Wei Ran - 16 Mar 2026 Form 3 Insider Report for Waterdrop Inc. (WDH)

Role: Head of Insurance Business, Director
Signature: /s/Wei Ran
Issuer symbol: WDH
Transactions as of: 16 Mar 2026
Net transactions value: $0
Form type: 3
Filing time: 16 Mar 2026, 09:01:55 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
ran wei	Head of Insurance Business, Director	NO. 203 WANGJING LIZE ZHONGYUAN ZONE 2, CHAOYANG DISTRICT, BEIJING, CHINA	/s/Wei Ran	16 Mar 2026	0002117758

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	WDH	Class A Ordinary Shares						11,088,000	16 Mar 2026	See Footnote	F1
holding	WDH	Class A Ordinary Shares						1,000,000	16 Mar 2026	See Footnotes	F2
holding	WDH	Class A Ordinary Shares						1,416,660	16 Mar 2026	Direct	F3
holding	WDH	Class A Ordinary Shares						2,083,340	16 Mar 2026	Direct	F4
holding	WDH	Class A Ordinary Shares						56,340	16 Mar 2026	Direct	F5
holding	WDH	Class A Ordinary Shares						500,000	16 Mar 2026	Direct	F6
holding	WDH	Class A Ordinary Shares						1,200,000	16 Mar 2026	Direct	F7

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	WDH	Share Options (Right to Buy)							16 Mar 2026	Class A ordinary shares	200,000		Direct	F8

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents 11,088,000 Class A ordinary shares held of record by Christmastrees Holdings Limited, a British Virgin Islands company. Mr. Ran is the sole director of Christmastrees Holdings Limited and has the sole power to vote and dispose of the securities held by such entity.
F2	Represents Mr. Ran's indirect pecuniary interest in 1,000,000 Class A ordinary shares held of record by Ark Trust (Hong Kong) Limited, a Hong Kong company. Mr. Wei Ran disclaims beneficial ownership of the shares held by Ark Trust (Hong Kong) Limited except to the extent of any indirect pecuniary interest therein.
F3	Represents 1,416,660 Class A ordinary shares of the Issuer issued upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on October 1, 2022. These restricted share units have been fully vested as of the date hereof.
F4	Represents 2,083,340 Class A ordinary shares of the Issuer issued upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on January 1, 2023. These restricted share units have been fully vested as of the date hereof.
F5	Represents 56,340 Class A ordinary shares of the Issuer issued or issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on June 25, 2023, representing the contingent right to receive Class A ordinary shares of the Issuer. Of such restricted share units, restricted share units for 42,250 Class A ordinary shares have been vested and the remaining will vest on January 1, 2027.
F6	Represents 500,000 Class A ordinary shares of the Issuer issued or issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on April 1, 2024, representing the contingent right to receive Class A ordinary shares of the Issuer. Of such restricted share units, restricted share units for 150,000 Class A ordinary shares have been vested and the remaining will vest in installments on March 1, 2027 and March 1, 2028.
F7	Represents 1,200,000 Class A ordinary shares of the Issuer issuable upon the vesting of the underlying restricted share unit awards. These restricted share units were granted on February 24, 2026, representing the contingent right to receive Class A ordinary shares of the Issuer. These restricted share units shall vest in installments on February 1, 2027, February 1, 2028, February 1, 2029, and February 1, 2030.
F8	These options were granted on March 25, 2021. All options granted have been fully vested and exercisable as of the date hereof. The exercise price for these options is US$0.08 per Class A ordinary share.