Waterdrop Posts 44% FY2025 Revenue Growth, Declares Dividend After Q4 Surge

Overview

• Waterdrop reported FY2025 revenue of RMB 3,977.8 million, up 43.5% year over year, with fourth‑quarter revenue rising 105.5% to RMB 1,411.2 million.
• Profitability remained intact, as net profit for 2025 reached RMB 568.9 million and the company extended its GAAP profit streak to 16 straight quarters.
• The insurance business led results, generating RMB 3,576.6 million in 2025 insurance‑related income, up 51.3% year over year, with fourth‑quarter insurance revenue up 125% and annual insurance operating profit at RMB 644.9 million.
• Executives pointed to AI as the growth engine, noting premiums routed by the 'AI Medical Insurance Expert' jumped 145% quarter over quarter and an AI customer service agent handled more than 1.4 million inquiries in one month.
• Shareholder returns accelerated, with about 60.7 million ADSs repurchased by the end of February 2026 and a roughly US$10.8 million cash dividend approved, even as fourth‑quarter operating costs rose 109% and sales and marketing expense climbed 178% alongside plans for moderate investment in AI and marketing to pursue double‑digit growth.