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: ran wei (Director, Head of Insurance Business)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Ordinary Shares	11088000	Indirect
Class A Ordinary Shares	1000000	Indirect
Class A Ordinary Shares	1039630	Direct
Class A Ordinary Shares	2083340	Direct
Class A Ordinary Shares	56340	Direct
Class A Ordinary Shares	500000	Direct
Class A Ordinary Shares	1200000	Direct

Holdings (Derivative)

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

Footnotes

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 1,039,630 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 200,000 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.