Chairman of the Board of Directors and Chief Executive Officer

Mr. Peng Shen is our founder and has served as the chairman of our board of directors and chief executive officer since our inception, and is responsible for overseeing the overall strategy and business operations of Waterdrop. Prior to founding Waterdrop in 2016, Mr. Shen joined Meituan (HKSE: 03690) in January 2010 as one of its earliest management members. From July 2013 to April 2016, he was one of the founding team members of Meituan Waimai, where he was responsible for the early design of internet R&D, formulating operational rules, and establishing and managing the business system, helping Meituan Waimai develop into a leading on-demand delivery service application in China. In honor of Waterdrop’s contributions to China’s insurtech industry, digitally empowering innovative pharmaceutical development and other fields, Mr. Shen was awarded the Zhongguancun High-end Leading Entrepreneurial Talent Certificate by the Beijing Municipal Science and Technology Commission in 2019, named to Fortune China’s “2021 40 Under 40 in China”, the World Economic Forum’s “2022 Young Global Leaders”, and Forbes China’s 2024 “New Era Influential Founders”, received the “2024 Outstanding Alumni Award” from Hong Kong Polytechnic University, and “2025 Peking University Education Contribution Award”. Mr. Shen currently serves as Director of the 6th Council of the Central University of Finance and Economics Education Foundation, Executive President of the Beijing Chaoyang District High-tech Enterprise Association, President of the Beijing Alumni Association of The Hong Kong Polytechnic University, Vice President of the Hong Kong New Quality Entrepreneurs Association, the Industry Mentor at the School of Finance, Central University of Finance and Economics, and the Industry Mentor at Institute of Future Technology, Peking University. Mr. Shen has served as an Independent Non-Executive Director of J&T Express (HKSE: 01519) since October 2023, and also served as an Independent Non-Executive Director of Nanjing Silicon Intelligence Technology Group Co., Ltd. since October 2025. Mr. Shen received an EMBA from Tsinghua University School of Economics and Management, studied Hotel and Tourism Management in a program jointly offered by Zhejiang University and The Hong Kong Polytechnic University and obtained Doctoral degree in Hotel and Tourism Management, and received the Graduation Certificate of the First Cohort of the Tsinghua-Tencent Future-Tech Entrepreneur Program, jointly organized by Tsinghua University and Tencent.

Director and General Manager of Insurance Technology Business

Mr. Wei Ran has served as our director and general manager of the insurance technology business since March 2023. He joined us in June 2016 as head of strategy and business analysis and was responsible for establishing our strategy and business analysis system and exploring new business initiatives since then. Before joining us, he worked as senior strategy analyst at Meituan Waimai, the food and grocery delivery business of Meituan (HKSE: 03690), from July 2015 to June 2016, where he was responsible for strategy and business analysis. Prior to that, he worked at Accenture Consulting, which provides consulting services to various enterprise clients, as a strategic consultant from July 2013 to June 2015, and participated in a number of digitalization projects for large and medium-sized enterprises in the energy and financial industries. Mr. Ran obtained a bachelor’s degree in Economics from Shanghai Jiaotong University in June 2009, and a master’s degree in Software Engineering from Peking University in June 2013.

Director, Vice President of Human Resources and Organization Development

Ms. Xiaolei Sun has served as the head of human resources and organization development since January 2021 and is in charge of the human resources and organizational development of our company. She has served as our director since December 2025. Ms. Sun has more than ten years of experience in entrepreneurship and business management for companies in Internet-related industry. Before joining the Company in July 2019, Ms. Sun served as product director at Meituan Waimai, which provides food delivery services, and she was in charge of the Internet-related products, such as products for user and merchant management from March 2014 to July 2019. Prior to that, she worked as a senior product manager at Sohu.com Limited (NASDAQ: SOHU), China’s leading online media, video, and game business group, from June 2010 to February 2014, where she was deeply involved in the incubation and promotion of Sohu News app. She received a bachelor of arts degree and a bachelor of laws degree from Xiamen University in 2008.

Vice President of Finance, Board Secretary and Head of Strategy and Capital Markets

Ms. Jieru Li  has served as our vice president of finance since December 2025. Ms. Li joined Waterdrop in 2021 as strategy director and has served as the board secretary and head of strategy and capital markets since February 2024. Before joining us, Ms. Li served as investment associate director at China Life Private Equity from July 2019 to March 2021 and served as strategic investment director at KE Holdings Inc. (NYSE: BEKE and HKEX: 02423) from April 2017 to June 2019. Prior to that, Ms. Li worked at Bain & Company from September 2010 to December 2013 and from October 2015 to April 2017. Ms. Li obtained her bachelor’s degree in finance from School of Economics and Management in Tsinghua University in July 2010 and MBA degree from Columbia Business School in May 2015.

Head of Legal

Ms. Nian Liu has served as the head of legal since March 2021. Before joining our company, Ms. Liu served as legal director at Legend Holdings Corporation (HKSE: 03396) from September 2017 to February 2021. Prior to that, Ms. Liu worked at Davis Polk & Wardwell LLP from August 2009 to June 2012 and from October 2013 to January 2017 and at Wilson Sonsini Goodrich & Rosati from February 2017 to July 2017. Ms. Liu obtained her bachelor’s degree of law from Tsinghua University in July 2009 and master’s degree of law from Harvard University in May 2013.

Vice President of Finance, Head of Finance

Ms. Xiaoying Xu has served as the head of the finance since December 2022. Prior to joining us, Ms. Xu worked at Meituan (HKSE: 03690) from January 2011 to December 2022. She was in charge of the establishment of the financial department of Meituan, and participated in the development of Meituan from its early stages to the comprehensive development stages, by successively serving as the head of the finance department, the head of the finance department of the Meituan’s financial platform and the head of the finance department of the Meituan’s catering SaaS services. Prior to that, she worked in a foreign-invested company and an A-share listed company. Ms. Xu received a bachelor’s degree from Renmin University of China and an EMBA from China Europe International Business School. Ms. Xu also holds ACCA and CMA certificates.

Head of Research and Development

Mr. Xiaobo Zhou has served as the head of research and development since October 2020 and is responsible for the operation of research and development department. Prior to joining Waterdrop, Mr. Zhou served as the chief information officer at Beijing Zhongguancun Ronghui Financial Information Service Co., Ltd. from July 2017 to October 2020. Prior to that, Mr. Zhou served as a technology director at X Financial (NYSE: XYF) from June 2015 to May 2017, where he led the research and development team. Previously, Mr. Zhou worked at Baidu Inc. (NASDAQ: BIDU and HKEX: 09888), where he was responsible for the backend development in Baidu’s system security department. Prior to that, Mr. Zhou worked at Tencent (HKEX: 00700) from July 2008 to October 2012. Mr. Zhou received a PhD in communication and information systems from University of Science and Technology of China.