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Waterdrop helps consumers find and buy insurance through Waterdrop Insurance Marketplace and its wholly owned Shenlanbao business, which attracts buyers with insurance content and product reviews. Partner insurers underwrite the policies and pay Waterdrop commissions tied to the premiums consumers pay. These commissions supply most of its revenue. Waterdrop also earns substantial income by helping insurers and other insurance intermediaries assess risk, recommend products and manage customer relationships through its technology services.
Waterdrop Medical Crowdfunding connects patients who need help paying medical bills with donors. It charges a capped service fee when patients successfully withdraw campaign funds, rather than keeping the donations as revenue. Campaigns spread largely through Weixin sharing, and crowdfunding also directs some users to the insurance business. Through E-Find, Waterdrop matches eligible patients with clinical trials and charges pharmaceutical companies and contract research organizations for successful matches.
Insurance income depends on attracting and retaining buyers, continued access to a limited group of popular health and life products, and relationships with insurers. Ergo China Life Insurance is a significant revenue contributor. Waterdrop also relies on third-party channels to acquire insurance buyers and on Tencent’s Weixin channels to distribute crowdfunding campaigns and provide access to its services.
Its insurance operations require brokerage and agency licenses. Chinese rules restrict online insurance transactions to interfaces operated by insurance institutions and regulate commission rates, limiting how Waterdrop can distribute policies and earn fees. Its medical crowdfunding platform has official designation and must verify help-seeking information, make required disclosures and keep designated funds in separate accounts.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Yuanbao competes with Waterdrop for Chinese health-insurance buyers and insurer clients: both sell policies backed by insurers and help insurers develop products and run online services using data. Watch Yuanbao’s new medical and critical-illness policy counts for the scale of competition in these customer markets.
Huize competes with Waterdrop for Chinese life- and health-insurance buyers; both earn commissions from insurers for selling their policies rather than taking on the insurance risk. Watch Huize’s life and health brokerage income, which accounted for 90.4% of its brokerage income in 2025, to track the business most directly overlapping Waterdrop.
AIFU’s sales agents compete with Waterdrop’s marketplaces for Chinese consumers buying long-term life and health insurance, earning agency revenue by selling insurers’ policies. Its long-term personal life and health insurance sales are the business to watch against Waterdrop’s long-term insurance brokerage, which supplied 35.0% of Waterdrop’s total revenue in 2025.
Zhibao competes with Waterdrop in customized health and life insurance in China, but reaches buyers by placing insurance offers inside business partners’ digital platforms; insurers pay its brokerage commissions and fees. Watch its digital brokerage revenue for the growth of this alternative route to consumers rather than sales through Waterdrop’s marketplace.
Huize Holding Limited earningsHUIZ
Huize’s report will show how its life and health brokerage business is doing in China, where it competes with Waterdrop for insurance buyers and insurers.
Watch Huize’s life and health brokerage income, which made up 90.4% of its brokerage income in 2025. Growth would suggest continued activity among buyers and insurers in the market that overlaps with Waterdrop’s; a decline would point to weaker demand or tougher competition in that market, questions for Waterdrop’s corresponding business too.
Waterdrop Inc. earningsThis company
Waterdrop’s report will show whether policy commissions or services to insurers are driving its insurance revenue.
Read brokerage income alongside technical-service income. Brokerage income reflects commissions Waterdrop earns when policies take effect; technical-service income reflects services such as risk assessment being used by insurers. Growth in both would show Waterdrop earning from policy sales as well as insurer services. If growth comes mainly from one, demand or monetization in the other remains the open question.
