On February 24, Waterdrop Inc. founder and CEO Shen Peng released a 2026 New Year letter, summarizing the company's development over the past year and discussing its future strategy. He stated that large AI models are becoming ubiquitous infrastructure and that Waterdrop must internalize AI capabilities as a core competency for every employee. As the company approaches its tenth anniversary, he encouraged employees to uphold a craftsman spirit and strive towards the new vision of "becoming a global leading, technology-driven financial and healthcare services platform, enabling a better life."
Shen Peng expressed, "As an entrepreneur in China's tech sector, I feel both proud and excited. Proud of the progressive breakthroughs and poised ascent of Chinese technology, and excited about the boundless possibilities that the AI wave has opened for industrial innovation." Over the past year, Waterdrop firmly advanced its "All in AI" strategy. Driven by its "Waterdrop Shou" large model, the company achieved growth in both revenue and profit. Its AI customer service assistant "Baoxiao Hui" provides an immersive "handle while speaking" service, with an average voice response time of just 1.5 seconds. The AI digital employee "Bang Bang" interpreted claim conclusions for users over ten thousand times annually, with claim timeliness prediction accuracy exceeding 90%. The company also upgraded its online agents to build a new professional, digital, user-centric service ecosystem.
Waterdrop's social value has also gained high recognition from the state and the public. Waterdrop's crowdfunding platform was designated by the Ministry of Civil Affairs as an individual online fundraising service platform, having cumulatively assisted 3.61 million critically ill patients and pooled 71.2 billion RMB in charitable donations. Concurrently, its subsidiary, Yifan Medicine, achieved breakthroughs in clinical trials with its self-developed patient intelligent matching patent technology, accelerating new drug research and development.
The year 2026 marks Waterdrop's tenth year since founding. Moving forward, the company aims to use AI as its core to complete the transition from "using AI tools" to becoming an "AI-native company," allowing AI to deeply penetrate every link of the business chain—from customer acquisition, risk control, and underwriting to claims and service—achieving a comprehensive digital and intelligent reconstruction. Furthermore, the company will persist with its entrepreneurial spirit, accelerating international expansion with a meticulous craftsman ethos, deeply understanding local user pain points, and building localized teams and service systems to ensure Waterdrop's technology and services meet the protection needs of families globally.
The full text of the company-wide letter is as follows:
Dear Waterdrop colleagues,
Happy New Year! As spring returns and a new chapter begins, I extend my sincerest wishes to every one of you on this Bing Wu New Year.
Beyond the joy of family reunions during the recent Spring Festival, I believe everyone also felt the surging tide of AI. From the emergence of DeepSeek last year to now, AI has deeply permeated every aspect of daily life—ordering bubble tea, receiving a digital red envelope, seeking health advice, or organizing work documents—it is becoming a standard feature in life and work at an unimaginable pace. NVIDIA CEO Jensen Huang stated at the Davos Forum earlier this year: "AI is electricity, it's the highway, it's the underlying operating system of the next generation of civilization." An intelligent revolution we are destined to experience is no longer distant; it is happening now.
Chinese AI is no longer "a solitary courage walking a dark alley," but rather "the light boat has passed countless mountains." As an entrepreneur in China's tech sector, I feel both proud and excited. Proud of the progressive breakthroughs and poised ascent of Chinese technology, and excited about the boundless possibilities the AI wave has opened for industrial innovation.
The ultimate value of technology lies in its implementation. Without a doubt, large AI models are reshaping the industrial and value chains of economic and social development with disruptive force. As participants in this AI wave, we firmly advanced our "All in AI" strategy over the past year, allowing large AI models to take root in the soil of insurance and healthcare. In this uncertain world driven by technological revolution, Waterdrop's answer remains unchanged: using the goodness of technology to protect hundreds of millions of families.
**Forging 'Deterministic Strength' to Navigate Cycles**
In 2025, the external environment remained challenging, yet we delivered results far exceeding expectations. Our core business demonstrated robust vitality through the cycle. Since going public, we have achieved profitability for 15 consecutive quarters, indicating stable profitability over a significant period, sound operational health, and an ability to generate sustained profits, not reliant on one-time gains or financial engineering.
Behind the dual growth in revenue and profit lies the continuous optimization of our business model and the solid accumulation of organizational capabilities. This year, we officially launched the dual-headquarters model of "Rooted in Beijing + Vision from the Greater Bay Area" and fully integrated the Shenlan Bao team. Two teams sharing the same初心 fighting side-by-side have widened and deepened our moat in the health insurance track, giving Waterdrop's strategic layout both deep local roots and an international vision for the future.
Our AI capabilities have evolved from "strategic layout" to a "growth engine." When we proposed "All in AI" early last year, it wasn't to "chase trends" but to make technology truly Waterdrop's "new quality productive forces." This year, driven by the Waterdrop Shou large model, I witnessed "KEYI.AI" significantly boosting underwriting efficiency and the AI客服 "Baoxiao Hui" serving users around the clock. With the AI wave surging and industrial momentum澎湃, industry development advances rapidly. From internal efficiency gains to user service, from deepening domestic operations to a global outlook, our AI capabilities have taken solid steps, validating the global potential of being "tech-driven."
Our social value has received high recognition from the state and the public. Waterdrop Crowdfunding's designation by the Ministry of Civil Affairs as the personal求助 network service platform represents weighty trust and a reward for our adherence to our original mission. Since its launch, the platform has helped 3.61 million critically ill patients and pooled 71.2 billion RMB in charitable donations. Simultaneously, Yifan Medicine's breakthroughs in clinical trials with its self-developed patient intelligent matching patent technology have accelerated new drug R&D, adding depth to our healthcare ecosystem布局.
These achievements belong to every Waterdrop employee who has strived for excellence in their role. Thank you all, in Beijing, Hong Kong, Shenzhen, and every frontline requiring攻坚, for embodying the "Waterdrop Spirit" with your actions.
**Centering on AI, Advancing Towards the Next Decade**
Gathering the minute leads to vastness; converging drops forms an ocean. This year marks Waterdrop's tenth anniversary, and we are undoubtedly in the best of times. As we stand at this new starting point, you might wonder: where do we go from here?
First, transition from "AI tools" to "AI-native," reconstructing the organizational DNA. Peter Drucker noted in *Innovation and Entrepreneurship* that the significance of innovation lies not in the advancement of the technology itself, but in its ability to create new value for resources. This is particularly apt in today's AI era. When large AI models become ubiquitous infrastructure, they empower us with the very force to change the world. In 2026, we must complete the leap from "using AI tools" to becoming an "AI-native company," allowing AI to deeply penetrate every环节 of customer acquisition, risk control, underwriting, claims, and service, achieving a full-chain digital and intelligent reconstruction. This means internalizing AI capability as a core competency for every Waterdrop employee. The future is not about "whether to use AI," but about "who can use AI to create greater value."
Second, evolve from "international experimentation" to "localized深耕," practicing the new vision. Last year, we established our new vision: "to become a global leading, technology-driven financial and healthcare services platform, enabling a better life." "Global leading" is not a slogan but a goal we pursue grounded. Pilots in regions like the US and Hong Kong have made it clear that internationalization is not about simple replication of business, but about the deep building of localized capabilities. This requires the courage to "go global" and the patience to "put down roots"—deeply understanding local user pain points, building localized teams and service systems, so that Waterdrop's technology and services can adapt to the protection needs of different families worldwide.
Third, adhere to the craftsman spirit, solidifying the "ballast" for navigating cycles. Markets and technologies will change, but the初心 of "users first" and the craftsman spirit of "seeking rationality in every detail" will not. This is the original intention of Waterdrop's decade-long journey and the underlying logic that has carried us through numerous challenges. In the future, we must maintain an "entrepreneurial spirit"—staying connected to the real needs of end-users, retaining the drive to "persist relentlessly," and "not easing the push of the pole, not abandoning any drop."
Watching this year's Spring Festival Gala, the display of core technological capabilities was impressive, perhaps heralding a significant year for technology ahead. This expectation resonates with the national strategy to deepen and expand "AI+." Only products and services of significant importance to the national economy and people's livelihood can go the distance. And we are already on the right path.
A decade into our entrepreneurial journey, we have moved from the最初的 muddy path to today's digital and intelligent highway. This is a marathon testing not just speed, but also direction, endurance, and the strength of mutual support within the team. We must focus on our own rhythm, undisturbed by external noise, while also keenly observing changes in the "road conditions," adjusting our posture and accumulating strength as we run.
The blueprint is drawn; the time for奋斗 is now. Standing at the new starting point of our tenth anniversary, coinciding with the Bing Wu Year of the Horse, let us ride with dreams as our steeds, whip in hand; soar with AI as our wings, riding the wind, and journey together towards the vast星辰大海 that belongs to all Waterdrop people!
Finally, I wish everyone a new year of galloping success and all the best! I also look forward to everyone giving it their all in the new journey of奋斗 and achieving even greater successes!
Shen Peng Founder and CEO, Waterdrop Inc. February 24, 2026