Waterdrop Inc.

WDH

$1.00

+2.72%

N/A+$0.03

금융 서비스

보험 - 브로커

NYSE

활발히 거래 중

Waterdrop Inc.는 자회사를 통해 중화인민공화국 내 보험 회사가 인수하는 관련 보험 상품과 사용자를 매칭하고 연결하기 위한 온라인 보험 브로커리지 서비스를 제공합니다. 이 ...

상류

China Taiping Insurance Holdings Co., Ltd.

China Pacific Insurance (Group) Co., Ltd. (CPIC)

Ping An Insurance (Group) Company of China, Ltd.

Taikang Life Insurance Co., Ltd.

Allianz SE

Hongkang Life Insurance Co., Ltd.

Swiss Re AG

DeepSeek

China Taiping Insurance Holdings Co., Ltd.

HKEx:0966

Insurance carrier underwriting life & health products distributed via Waterdrop. Historically ~24.9% of operating premiums.

China Pacific Insurance (Group) Co., Ltd. (CPIC)

SHA:601601

Insurance carrier and co-developer of Blue Ocean LifeTime health insurance product sold exclusively through Waterdrop.

Ping An Insurance (Group) Company of China, Ltd.

HKEx:2318

Major insurance carrier partner providing life, health, and accident insurance products for distribution via Waterdrop's marketplace.

Taikang Life Insurance Co., Ltd.

Fourth-largest life insurer in China; partner insurance carrier providing health and life insurance products.

Allianz SE

ETR:ALV

Global insurance carrier partner providing insurance products for distribution via Waterdrop's platform.

하류

생산물을 소화하는 고객, 유통사, OEM 및 판매 채널.

하류

Individual Insurance Consumers (Retail End Customers)

Pharmaceutical Companies & Contract Research Organizations (CROs)

Third-Party Online Traffic Channels

Waterdrop Medical Crowdfunding Platform

WeSure (Tencent's Insurance Brokerage Platform)

Individual Insurance Consumers (Retail End Customers)

Primary end customers purchasing health, life, and accident insurance policies through Waterdrop Insurance Marketplace. Reached via online channels.

Pharmaceutical Companies & Contract Research Organizations (CROs)

Customers of the E-Find digital clinical trial platform. 243 pharma/CRO partners as of Q1 2026. Waterdrop matches qualified patients for clinical trial enrollment. · 1.3%

Third-Party Online Traffic Channels

Key distribution channel for customer acquisition. Waterdrop spends heavily on marketing through third-party traffic channels (cause of 178%+ sales & marketing expense growth in Q4 2025).

Waterdrop Medical Crowdfunding Platform

Free charitable medical crowdfunding platform that serves as top-of-funnel user acquisition channel. Drives awareness and converts crowdfunding users into insurance customers.

WeSure (Tencent's Insurance Brokerage Platform)

Competitor and parallel entity within Tencent ecosystem. Tencent holds 23.1% of WDH while also operating its own insurance platform (WeSure), creating complex co-opetition dynamics.

대체 기업

분석에서 대표로 사용하는 상장 비교 기업 및 모니터링 종목.

대체 기업

ZhongAn Online P&C Insurance Co., Ltd.

Tencent Holdings Limited

Huize Holding Limited

NASDAQ:HUIZ

Direct Chinese insurtech comparable. Also NASDAQ-listed independent online insurance product and service platform in China. Similar business model as digital insurance intermediary connecting consumers with carriers.

ZhongAn Online P&C Insurance Co., Ltd.

HKEx:6060

China's first internet-based insurance company. Provides direct online insurance underwriting (vs brokerage model) but is the closest publicly traded pure-play Chinese digital insurance entity. Backed by Tencent, Alibaba, and Ping An.

Tencent Holdings Limited

HKEx:0700

23.1% strategic shareholder and ecosystem provider. Tencent's WeSure platform is both a competitor and parallel. Waterdrop's growth correlated with Tencent's ecosystem reach and WeChat traffic.

지역

공급망을 왜곡할 수 있는 지역별 노출.

지역

China (Mainland)

All operations and customers are within mainland China. Subject to PRC regulatory oversight including insurance broker licensing, data security laws, and potential foreign listing (VIE) restrictions.

Tencent Holdings Limited (HKEx:0700)

Waterdrop Inc. (Cayman holding company). Operates through VIE structure in China. Faces regulatory risk from potential PRC crackdown on VIE structures for foreign-listed companies.

China (Mainland)

Regulatory & Operational Concentration

All operations and customers are within mainland China. Subject to PRC regulatory oversight including insurance broker licensing, data security laws, and potential foreign listing (VIE) restrictions.100% of revenue generated in China

China (Mainland)

Shareholder Concentration / Related-Party Risk

Tencent Holdings Limited (HKEx:0700)HKEX:070023.1% shareholder and ecosystem provider. Tencent also operates competing platform WeSure. Potential conflict of interest as both investor and competitor.

China (Mainland)

VIE Structure Risk

Waterdrop Inc. (Cayman holding company). Operates through VIE structure in China. Faces regulatory risk from potential PRC crackdown on VIE structures for foreign-listed companies.NYSE:WDHCorporate structure entity

집중도

공급망을 왜곡할 수 있는 고객, 공급업체 또는 파트너 집중 노출.

Customer

High

Heavy reliance on third-party traffic channels for customer acquisition. Sales & marketing expenses surged 178% YoY in Q4 2025 as competition for online traffic intensifies. Increasing customer acquisition costs could compress margins.

Other

High

Dependence on a concentrated set of major insurance carriers (China Taiping, CPIC, Ping An, Taikang). Top 5 carriers likely account for majority of premiums written. Loss of any major carrier relationship could significantly impact revenue.

Foundry

Low

Not applicable — Waterdrop is a digital services company, not a manufacturer.

매출 구성

대상 기업의 매출 구성이 공급망 영향력과 의존도로 이어지는 방식.

Insurance-Related Income (Brokerage & Commissions)

89.9%

$0.5B

Dominant revenue driver. Drives upstream demand for underwriting capacity from partner insurance carriers. Commission structures depend on premium volumes from Tier 1 insurance partners.

Technical Service Income (AI/Tech Platform Services)

25.3%

$0.1B

Fast-growing segment (2,358% YoY growth in 2025 per FMP data) driven by AI underwriting and customer service tools. Requires cloud infrastructure, AI model partnerships (DeepSeek), and engineering talent.

Digital Clinical Trial Solutions (E-Find Platform)

1.3%

$0.0B

Small but rapidly scaling. Connects pharmaceutical companies and CROs with patients for clinical trial enrollment. 243 pharma/CRO partners as of Q1 2026. Enrolled 15,500+ patients across 1,718 trials.

Other Revenues (Crowdfunding & Miscellaneous)

0.5%

$0.0B

Medical crowdfunding primarily serves as a user acquisition funnel for insurance products rather than a direct revenue source. Minimal upstream dependencies.

회사 소개개인정보 처리방침서비스 약관면책 조항종목 디렉터리ETF지수13F 보유 종목목표주가무료 도구기술 지도Slack 참여하기

Plutux는 투자자문업자가 아닙니다. 시장 데이터와 AI가 생성한 분석은 정보 제공 및 교육 목적일 뿐 투자 자문이 아닙니다. 면책 조항

Waterdrop Inc.

WDH 공급망

상류

China Taiping Insurance Holdings Co., Ltd.

China Pacific Insurance (Group) Co., Ltd. (CPIC)

Ping An Insurance (Group) Company of China, Ltd.

Taikang Life Insurance Co., Ltd.

Allianz SE

Hongkang Life Insurance Co., Ltd.

Swiss Re AG

DeepSeek

View More

하류

Individual Insurance Consumers (Retail End Customers)

Pharmaceutical Companies & Contract Research Organizations (CROs)

Third-Party Online Traffic Channels

Waterdrop Medical Crowdfunding Platform

WeSure (Tencent's Insurance Brokerage Platform)

대체 기업

Huize Holding Limited

ZhongAn Online P&C Insurance Co., Ltd.

Tencent Holdings Limited

지역

China (Mainland)

China (Mainland)

China (Mainland)

WDH 공급망

상류

China Taiping Insurance Holdings Co., Ltd.

China Pacific Insurance (Group) Co., Ltd. (CPIC)

Ping An Insurance (Group) Company of China, Ltd.

Taikang Life Insurance Co., Ltd.

Allianz SE

Hongkang Life Insurance Co., Ltd.

Swiss Re AG

DeepSeek

View More

하류

Individual Insurance Consumers (Retail End Customers)

Pharmaceutical Companies & Contract Research Organizations (CROs)

Third-Party Online Traffic Channels

Waterdrop Medical Crowdfunding Platform

WeSure (Tencent's Insurance Brokerage Platform)

대체 기업

Huize Holding Limited

ZhongAn Online P&C Insurance Co., Ltd.

Tencent Holdings Limited

지역

China (Mainland)

China (Mainland)

China (Mainland)