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Schedule 1

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure

WATERDROP INC.

SCHEDULE 1-CONDENSED BALANCE SHEETS

(All amounts in thousands, except for share and per share data, or otherwise noted)


		As of December 31,
		2022		2023
		RMB		RMB		RMB

Assets
Current assets
Cash and cash equivalents		351,817		134,265		18,911
Short-term investments		310,799		557,753		78,558
Prepaid expense and other assets		81,162		14,929		2,102
Amount due from its subsidiaries and the consolidated VIEs		118,426		260,148		36,641
Total current assets		862,204		967,095		136,212
Non-current assets
Long-term investments and amount due from its subsidiaries and the consolidated VIEs (non-current)		4,917,050		5,341,984		752,403
Total non-current assets		4,917,050		5,341,984		752,403
Total assets		5,779,254		6,309,079		888,615
Liabilities
Current liabilities
Accrued expenses and other current liabilities		7,380		197		28
Amount due to its subsidiaries and the consolidated VIEs		1,005,746		1,723,188		242,706
Total current liabilities		1,013,126		1,723,385		242,734
Total liabilities		1,013,126		1,723,385		242,734
Shareholders’ Equity:
Ordinary shares (US$0.000005 par value; 10,000,000,000 shares authorized, 8,900,000,000 Class A ordinary shares authorized, 3,206,653,701 and 3,282,256,521 Class A ordinary shares issued as of December 31, 2022 and 2023, respectively, 3,108,040,681 and 2,899,717,031 Class A ordinary shares outstanding as of December 31, 2022 and 2023, respectively; 1,000,000,000 Class B ordinary shares authorized, 801,904,979 Class B ordinary shares issued and outstanding as of December 31, 2022 and 2023)		135		139		20
Treasury stock		(3)		(12)		(2)
Additional paid-in capital		7,384,670		7,003,423		986,411
Accumulated other comprehensive income		108,245		144,107		20,297
Accumulated deficit		(2,726,919)		(2,561,963)		(360,845)
Total shareholders’ equity		4,766,128		4,585,694		645,881
Total liabilities and shareholders’ equity		5,779,254		6,309,079		888,615

WATERDROP INC.

SCHEDULE 1-CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME

(All amounts in thousands, except for share and per share data, or otherwise noted)


		Year Ended December 31,
		2021		2022		2023
		RMB		RMB		RMB		US$
								(Note 2)
Operating revenue, net		2,279		—		—		—
Operating costs and expenses		(250,814)		(153,603)		(87,060)		(12,262)
Interest income		8,666		11,990		29,337		4,132
Foreign currency exchange (loss)/gain		(2,114)		1,290		(92)		(13)
Others, net		4		17,097		3,077		433
Equity in (loss)/profit of subsidiaries and VIEs		(1,332,101)		730,943		221,959		31,263
Net (loss)/profit		(1,574,080)		607,717		167,221		23,553
Preferred shares redemption value accretion		(152,287)		—		—		—
Net (loss)/profit attributable to ordinary shareholders		(1,726,367)		607,717		167,221		23,553
Foreign currency transaction adjustments		(36,640)		129,563		37,413		5,270
Unrealized gains/(loss) on available-for-sale investments, net of tax		192		174		(1,551)		(218)
Total comprehensive (loss)/income attributable to ordinary shareholders		(1,610,528)		737,454		203,083		28,605

WATERDROP INC.

SCHEDULE 1-CONDENSED STATEMENTS OF CASH FLOW

(All amounts in thousands, except for share and per share data, or otherwise noted)


		Year Ended December 31,
		2021		2022		2023
		RMB		RMB		RMB		US$
								(Note 2)
Cash Flows from Operating Activities:		320,097		534,951		621,178		87,491
Cash Flows from Investing Activities:
Purchase of short-term investments		(1,875,171)		(1,486,449)		(1,376,678)		(193,901)
Proceeds from maturity of short-term investments		2,100,240		1,621,770		1,140,429		160,626
Investment in subsidiaries		(2,683,195)		(178,395)		(5,938)		(836)
Purchase of long-term investments		—		—		(57,550)		(8,106)
Prepaid investments		—		(69,426)		—		—
Net cash used in investing activities		(2,458,126)		(112,500)		(299,737)		(42,217)
Cash Flows from Financing Activities:
Proceeds from exercise of share option		2,971		9,729		11,710		1,649
Payment for share repurchase		(16,546)		(67,022)		(526,025)		(74,089)
Proceeds from initial public offering, net		2,142,104		—		—		—
Net cash provided by/(used in) financing activities		2,128,529		(57,293)		(514,315)		(72,440)
Effect of exchange rate changes on cash and cash equivalents		(14,162)		(21,824)		(24,678)		(3,475)
Net (decrease)/increase in cash and cash equivalents		(23,662)		343,334		(217,552)		(30,641)
Total cash and cash equivalents at beginning of year		32,145		8,483		351,817		49,552
Total cash and cash equivalents at end of year		8,483		351,817		134,265		18,911

WATERDROP INC.

SCHEDULE 1-CONDENSED STATEMENTS OF CASH FLOW (Continued)

(All amounts in thousands, except for share and per share data, or otherwise noted)

1.

Schedule I has been provided pursuant to the requirements of Rule 12-04(a)and 5-04(c)of Regulation S-X,which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

2.	The condensed financial information of Waterdrop Inc. has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries.

3.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Group and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Group as of December 31, 2022 and 2023 and the years ended 2021, 2022 and 2023. No dividend was paid by the Group’s subsidiaries to Waterdrop Inc. in 2021, 2022 and 2023.

4.

As of December 31, 2023, there were no material contingencies, significant provisions of long term obligations, and mandatory dividend or redemption requirements of redeemable shares or guarantees of the Group, except for those which have been separately disclosed in the Consolidated Financial Statement, if any.