Waterdrop Inc. — Director's Dealing 2026

Mar 17, 2026

SEC Form 3/A — Form 3/A

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

Reporting Person: Li Jieru (VP Fin, Head of Strat & CapMkt)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A ordinary shares	240000	Direct
Class A ordinary shares	1530000	Direct
Class A ordinary shares	646410	Direct
Class A ordinary shares	500000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Share Options (Right to Buy)	$		Class A ordinary shares (375000)		Direct
Share Options (Right to Buy)	$		Class A ordinary shares (275000)		Direct

Footnotes

F1: Represents 240,000 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 100,000 Class A ordinary shares have been vested and the remaining will vest on October 1, 2026.

F2: Represents 1,530,000 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 450,000 Class A ordinary shares have been vested and the remaining will vest in installments on March 1, 2027 and March 1, 2028.

F3: Represents 646,410 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 500,000 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.

F5: These options were granted on March 25, 2021. Of such options, options to purchase 250,000 Class A ordinary shares are currently exercisable and the remaining will vest and become exercisable on March 25, 2026. 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.