Waterdrop Inc. — Director's Dealing 2026

Mar 18, 2026

SEC Form 3 — Initial Statement of Beneficial Ownership

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

Reporting Person: SUN XIAOLEI (Director, VP of Human Resources)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Ordinary Shares	4200000	Indirect
Class A Ordinary Shares	1039630	Direct
Class A Ordinary Shares	1583340	Direct
Class A Ordinary Shares	73730	Direct
Class A Ordinary Shares	1000000	Direct
Class A Ordinary Shares	900000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Share Options (Right to Buy)	$		Class A ordinary shares (800000)		Direct

Footnotes

F1: Represents Ms. Xiaolei Sun's indirect pecuniary interest in 4,200,000 Class A ordinary shares held of record by Ark Trust (Hong Kong) Limited, a Hong Kong company. Ms. Xiaolei Sun disclaims beneficial ownership of the shares held by Ark Trust (Hong Kong) Limited except to the extent of any indirect pecuniary interest therein.

F2: 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.

F3: Represents 1,583,340 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.

F4: Represents 73,730 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 55,290 Class A ordinary shares have been vested and the remaining will vest on January 1, 2027.

F5: 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.

F6: Represents 900,000 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.

F7: 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.