Didi - Dolphin Research

Didi

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Dolphin ResearchAug 14 at 08:28 AM

Overseas Debut: Is DiDi’s Moment Finally Here?

The ride-hailing leader $DiDi(DIDIY.US) released its 2Q26 results on the evening of Aug 13.

Overall, the print was solid, with both GTV and adj. profit beating Bloomberg consensus.

Trend-wise, domestic growth remained steady with a slight deceleration, and margins were broadly stable.

The highlight was the overseas biz, which continued to accelerate while absolute losses showed signs of peaking.

In other words, the company may be entering the fast lane to break-even.

Specifically: 1) the domestic biz is increasingly mature, with domestic GTV at RMB 90.4bn (+9.5% YoY)...

DiDi GTV growth trend Rmb '00mn 1，000 earC search China Mobility yoy 25% 800 bhi

DiDi China mobility volume Rmb '00mn China Mobility trans volume 40 80% 35 30 Do

DiDi nominal take rate 30% DolphinResearch China Mobility take rate Research Int

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Dolphin ResearchJun 2 at 03:33 PM

Home mkt tapped out, overseas bets ramp up. Is Didi going 'Intl'?

Ride-hailing leader $DiDi(DIDIY.US) reported Q1 2026 results pre-market on Jun 2.

Overall, absolute performance was soft, with heavy investment leaving adj.EBITA under 200 mn.

However, there were clear surprises vs. expectations. Core domestic operations released much stronger profits, while overseas growth remained high with losses slightly narrower than expected.

1) Domestic mobility growth was steady. Q1 domestic GTV reached RMB 85.8 bn (+10% YoY), with QoQ growth easing by ~1ppt...

DiDi (DIDLY.US) ) I earnings wrap 1Q24 2024 3Q24 4Q24 1025 2025 3Q25 4025 1Q26 1

DiDi GTV growth trend Rmb '00mn China Mobility GTV 1，000 72.7% 80% 60.5% lphinRe

DiDi China mobility volume Rmb '00mn China Mobility trans volume 40 80% DolphinR

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Dolphin ResearchMar 13 at 02:44 PM

Food-delivery war spreads to Brazil; DiDi also suffers.

'Food delivery war' has been replicated in Brazil—will DIDIY spend whatever it takes? Ride-hailing leader $DiDi(DIDIY.US) released its 2025 final-quarter results pre-market today (Mar. 13).

Overall, domestic operations remained solid, with volumes growing steadily and margins inching higher. Not a standout quarter, but no material flaws.

The concern lies overseas, as spending on Brazil food delivery kept climbing. The market was braced for losses, yet a single-quarter deficit of RMB 3.4 bn came in far worse than expected.

Specifically: 1) Domestic mobility grew steadily. This quarter's domestic GTV was RMB 87.2 bn...

DiDi (DIDLY.US) earnings wrap 4Q23： 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q25

DiDi GTV growth trend Rmb '00mn 1，000 DolphinRes parch China Mobility GTV 80% 72

DiDi China mobility volume Rmb '00mn 40 DolphinResearch DolphinRes China Mobilit

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Dolphin ResearchNov 26, 2025 at 04:39 PM

Why did Didi also fall when the food delivery war didn't reach it?

The leading ride-hailing company $DiDi(DIDIY.US) announced its Q3 2025 earnings before the U.S. stock market opened on the evening of November 26. In early November, DiDi indicated in a limited communication that the profit margin of its domestic business would decline this quarter, while overseas losses would significantly increase due to investments in Brazil's food delivery service. Subsequently, DiDi's stock price adjusted by nearly 20%, largely absorbing this negative news, and the actual performance was generally in line with the new guidance. Specifically: 1. Domestic travel demand has slightly weakened...

DiDi(DIDIY.US) i) earnings wrap 3023 4023 1024 2024 3024 4024 1025 2025 3025 302

图表22：主要网约车平台乘客端月活用户MAU 图表23：主要网约车平台乘客端日活用户DAU 1.600 (万人) 16.000 250 (万人) 3.500 1

DiDi GTV growth trend Rmb '00mn 1，400 China Mobility GTV 73% C Int'l biz GTV 1，0

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Dolphin ResearchAug 28, 2025 at 01:53 PM

Squeezing profits, can Didi rejuvenate?

The leading ride-hailing company $DiDi(DIDIY.US) announced its second financial report for 2025 before the U.S. stock market opened on the evening of August 28. The overall performance this season was quite good, with domestic business order volume slightly exceeding expectations and net monetization rate continuing to rise, driving revenue slightly above expectations. Profit performance was even more impressive. Specifically: 1. Domestic travel volume accelerated: This quarter, the year-on-year growth rate of domestic GTV slightly accelerated to 12.3%, slightly higher than Bloomberg's consensus expectations. Compared to the industry data released by the Ministry of Transport...

DiDi (DIDIY.US) earnings wrap 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24： 1Q25 2Q25 2Q25

DiDi GTV c growth trend Rmb '00mn 1，200 erch 80% K 1，000 海豚投研 DolphinR China Mob

DiDi China mobility volume growth trend Rmb '00mn China Mobility trans volume 40

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Dolphin ResearchJun 5, 2025 at 12:36 PM

The 'food delivery war' didn't burn, Didi quietly made a fortune.

China's ride-hailing leader $DiDi(DIDIY.US) released its first quarterly earnings report for 2025 on the evening of June 5. Overall, growth performance was stable and within expectations; profit performance was more impressive, exceeding expectations with improving margins in both domestic and overseas businesses. Here are the key points: 1. Stable growth, bright profits: In terms of key metrics, the company's total GTV increased by 10% year-on-year, and total revenue grew by 8.5%. From an expectation perspective, it was largely in line with sell-side estimates; the growth trend maintained a high single-digit to around 10% increase...

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Dolphin ResearchMar 19, 2025 at 10:51 AM

Didi: Domestic business is well understood, and we need to tell a good story about profits and the "starry sea" overseas

On the evening of March 18, $DiDi(DIDIY.US) announced its financial report for the fourth quarter of 2024, with the following key points: 1. In terms of core operational data, Didi's domestic mobility achieved a GTV of 78.4 billion in the fourth quarter of 2024, a year-on-year increase of 9.3%, slightly accelerating by 1.5 percentage points compared to the previous quarter, reflecting Didi's further consolidation of its leading position in the domestic ride-hailing industry. From a quarter-on-quarter perspective, domestic GTV grew by 0.3% this quarter, which is historically a relatively off-season for Q4 compared to Q3, marking the first quarter-on-quarter increase against the trend since 2021. Breaking down price and volume...

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Dolphin ResearchDec 2, 2024 at 01:00 PM

Didi: "Lying flat" domestically, not fast enough overseas

On the evening of January 29th, Friday, $DiDi(DIDIY.US) announced its financial report for the third quarter of 2024, and here are the key points: 1. In terms of operational data, the GTV of Didi's domestic ridesharing in the third quarter increased by 7.8% year-on-year, remaining roughly flat compared to the previous quarter. After exiting the volatility period of the past two years, the growth rate of domestic business has basically returned to around 10%, slightly higher than the industry or GDP growth rate during the fully matured period. On a quarter-on-quarter basis, domestic GTV grew by 6.3% this quarter, which is relatively weak compared to the same period in 2023 and 2019, but generally consistent with the trends reflected in other industries such as retail and hospitality...