On March 25, Waterdrop Inc. (WDH) announced its unaudited financial results for the fourth quarter and full year ending December 31, 2025. In the fourth quarter of 2025, the company recorded net operating revenue of 1.411 billion yuan. Net profit attributable to the parent company was 162 million yuan, an increase of 62.7% year-over-year, marking the sixteenth consecutive quarter of profitability. For the full year 2025, net operating revenue reached 3.978 billion yuan, up 43.5% compared to the previous year, while net profit attributable to the parent company was 569 million yuan, representing a 54.8% year-over-year increase.

According to the earnings report, insurance-related revenue in the fourth quarter amounted to 1.31 billion yuan, with insurance operations remaining the primary source of income for Waterdrop Inc. Furthermore, the company’s full-year insurance revenue for 2025 totaled 3.577 billion yuan, reflecting a 51.3% increase from the prior year. Annual operating profit reached 645 million yuan, growing 35.1% compared to the previous period.