ANXA5 and hydrops fetalis: Cell viability (CCK‐8), STAT1 expression (qPCR and Western blot), and apoptosis (Annexin V/PI flow cytometry) were assessed with or without DAPA treatment.<h4>Results</h4>Transcriptomic analyses revealed widespread activation of bile acid, amino acid, and lipoic acid metabolic pathways in HF, coupled with immune remodeling dominated by increased M1 and reduced M2 macrophages.