TableofContents UNITEDSTATES SECURITIESANDEXCHANGECOMMISSIONWASHINGTON,D.C.20549 FORM20-F (MarkOne) REGISTRATIONSTATEMENTPURSUANTTOSECTION12(b)OR(g)OFTHESECURITIESEXCHANGEACTOF1934 OR ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedDecember31,2023. OR TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 OR SHELLCOMPANYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 Dateofeventrequiringthisshellcompanyreport Forthetransitionperiodfromto Commissionfilenumber:001-40376 WaterdropInc. (ExactnameofRegistrantasspecifiedinitscharter) N/A (TranslationofRegistrant’snameintoEnglish) CaymanIslands (Jurisdictionofincorporationororganization) BlockC,WangjingScienceandTechnologyParkNo.2LizeZhongerRoad ChaoyangDistrict,Beijing100102People’sRepublicofChina +86105339-4997 (AddressofPrincipalExecutiveOffices) GuangYang,VicePresidentofFinanceandGeneralManagerofInternationalBusinessTelephone:+86105339-4997 Email:IR@shuidi-inc.com BlockC,WangjingScienceandTechnologyParkNo.2LizeZhongerRoad ChaoyangDistrict,Beijing100102People’sRepublicofChina (Name,Telephone,Emailand/orFacsimileNumberandAddressofCompanyContactPerson) SecuritiesregisteredortoberegisteredpursuanttoSection12(b)oftheAct: Titleofeachclass Trading Symbol(s) Nameofeachexchange onwhichregistered Americandepositaryshares(eachADSrepresentstenofourClassAordinaryshares, parvalueUS$0.000005pershare) ClassAordinaryshares,parvalueUS$0.000005pershare* WDHNewYorkStockExchange NewYorkStockExchange *Notfortrading,butonlyinconnectionwiththelistingontheNewYorkStockExchangeofAmericandepositaryshares. SecuritiesregisteredortoberegisteredpursuanttoSection12(g)oftheAct: None(TitleofClass) TableofContents SecuritiesforwhichthereisareportingobligationpursuanttoSection15(d)oftheAct: None(TitleofClass) Indicatethenumberofoutstandingsharesofeachoftheissuer’sclassesofcapitalorcommonstockasofthecloseoftheperiodcoveredbytheannualreport. 2,899,717,031ClassAordinaryshares(excluding382,539,490ClassAordinaryshares,comprisingofClassAordinarysharesissuedtothedepositaryforbulkissuanceofADSsandreservedforfutureissuancesupontheexerciseorvestingofawardsgrantedundershareincentiveplans,andClassAordinarysharesintheformofADSsheldintreasury)and801,904,979ClassBordinaryshares,parvalueUS$0.000005pershare,asofDecember31,2023. Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.YesNo Ifthisreportisanannualortransitionreport,indicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934.YesNo Note—CheckingtheboxabovewillnotrelieveanyregistrantrequiredtofilereportspursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934fromtheirobligationsunderthoseSections. Indicatebycheckmarkwhethertheregistrant:(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.YesNo IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).YesNo Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. LargeacceleratedfilerAcceleratedfilerNon-acceleratedfilerEmerginggrowthcompany IfanemerginggrowthcompanythatpreparesitsfinancialstatementsinaccordancewithU.S.GAAP,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.YesNo †Theterm“neworrevisedfinancialaccountingstandard”referstoanyupdateissuedbytheFinancialAccountingStandardsBoardtoitsAccountingStandardsCodificationafterApril5,2012. Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.YesNo IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements. Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b). Indicatebycheckmarkwhichbasisofaccountingtheregistranthasusedtopreparethefinancialstatementsincludedinthisfiling: U.S.GAAPInternationalFinancialReportingStan