Waterdrop (WDH) Q2 2026 earnings summary

Executive summary

• Achieved total revenue of CNY 1.45 billion in Q2 2026, up 72.8% year-over-year, with net profit attributable to shareholders of CNY 130 million and 18 consecutive quarters of profitability.

• Growth driven by insurance business, medical crowdfunding, and digital clinical trial solutions, all supported by deep AI integration.

• Board approved a $0.03 per ADS cash dividend and a new $50 million share repurchase program.

Financial highlights

• Net operating revenue reached CNY 1,448 million, up 72.8% year-over-year.

• Insurance business contributed CNY 1,333 million, up 80.5% year-over-year and 15.4% quarter-over-quarter.

• Operating profit was CNY 111 million, up 14.3% year-over-year and 39.2% quarter-over-quarter.

• Net profit attributable to shareholders was CNY 126 million, down 10.3% year-over-year but up 27.9% quarter-over-quarter.

• Cash and equivalents totaled CNY 2.653 billion as of June 30, 2026.

Outlook and guidance

• Targeting over 40% year-over-year growth in total revenue and over 10% growth in operating profit for full year 2026.

• Continued investment in AI and global market initiatives, with limited near-term financial impact.