Exhibit 99.1

Waterdrop Inc. Announces First Quarter 2025 Unaudited Financial Results

BEIJING, June 5, 2025 - 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 three months ended March 31, 2025.

Financial and Operational Highlights for the First Quarter of 2025

Mr. Peng Shen, Founder, Chairman, and Chief Executive Officer of Waterdrop, commented, “We achieved remarkable growth in the first quarter of 2025, kicking off the year with robust operational and financial outcomes. Both revenue and profits grew on a year-on-year and quarter-on-quarter basis.

In line with our annual growth objectives, our insurance business maintained a strong upward trajectory. We refined our public domain user acquisition strategies and improved services for private domain users, leading to a notable 30.1% year-over-year increase in short-term insurance premium. Product innovation remains a top priority, as highlighted by the upgrade of ‘Jiehaoyun’, our industry-first product, to version 5.0. Furthermore, we recently introduced a revolutionary Million Medical Insurance product that uniquely offers both a health declaration waiver and guaranteed renewal for five consecutive years. Despite headwinds from product iteration, our long-term insurance premiums grew by 27.6% quarter-on-quarter, demonstrating operational resilience.

Waterdrop Medical Crowdfunding further enhanced its risk control framework through ongoing upgrades, improving the rigor of campaign validation processes. This quarter, we expanded our verification platform to cover 92% of domestic cities. The system now enables smoother user-led verification of critical credibility factors like housing, vehicle ownership, and income data. These improvements deliver more reliable and efficient risk management.

Our digital clinical trial solution revenue sustained its growth momentum this quarter, reflecting an 11.5% increase compared to the same period last year. We collaborated with a total of 185 pharmaceutical companies and contract research organizations (“CROs”). Meanwhile, we enrolled 822 patients and initiated services for 77 new programs during the first quarter of 2025.

We are pleased to report that Waterdrop Guardian AI applications are playing increasingly critical roles in both internal and external use cases. For instance, the penetration of our ‘AI Insurance Expert - Medical Insurance’ has further expanded and facilitated over 2 million yuan in monthly premiums this quarter. Additionally, our ‘AI Service Quality Copilot’ has boosted unit operational efficiency by 83% since its launch. Beyond internal initiatives, we have partnered with four Property and Casualty insurers to pilot AI-driven applications in the auto insurance sector, collaborating to set industry benchmarks.

Every strategic action we take is anchored in our objective of maximizing shareholder value. The Company distributed approximately US$7.3 million in cash dividends this quarter and repurchased a cumulative total of approximately 54.2 million ADSs from the open market as of May 31, 2025.

Our long-standing commitment to user-centric philosophy and AI investment laid the foundation for our achievements. Looking ahead to the upcoming quarters of 2025, we will leverage our proven business know-how to accelerate operational growth, creating greater value to both users and shareholders.”

Financial Results for the First Quarter of 2025

Operating revenue, net

Net operating revenue for the first quarter of 2025 increased by 7.0% year-over-year to RMB753.7 million (US$103.9 million) from RMB704.7 million for the same period of 2024. On a quarter-over-quarter basis, net operating revenue increased by 9.7%.

Operating costs and expenses

Operating costs and expenses increased by 3.0% year over year to RMB677.8 million (US$93.4 million) for the first quarter of 2025. On a quarter-over-quarter basis, operating costs and expenses increased by 6.9%.

Operating profit for the first quarter of 2025 was RMB75.9 million (US$10.5 million), as compared with RMB46.4 million for the first quarter of 2024 and RMB53.0 million for the fourth quarter of 2024.

Interest income for the first quarter of 2025 was RMB33.8 million (US$4.7 million), as compared with RMB39.8 million for the first quarter of 2024 and RMB35.8 million for the fourth quarter of 2024.

Income tax expense for the first quarter of 2025 was RMB13.3 million (US$1.8 million), as compared with RMB8.6 million for the first quarter of 2024 and RMB1.9 million for the fourth quarter of 2024.

Net profit attributable to the Company’s ordinary shareholders for the first quarter of 2025 was RMB108.2 million (US$14.9 million), as compared with RMB80.6 million for the same period of 2024, and RMB99.6 million for the fourth quarter of 2024.

Adjusted net profit attributable to the Company’s ordinary shareholders (non-GAAP1) for the first quarter of 2025 was RMB130.0 million (US$17.9 million), as compared with RMB98.4 million for the same period of 2024, and RMB107.1 million for the fourth quarter of 2024.

Cash position2

As of March 31, 2025, cash position of the Company was RMB3,543.3 million (US$488.3 million), as compared with RMB3,670.3 million as of December 31, 2024.

Share Repurchase Programs

Pursuant to the share repurchase programs launched in September 2021, September 2022, September 2023 and September 2024, respectively, we had cumulatively repurchased approximately 54.2 million ADSs from the open market with cash for a total consideration of approximately US$106.6 million as of May 31, 2025.

Supplemental Information

We organize and report our business in the following operating segments:

· Insurance, which mainly includes insurance brokerage service and technical service;

· Crowdfunding, which mainly includes crowdfunding service; and

· Others, which do not individually or in the aggregate meet the quantitative and qualitative thresholds to be individually reportable and are aggregated.

The table below sets forth the segment operating results, with the three-month comparative figures retrospectively adjusted to conform to this presentation.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD” or “US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Non-GAAP Financial Measure

The Company uses non-GAAP financial measure, adjusted net profit attributable to our ordinary shareholders, in evaluating the Company’s operating results and for financial and operational decision-making purposes. Adjusted net profit attributable to our ordinary shareholders represents net profit attributable to our ordinary shareholders excluding share-based compensation expense attributable to our ordinary shareholders, foreign currency exchange gain or losses, and impact of terminating the mutual aid plan on non-GAAP adjustments. Such adjustments have no impact on income tax.

The non-GAAP financial measure is not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measure has limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider it in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Investors are encouraged to review the Company’s historical non-GAAP financial measure to the most directly comparable GAAP measure. Adjusted net profit attributable to our ordinary shareholders presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measure differently, limiting its usefulness as a comparative measure to our data.

The Company mitigates these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measure, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. Waterdrop may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Waterdrop’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Waterdrop’s mission, goals and strategies; Waterdrop’s future business development, financial condition and results of operations; the expected growth of the insurance, medical crowdfunding and healthcare industry in China; Waterdrop’s expectations regarding demand for and market acceptance of our products and services; Waterdrop’s expectations regarding its relationships with consumers, insurance carriers and other partners; competition in the industry and relevant government policies and regulations relating to insurance, medical crowdfunding and healthcare industry. Further information regarding these and other risks is included in Waterdrop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Waterdrop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Conference Call Information

Waterdrop’s management team will hold a conference call on June 5, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on the same day) to discuss the financial results. Dial-in details for the earnings conference call are as follows:

Participants can choose between the Chinese and the English interpretation lines. Please note that the English interpretation option will be in listen-only mode. Please dial in 15 minutes before the call is scheduled to begin and provide the Elite Entry Number to join the call.

Telephone replays will be accessible two hours after the conclusion of the conference call until June 12, 2025 by dialing the following numbers:

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.waterdrop-inc.com/.

About Waterdrop Inc.

Waterdrop Inc. (NYSE: WDH) is a leading technology platform dedicated to insurance and healthcare service with a positive social impact. Founded in 2016, with the comprehensive coverage of Waterdrop Insurance Marketplace and Waterdrop Medical Crowdfunding, Waterdrop aims to bring insurance and healthcare service to billions through technology. For more information, please visit www.waterdrop-inc.com.

For investor inquiries, please contact

Waterdrop Inc.

IR@shuidi-inc.com

WATERDROP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, unless otherwise noted)

WATERDROP INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME 

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

WATERDROP INC.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, unless otherwise noted)