Exhibit 99.1 Waterdrop Inc. Announces Second Quarter 2023 Unaudited Financial Results BEIJING, Sept. 7, 2023 /PRNewswire/ — Waterdrop Inc. ("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced its unaudited financial results for the second quarter ended June 30, 2023. Financial and Operational Highlights for the Second Quarter of 2023 • Resilient business performance: For the second quarter ...

[Q1 2023 Financial Results Overview](index=1&type=section&id=Waterdrop%20Inc.%20Announces%20First%20Quarter%202023%20Unaudited%20Financial%20Results) Waterdrop Inc. reported resilient Q1 2023 performance, achieving increased FYP, sustained profitability, and strategic advancements [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights%20for%20the%20First%20Quarter%20of%202023) In Q1 2023, Waterdrop demonstrated resilient business performance with a quarter-over-quarter increase in first-year premiums, maintaining profitability and a strong cash position Q1 2023 Key Financial & Operational Metrics | Metric | Value (RMB million) | Change (QoQ) | | :--- | :--- | :--- | | First-Year Premiums (FYP) | 1,692.0 | ▲ 6.3% | | Net Operating Revenue | 606.2 | ▼ 10.8% | | Net Profit | 49.7 | - | | Operating Costs | - | ▼ 11.0% | | Total Operating Costs & Expenses | - | ▼ 1.8% | | Cash, Cash Equivalents & Short-term Investments | 3,597.3 | - | - The number of insurance products offered on the platform increased to **876** as of March 31, 2023, up from 775 at the end of 2022[2](index=2&type=chunk) - As of March 31, 2023, Waterdrop Medical Crowdfunding has cumulatively facilitated approximately **RMB 58.4 billion** in donations from **432 million** people to over **2.86 million** patients[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Mr. Peng Shen highlighted the company's resilient and high-quality development, achieving another profitable quarter with strategic initiatives in user acquisition, risk control, and platform expansion - Insurance Business: Focused on optimizing user acquisition, streamlining channel operations, enriching product offerings for the underaged and elderly, and upgrading its AI-empowered dialogue robot[4](index=4&type=chunk) - Medical Crowdfunding: Improved operational capabilities and risk control strategies to eliminate unreasonable fundraising targets, collaborating with multiple parties to combat dishonest fundraising practices[5](index=5&type=chunk) - Clinical Trial Solutions (E-find Patient Platform): Enrolled over **700 patients** and launched more than **70 clinical trial programs** in Q1, serving over **120 pharmaceutical companies** and CROs, expanding from oncology to other diseases[6](index=6&type=chunk) [Detailed Financial Results](index=2&type=section&id=Financial%20Results%20for%20the%20First%20Quarter%20of%202023) This section details Waterdrop's Q1 2023 financial performance, including revenue, costs, profitability, and cash position [Net Operating Revenue](index=2&type=section&id=Operating%20revenue%2C%20net) Net operating revenue for Q1 2023 was RMB 606.2 million, a 6.6% decrease year-over-year, primarily due to a decline in insurance-related income, offset by new crowdfunding service fees and growth in digital clinical trial solutions Q1 2023 Net Operating Revenue Breakdown (YoY) | Revenue Stream | Q1 2023 (RMB million) | Q1 2022 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Net Operating Revenue** | **606.2** | **648.7** | **▼ 6.6%** | | Insurance-related Income | 536.3 | 628.2 | ▼ 14.6% | | Crowdfunding Service Fees | 42.0 | 0 | N/A | | Digital Clinical Trial Solution Income | 22.8 | 8.6 | ▲ 165.1% | [Operating Costs and Expenses](index=2&type=section&id=Operating%20costs%20and%20expenses) Total operating costs and expenses increased by 12.0% year-over-year to RMB 595.8 million, driven by reclassification of crowdfunding consultant costs, while sales and marketing expenses decreased Q1 2023 Operating Costs and Expenses Breakdown (YoY) | Expense Category | Q1 2023 (RMB million) | Q1 2022 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Operating Costs & Expenses** | **595.8** | **532.0** | **▲ 12.0%** | | Operating Costs | 248.0 | 154.9 | ▲ 60.1% | | Sales and Marketing Expenses | 173.4 | 204.3 | ▼ 15.1% | | General and Administrative Expenses | 95.8 | 102.0 | ▼ 6.1% | | Research and Development Expenses | 78.7 | 70.8 | ▲ 11.2% | - The primary driver for the YoY increase in operating costs was the reclassification of **RMB 61.5 million** in crowdfunding consultant team costs from sales and marketing expenses, as the company began generating crowdfunding service fees in April 2022[9](index=9&type=chunk) [Profitability](index=3&type=section&id=Profitability) Waterdrop remained profitable in Q1 2023 with a net profit of RMB 49.7 million and an adjusted net profit of RMB 96.4 million, despite declines from previous periods Profitability Metrics Comparison | Metric | Q1 2023 (RMB million) | Q4 2022 (RMB million) | Q1 2022 (RMB million) | | :--- | :--- | :--- | :--- | | Operating Profit | 10.3 | 72.9 | 116.6 | | Net Profit Attributable to Waterdrop | 49.7 | 126.2 | 105.0 | | Adjusted Net Profit | 96.4 | 159.7 | 127.3 | [Cash Position and Share Repurchase](index=3&type=section&id=Cash%20and%20Share%20Repurchase) The company maintained a strong balance sheet with RMB 3,597.3 million in cash, cash equivalents, and short-term investments, while continuing its share repurchase program - As of March 31, 2023, the company's combined cash, cash equivalents, and short-term investments totaled **RMB 3,597.3 million** (**US$523.8 million**)[13](index=13&type=chunk) - Under its share repurchase plan, the company has cumulatively repurchased approximately **24.9 million ADSs** for a total of **US$61.2 million** as of May 31, 2023[14](index=14&type=chunk) [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section details the company's non-GAAP financial measures and provides information on the Q1 2023 results conference call [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes adjusted net profit, a non-GAAP financial measure, for evaluating operational performance by excluding share-based compensation expenses and foreign currency exchange gains or losses - Adjusted net profit is a non-GAAP measure that excludes share-based compensation expense and foreign currency exchange gains or losses from the GAAP net profit[16](index=16&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) Waterdrop's management will host a conference call on June 2, 2023, at 8:00 AM U.S. Eastern Time to discuss the first-quarter financial results - A conference call to discuss Q1 2023 financial results is scheduled for **June 2, 2023, at 8:00 AM U.S. Eastern Time**[20](index=20&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated balance sheets, statements of operations, and GAAP to non-GAAP reconciliation [Condensed Consolidated Balance Sheets](index=5&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2023, Waterdrop reported total assets of RMB 5,810.8 million, total liabilities of RMB 1,164.9 million, and total shareholders' equity of RMB 4,645.9 million, indicating strong liquidity Balance Sheet Summary (as of March 31, 2023) | Item | Amount (RMB thousands) | | :--- | :--- | | Total Assets | 5,810,848 | | Total Liabilities | 1,164,932 | | Total Shareholders' Equity | 4,645,916 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME) For the three months ended March 31, 2023, the company generated net operating revenue of RMB 606.2 million, resulting in an operating profit of RMB 10.3 million and a net profit attributable to Waterdrop Inc. of RMB 49.7 million Statement of Operations Summary (for Q1 2023) | Item | Amount (RMB thousands) | | :--- | :--- | | Net Operating Revenue | 606,165 | | Total Operating Costs and Expenses | (595,837) | | Operating Profit | 10,328 | | Net Profit Attributable to Waterdrop Inc. | 49,725 | [Reconciliation of GAAP and Non-GAAP Results](index=8&type=section&id=RECONCILIATIONS%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) The company provides a reconciliation of its GAAP net profit to its non-GAAP adjusted net profit, showing an adjusted net profit of RMB 96.4 million for Q1 2023 after accounting for share-based compensation and foreign currency exchange gains Q1 2023 GAAP to Non-GAAP Reconciliation | Item | Amount (RMB thousands) | | :--- | :--- | | Net Profit (GAAP) | 49,725 | | Add: Share-based compensation expense | 46,926 | | Add: Foreign currency exchange gain | (282) | | **Adjusted Net Profit (Non-GAAP)** | **96,369** |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

Financial Data and Key Metrics Changes - In Q4 2022, the company's revenues increased by 12.5% year-on-year to RMB639.5 million, driven by higher insurance-related income and crowdfunding service fees [5][23] - GAAP net profit for Q4 reached RMB126.2 million, while the full-year net profit was RMB608 million, demonstrating overall profitability for 2022 [5][27] - Cash and cash equivalents and short-term investments amounted to RMB3.7 billion at the end of December, reflecting a 3.2% increase quarter-over-quarter [5][27] Business Line Data and Key Metrics Changes - The Waterdrop Insurance marketplace contributed significantly to net profit and cash flow, with first-year premiums amounting to RMB1.6 billion and insurance-related revenue reaching RMB611 million [10][11] - The E-find patient platform generated over RMB22 million in revenue in Q4, marking a 20-fold increase year-on-year, with annual revenue nearing RMB50 million [6][20] - The number of new customers in the insurance business increased by 39%, with regular accounts growing by 166% quarter-over-quarter [12][14] Market Data and Key Metrics Changes - The insurance industry faced challenges due to a resurgence of the pandemic and softer consumer demand, yet the company managed to maintain relevance and profitability [10][11] - The E-find platform's collaboration with over 100 pharmaceutical companies and the launch of 18 new clinical trial programs in Q4 indicate a growing market presence [20][21] Company Strategy and Development Direction - The company plans to focus on digital transformation in the insurance business, increase investments in pharmaceuticals, and pursue M&A opportunities to drive long-term growth [8][9] - Continued investment in R&D, particularly in AI-driven innovations, is aimed at enhancing operational efficiency and reducing costs [7][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the global economy and the pandemic but expressed confidence in the recovery of the domestic economy and consumer confidence [4][5] - The company remains committed to sustainable development and enhancing user-centric services, with a focus on high-quality growth and profitability [8][9] Other Important Information - The company actively repurchased approximately 2.7 million ADS in Q4, totaling nearly 8.4 million ADS repurchased for USD $12.4 million, reflecting strong confidence in corporate value [7][8] - The operational transparency of the crowdfunding platform has been improved, with detailed monthly billing released to enhance public oversight [18][19] Q&A Session Summary Question: What are the company's plans for future growth? - The company plans to adhere to digital transformation in the insurance sector, increase pharmaceutical investments, and explore M&A opportunities to drive growth [8] Question: How has the pandemic affected the business? - The pandemic has impacted clinical sales and trial progress, but the company leveraged its capabilities to recruit patients effectively [20] Question: What measures are being taken to enhance operational efficiency? - The company is investing in AI-driven innovations to improve operational efficiency and reduce costs across its business lines [16]

Exhibit 99.1 Waterdrop Inc. Announces Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results BEIJING, March 17, 2023 /PRNewswire/ - Waterdrop Inc. ("Waterdrop", the "Company" or "we") (NYSE: WDH), a leading technology platform dedicated to insurance and healthcare service with a positive social impact, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022. Financial and Operational Highlights for the Fourth Quarter of and Fiscal Year 2022 • R ...

Waterdrop Inc. (NYSE:WDH) Q3 2022 Earnings Conference Call December 6, 2022 7:00 AM ET Company Participants Xiaojiao Cui - IR Shen Peng - Founder, Chairman & Chief Executive Officer Ran Wei - Partner and the General Manager of the Insurance Marketplace Hu Yao - Co-Founder, Director & Vice President Guang Yang - Co-Founder, Director & Vice President Conference Call Participants Edwin Liu - CLSA Thomas Wang - Goldman Sachs Operator Good morning, ladies and gentlemen and thank you for standing by for Waterdro ...

[Financial and Operational Highlights for the Third Quarter of 2022](index=1&type=section&id=Financial%20and%20Operational%20Highlights%20for%20the%20Third%20Quarter%20of%202022) [Summary of Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights%20for%20the%20Third%20Quarter%20of%202022_Summary) Waterdrop Inc. achieved healthy Q3 2022 revenue growth, sustained profitability, and positive cash flow, driven by increased first-year premiums and cost control Q3 2022 Financial and Operational Highlights | Metric | Q3 2022 Value | | :------------------------------------ | :------------------------------------ | | FYP (Waterdrop Insurance Marketplace) | RMB 1,785.3 million (US$251.0 million) | | FYP QoQ Growth | +8.4% | | Net Operating Revenue | RMB 772.2 million (US$108.6 million) | | Net Operating Revenue QoQ Growth | +10.1% | | Sales and Marketing Expenses YoY Change | -82.4% | | Total Operating Costs & Expenses YoY Change | -50.5% | | Net Profit | RMB 169.6 million (US$23.8 million) | | Cash & Short-term Investments (as of Sep 30, 2022) | RMB 3,588.6 million (US$504.5 million) | | Cash & Short-term Investments QoQ Increase | +RMB 300.5 million | | Insurance Products Offered (as of Sep 30, 2022) | 536 (vs. 454 in Q2 2022) | | Critical Illness FYP QoQ Growth | +7.8% | | Critical Illness FYP % of Overall FYP | 28.6% | | Cumulative Crowdfunding Donations | ~RMB 55.4 billion | | Cumulative Crowdfunding Donors | ~420 million people | | Cumulative Crowdfunding Patients | >2.69 million patients | [CEO's Remarks](index=1&type=section&id=Mr.%20Peng%20Shen%2C%20Founder%2C%20Chairman%2C%20and%20Chief%20Executive%20Officer%20of%20Waterdrop%2C%20commented) CEO Peng Shen noted solid financial performance, sequential revenue growth, and sustained net profit, emphasizing product innovation and platform transparency - Achieved solid financial performance with **10.1% sequential revenue growth** despite COVID-19 resurgence and soft macroeconomic environment[2](index=2&type=chunk) - Net profit reached **RMB 169.6 million**, demonstrating consistent momentum towards full-year profitability goal[2](index=2&type=chunk) - Enhanced insurance product offerings with customized critical illness products, including those waiving health declarations, and saw a **20% QoQ increase in premiums** from users under 40[2](index=2&type=chunk) - Medical crowdfunding business enhanced operational transparency and controls, resulting in **no malicious fundraising activities** for several consecutive months[2](index=2&type=chunk) - E-find Patient Platform sustained growth, recruiting over **900 patients** for clinical trials and expanding to over **400 programs**, including international multicenter trials[2](index=2&type=chunk) [Financial Results for the Third Quarter of 2022](index=2&type=section&id=Financial%20Results%20for%20the%20Third%20Quarter%20of%202022) [Operating Revenue, Net](index=2&type=section&id=Operating%20revenue%2C%20net) Net operating revenue in Q3 2022 was RMB 772.2 million, a slight YoY decrease but QoQ increase, driven by insurance brokerage and new crowdfunding fees Net Operating Revenue (RMB thousands) | Metric | Q3 2022 | Q3 2021 | YoY Change | | :---------------------- | :------ | :------ | :--------- | | Net Operating Revenue | 772,192 | 779,305 | -0.9% | [Insurance-related Income](index=2&type=section&id=Insurance-related%20income) Insurance-related Income (RMB thousands) | Metric | Q3 2022 | Q3 2021 | YoY Change | | :---------------------- | :------ | :------ | :--------- | | Insurance-related Income | 693,500 | 758,600 | -8.6% | - Decrease mainly due to a reduction in insurance brokerage income[3](index=3&type=chunk) [Crowdfunding Service Fees](index=2&type=section&id=Crowdfunding%20service%20fees) Crowdfunding Service Fees (RMB thousands) | Metric | Q3 2022 | Q3 2021 | | :---------------------- | :------ | :------ | | Crowdfunding Service Fees | 59,000 | Nil | - Service fees started being charged from **April 7, 2022**, at **3% of funds raised** (up to RMB 5,000 per campaign), with selective subsidies for needy patients[3](index=3&type=chunk) [Operating Costs and Expenses](index=2&type=section&id=Operating%20costs%20and%20expenses) Total operating costs and expenses significantly decreased by **50.5%** year-over-year in Q3 2022 due to effective cost control, particularly a sharp reduction in sales and marketing expenses Total Operating Costs and Expenses (RMB thousands) | Metric | Q3 2022 | Q3 2021 | YoY Change | Q2 2022 | QoQ Change | | :----------------------------- | :------ | :------ | :--------- | :------ | :--------- | | Total Operating Costs & Expenses | 639,629 | 1,292,296 | -50.5% | 545,495 | +17.3% | [Operating Costs](index=2&type=section&id=Operating%20costs) Operating Costs (RMB thousands) | Metric | Q3 2022 | Q3 2021 | YoY Change | Q2 2022 | QoQ Change | | :------------- | :------ | :------ | :--------- | :------ | :--------- | | Operating Costs | 341,293 | 296,317 | +15.2% | 244,616 | +39.5% | - YoY increase primarily driven by a **RMB 22.8 million increase** in professional and outsourced customer service fees, a **RMB 63.7 million reclassification** of crowdfunding consultants team costs, and a **RMB 19.5 million increase** in one-year health insurance coverage cost, partially offset by a **RMB 85.0 million decrease** in personnel cost for consultants and insurance agents[4](index=4&type=chunk) - QoQ increase primarily due to a **RMB 64.1 million increase** in professional and outsourced customer service fees[4](index=4&type=chunk) [Sales and Marketing Expenses](index=2&type=section&id=Sales%20and%20marketing%20expenses) Sales and Marketing Expenses (RMB thousands) | Metric | Q3 2022 | Q3 2021 | YoY Change | Q2 2022 | QoQ Change | | :---------------------- | :------ | :------ | :--------- | :------ | :--------- | | Sales and Marketing Expenses | 137,919 | 781,671 | -82.4% | 144,423 | Stable | - YoY decrease primarily due to a **RMB 500.6 million decrease** in marketing expenses to third-party traffic channels and a **RMB 124.2 million decrease** in outsourced sales and marketing service fees[4](index=4&type=chunk) [General and Administrative Expenses](index=2&type=section&id=General%20and%20administrative%20expenses) General and Administrative Expenses (RMB thousands) | Metric | Q3 2022 | Q3 2021 | YoY Change | Q2 2022 | QoQ Change | | :-------------------------------- | :------ | :------ | :--------- | :------ | :--------- | | General and Administrative Expenses | 82,039 | 111,419 | -26.4% | 86,054 | Stable | - YoY decrease due to a **RMB 8.7 million decrease** in share-based compensation expenses, a **RMB 9.9 million decrease** in personnel cost, and a **RMB 5.4 million decrease** in rental expenses[4](index=4&type=chunk) [Research and Development Expenses](index=2&type=section&id=Research%20and%20development%20expenses) Research and Development Expenses (RMB thousands) | Metric | Q3 2022 | Q3 2021 | YoY Change | Q2 2022 | QoQ Change | | :---------------------------- | :------ | :------ | :--------- | :------ | :--------- | | Research and Development Expenses | 78,378 | 102,889 | -23.8% | 70,402 | +11.3% | - YoY decrease primarily due to **RMB 19.5 million decreases** in R&D personnel costs and share-based compensation expenses[4](index=4&type=chunk) - QoQ increase mainly due to **RMB 7.7 million increases** in R&D personnel costs and share-based compensation expenses[4](index=4&type=chunk) [Operating Profit](index=3&type=section&id=Operating%20profit) Waterdrop achieved an operating profit of **RMB 132.6 million** in Q3 2022, a significant turnaround from an operating loss of **RMB 513.0 million** in Q3 2021, though slightly lower than Q2 2022 Operating (Loss)/Profit (RMB thousands) | Metric | Q3 2022 | Q3 2021 | Q2 2022 | | :--------------- | :------ | :-------- | :------ | | Operating Profit | 132,563 | (513,000) | 155,923 | [Interest Income](index=3&type=section&id=Interest%20income) Interest income for Q3 2022 more than doubled year-over-year to **RMB 24.3 million**, primarily due to an increased bank balance and short-term investments resulting from positive operating cash flow Interest Income (RMB thousands) | Metric | Q3 2022 | Q3 2021 | | :------------- | :------ | :------ | | Interest Income | 24,331 | 11,928 | - Increase primarily due to the increase in bank balance and short-term investments as a result of positive operating cash flow[6](index=6&type=chunk) [Income Tax Benefit](index=3&type=section&id=Income%20tax%20benefit) The company reported an income tax benefit of **RMB 9.1 million** in Q3 2022, slightly higher than the **RMB 8.2 million** benefit in the same period last year Income Tax Benefit (RMB thousands) | Metric | Q3 2022 | Q3 2021 | | :--------------- | :------ | :------ | | Income Tax Benefit | 9,134 | 8,247 | [Net Profit Attributable to Waterdrop Inc.](index=3&type=section&id=Net%20profit%20attributable%20to%20Waterdrop%20Inc.) Waterdrop Inc. achieved a net profit of **RMB 169.6 million** in Q3 2022, a significant improvement from a net loss of **RMB 477.0 million** in Q3 2021, though a decrease from Q2 2022 Net (Loss)/Profit Attributable to Waterdrop Inc. (RMB thousands) | Metric | Q3 2022 | Q3 2021 | Q2 2022 | | :------------------------------------------ | :------ | :-------- | :------ | | Net (Loss)/Profit Attributable to Waterdrop | 169,614 | (476,975) | 206,943 | [Adjusted Net Profit Attributable to Waterdrop Inc.](index=3&type=section&id=Adjusted%20net%20profit%20attributable%20to%20Waterdrop) Adjusted net profit for Q3 2022 was **RMB 215.7 million**, a substantial turnaround from an adjusted net loss of **RMB 453.6 million** in Q3 2021, but slightly lower than Q2 2022 Adjusted Net (Loss)/Profit Attributable to Waterdrop Inc. (RMB thousands) | Metric | Q3 2022 | Q3 2021 | Q2 2022 | | :------------------------------------------------ | :------ | :-------- | :------ | | Adjusted Net (Loss)/Profit Attributable to Waterdrop | 215,727 | (453,643) | 232,525 | [Cash and Cash Equivalents and Short-term Investments](index=3&type=section&id=Cash%20and%20cash%20equivalents%20and%20short-term%20investments) [Summary of Cash and Investments](index=3&type=section&id=Cash%20and%20cash%20equivalents%20and%20short-term%20investments_Summary) As of September 30, 2022, Waterdrop's combined cash and cash equivalents and short-term investments increased to **RMB 3,588.6 million**, reflecting positive operating cash flow Cash and Cash Equivalents and Short-term Investments (RMB thousands) | Metric | As of Sep 30, 2022 | As of Dec 31, 2021 | QoQ Change (from Q2 2022) | | :------------------------------------------ | :----------------- | :----------------- | :------------------------ | | Cash and Cash Equivalents & Short-term Investments | 3,588,600 | 2,787,100 | +300,500 | [Share Repurchase Plan](index=3&type=section&id=Share%20Repurchase%20Plan) [Summary of Share Repurchase Plan](index=3&type=section&id=Share%20Repurchase%20Plan_Summary) As of the end of Q3 2022, Waterdrop had repurchased approximately **5.8 million ADSs** for a total consideration of approximately **US$8.5 million** under its share repurchase program - Cumulatively repurchased approximately **5.8 million ADSs** from the open market[8](index=8&type=chunk) - Total consideration for repurchases was approximately **US$8.5 million**[8](index=8&type=chunk) - The share repurchase program was launched in **September 2021** and amended in **September 2022**[8](index=8&type=chunk) [Exchange Rate](index=3&type=section&id=Exchange%20Rate) [Summary of Exchange Rate Information](index=3&type=section&id=Exchange%20Rate_Summary) The report uses an exchange rate of **RMB 7.1135 to US$1.00**, the noon buying rate on September 30, 2022, for convenience, with a disclaimer regarding actual convertibility - All translations from RMB to USD were made at the rate of **RMB 7.1135 to US$1.00**[9](index=9&type=chunk) - The exchange rate was the noon buying rate in effect on **September 30, 2022**, in the H.10 statistical release of the Federal Reserve Board[9](index=9&type=chunk) - The Company makes no representation that the RMB or USD amounts could be converted at any particular rate or at all[9](index=9&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) [Summary of Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures_Summary) Waterdrop Inc. uses adjusted net operating revenue and net profit/loss as non-GAAP measures, excluding share-based compensation and mutual aid plan impact, reconciled to GAAP - Company uses adjusted net operating revenue and adjusted net profit/loss as non-GAAP financial measures[10](index=10&type=chunk) - Adjusted net operating revenue excludes management fee income from mutual aid business[10](index=10&type=chunk) - Adjusted net profit/loss excludes share-based compensation expense, the impact of terminating the mutual aid plan, and foreign currency exchange gain or losses[10](index=10&type=chunk) - Non-GAAP measures are not presented in accordance with U.S. GAAP and are reconciled to the most comparable U.S. GAAP performance measures[10](index=10&type=chunk) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) [Summary of Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement_Summary) This section contains a standard safe harbor statement, indicating that the press release includes forward-looking statements subject to risks and uncertainties - Press release contains "forward-looking" statements identified by terminology such as "will," "expects," "anticipates," etc[12](index=12&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, including those related to future business development, financial condition, industry growth, market acceptance, relationships with partners, competition, and government policies[12](index=12&type=chunk) - Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law[12](index=12&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) [Summary of Conference Call Information](index=4&type=section&id=Conference%20Call%20Information_Summary) Waterdrop's management hosted a conference call on **December 6, 2022**, to discuss the financial results, with dial-in details and webcast information provided - Waterdrop's management team held a conference call on **December 6, 2022**, at **7:00 AM U.S. Eastern Time**[13](index=13&type=chunk) - Dial-in details and an Elite Entry Number (**5857670**) were provided for participants[11](index=11&type=chunk)[13](index=13&type=chunk) - A telephone replay was accessible through **December 13, 2022**, and a live and archived webcast is available on the Company's investor relations website[13](index=13&type=chunk) [About Waterdrop Inc.](index=4&type=section&id=About%20Waterdrop%20Inc.) [Summary of Company Profile](index=4&type=section&id=About%20Waterdrop%20Inc._Summary) Waterdrop Inc. is a leading technology platform founded in **2016**, dedicated to insurance and healthcare services with a positive social impact - Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact[14](index=14&type=chunk) - Founded in **2016**, it offers comprehensive coverage through Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding[14](index=14&type=chunk) - The company's aim is to "bring insurance and healthcare service to billions through technology"[14](index=14&type=chunk) [UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS](index=5&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) [Summary of Balance Sheet](index=5&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS_Summary) The unaudited condensed consolidated balance sheets show Waterdrop's financial position as of **September 30, 2022**, highlighting increases in total assets and shareholders' equity Unaudited Condensed Consolidated Balance Sheets (Amounts in thousands) | Metric | Dec 31, 2021 (RMB) | Sep 30, 2022 (RMB) | Sep 30, 2022 (USD) | | :--------------------------------------- | :----------------- | :----------------- | :----------------- | | **Assets** | | | | | Cash and cash equivalents | 817,719 | 598,353 | 84,115 | | Restricted cash | 667,664 | 464,646 | 65,319 | | Short-term investments | 1,969,362 | 2,990,238 | 420,361 | | Accounts receivable, net | 643,843 | 762,402 | 107,177 | | Total current assets | 5,033,042 | 5,544,392 | 779,418 | | Total assets | 5,250,599 | 5,770,469 | 811,201 | | **Liabilities** | | | | | Insurance premium payables | 685,028 | 468,504 | 65,861 | | Accrued expenses and other current liabilities | 498,752 | 579,313 | 81,439 | | Total current liabilities | 1,249,145 | 1,075,518 | 151,194 | | Total liabilities | 1,277,173 | 1,102,222 | 154,948 | | **Shareholders' Equity** | | | | | Total shareholders' equity | 3,973,426 | 4,668,247 | 656,253 | [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20LOSS) [Summary of Statements of Operations](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20LOSS_Summary) The unaudited condensed consolidated statements of operations for Q3 2022 show a significant turnaround from a net loss in Q3 2021 to a net profit, driven by stable revenue and reduced operating expenses Unaudited Condensed Consolidated Statements of Operations (Three Months Ended September 30, Amounts in thousands) | Metric | Q3 2021 (RMB) | Q2 2022 (RMB) | Q3 2022 (RMB) | Q3 2022 (USD) | | :-------------------------------------------------- | :------------ | :------------ | :------------ | :------------ | | Operating revenue, net | 779,305 | 701,418 | 772,192 | 108,553 | | Total operating costs and expenses | (1,292,296) | (545,495) | (639,629) | (89,917) | | Operating (loss)/profit | (512,991) | 155,923 | 132,563 | 18,636 | | Net (loss)/profit attributable to Waterdrop Inc. | (476,975) | 206,943 | 169,614 | 23,844 | | Comprehensive (loss)/income | (491,296) | 293,944 | 263,697 | 37,070 | Unaudited Condensed Consolidated Statements of Operations (Nine Months Ended September 30, Amounts in thousands) | Metric | 9M 2021 (RMB) | 9M 2022 (RMB) | 9M 2022 (USD) | | :-------------------------------------------------- | :------------ | :------------ | :------------ | | Operating revenue, net | 2,602,026 | 2,122,298 | 298,348 | | Total operating costs and expenses | (4,390,931) | (1,717,167) | (241,395) | | Operating (loss)/profit | (1,788,905) | 405,131 | 56,953 | | Net (loss)/profit attributable to Waterdrop Inc. | (1,502,883) | 481,515 | 67,691 | | Comprehensive (loss)/income | (1,529,020) | 655,888 | 92,204 | - Share-based compensation expenses are included in the operating costs and expenses[17](index=17&type=chunk)[20](index=20&type=chunk) [RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS](index=8&type=section&id=RECONCILIATIONS%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) [Summary of GAAP and Non-GAAP Reconciliations](index=8&type=section&id=RECONCILIATIONS%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS_Summary) This section reconciles GAAP and non-GAAP net operating revenue and net profit/loss, detailing adjustments for mutual aid income, share-based compensation, and foreign currency Reconciliation of GAAP and Non-GAAP Net Operating Revenue (Three Months Ended September 30, Amounts in thousands) | Metric | Q3 2021 (RMB) | Q2 2022 (RMB) | Q3 2022 (RMB) | Q3 2022 (USD) | | :---------------------------- | :------------ | :------------ | :------------ | :------------ | | Net operating revenue | 779,305 | 701,418 | 772,192 | 108,553 | | Less: Management fee income | — | — | — | — | | Adjusted net operating revenue | 779,305 | 701,418 | 772,192 | 108,553 | Reconciliation of GAAP and Non-GAAP Net (Loss)/Profit (Three Months Ended September 30, Amounts in thousands) | Metric | Q3 2021 (RMB) | Q2 2022 (RMB) | Q3 2022 (RMB) | Q3 2022 (USD) | | :------------------------------------ | :------------ | :------------ | :------------ | :------------ | | Net (loss)/profit | (476,975) | 206,943 | 169,614 | 23,844 | | Add: Share-based compensation expense | 36,040 | 25,745 | 25,552 | 3,592 | | Add: Foreign currency exchange (gain)/loss | (12,708) | (163) | 1,012 | 142 | | Add: Impact of terminating the mutual aid plan | — | — | 19,549 | 2,748 | | Adjusted net (loss)/profit | (453,643) | 232,525 | 215,727 | 30,326 | - The impact of terminating the mutual aid plan includes the estimated cost of medical expenses and one-year health insurance coverage, with **RMB 19.5 million (US$2.7 million)** recorded in Q3 2022[22](index=22&type=chunk)

Waterdrop Inc. (NYSE:WDH) Q2 2022 Results Conference Call September 9, 2022 8:00 AM ET Company Participants Xiaojiao Cui - IR Shen Peng - Founder, Chairman & CEO Guang Yang - Co-Founder, Director and VP Hu Yao - Co-Founder, Director and VP Ran Wei - Partner Zhu Zetao - Partner and General Manager of Medical Crowdfunding and Patient Services Conference Call Participants Michael Li - Bank of America Qingqing Mao - CICC (Transcript provided to Seeking Alpha by the company.) Operator Good morning, ladies and ge ...

Waterdrop Inc. (NYSE:WDH) Q1 2022 Earnings Conference Call June 15, 2022 8:00 AM ET Company Participants Xiaojiao Cui - IR Shen Peng - Founder, Chairman & CEO Yang Guang - Co-Founder, Director and General Manager of Insurance Marketplace Hu Yao - Co-Founder, Director and General Manager of Medical Crowdfunding and Healthcare Kevin Shi - CFO Conference Call Participants Michael Li - Bank of America Qingqing Mao - CICC Operator Good morning, ladies and gentlemen, and thank you for standing by for Waterdrop In ...