Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report ________ For the transition period from ________ to ________ ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (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 f ...

4月13日，第二届"香港世界青年科学大会"暨第二届"香江诺贝论坛"系列活动在香港会议展览中心开 幕。活动由香港北京高校校友联盟主办、香港特区政府创新科技及工业局支持。来自世界各地的科学 家、企业家围绕大数据、人工智能、生物科技等前沿科技议题探讨交流。水滴公司创始人、董事长兼 CEO沈鹏，水滴公司联合创始人、国际化事业部负责人杨光、立桥人寿保险有限公司行政总裁李满能受 邀参会。活动现场，水滴公司和立桥人寿保险有限公司签署战略合作协议，在人寿保险业务上达成合 作，双方强强联合将携手为用户提供更好服务。 大会开幕式上，香港特区行政长官李家超通过视频致辞表示，特区政府致力于推动科学进步、技术突 破，让人才充分发挥潜能。作为亚洲唯一拥有5所全球百强大学的城市，香港能为科技创新提供坚实的 人才支撑。这里良好的营商环境也能使香港构建充满活力的创新科技生态系统，促进研发、创业和创新 科技合作蓬勃发展。 在京津冀粤港澳青年科创论坛成果落地环节，水滴公司创始人、董事长兼CEO沈鹏与立桥人寿保险有限 公司行政总裁李满能共同签署战略合作协议，沈鹏表示：人工智能产业化浪潮将带来巨大的时代机遇。 水滴公司将用互联网科技助推普惠保障，以新 ...

2024年第四季度的全年业绩发布会温馨提醒,当前会议正处于录制状态中,以下是本次会议的前瞻性陈述。请注意,今天的讨论将涵盖着前瞻性的声明,并且属于美国公民安全保护法和1995年释放改革议案的安全保护条约。前瞻性的声明涉及到风险和不确定性,这可能会导致实际结果不符合我们目前的期望。 举题从积极的拥抱立法及监管充分的准备各项求知要求内容最终在2024年底成功入选了中国民政部指定的首批个人求助网络服务平台行业进入到更加健康规范的新阶段今年春节也来这个赛事引发了全球的关注给中国乃至全世界的AI产业带来了新的改变我相信AI结合产业互联网会带来新的生命力新的生产力革命 雪梨作为深耕特色保险服务的科技公司持续坚定的投入以先进科技引领行业进步2024年期间我陆续打磨推出多款基于大模型的助手和微电的应用赋能保险业务全面调尤其落地于网销和经纪人的辅助服务领域得到行业的广泛认可近期我们也接触了DeepSec模型进一步提出公司人员搭建 今天的业绩发布会后半部分 我们传统也会就公司在AI加保险业务场景应用方面分享我们的思考和最新的业务进展面向2025年 公司要发展要为要增长这一主线展开我们预期2025年全年营收实现20%的增长 业务的 ...

Waterdrop (NYSE: WDH ), a platform designed to provide insurance and healthcare services to those in need in China, released its latest earnings report on March 12 and the market liked what it heard because the stock moved out of a priceWelcome to my author's site. As an avid follower of SeekingAlpha, I take great interest in articles posted as the subject matter is often something that appeals to me. However, I will sometimes encounter an article that I might not agree with. My purpose is to present an alt ...

BEIJING, March 19, 2025 /PRNewswire/ -- Following the release of Waterdrop Inc.'s (WDH) fourth-quarter and full-year 2024 financial results, Goldman Sachs' latest research report maintains a "Buy" rating for Waterdrop and sets a 12-month price target of US$1.80 per ADS.According to Goldman Sachs' report, Waterdrop achieved a higher-than-expected net profit attributable to shareholders of 368 million yuan (approx. US$51 million) for the full year of 2024, representing a year-on-year increase of 119.8%. In th ...

BEIJING, March 19, 2025 /PRNewswire/ -- On March 14, 2025, UOB Kay Hian included Waterdrop Inc. (WDH) for the first time in its most recent report, commenting that the company has built a substantial user base through its strong brand equity and is well-positioned to unlock greater user full-lifetime value for sustained growth. Leveraging its proprietary technology, Waterdrop continues to enhance operational efficiency and improve overall profit margins. Given its attractive valuation, increasing shareholde ...

Financial Data and Key Metrics Changes - In Q4, total revenue was approximately $687 million, with annual revenue reaching $2.77 billion, reflecting a year-over-year increase of 5.4% [6][13] - Net profit attributable to ordinary shareholders for the quarter was over $99.6 million, with annual profit results doubling, meeting financial guidance [6][17] - The company has maintained profitability for twelve consecutive quarters and plans to launch a cash dividend of $0.20 per ordinary share and $0.02 per ADS [7][8] Business Line Data and Key Metrics Changes - The insurance business achieved first-year premium (FYP) of about RMB 1.9 billion, representing 24.5% year-over-year growth, but a 7% quarter-on-quarter decrease [18] - Insurance-related revenue reached RMB 580 million, down 1% year-over-year and 3% quarter-on-quarter, with operating profits of $103 million and an 18% operating margin [19] - The digital clinical trial division income grew by 22.9% year-over-year, reflecting ongoing expansion in this segment [24] Market Data and Key Metrics Changes - The medical crowdfunding platform facilitated donations of $67.5 billion to approximately 3.4 million patients, indicating significant engagement and support [22] - The company partnered with 115 public charities and managed over 15,000 charitable projects, showcasing its commitment to social responsibility [9] Company Strategy and Development Direction - The company aims for a 20% annual revenue growth target for 2025, focusing on strategic investments aligned with federated revenue growth [12] - Waterdrop is recognized as China's largest online service platform for individuals seeking financial help, emphasizing its leadership in the insurtech sector [24] - The company is enhancing its AI capabilities, with plans to increase investments in 2025 to strengthen its technological edge [17][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable growth and profitability in Q1, with safeguards in place for strategic investments [12] - The company highlighted the transformative potential of AI in redefining productivity and enhancing operational efficiency [11][50] - Management noted the importance of user-centric operations and technology-driven transparency in future business strategies [24] Other Important Information - The company has cumulatively repurchased about 52.1 million ADS in the open market, costing approximately $104 million, reflecting a commitment to shareholder value [8][9] - Waterdrop has achieved significant milestones in AI, including 48 LLM-related patents granted, indicating a strong focus on innovation [44] Q&A Session Summary Question: What are the growth prospects for Waterdrop's AI applications? - Management indicated that AI technology will further consolidate Waterdrop's leading position in the insurtech industry over the next three to five years, leveraging industry know-how and application trends [50]

Exhibit 99.1 As a milestone, Waterdrop Medical Crowdfunding has been officially recognized as a pioneer in China's standardized medical crowdfunding sector. Following new legislation changes, the platform secured designation from the Ministry of Civil Affairs on December 25, 2024, becoming one of the first batch state-endorsed 'Online Service Platforms for Individuals Seeking Financial Help'. During this quarter, our digital clinical trial solution income continued its growth, realizing a year-over-year inc ...

Core Insights - Waterdrop Inc. reported strong financial results for Q4 and FY 2024, with significant increases in net profit and operating revenue, highlighting sustained profitability and growth in its insurance business [2][3][12] Financial Performance - In Q4 2024, Waterdrop achieved net operating revenue of RMB 686.8 million and a net profit of RMB 99.6 million, marking a 68.5% increase year-over-year [2] - For the full year 2024, net operating revenue rose by 5.4% to RMB 2,771.8 million, while net profit surged by 119.8% to RMB 367.5 million [3] - Operating expenses accounted for 45.1% of revenue in Q4 and 46.1% for the year, showing a decrease of 8.7 percentage points year-on-year [2][3] Shareholder Returns - Waterdrop declared a cash dividend of US$0.02 per ADS, with a payment date expected around April 30, 2025 [4] - The company has repurchased approximately 52.1 million ADSs for a total of US$103.7 million since initiating its share repurchase program in September 2021 [5] Insurance Business Highlights - Waterdrop's insurance-related revenue in Q4 2024 was RMB 582.4 million, with first-year premiums (FYP) reaching RMB 1,897.9 million, a 24.5% increase year-over-year [6] - The annual FYP for 2024 was RMB 7,472.8 million, reflecting a 5.1% growth [7] - The insurance business generated an annual operating profit of RMB 477.2 million [6] Medical Crowdfunding and Digital Solutions - Waterdrop Medical Crowdfunding raised RMB 67.5 billion for 3.40 million patients, demonstrating its impact in the healthcare sector [8] - The platform was recognized as a pioneer in China's standardized medical crowdfunding sector [9] - Waterdrop's Digital Clinical Trial Solution generated revenues of approximately RMB 25.5 million in Q4 2024, a 22.9% increase year-over-year [10] Strategic Initiatives - The company is focusing on optimizing customer acquisition channels and diversifying product offerings, resulting in a 14.9% increase in new users acquired [7] - Waterdrop is integrating AI-driven solutions to enhance its insurance ecosystem, improving customer interactions and sales strategies [7][12] Leadership Changes - Waterdrop appointed Mr. Chen Lin as an independent director and member of the audit committee, effective March 11, 2025 [13]

Core Viewpoint - Waterdrop Inc. has appointed Mr. Chen Lin as an independent director and a member of the audit committee, effective March 11, 2025, following the resignation of Mr. Ning Zhu due to personal reasons [1][2]. Group 1: Appointment Details - Mr. Chen Lin replaces Mr. Ning Zhu on the Board of Directors and the audit committee [1]. - Mr. Zhu's resignation was not due to any disputes or disagreements with the Company [2]. Group 2: Mr. Chen Lin's Background - Mr. Lin has held various positions at The University of Hong Kong, including Chair of Finance and Associate Vice President [3]. - He has served as an independent non-executive director for multiple companies since 2019, including Allianz Global Investors Fund Management Co., Ltd. and China Merchants Land Asset Management Co., Limited [3]. - Mr. Lin is involved in several advisory roles, including the Task Force on Promoting Web3 Development and the Fintech Advisory Group of the Securities and Futures Commission [4]. Group 3: Educational Qualifications - Mr. Lin holds a PhD in economics, a master's degree in economics, and an MBA from the University of Florida, along with a bachelor's degree in engineering from South China University of Technology [5]. Group 4: Company Statement - The Company expressed confidence that Mr. Lin's expertise will add significant value and positively impact people's lives [6]. - The Company also acknowledged Mr. Zhu's contributions and wished him well in his future endeavors [6]. Group 5: Company Overview - Waterdrop Inc. is a technology platform focused on insurance and healthcare services, aiming to leverage technology to provide services to billions [7].