Waterdrop Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	3,253	2,772	2,631	2,802	3,206	3,028
Revenue Growth (YoY)	18.55%	5.36%	-6.11%	-12.61%	5.88%	100.40%
Cost of Revenue	1,590	1,315	1,196	1,019	1,054	742.26
Gross Profit	1,664	1,457	1,435	1,782	2,151	2,286
Selling, General & Admin	1,115	1,062	1,143	988.86	3,635	2,538
Research & Development	220.78	216.5	299.06	291.29	378.99	244.23
Operating Expenses	1,336	1,279	1,442	1,280	4,014	2,782
Operating Income	327.62	178.16	-6.74	502.26	-1,863	-496.25
Interest & Investment Income	136.69	149.12	136.04	81.71	48.66	26.52
Earnings From Equity Investments	-	-	-	-	-	-0.02
Currency Exchange Gain (Loss)	-0.8	8.02	4.34	4.06	9.35	-1.34
Other Non Operating Income (Expenses)	40.61	25.3	32.77	66.93	10.73	-142.81
EBT Excluding Unusual Items	504.11	360.59	166.41	654.96	-1,794	-613.89
Gain (Loss) on Sale of Assets	-	-	-2.17	-	-0.25	0.18
Asset Writedown	12.34	-	-	-24.27	-0.72	-
Other Unusual Items	-	-	-	-	-152.29	-
Pretax Income	516.45	360.59	164.24	630.69	-1,947	-613.71
Income Tax Expense	22.04	9.71	0.56	22.98	-220.99	50.16
Earnings From Continuing Operations	494.41	350.88	163.69	607.72	-1,726	-663.87
Minority Interest in Earnings	12.03	16.63	3.54	-	-	-
Net Income	506.44	367.51	167.22	607.72	-1,726	-663.87
Preferred Dividends & Other Adjustments	-	-	-	-	-	443.91
Net Income to Common	506.44	367.51	167.22	607.72	-1,726	-1,108
Net Income Growth	54.90%	119.78%	-72.48%	-	-	-
Shares Outstanding (Basic)	362	365	377	392	299	117
Shares Outstanding (Diluted)	371	372	388	402	299	117
Shares Change (YoY)	-0.62%	-4.15%	-3.52%	34.51%	154.60%	-2.40%
EPS (Basic)	1.40	1.01	0.44	1.55	-5.77	-9.43
EPS (Diluted)	1.40	1.00	0.40	1.50	-5.80	-9.43
EPS Growth	75.20%	150.00%	-73.33%	-	-	-
Free Cash Flow	-	218.84	392.99	753.82	-1,132	-803.82
Free Cash Flow Per Share	-	0.59	1.01	1.87	-3.79	-6.84
Dividend Per Share	0.360	0.146	-	-	-	-
Gross Margin	51.14%	52.57%	54.55%	63.62%	67.11%	75.49%
Operating Margin	10.07%	6.43%	-0.26%	17.93%	-58.11%	-16.39%
Profit Margin	15.57%	13.26%	6.36%	21.69%	-53.85%	-36.59%
Free Cash Flow Margin	-	7.90%	14.94%	26.91%	-35.32%	-26.55%
EBITDA	337.7	189.73	6.81	525.23	-1,845	-483.18
EBITDA Margin	10.38%	6.84%	0.26%	18.75%	-57.54%	-15.96%
D&A For EBITDA	10.08	11.57	13.56	22.98	18.09	13.07
EBIT	327.62	178.16	-6.74	502.26	-1,863	-496.25
EBIT Margin	10.07%	6.43%	-0.26%	17.93%	-58.11%	-16.39%
Effective Tax Rate	4.27%	2.69%	0.34%	3.64%	-	-

Updated Dec 3, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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