Waterdrop Inc. — Director's Dealing 2026

Mar 17, 2026

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Waterdrop Inc. (WDH)
CIK: 0001823986
Period of Report: 2026-03-17

Reporting Person: Liu Nian (Head of Legal)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A ordinary shares	700000	Direct
Class A ordinary shares	900000	Direct
Class A ordinary shares	552610	Direct
Class A ordinary shares	700000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Share Options (Right to Buy)	$		Class A ordinary shares (500000)		Direct
Share Options (Right to Buy)	$		Class A ordinary shares (200000)		Direct

Footnotes

F1: Represents 700,000 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 October 1, 2022, representing the contingent right to receive Class A ordinary shares of the Issuer. Of such restricted share units, restricted share units for 455,000 Class A ordinary shares have been vested and the remaining will vest on October 1, 2026.

F2: Represents 900,000 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 360,000 Class A ordinary shares have been vested and the remaining will vest in installments on March 1, 2027 and March 1, 2028.

F3: Represents 552,610 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 in installments on February 1, 2027, February 1, 2028, February 1, 2029, and February 1, 2030.

F5: 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.

F6: 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.