Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Entity Central Index Key | 0001823986 |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40376 |
Entity Registrant Name | Waterdrop Inc. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Block C, Wangjing Science and Technology Park |
Entity Address, Address Line Two | No. 2 Lize Zhonger Road |
Entity Address, Address Line Three | Chaoyang District |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Auditor Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
Auditor Firm ID | 1113 |
Auditor Location | Beijing, the People’s Republic of China |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Kangping Shi |
Entity Address, Address Line One | Block C, Wangjing Science and Technology Park |
Entity Address, Address Line Two | No. 2 Lize Zhonger Road |
Entity Address, Address Line Three | Chaoyang District |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Contact Personnel Email Address | IR@shuidi-inc.com |
City Area Code | 86 10 |
Local Phone Number | 5339-4997 |
American depositary shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares |
Trading Symbol | WDH |
Security Exchange Name | NYSE |
Class A ordinary shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 3,140,896,631 |
Class B ordinary shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 801,904,979 |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 817,719 | $ 128,318 | ¥ 1,061,962 |
Restricted cash | 667,664 | 104,771 | 261,387 |
Short-term Investments | 1,969,362 | 309,036 | 1,193,160 |
Accounts receivable | 643,843 | 101,033 | 539,791 |
Current contract assets | 563,611 | 88,443 | 824,544 |
Amount due from related parties | 1,049 | 165 | 813 |
Prepaid expense and other assets | 369,794 | 58,027 | 651,080 |
Total current assets | 5,033,042 | 789,793 | 4,532,737 |
Non-current assets | |||
Non-current contract assets | 29,889 | 4,690 | 24,006 |
Property, equipment and software, net | 44,762 | 7,024 | 28,724 |
Intangible assets, net | 56,753 | 8,906 | 53,034 |
Long-term investments | 11,812 | 1,854 | 2,741 |
Right of use assets, net | 59,081 | 9,271 | 60,694 |
Deferred tax assets | 11,840 | 1,858 | |
Goodwill | 3,420 | 537 | 3,119 |
Total non-current assets | 217,557 | 34,140 | 172,318 |
Total assets | 5,250,599 | 823,933 | 4,705,055 |
Current liabilities | |||
Amount due to related parties (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB nil and RMB nil as of December 31, 2020 and 2021, respectively) | 20,449 | 3,209 | 9,789 |
Insurance premium payables (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB 607,326 and RMB 685,028 as of December 31, 2020 and 2021, respectively) | 685,028 | 107,496 | 607,326 |
Deferred revenue (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB 22,017 and RMB 803 as of December 31, 2020 and 2021, respectively) | 803 | 126 | 22,017 |
Accrued expenses and other current liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB 447,211 and RMB 413,438 as of December 31, 2020 and 2021, respectively) | 498,752 | 78,265 | 595,606 |
Current lease liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB 10,594 and RMB 16,452 as of December 31, 2020 and 2021, respectively) | 44,113 | 6,922 | 36,551 |
Total current liabilities | 1,249,145 | 196,018 | 1,271,289 |
Non-current liabilities | |||
Non-current lease liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB 8,181 and RMB 12,921 as of December 31, 2020 and 2021, respectively) | 14,477 | 2,272 | 27,709 |
Deferred tax liabilities (including amounts of the consolidated VIEs and subsidiaries of VIEs without recourse to the Company of RMB 225,320 and RMB 13,126 as of December 31, 2020 and 2021, respectively) | 13,551 | 2,126 | 225,745 |
Total non-current liabilities | 28,028 | 4,398 | 253,454 |
Total liabilities | 1,277,173 | 200,416 | 1,524,743 |
Mezzanine equity | |||
Total mezzanine equity | 0 | 0 | 4,837,336 |
Shareholders' (deficit)/equity | |||
Common stock value | 134 | 21 | 41 |
Additional paid-in capital | 7,329,420 | 1,150,146 | |
Accumulated other comprehensive income/(loss) | (21,492) | (3,373) | 14,956 |
Accumulated deficit | (3,334,636) | (523,277) | (1,672,021) |
Total shareholders' (deficit)/equity | 3,973,426 | 623,517 | (1,657,024) |
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 5,250,599 | 823,933 | 4,705,055 |
Series Pre-A convertible redeemable preferred shares [Member] | |||
Mezzanine equity | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 56,185 |
Series A convertible redeemable preferred shares [Member] | |||
Mezzanine equity | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 129,323 |
Series A+ convertible redeemable preferred shares [Member] | |||
Mezzanine equity | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 77,520 |
Series B convertible redeemable preferred shares [Member] | |||
Mezzanine equity | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 497,106 |
Series C convertible redeemable preferred shares [Member] | |||
Mezzanine equity | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 1,222,224 |
Series C+ convertible redeemable preferred shares [Member] | |||
Mezzanine equity | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 490,571 |
Series C++ convertible redeemable preferred shares [Member] | |||
Mezzanine equity | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 388,925 |
Series D convertible redeemable preferred shares [Member] | |||
Mezzanine equity | |||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | ¥ 0 | $ 0 | ¥ 1,975,482 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020CNY (¥)shares |
Due to Related Parties, Current | ¥ 20,449 | ¥ 9,789 |
Deferred Revenue, Current | 803 | 22,017 |
Accounts Payable and Other Accrued Liabilities, Current | 498,752 | 595,606 |
Finance Lease, Liability, Current | 44,113 | 36,551 |
Finance Lease, Liability, Noncurrent | 14,477 | 27,709 |
Deferred Income Tax Liabilities, Net | ¥ 13,551 | ¥ 225,745 |
Common Stock, Shares Authorized | 10,000,000,000 | |
Common Stock, Shares, Issued | 1,203,526,000 | |
Common stock, shares outstanding | 3,942,801,610 | 1,203,526,000 |
Series Pre-A convertible redeemable preferred shares [Member] | ||
Temporary Equity, Shares Authorized | 0 | 241,148,000 |
Temporary Equity, Shares Issued | 0 | 241,148,000 |
Temporary Equity, Shares Outstanding | 0 | 241,148,000 |
Series A convertible redeemable preferred shares [Member] | ||
Temporary Equity, Shares Authorized | 0 | 334,926,000 |
Temporary Equity, Shares Issued | 0 | 334,926,000 |
Temporary Equity, Shares Outstanding | 0 | 334,926,000 |
Series A+ convertible redeemable preferred shares [Member] | ||
Temporary Equity, Shares Authorized | 0 | 157,896,000 |
Temporary Equity, Shares Issued | 0 | 157,896,000 |
Temporary Equity, Shares Outstanding | 0 | 157,896,000 |
Series B convertible redeemable preferred shares [Member] | ||
Temporary Equity, Shares Authorized | 0 | 352,107,646 |
Temporary Equity, Shares Issued | 0 | 352,107,646 |
Temporary Equity, Shares Outstanding | 0 | 352,107,646 |
Series C convertible redeemable preferred shares [Member] | ||
Temporary Equity, Shares Authorized | 0 | 542,794,072 |
Temporary Equity, Shares Issued | 0 | 542,794,072 |
Temporary Equity, Shares Outstanding | 0 | 542,794,072 |
Series C+ convertible redeemable preferred shares [Member] | ||
Temporary Equity, Shares Authorized | 0 | 170,632,018 |
Temporary Equity, Shares Issued | 0 | 170,632,018 |
Temporary Equity, Shares Outstanding | 0 | 170,632,018 |
Series C++ convertible redeemable preferred shares [Member] | ||
Temporary Equity, Shares Authorized | 0 | 120,971,053 |
Temporary Equity, Shares Issued | 0 | 120,971,053 |
Temporary Equity, Shares Outstanding | 0 | 120,971,053 |
Series D convertible redeemable preferred shares [Member] | ||
Temporary Equity, Shares Authorized | 0 | 517,264,501 |
Temporary Equity, Shares Issued | 0 | 517,264,501 |
Temporary Equity, Shares Outstanding | 0 | 517,264,501 |
Class A ordinary shares [Member] | ||
Common Stock, Shares Authorized | 8,900,000,000 | |
Common Stock, Shares, Issued | 3,206,653,701 | |
Common stock, shares outstanding | 3,140,896,631 | |
Class B ordinary shares [Member] | ||
Common Stock, Shares Authorized | 1,000,000,000 | |
Common Stock, Shares, Issued | 801,904,979 | |
Common stock, shares outstanding | 801,904,979 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Due to Related Parties, Current | ¥ | ¥ 0 | ¥ 0 |
Self Insurance Reserve, Current | ¥ | 685,028 | 607,326 |
Deferred Revenue, Current | ¥ | 803 | 22,017 |
Accounts Payable and Other Accrued Liabilities, Current | ¥ | 413,438 | 447,211 |
Finance Lease, Liability, Current | ¥ | 16,452 | 10,594 |
Finance Lease, Liability, Noncurrent | ¥ | 12,921 | 8,181 |
Deferred Income Tax Liabilities, Net | ¥ | 13,126 | 225,320 |
Subsidiaries [Member] | ||
Due to Related Parties, Current | ¥ | 0 | 0 |
Self Insurance Reserve, Current | ¥ | 685,028 | 607,326 |
Deferred Revenue, Current | ¥ | 803 | 22,017 |
Accounts Payable and Other Accrued Liabilities, Current | ¥ | 413,438 | 447,211 |
Finance Lease, Liability, Current | ¥ | 16,452 | 10,594 |
Finance Lease, Liability, Noncurrent | ¥ | 12,921 | 8,181 |
Deferred Income Tax Liabilities, Net | ¥ | ¥ 13,126 | ¥ 225,320 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Income Statement [Abstract] | ||||
Operating revenue, net | ¥ 3,205,914 | $ 503,078 | ¥ 3,027,948 | ¥ 1,510,965 |
Operating costs and expenses | ||||
Operating costs | (1,054,475) | (165,470) | (742,258) | (291,310) |
Sales and marketing expenses | (3,104,769) | (487,206) | (2,130,535) | (1,056,494) |
General and administrative expenses | (530,522) | (83,250) | (407,171) | (142,995) |
Research and development expenses | (378,990) | (59,472) | (244,230) | (214,646) |
Total operating costs and expenses | (5,068,756) | (795,398) | (3,524,194) | (1,705,445) |
Operating loss | (1,862,842) | (292,320) | (496,246) | (194,480) |
Other income/(expenses) | ||||
Interest income | 48,662 | 7,636 | 26,515 | 10,533 |
Fair value change of warrant | (150,685) | |||
Foreign currency exchange gain/(loss) | 9,349 | 1,467 | (1,335) | 4,152 |
Others, net | 9,764 | 1,532 | 8,052 | 817 |
Loss before income tax, and share of results of equity method investee | (1,795,067) | (281,685) | (613,699) | (178,978) |
Income tax (expense)/bebefit | 220,987 | 34,678 | (50,155) | (142,528) |
Share of results of equity method investee | (15) | (29) | ||
Net loss attributable to Waterdrop Inc. | (1,574,080) | (247,007) | (663,869) | (321,535) |
Deemed dividend on modification on preferred shares | (67,975) | |||
Deemed dividend upon issuance of warrants | (90,268) | |||
Preferred shares redemption value accretion | (152,287) | (23,897) | (285,668) | (136,839) |
Net loss attributable to ordinary shareholders | (1,726,367) | (270,904) | (1,107,780) | (458,374) |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment | (36,640) | (5,750) | (14,008) | 27,771 |
Unrealized gains on available for sale investments, net of tax | 192 | 30 | 1,724 | 209 |
Total comprehensive loss | ¥ (1,610,528) | $ (252,727) | ¥ (676,153) | ¥ (293,555) |
Weighted average number of ordinary shares used in computing net loss per share | ||||
Basic and diluted | shares | 2,990,507,749 | 2,990,507,749 | 1,174,583,516 | 1,203,526,000 |
Net loss per share attributable to ordinary shareholders | ||||
Basic and diluted | (per share) | ¥ (0.58) | $ (0.09) | ¥ (0.94) | ¥ (0.38) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' (Deficit)/Equity ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Ordinary shares [Member]CNY (¥)shares | Treasury Stock [Member]shares | Additional Paid-in Capital [Member]CNY (¥)shares | Accumulated other comprehensive income/(loss) [Member]CNY (¥)shares | Accumulated deficit [Member]CNY (¥)shares |
Balance at Dec. 31, 2018 | ¥ (300,791) | ¥ 41 | ¥ 38,831 | ¥ (740) | ¥ (338,923) | ||
Balance (Shares) at Dec. 31, 2018 | shares | 1,203,526,000 | ||||||
Preferred shares redemption value accretion | (136,839) | (63,697) | (73,142) | ||||
Share-based payment compensation | 24,866 | 24,866 | |||||
Net loss for the year | (321,535) | (321,535) | |||||
Other comprehensive income (loss) | 27,980 | 27,980 | |||||
Balance at Dec. 31, 2019 | (706,319) | ¥ 41 | 27,240 | (733,600) | |||
Balance (Shares) at Dec. 31, 2019 | shares | 1,203,526,000 | ||||||
Preferred shares redemption value accretion | (285,668) | (169,359) | (116,309) | ||||
Share-based payment compensation | 169,359 | 169,359 | |||||
Deemed dividend on modification on preferred shares | (67,975) | (67,975) | |||||
Deemed dividend upon issuance of warrants | (90,268) | (90,268) | |||||
Net loss for the year | (663,869) | (663,869) | |||||
Other comprehensive income (loss) | (12,284) | (12,284) | |||||
Balance at Dec. 31, 2020 | (1,657,024) | ¥ 41 | 14,956 | (1,672,021) | |||
Balance (Shares) at Dec. 31, 2020 | shares | 1,203,526,000 | ||||||
Preferred shares redemption value accretion | (152,287) | $ (23,897) | ¥ 0 | (63,752) | 0 | (88,535) | |
Share-based payment compensation | 283,291 | 0 | 283,291 | 0 | 0 | ||
Issuance of ordinary shares, net of issuance cost of RMB28,233 upon initial public offering | 2,133,437 | ¥ 10 | 2,133,427 | ||||
Issuance of ordinary shares, net of issuance cost of RMB28,233 upon initial public offering (Shares) | shares | 300,000,000 | ||||||
Conversion of convertible redeemable preferred shares upon initial public offering | 4,989,623 | ¥ 83 | 4,989,540 | ||||
Conversion of convertible redeemable preferred shares upon initial public offering (Shares) | shares | 2,437,739,290 | ||||||
Share repurchase | (16,546) | (16,546) | |||||
Share repurchase (Shares) | shares | (13,606,230) | ||||||
Exercise of share options | 3,460 | 3,460 | |||||
Net loss for the year | (1,574,080) | (247,007) | ¥ 0 | 0 | 0 | (1,574,080) | |
Exercise of share options (Shares) | shares | 15,142,550 | ||||||
Other comprehensive income (loss) | (36,448) | ¥ 0 | ¥ 0 | ¥ (36,448) | ¥ 0 | ||
Balance at Dec. 31, 2021 | ¥ 3,973,426 | $ 623,517 | ¥ 134 | ||||
Balance (Shares) at Dec. 31, 2021 | shares | 3,973,426 | 3,973,426 | 3,956,407,840 | (13,606,230) | 7,329,420 | (21,492) | (3,334,636) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' (Deficit)/Equity (Parenthetical) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
IPO [Member] | |
Issuance Cost | ¥ 28,233 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net loss | ¥ (1,574,080) | $ (247,007) | ¥ (663,869) | ¥ (321,535) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation of property, equipment and software | 17,906 | 2,810 | 12,892 | 6,687 |
Amortization of intangible assets | 186 | 29 | 173 | |
Fair value change of warrant | 150,685 | |||
Share of results of equity method investee | 15 | 29 | ||
Share-based compensation expense | 226,161 | 35,490 | 227,828 | 27,996 |
Loss from disposal of property and equipment | 548 | 86 | 178 | 12 |
(Gain)/loss from disposals of subsidiaries | 252 | 40 | (180) | |
Impairment loss | 40,501 | 6,355 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (104,052) | (16,328) | (286,839) | (147,327) |
Contract assets | 255,050 | 40,023 | (230,862) | (528,614) |
Prepaid expense and other assets | 254,815 | 39,985 | (385,554) | (153,730) |
Amount due from/to related party | 10,424 | 1,636 | 3,918 | 2,671 |
Deferred revenue | (21,214) | (3,329) | 347 | (12,713) |
Insurance premium payables | 77,702 | 12,193 | 287,089 | 154,254 |
Deferred tax assets | (11,840) | (1,858) | ||
Deferred tax liabilities | (213,121) | (33,443) | 49,514 | 142,348 |
Accrued expenses and other current liabilities | (52,025) | (8,164) | 47,400 | 303,361 |
Right of use assets, net | 1,613 | 253 | (10,974) | (49,197) |
Operating lease liabilities | (5,478) | (860) | 21,131 | 42,863 |
Net cash used in operating activities | (1,096,652) | (172,089) | (777,108) | (532,895) |
Cash flows from investing activities: | ||||
Purchase of property, equipment and software | (35,659) | (5,595) | (26,709) | (13,267) |
Disposal of property, equipment and software | 27 | 4 | ||
Purchase of intangible assets | (816) | (128) | ||
Purchase of short-term investments | (13,054,640) | (2,048,558) | (1,282,428) | (528,719) |
Proceeds from maturity of short-term investments | 12,253,325 | 1,922,814 | 110,000 | 503,260 |
Purchase of long-term investments | (9,900) | (1,554) | (2,072) | |
Acquisitions of subsidiaries, net of cash acquired | 765 | 120 | (28,710) | (5,070) |
Disposal of subsidiaries, net of cash disposed | 8,355 | |||
Loans to related parties | (1) | (1,220) | ||
Repayment of loans to related parties | 1,792 | 1,133 | ||
Net cash used in investing activities | (846,898) | (132,897) | (1,217,701) | (45,955) |
Cash flows from financing activities: | ||||
Proceeds from issuance of convertible redeemable preferred shares, net | 2,048,986 | 1,491,983 | ||
Proceeds from initial public offering, net of offering cost | 2,133,437 | 334,782 | ||
Repayment of short-term borrowings | (19,140) | |||
Proceeds from exercise of share option | 2,971 | 466 | 2,073 | |
Payment for share repurchase | (16,546) | (2,596) | ||
Principal payments under finance lease obligation | (192) | (30) | (169) | (68) |
Net cash provided by financing activities | 2,119,670 | 332,622 | 2,050,890 | 1,472,775 |
Effect of exchange rate changes on cash and cash equivalents | (14,086) | (2,209) | (26,884) | 27,342 |
Net increase in cash and cash equivalents and restricted cash | 162,034 | 25,427 | 29,197 | 921,267 |
Total cash and cash equivalents and restricted cash at beginning of year | 1,323,349 | 207,662 | 1,294,152 | 372,885 |
Total cash and cash equivalents and restricted cash at end of year | 1,485,383 | 233,089 | 1,323,349 | 1,294,152 |
Reconciliation to Amounts on Consolidated Balance Sheets. [Abstract] | ||||
Cash and cash equivalents | 817,719 | 1,061,962 | 964,476 | |
Restricted cash | 667,664 | 261,387 | 329,676 | |
Total cash and cash equivalents and restricted cash at end of year | 1,485,383 | 233,089 | 1,323,349 | 1,294,152 |
Supplemental disclosure of cash flow information | ||||
Cash paid for interest | 311 | |||
Cash paid for income tax | 2,532 | 397 | 704 | 149 |
Supplemental disclosure of non-cash investing and financing activities | ||||
Accrued expenses and other current liabilities related to purchase of property and equipment | ¥ 71 | $ 11 | 1,203 | 7,507 |
Accrued expenses and other current liabilities related to acquisitions of subsidiaries | ¥ 612 | |||
Issuance of preferred share upon conversion of warrant | ¥ 226,876 |
Principal Activities And Reorga
Principal Activities And Reorganization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principal Activities And Reorganization | 1. Principal activities and reorganization (a) History and Reorganization Waterdrop Inc. (“Waterdrop” or the “Company”) was incorporated in May 2018 under the laws of the Cayman Islands. The Company, its subsidiaries, its consolidated variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively referred to as the “Group”) primarily provide online insurance brokerage services to match and connect users with relevant insurance products underwritten by insurance companies in the People’s Republic of China (“PRC”). The Group operated Waterdrop Mutual Aid platform since May 2016, which was terminated in March 2021. The Group also operates a medical crowdfunding platform. Prior to the incorporation of the Company, the Group commenced its operation in 2016 and mainly carried out its business operation through Beijing Zongqing Xiangqian Technology Co., Ltd (“Zongqing Xiangqian”) and its wholly-owned subsidiaries Beijing Shuidi Hubao Technology Co., Ltd. (“Shuidi Hubao”) and Beijing Shuidi Hulian Technology Co., Ltd. (“Shuidi Hulian”). Zongqing Xiangqian is a limited liability company founded in 2016 by Mr. Shen Peng, the founder and the Chief Executive Officer (the “CEO” or the “Founder”) of the Company. On May 7, 2021, the Company completed its initial public offering on the New York Stock Exchange under the code “WDH”. The Company issued ADS, representing Class A ordinary shares, at US Dollar (US$”) per ADS. Net proceeds from the global offering after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RMB billion. As PRC laws and regulations prohibit and restrict foreign ownership of value-added telecommunication businesses, the Company established, through a Hong Kong intermediary company, a wholly-owned foreign invested subsidiary in the PRC, Beijing Absolute Health Ltd. (“Absolute Health” or the “WFOE”) in October . The WFOE entered into a series of contractual arrangements (see Note 2(b)) in November 2018 with Zongqing Xiangqian and Shuidi Hubao and their respective shareholders. In July 2019, the WFOE further entered into a series of contractual arrangements (see Note 2(b)) with Shuidi Hulian and their respective shareholders. The series of contractual agreements include a power of attorney, an exclusive call option agreement, an equity pledge agreement, an exclusive business cooperation agreement, and a spouse consent agreement. The Group believes that these contractual agreements would enable the WFOE to (1) have power to direct the activities that most significantly affects the economic performance of the VIE and its subsidiaries and (2) receive the economic benefits of the VIE and its subsidiaries that could be significant to them. Accordingly, the Group believes that the WFOE is the primary beneficiary of the VIE and its subsidiaries. As of December 31, 2021, the Company’s major subsidiaries, consolidated VIEs and principal subsidiary of VIEs are as follows: Name of Company Date of Place of Percentage Principal Activities Principal Subsidiaries Waterdrop Group HK Limited (“Waterdrop HK”) May 31, 2018 Hong Kong 100% Investment holding Absolute Health October 17, 2018 PRC 100% Research and development service for the Group VIEs and its principal subsidiaries Zongqing Xiangqian August 2, 2013 PRC 100% Operating management service for the Group Shuidi Hubao December 12, 2016 PRC 100% Medical crowdfunding platform services Shuidi Hulian December 12, 2016 PRC 100% Mutual aid platform services1 Shuidi Insurance Brokerage Co., Ltd October 19, 2012 PRC 100% Insurance brokerage services 1 The business was terminated in March, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Basis of Presentation The Group’s consolidated financial statements as of December 31, 2020 and 2021 and during the years ended December 31, 2019, 2020 and 2021 are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. (b) Basis of Consolidation Consolidation through contractual agreements: The consolidated financial statements include the financial information of the Company, its wholly-owned subsidiaries and its VIEs and VIEs’ subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Applicable PRC laws and regulations currently limit foreign ownership of companies that provide value-added telecommunication businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in the provisions of value-added telecommunication services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs. The Company, through its WFOE, entered into a series of contractual arrangements (the “VIE agreements”) with the VIEs and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Agreements that provide the Group effective control over the VIEs include: Power of Attorney: Pursuant to the power of attorney signed between each of the shareholders of the VIEs and the WFOE, each shareholder irrevocably appointed the WFOE as its attorney-in-fact Executive Call Option Agreements: Pursuant to the exclusive call option agreement entered into between each of the shareholders of the VIEs and the WFOE, the shareholders irrevocably granted the WFOE a call option to request the shareholders to transfer or sell any part or all of its equity interests in the VIEs, to the WFOE, or their designees. The purchase price of the equity interests in the VIEs shall be equal to the higher of Renminbi 1 or the minimum price required by PRC law or an amount equal to the registered capital contributed by the relevant shareholder. Without the WFOE’s prior written consent, the VIEs and their shareholders shall not amend its articles of association, increase or decrease the registered capital, sell or otherwise dispose of its assets or beneficial interest, issue any additional equity or right to receive equity, provide any loans, distribute dividends in any form. Loan Agreements: Pursuant to the loan agreements entered into between the WFOE and each of the shareholders of two VIEs (including Zongqing Xiangqian and Beijing Zhuiqiu Jizhi Technology Co., Ltd.), the WFOE extended loans to the shareholders of the two VIEs who had contributed the loan principals to the relevant VIEs mainly as registered capital. The shareholders of the two VIEs may repay the loans only by transferring their respective equity interests in the VIEs to WFOE or its designated person(s) pursuant to the exclusive option agreements. These loan agreements will remain effective until the date of full performance by the parties of their respective obligations thereunder. Equity Interest Pledge Agreements: Each shareholder of the VIEs has also entered into an equity pledge agreement with the WFOE, pursuant to which each shareholder pledged his/her interest in the WFOE to guarantee the performance of obligations of the WFOE and its shareholders under the exclusive business cooperation agreement, exclusive call option agreement, and power of attorney. If the VIEs or any of the shareholders breach their contractual obligations, the WFOE will be entitled to certain rights and interests regarding the pledged equity interests including the right to dispose the pledged equity interests. None of the shareholders shall, without the prior written consent of the WFOE, assign or transfer to any third party, create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIEs. This agreement is not terminated until all of the agreements under the power of attorney, exclusive call option agreement and the exclusive business cooperation agreement are fully performed. Exclusive Business Cooperation Agreements: Pursuant to the exclusive business cooperation agreement entered into by the WFOE and the VIEs, the WFOE provides exclusive technical support and consulting services in return for fees based on 100% of the VIE’s total consolidated profit, which is adjustable at the sole discretion of the WFOE. Without the WFOE’s consent, the VIEs cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from the WFOE. Spouse Consent letters: The spouse of each shareholder of the VIEs has entered into a spouse consent letter to acknowledge that he or she consents to the disposition of the equity interests held by his or her spouse in the VIEs in accordance with the exclusive option agreement, the power of attorney and the equity pledge agreement regarding the VIE structure described above, and any other supplemental agreement(s) may be consented by his or her spouse from time to time. Each such spouse further agrees that he or she will not take any action or raise any claim to interfere with the arrangements contemplated under the above mentioned agreements. In addition, each such spouse further acknowledges that any right or interest in the equity interests held by his or her spouse in the VIEs do not constitute property jointly owned with his or her spouse and each such spouse unconditionally and irrevocably waives any right or interest in such equity interests. These contractual arrangements allow the Company, through its WFOE, to effectively control the VIEs, and to derive substantially all of the economic benefits from them. Accordingly, the Company has consolidated the VIEs. The Group believes that the contractual arrangements with the VIEs are in compliance with PRC laws and are legally enforceable. However, uncertainties in the PRC legal system could limit the Group’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could: • revoke or refuse to grant or renew the Group’s business and operating licenses; • restrict or prohibit related party transactions between the wholly-owned subsidiaries of the Group and the VIEs; • impose fines, confiscate income or other requirements which the Group may find difficult or impossible to comply with; • require the Group to alter, discontinue or restrict its operations; • restrict or prohibit the Group’s ability to finance its operations; • place restrictions on the Group’s right to collect revenues; • shut down the Group’s servers or blocking the Group’s app/websites; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in the deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC laws and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements. The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and their subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIEs and their subsidiaries are eliminated in the balances presented As of December 31, 2020 2021 RMB RMB ASSETS Current assets Cash and cash equivalents 755,941 731,189 Restricted cash 253,557 667,664 Short-term investments 274,390 351,451 Accounts receivable 536,644 635,235 Current contract assets 824,544 563,611 Other current assets 620,710 316,489 Total current assets 3,265,786 3,265,639 Non-current Non-current 24,006 29,889 Intangible assets, net 49,406 53,202 Deferred tax assets — 11,840 Other non-current 33,828 57,154 Total non-current 107,240 152,085 Total assets 3,373,026 3,417,724 LIABILITIES Current liabilities Insurance premium payables 607,326 685,028 Deferred revenue 22,017 803 Accrued expenses and other current liabilities 447,211 413,438 Current lease liabilities 10,594 16,452 Total current liabilities 1,087,148 1,115,721 Total non-current 233,501 26,047 Total liabilities 1,320,649 1,141,768 Year Ended December 31, 2019 2020 2021 RMB RMB RMB Operating revenue, net 1,510,965 3,013,546 3,193,807 Net income/(loss) 20,477 233,434 (505,603 ) Net cash used in operating activities (381,917 ) (301,869 ) (240,527 ) Net cash provided by/(used in) investing activities 75,528 (277,521 ) (99,240 ) Net cash used in financing activities (19,190 ) — — There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations and which can only be used to settle the VIEs’ obligations. No creditors (or beneficial interest holders) of the VIEs have recourse to the general credit of the Company or any of its consolidated subsidiaries. No terms in any arrangements, considering both explicit arrangements and implicit variable interests, require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to the VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. Mutual Aid Platform: The Group, as a manager and a fiduciary of the plan, operated a mutual aid platform, which consisted of several mutual aid plans that provided its participants with health protection against different types of illnesses. The Group did not consolidate the plans as it determined that those plans did not meet the definition of a legal entity. The plans required contributions from its participants which accumulated and served as a reserve pool of protection. Contributions from participants were not recorded in the Group’s consolidated balance sheets as they were maintained in a custodian account, separated from the Company’s own bank accounts and could not be used for any other purposes other than to reimburse the related medical expenses of the participants. The Company terminated its Waterdrop Mutual Aid business at the end of March 2021. (c) Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Group’s financial statements are estimates and judgments applied in the consolidation of the VIEs, revenue recognition, realization of deferred tax assets, allowance for doubtful account, valuation of ordinary shares and warrants, and valuation of share- based compensation arrangements. Actual results could differ from such estimates. (d) Comprehensive Income and Foreign Currency Translation The Group’s operating results are reported in the consolidated statements of comprehensive loss and consist of two components: net loss and other comprehensive income/(loss) (“OCI”). The Group’s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of entities, of which the functional currency is other than the RMB which is the reporting currency of the Group, and unrecognized gains and losses from available for sale investments, net of related income taxes, where applicable. Such subsidiaries’ assets and liabilities are translated into RMB at period-end (e) Convenience Translation The Group’s business is primarily conducted in China and all of the revenues are denominated in RMB. However, periodic reports made to shareholders will include current period amounts translated into US dollars (“US$” or “USD”) using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the consolidated balance sheets and the related consolidated statements of operations, comprehensive loss, change in shareholders’ deficit and cash flows from RMB into USD as of and for the year ended December 31, 2021 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.3726, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 30, 2021. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2021, or at any other rate. (f) Cash and Cash Equivalents Cash and cash equivalents represent cash on hand, demand deposits and highly liquid investments placed with banks or other financial institutions, which have original maturities less than three months. The Group considers all highly liquid investments with stated maturity dates of three months or less from the date of purchase to be cash equivalents. (g) Restricted Cash Restricted cash mostly include premiums received from certain insured collected by the Group in a fiduciary capacity until disbursed to the appropriate insurance companies and amounted to RMB 243,557 and RMB 657,464 as of December 31, 2020 and 2021. Restricted cash also included guarantee deposits required by China Banking and Insurance Regulatory Commission in order to protect from insurance premium appropriation by the insurance broker and guarantee deposit related to foreign exchange settlement contracts. (h) Short-term Investments Short-term investments include wealth management products, which are mainly deposits with fixed Investment products not classified as trading or as held-to-maturity are classified as available-for-sale debt securities, which are reported at fair value, with unrealized gains and losses recorded in “Accumulated other comprehensive (loss) / income” on the consolidated balance sheets. Realized gains or losses are included in earnings during the period in which the gain or loss is realized. (i) Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable mainly represent brokerage commission fees and technical service fees receivable from insurance companies. The allowance for doubtful accounts is the Group’s best estimate of the amount of probable credit losses over the Group’s existing accounts receivable balance. The Group determines the allowance based on historical write-off (j) Fair Value Measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: • Level 1—inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets. • Level 2—inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair value are therefore determined using model based valuation techniques that include option pricing models, discounted cash flow models, and similar techniques. (k) Financial Instruments The Group’s financial instruments consist primarily of cash and cash equivalents, restricted cash, available for sale investments, held to maturity investments, accounts receivable, other receivable, insurance premium payables, other current liabilities and amount due from/to related parties. As of December 31, 2020 and 2021, the carrying values of cash and cash equivalents, restricted cash, held to maturity investments, accounts receivable, other receivable, insurance premium payables, other current liabilities and amount due from/to related parties approximated their fair values due to the short term maturities of those instruments. Available-for-sale investments and share-based compensation liabilities are recorded at fair value in the consolidated financial statements. (l) Property, Equipment and Software, Net Property, equipment and software are stated at cost. Depreciation is calculated using the straight line method over the following estimated useful lives, taking into account the residual value, if any. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5 years 5 % Computer and electronic equipment 3 years 5 % Leasehold improvements shorter of remaining lease period and estimated useful life Nil Software 10 years Nil (m) Intangible Assets, Net Intangible assets with an indefinite useful life represent the insurance brokerage license, insurance adjusting license, insurance agency license and medical institution license. Intangible assets with an indefinite life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets with finite lives represent purchased trademark and software copyright. These intangible assets are amortized on a straight line basis over their estimated useful lives of the respective assets, which is 10 years. The Group compares the carrying amount of intangible assets with finite lives against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Impairment for intangible assets were RMB RMB (n) Asset Acquisition When the Company acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s financial statements. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value and does not give rise to goodwill. (o) Long-Term Investments The Group’s long-term investments consist of equity securities without readily determinable fair value and equity method investments. i. Equity securities without readily determinable fair value The Group accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed within Accounting Standards Update (“ASU”) 2016-01, Measurement of Financial Assets and Financial Liabilities, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In addition, income is recognized when dividends are received only to the extent they are distributed from net accumulated earnings of the investee. Otherwise, such distributions are considered returns of investment and are recorded as a reduction of the cost of the investment. The Group recorded RMB RMB ii. Equity method investments Investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. The Group also uses the equity method of accounting for its investments in variable interest entity where the Group is not considered the primary beneficiary but holds significant influences. Under the equity method of accounting, the Group’s share of the earnings or losses of the investee company, impairments, and other adjustments required by the equity method are reflected in “share of results of equity method investee” in the consolidated statements of comprehensive loss. An impairment charge is recorded if the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than temporary. The Group estimated the fair value of the investee company based on comparable quoted price for similar investment in active market, if applicable, or discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. The Group did not record any impairment on its equity method investments during the years ended December 31, 2019, 2020 and 2021. (p) Short-Term Borrowings Short-term borrowings represent the Group’s borrowings from commercial banks for the Group’s working capital. Short-term borrowings includes borrowings with maturity terms shorter than one year. (q) Insurance Premium Payables Insurance premium payables are insurance premiums collected from insurance policyholder on behalf of insurance companies but not yet remitted to the insurance companies as of the balance sheet dates. (r) Share-Based Compensation Equity classified share option awards Share-based payment transactions with employees (including management), such as share options, are measured based on the grant date fair value of the equity instrument. The Group has elected to recognize compensation expenses over the requisite service period of the award using the straight line method for all employee equity awards granted with graded vesting provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date fair value of the options that are vested at that date. The Group elects to recognize forfeitures when they occur. Liability-classified share option awards Awards accounted for under ASC 718-Compensation-Stock Upon an employee’s termination prior to the initial public offering in May 2021, the Group reclassifies any vested awards held by the employees into liability as the repurchase price is below fair value. The Group subsequently measures the liability awards at fair value at each reporting date until the initial public offering, with changes in fair value recognized as compensation expense. The repurchase feature expired upon the initial public offering in May 2021, thus the awards were reclassified from liability to equity, and a corresponding increase in fair value in additional paid-in capital, upon the initial public offering. (s) Revenue recognition Insurance Brokerage Services The Group provides insurance brokerage services distributing various health and life insurance policies on behalf of insurance companies (its customers). As an agent of the insurance company, the Group sells insurance policies on behalf of the insurance company and earns brokerage commissions determined as a percentage of premiums paid by the policyholder. The Group has identified its promise to sell insurance policies on behalf of an insurance company as the performance obligation in its contracts with the insurance companies. The Group’s performance obligation to the insurance company is satisfied and commission revenue is recognized at the point in time when an insurance policy becomes effective. The Group also provides policyholder inquiry (call center) services which is considered administrative in nature that transfers minimal benefit to the customer. Additionally, certain contracts with insurance companies include a promise to provide certain services to the insurance company such as information gathering and payment collection. The Group has concluded that such services are immaterial in the context of the contract. The Group accrues the costs of providing such services when the related revenue is recognized (i.e., when an insurance policy becomes effective). The term for short-term health insurance policies sold by the Group is typically 12 months, while the term for long-term health and life insurance policies sold by the Group typically ranges from 6 to 30 years. The insurance company pays the Group a commission either upfront or in monthly or annual instalments based on the underlying cash flows of the insurance policy (i.e., payments of the related premiums for the insurance policy purchased). The Group’s contract terms can give rise to variable consideration due to the nature of its commission structure (e.g., policy changes or cancellations). The Group determines the transaction price of its contracts by estimating commissions that the entity expects to be entitled to over the premium collection term of the policy based on historical experience regarding premium retention and assumptions about future policyholder behaviour and market conditions. Such estimates are ‘constrained’ in accordance with ASC 606, that is, the Group uses the expected value method and only includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transactions will not occur. Beginning in November 2019, for certain long-term insurance policies sold, the Group is also entitled to a performance bonus from insurance companies if the retention rate for a certain period exceeds a predetermined percentage. As the consideration for the bonus is contingent on the occurrence (or non-occurrence) of a future event, the bonus represents variable consideration. Consistent with the policy described above, the Group uses the expected value method to estimate the variable consideration and may constrain the estimate to the extent that it is probable that a significant reversal of revenue in the future will not occur. Management of Mutual Aid Platform The Group, as a manager and a fiduciary of the plan, operated a mutual aid platform, which consisted of several mutual aid plans that provided its participants (who are the Group’s customer) with health protection against different types of critical illnesses. Prior to March 2019, the Group had provided plan managing services free of charge. Beginning in March 2019, the Group charged a management fee calculated as a fixed percentage of each approved payout. The Group’s managing services primarily comprised daily payout processing activities that were substantially the same and had the same pattern of transfer to the customer. As such, the Group has identified a single performance obligation, a series of distinct services, related to the mutual aid platform managing services in its contracts, which was satisfied overtime. The transaction price represented variable consideration in its entirety. The Group determined that the variable consideration related specifically to the Group’s efforts to perform and transfer payout processing services during the period, which were distinct from the services the Group provided in other periods. Therefore, as the payout processing services were performed, the variable consideration earned during the period was allocated to those services and recognized in the period control transfers. Participants also had a choice to upgrade their plan. The upgraded plan provided them with additional protection and further reimbursements if the illness was cancer-related and the payout from the basic plan was insufficient. Under this plan, the Group also assigned a dedicated service representative to the participant during the membership period. The Group charged an annual membership fee at the beginning of each period. The Group determined that the nature of the membership service was a stand-ready obligation to provide management services to the participants of this plan as well as continuous and dedicated customer service representatives and accordingly, the Group recognized the membership fee ratably over the membership period after the waiting period, described below, ends. Both the basic and the upgraded mutual plans included a waiting period before any new participant could submit a claim for reimbursements. During that period, any membership fee received from the upgraded plan was refundable and was recorded in accrued expenses and other current liabilities in the consolidated balance sheet. Starting from March 2021, with the cessation of the Waterdrop Mutual Aid operation, the corresponding management fee income was no longer be a revenue stream. As part of the transition, the Group voluntarily offered to cover participants’ eligible medical expense during the transition period using its own cash. To further attract plan participants to migrate as potential insurance policyholders to its insurance marketplace, the Group also voluntarily offered a one-year complementary health insurance policy for each participant with a |
Acquisitions and Disposal of Su
Acquisitions and Disposal of Subsidiary | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions and Disposal of Subsidiary | 3. Acquisitions and disposal of subsidiary Asset acquisitions In June 2020, the Group entered into purchase agreements with shareholders of Tairui Insurance Agency Co., Ltd. (“Tairui”) to acquire 100% of Tairui’s equity ownership for a gross consideration of RMB75,358, of which RMB43,000 was related to the effective settlement of the selling shareholder’s loan payable to Tairui upon closing. This resulted in a net cash consideration of RMB32,358. Tairui holds an insurance agency license. In August 2020, the Group entered into purchase agreements with shareholders of Hainan Puluo Medical Technology Co., Ltd. (“Puluo”) to acquire 100% of Puluo’s equity ownership for a gross consideration of RMB2,063 , among of which RMB1,500 was prepaid in 2020. In January 2021, the Group completed the acquisition. Puluo holds a medical institution license and a trademark and software copyright. The Company evaluated the acquisition of the purchased assets under ASC 805-Business an identifiable group of similar assets, the transaction did not meet the requirements to be accounted for as a business combination and therefore was accounted for as an asset acquisition. The purchase price of the assets are as follows: As of 2020 2021 Cash 5,858 — Intangible assets-Insurance agency licenses 35,130 — Intangible assets- Medical institution license — 3,708 Intangible assets- Trademark and software copyright — 98 Total assets acquired 40,988 3,806 Deferred tax liabilities (8,630 ) (927 ) Accrued expenses and other current liabilities — (816 ) Total liabilities assumed (8,630 ) (1,743 ) Net assets acquired 32,358 2,063 The Company recognized any excess consideration transferred over the fair value of the net assets acquired on a relative fair value basis to the identifiable net assets. The Company determined the estimated fair values using Level 3 inputs after review and consideration of relevant quoted market prices of comparable companies and relevant information. Business acquisitions In March 2020 and August 2020, the Group completed two business combinations to complement its existing businesses. Total cash consideration transferred for the acquisitions amounted to RMB 1,598. The purchase price allocated to the fair value of assets acquired and liabilities assumed were RMB nil and RMB 50, respectively. Goodwill recognized in these acquisitions amounted to RMB 1,648, which was primarily attributable to the synergies expected to be achieved from these acquisitions. The goodwill recognized is not deductible for tax purposes. In December 2021, the Group completed one business combination to complement its existing businesses with RMB consideration in exchange for 100% of Beijing Yifan Fengshun Medical Technology Co., Ltd.’s equity interest. The acquiree operates clinical trial patient recruitment services. The transaction was considered a business acquisition and therefore was recorded using the acquisition method of accounting. The consideration transferred was determined based on the acquisition-date fair value of the equity interest acquired, and was allocated based on the fair values of the acquired assets and liabilities, which were RMB 13,507 ( including cash acquired of RMB 1,328) and RMB , respectively. Goodwill recognized in this , which was primarily attributable to the synergies expected to be achieved from this Disposal of subsidiary In September 2020, pursuant to a share purchase agreement, the Group transferred 100% ownership interest in Zunsheng (Beijing) Investment Management Co., Ltd. (“Zunsheng”), a subsidiary of the Group who holds certain equity investments, to third parties in return for cash consideration of RMB 8,390. As a result, the Group lost control over Zunsheng. A disposal gain of RMB 180 was recognized under line-item “others, net” in the consolidated statement of comprehensive loss, which is the difference between the disposal consideration of RMB 8,390 and the carrying value in Zunsheng, amounted to net assets of RMB 8,210. In May 2021, pursuant to a share purchase agreement, the Group transferred 100% ownership interest in Jinan Yifangda Pharmacy Co., Ltd. (“Yifangda”), a subsidiary of the Group, to third parties in return for cash consideration of Renminbi . As a result, the Group lost control over Yifangda . A disposal loss was recognized under line-item “others, net” in the consolidated statement of comprehensive loss, which is the difference between the disposal consideration of Renminbi and the carrying value in Yifangda , amounted to net assets of RMB . |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Investments [Abstract] | |
Short-term Investments | 4. Short-term Investments Short-term Investments consist of the following: As of December 31, 2020 2021 RMB RMB Held-to-maturity 195,878 1,360,304 Available-for-sale 997,282 609,058 Total 1,193,160 1,969,362 As of December 31, 2020 and 2021, the maturity dates for the held-to-maturity investments and available-for-sale investments were within one year. Held-to-maturity investments were mainly deposits in commercial banks with maturities less than one year and wealth management products issued by commercial banks and other financial institutions for which the Group has the positive intent and ability to hold those securities to maturity. Available-for-sale investments include wealth management products issued by commercial banks and other financial institutions which are not classified as trading securities or as held-to-maturity securities. For the years ended December 31, 2019, 2020 and 2021, the gross unrecognized holding gains on held-to-maturity investments were RMB nil, RMB 128 and RMB 5,411, respectively. For the years ended December 31, 2019, 2020 and 2021, the gross unrealized gains on available-for-sale investments were RMB 209, RMB 1,724 and RMB 192, respectively. |
Prepaid Expense and Other Asset
Prepaid Expense and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expense and Other Assets | 5. Prepaid Expense and Other Assets Prepaid expense and other assets consist of the following: As of December 31, 2020 2021 RMB RMB Fund receivable from external payment network providers (1) 435,816 87,609 Advances to suppliers 115,135 162,136 Prepayments and deposits 58,220 65,200 Value-added tax recoverable 12,053 33,688 Claims receivable on behalf of insurers 11,410 33,870 Others 18,446 26,291 Total 651,080 408,794 Less: impairment provision (2) — (39,000 ) Prepaid expense and other assets, net 651,080 369,794 (1) The Group opened accounts with external online payment service providers to collect and transfer insurance premiums to insurance companies, as well as to collect donor’s donation and mutual aid funds prior to transferring them to custodian bank. The balance of funds receivable from external payment network providers mainly includes accumulated amounts of donation, mutual aid fund received at the balance sheet date, which were subsequently transferred to the Group’s bank accounts or custodian accounts if they related to donor’s donations. The balance also includes insurance premium collected by the Group on behalf of insurance companies but not yet transferred to the insurance companies deposited in accounts of external online payment service providers. The amount w as (2) Impairme nt provision for the y e ended December 31, 2020 and 2021 re RMB nil and RMB 39,000 respectively. 2021 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | 6. Fair Value of Assets and Liabilities Recurring The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis subsequent to initial recognition: December 31, 2020 Level 1 Level 2 Level 3 Balance at RMB RMB RMB RMB Assets Available for sale investments — 997,282 — 997,282 Total Assets — 997,282 — 997,282 Liabilities Share-based compensation liabilities — — 58,213 58,213 Total Liabilities — — 58,213 58,213 December 31, 2021 Level 1 Level 2 Level 3 Balance at RMB RMB RMB RMB Assets Available-for-sale investments — 609,058 — 609,058 Total Assets — 609,058 — 609,058 The Group calculated the estimated fair value of its available-for-sale investments as of December 31, 2020 and 2021 using alternative pricing sources and models with market observable inputs. Accordingly, the Group classifies the fair value measurement calculated using valuation techniques that use these inputs as Level 2 measurement. The following table presents a rollforward of the fair value of the level 3 liabilities recorded at fair value as of December 31, 2020 and 2021: Share-based Balance as of December 31, 2019 3,153 Changes in estimated fair value 7,037 Addition in share-based compensation liabilities 48,023 Balance as of December 31, 2020 58,213 Changes in estimated fair value 74,178 Addition in share-based compensation liabilities 4,762 Foreign currency translation adjustment (1,081 ) Reclassification of share-based compensation liabilities to equity (136,072 ) Balance as of December 31, 2021 — The Group calculated the estimated fair value of the share options as of December 31, 2020 using the Black- Scholes pricing model with the assistance from an independent valuation firm, with the significant unobservable inputs further disclosed below. The Group classified the valuation technique that use these inputs as Level 3 measurement. Significant Unobservable Inputs Financial instrument Unobservable Input Inputs as of December 31, 2020 Share-based compensation liabilities Risk free rate of interest 2.33% Volatility 24.73% Dividend yield — Life of options 4 months Fair value of underlying ordinary shares $0.55 Non-recurring Certain assets, such as prepayment, intangible asset, long-term investment are measured at fair value only if they were determined to be impaired. The fair values were measured under income approach, based on the Company’s best estimation. Significant inputs (level 3) used in the income approach primarily included future estimated cash flows and discount rate. |
Property, Equipment and Softwar
Property, Equipment and Software, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software, Net | 7. Property, Equipment and Software, Net Property, equipment and software, net, consist of the following: As of December 31, 2020 2021 RMB RMB Computer and electronic equipment 19,138 26,853 Office furniture and equipment 866 1,121 Leasehold improvements 22,156 32,053 Software 8,419 22,685 Total 50,579 82,712 Less: accumulated depreciation (21,855 ) (37,950 ) Property, equipment and software, net 28,724 44,762 Depreciation expenses for the years ended December 31, 2019, 2020 and 2021 were RMB 6,687, RMB 12,892, and RMB 17,906 , n |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets, Net | 8. Intangible Assets, Net Intangible assets, net consisted of the following: As of December 31, 2020 2021 RMB RMB Brokerage licenses 14,558 14,558 Insurance adjusting license 2,293 2,293 Insurance agency license 35,130 35,130 Trademark and software copyright 1,226 2,142 Medical institution license — 3,708 Total 53,207 57,831 Less: Accumulated amortization (173 ) (361 ) Less: Impairment — (717 ) Intangible assets, net 53,034 56,753 Amortization expense on intangible assets for the years ended December 31, 2019, 2020 and 2021 were RMB nil, RMB 173 and RMB 186 respectively. As of December 31, 2021, the Group expects to record amortization expenses related to intangible assets RMB 139 for each of the next five years from January 1, 2022 and RMB 369 thereafter. RMB nil, RMB nil and RMB of impairment charges were recognized on intangible assets and were included under “others, net” in the consolidated statement of comprehensive loss for the years ended December 31, 2019, 2020 and 2021, respectively. The impairment charges for the year end December 31, 2021 was related to the trademark. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Long-term Investments [Abstract] | |
Long-Term Investments | 9. Long-Term Investments Equity securities Equity Method Total RMB RMB RMB Balances at January 1, 2019 1,784 890 2,674 Additions 2,089 — 2,089 Share of results of equity method investee — (29 ) (29 ) Balances at December 31, 2019 3,873 861 4,734 Share of results of equity method investee — (15 ) (15 ) Disposal (1,000 ) (846 ) (1,846 ) Foreign currency translation adjustment (132 ) — (132 ) Balances at December 31, 2020 2,741 — 2,741 Additions 9,900 — 9,900 Impairment (784 ) — (784 ) Foreign currency translation adjustment (45 ) — (45 ) Balances at December 31, 2021 11,812 — 11,812 Equity Securities Without Readily Determinable Fair Value In 2021, the Group invested less than 5% equity interest in certain preferred shares of a The investment contains various right, protection, and a liquidation preference. As this investment was neither debt security nor in-substance common stock, they were accounted as an equity securities without readily determinable fair values, were accounted for under the measurement alternative and were measured at cost, less impairment, subject to upward and downward adjustments resulting from observable price changes for identical or similar investments of the same issuer |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Current Liabilities | 10. Accrued Expenses and Other Current Liabilities Components of accrued expenses and other current liabilities are as follows: As of December 31, 2020 2021 RMB RMB Accrued marketing and customer service expenses (1) 253,118 87,071 Payable related to mutual aid plans and medical crowdfunding (2) 43,636 121,561 Payroll and welfare payable 118,691 184,903 Tax payable 13,537 22,020 Payable related to services fee 46,884 43,889 Share-based compensation liabilities 58,213 — Advance from customer (3) 15,301 — Others 46,226 39,308 Total 595,606 498,752 (1) Amount represents the accrued channel cost and customer service expense payable to third-party companies. (2) Amount represents the fund collected through the third-party external payment network providers that have not transferred to the custodian bank and the accrued payable for medical expense and one-year health insurance related to termination of mutual aid. The accrued payable for medical expense and one-year health insurance related to termination of mutual aid as of the year ended December 31, 2020 and 2021 are RMB nil and RMB 71,609, respectively. See note 5 for disclosure related to fund receivable from third-party external payment network providers. (3) Amount represents the membership fee received from the participants related to the upgraded mutual aid plan. The amount is refundable during the initial waiting period and recorded as advance from customers. Advance s s |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 11. Segment Information The Group’s chief operating decision maker is the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group. The Group operates and manages its business as a single segment. Substantially all of the Group’s revenues for the years ended December 31, 2019, 2020 and 2021 were generated from the PRC. As of December 31, 2020 and 2021, all of the long-lived assets of the Group were located in the PRC. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | 12. Employee Benefits Full-time employees of the Group in the PRC are entitled to welfare benefits including pension insurance, medical insurance unemployment insurance, maternity insurance, on-the-job |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 13. Related Party Balances and Transactions The table below sets major related parties of the Group and their relationships with the Group: Entity or individual name Relationship with the Group Shen Peng Chief Executive Officer and the Founder Tencent Holdings Limited and its subsidiaries (“Tencent Group”) Shareholder of the Group Detail of related party balances and transactions as of and for the years ended December 31, 2019, 2020 and 2021 are as follows: (1) Service provided by related parties: Year ended December 31, 2019 2020 2021 RMB RMB RMB Marketing services from Tencent Group (1) — 187,236 487,085 Payment processing fee to Tencent Group (2) 77,898 34,061 37,986 Others 15,147 26,931 45,403 Total 93,045 248,228 570,474 (1) The Company entered into a series of since (2) The Company entered into a series of agreements with Tencent Group in 2016. The Company uses Tenpay (from Tencent Group) as one of its payment processing platforms to collect cash from insurance policy holders, participa n (2) Service provided to related parties: Year ended December 31, 2019 2020 2021 RMB RMB RMB Advertising services to Tencent Group — 844 1,988 Total — 844 1,988 (3) Amount due from related parties: As of December 31, 2020 2021 RMB RMB Tencent Group (1) 813 1,049 Total 813 1,049 (1) In addition, prepayments of RMB 76,274 and RMB 120,459 were recorded separately as of December 31, 2020 and 2021 under “Prepaid expense and other assets” in relation to the traffic channel service fee paid to Tencent Group, and the balance is amortized based on traffic volume consumed. (4) Amount due to related parties: As of December 31, 2020 2021 RMB RMB Cloud technology services from Tencent Group 9,789 20,449 Total 9,789 20,449 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Cayman Islands The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong According to the Hong Kong regulations, Hong Kong entities are subject to a two-tiered two-tiered income rate two-tiered incom e C China The Company’s subsidiaries, consolidated VIEs and subsidiaries of the VIEs established in the PRC are mainly subject to statutory income tax at a rate of 25%. Certain enterprises benefit from a preferential tax rate of 15% under the Enterprise Income Tax (“EIT”) Law if they qualify as high and new technology enterprises (“HNTE”). Under such law, Absolute Health is qualified for HNTE status and are eligible to the preferential tax rate of % for the years ended 2021. Certain enterprises (including Puluo, Chongqing Hecheng Insurance Adjusting Co., Ltd., etc.) are qualified as “small enterprises with low profits” and thus enjoyed a preferential income tax rate of % for 2021. Composition of Income Tax Expense The current and deferred components of income tax expense included in the consolidated statements of comprehensive loss were as follows: Year ended December 31, 2019 2020 2021 RMB RMB RMB Current income tax 181 641 3,974 Deferred income tax 142,347 49,514 (224,961 ) Income tax expense/(benefit) 142,528 50,155 (220,987 ) Tax Reconciliation Reconciliation between the income tax benefit computed by applying the EIT tax rate to loss before income tax and income tax expense/(benefit) were as follows: For the Year ended December 31, 2019 2020 2021 RMB RMB RMB Loss before income tax (178,978 ) (613,699 ) (1,795,067 ) Tax benefit at EIT tax rate of 25% (1) (44,745 ) (153,425 ) (448,767 ) Expenses not deductible for tax purposes 23,199 65,034 52,051 Research and development super deduction (10,343 ) (44,143 ) (37,492 ) Effect of different tax rates of subsidiaries operating in other jurisdictions 376 37,673 4,149 Effect of PRC preferential tax rates — — 52,502 Changes in valuation allowance 174,041 145,016 156,570 Income tax expense/(benefit) 142,528 50,155 (220,987 ) (1) The Group’s major operations during the years ended December 31, 2019, 2020 and 2021 were conducted in PRC, and thus all losses were attributable to the Group’s operations in the PRC (or foreign operation). Accordingly, the Group prepared its tax rate reconciliation starting with the PRC statutory tax rate during the years ended December 31, 2019, 2020 and 2021. Deferred Tax Assets and Deferred Tax Liabilities As of December 31, 2020 2021 RMB RMB Deferred tax assets Deductible advertising expenses exceeding the tax limit (2) 31,351 45,438 Accrued expenses 16,504 41,458 Other deductible expenses exceeding the tax limit (2) 300 427 Provisions for the prepayments and other non-current assets — 10,125 Operating loss carry forward 361,627 579,821 Less: valuation allowances (390,833 ) (499,090 ) Total deferred tax assets 18,949 178,179 Deferred tax liabilities Intangible assets 12,623 13,551 Contract assets 212,138 148,375 Advance from customer 19,933 17,964 Total deferred tax liabilities 244,694 179,890 As of December 31, 2020 2021 RMB RMB Classification in the consolidated balance sheets: Deferred tax assets — 11,840 Deferred tax liabilities 225,745 13,551 Movement of valuation allowance As of December 31, 2020 2021 RMB RMB Balance at the beginning of the year 245,817 390,833 Additions 165,581 153,780 Reversals (20,565 ) (45,523 ) Balance at end of the year 390,833 499,090 (2) Deferred income tax assets are recognized for advertising expenses and other deductible expenses that exceeds the tax deduction limit in a particular tax year to the extent that the realization of the related tax benefits through future taxable income Valuation allowance is provided against deferred tax assets when the Group determines that it is more- likely-than-not than-not As of December 31, 2020 and 2021, the Group had net operating loss carry forward of approximately RMB 1,443,696 and RMB 2,706,859, respectively, which arose from the subsidiaries, VIEs and the VIEs’ subsidiaries established in PRC. As of December 31, 2021, the tax losses in the PRC can be carried forward for five years to offset future taxable income and the period was extended to ten years for entities qualified as HNTE in 2021 and thereafter. In general, the PRC tax authorities have up to five years to conduct examinations of the Group’s tax filings. As of December 31, 2021, the PRC subsidiaries’ 2017 to 2021 tax returns remain open to examination. Uncertain Tax Positions The Enterprise Income Tax (“EIT”) Law includes a provision specifying that legal entities organized outside of the PRC will be considered resident enterprises for the PRC income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. In addition, under the double tax arrangement between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced to 5%, if the investor holds at least 25% in the FIE, or 10%, if the investor holds less than 25% in the FIE. A deferred tax liability should be recognized for the undistributed profits of PRC subsidiaries unless the Group has sufficient evidence to demonstrate that the undistributed dividends will be reinvested and the remittance of the dividends will be postponed indefinitely. The Chinese subsidiary of the Group are in accumulated loss position and will not distribute profits. Therefore, no withholding income taxes for undistributed profits of the Group’s subsidiaries have been provided as of December 31, 2020 and 2021. The Group did not identify significant unrecognized tax benefits for the years ended December 31, 2019, 2020 and 2021. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expense and also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2021. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Ordinary Shares | 15. Ordinary Shares The Company’s Memorandum and Articles of Association authorizes the Company to issue up to 10,000,000,000 ordinary share s s On March 28, 2019, the Company effected a 1-to-2 According to the Amended and Restated Memorandum and Articles of Association on 16 April 2021, the ordinary shares of the Company are classified as Class A and Class B and 1,203,526,000 ordinary shares outstanding then were designated to 401,621,021 Class A ordinary shares and 801,904,979 Class B ordinary shares, respectively. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to nine votes and is convertible into one Class A ordinary share at the option of the holder thereof. In May 2021, the Company completed its initial public offering and issued 30,000,000 ADSs (representing 300,000,000 Class A ordinary shares). The net proceeds raised from initial public offering were RMB 2,133,437 net of issuance cost of RMB 28,233. Upon the completion of initial public offering, 2,437,739,290 preferred shares were converted and re-designated on a 1:1 basis as Class A ordinary shares. On September 7, 2021, the Company’s Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to US$50,000 of its ordinary shares in the form of ADSs over the following 12 months. 1,360,623 ADSs (equivalent to 13,606,230 Class A ordinary shares) were repurchased for the year ended December 31, 2021 at a total consideration of RMB16,546. The repurchased shares were presented as treasury stock, using the par value method on the consolidated balance sheets as of December 31, 2021. As of December 31, 2021, the Company has 3,942,801,610 shares issued and outstanding, including 3,140,896,631 Class A ordinary shares and 801,904,979 Class B ordinary shares. |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Convertible Redeemable Preferred Shares | 16. Convertible Redeemable Preferred Shares In July 2016, Zongqing Xiangqian issued 16% of Pre-A equity interest with preferential features to certain third party shareholders for a net cash consideration of US$5.9 million (equivalent to RMB39.7 million), which is net of issuance cost amounting to US$49.9 thousand (equivalent to RMB0.3 million). In March 2017, Zongqing Xiangqian issued 18% of A equity interest with preferential features to certain third party shareholders for a net cash consideration of US$14.0 million (equivalent to RMB96.5 million), which is net of issuance cost amounting to US$69.1 thousand (equivalent to RMB0.5 million). In August and December 2017, Zongqing Xiangqian issue 8% of A+ equity interest with preferential features to certain third party shareholders for a net cash consideration of US$9.5 million (equivalent to RMB62.9 million), which is net of issuance cost amounting to US$15.2 thousand (equivalent to RMB0.1 million). During 2018, the Company repurchased 0.39% equity interest with Series A+ preferential features from a third-party investor. Any cash paid in excess of fair value of the preferred shares was recorded as deemed dividend. As part of the Reorganization disclosed in Note 1, investors exchanged all of their Series Pre-A, Pre-A, Pre-A, Pre-A, Pre-A, Pre-A, In November 2018, the Group issued 352,107,646 Series B preferred shares to certain third party shareholders for a net cash consideration of US$61.0 million (equivalent to RMB420.4 million), which is net of issuance cost amounting to US$0.4 million (equivalent to RMB2.5 million). The Group received payment amounting to US$50.5 million (equivalent to RMB348.2 million) during the year ended December 31, 2018 and received the remaining amount in 2019. The Group recorded the unpaid amount as subscription receivable under Mezzanine equity in its consolidated balance sheet as at December 31, 2018. In March 2019, the Group issued 542,794,072 Series C preferred shares to certain third party shareholders for a net cash consideration of US$147.5 million (equivalent to RMB993.8 million), which is net of issuance cost amounting to US$2.5 million (equivalent to RMB16.9 million). In October 2019, the Group issued 170,632,018 Series C+ preferred shares to certain third party shareholders for a net cash consideration of US$60.3 million (equivalent to RMB426.0 million), which is net of issuance cost amounting to US$0.2 million (equivalent to RMB1.2 million). In March 2020, the Group issued an aggregate of 120,971,053 Series C++ preferred shares to certain third party shareholders for a net cash consideration of US$50.0 million (equivalent to RMB349.5 million), which is net of issuance cost amounting to US$12.2 thousand (equivalent to RMB85.4 thousand). In June 2020, the Group issued an aggregate of 220,257,916 Series D preferred shares to certain third party shareholders for a net cash consideration of US$106.7 million (equivalent to RMB755.2 million), which is net of issuance cost amounting to US$12.4 thousand (equivalent to RMB87.9 thousand). The Group issued a warrant to one of its existing shareholder in June 2020. The warrant provided the shareholder with the right to subscribe for or purchase certain number of additional Series D Preferred Shares at US$0.48 per share, which is equal to the Series D issue price to other investors in June 2020. The warrant is exercisable at any time and expires in three months after the completion date of Series D. Upon issuance of the warrant, the fair value of the warrant was recorded as deemed dividend in the amount of RMB 90,268 thousand (RMB 0.30 per share). In November 2020, the Group further issued an aggregate of 297,006,585 Series D preferred shares through the shareholder’s exercise of the warrant described above for a net cash consideration of US$143.9 million (equivalent to RMB944.3 million). The convertible redeemable preferred shares issued by the Company carry the following rights: Voting Right The holders of preferred shares may vote at general meetings of the Company in the same manner as holders of ordinary shares on an as-converted Redemption Redemption condition for convertible redeemable preferred shares: The convertible redeemable preferred shares are redeemable in the event of the Company fails to complete a qualified IPO before June 28, 2025; The redemption price of the investor of Series C, Series C+, Series C++ and Series D is the investment amount of the investors plus the annual rate of return on compound interest of 10% per annum. The redemption price of the investor of Series pre-A, Series A, Series A+ and Series B is the investment amount of the investors plus the internal rate of return of compound interest of 8% per annum. Dividends Rights The convertible redeemable preferred shareholders shall be entitled to receive a preferential dividend equal to a simple interest rate of at least 6% per annum of the applicable subscription price per share, when, as and if declared by the shareholders holding more than two-thirds non-cumulative. Conversion Each holder of preferred shares have the right to convert any or all of its preferred shares into ordinary shares at the quotient of subscription price per share of the preferred shares, resulting in an initial conversion ratio for the preferred shares to ordinary shares of 1:1. In addition, all outstanding preferred shares shall be automatically converted into ordinary shares prior to the consummation of a qualified initial public offering (“Qualified IPO”). Liquidation If a liquidation event occurs, distributions to the shareholders of the Group shall be made in the following manner: First, the Company shall pay to the holders of Series D preferred shares, Series C++ preferred shares, Series C+ preferred shares, Series C preferred shares, Series B preferred shares, Series A+ preferred shares and Series A preferred shares then outstanding, prior to and in preference of any payments to holders of ordinary shares and all other holders of share capital of the Company, the aggregate of: (i) the subscription price per share and annual compound interest calculated at twelve percent (12%) per annum on the subscription price per share; and (ii) all accrued but unpaid, or declared but not distributed dividends with respect to each Preferred Share (“First Liquidation Preference”). The liquidation preference is exercised in the sequence of Series D preferred shares, Series C++ preferred shares, Series C+ preferred shares, Series C preferred shares, Series B preferred shares, Series A+ preferred shares, and Series A preferred shares. Second, (a) following the full payment of the First Liquidation Preference in respect of the Series D preferred shares, Series C++ preferred shares, Series C+ preferred shares, Series C preferred shares, Series B preferred shares, Series A+ preferred shares and Series A preferred shares, to the extent that there are any assets of the Company and its subsidiaries legally available for distribution, the holders of Series Pre-A Pre-A Third, (a) following the full payment of the First Liquidation Preference in respect of Series C+ preferred shares, Series C preferred shares, Series B preferred shares, Series A+ preferred shares and Series A preferred shares and the Second Liquidation Preference in respect of Series Pre-A Fourth, if there are any assets of the Company and its subsidiaries legally available for distribution after the payments as stated above, all holders of preferred shares and ordinary shares then outstanding shall be entitled to participate in the residual assets of the Company and its subsidiaries on a pro rata and as-converted Modification of preferred shares In June 2020, the Company and the Series Pre-A, Accounting for the Convertible Redeemable Preferred Shares The Company classified the convertible redeemable preferred shares as mezzanine equity in the consolidated balance sheets because they are redeemable at the holders’ option any time after a certain date and are contingently redeemable upon the occurrence of certain events outside of the Company’s control. The convertible redeemable preferred shares are recorded initially at fair value, net of issuance costs. The Group has determined that there was no embedded beneficial conversion feature (“BCF”) attributable to the convertible redeemable preferred shares. In making this determination, the Group compared the initial effective conversion prices of the convertible redeemable preferred shares and the fair values of the Group’s ordinary shares determined by the Group at the issuance dates. The initial effective conversion prices were greater than the fair values of the ordinary shares to which the convertible redeemable preferred shares are convertible into at the issuance dates. Subsequently, the carrying amount is increased by periodic accretion, using the interest method, so that the carrying amount will equal to redemption amount as of each period end. The movement in the carrying value of the preferred shares is as follows: Series Pre-A Series A Series Series B Series C Series Series Series D Total RMB RMB RMB RMB RMB RMB RMB Balances as of January 1, 2019 48,122 110,806 66,447 353,634 — — — — 579,009 Settlement of Series B convertible redeemable preferred shares subscription receivable — — — 72,201 — — — — 72,201 Issuance of convertible redeemable preferred shares — — — — 993,777 426,005 — — 1,419,782 Accretion on convertible redeemable preferred shares to redemption value 3,877 8,902 5,324 34,265 76,981 7,490 — — 136,839 Balances as of December 31, 2019 51,999 119,708 71,771 460,100 1,070,758 433,495 — — 2,207,831 Issuance of convertible redeemable preferred shares — — — — — — 349,480 1,699,506 2,048,986 Deemed dividend on modification on preferred shares — — — — 42,696 13,607 11,672 — 67,975 Exercise of warrant — — — — — — — 226,876 226,876 Accretion on convertible redeemable preferred shares to redemption value 4,186 9,615 5,749 37,006 108,770 43,469 27,773 49,100 285,668 Balances as of December 31, 2020 56,185 129,323 77,520 497,106 1,222,224 490,571 388,925 1,975,482 4,837,336 Accretion on convertible redeemable preferred shares to redemption value 1,561 3,585 2,144 13,797 41,303 16,507 13,025 60,365 152,287 Converted into ordinary shares 1 (57,746 ) (132,908 ) (79,664 ) (510,903 ) (1,263,527 ) (507,078 ) (401,950 ) (2,035,847 ) (4,989,623 ) Balances as of December 31, 2021 — — — — — — — — — 1 Upon the completion of the initial public offering, all of the Company’s Preferred Share were converted into 2,437,739,290 ordinary shares on an one-to-one basis. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 17. Share-Based Compensation Restricted shares owned by the management In March 2020, several shareholders who are members of the management team (the “Restricted Shareholders”) entered into share restriction agreements with the Company and the Founder. Pursuant to these agreements, all or a portion of ordinary shares held by these Restricted Shareholders were converted into restricted shares (“Restricted Shareholders Shares”) which will vest in a maximum of 3 years provided that those Restricted Shareholders remain full-time employees of the Group. According to the share restriction agreements, the Founder obtained a right to repurchase the unvested Restricted Shareholders Shares at par value, the Company or the Founder has the right to repurchase the vested Restricted Shareholders Shares below fair value, upon termination of the employment of the Restricted Shareholders during the vesting period. The share restriction described above was accounted for as a grant of restricted stock award under a share-based compensation plan. Accordingly, the Group measured the fair value of the Restricted Shareholders Shares at the grant date and recognized the amount as compensation expense over the service period. A summary of non-vested Number of Outstanding as of December 31, 2020 12,554,722 Vested 12,554,722 Outstanding as of December 31, 2021 — The Group determined that the nonvested Restricted Shareholders Shares are participating securities as the nonvested Restricted Shareholders Shares have a nonforfeitable right to receive dividends but do not have a contractual obligation to fund or otherwise absorb the Group’s losses. The weighted-average grant date fair value of the Restricted Shareholders Shares is USD$0.20 per share. During the year ended December 31, 2020 and 2021, the Group recorded share-based compensation expense of RMB 60,623 and RMB 16,403 respectively related to the Restricted Shareholders Shares. Upon the termination of the Restricted Shareholders’ continuous services during the vesting period, the Company has a right (but not the obligation) to repurchase the vested Restricted Shareholders Shares at a price below fair value of the Restricted Shareholders Shares which is to be determined by the board of directors of the Company. The Company reclassified vested Restricted Shareholders Shares as liability in the consolidated balance sheets upon the termination of the managements’ service as the repurchase price is below fair value. No repurchase occurred during the year ended December 31, 2021. Such liability classified awards are remeasured at fair value subsequently at each reporting date until initial public offering, with the changes in fair value recorded as compensation expenses. The repurchase feature expired upon the initial public offering, thus the awards were reclassified from liability to equity, and an RMB 67,505 corresponding increase in additional paid-in capital, December 31, 2020 and 2021, RMB 33,100 and RMB 36,786 respectively related share based compensation expenses were recognized. During the year ended December 31, 2020, two executive management terminated their services. As a result, an aggregate of 3,535,833 unvested Restricted Shareholders Shares were transferred to the Founder of the Company at par value and became immediately vested. The Company recorded RMB 6,654 of share-based compensation expense representing the excess of the fair value of the ordinary shares over the purchase price. Share Option In 2019, the Group adopted the 2018 share incentive plan (the “2018 Plan”), which permits the grant of three types of awards: options, restricted shares, and restricted share units. Persons eligible to participate in the 2018 Plan includes employees (including members of management) of the Group or any of its affiliates, which include the Group’s parent company, subsidiaries and the Group. Upon the adoption of the 2018 Plan, the maximum ordinary shares available for issuance were 62,504,000. According to the resolutions of the board of director in 2019, the Group reserved additional 321,655,746 ordinary shares for the 2018 Plan, and the maximum ordinary shares available for issuance were increased to 384,159,746. During the year ended December 31, 2020, the Group granted 83,521,862 options under the 2018 Plan with a weighted average exercise prices of US$0.04 (RMB0.31). During the year ended December 31, 2021, the Group granted 82,665,350 options under the 2018 Plan with a weighted average exercise prices of US$ 0.08 (RMB 0.51). The term of the option is fixed and does not exceed 10 years from the date of the grant. The options will be vested in accordance with the vesting schedules set out in the respective share option agreements with vesting period ranging from 1 to 4 years. In 2021, the Group adopted the 2021 share incentive plan (the “2021 Plan”), the maximum aggregate number of shares which may be issued pursuant to all awards under the 2021 Plan shall initially be 80,508,501 shares, plus an annual increase on the first day of each year during the ten-year term of the 2021 Plan commencing with the year beginning January 1, 2022, by an amount equal to the lesser of (i) 2% of the total number of shares issued and outstanding on an as-converted fully diluted basis on the last day of the immediately preceding year and (ii) such number of shares as may be determined by the board. The annual increase shall cease to occur upon expiry of the ten-year term of the 2021 Plan. During the year ended December 31,2021, no options granted under the 2021 Plan. The vesting of the share options granted during the years ended December 31, 2020 and 2021 are only subject to service condition. The following table sets forth the activities under the Company’s share options for the year s Number of Weighted Weighted Weighted Aggregate RMB RMB Outstanding as of December 31, 2019 146,226,800 0.38 8.91 0.63 85,927 Granted 83,521,862 0.31 — 1.86 — Exercised — — — — — Forfeited (12,832,333 ) 0.46 — 0.63 — Outstanding as of December 31, 2020 216,916,329 0.22 8.51 1.10 255,873 Granted 82,665,350 0.51 — 4.93 — Exercised (15,142,550 ) 0.41 — 1.42 — Forfeited (37,430,787 ) 0.29 — 2.41 — Outstanding as of December 31, 2021 247,008,342 0.29 7.94 2.10 543,248 Exercisable as of December 31, 2021 113,445,534 0.20 6.98 0.85 104,682 The total grant-date fair value of options vested during the years ended December 31, 2020 and 2021 was RMB 24,045 and RMB 75,347, respectively. The Group calculated the estimated fair value of the share options on the respective grant dates using the binomial option pricing model with the assistance from an independent valuation firm, with the following assumptions. Year ended December 31 2020 2021 Risk free rate of interest 2.51%-3.29 % 1.47%-3.20 % Volatility 26%-28 % 27%-28 % Dividend yield — — Exercise multiples 2.2-2.8 2.2-2.8 Life of options (years) 10 10 Fair value of underlying ordinary shares $ 0.17~$0.55 $0.14~$0.98 (1) Risk free rate of interest Based on the daily treasury long term rate of U.S. Department of the treasury with a maturity period close to the expected term of the option. (2) Volatility The volatility factor estimated was based on the annualized standard deviation of the daily return embedded in historical share prices of the selected guideline companies with a time horizon close to the expected expiry of the term. (3) Dividend yield The Company has never declared or paid any cash dividends on the Company’s ordinary shares, and does not anticipate any dividend payments on the Company’s ordinary shares in the foreseeable future. (4) Exercise multiples The expected exercise multiple was estimated as the average ratio of the stock price as at the time when employees would decide to voluntarily exercise their vested options. As the Group did not have sufficient information of past employee exercise history, it was estimated by referencing to academic research publications. For key management grantee and non-key (5) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a valuation with the assistance of a third party appraiser. The fair values of the underlying ordinary shares on each date of grant after May 7, 2021, were the closing prices of the Company’s ordinary shares traded in the Stock Exchange. In June 2020, an executive management of the Company transferred 44,142,283 shares to the Founder of the Company at transfer price of $0.12. The Company recorded RMB 55,837 of share-based compensation expense, representing the excess of the fair value of ordinary shares at the time of the transaction over the purchase price. F-46 A summary of share-based compensation expense recognized related to share options granted and ordinary shares transfers is as follows: Year ended 2020 2021 RMB RMB Sales and marketing expenses 4,538 10,853 General and administrative expenses 210,011 190,252 Research and development expenses 13,279 25,056 227,828 226,161 As of December 31, 2021, unrecognized compensation cost related to unvested option awards granted to employees of the Group was RMB 362,867. As of December 31, 2021, such cost was expected to be recognized over a weighted average period of 2.7 years. Upon the termination of the grantee’s continuous services during the vesting period, the Company has a right (but not the obligation) to repurchase the vested award at a price no more than the fair value of the awards which is to be determined by the board of directors of the Company. The Company reclassified vested awards held by employees as liability in the consolidated balance sheets upon the termination of the employees’ service as the repurchase price is below fair value. No repurchase occurred in the year s related share based compensation expenses were recognized. The repurchase feature expired upon the RMB 68,567 Employee Benefit Trust In October 2020, the Company established ARK Trust (Hong Kong) Limited, a company controlled by the Company as a vehicle to hold shares that will be used to provide incentives and rewards to management team members who contribute to the success of the Company’s operations (the “Shareholding Platform”). The Shareholding Platform has no activities other than administrating the incentive programs and does not have any employees. Mr. Guo Nanyang, vice president of the Company, was appointed as the authorized representative of the Company to instruct the trustee to process the eligible participants to whom awards will be granted to. In October 2020, the board of the Company approved to grant 102,762,450 restricted shares to certain management (the “Selected Management”) to replace options previously granted under the 2018 P re-measurement |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 18. Net Loss Per Share Loss per share was computed by dividing net loss available to ordinary shareholders by the weighted average number of ordinary shares outstanding: Year ended December 31, 2019 2020 2021 RMB RMB RMB Numerator: Net loss for the period attributable to Waterdrop Inc. (321,535 ) (663,869 ) (1,574,080 ) Deemed dividend — (158,243 ) — Change in redemption value in preferred shares (136,839 ) (285,668 ) (152,287 ) Net loss attributable to ordinary shareholders for computing basic and diluted net loss per ordinary shares (458,374 ) (1,107,780 ) (1,726,367 ) Denominator: Weighted average ordinary shares outstanding used in computing basic and diluted net loss per ordinary shares 1,203,526,000 1,174,583,516 2,990,507,749 Net loss per ordinary share attributable to ordinary shareholders basic and diluted (0.38 ) (0.94 ) (0.58 ) The following shares outstanding were excluded from the calculation of diluted net loss per ordinary share, as their inclusion would have been anti-dilutive for the periods prescribed. Year ended December 31, 2019 2020 2021 RMB RMB RMB Shares issuable upon exercise of share options 46,239,164 140,815,045 60,029,916 Shares issuable upon vesting of nonvested restricted shares — 41,520,896 3,983,115 Shares issuable upon conversion of Series pre-A 241,148,000 241,148,000 82,811,813 Shares issuable upon conversion of Series A convertible preferred shares 334,926,000 334,926,000 115,015,797 Shares issuable upon conversion of Series A+ convertible preferred shares 157,896,000 157,896,000 54,222,527 Shares issuable upon conversion of Series B convertible preferred shares 352,107,646 352,107,646 120,916,087 Shares issuable upon conversion of Series C convertible preferred shares 413,415,759 542,794,072 186,399,063 Shares issuable upon conversion of Series C+ convertible preferred shares 29,919,039 170,632,018 58,596,160 Shares issuable upon conversion of Series C++ convertible preferred shares — 95,851,381 41,542,257 Shares issuable upon conversion of Series D convertible preferred shares — 145,205,580 177,632,040 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 19. Leases The Group leases certain office premises and equipment to support its core business under noncancelable leases. The Group determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease A summary of supplemental information related to operating leases and financing leases were as follow: Year ended December 31, 2019 2020 2021 RMB RMB RMB Operating leases-Weighted average remaining lease term 1.73 0.84 1.66 Financing leases-Weighted average remaining lease term 3.79 2.28 1.53 Operating leases-Weighted average discount rate 7.55 % 7.49 % 8.04 % Financing leases-Weighted average discount rate 9.50 % 8.20 % 8.39 % The components of lease expense were as follows: Year ended December 31, 2019 2020 2021 RMB RMB RMB Operating lease cost 27,099 42,447 47,905 Financing lease cost: Amortization of right-of-use 60 161 204 Interest on lease liabilities 23 33 29 Short-term lease cost 6,016 10,612 13,902 Total 33,198 53,253 62,040 Supplemental information related to the Group’s leases were as follows: Year ended December 31, 2019 2020 2021 RMB RMB RMB Cash paid for operating leases 33,973 31,889 50,926 Cash paid for financing leases: Operating cash flows from finance leases 5 16 41 Financing cash flows from finance leases 68 169 192 Non-cash Year ended December 31, 2019 2020 2021 RMB RMB RMB Operating leases 77,453 58,329 28,021 Financing leases — 304 19 The following is a maturity analysis as of December 31, 2021: As of December 31, 2021 Operating Financing RMB RMB 2021 — — 2022 45,795 205 2023 14,368 75 2024 2,026 — 2025 and thereafter — — Subtotal 62,189 280 Less: imputed interest (3,863 ) (16 ) Lease liabilities 58,326 264 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. The Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material effect on its business or financial condition. In March 2021, the Founder of the Company who, as one of the nominee shareholders, holds % equity interest of Zongqing Xiangqian, received a letter regarding a claim brought by an individual against him, alleging that he enjoyed a right to % of the equity interest in Zongqing Xiangqian held by the Founder as his nominee after Zongqing Xiangqian’s equity financing in . As of the date of this report, the Founder has not received any court notification regarding such claim. Based on the PRC litigation counsel’s advice to the Company and the Founder, there are meritorious defenses to such claims. As of the date of this report, as advised by its PRC legal counsel, the Group cannot reasonably predict the outcome related to the above claim and there can be no assurance that the Founder will be able to prevail in the claim. In the event the alleging party were able to prevail in this claim for the alleged equity interest in Zongqing Xiangqian and the Founder must transfer the relevant equity interest of Zongqing Xiangqian to the alleging party and the alleging party does not become a party to the VIE agreements, it would not affect the performance of the VIE agreements that are currently in place which enable the Company to consolidate Zongqing Xiangqian as its primary beneficiary. In addition, the Company would need to recognize a non-controlling On September 14, 2021, a complaint (case No. l:21-cv-07683-VSB) was filed in the U.S. District Court for the Southern District of New York (the “Court”) against the Group, certain executives and directors of the Group, the Group’s authorized process agent in the U.S, and the underwriters of the Group’s initial public offering. The action allege that defendants made misstatements and omissions in connection with the Group’s initial public offering in May 2021 in violation of the federal securities laws. On December 8, 2021, the Court appointed a lead plaintiff and approved a lead plaintiff counsel. On February 21, 2022, the lead plaintiff filed an amended complaint. On April 22, 2022, the parties completed briefing on Defendants’ Motion to Dismiss the State Court Action, and a decision is currently pending. The action remains in preliminary stages. The Group is defending against the action vigorously. |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Asset | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Statutory Reserves and Restricted Net Asset | 21. Statutory Reserves and Restricted Net Asset In accordance with the PRC laws and regulations, the Group’s PRC subsidiaries and VIEs are required to make appropriation to certain statutory reserves, namely general reserve, enterprise expansion reserve, and staff welfare and bonus reserve, all of which are appropriated from net profit as reported in their PRC statutory accounts. The Group’s PRC subsidiaries and VIEs are required to appropriate at least 10% of their after-tax Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Group’s PRC subsidiaries and VIEs. There were no appropriations to these reserves by the Group’s PRC entities for the years ended December 31, 2019, 2020 and 2021. As a result of PRC laws and regulations and the requirement that distributions by the PRC entity can only be paid out of distributable profits computed in accordance with the PRC GAAP, the PRC entity is restricted from transferring a portion of their net assets to the Company. Amounts restricted include paid-in paid-in . |
Schedule 1
Schedule 1 | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule 1 | SCHEDULE 1-CONDENSED (All amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, 2020 2021 RMB RMB USD (Note 2) Assets Current assets Cash and cash equivalents 32,145 8,483 1,331 Short-term investments 653,609 414,921 65,110 Prepaid expense and other assets — 14,993 2,353 Amount due from its subsidiaries and the consolidated VIEs 2,073 1,786 280 Total current assets 687,827 440,183 69,074 Non-current assets Long-term investments 2,552,965 3,885,718 609,754 Total non-current assets 2,552,965 3,885,718 609,754 Total assets 3,240,792 4,325,901 678,828 Liabilities Current liabilities Accrued expenses and other current liabilities 60,480 3,734 586 Amount due to its subsidiaries and the consolidated VIEs — 348,741 54,725 Total current liabilities 60,480 352,475 55,311 Total liabilities 60,480 352,475 55,311 Mezzanine equity Series Pre-A 56,185 — — Series A convertible redeemable preferred shares (US$ 0.000005 par value per share; 334,926,000 and nil shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively) 129,323 — — Series A+ convertible redeemable preferred shares (US$ 0.000005 par value per share; 157,896,000 and nil shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively) 77,520 — — Series B convertible redeemable preferred shares (US$ 0.000005 par value per share; 352,107,646 and nil shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively) 497,106 — — Series C convertible redeemable preferred shares (US$ 0.000005 par value per share; 542,794,072 and nil shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively) 1,222,224 — — Series C+ convertible redeemable preferred shares (US$ 0.000005 par value per share; 170,632,018 and nil shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively) 490,571 — — Series C++ convertible redeemable preferred shares (US$0.000005 par value per share; 120,971,053 and nil shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively) 388,925 — — Series D convertible redeemable preferred shares (US$0.000005 par value per share; 517,264,501 and nil shares authorized, issued and outstanding as of December 31, 2020 and 2021, respectively) 1,975,482 — — Total mezzanine equity 4,837,336 — — Shareholders’ (Deficit)/Equity: Ordinary shares (US$ 0.000005 par value; 10,000,000,000 , and ; 8,900,000,000 Class A ordinary shares authorize d , 3,206,653,701 Class A ordinary shares issue d , 3,140,896,631 Class A ordinary shares outstanding as of December 31, 202 1; 1,000,000,000 Class B ordinary sh ares authorize d, 801,904,979 Clas s B ordinary sh ares issued and ou tstanding as of December 31, 20 21) 41 134 21 Additional paid-in — 7,329,420 1,150,146 Accumulated other comprehensive income/(loss) 14,956 (21,492 ) (3,373 ) Accumulated deficit (1,672,021 ) (3,334,636 ) (523,277 ) Total shareholders’ (deficit)/equity (1,657,024 ) 3,973,426 623,517 Total liabilities, mezzanine equity and shareholders’ (deficit)/equity 3,240,792 4,325,901 678,828 SCHEDULE 1-CONDENSED (All amounts in thousands, except for share and per share data, or otherwise noted) Year ended December 31, 2019 2020 2021 RMB RMB RMB USD (Note 2) Operating revenue, net — — 2,279 358 Operating costs and expenses (30,090 ) (229,413 ) (250,814 ) (39,358 ) Interest income 1,212 2,293 8,666 1,360 Fair value change of warrant — (150,685 ) — — Foreign currency exchange loss (16 ) (3 ) (2,114 ) (332 ) Income tax expense (118 ) (39 ) — — Others, net — — 4 1 Equity in loss of subsidiaries and VIEs (292,523 ) (286,022 ) (1,332,101 ) (209,036 ) Net loss (321,535 ) (663,869 ) (1,574,080 ) (247,007 ) Deemed dividend on modification on preferred shares — (67,975 ) — — Deemed dividend upon issuance of warrants — (90,268 ) — — Preferred shares redemption value accretion (136,839 ) (285,668 ) (152,287 ) (23,897 ) Net loss attributable to ordinary shareholders (458,374 ) (1,107,780 ) (1,726,367 ) (270,904 ) Other comprehensive income/(loss) Foreign currency transaction adjustments 27,771 (14,008 ) (36,640 ) (5,750 ) Unrealized gains on available-for-sale investments, net of tax 209 1,724 192 30 Total comprehensive loss (293,555 ) (676,153 ) (1,610,528 ) (252,727 ) SCHEDULE 1-CONDENSED (All amounts in thousands, except for share and per share data, or otherwise noted) Year ended December 31, 2019 2020 2021 RMB RMB USD (Note 2) Cash Flows from Operating Activities: (2,827 ) (28 ) 320,097 50,230 Cash Flows from Investing Activities: Purchase of short-term investments — (654,428 ) (1,875,171 ) (294,255 ) Cash received from loan repayment 60,383 — 2,100,240 329,573 Investment in subsidiaries (1,494,523 ) (1,554,670 ) (2,683,195 ) (421,052 ) Net cash used in investing activities (1,434,140 ) (2,209,098 ) (2,458,126 ) (385,734 ) Cash Flows from Financing Activities: Proceeds from issuance of convertible redeemable preferred shares, net 1,491,983 2,048,986 — — Proceeds from exercise of share option — — 2,971 466 Payment for share repurchase — — (16,546 ) (2,596 ) Proceeds from initial public offering, net — — 2,142,104 336,143 Net cash provided by financing activities 1,491,983 2,048,986 2,128,529 334,013 Effect of exchange rate changes on cash and cash equivalents 32,022 (26,122 ) (14,162 ) (2,222 ) Net increase/(decrease) in cash and cash equivalents and restricted cash 87,038 (186,262 ) (23,662 ) (3,713 ) Total cash and cash equivalents and restricted cash at beginning of year 131,369 218,407 32,145 5,044 Total cash and cash equivalents and restricted cash at end of year 218,407 32,145 8,483 1,331 1. Schedule I has been provided pursuant to the requirements of Rule 12-04(a) 5-04(c) S-X, 2. The condensed financial information of Waterdrop Inc. has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries. 3. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Group and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Group as of December 31, 2020 and 2021 and the years ended 2019, 2020 and 2021. No dividend was paid by the Group’s subsidiaries to Waterdrop Inc. 4. As of December 31, 2021, there were no material contingencies, significant provisions of long term obligations, and mandatory dividend or redemption requirements of redeemable shares or guarantees of the Group, except for those which have been separately disclosed in the Consolidated Financial Statement, if any. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The Group’s consolidated financial statements as of December 31, 2020 and 2021 and during the years ended December 31, 2019, 2020 and 2021 are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Basis of Consolidation | (b) Basis of Consolidation Consolidation through contractual agreements: The consolidated financial statements include the financial information of the Company, its wholly-owned subsidiaries and its VIEs and VIEs’ subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Applicable PRC laws and regulations currently limit foreign ownership of companies that provide value-added telecommunication businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in the provisions of value-added telecommunication services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs. The Company, through its WFOE, entered into a series of contractual arrangements (the “VIE agreements”) with the VIEs and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Agreements that provide the Group effective control over the VIEs include: Power of Attorney: Pursuant to the power of attorney signed between each of the shareholders of the VIEs and the WFOE, each shareholder irrevocably appointed the WFOE as its attorney-in-fact Executive Call Option Agreements: Pursuant to the exclusive call option agreement entered into between each of the shareholders of the VIEs and the WFOE, the shareholders irrevocably granted the WFOE a call option to request the shareholders to transfer or sell any part or all of its equity interests in the VIEs, to the WFOE, or their designees. The purchase price of the equity interests in the VIEs shall be equal to the higher of Renminbi 1 or the minimum price required by PRC law or an amount equal to the registered capital contributed by the relevant shareholder. Without the WFOE’s prior written consent, the VIEs and their shareholders shall not amend its articles of association, increase or decrease the registered capital, sell or otherwise dispose of its assets or beneficial interest, issue any additional equity or right to receive equity, provide any loans, distribute dividends in any form. Loan Agreements: Pursuant to the loan agreements entered into between the WFOE and each of the shareholders of two VIEs (including Zongqing Xiangqian and Beijing Zhuiqiu Jizhi Technology Co., Ltd.), the WFOE extended loans to the shareholders of the two VIEs who had contributed the loan principals to the relevant VIEs mainly as registered capital. The shareholders of the two VIEs may repay the loans only by transferring their respective equity interests in the VIEs to WFOE or its designated person(s) pursuant to the exclusive option agreements. These loan agreements will remain effective until the date of full performance by the parties of their respective obligations thereunder. Equity Interest Pledge Agreements: Each shareholder of the VIEs has also entered into an equity pledge agreement with the WFOE, pursuant to which each shareholder pledged his/her interest in the WFOE to guarantee the performance of obligations of the WFOE and its shareholders under the exclusive business cooperation agreement, exclusive call option agreement, and power of attorney. If the VIEs or any of the shareholders breach their contractual obligations, the WFOE will be entitled to certain rights and interests regarding the pledged equity interests including the right to dispose the pledged equity interests. None of the shareholders shall, without the prior written consent of the WFOE, assign or transfer to any third party, create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIEs. This agreement is not terminated until all of the agreements under the power of attorney, exclusive call option agreement and the exclusive business cooperation agreement are fully performed. Exclusive Business Cooperation Agreements: Pursuant to the exclusive business cooperation agreement entered into by the WFOE and the VIEs, the WFOE provides exclusive technical support and consulting services in return for fees based on 100% of the VIE’s total consolidated profit, which is adjustable at the sole discretion of the WFOE. Without the WFOE’s consent, the VIEs cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from the WFOE. Spouse Consent letters: The spouse of each shareholder of the VIEs has entered into a spouse consent letter to acknowledge that he or she consents to the disposition of the equity interests held by his or her spouse in the VIEs in accordance with the exclusive option agreement, the power of attorney and the equity pledge agreement regarding the VIE structure described above, and any other supplemental agreement(s) may be consented by his or her spouse from time to time. Each such spouse further agrees that he or she will not take any action or raise any claim to interfere with the arrangements contemplated under the above mentioned agreements. In addition, each such spouse further acknowledges that any right or interest in the equity interests held by his or her spouse in the VIEs do not constitute property jointly owned with his or her spouse and each such spouse unconditionally and irrevocably waives any right or interest in such equity interests. These contractual arrangements allow the Company, through its WFOE, to effectively control the VIEs, and to derive substantially all of the economic benefits from them. Accordingly, the Company has consolidated the VIEs. The Group believes that the contractual arrangements with the VIEs are in compliance with PRC laws and are legally enforceable. However, uncertainties in the PRC legal system could limit the Group’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could: • revoke or refuse to grant or renew the Group’s business and operating licenses; • restrict or prohibit related party transactions between the wholly-owned subsidiaries of the Group and the VIEs; • impose fines, confiscate income or other requirements which the Group may find difficult or impossible to comply with; • require the Group to alter, discontinue or restrict its operations; • restrict or prohibit the Group’s ability to finance its operations; • place restrictions on the Group’s right to collect revenues; • shut down the Group’s servers or blocking the Group’s app/websites; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in the deconsolidation of the VIEs in the Group’s consolidated financial statements. In the opinion of management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC laws and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements. The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and their subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIEs and their subsidiaries are eliminated in the balances presented As of December 31, 2020 2021 RMB RMB ASSETS Current assets Cash and cash equivalents 755,941 731,189 Restricted cash 253,557 667,664 Short-term investments 274,390 351,451 Accounts receivable 536,644 635,235 Current contract assets 824,544 563,611 Other current assets 620,710 316,489 Total current assets 3,265,786 3,265,639 Non-current Non-current 24,006 29,889 Intangible assets, net 49,406 53,202 Deferred tax assets — 11,840 Other non-current 33,828 57,154 Total non-current 107,240 152,085 Total assets 3,373,026 3,417,724 LIABILITIES Current liabilities Insurance premium payables 607,326 685,028 Deferred revenue 22,017 803 Accrued expenses and other current liabilities 447,211 413,438 Current lease liabilities 10,594 16,452 Total current liabilities 1,087,148 1,115,721 Total non-current 233,501 26,047 Total liabilities 1,320,649 1,141,768 Year Ended December 31, 2019 2020 2021 RMB RMB RMB Operating revenue, net 1,510,965 3,013,546 3,193,807 Net income/(loss) 20,477 233,434 (505,603 ) Net cash used in operating activities (381,917 ) (301,869 ) (240,527 ) Net cash provided by/(used in) investing activities 75,528 (277,521 ) (99,240 ) Net cash used in financing activities (19,190 ) — — There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations and which can only be used to settle the VIEs’ obligations. No creditors (or beneficial interest holders) of the VIEs have recourse to the general credit of the Company or any of its consolidated subsidiaries. No terms in any arrangements, considering both explicit arrangements and implicit variable interests, require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to the VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. Mutual Aid Platform: The Group, as a manager and a fiduciary of the plan, operated a mutual aid platform, which consisted of several mutual aid plans that provided its participants with health protection against different types of illnesses. The Group did not consolidate the plans as it determined that those plans did not meet the definition of a legal entity. The plans required contributions from its participants which accumulated and served as a reserve pool of protection. Contributions from participants were not recorded in the Group’s consolidated balance sheets as they were maintained in a custodian account, separated from the Company’s own bank accounts and could not be used for any other purposes other than to reimburse the related medical expenses of the participants. The Company terminated its Waterdrop Mutual Aid business at the end of March 2021. |
Use of Estimates | (c) Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Group’s financial statements are estimates and judgments applied in the consolidation of the VIEs, revenue recognition, realization of deferred tax assets, allowance for doubtful account, valuation of ordinary shares and warrants, and valuation of share- based compensation arrangements. Actual results could differ from such estimates. |
Comprehensive Income and Foreign Currency Translation | (d) Comprehensive Income and Foreign Currency Translation The Group’s operating results are reported in the consolidated statements of comprehensive loss and consist of two components: net loss and other comprehensive income/(loss) (“OCI”). The Group’s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of entities, of which the functional currency is other than the RMB which is the reporting currency of the Group, and unrecognized gains and losses from available for sale investments, net of related income taxes, where applicable. Such subsidiaries’ assets and liabilities are translated into RMB at period-end |
Convenience Translation | (e) Convenience Translation The Group’s business is primarily conducted in China and all of the revenues are denominated in RMB. However, periodic reports made to shareholders will include current period amounts translated into US dollars (“US$” or “USD”) using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the consolidated balance sheets and the related consolidated statements of operations, comprehensive loss, change in shareholders’ deficit and cash flows from RMB into USD as of and for the year ended December 31, 2021 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.3726, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 30, 2021. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2021, or at any other rate. |
Cash and Cash Equivalents | (f) Cash and Cash Equivalents Cash and cash equivalents represent cash on hand, demand deposits and highly liquid investments placed with banks or other financial institutions, which have original maturities less than three months. The Group considers all highly liquid investments with stated maturity dates of three months or less from the date of purchase to be cash equivalents. |
Restricted Cash | (g) Restricted Cash Restricted cash mostly include premiums received from certain insured collected by the Group in a fiduciary capacity until disbursed to the appropriate insurance companies and amounted to RMB 243,557 and RMB 657,464 as of December 31, 2020 and 2021. Restricted cash also included guarantee deposits required by China Banking and Insurance Regulatory Commission in order to protect from insurance premium appropriation by the insurance broker and guarantee deposit related to foreign exchange settlement contracts. |
Short-term Investments | (h) Short-term Investments Short-term investments include wealth management products, which are mainly deposits with fixed Investment products not classified as trading or as held-to-maturity are classified as available-for-sale debt securities, which are reported at fair value, with unrealized gains and losses recorded in “Accumulated other comprehensive (loss) / income” on the consolidated balance sheets. Realized gains or losses are included in earnings during the period in which the gain or loss is realized. |
Accounts Receivable | (i) Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable mainly represent brokerage commission fees and technical service fees receivable from insurance companies. The allowance for doubtful accounts is the Group’s best estimate of the amount of probable credit losses over the Group’s existing accounts receivable balance. The Group determines the allowance based on historical write-off |
Fair Value Measurement | (j) Fair Value Measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: • Level 1—inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets. • Level 2—inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair value are therefore determined using model based valuation techniques that include option pricing models, discounted cash flow models, and similar techniques. |
Financial Instruments | (k) Financial Instruments The Group’s financial instruments consist primarily of cash and cash equivalents, restricted cash, available for sale investments, held to maturity investments, accounts receivable, other receivable, insurance premium payables, other current liabilities and amount due from/to related parties. As of December 31, 2020 and 2021, the carrying values of cash and cash equivalents, restricted cash, held to maturity investments, accounts receivable, other receivable, insurance premium payables, other current liabilities and amount due from/to related parties approximated their fair values due to the short term maturities of those instruments. Available-for-sale investments and share-based compensation liabilities are recorded at fair value in the consolidated financial statements. |
Property, Equipment and Software, Net | (l) Property, Equipment and Software, Net Property, equipment and software are stated at cost. Depreciation is calculated using the straight line method over the following estimated useful lives, taking into account the residual value, if any. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5 years 5 % Computer and electronic equipment 3 years 5 % Leasehold improvements shorter of remaining lease period and estimated useful life Nil Software 10 years Nil |
Intangible Assets, Net | (m) Intangible Assets, Net Intangible assets with an indefinite useful life represent the insurance brokerage license, insurance adjusting license, insurance agency license and medical institution license. Intangible assets with an indefinite life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets with finite lives represent purchased trademark and software copyright. These intangible assets are amortized on a straight line basis over their estimated useful lives of the respective assets, which is 10 years. The Group compares the carrying amount of intangible assets with finite lives against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Impairment for intangible assets were RMB RMB |
Asset Acquisition | (n) Asset Acquisition When the Company acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s financial statements. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value and does not give rise to goodwill. |
Long-Term Investments | (o) Long-Term Investments The Group’s long-term investments consist of equity securities without readily determinable fair value and equity method investments. i. Equity securities without readily determinable fair value The Group accounts for equity investments that do not have a readily determinable fair value under the measurement alternative prescribed within Accounting Standards Update (“ASU”) 2016-01, Measurement of Financial Assets and Financial Liabilities, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. In addition, income is recognized when dividends are received only to the extent they are distributed from net accumulated earnings of the investee. Otherwise, such distributions are considered returns of investment and are recorded as a reduction of the cost of the investment. The Group recorded RMB RMB ii. Equity method investments Investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. The Group also uses the equity method of accounting for its investments in variable interest entity where the Group is not considered the primary beneficiary but holds significant influences. Under the equity method of accounting, the Group’s share of the earnings or losses of the investee company, impairments, and other adjustments required by the equity method are reflected in “share of results of equity method investee” in the consolidated statements of comprehensive loss. An impairment charge is recorded if the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than temporary. The Group estimated the fair value of the investee company based on comparable quoted price for similar investment in active market, if applicable, or discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. The Group did not record any impairment on its equity method investments during the years ended December 31, 2019, 2020 and 2021. |
Short-Term Borrowings | (p) Short-Term Borrowings Short-term borrowings represent the Group’s borrowings from commercial banks for the Group’s working capital. Short-term borrowings includes borrowings with maturity terms shorter than one year. |
Insurance Premium Payables | (q) Insurance Premium Payables Insurance premium payables are insurance premiums collected from insurance policyholder on behalf of insurance companies but not yet remitted to the insurance companies as of the balance sheet dates. |
Share-Based Compensation | (r) Share-Based Compensation Equity classified share option awards Share-based payment transactions with employees (including management), such as share options, are measured based on the grant date fair value of the equity instrument. The Group has elected to recognize compensation expenses over the requisite service period of the award using the straight line method for all employee equity awards granted with graded vesting provided that the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date fair value of the options that are vested at that date. The Group elects to recognize forfeitures when they occur. Liability-classified share option awards Awards accounted for under ASC 718-Compensation-Stock Upon an employee’s termination prior to the initial public offering in May 2021, the Group reclassifies any vested awards held by the employees into liability as the repurchase price is below fair value. The Group subsequently measures the liability awards at fair value at each reporting date until the initial public offering, with changes in fair value recognized as compensation expense. The repurchase feature expired upon the initial public offering in May 2021, thus the awards were reclassified from liability to equity, and a corresponding increase in fair value in additional paid-in capital, upon the initial public offering. |
Revenue recognition | (s) Revenue recognition Insurance Brokerage Services The Group provides insurance brokerage services distributing various health and life insurance policies on behalf of insurance companies (its customers). As an agent of the insurance company, the Group sells insurance policies on behalf of the insurance company and earns brokerage commissions determined as a percentage of premiums paid by the policyholder. The Group has identified its promise to sell insurance policies on behalf of an insurance company as the performance obligation in its contracts with the insurance companies. The Group’s performance obligation to the insurance company is satisfied and commission revenue is recognized at the point in time when an insurance policy becomes effective. The Group also provides policyholder inquiry (call center) services which is considered administrative in nature that transfers minimal benefit to the customer. Additionally, certain contracts with insurance companies include a promise to provide certain services to the insurance company such as information gathering and payment collection. The Group has concluded that such services are immaterial in the context of the contract. The Group accrues the costs of providing such services when the related revenue is recognized (i.e., when an insurance policy becomes effective). The term for short-term health insurance policies sold by the Group is typically 12 months, while the term for long-term health and life insurance policies sold by the Group typically ranges from 6 to 30 years. The insurance company pays the Group a commission either upfront or in monthly or annual instalments based on the underlying cash flows of the insurance policy (i.e., payments of the related premiums for the insurance policy purchased). The Group’s contract terms can give rise to variable consideration due to the nature of its commission structure (e.g., policy changes or cancellations). The Group determines the transaction price of its contracts by estimating commissions that the entity expects to be entitled to over the premium collection term of the policy based on historical experience regarding premium retention and assumptions about future policyholder behaviour and market conditions. Such estimates are ‘constrained’ in accordance with ASC 606, that is, the Group uses the expected value method and only includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transactions will not occur. Beginning in November 2019, for certain long-term insurance policies sold, the Group is also entitled to a performance bonus from insurance companies if the retention rate for a certain period exceeds a predetermined percentage. As the consideration for the bonus is contingent on the occurrence (or non-occurrence) of a future event, the bonus represents variable consideration. Consistent with the policy described above, the Group uses the expected value method to estimate the variable consideration and may constrain the estimate to the extent that it is probable that a significant reversal of revenue in the future will not occur. Management of Mutual Aid Platform The Group, as a manager and a fiduciary of the plan, operated a mutual aid platform, which consisted of several mutual aid plans that provided its participants (who are the Group’s customer) with health protection against different types of critical illnesses. Prior to March 2019, the Group had provided plan managing services free of charge. Beginning in March 2019, the Group charged a management fee calculated as a fixed percentage of each approved payout. The Group’s managing services primarily comprised daily payout processing activities that were substantially the same and had the same pattern of transfer to the customer. As such, the Group has identified a single performance obligation, a series of distinct services, related to the mutual aid platform managing services in its contracts, which was satisfied overtime. The transaction price represented variable consideration in its entirety. The Group determined that the variable consideration related specifically to the Group’s efforts to perform and transfer payout processing services during the period, which were distinct from the services the Group provided in other periods. Therefore, as the payout processing services were performed, the variable consideration earned during the period was allocated to those services and recognized in the period control transfers. Participants also had a choice to upgrade their plan. The upgraded plan provided them with additional protection and further reimbursements if the illness was cancer-related and the payout from the basic plan was insufficient. Under this plan, the Group also assigned a dedicated service representative to the participant during the membership period. The Group charged an annual membership fee at the beginning of each period. The Group determined that the nature of the membership service was a stand-ready obligation to provide management services to the participants of this plan as well as continuous and dedicated customer service representatives and accordingly, the Group recognized the membership fee ratably over the membership period after the waiting period, described below, ends. Both the basic and the upgraded mutual plans included a waiting period before any new participant could submit a claim for reimbursements. During that period, any membership fee received from the upgraded plan was refundable and was recorded in accrued expenses and other current liabilities in the consolidated balance sheet. Starting from March 2021, with the cessation of the Waterdrop Mutual Aid operation, the corresponding management fee income was no longer be a revenue stream. As part of the transition, the Group voluntarily offered to cover participants’ eligible medical expense during the transition period using its own cash. To further attract plan participants to migrate as potential insurance policyholders to its insurance marketplace, the Group also voluntarily offered a one-year complementary health insurance policy for each participant with a similar coverage enjoyed under the original mutual aid plan. The additional medical expense coverage payout made by the Group and the premium cost of the one-year insurance were accounted for as a reduction of management fee revenue previously recognized for each participant to the extent of the cumulative amount earned until March 26, 2021. Any portion in excess was recorded as an expense. Technical Services The Group provides various technical services to certain insurance companies through its customer relationship management system and customer behavioural analysis system. Under these arrangements, the Group provides customer relationship maintenance, customer complaint management and claim review services for insurance companies. The Group has identified itself as a principal in these transactions. Consideration received for technical services reflects stand-alone selling prices and are settled monthly based on standard unit prices and service volumes rendered during the period. Revenue is recognized over time as the insurance companies are simultaneously receiving and consuming the benefits of those services. As part of the technical services offering, the Group also provides marketing services to certain companies on its various website channels and mobile apps, including pay for performance marketing services whereby customers are charged based on effective clicks on their product information, and display advertising services that allow customers to place advertisements on various websites or mobile apps. The Group recognizes revenues from pay for performance marketing services based on effective clicks, and recognizes revenues from display advertising services based on the number of articles published or the number of times that the advertisement has been displayed. Revenues from both types of transactions are recorded at a point in time when a user clicks on the product information or the advertisement has been displayed. The Group also provides technical services to selected insurance brokerage or agency companies where the Group allows other insurance brokerage or agency companies to use its customer relationship management (“CRM”) system without taking possession of its software. The Group has determined that the insurance brokerage or agency companies are its customers. Consideration received for such services include monthly fees that provide other insurance brokerage or agency companies with access to the Group’s CRM system. The related revenue is recognized overtime over the contract term. In addition, the Group further refers potential users to other insurance brokerage or agency companies and is entitled to a variable consideration calculated as a percentage of the first two-year’s two-year Other Revenues Other revenues mainly include commission revenue from online sale of agriculture products and health products, and membership fee from Waterdrop Medicine. The Group’s performance obligation under these contracts is to arrange for the provision of the specified goods or services by those third-party merchants. Revenue is recognized for the net amount of consideration the Group is entitled to retain in exchange for its services at a point in time upon successful sales. The Group recognized the membership fee ratably over the membership period. Disaggregation of revenues The following table provides further disaggregation by types and timing of revenues recognized: Year Ended December 31, 2019 2020 2021 RMB RMB RMB Operating revenue Insurance brokerage income Short-term insurance brokerage income 1,134,984 2,045,191 2,037,677 Long-term insurance brokerage income 173,192 650,129 789,790 Subtotal 1,308,176 2,695,320 2,827,467 Management fee income 142,683 109,828 2,745 Technical service income 51,705 194,130 243,542 Other revenues 8,401 28,670 132,160 Total 1,510,965 3,027,948 3,205,914 Deferred Revenue As of December 31, 2020, the Group’s deferred revenue of year ended December 31, 2021. Starting from March 2021, with the cessation of the Waterdrop Mutual Aid operation, no deferred revenues related to the Group’s upgraded mutual plan were recognized. As of December 31, 2021, the Group’s deferred revenue amounted to RMB 803 derives from other revenue stream, which is immaterial. Value Added Tax The Group is subject to Value Added Taxes (“VAT”) at the rate of 3% or 6%, depending on whether the entity is a general tax payer or small scale tax payer, and the related surcharges on revenue generated from providing services. VAT are reported as a deduction to revenue when incurred and amounted to RMB 71,276, RMB 229,209 and RMB 309,891 for the years ended December 31, 2019, 2020 and 2021, respectively. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. Value added tax recoverable represents amounts paid by the Group for purchases. The amounts were recorded as current assets considering they are expected to be deducted from future value added tax payables arising on the Group’s revenues which it expects to generate in the future. Contract assets Contract assets are recorded for arrangements when the Group has provided the insurance brokerage services but for which the related payments are not yet due. Contract assets are attributable to the brokerage commission that is contingent upon the future premium payment of the policy holders and retention based bonus. Contract assets are stated at the historical carrying amount net of write offs and allowance for uncollectible accounts. When contract assets are assessed for impairment, the Group uses estimates based on the historical experience. The historical data is adjusted on the basis of the relevant observable data that reflects current economic conditions. Contract assets as of December 31, 2020 and 2021 are as follows. The contract asset balance as of December 31, 2020 and 2021 includes immaterial adjustment to the estimate of the transaction price for performance obligation satisfied during the years ended December 31, 2019 and 2020. December 31, December 31, RMB RMB Contract assets 848,550 593,500 Less: Allowance for uncollectible accounts — — Total 848,550 593,500 |
Operating cost | (t) Operating cost Operating costs primarily consist of (i) payroll and related expenses for insurance agents, consultants and employees involved in the payout investigation function for mutual aid plans and customer service personnel, (ii) payout investigation cost of mutual aid plans, which is in the form of service fees paid to third-party investigation companies, (iii) transaction fees charged by third-party payment platforms related to insurance brokerage service and management of mutual aid plan, (iv) charges for the usage of the server and cloud service incurred for operational support of the platforms, and the associated expenses of facilities and equipment, such as depreciation expenses, rental and others attributed to the Group’s principal operations, and (v) cost of medical expenses and cost of one-year health insurance coverage related to the termination of the mutual aid plans. |
Sales and Marketing Expenses | (u) Sales and Marketing Expenses Sales and marketing expenses primarily consist of (i) marketing expenses for user acquisition and brand building, (ii) payroll and related expenses for employees involved in selling and marketing functions, as well as the associated expenses of facilities and equipment, such as depreciation expenses, rental and others, and (iii) promotional rewards to policy holders, which mainly include gift insurance products, medical green channel services and gift physical examination services. In order to attract new users, promote services, improve users’ activities as well as expand the overall coverage and participation of users on its platform, the Group conducts user promotions through different types of incentives including the gift insurance products, medical green channel services and gift physical examination services. Such marketing and promotion benefits are given to users for free and are recorded in sales and marketing expenses. |
Research and Development Expenses | (v) Research and Development Expenses Research and development expenses primarily consist of (i) payroll and related expenses for employees involved in platform and new function development and significant improvement, (ii) charges for the usage of the server and cloud service incurred to support research, design and development activities by research and development personnel, as well as the associated expenses of facilities and equipment, such as depreciation expenses, rental and others. The Group has expensed all research and development expenses when incurred. |
Taxation | (w) Taxation Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. |
Net Loss Per Share | (x) Net Loss Per Share Basic net loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The Group’s convertible redeemable participating preferred shares are participating securities as they participate in undistributed earnings on an as-if two-class Diluted net loss per ordinary share reflects the potential dilution that would occur if securities were exercised or converted into ordinary shares. The Group has participating convertible redeemable preferred shares, restricted shares and share options which could potentially dilute basic net loss per ordinary share in the future. Diluted net loss per ordinary share is computed using the two-class as-if-converted |
Leases | (y) Leases The Group leases offices in different cities in the PRC under operating leases. The Group determines whether an arrangement constitutes a lease at inception and records lease liabilities and right-of-use payments over the term of the lease. The Group estimates its incremental borrowing rate based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to its own. The Group measures right-of-use The Group has made an accounting policy election to exempt leases with an initial term of 12 months or less without a purchase option that is likely to be exercised from being recognized on the balance sheets. Payments related to those leases continue to be recognized in the consolidated statements of comprehensive loss on a straight line basis over the lease term. |
Significant Risk and Uncertainties | (z) Significant Risk and Uncertainties Currency Risk The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and international economic and political developments that affect supply and demand in the China Foreign Exchange Trading System market of cash and cash equivalents and restricted cash. The cash and cash equivalents and restricted cash of the Group included aggregate amounts of RMB 1,018,758, and RMB 1,406,313, which were denominated in RMB at December 31, 2020 and 2021, respectively, representing 76.98% and 94.68% of the cash and cash equivalents and restricted cash at December 31, 2020 and 2021, respectively. Concentration of Credit Risk Details of the customers accounting for 10% or more of operating revenue, net are as follows: Year Ended December 31, 2019 2020 2021 RMB % RMB % RMB % Customer A 667,376 44.17% 602,985 19.91% 240,650 7.51% Customer B 331,533 21.94% 753,456 24.88% 457,995 14.29% Customer C 52,754 3.49% 335,514 11.08% 367,434 11.46% 1,051,663 69.60% 1,691,955 55.87% 1,066,079 33.26% Details of the customers which accounted for 10% or more of accounts receivable and contract assets are as follows: As of December 31, 2020 2021 RMB % RMB % Customer A 258,060 18.59% 134,292 10.85% Customer B 411,637 29.65% 190,284 15.38% Customer C 118,887 8.56% 109,676 8.86% 788,584 56.80% 434,252 35.09% The Group performs ongoing credit evaluations of its customers and generally does not require collateral on accounts receivable. The Group places its cash and cash equivalents with financial institutions with high-credit ratings and quality. |
Recent Accounting Pronouncements not yet adopted | (aa) Recent Accounting Pronouncements not yet adopted In June 2016, the FASB issued ASU 2016-13, non-issuers. 2019-05, 2019-10 2016-13 |
Principal Activities And Reor_2
Principal Activities And Reorganization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Subsidiary of Limited Liability Company or Limited Partnership | As of December 31, 2021, the Company’s major subsidiaries, consolidated VIEs and principal subsidiary of VIEs are as follows: Name of Company Date of Place of Percentage Principal Activities Principal Subsidiaries Waterdrop Group HK Limited (“Waterdrop HK”) May 31, 2018 Hong Kong 100% Investment holding Absolute Health October 17, 2018 PRC 100% Research and development service for the Group VIEs and its principal subsidiaries Zongqing Xiangqian August 2, 2013 PRC 100% Operating management service for the Group Shuidi Hubao December 12, 2016 PRC 100% Medical crowdfunding platform services Shuidi Hulian December 12, 2016 PRC 100% Mutual aid platform services1 Shuidi Insurance Brokerage Co., Ltd October 19, 2012 PRC 100% Insurance brokerage services 1 The business was terminated in March, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Condensed Balance Sheet | Transactions between the VIEs and their subsidiaries are eliminated in the balances presented As of December 31, 2020 2021 RMB RMB ASSETS Current assets Cash and cash equivalents 755,941 731,189 Restricted cash 253,557 667,664 Short-term investments 274,390 351,451 Accounts receivable 536,644 635,235 Current contract assets 824,544 563,611 Other current assets 620,710 316,489 Total current assets 3,265,786 3,265,639 Non-current Non-current 24,006 29,889 Intangible assets, net 49,406 53,202 Deferred tax assets — 11,840 Other non-current 33,828 57,154 Total non-current 107,240 152,085 Total assets 3,373,026 3,417,724 LIABILITIES Current liabilities Insurance premium payables 607,326 685,028 Deferred revenue 22,017 803 Accrued expenses and other current liabilities 447,211 413,438 Current lease liabilities 10,594 16,452 Total current liabilities 1,087,148 1,115,721 Total non-current 233,501 26,047 Total liabilities 1,320,649 1,141,768 |
Schedule Of Condensed Income Statement And Cash Flow Statement | Year Ended December 31, 2019 2020 2021 RMB RMB RMB Operating revenue, net 1,510,965 3,013,546 3,193,807 Net income/(loss) 20,477 233,434 (505,603 ) Net cash used in operating activities (381,917 ) (301,869 ) (240,527 ) Net cash provided by/(used in) investing activities 75,528 (277,521 ) (99,240 ) Net cash used in financing activities (19,190 ) — — |
Schedule Of Estimated Useful Life And Residual Value | The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5 years 5 % Computer and electronic equipment 3 years 5 % Leasehold improvements shorter of remaining lease period and estimated useful life Nil Software 10 years Nil |
Summary Of Disaggregation Of Revenue | The following table provides further disaggregation by types and timing of revenues recognized: Year Ended December 31, 2019 2020 2021 RMB RMB RMB Operating revenue Insurance brokerage income Short-term insurance brokerage income 1,134,984 2,045,191 2,037,677 Long-term insurance brokerage income 173,192 650,129 789,790 Subtotal 1,308,176 2,695,320 2,827,467 Management fee income 142,683 109,828 2,745 Technical service income 51,705 194,130 243,542 Other revenues 8,401 28,670 132,160 Total 1,510,965 3,027,948 3,205,914 |
Summary Of Contract Assets | Contract assets as of December 31, 2020 and 2021 are as follows. The contract asset balance as of December 31, 2020 and 2021 includes immaterial adjustment to the estimate of the transaction price for performance obligation satisfied during the years ended December 31, 2019 and 2020. December 31, December 31, RMB RMB Contract assets 848,550 593,500 Less: Allowance for uncollectible accounts — — Total 848,550 593,500 |
Schedule Of Customer Operating Revenue | Details of the customers accounting for 10% or more of operating revenue, net are as follows: Year Ended December 31, 2019 2020 2021 RMB % RMB % RMB % Customer A 667,376 44.17% 602,985 19.91% 240,650 7.51% Customer B 331,533 21.94% 753,456 24.88% 457,995 14.29% Customer C 52,754 3.49% 335,514 11.08% 367,434 11.46% 1,051,663 69.60% 1,691,955 55.87% 1,066,079 33.26% |
Summary Of Customer Accounts Receivable And Contract Assets | Details of the customers which accounted for 10% or more of accounts receivable and contract assets are as follows: As of December 31, 2020 2021 RMB % RMB % Customer A 258,060 18.59% 134,292 10.85% Customer B 411,637 29.65% 190,284 15.38% Customer C 118,887 8.56% 109,676 8.86% 788,584 56.80% 434,252 35.09% |
Acquisitions and Disposal of _2
Acquisitions and Disposal of Subsidiary (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Summary of Purchase Price of the Assets | The purchase price of the assets are as follows: As of 2020 2021 Cash 5,858 — Intangible assets-Insurance agency licenses 35,130 — Intangible assets- Medical institution license — 3,708 Intangible assets- Trademark and software copyright — 98 Total assets acquired 40,988 3,806 Deferred tax liabilities (8,630 ) (927 ) Accrued expenses and other current liabilities — (816 ) Total liabilities assumed (8,630 ) (1,743 ) Net assets acquired 32,358 2,063 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Investments [Abstract] | |
Summary of Short-term Investments | Short-term Investments consist of the following: As of December 31, 2020 2021 RMB RMB Held-to-maturity 195,878 1,360,304 Available-for-sale 997,282 609,058 Total 1,193,160 1,969,362 |
Prepaid Expense and Other Ass_2
Prepaid Expense and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Prepaid Expense and Other Assets | Prepaid expense and other assets consist of the following: As of December 31, 2020 2021 RMB RMB Fund receivable from external payment network providers (1) 435,816 87,609 Advances to suppliers 115,135 162,136 Prepayments and deposits 58,220 65,200 Value-added tax recoverable 12,053 33,688 Claims receivable on behalf of insurers 11,410 33,870 Others 18,446 26,291 Total 651,080 408,794 Less: impairment provision (2) — (39,000 ) Prepaid expense and other assets, net 651,080 369,794 (1) The Group opened accounts with external online payment service providers to collect and transfer insurance premiums to insurance companies, as well as to collect donor’s donation and mutual aid funds prior to transferring them to custodian bank. The balance of funds receivable from external payment network providers mainly includes accumulated amounts of donation, mutual aid fund received at the balance sheet date, which were subsequently transferred to the Group’s bank accounts or custodian accounts if they related to donor’s donations. The balance also includes insurance premium collected by the Group on behalf of insurance companies but not yet transferred to the insurance companies deposited in accounts of external online payment service providers. The amount w as (2) Impairme nt provision for the y e ended December 31, 2020 and 2021 re RMB nil and RMB 39,000 respectively. 2021 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value of Assets and Liabilities | The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis subsequent to initial recognition: December 31, 2020 Level 1 Level 2 Level 3 Balance at RMB RMB RMB RMB Assets Available for sale investments — 997,282 — 997,282 Total Assets — 997,282 — 997,282 Liabilities Share-based compensation liabilities — — 58,213 58,213 Total Liabilities — — 58,213 58,213 December 31, 2021 Level 1 Level 2 Level 3 Balance at RMB RMB RMB RMB Assets Available-for-sale investments — 609,058 — 609,058 Total Assets — 609,058 — 609,058 |
Summary of Fair value of Liabilities | The following table presents a rollforward of the fair value of the level 3 liabilities recorded at fair value as of December 31, 2020 and 2021: Share-based Balance as of December 31, 2019 3,153 Changes in estimated fair value 7,037 Addition in share-based compensation liabilities 48,023 Balance as of December 31, 2020 58,213 Changes in estimated fair value 74,178 Addition in share-based compensation liabilities 4,762 Foreign currency translation adjustment (1,081 ) Reclassification of share-based compensation liabilities to equity (136,072 ) Balance as of December 31, 2021 — |
Summary of Fair Value of Share Based Compensation | Significant Unobservable Inputs Financial instrument Unobservable Input Inputs as of December 31, 2020 Share-based compensation liabilities Risk free rate of interest 2.33% Volatility 24.73% Dividend yield — Life of options 4 months Fair value of underlying ordinary shares $0.55 |
Property, Equipment and Softw_2
Property, Equipment and Software, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |
Summary of Property, Equipment and Software, Net | Property, equipment and software, net, consist of the following: As of December 31, 2020 2021 RMB RMB Computer and electronic equipment 19,138 26,853 Office furniture and equipment 866 1,121 Leasehold improvements 22,156 32,053 Software 8,419 22,685 Total 50,579 82,712 Less: accumulated depreciation (21,855 ) (37,950 ) Property, equipment and software, net 28,724 44,762 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Summary of Intangible Assets, Net | Intangible assets, net consisted of the following: As of December 31, 2020 2021 RMB RMB Brokerage licenses 14,558 14,558 Insurance adjusting license 2,293 2,293 Insurance agency license 35,130 35,130 Trademark and software copyright 1,226 2,142 Medical institution license — 3,708 Total 53,207 57,831 Less: Accumulated amortization (173 ) (361 ) Less: Impairment — (717 ) Intangible assets, net 53,034 56,753 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-term Investments [Abstract] | |
Summary of long-term investments | Equity securities Equity Method Total RMB RMB RMB Balances at January 1, 2019 1,784 890 2,674 Additions 2,089 — 2,089 Share of results of equity method investee — (29 ) (29 ) Balances at December 31, 2019 3,873 861 4,734 Share of results of equity method investee — (15 ) (15 ) Disposal (1,000 ) (846 ) (1,846 ) Foreign currency translation adjustment (132 ) — (132 ) Balances at December 31, 2020 2,741 — 2,741 Additions 9,900 — 9,900 Impairment (784 ) — (784 ) Foreign currency translation adjustment (45 ) — (45 ) Balances at December 31, 2021 11,812 — 11,812 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Components of accrued expenses and other current liabilities are as follows: As of December 31, 2020 2021 RMB RMB Accrued marketing and customer service expenses (1) 253,118 87,071 Payable related to mutual aid plans and medical crowdfunding (2) 43,636 121,561 Payroll and welfare payable 118,691 184,903 Tax payable 13,537 22,020 Payable related to services fee 46,884 43,889 Share-based compensation liabilities 58,213 — Advance from customer (3) 15,301 — Others 46,226 39,308 Total 595,606 498,752 |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Balances and Transactions | Detail of related party balances and transactions as of and for the years ended December 31, 2019, 2020 and 2021 are as follows: (1) Service provided by related parties: Year ended December 31, 2019 2020 2021 RMB RMB RMB Marketing services from Tencent Group (1) — 187,236 487,085 Payment processing fee to Tencent Group (2) 77,898 34,061 37,986 Others 15,147 26,931 45,403 Total 93,045 248,228 570,474 (1) The Company entered into a series of since (2) The Company entered into a series of agreements with Tencent Group in 2016. The Company uses Tenpay (from Tencent Group) as one of its payment processing platforms to collect cash from insurance policy holders, participa n (2) Service provided to related parties: Year ended December 31, 2019 2020 2021 RMB RMB RMB Advertising services to Tencent Group — 844 1,988 Total — 844 1,988 (3) Amount due from related parties: As of December 31, 2020 2021 RMB RMB Tencent Group (1) 813 1,049 Total 813 1,049 (1) In addition, prepayments of RMB 76,274 and RMB 120,459 were recorded separately as of December 31, 2020 and 2021 under “Prepaid expense and other assets” in relation to the traffic channel service fee paid to Tencent Group, and the balance is amortized based on traffic volume consumed. (4) Amount due to related parties: As of December 31, 2020 2021 RMB RMB Cloud technology services from Tencent Group 9,789 20,449 Total 9,789 20,449 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Current and Deferred Components of Income Tax Expense | The current and deferred components of income tax expense included in the consolidated statements of comprehensive loss were as follows: Year ended December 31, 2019 2020 2021 RMB RMB RMB Current income tax 181 641 3,974 Deferred income tax 142,347 49,514 (224,961 ) Income tax expense/(benefit) 142,528 50,155 (220,987 ) |
Summary of Reconciliation Between the Income Tax Benefit | Reconciliation between the income tax benefit computed by applying the EIT tax rate to loss before income tax and income tax expense/(benefit) were as follows: For the Year ended December 31, 2019 2020 2021 RMB RMB RMB Loss before income tax (178,978 ) (613,699 ) (1,795,067 ) Tax benefit at EIT tax rate of 25% (1) (44,745 ) (153,425 ) (448,767 ) Expenses not deductible for tax purposes 23,199 65,034 52,051 Research and development super deduction (10,343 ) (44,143 ) (37,492 ) Effect of different tax rates of subsidiaries operating in other jurisdictions 376 37,673 4,149 Effect of PRC preferential tax rates — — 52,502 Changes in valuation allowance 174,041 145,016 156,570 Income tax expense/(benefit) 142,528 50,155 (220,987 ) (1) The Group’s major operations during the years ended December 31, 2019, 2020 and 2021 were conducted in PRC, and thus all losses were attributable to the Group’s operations in the PRC (or foreign operation). Accordingly, the Group prepared its tax rate reconciliation starting with the PRC statutory tax rate during the years ended December 31, 2019, 2020 and 2021. |
Summary of Deferred Tax Assets and Deferred Tax Liabilities | Deferred Tax Assets and Deferred Tax Liabilities As of December 31, 2020 2021 RMB RMB Deferred tax assets Deductible advertising expenses exceeding the tax limit (2) 31,351 45,438 Accrued expenses 16,504 41,458 Other deductible expenses exceeding the tax limit (2) 300 427 Provisions for the prepayments and other non-current assets — 10,125 Operating loss carry forward 361,627 579,821 Less: valuation allowances (390,833 ) (499,090 ) Total deferred tax assets 18,949 178,179 Deferred tax liabilities Intangible assets 12,623 13,551 Contract assets 212,138 148,375 Advance from customer 19,933 17,964 Total deferred tax liabilities 244,694 179,890 As of December 31, 2020 2021 RMB RMB Classification in the consolidated balance sheets: Deferred tax assets — 11,840 Deferred tax liabilities 225,745 13,551 |
Summary of Valuation Allowance | Movement of valuation allowance As of December 31, 2020 2021 RMB RMB Balance at the beginning of the year 245,817 390,833 Additions 165,581 153,780 Reversals (20,565 ) (45,523 ) Balance at end of the year 390,833 499,090 |
Convertible Redeemable Prefer_2
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Carrying Value of the Preferred Shares | The movement in the carrying value of the preferred shares is as follows: Series Pre-A Series A Series Series B Series C Series Series Series D Total RMB RMB RMB RMB RMB RMB RMB Balances as of January 1, 2019 48,122 110,806 66,447 353,634 — — — — 579,009 Settlement of Series B convertible redeemable preferred shares subscription receivable — — — 72,201 — — — — 72,201 Issuance of convertible redeemable preferred shares — — — — 993,777 426,005 — — 1,419,782 Accretion on convertible redeemable preferred shares to redemption value 3,877 8,902 5,324 34,265 76,981 7,490 — — 136,839 Balances as of December 31, 2019 51,999 119,708 71,771 460,100 1,070,758 433,495 — — 2,207,831 Issuance of convertible redeemable preferred shares — — — — — — 349,480 1,699,506 2,048,986 Deemed dividend on modification on preferred shares — — — — 42,696 13,607 11,672 — 67,975 Exercise of warrant — — — — — — — 226,876 226,876 Accretion on convertible redeemable preferred shares to redemption value 4,186 9,615 5,749 37,006 108,770 43,469 27,773 49,100 285,668 Balances as of December 31, 2020 56,185 129,323 77,520 497,106 1,222,224 490,571 388,925 1,975,482 4,837,336 Accretion on convertible redeemable preferred shares to redemption value 1,561 3,585 2,144 13,797 41,303 16,507 13,025 60,365 152,287 Converted into ordinary shares 1 (57,746 ) (132,908 ) (79,664 ) (510,903 ) (1,263,527 ) (507,078 ) (401,950 ) (2,035,847 ) (4,989,623 ) Balances as of December 31, 2021 — — — — — — — — — 1 Upon the completion of the initial public offering, all of the Company’s Preferred Share were converted into 2,437,739,290 ordinary shares on an one-to-one basis. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Non-vested Restricted Shares Activity | A summary of non-vested Number of Outstanding as of December 31, 2020 12,554,722 Vested 12,554,722 Outstanding as of December 31, 2021 — |
Summary of Company's Share Options | The following table sets forth the activities under the Company’s share options for the year s Number of Weighted Weighted Weighted Aggregate RMB RMB Outstanding as of December 31, 2019 146,226,800 0.38 8.91 0.63 85,927 Granted 83,521,862 0.31 — 1.86 — Exercised — — — — — Forfeited (12,832,333 ) 0.46 — 0.63 — Outstanding as of December 31, 2020 216,916,329 0.22 8.51 1.10 255,873 Granted 82,665,350 0.51 — 4.93 — Exercised (15,142,550 ) 0.41 — 1.42 — Forfeited (37,430,787 ) 0.29 — 2.41 — Outstanding as of December 31, 2021 247,008,342 0.29 7.94 2.10 543,248 Exercisable as of December 31, 2021 113,445,534 0.20 6.98 0.85 104,682 |
Summary of Estimated Fair Value of Share Options | The Group calculated the estimated fair value of the share options on the respective grant dates using the binomial option pricing model with the assistance from an independent valuation firm, with the following assumptions. Year ended December 31 2020 2021 Risk free rate of interest 2.51%-3.29 % 1.47%-3.20 % Volatility 26%-28 % 27%-28 % Dividend yield — — Exercise multiples 2.2-2.8 2.2-2.8 Life of options (years) 10 10 Fair value of underlying ordinary shares $ 0.17~$0.55 $0.14~$0.98 |
Summary of Share Based Compensation Expense Recognized Related To Share Options Granted And Ordinary Shares | A summary of share-based compensation expense recognized related to share options granted and ordinary shares transfers is as follows: Year ended 2020 2021 RMB RMB Sales and marketing expenses 4,538 10,853 General and administrative expenses 210,011 190,252 Research and development expenses 13,279 25,056 227,828 226,161 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Net Loss Available To Ordinary Shareholders By The Weighted Average Number of Ordinary Shares Outstanding | Loss per share was computed by dividing net loss available to ordinary shareholders by the weighted average number of ordinary shares outstanding: Year ended December 31, 2019 2020 2021 RMB RMB RMB Numerator: Net loss for the period attributable to Waterdrop Inc. (321,535 ) (663,869 ) (1,574,080 ) Deemed dividend — (158,243 ) — Change in redemption value in preferred shares (136,839 ) (285,668 ) (152,287 ) Net loss attributable to ordinary shareholders for computing basic and diluted net loss per ordinary shares (458,374 ) (1,107,780 ) (1,726,367 ) Denominator: Weighted average ordinary shares outstanding used in computing basic and diluted net loss per ordinary shares 1,203,526,000 1,174,583,516 2,990,507,749 Net loss per ordinary share attributable to ordinary shareholders basic and diluted (0.38 ) (0.94 ) (0.58 ) |
Summary of Shares Outstanding Were Excluded From The Calculation of Diluted Net Loss Per Ordinary Share | The following shares outstanding were excluded from the calculation of diluted net loss per ordinary share, as their inclusion would have been anti-dilutive for the periods prescribed. Year ended December 31, 2019 2020 2021 RMB RMB RMB Shares issuable upon exercise of share options 46,239,164 140,815,045 60,029,916 Shares issuable upon vesting of nonvested restricted shares — 41,520,896 3,983,115 Shares issuable upon conversion of Series pre-A 241,148,000 241,148,000 82,811,813 Shares issuable upon conversion of Series A convertible preferred shares 334,926,000 334,926,000 115,015,797 Shares issuable upon conversion of Series A+ convertible preferred shares 157,896,000 157,896,000 54,222,527 Shares issuable upon conversion of Series B convertible preferred shares 352,107,646 352,107,646 120,916,087 Shares issuable upon conversion of Series C convertible preferred shares 413,415,759 542,794,072 186,399,063 Shares issuable upon conversion of Series C+ convertible preferred shares 29,919,039 170,632,018 58,596,160 Shares issuable upon conversion of Series C++ convertible preferred shares — 95,851,381 41,542,257 Shares issuable upon conversion of Series D convertible preferred shares — 145,205,580 177,632,040 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Supplemental Information Related To Operating Leases And Financing Leases | A summary of supplemental information related to operating leases and financing leases were as follow: Year ended December 31, 2019 2020 2021 RMB RMB RMB Operating leases-Weighted average remaining lease term 1.73 0.84 1.66 Financing leases-Weighted average remaining lease term 3.79 2.28 1.53 Operating leases-Weighted average discount rate 7.55 % 7.49 % 8.04 % Financing leases-Weighted average discount rate 9.50 % 8.20 % 8.39 % |
Summary of Components of Lease Expense | The components of lease expense were as follows: Year ended December 31, 2019 2020 2021 RMB RMB RMB Operating lease cost 27,099 42,447 47,905 Financing lease cost: Amortization of right-of-use 60 161 204 Interest on lease liabilities 23 33 29 Short-term lease cost 6,016 10,612 13,902 Total 33,198 53,253 62,040 |
Summary of Supplemental Information Related To The Group's Leases | Supplemental information related to the Group’s leases were as follows: Year ended December 31, 2019 2020 2021 RMB RMB RMB Cash paid for operating leases 33,973 31,889 50,926 Cash paid for financing leases: Operating cash flows from finance leases 5 16 41 Financing cash flows from finance leases 68 169 192 |
Summary of Non-cash ROU Assets In Exchange For New Lease Liabilities | Non-cash Year ended December 31, 2019 2020 2021 RMB RMB RMB Operating leases 77,453 58,329 28,021 Financing leases — 304 19 |
Summary of Maturity Analysis | The following is a maturity analysis as of December 31, 2021: As of December 31, 2021 Operating Financing RMB RMB 2021 — — 2022 45,795 205 2023 14,368 75 2024 2,026 — 2025 and thereafter — — Subtotal 62,189 280 Less: imputed interest (3,863 ) (16 ) Lease liabilities 58,326 264 |
Principal Activities And Reor_3
Principal Activities And Reorganization - Summary of Subsidiary of Limited Liability Company or Limited Partnership (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Waterdrop Group HK Limited [Member] | Subsidiaries [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | May 31, 2018 |
Place of Incorporation/ Establishment | Hong Kong |
Percentage Of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Investment holding |
Absolute Health [Member] | Subsidiaries [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Oct. 17, 2018 |
Place of Incorporation/ Establishment | PRC |
Percentage Of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Research and development service for the Group |
Zongqing Xiangqian [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Aug. 2, 2013 |
Place of Incorporation/ Establishment | PRC |
Percentage Of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Operating management service for the Group |
Shuidi Hubao [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Dec. 12, 2016 |
Place of Incorporation/ Establishment | PRC |
Percentage Of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Medical crowdfunding platform services |
Shuidi Hulian [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Dec. 12, 2016 |
Place of Incorporation/ Establishment | PRC |
Percentage Of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Mutual aid platform services1 |
Shuidi Insurance Brokerage Co., Ltd [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Oct. 19, 2012 |
Place of Incorporation/ Establishment | PRC |
Percentage Of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Insurance brokerage services |
Principal Activities And Reor_4
Principal Activities And Reorganization - Additional Information (Detail) - May 07, 2021 - Global Offering [Member] ¥ in Billions | CNY (¥)shares | $ / shares |
Proceeds from the global offering | ¥ | ¥ 2.1 | |
American Depositary Shares [Member] | ||
Stock Issued During Period, Shares, New Issues | 30,000,000 | |
Shares Issued, Price Per Share | $ / shares | $ 12 | |
Common Class A [Member] | ||
Stock Issued During Period, Shares, New Issues | 300,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Mar. 31, 2021CNY (¥) | |
Foreign Currency Exchange Rate, Translation Value | ¥ 6,372.6000 | $ 1,000 | ||||
Restricted cash | ¥ 657,464,000 | ¥ 243,557,000 | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | ||||
Impairment of Intangible Assets, Finite-lived | ¥ 717,000 | 0 | ¥ 0 | |||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 784,000 | 0 | 0 | |||
impairment loss, Equity Method Investment | ¥ 0 | 0 | 0 | |||
Equity Method Investment, Ownership Percentage | 5.00% | 5.00% | ||||
deferred revenue | ¥ 803,000 | 22,017,000 | $ 126,000 | ¥ 0 | ||
Excise and Sales Taxes | ¥ 309,891,000 | 229,209,000 | ¥ 71,276,000 | |||
Effective Income Tax Rate Reconciliation, Percent | 50.00% | 50.00% | ||||
cash and cash equivalents and restricted cash | ¥ 1,406,313,000 | 1,018,758,000 | ||||
Percentage of Cash and Cash Equivalents at Carrying Value Available for Conversion to Foreign Currency. | ¥ 94,680 | ¥ 76,980 | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 35.09% | 35.09% | 56.80% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 33.26% | 33.26% | 55.87% | 69.60% | ||
Other Revenue Stream [Member] | ||||||
deferred revenue | ¥ 803,000 | |||||
Customers [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% | ||
Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% | ||
Minimum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||||
Percentage of Value Added Taxes | 3.00% | 3.00% | ||||
Maximum [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||
Percentage of Value Added Taxes | 6.00% | 6.00% | ||||
Exclusive Business Cooperation Agreements [Member] | ||||||
Percentage of technical support and consulting services in return for fees on total profit | 100.00% | 100.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary Of Customer Accounts Receivable And Contract Assets (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2021USD ($) | |
Concentration Risk [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | ¥ 643,843 | ¥ 539,791 | $ 101,033 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | ¥ 434,252 | ¥ 788,584 | |
Concentration Risk, Percentage | 35.09% | 56.80% | |
Customer A | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | ¥ 134,292 | ¥ 258,060 | |
Concentration Risk, Percentage | 10.85% | 18.59% | |
Customer B | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | ¥ 190,284 | ¥ 411,637 | |
Concentration Risk, Percentage | 15.38% | 29.65% | |
Customer C | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | ¥ 109,676 | ¥ 118,887 | |
Concentration Risk, Percentage | 8.86% | 8.56% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary Of Customer Operating Revenue (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Concentration Risk [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 3,205,914 | $ 503,078 | ¥ 3,027,948 | ¥ 1,510,965 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 1,066,079 | ¥ 1,691,955 | ¥ 1,051,663 | |
Concentration Risk, Percentage | 33.26% | 33.26% | 55.87% | 69.60% |
Customer A | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 240,650 | ¥ 602,985 | ¥ 667,376 | |
Concentration Risk, Percentage | 7.51% | 7.51% | 19.91% | 44.17% |
Customer B | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 457,995 | ¥ 753,456 | ¥ 331,533 | |
Concentration Risk, Percentage | 14.29% | 14.29% | 24.88% | 21.94% |
Customer C | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 367,434 | ¥ 335,514 | ¥ 52,754 | |
Concentration Risk, Percentage | 11.46% | 11.46% | 11.08% | 3.49% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary Of Contract Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Contract assets | ¥ 593,500 | ¥ 848,550 |
Less: Allowance for uncollectible accounts | 0 | 0 |
Total | ¥ 593,500 | ¥ 848,550 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary Of Disaggregation Of Revenue (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Insurance brokerage income | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 3,205,914 | $ 503,078 | ¥ 3,027,948 | ¥ 1,510,965 |
Management fee income | ||||
Insurance brokerage income | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,745 | 109,828 | 142,683 | |
Technical service income | ||||
Insurance brokerage income | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 243,542 | 194,130 | 51,705 | |
Other revenues | ||||
Insurance brokerage income | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 132,160 | 28,670 | 8,401 | |
Insurance Brokerage Income [Member] | ||||
Insurance brokerage income | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,827,467 | 2,695,320 | 1,308,176 | |
Short-term insurance brokerage income | Insurance Brokerage Income [Member] | ||||
Insurance brokerage income | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,037,677 | 2,045,191 | 1,134,984 | |
Long-term insurance brokerage income | Insurance Brokerage Income [Member] | ||||
Insurance brokerage income | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | ¥ 789,790 | ¥ 650,129 | ¥ 173,192 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Summary Of Property, Equipment and Software, Net (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Office furniture and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Residual value | 5.00% |
Computer and electronic equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Residual value | 5.00% |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | shorter of remaining lease period and estimated useful life |
Residual value | 0.00% |
Software | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Residual value | 0.00% |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule Of Condensed Income Statement And Cash Flow Statement (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Operating revenue, net | ¥ 3,205,914 | $ 503,078 | ¥ 3,027,948 | ¥ 1,510,965 |
Net income/(loss) | (1,574,080) | (247,007) | (663,869) | (321,535) |
Net cash used in operating activities | (1,096,652) | (172,089) | (777,108) | (532,895) |
Net cash provided by/(used in) investing activities | (846,898) | (132,897) | (1,217,701) | (45,955) |
Net cash used in financing activities | 2,119,670 | $ 332,622 | 2,050,890 | 1,472,775 |
VIE [Member] | ||||
Operating revenue, net | 3,193,807 | 3,013,546 | 1,510,965 | |
Net income/(loss) | (505,603) | 233,434 | 20,477 | |
Net cash used in operating activities | (240,527) | (301,869) | (381,917) | |
Net cash provided by/(used in) investing activities | (99,240) | (277,521) | 75,528 | |
Net cash used in financing activities | ¥ 0 | ¥ 0 | ¥ (19,190) |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Summary Of Condensed Balance Sheet (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Mar. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Assets, Current [Abstract] | |||||
Cash and cash equivalents | ¥ 817,719 | $ 128,318 | ¥ 1,061,962 | ¥ 964,476 | |
Restricted cash | 667,664 | 104,771 | 261,387 | ¥ 329,676 | |
Short-term Investments | 1,969,362 | 309,036 | 1,193,160 | ||
Accounts receivable | 643,843 | 101,033 | 539,791 | ||
Current contract assets | 563,611 | 88,443 | 824,544 | ||
Total current assets | 5,033,042 | 789,793 | 4,532,737 | ||
Non-current assets | |||||
Non-current contract assets | 29,889 | 4,690 | 24,006 | ||
Intangible assets, net | 56,753 | 8,906 | 53,034 | ||
Total non-current assets | 217,557 | 34,140 | 172,318 | ||
Total assets | 5,250,599 | 823,933 | 4,705,055 | ||
Current liabilities | |||||
Insurance premium payables | 685,028 | 107,496 | 607,326 | ||
Deferred revenue | 803 | 126 | ¥ 0 | 22,017 | |
Accrued expenses and other current liabilities | 498,752 | 78,265 | 595,606 | ||
Total current liabilities | 1,249,145 | 196,018 | 1,271,289 | ||
Total non-current liabilities | 28,028 | 4,398 | 253,454 | ||
Total liabilities | 1,277,173 | $ 200,416 | 1,524,743 | ||
VIE [Member] | |||||
Assets, Current [Abstract] | |||||
Cash and cash equivalents | 731,189 | 755,941 | |||
Restricted cash | 667,664 | 253,557 | |||
Short-term Investments | 351,451 | 274,390 | |||
Accounts receivable | 635,235 | 536,644 | |||
Current contract assets | 563,611 | 824,544 | |||
Other current assets | 316,489 | 620,710 | |||
Total current assets | 3,265,639 | 3,265,786 | |||
Non-current assets | |||||
Non-current contract assets | 29,889 | 24,006 | |||
Intangible assets, net | 53,202 | 49,406 | |||
Deferred tax assets | 11,840 | ||||
Other non-current assets | 57,154 | 33,828 | |||
Total non-current assets | 152,085 | 107,240 | |||
Total assets | 3,417,724 | 3,373,026 | |||
Current liabilities | |||||
Insurance premium payables | 685,028 | 607,326 | |||
Deferred revenue | 803 | 22,017 | |||
Accrued expenses and other current liabilities | 413,438 | 447,211 | |||
Current lease liabilities | 16,452 | 10,594 | |||
Total current liabilities | 1,115,721 | 1,087,148 | |||
Total non-current liabilities | 26,047 | 233,501 | |||
Total liabilities | ¥ 1,141,768 | ¥ 1,320,649 |
Acquisitions and Disposal of _3
Acquisitions and Disposal of Subsidiary - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | ||||||||
Dec. 31, 2021CNY (¥) | May 31, 2021CNY (¥) | Sep. 30, 2020CNY (¥) | Aug. 31, 2020CNY (¥) | Jun. 30, 2020CNY (¥) | Mar. 31, 2020CNY (¥) | Dec. 31, 2021USD ($) | Mar. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | |
Business Acquisition [Line Items] | |||||||||
Number of business combinations | 1 | 2 | 2 | ||||||
Allocation of purchase price to fair value of assets acquired | ¥ 13,507 | ¥ 50 | ¥ 0 | ||||||
Allocation of purchase price to fair value of liabilities acquired | 13,809 | 50 | |||||||
Goodwill | 3,420 | $ 537 | ¥ 3,119 | ||||||
Cash | 1,328 | ||||||||
Tairui Insurance Agency Co., Ltd [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity ownership acquired | 100.00% | ||||||||
Gross consideration to acquire business | ¥ 75,358 | ||||||||
Effective settlement of selling shareholder's loan payable | 43,000 | ||||||||
Cash consideration | 0 | 1,598 | 1,598 | ||||||
Goodwill | ¥ 302 | ¥ 1,648 | ¥ 1,648 | ||||||
Net cash consideration | ¥ 32,358 | ||||||||
Hainan Puluo Medical Technology Co., Ltd. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity ownership acquired | 100.00% | ||||||||
Gross consideration to acquire business | ¥ 2,063 | ||||||||
Business combination prepaid amount | ¥ 1,500 | ||||||||
Yifangda [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Transfer of ownership interest | 100.00% | ||||||||
Zunsheng (Beijing) Investment Management Co., Ltd [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Transfer of ownership interest | 100.00% | ||||||||
Disposal consideration | ¥ 1 | ¥ 8,390 | |||||||
Gain or loss on disposal | ¥ 252 | 180 | |||||||
Carrying value of net assets | ¥ 8,210 | ¥ 252 |
Acquisitions and Disposal of _4
Acquisitions and Disposal of Subsidiary - Summary of Purchase Price of the Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||
Cash | ¥ 0 | ¥ 5,858 |
Intangible assets-Insurance agency licenses | 0 | 35,130 |
Total assets acquired | 3,806 | 40,988 |
Deferred tax liabilities | (927) | (8,630) |
Accrued expenses and other current liabilities | (816) | 0 |
Total liabilities assumed | (1,743) | (8,630) |
Net assets acquired | 2,063 | 32,358 |
Medical lnstitution license [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets-Insurance agency licenses | 3,708 | 0 |
Trademark and software copyright [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets-Insurance agency licenses | ¥ 98 | ¥ 0 |
Short-term Investments - Summar
Short-term Investments - Summary of Short-term Investments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Short-term Investments [Abstract] | |||
Held-to-maturity investments | ¥ 1,360,304 | ¥ 195,878 | |
Available-for-sale investments | 609,058 | 997,282 | |
Total | ¥ 1,969,362 | $ 309,036 | ¥ 1,193,160 |
Short-term Investments - Additi
Short-term Investments - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Investments [Abstract] | |||
Unrecognized holding gains on held-to-maturity investments | ¥ 5,411 | ¥ 128 | |
Unrealized gains on available-for-sale investments | ¥ 192 | ¥ 1,724 | ¥ 209 |
Prepaid Expense and Other Ass_3
Prepaid Expense and Other Assets - Summary of Prepaid Expense and Other Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Fund receivable from external payment network providers | ¥ 87,609 | ¥ 435,816 |
Advances to suppliers | 162,136 | 115,135 |
Prepayments and deposits | 65,200 | 58,220 |
Value-added tax recoverable | 33,688 | 12,053 |
Claims receivable on behalf of insurers | 33,870 | 11,410 |
Others | 26,291 | 18,446 |
Total | 408,794 | 651,080 |
Less: impairment provision | (39,000) | 0 |
Prepaid expense and other assets, net | ¥ 369,794 | ¥ 651,080 |
Prepaid Expense and Other Ass_4
Prepaid Expense and Other Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Provision for Prepaid Expenses | ¥ 39,000 | |
Impairment provision | ¥ 39,000 | ¥ 0 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Summary of Fair Value of Assets and Liabilities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | ¥ 58,213 | ¥ 3,153 |
Changes in estimated fair value | 74,178 | 7,037 |
Addition in share-based compensation liabilities | 4,762 | 48,023 |
Foreign currency translation adjustment | (1,081) | |
Reclassification of share-based compensation liabilities to equity | (136,072) | |
Ending balance | ¥ 0 | ¥ 58,213 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Summary of Assets or Liabilities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Assets | ||
Available for sale investments | ¥ 997,282 | ¥ 609,058 |
Total Assets | 997,282 | 609,058 |
Liabilities | ||
Share-based compensation liabilities | 58,213 | |
Total Liabilities | 58,213 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Available for sale investments | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities | ||
Share-based compensation liabilities | 0 | |
Total Liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Available for sale investments | 997,282 | 609,058 |
Total Assets | 997,282 | 609,058 |
Liabilities | ||
Share-based compensation liabilities | 0 | |
Total Liabilities | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Available for sale investments | 0 | 0 |
Total Assets | 0 | ¥ 0 |
Liabilities | ||
Share-based compensation liabilities | 58,213 | |
Total Liabilities | ¥ 58,213 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Summary of Fair Value of Share Based Compensation (Detail) | 12 Months Ended | ||
Dec. 31, 2021¥ / shares | Dec. 31, 2020CNY (¥)¥ / shares | Dec. 31, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Life of options | 10 years | 10 years | |
Fair value of underlying ordinary shares | ¥ / shares | ¥ 4.93 | ¥ 1.86 | |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk free rate of interest | 2.33% | ||
Volatility | 24.73% | ||
Dividend yield | ¥ | |||
Life of options | 4 months | ||
Fair value of underlying ordinary shares | $ / shares | $ 0.55 |
Property, Equipment and Softw_3
Property, Equipment and Software, Net - Summary of Property, Equipment and Software, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | ¥ 82,712 | ¥ 50,579 | |
Less: accumulated depreciation | (37,950) | (21,855) | |
Property, equipment and software, net | 44,762 | $ 7,024 | 28,724 |
Computer and Electronic Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 26,853 | 19,138 | |
Office furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 1,121 | 866 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | 32,053 | 22,156 | |
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and software, gross | ¥ 22,685 | ¥ 8,419 |
Property, Equipment and Softw_4
Property, Equipment and Software, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses | ¥ 17,906 | $ 2,810 | ¥ 12,892 | ¥ 6,687 |
Impairment charges | ¥ 0 | ¥ 0 | ¥ 0 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | ¥ 57,831 | ¥ 53,207 | |
Accumulated amortization | (361) | (173) | |
Less: Impairment | (717) | 0 | |
Intangible assets, net | 56,753 | $ 8,906 | 53,034 |
Brokerage Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 14,558 | 14,558 | |
Insurance Adjusting License [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 2,293 | 2,293 | |
Insurance Agency License [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 35,130 | 35,130 | |
Trademark and Software Copyright. [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 2,142 | 1,226 | |
Medical Institution License [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | ¥ 3,708 | ¥ 0 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Amortization expense | ¥ 186 | ¥ 173 | ¥ 0 |
Amortization expenses related to intangible assets | 139 | ||
Amortization expenses related to intangible assets | 369 | ||
Impairment for intangible assets | ¥ 717 | ¥ 0 | ¥ 0 |
Long-Term Investments - Summary
Long-Term Investments - Summary of Long-Term Investments (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Jan. 01, 2021CNY (¥) | |
Long Term Investments [Line Items] | |||||
Balances at January 1 | ¥ 2,741 | ¥ 4,734 | ¥ 2,674 | ||
Additions | 2,089 | ¥ 9,900 | |||
Share of results of equity method investee | (15) | (29) | |||
Disposal | (1,846) | ||||
Impairment | (784) | ||||
Foreign currency translation adjustment | (45) | (132) | |||
Balances at December 31 | 11,812 | $ 1,854 | 2,741 | 4,734 | |
Equity securities without readily determinable fair value | |||||
Long Term Investments [Line Items] | |||||
Balances at January 1 | 2,741 | 3,873 | 1,784 | ||
Additions | 2,089 | ||||
Disposal | (1,000) | ||||
Impairment | (784) | ||||
Foreign currency translation adjustment | (45) | (132) | |||
Balances at December 31 | ¥ 11,812 | 2,741 | 3,873 | ||
Equity Method | |||||
Long Term Investments [Line Items] | |||||
Balances at January 1 | 861 | 890 | |||
Share of results of equity method investee | (15) | (29) | |||
Disposal | ¥ (846) | ||||
Balances at December 31 | ¥ 861 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term Investments [Abstract] | ||
Observable price changes | ¥ 0 | ¥ 0 |
Percentage of equity interest invested | 5.00% |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued marketing and customer service expenses | ¥ 87,071 | ¥ 253,118 |
Payable related to mutual aid plans and medical crowdfunding | 121,561 | 43,636 |
Payroll and welfare payable | 184,903 | 118,691 |
Tax payable | 22,020 | 13,537 |
Payable related to services fee | 43,889 | 46,884 |
Share-based compensation liabilities | 58,213 | |
Advance from customer | 15,301 | |
Others | 39,308 | 46,226 |
Total | ¥ 498,752 | ¥ 595,606 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) (Parenthetical) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued Payable For Medical Expenses | ¥ 71,609 | ¥ 0 |
Advance From Customers | ¥ 0 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Postemployment Benefits [Abstract] | |||
Employee benefits | ¥ 236,238 | ¥ 86,847 | ¥ 75,004 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Summary of Related Party Balances and Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Related Party Transaction [Line Items] | ||||
Service provided by related parties | ¥ 570,474 | ¥ 248,228 | ¥ 93,045 | |
Service provided to related parties | 1,988 | 844 | 0 | |
Amount due from related parties | 1,049 | 813 | $ 165 | |
Amount due to related parties | 20,449 | 9,789 | $ 3,209 | |
Other Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Service provided by related parties | 45,403 | 26,931 | 15,147 | |
Tencent Group [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due from related parties | 1,049 | 813 | ||
Tencent Group [Member] | Marketing Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Service provided by related parties | 487,085 | 187,236 | 0 | |
Tencent Group [Member] | Payment Processing Fee Service [Member] | ||||
Related Party Transaction [Line Items] | ||||
Service provided by related parties | 37,986 | 34,061 | 77,898 | |
Tencent Group [Member] | Advertising [Member] | ||||
Related Party Transaction [Line Items] | ||||
Service provided to related parties | 1,988 | 844 | ¥ 0 | |
Tencent Group [Member] | Cloud Technology Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount due to related parties | ¥ 20,449 | ¥ 9,789 |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Summary of Related Party Balances and Transactions (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expenses and Other Current Assets [Member] | ||
Related Party Transaction [Line Items] | ||
Prepayments to related party | ¥ 76,274 | ¥ 120,459 |
Income Taxes - Summary of Curre
Income Taxes - Summary of Current and Deferred Components of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax | ¥ 3,974 | ¥ 641 | ¥ 181 | |
Deferred income tax | (224,961) | 49,514 | 142,347 | |
Income tax expense/(benefit) | ¥ (220,987) | $ (34,678) | ¥ 50,155 | ¥ 142,528 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between the Income Tax Benefit (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Loss before income tax | ¥ (1,795,067) | $ (281,685) | ¥ (613,699) | ¥ (178,978) |
Tax benefit at EIT tax rate of 25% | (448,767) | (153,425) | (44,745) | |
Expenses not deductible for tax purposes | 52,051 | 65,034 | 23,199 | |
Research and development super deduction | (37,492) | (44,143) | (10,343) | |
Effect of different tax rates of subsidiaries operating in other jurisdictions | 4,149 | 37,673 | 376 | |
Effect of PRC preferential tax rates | 52,502 | 0 | 0 | |
Changes in valuation allowance | 156,570 | 145,016 | 174,041 | |
Income tax expense/(benefit) | ¥ (220,987) | $ (34,678) | ¥ 50,155 | ¥ 142,528 |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation Between the Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, percent | 25.00% | 25.00% | 25.00% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Deferred tax assets | ||||
Deductible advertising expenses exceeding the tax limit | ¥ 45,438 | ¥ 31,351 | ||
Accrued expenses | 41,458 | 16,504 | ||
Other deductible expenses exceeding the tax limit | 427 | 300 | ||
Provisions for the prepayments and other non-current assets | 10,125 | |||
Operating loss carry forward | 579,821 | 361,627 | ||
Less: valuation allowances | (499,090) | (390,833) | ¥ (245,817) | |
Total deferred tax assets | 178,179 | 18,949 | ||
Deferred tax liabilities | ||||
Intangible assets | 13,551 | 12,623 | ||
Contract assets | 148,375 | 212,138 | ||
Advance from customer | 17,964 | 19,933 | ||
Total deferred tax liabilities | 179,890 | 244,694 | ||
Classification in the consolidated balance sheets: | ||||
Deferred tax assets | 11,840 | $ 1,858 | ||
Deferred tax liabilities | ¥ 13,551 | $ 2,126 | ¥ 225,745 |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Balance at the beginning of the year | ¥ 390,833 | ¥ 245,817 |
Additions | 153,780 | 165,581 |
Reversals | (45,523) | (20,565) |
Balance at end of the year | ¥ 499,090 | ¥ 390,833 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ in Thousands, $ in Millions | Apr. 01, 2018HKD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Income Tax Disclosure [Line Items] | ||||
Income tax rate reduced | 50.00% | |||
Net operating loss carry forward | ¥ 579,821 | ¥ 361,627 | ||
Withholding income tax | 10.00% | |||
Unrecognized tax benefits | ¥ 0 | 0 | ¥ 0 | |
Unrecognized tax benefits, interest on income taxes expense | 0 | |||
Unrecognized tax benefits, income tax penalties expense | ¥ 0 | |||
Investor holds at least 25% in the FIE | ||||
Income Tax Disclosure [Line Items] | ||||
Income tax rate reduced | 5.00% | |||
Investor holds less than 25% in the FIE | ||||
Income Tax Disclosure [Line Items] | ||||
Income tax rate reduced | 10.00% | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Net operating loss carry forward | ¥ 2,706,859 | ¥ 1,443,696 | ||
HONG KONG | ||||
Income Tax Disclosure [Line Items] | ||||
Profits earned | $ | $ 2 | |||
Income tax rate reduced | 8.25% | 16.50% | ||
CHINA | ||||
Income Tax Disclosure [Line Items] | ||||
Income tax rate reduced | 25.00% | |||
CHINA | High and new technology enterprises [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income tax rate reduced | 15.00% | |||
Preferential tax rate | 15 | |||
CHINA | Small enterprises with low profits [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Preferential tax rate | 20 | |||
CHINA | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Statutory income tax | 25.00% |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, $ in Thousands | Sep. 07, 2021CNY (¥)shares | Mar. 28, 2019$ / shares | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($)$ / sharesshares | Sep. 07, 2021USD ($) | May 31, 2021shares | Dec. 31, 2020$ / sharesshares |
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 10,000,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.00001 | $ 0.000005 | $ 0.000005 | ||||
Common stock, shares, issued | 1,203,526,000 | ||||||
Common stock, shares outstanding | 3,942,801,610 | 1,203,526,000 | |||||
Share split | 1-to-2 | ||||||
Net proceed from initial public offering | ¥ 2,133,437,000 | $ 334,782 | |||||
Stock Repurchase Program, Period in Force | 12 months | ||||||
Total consideration | ¥ | 16,546,000 | ||||||
ShareRepurchaseProgram [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ | $ 50,000 | ||||||
Common Class A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 8,900,000,000 | ||||||
Common stock, shares, issued | 3,206,653,701 | 300,000,000 | |||||
Common stock, shares outstanding | 3,140,896,631 | ||||||
Common Class A [Member] | ShareRepurchaseProgram [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchased During Period, Shares | 13,606,230 | ||||||
Common Class B [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 1,000,000,000 | ||||||
Common stock, shares, issued | 801,904,979 | ||||||
Common stock, shares outstanding | 801,904,979 | ||||||
ADS Shares [Member] | ShareRepurchaseProgram [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Repurchased During Period, Shares | 1,360,623 | ||||||
Total consideration | ¥ | ¥ 16,546,000 | ||||||
IPO [Member] | |||||||
Class of Stock [Line Items] | |||||||
Net of issuance cost | ¥ | 28,233,000 | ||||||
IPO [Member] | Common Class A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding | 401,621,021 | ||||||
Preferred Stock, Convertible, Conversion Ratio | 1 | ||||||
IPO [Member] | Common Class B [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding | 801,904,979 | ||||||
IPO [Member] | Common Class A & B [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding | 1,203,526,000 | ||||||
IPO [Member] | ADS Shares [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares, issued | 30,000,000 | ||||||
Net proceed from initial public offering | ¥ | 2,133,437,000 | ||||||
Net of issuance cost | ¥ | ¥ 28,233,000 | ||||||
Preferred Stock, Shares Outstanding | 2,437,739,290 |
Convertible Redeemable Prefer_3
Convertible Redeemable Preferred Shares - Summary of Carrying Value of the Preferred Shares (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | ¥ 4,837,336 | ¥ 2,207,831 | ¥ 579,009 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 72,201 | ||
Issuance of convertible redeemable preferred shares | 2,048,986 | 1,419,782 | |
Accretion on convertible redeemable preferred shares to redemption value | 152,287 | 285,668 | 136,839 |
Deemed dividend on modification on preferred shares | 67,975 | ||
Exercise of warrant | 226,876 | ||
Converted into ordinary shares | (4,989,623) | ||
Ending balance | 0 | 4,837,336 | 2,207,831 |
Series Pre A Preferred Stock [Member] | |||
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | 56,185 | 51,999 | 48,122 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 0 | ||
Issuance of convertible redeemable preferred shares | 0 | 0 | |
Accretion on convertible redeemable preferred shares to redemption value | 1,561 | 4,186 | 3,877 |
Deemed dividend on modification on preferred shares | 0 | ||
Exercise of warrant | 0 | ||
Converted into ordinary shares | (57,746) | ||
Ending balance | 0 | 56,185 | 51,999 |
Series A Preferred Stock [Member] | |||
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | 129,323 | 119,708 | 110,806 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 0 | ||
Issuance of convertible redeemable preferred shares | 0 | 0 | |
Accretion on convertible redeemable preferred shares to redemption value | 3,585 | 9,615 | 8,902 |
Deemed dividend on modification on preferred shares | 0 | ||
Exercise of warrant | 0 | ||
Converted into ordinary shares | (132,908) | ||
Ending balance | 0 | 129,323 | 119,708 |
Series A Plus Preferred Stock [Member] | |||
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | 77,520 | 71,771 | 66,447 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 0 | ||
Issuance of convertible redeemable preferred shares | 0 | 0 | |
Accretion on convertible redeemable preferred shares to redemption value | 2,144 | 5,749 | 5,324 |
Deemed dividend on modification on preferred shares | 0 | ||
Exercise of warrant | 0 | ||
Converted into ordinary shares | (79,664) | ||
Ending balance | 0 | 77,520 | 71,771 |
Series B Preferred Stock [Member] | |||
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | 497,106 | 460,100 | 353,634 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 72,201 | ||
Issuance of convertible redeemable preferred shares | 0 | 0 | |
Accretion on convertible redeemable preferred shares to redemption value | 13,797 | 37,006 | 34,265 |
Deemed dividend on modification on preferred shares | 0 | ||
Exercise of warrant | 0 | ||
Converted into ordinary shares | (510,903) | ||
Ending balance | 0 | 497,106 | 460,100 |
Series C Preferred Stock [Member] | |||
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | 1,222,224 | 1,070,758 | 0 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 0 | ||
Issuance of convertible redeemable preferred shares | 0 | 993,777 | |
Accretion on convertible redeemable preferred shares to redemption value | 41,303 | 108,770 | 76,981 |
Deemed dividend on modification on preferred shares | 42,696 | ||
Exercise of warrant | 0 | ||
Converted into ordinary shares | (1,263,527) | ||
Ending balance | 0 | 1,222,224 | 1,070,758 |
Series C Plus Preferred Stock [Member] | |||
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | 490,571 | 433,495 | 0 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 0 | ||
Issuance of convertible redeemable preferred shares | 0 | 426,005 | |
Accretion on convertible redeemable preferred shares to redemption value | 16,507 | 43,469 | 7,490 |
Deemed dividend on modification on preferred shares | 13,607 | ||
Exercise of warrant | 0 | ||
Converted into ordinary shares | (507,078) | ||
Ending balance | 0 | 490,571 | 433,495 |
Series C Plus Plus Preferred Stock [Member] | |||
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | 388,925 | 0 | 0 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 0 | ||
Issuance of convertible redeemable preferred shares | 349,480 | 0 | |
Accretion on convertible redeemable preferred shares to redemption value | 13,025 | 27,773 | 0 |
Deemed dividend on modification on preferred shares | 11,672 | ||
Exercise of warrant | 0 | ||
Converted into ordinary shares | (401,950) | ||
Ending balance | 0 | 388,925 | 0 |
Series D Preferred Stock [Member] | |||
Schedule Of Convertible Redeemable Preferred Shares [Line Items] | |||
Beginning balance | 1,975,482 | 0 | 0 |
Settlement of Series B convertible redeemable preferred shares subscription receivable | 0 | ||
Issuance of convertible redeemable preferred shares | 1,699,506 | 0 | |
Accretion on convertible redeemable preferred shares to redemption value | 60,365 | 49,100 | 0 |
Deemed dividend on modification on preferred shares | 0 | ||
Exercise of warrant | 226,876 | ||
Converted into ordinary shares | (2,035,847) | ||
Ending balance | ¥ 0 | ¥ 1,975,482 | ¥ 0 |
Convertible Redeemable Prefer_4
Convertible Redeemable Preferred Shares - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥) | Aug. 31, 2017CNY (¥) | Mar. 31, 2017CNY (¥) | Jul. 31, 2016CNY (¥) | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Nov. 30, 2020CNY (¥)shares | Nov. 30, 2020USD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020CNY (¥)shares | Mar. 31, 2020USD ($)shares | Oct. 31, 2019CNY (¥)shares | Oct. 31, 2019USD ($)shares | Mar. 31, 2019CNY (¥)shares | Mar. 31, 2019USD ($)shares | Nov. 30, 2018CNY (¥)shares | Nov. 30, 2018USD ($)shares | Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
Cash consideration | ¥ | ¥ 1,328,000 | ||||||||||||||||||||||
Preferred stockpar or stated per share | ¥ / shares | ¥ 0.08 | ||||||||||||||||||||||
Deemed dividend | ¥ | ¥ 67,975,000 | ||||||||||||||||||||||
Annual rate of terutn on compound interest | (12.00%) | ||||||||||||||||||||||
Internal rate of return on compound interest | 8.00% | ||||||||||||||||||||||
Simple Interest Rate | 6.00% | ||||||||||||||||||||||
Conversion of preferred stock | 2,437,739,290 | ||||||||||||||||||||||
Preferred Stock, Conversion Basis | one-to-one | ||||||||||||||||||||||
Light Up Investment Holdings Limited [Member] | |||||||||||||||||||||||
Cash consideration | ¥ | ¥ 3,000,000 | ||||||||||||||||||||||
Maple Ocean L.P. [Member] | |||||||||||||||||||||||
Cash consideration | ¥ | ¥ 5,600,000 | ||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||
Redemption of convertible preferred stock | Jun. 28, 2025 | ||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||
Annual rate of terutn on compound interest | 10.00% | ||||||||||||||||||||||
Series A Plus Preferred Stock [Member] | |||||||||||||||||||||||
Equity interest, percentage | 0.39% | 0.39% | |||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||
Cash consideration | ¥ 420,400,000 | $ 61,000,000 | |||||||||||||||||||||
Net Issuance Cost | ¥ 2,500,000 | $ 400,000 | |||||||||||||||||||||
Shares issued | 352,107,646 | 352,107,646 | |||||||||||||||||||||
Consideration received | ¥ 348,200,000 | $ 50,500,000 | |||||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||||
Cash consideration | ¥ 993,800,000 | $ 147,500,000 | |||||||||||||||||||||
Net Issuance Cost | ¥ 16,900,000 | $ 2,500,000 | |||||||||||||||||||||
Shares issued | 542,794,072 | 542,794,072 | |||||||||||||||||||||
Series C Plus Preferred Stock [Member] | |||||||||||||||||||||||
Cash consideration | ¥ 426,000,000 | $ 60,300,000 | |||||||||||||||||||||
Net Issuance Cost | ¥ 1,200,000 | $ 200,000 | |||||||||||||||||||||
Shares issued | 170,632,018 | 170,632,018 | |||||||||||||||||||||
Series C Plus Plus Preferred Stock [Member] | |||||||||||||||||||||||
Cash consideration | ¥ 349,500,000 | $ 50,000,000 | |||||||||||||||||||||
Net Issuance Cost | ¥ 85,400 | $ 12,200 | |||||||||||||||||||||
Shares issued | 120,971,053 | 120,971,053 | |||||||||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||||||||
Cash consideration | 755,200,000 | ¥ 944,300,000 | $ 143,900,000 | $ 106,700,000 | |||||||||||||||||||
Net Issuance Cost | ¥ 87,900 | $ 12,400 | |||||||||||||||||||||
Shares issued | 220,257,916 | 297,006,585 | 297,006,585 | 220,257,916 | |||||||||||||||||||
Preferred stockpar or stated per share | (per share) | ¥ 0.30 | $ 0.48 | |||||||||||||||||||||
Deemed dividend | ¥ | ¥ 90,268,000 | ||||||||||||||||||||||
Series Pre A Preferred Stock [Member] | |||||||||||||||||||||||
Subscription price per share rate | 120.00% | ||||||||||||||||||||||
PreA Equity [Member] | Preferred Stock [Member] | |||||||||||||||||||||||
Equity interest, percentage | 16.00% | ||||||||||||||||||||||
Cash consideration | ¥ 39,700,000 | $ 5,900,000 | |||||||||||||||||||||
Net Issuance Cost | ¥ 300,000 | $ 49,900 | |||||||||||||||||||||
A Equity [Member] | Preferred Stock [Member] | |||||||||||||||||||||||
Equity interest, percentage | 18.00% | ||||||||||||||||||||||
Cash consideration | ¥ 96,500,000 | $ 14,000,000 | |||||||||||||||||||||
Net Issuance Cost | ¥ 500,000 | $ 69,100 | |||||||||||||||||||||
A Plus Equity [Member] | Preferred Stock [Member] | |||||||||||||||||||||||
Equity interest, percentage | 8.00% | 8.00% | |||||||||||||||||||||
Cash consideration | ¥ 62,900,000 | ¥ 62,900,000 | $ 9,500,000 | $ 9,500,000 | |||||||||||||||||||
Net Issuance Cost | ¥ 100,000 | ¥ 100,000 | $ 15,200 | $ 15,200 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Non-vested Founder Restricted Shares Activity (Detail) - Founder Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Beginning | 12,554,722 |
Vested | 12,554,722 |
Outstanding at Ending | 0 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Company's Share Options (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Number of Options, Beginning balance | 216,916,329 | 146,226,800 | |
Number of Options, Granted | 82,665,350 | 83,521,862 | |
Number of Options, Exercised | (15,142,550) | ||
Number of Options, Forfeited | (37,430,787) | (12,832,333) | |
Number of Options, Ending balance | 247,008,342 | 216,916,329 | 146,226,800 |
Number of Options, Exercisable ending balance | 113,445,534 | ||
Weighted Average Exercise Price, Beginning balance | ¥ 0.22 | ¥ 0.38 | |
Weighted Average Exercise Price, Granted | 0.51 | 0.31 | |
Weighted Average Exercise Price, Exercised | 0.41 | ||
Weighted Average Exercise Price, Forfeited | 0.29 | 0.46 | |
Weighted Average Exercise Price, Ending balance | 0.29 | ¥ 0.22 | ¥ 0.38 |
Weighted Average Exercise Price, Exercisable ending balance | ¥ 0.20 | ||
Weighted Average remaining contractual life | 7 years 11 months 8 days | 8 years 6 months 3 days | 8 years 10 months 28 days |
Weighted Average remaining contractual life, Exercisable ending balance | 6 years 11 months 23 days | ||
Weighted Average Grant- date Fair Value , beginning balance | ¥ 1.10 | ¥ 0.63 | |
Weighted Average Grant- date Fair Value , granted | 4.93 | 1.86 | |
Weighted Average Grant- date Fair Value , exercised | 1.42 | ||
Weighted Average Grant- date Fair Value , forfeited | 2.41 | 0.63 | |
Weighted Average Grant- date Fair Value, ending balance | 2.10 | ¥ 1.10 | ¥ 0.63 |
Weighted Average Grant- date Fair Value, Exercisable ending balance | ¥ 0.85 | ||
Aggregate Intrinsic Value | ¥ 543,248 | ¥ 255,873 | ¥ 85,927 |
Aggregate Intrinsic Value, Exercisable ending balance | ¥ 104,682 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Estimated Fair Value of Share Options (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Life of options (years | 10 years | 10 years |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free rate of interest | 3.20% | 3.29% |
Volatility | 28.00% | 28.00% |
Exercise multiples | 2.8 | 2.8 |
Fair value of underlying ordinary shares | $ 0.98 | $ 0.55 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free rate of interest | 1.47% | 2.51% |
Volatility | 27.00% | 26.00% |
Exercise multiples | 2.2 | 2.2 |
Fair value of underlying ordinary shares | $ 0.14 | $ 0.17 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Share Based Compensation Expense Recognized Related To Share Options Granted And Ordinary Shares (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | ¥ 226,161 | $ 35,490 | ¥ 227,828 | ¥ 27,996 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | 10,853 | 4,538 | ||
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | 190,252 | 210,011 | ||
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | ¥ 25,056 | ¥ 13,279 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
May 31, 2021CNY (¥) | Oct. 31, 2020CNY (¥)shares | Jun. 30, 2020CNY (¥)shares | Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019CNY (¥)Awardsshares | Dec. 31, 2018¥ / shares | Oct. 31, 2020$ / shares | Jun. 30, 2020$ / shares | |
Weighted Average Grant Date Fair Value per Share | ¥ / shares | ¥ 4.93 | ¥ 1.86 | |||||||||
Number of option in grants | 82,665,350 | 82,665,350 | 83,521,862 | ||||||||
Weighted Average exercise price of grants | ¥ / shares | ¥ 0.51 | ¥ 0.31 | |||||||||
Total grant date fair value of options vested | ¥ | ¥ 58,213 | ||||||||||
Number of shares transferred | 44,142,283 | ||||||||||
Transfer Price | $ / shares | $ 0.12 | ||||||||||
Share-based compensation expense | ¥ 226,161 | $ 35,490 | ¥ 227,828 | ¥ 27,996 | |||||||
Common Stock, Shares, Issued | 1,203,526,000 | 1,203,526,000 | |||||||||
Share based compensation expense | ¥ | ¥ 55,837 | ||||||||||
Reclassified of awards from liability to equity | ¥ | ¥ 68,567 | 283,291 | ¥ 169,359 | 24,866 | |||||||
Reclassified of awards from liability to equity | ¥ | ¥ 67,505 | ||||||||||
Restricted Stock [Member] | |||||||||||
Weighted Average Grant Date Fair Value per Share | ¥ / shares | ¥ 0.20 | ||||||||||
No repurchases Occurred | 0 | 0 | |||||||||
Share-based compensation expense | ¥ | ¥ 36,786 | ¥ 33,100 | |||||||||
Number of unvested restricted shares transferred at par value | 3,535,833 | 3,535,833 | |||||||||
Share based compensation expense | ¥ | ¥ 6,654 | ||||||||||
Share Option [Member] | |||||||||||
Share based compensation expense and capitalized, amount | ¥ | ¥ 42,154 | ¥ 25,369 | ¥ 3,130 | ||||||||
No repurchases Occurred | 0 | 0 | 0 | 0 | |||||||
Number of option in grants | 0 | 0 | |||||||||
Unrecognized Compensation cost | ¥ | ¥ 362,867 | ||||||||||
Weighted average period | 2 years 8 months 12 days | 2 years 8 months 12 days | |||||||||
key management grantee exercise multiple | 2.8 | 2.8 | |||||||||
Non-key management grantee exercise multiple | 2.2 | 2.2 | |||||||||
Share Option [Member] | 2018 Plan [Member] | |||||||||||
Types of Award | Awards | 3 | ||||||||||
Maximum shares available for issuance | 62,504,000 | ||||||||||
Number of Additional shares reserved | 321,655,746 | ||||||||||
Increase in maximum shares available for issuance | 384,159,746 | ||||||||||
Number of option in grants | 82,665,350 | 82,665,350 | 83,521,862 | ||||||||
Weighted Average exercise price of grants | (per share) | ¥ 0.51 | $ 0.08 | ¥ 0.31 | $ 0.04 | |||||||
Total grant date fair value of options vested | ¥ | ¥ 75,347 | ¥ 24,045 | |||||||||
Share Option [Member] | 2018 Plan [Member] | Maximum [Member] | |||||||||||
Vesting period of Restricted shares held | 4 years | 4 years | |||||||||
Share Option [Member] | 2018 Plan [Member] | Minimum [Member] | |||||||||||
Vesting period of Restricted shares held | 1 year | 1 year | |||||||||
Share Option [Member] | 2021 Plan [Member] | |||||||||||
Common Stock, Shares, Issued | 80,508,501 | ||||||||||
Percentage of total number of shares issued and outstanding | 2.00% | 2.00% | |||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based compensation expense | ¥ | ¥ 16,403 | ¥ 60,623 | |||||||||
Selected Management [Member] | Restricted Stock [Member] | |||||||||||
Grant of shares replacing the option plan | 102,762,450 | ||||||||||
Share Price | $ / shares | $ 0.003 | ||||||||||
Selected Management [Member] | Share Option [Member] | |||||||||||
Share based compensation expense and capitalized, amount | ¥ | ¥ 26,330 | ||||||||||
Selected Management [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share based compensation expense and capitalized, amount | ¥ | ¥ 5,702 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Net Loss Available To Ordinary Shareholders By The Weighted Average Number of Ordinary Shares Outstanding (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net loss for the period attributable to Water drop Inc. | ¥ (1,574,080) | $ (247,007) | ¥ (663,869) | ¥ (321,535) |
Deemed dividend | ¥ | 0 | (158,243) | ||
Change in redemption value in preferred shares | (152,287) | (23,897) | (285,668) | (136,839) |
Net loss attributable to ordinary shareholders for computing basic and diluted net loss per ordinary shares | ¥ (1,726,367) | $ (270,904) | ¥ (1,107,780) | ¥ (458,374) |
Denominator: | ||||
Weighted average ordinary shares outstanding used in computing basic and diluted net loss per ordinary shares | shares | 2,990,507,749 | 2,990,507,749 | 1,174,583,516 | 1,203,526,000 |
Net loss per ordinary share attributable to ordinary shareholders basic and diluted | (per share) | ¥ (0.58) | $ (0.09) | ¥ (0.94) | ¥ (0.38) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Shares Outstanding Were Excluded From The Calculation of Diluted Net Loss Per Ordinary Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 60,029,916 | 140,815,045 | 46,239,164 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 3,983,115 | 41,520,896 | |
Series Pre-A convertible redeemable preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 82,811,813 | 241,148,000 | 241,148,000 |
Series A convertible redeemable preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 115,015,797 | 334,926,000 | 334,926,000 |
Series A+ convertible redeemable preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 54,222,527 | 157,896,000 | 157,896,000 |
Series B convertible redeemable preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 120,916,087 | 352,107,646 | 352,107,646 |
Series C convertible redeemable preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 186,399,063 | 542,794,072 | 413,415,759 |
Series C+ convertible redeemable preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 58,596,160 | 170,632,018 | 29,919,039 |
Series C++ convertible redeemable preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 41,542,257 | 95,851,381 | |
Series D convertible redeemable preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion | 177,632,040 | 145,205,580 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Information Related To Operating Leases And Financing Leases (Detail) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | |||
Operating leases-Weighted average remaining lease term | 1 year 7 months 28 days | 10 months 2 days | 1 year 8 months 23 days |
Financing leases-Weighted average remaining lease term | 1 year 6 months 10 days | 2 years 3 months 10 days | 3 years 9 months 14 days |
Operating leases-Weighted average discount rate | 8.04% | 7.49% | 7.55% |
Financing leases-Weighted average discount rate | 8.39% | 8.20% | 9.50% |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | ¥ 47,905 | ¥ 42,447 | ¥ 27,099 |
Financing lease cost: | |||
Amortization of right-of-use assets | 204 | 161 | 60 |
Interest on lease liabilities | 29 | 33 | 23 |
Short-term lease cost | 13,902 | 10,612 | 6,016 |
Total | ¥ 62,040 | ¥ 53,253 | ¥ 33,198 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Information Related To The Group's Leases (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Cash paid for operating leases | ¥ 50,926 | ¥ 31,889 | ¥ 33,973 |
Cash paid for financing leases: | |||
Operating cash flows from finance leases | 41 | 16 | 5 |
Financing cash flows from finance leases | ¥ 192 | ¥ 169 | ¥ 68 |
Leases - Summary of Non-cash RO
Leases - Summary of Non-cash ROU Assets In Exchange For New Lease Liabilities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating leases | ¥ 28,021 | ¥ 58,329 | ¥ 77,453 |
Financing leases | ¥ 19 | ¥ 304 |
Leases - Summary of Maturity An
Leases - Summary of Maturity Analysis (Detail) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Leases [Abstract] | |
2021 | ¥ 0 |
2022 | 45,795 |
2023 | 14,368 |
2024 | 2,026 |
2025 and thereafter | 0 |
Subtotal | 62,189 |
Less: imputed interest | (3,863) |
Lease liabilities | 58,326 |
2021 | 0 |
2022 | 205 |
2023 | 75 |
2024 | 0 |
2025 and thereafter | 0 |
Subtotal | 280 |
Less: imputed interest | (16) |
Lease liabilities | ¥ 264 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Mar. 31, 2021 |
Zongqing Xiangqian [Member] | |
Other Commitments [Line Items] | |
Equity Interest | 99.00% |
Nominee After Zongqing Xiangqian [Member] | |
Other Commitments [Line Items] | |
Equity Interest | 1.25% |
Statutory Reserves and Restri_2
Statutory Reserves and Restricted Net Asset - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Percentage of minimum profit after Tax transferred to general reserve | 10.00% | ||
Percentage of maximum profit after tax transferred to general reserve | 50.00% | ||
Adjustment of statutory reserves | ¥ 0 | ¥ 0 | ¥ 0 |
Additional paid in capital and statutory reserves | ¥ 888,895 |
Schedule 1 - Condensed Balance
Schedule 1 - Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets | |||||
Cash and cash equivalents | ¥ 817,719 | $ 128,318 | ¥ 1,061,962 | ¥ 964,476 | |
Short-term investments | 1,969,362 | 309,036 | 1,193,160 | ||
Prepaid expense and other assets | 369,794 | 651,080 | |||
Total current assets | 5,033,042 | 789,793 | 4,532,737 | ||
Non-current assets | |||||
Long-term investments | 11,812 | 1,854 | 2,741 | 4,734 | ¥ 2,674 |
Total non-current assets | 217,557 | 34,140 | 172,318 | ||
Total assets | 5,250,599 | 823,933 | 4,705,055 | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | 498,752 | 78,265 | 595,606 | ||
Total current liabilities | 1,249,145 | 196,018 | 1,271,289 | ||
Total liabilities | 1,277,173 | 200,416 | 1,524,743 | ||
Mezzanine equity | |||||
Total mezzanine equity | 0 | 0 | 4,837,336 | ||
Shareholders' (Deficit)/Equity: | |||||
Common stock value | 134 | 21 | 41 | ||
Additional paid-in capital | 7,329,420 | 1,150,146 | |||
Accumulated other comprehensive income/(loss) | (21,492) | (3,373) | 14,956 | ||
Accumulated deficit | (3,334,636) | (523,277) | (1,672,021) | ||
Total shareholders' (deficit)/equity | 3,973,426 | 623,517 | (1,657,024) | ¥ (706,319) | ¥ (300,791) |
Series Pre-A convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 56,185 | ||
Series A convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 129,323 | ||
Series A+ convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 77,520 | ||
Series B convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 497,106 | ||
Series C convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 1,222,224 | ||
Series C+ convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 490,571 | ||
Series C++ convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 388,925 | ||
Series D convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 1,975,482 | ||
Waterdrop Inc. [Member] | |||||
Current assets | |||||
Cash and cash equivalents | 8,483 | 1,331 | 32,145 | ||
Short-term investments | 414,921 | 65,110 | 653,609 | ||
Prepaid expense and other assets | 14,993 | 2,353 | 0 | ||
Amount due from its subsidiaries and the consolidated VIEs | 1,786 | 280 | 2,073 | ||
Total current assets | 440,183 | 69,074 | 687,827 | ||
Non-current assets | |||||
Long-term investments | 3,885,718 | 609,754 | 2,552,965 | ||
Total non-current assets | 3,885,718 | 609,754 | 2,552,965 | ||
Total assets | 4,325,901 | 678,828 | 3,240,792 | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | 3,734 | 586 | 60,480 | ||
Amount due to its subsidiaries and the consolidated VIEs | 348,741 | 54,725 | 0 | ||
Total current liabilities | 352,475 | 55,311 | 60,480 | ||
Total liabilities | 352,475 | 55,311 | 60,480 | ||
Mezzanine equity | |||||
Total mezzanine equity | 0 | 0 | 4,837,336 | ||
Shareholders' (Deficit)/Equity: | |||||
Additional paid-in capital | 7,329,420 | 1,150,146 | |||
Accumulated other comprehensive income/(loss) | (21,492) | (3,373) | 14,956 | ||
Accumulated deficit | (3,334,636) | (523,277) | (1,672,021) | ||
Total shareholders' (deficit)/equity | 3,973,426 | 623,517 | (1,657,024) | ||
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 4,325,901 | 678,828 | 3,240,792 | ||
Waterdrop Inc. [Member] | Series Pre-A convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 56,185 | ||
Waterdrop Inc. [Member] | Series A convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 129,323 | ||
Waterdrop Inc. [Member] | Series A+ convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 77,520 | ||
Waterdrop Inc. [Member] | Series B convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 497,106 | ||
Waterdrop Inc. [Member] | Series C convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 1,222,224 | ||
Waterdrop Inc. [Member] | Series C+ convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 490,571 | ||
Waterdrop Inc. [Member] | Series C++ convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 388,925 | ||
Waterdrop Inc. [Member] | Series D convertible redeemable preferred shares [Member] | |||||
Mezzanine equity | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 0 | 1,975,482 | ||
Waterdrop Inc. [Member] | Class A ordinary shares [Member] | |||||
Shareholders' (Deficit)/Equity: | |||||
Common stock value | ¥ 134 | $ 21 | ¥ 41 |
Schedule 1 - Condensed Balanc_2
Schedule 1 - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2021 | May 31, 2021 | Dec. 31, 2020 | Mar. 28, 2019 |
Common stock, par or stated value per share | $ 0.000005 | $ 0.000005 | $ 0.00001 | |
Common Stock, shares authorized | 10,000,000,000 | |||
Common stock, shares, issued | 1,203,526,000 | |||
Common stock, shares, outstanding | 3,942,801,610 | 1,203,526,000 | ||
Series Pre-A convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 241,148,000 | ||
Temporary equity, shares issued | 0 | 241,148,000 | ||
Temporary equity, shares outstanding | 0 | 241,148,000 | ||
Series A convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 334,926,000 | ||
Temporary equity, shares issued | 0 | 334,926,000 | ||
Temporary equity, shares outstanding | 0 | 334,926,000 | ||
Series A+ convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 157,896,000 | ||
Temporary equity, shares issued | 0 | 157,896,000 | ||
Temporary equity, shares outstanding | 0 | 157,896,000 | ||
Series B convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 352,107,646 | ||
Temporary equity, shares issued | 0 | 352,107,646 | ||
Temporary equity, shares outstanding | 0 | 352,107,646 | ||
Series C convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 542,794,072 | ||
Temporary equity, shares issued | 0 | 542,794,072 | ||
Temporary equity, shares outstanding | 0 | 542,794,072 | ||
Series C+ convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 170,632,018 | ||
Temporary equity, shares issued | 0 | 170,632,018 | ||
Temporary equity, shares outstanding | 0 | 170,632,018 | ||
Series C++ convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 120,971,053 | ||
Temporary equity, shares issued | 0 | 120,971,053 | ||
Temporary equity, shares outstanding | 0 | 120,971,053 | ||
Series D convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 517,264,501 | ||
Temporary equity, shares issued | 0 | 517,264,501 | ||
Temporary equity, shares outstanding | 0 | 517,264,501 | ||
Class A ordinary shares [Member] | ||||
Common Stock, shares authorized | 8,900,000,000 | |||
Common stock, shares, issued | 3,206,653,701 | 300,000,000 | ||
Common stock, shares, outstanding | 3,140,896,631 | |||
Class B ordinary shares [Member] | ||||
Common Stock, shares authorized | 1,000,000,000 | |||
Common stock, shares, issued | 801,904,979 | |||
Common stock, shares, outstanding | 801,904,979 | |||
Waterdrop Inc. [Member] | ||||
Common Stock, shares authorized | 10,000,000,000 | |||
Common stock, shares, issued | 1,203,526,000 | |||
Common stock, shares, outstanding | 1,203,526,000 | |||
Waterdrop Inc. [Member] | Series Pre-A convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 241,148,000 | ||
Temporary equity, shares issued | 0 | 241,148,000 | ||
Temporary equity, shares outstanding | 0 | 241,148,000 | ||
Waterdrop Inc. [Member] | Series A convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 334,926,000 | ||
Temporary equity, shares issued | 0 | 334,926,000 | ||
Temporary equity, shares outstanding | 0 | 334,926,000 | ||
Waterdrop Inc. [Member] | Series A+ convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 157,896,000 | ||
Temporary equity, shares issued | 0 | 157,896,000 | ||
Temporary equity, shares outstanding | 0 | 157,896,000 | ||
Waterdrop Inc. [Member] | Series B convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 352,107,646 | ||
Temporary equity, shares issued | 0 | 352,107,646 | ||
Temporary equity, shares outstanding | 0 | 352,107,646 | ||
Waterdrop Inc. [Member] | Series C convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 542,794,072 | ||
Temporary equity, shares issued | 0 | 542,794,072 | ||
Temporary equity, shares outstanding | 0 | 542,794,072 | ||
Waterdrop Inc. [Member] | Series C+ convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 170,632,018 | ||
Temporary equity, shares issued | 0 | 170,632,018 | ||
Temporary equity, shares outstanding | 0 | 170,632,018 | ||
Waterdrop Inc. [Member] | Series C++ convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 120,971,053 | ||
Temporary equity, shares issued | 0 | 120,971,053 | ||
Temporary equity, shares outstanding | 0 | 120,971,053 | ||
Waterdrop Inc. [Member] | Series D convertible redeemable preferred shares [Member] | ||||
Temporary equity, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Temporary equity, shares authorized | 0 | 517,264,501 | ||
Temporary equity, shares issued | 0 | 517,264,501 | ||
Temporary equity, shares outstanding | 0 | 517,264,501 | ||
Waterdrop Inc. [Member] | Class A ordinary shares [Member] | ||||
Common stock, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Common Stock, shares authorized | 8,900,000,000 | |||
Common stock, shares, issued | 3,206,653,701 | |||
Common stock, shares, outstanding | 3,140,896,631 | |||
Waterdrop Inc. [Member] | Class B ordinary shares [Member] | ||||
Common stock, par or stated value per share | $ 0.000005 | $ 0.000005 | ||
Common Stock, shares authorized | 1,000,000,000 | |||
Common stock, shares, issued | 801,904,979 | |||
Common stock, shares, outstanding | 801,904,979 |
Schedule 1 - Condensed Statemen
Schedule 1 - Condensed Statements of Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Operating revenue, net | ¥ 3,205,914 | $ 503,078 | ¥ 3,027,948 | ¥ 1,510,965 |
Operating costs and expenses | 1,054,475 | 165,470 | 742,258 | 291,310 |
Interest income | 48,662 | 7,636 | 26,515 | 10,533 |
Fair value change of warrant | 150,685 | |||
Foreign currency exchange loss | 9,349 | 1,467 | (1,335) | 4,152 |
Income tax expense/(benefit) | (220,987) | (34,678) | 50,155 | 142,528 |
Others, net | 9,764 | 1,532 | 8,052 | 817 |
Net loss attributable to Waterdrop Inc. | (1,574,080) | (247,007) | (663,869) | (321,535) |
Deemed dividend on modification on preferred shares | 67,975 | |||
Deemed dividend upon issuance of warrants | 90,268 | |||
Preferred shares redemption value accretion | 152,287 | 23,897 | 285,668 | 136,839 |
Net loss attributable to ordinary shareholders | (1,726,367) | (270,904) | (1,107,780) | (458,374) |
Other comprehensive income/(loss) | ||||
Foreign currency transaction adjustments | (36,640) | (5,750) | (14,008) | 27,771 |
Unrealized gains on available for sale investments, net of tax | 192 | 30 | 1,724 | 209 |
Total comprehensive loss | (1,610,528) | (252,727) | (676,153) | (293,555) |
Waterdrop Inc. [Member] | ||||
Operating revenue, net | 2,279 | 358 | ||
Operating costs and expenses | (250,814) | (39,358) | (229,413) | (30,090) |
Interest income | 8,666 | 1,360 | 2,293 | 1,212 |
Fair value change of warrant | 0 | 0 | (150,685) | |
Foreign currency exchange loss | (2,114) | (332) | (3) | (16) |
Income tax expense/(benefit) | 0 | 0 | (39) | (118) |
Others, net | 4 | 1 | ||
Equity in loss of subsidiaries and VIEs | (1,332,101) | (209,036) | (286,022) | (292,523) |
Net loss attributable to Waterdrop Inc. | (1,574,080) | (247,007) | (663,869) | (321,535) |
Deemed dividend on modification on preferred shares | 0 | 0 | (67,975) | |
Deemed dividend upon issuance of warrants | 0 | 0 | (90,268) | |
Preferred shares redemption value accretion | (152,287) | (23,897) | (285,668) | (136,839) |
Net loss attributable to ordinary shareholders | (1,726,367) | (270,904) | (1,107,780) | (458,374) |
Other comprehensive income/(loss) | ||||
Foreign currency transaction adjustments | (36,640) | (5,750) | (14,008) | 27,771 |
Unrealized gains on available for sale investments, net of tax | 192 | 30 | 1,724 | 209 |
Total comprehensive loss | ¥ (1,610,528) | $ (252,727) | ¥ (676,153) | ¥ (293,555) |
Schedule 1 - Condensed Statem_2
Schedule 1 - Condensed Statements of Cash Flow (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Cash Flows from Operating Activities: | ¥ (1,096,652) | $ (172,089) | ¥ (777,108) | ¥ (532,895) |
Cash Flows from Investing Activities: | ||||
Purchase of short-term investments | 13,054,640 | 2,048,558 | 1,282,428 | 528,719 |
Net cash used in investing activities | (846,898) | (132,897) | (1,217,701) | (45,955) |
Cash Flows from Financing Activities: | ||||
Proceeds from exercise of share option | 2,971 | 466 | 2,073 | |
Payment for share repurchase | 16,546 | 2,596 | ||
Proceeds from initial public offering, net | 2,133,437 | 334,782 | ||
Net cash provided by financing activities | 2,119,670 | 332,622 | 2,050,890 | 1,472,775 |
Effect of exchange rate changes on cash and cash equivalents | (14,086) | (2,209) | (26,884) | 27,342 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 162,034 | 25,427 | 29,197 | 921,267 |
Total cash and cash equivalents and restricted cash at beginning of year | 1,323,349 | 207,662 | 1,294,152 | 372,885 |
Total cash and cash equivalents and restricted cash at end of year | 1,485,383 | 233,089 | 1,323,349 | 1,294,152 |
Waterdrop Inc. [Member] | ||||
Cash Flows from Operating Activities: | 320,097 | 50,230 | (28) | (2,827) |
Cash Flows from Investing Activities: | ||||
Purchase of short-term investments | (1,875,171) | (294,255) | (654,428) | |
Cash received from loan repayment | 2,100,240 | 329,573 | 60,383 | |
Investment in subsidiaries | (2,683,195) | (421,052) | (1,554,670) | (1,494,523) |
Net cash used in investing activities | (2,458,126) | (385,734) | (2,209,098) | (1,434,140) |
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of convertible redeemable preferred shares, net | 0 | 0 | 2,048,986 | 1,491,983 |
Proceeds from exercise of share option | 2,971 | 466 | ||
Payment for share repurchase | (16,546) | (2,596) | ||
Proceeds from initial public offering, net | 2,142,104 | 336,143 | ||
Net cash provided by financing activities | 2,128,529 | 334,013 | 2,048,986 | 1,491,983 |
Effect of exchange rate changes on cash and cash equivalents | (14,162) | (2,222) | (26,122) | 32,022 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (23,662) | (3,713) | (186,262) | 87,038 |
Total cash and cash equivalents and restricted cash at beginning of year | 32,145 | 5,044 | 218,407 | 131,369 |
Total cash and cash equivalents and restricted cash at end of year | ¥ 8,483 | $ 1,331 | ¥ 32,145 | ¥ 218,407 |