Waterdrop Q4 Revenue Surges 105.5% YoY and Declares US$10.8M Dividend
Waterdrop reported Q4 net operating revenue of RMB1,411.2m, up 105.5% YoY, and net profit of RMB162.1m, up 62.7%, marking 16 consecutive profitable quarters. The board approved a US$10.8m cash dividend following repurchase of 60.7m ADSs, and FY revenue rose 43.5% to RMB3,977.8m.
1. Q4 and FY 2025 Financial Results
In Q4 2025, Waterdrop generated net operating revenue of RMB1,411.2 million, up 105.5% year-over-year, and net profit attributable to ordinary shareholders of RMB162.1 million, up 62.7%, marking the sixteenth consecutive profitable quarter. For the full year, revenue climbed 43.5% to RMB3,977.8 million, with net profit rising to RMB568.9 million from RMB367.5 million in 2024.
2. Dividend and ADS Repurchase
By the end of February 2026, Waterdrop had repurchased approximately 60.7 million ADSs from the open market. With board approval, the company will soon distribute a US$10.8 million cash dividend and held a cash position of RMB3,249.0 million (US$464.6 million) as of December 31, 2025.
3. AI Integration in Insurance Business
Insurance-related revenue in Q4 reached RMB1,311.5 million, up 125.0% YoY, with operating profit of RMB146.1 million. Full-year insurance revenue grew 51.3% to RMB3,576.6 million and operating profit totaled RMB644.9 million. AI-powered tools such as the AI Medical Insurance Expert and AI Service Quality Copilot bolstered underwriting efficiency and customer inquiry handling.
4. Crowdfunding and Digital Clinical Trial Solutions
Waterdrop Medical Crowdfunding facilitated RMB72.3 billion in donations for 3.68 million patients and enhanced risk controls with automated data masking and receipt verification. The E-Find Platform enrolled 14,555 patients into 1,611 trials, driving RMB35.7 million in Q4 revenue (up 39.9% YoY) and RMB118.3 million for the year (up 29.9%), backed by a patented intelligent drug-patient matching system.