Xiaoying Xu - 17 Mar 2026 Form 3 Insider Report for Waterdrop Inc. (WDH)

Role: Head of Finance
Signature: /s/Xiaoying Xu
Issuer symbol: WDH
Transactions as of: 17 Mar 2026
Net transactions value: $0
Form type: 3
Filing time: 17 Mar 2026, 11:00:09 UTC
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
XU XIAOYING	Head of Finance	NO. 203 WANGJING LIZE ZHONGYUAN ZONE 2, CHAOYANG DISTRICT, BEIJING, CHINA	/s/Xiaoying Xu	17 Mar 2026	0002116700

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	WDH	Class A ordinary shares						600,000	17 Mar 2026	Direct
holding	WDH	Class A ordinary shares						4,500,000	17 Mar 2026	Direct	F1
holding	WDH	Class A ordinary shares						1,000,000	17 Mar 2026	Direct	F2
holding	WDH	Class A ordinary shares						553,820	17 Mar 2026	Direct	F3
holding	WDH	Class A ordinary shares						700,000	17 Mar 2026	Direct	F4

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

Explanation of Responses:

Id	Content
F1	Represents 4,500,000 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 March 25, 2023, representing the contingent right to receive Class A ordinary shares of the Issuer. Of such restricted share units, restricted share units for 2,025,000 Class A ordinary shares have been vested and the remaining will vest in installments on March 25, 2026 and March 25, 2027.
F2	Represents 1,000,000 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 400,000 Class A ordinary shares have been vested and the remaining will vest in installments on March 1, 2027 and March 1, 2028.
F3	Represents 553,820 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 March 1, 2025, representing the contingent right to receive Class A ordinary shares of the Issuer. These restricted share units shall vest in installments on April 1, 2026, April 1, 2027, April 1, 2028, and April 1, 2029.
F4	Represents 700,000 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.