b | $3.4b | $2.6b | $1.0b | |
| Gross Accounts Receivable | — | — | $686.1m | $712.4m | $745.0m | $1.3b | |
| Other Current Assets | — | $26.3m | $342.5m | $189.8m | — | — | |
| Other Receivables | — | — | $450.1m | $674.7m | $719.3m | $947.5m | |
| Other Short Term Investments | — | — | $2.1b | $3.0b | $1.6b | $530.7m | |
| Prepaid Assets | — | — | $291.4m | $128.4m | $116.9m | $127.9m | |
| Receivables Adjustments Allowances | — | — | ($52.0m) | ($55.0m) | ($54.7m) | ($53.4m) | |
| Taxes Receivable | — | — | $11.8m | $14.6m | $20.5m | $36.1m | |
| Assets, Current | $4.5b | $789.8m | $825.1m | $764.3m | $635.4m | $569.2m | |
| Total current assets | $4.5b | $5.0b | $5.7b | $5.4b | $4.6b | $4.0b | |
| Long-term investments | $2.7m | $11.8m | $12.0m | $211.8m | $1.1b | $2.3b | |
| Property, Plant and Equipment, Net | $28.7m | $7.0m | $4.6m | $4.8m | $32.9m | $36.6m | |
| Goodwill | $3.1m | $537k | $496k | $11.4m | $11.1m | $11.5m | |
| Intangible Assets, Net (Excluding Goodwill) | $53.0m | $8.9m | $8.2m | $25.0m | $21.0m | $25.3m | |
| Intangible assets, net | $53.0m | $56.8m | $56.6m | $177.4m | $153.0m | $177.1m | |
| Goodwill And Other Intangible Assets | — | — | $60.0m | $258.2m | $233.8m | $257.9m | |
| Other Intangible Assets | — | — | $56.6m | $177.4m | $153.0m | $177.1m | |
| Operating Lease, Right-of-Use Asset | $60.7m | $9.3m | $2.7m | $8.4m | $6.4m | $3.4m | |
| Right of use assets, net | $60.7m | $59.1m | $18.4m | $59.9m | $46.9m | $24.0m | |
| Additional Financial Items | |||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $539.8m | $101.0m | $98.0m | $97.6m | $98.1m | $180.2m | |
| Accrued Liabilities, Current | $0 | $71.6m | $27.7m | — | — | — | |
| Restricted cash | $261.4m | $667.7m | $517.4m | $577.1m | $520.6m | $648.5m | |
| Current contract assets | $824.5m | $563.6m | $450.1m | $572.9m | $619.4m | $806.9m | |
| Amount due from related parties | $813k | $1.0m | $358k | $65k | $257k | $209k | |
| Non-current contract assets | $24.0m | $29.9m | $103.6m | $134.4m | $153.7m | $295.5m | |
| Deferred tax assets | — | $11.8m | $6.2m | $24.2m | $27.0m | $2.9m | |
| Amount due to related parties (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB253 and RMB1 as of December 31, 2024 and 2025, respectively) | $9.8m | $20.4m | $11.6m | $9.5m | $10.6m | $9.3m | |
| Insurance premium payables (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB537,344 and RMB684,800 as of December 31, 2024 and 2025, respectively) | $607.3m | $685.0m | $516.7m | $592.0m | $537.3m | $684.8m | |
| Accrued expenses and other current liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB534,932 and RMB729,682 as of December 31, 2024 and 2025, respectively) | $595.6m | $498.8m | $584.1m | $597.7m | $704.0m | $1.1b | |
| Short-term loans | — | — | — | $137.6m | $198.4m | $47.0m | |
| Current lease liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB13,232 and RMB8,751 as of December 31, 2024 and 2025, respectively) | $36.6m | $44.1m | $9.4m | $32.9m | $34.6m | $10.9m | |
| Non-current lease liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB6,247 and RMB12,053 as of December 31, 2024 and 2025, respectively) | $27.7m | $14.5m | $4.7m | $27.3m | $11.0m | $12.6m | |
| Redeemable non-controlling interests | — | — | — | $92.8m | $76.1m | — | |
| Ordinary shares (US$ 0.000005 par value; 10,000,000,000 shares authorized, 8,900,000,000 Class A ordinary shares authorized, 3,282,256,521 Class A ordinary shares issued, 2,822,868,761 and 2,806,929,941 Class A ordinary shares outstanding as of December 31, 2024 and 2025, respectively; 1,000,000,000 Class B ordinary shares authorized, 801,904,979 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025) | 41k | 134k | 135k | 139k | 139k | 143k | |
| Accumulated Depreciation | — | — | ($56.1m) | ($65.7m) | ($74.0m) | ($86.4m) | |
| Available For Sale Securities | — | — | — | — | $375.3m | $1.1b | |
| Buildings And Improvements | — | — | — | $0 | $212.8m | $235.0m | |
| Capital Lease Obligations | — | — | $14.1m | $60.2m | $45.5m | $23.5m | |
| Current Accrued Expenses | — | — | $124.8m | $132.1m | $192.9m | $530.4m | |
| Current Capital Lease Obligation | — | — | $9.4m | $32.9m | $34.6m | $10.9m | |
| Current Debt | — | — | — | $137.6m | $198.4m | $47.0m | |
| Current Debt And Capital Lease Obligation | — | — | $9.4m | $170.5m | $232.9m | $57.9m | |
| Current Deferred Liabilities | — | $803k | $0 | — | $29.2m | $46.0m | |
| Duefrom Related Parties Current | — | — | $358k | $65k | $257k | $209k | |
| Dueto Related Parties Current | — | — | $11.6m | $9.5m | $10.6m | $9.3m | |
| Gross PPE | — | — | $105.9m | $159.5m | $360.9m | $366.1m | |
| Held To Maturity Securities | — | — | — | — | $738.9m | $804.0m | |
| Invested Capital | — | — | $4.8b | $4.7b | $5.0b | $5.2b | |
| Investmentin Financial Assets | — | — | — | — | $1.1b | $1.9b | |
| Investments And Advances | — | — | $12.0m | $211.8m | $1.1b | $2.3b | |
| Leases | — | — | $37.8m | $43.7m | $46.3m | $49.7m | |
| Long Term Capital Lease Obligation | — | — | $4.7m | $27.3m | $11.0m | $12.6m | |
| Machinery Furniture Equipment | — | — | $49.7m | $55.9m | $54.9m | $57.4m | |
| Net PPE | — | — | $49.8m | $93.7m | $286.9m | $279.7m | |
| Net Tangible Assets | — | — | $4.7b | $4.3b | $4.6b | $4.9b | |
| Non Current Accounts Receivable | — | — | $103.6m | $134.4m | $153.7m | $295.5m | |
| Non Current Deferred Assets | — | — | $6.2m | $24.2m | $27.0m | $2.9m | |
| Non Current Deferred Liabilities | — | — | $29.7m | $73.3m | $84.2m | $43.8m | |
| Non Current Deferred Taxes Assets | — | — | $6.2m | $24.2m | $27.0m | $2.9m | |
| Ordinary Shares Number | — | — | $3.9b | $3.7b | $3.6b | $3.6b | |
| Other Current Borrowings | — | — | — | $137.6m | $198.4m | $47.0m | |
| Other Current Liabilities | — | — | $104.5m | $85.7m | $79.2m | $63.9m | |
| Other Equity Adjustments | — | — | $108.2m | $144.1m | $159.6m | $43.6m | |
| Other Investments | — | — | — | — | $0 | $344.7m | |
| Other Payable | — | — | $331.5m | $361.7m | $390.9m | $475.8m | |
| Other Properties | — | — | $18.4m | $59.9m | $46.9m | $24.0m | |
| Properties | — | — | $0 | $0 | $0 | $0 | |
| Share Issued | — | — | $3.9b | $4.1b | $4.1b | $4.1b | |
| Tangible Book Value | — | — | $4.7b | $4.3b | $4.6b | $4.9b | |
| Treasury Shares Number | — | — | — | $382.5m | $459.4m | $475.3m | |
| Working Capital | — | — | $4.6b | $4.1b | $3.2b | $2.1b | |
| Total non-current assets | $172.3m | $217.6m | $231.6m | $722.2m | $1.8b | $3.1b | |
| Total non-current liabilities | $253.5m | $28.0m | $34.4m | $100.6m | $95.2m | $56.4m | |
| Total shareholders' equity | ($1.7b) | $4.0b | $4.8b | $4.6b | $4.8b | $5.2b | |
| Total Capitalization | — | — | $4.8b | $4.6b | $4.8b | $5.2b | |
| Total Debt | — | — | $14.1m | $197.8m | $243.9m | $70.5m | |
| Total Tax Payable | — | — | $23.3m | $18.1m | $11.9m | $24.4m | |
| Assets | $4.7b | $823.9m | $858.6m | $866.0m | $884.1m | $1.0b | |
| Total assets | $4.7b | $5.3b | $5.9b | $6.1b | $6.5b | $7.1b | |
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Deferred Revenue, Current | $22.0m | $126k | $0 | — | $29.2m | $46.0m | |
| Accounts Payable | — | — | $516.7m | $592.0m | $537.3m | $684.8m | |
| Payables And Accrued Expenses | — | — | $1.0b | $1.1b | $1.1b | $1.7b | |
| Liabilities, Current | $1.3b | $196.0m | $162.6m | $192.9m | $203.4m | $270.6m | |
| Total current liabilities | $1.3b | $1.2b | $1.1b | $1.4b | $1.5b | $1.9b | |
| Deferred Income Tax Liabilities, Net | $225.7m | $2.1m | $4.3m | $10.3m | $11.5m | $6.3m | |
| Deferred tax liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB83,760 and RMB43,374 as of December 31, 2024 and 2025, respectively) | $225.7m | $13.6m | $29.7m | $73.3m | $84.2m | $43.8m | |
| Long Term Debt And Capital Lease Obligation | — | — | $4.7m | $27.3m | $11.0m | $12.6m | |
| Non Current Deferred Taxes Liabilities | — | — | $29.7m | $73.3m | $84.2m | $43.8m | |
| Liabilities | $1.5b | $200.4m | $167.6m | $207.1m | $216.5m | $278.7m | |
| Total liabilities | $1.5b | $1.3b | $1.2b | $1.5b | $1.6b | $1.9b | |
| Redeemable Noncontrolling Interest, Equity, Carrying Amount | — | — | — | $13.1m | $10.4m | — | |
| Stockholders’ equity: | |||||||
| Preferred Stock, Value, Issued | $4.8b | $0 | — | — | — | — | |
| Common Stock, Value, Issued | $41k | $21k | $20k | $20k | $19k | $21k | |
| Additional Paid in Capital | — | $1.2b | $1.1b | $986.4m | $936.0m | $962.9m | |
| Retained Earnings (Accumulated Deficit) | ($1.7b) | ($523.3m) | ($395.4m) | ($360.8m) | ($300.6m) | ($232.4m) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $15.0m | ($3.4m) | $15.7m | $20.3m | $21.9m | $6.2m | |
| Treasury stock | — | — | ($3k) | ($12k) | ($15k) | ($16k) | |
| Accumulated other comprehensive income | $15.0m | ($21.5m) | $108.2m | $144.1m | $159.6m | $43.6m | |
| Accumulated deficit | ($1.7b) | ($3.3b) | ($2.7b) | ($2.6b) | ($2.2b) | ($1.6b) | |
| Capital Stock | — | — | $135k | $139k | $139k | $143k | |
| Gains Losses Not Affecting Retained Earnings | — | — | $108.2m | $144.1m | $159.6m | $43.6m | |
| Stockholders' Equity Attributable to Parent | ($1.7b) | $623.5m | $691.0m | $645.9m | $657.2m | $736.7m | |
| Minority Interest | — | — | $0 | $92.8m | $76.1m | $0 | |
| Total Equity Gross Minority Interest | — | — | $4.8b | $4.7b | $4.9b | $5.2b | |
| Total Non Current Liabilities Net Minority Interest | — | — | $34.4m | $100.6m | $95.2m | $56.4m | |
| Liabilities and Equity | $4.7b | $823.9m | $858.6m | $866.0m | $884.1m | $1.0b | |
| Total liabilities, mezzanine equity and shareholders' equity | $4.7b | $5.3b | $5.9b | $6.1b | $6.5b | $7.1b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.