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Schedule 1

12 Months Ended

Dec. 31, 2024

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,
		2023		2024
		RMB		RMB		US$
						(Note 2)
Assets
Current assets
Cash and cash equivalents		134,265		589,440		80,753
Short-term investments		557,753		566,434		77,601
Prepaid expense and other assets		14,929		22,875		3,132
Amount due from its subsidiaries and the consolidated VIEs		260,148		163,933		22,459
Total current assets		967,095		1,342,682		183,945
Non-current assets
Long-term investments and amount due from its subsidiaries and the consolidated VIEs (non-current)		5,341,984		3,603,026		493,613
Total non-current assets		5,341,984		3,603,026		493,613
Total assets		6,309,079		4,945,708		677,558
Liabilities
Current liabilities
Accrued expenses and other current liabilities		197		1,563		214
Amount due to its subsidiaries and the consolidated VIEs		1,723,188		146,710		20,099
Total current liabilities		1,723,385		148,273		20,313
Total liabilities		1,723,385		148,273		20,313
Shareholders’ Equity:
Ordinary shares (US$ 0.000005 par value; 10,000,000,000 shares authorized, 8,900,000,000 Class A ordinary shares authorized, 3,282,256,521 Class A ordinary shares issued, 2,899,717,031 and 2,822,868,761 Class A ordinary shares outstanding as of December 31, 2023 and 2024, respectively; 1,000,000,000 Class B ordinary shares authorized, 801,904,979 Class B ordinary shares issued and outstanding as of December 31, 2023 and 2024)		139		139		19
Treasury stock		(12)		(15)		(2)
Additional paid-in capital		7,003,423		6,832,214		936,009
Accumulated other comprehensive income		144,107		159,550		21,858
Accumulated deficit		(2,561,963)		(2,194,453)		(300,639)
Total shareholders’ equity		4,585,694		4,797,435		657,245
Total liabilities and shareholders’ equity		6,309,079		4,945,708		677,558

WATERDROP INC.

SCHEDULE 1-CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

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


		Year Ended December 31,
		2022		2023		2024
		RMB		RMB		RMB		US$
								(Note 2)
Operating revenue, net		—		—		—		—
Operating costs and expenses		(153,603)		(87,060)		(42,575)		(5,833)
Interest income		11,990		29,337		93,591		12,822
Foreign currency exchange gain/(loss)		1,290		(92)		(216)		(30)
Income tax expense		—		—		(1,433)		(196)
Others, net		17,097		3,077		13,439		1,841
Equity in profit of subsidiaries and VIEs		730,943		221,959		304,704		41,745
Net profit		607,717		167,221		367,510		50,349
Net profit attributable to ordinary shareholders		607,717		167,221		367,510		50,349
Foreign currency transaction adjustments		129,563		37,413		44,773		6,134
Unrealized gains/(loss) on available-for-sale investments, net of tax		174		(1,551)		(29,330)		(4,018)
Total comprehensive income attributable to ordinary shareholders		737,454		203,083		382,953		52,465

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,
		2022		2023		2024
		RMB		RMB		RMB		US$
								(Note 2)
Cash Flows from Operating Activities:		534,951		621,178		1,615,062		221,263
Cash Flows from Investing Activities:
Purchase of short-term investments		(1,486,449)		(1,376,678)		(2,066,920)		(283,167)
Proceeds from maturity of short-term investments		1,621,770		1,140,429		2,132,554		292,159
Investment in subsidiaries		(178,395)		(5,938)		(14,664)		(2,009)
Purchase of long-term investments		—		(57,550)		(1,009,619)		(138,317)
Proceeds from early redemption of long-term investments		—		—		35,979		4,929
Prepaid investments		(69,426)		—		—		—
Net cash used in investing activities		(112,500)		(299,737)		(922,670)		(126,405)
Cash Flows from Financing Activities:
Proceeds from exercise of share option		9,729		11,710		7,225		990
Payment for share repurchase		(67,022)		(526,025)		(106,979)		(14,656)
Dividend to shareholders		—		—		(158,671)		(21,738)
Net cash used in financing activities		(57,293)		(514,315)		(258,425)		(35,404)
Effect of exchange rate changes on cash and cash equivalents		(21,824)		(24,678)		21,208		2,905
Net increase/(decrease) in cash and cash equivalents		343,334		(217,552)		455,175		62,359
Total cash and cash equivalents at beginning of year		8,483		351,817		134,265		18,394
Total cash and cash equivalents at end of year		351,817		134,265		589,440		80,753

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, 2023 and 2024 and the years ended 2022, 2023 and 2024. No dividend was paid by the Group’s subsidiaries to Waterdrop Inc. in 2022, 2023 and 2024.

4.

As of December 31, 2024, 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.