From a medium to long-term standpoint, Didi's potential to expand overseas while stabilizing its domestic market and enhancing intelligentization through partnerships is poised to draw more favorable investment prospects in the future.

On the evening of March 18, Didi published its comprehensive financial report for the full year and fourth quarter of 2024.

Let's delve into some key financial metrics.

In terms of revenue, Didi recorded 52.9 billion yuan in the fourth quarter of 2024, marking a 7.1% increase from the same period last year. For the entire year, the company's revenue stood at 206.8 billion yuan, up 7.5% from 192.4 billion yuan in 2023.

Profitability was also noteworthy. Following its maiden annual profit in 2023, profitability fluctuated in subsequent quarters, yet the overall trend remained positive. The financial report indicated that Didi's adjusted EBITA for 2024 totaled 4.33 billion yuan.

Both core platform transaction volume and core platform GTV (Gross Transaction Value) exhibited double-digit growth.

Building on the growth momentum from the previous three quarters, Didi's core platform transaction volume, encompassing China's mobility services and international business, reached 4.266 billion orders in the fourth quarter of 2024, a year-on-year surge of 14.8%. The core platform GTV for the same period amounted to 103.2 billion yuan, up 14.5% year-on-year.

For the full year of 2024, Didi's core platform transaction volume hit 16.005 billion orders, up 18.8% from 2023. The core platform GTV for 2024 stood at 392.7 billion yuan, an increase of 16.2% from 2023.

Next, let's dissect the specifics of the business performance.

01 Steady Growth in Domestic Mobility Services

In the fourth quarter, the order volume for China's mobility services surged 10.8% year-on-year to 3.25 billion orders, with a daily average order volume exceeding 35.3 million, setting a new record. If Didi sustains this growth rate, it is anticipated to achieve the milestone of 40 million daily average orders within another quarter.

For the full year of 2024, the total order volume for Didi's China mobility services reached 12.392 billion orders, up 14.6% from 2023. The GTV for China's mobility services (comprising ride-hailing, taxis, ride-sharing, and chauffeured services) continued to expand, reaching 301.4 billion yuan, an 11.3% increase from 2023.

Some previously speculated that Didi's domestic business might be nearing saturation in terms of both industry position and market demand. However, based on the fourth-quarter and full-year performance, Didi's domestic business is still growing steadily, and the growth rate is substantial.

02 Outstanding Performance in Overseas Business

In the fourth quarter, the order volume for international business reached 1.016 billion orders, a year-on-year increase of 29.8%, with a daily average order volume exceeding 11 million. The quarterly GTV stood at 24.9 billion yuan, up 32% year-on-year.

Looking at the full-year performance, the total order volume for Didi's international business in 2024 reached 3.613 billion orders, up 35.8% from 2023. The total transaction value amounted to 91.3 billion yuan, a 34.8% increase from 2023. International business maintained a GTV growth rate of over 30% for four consecutive quarters in 2024.

Comparing the overseas data performance of previous quarters, it is evident that Didi's overseas business has maintained a robust growth trajectory. Notably, due to continuous investments in key markets such as Brazil and Mexico in Latin America, international mobility services achieved adjusted EBITA profitability in 2024.

This signifies that the international mobility business is no longer a drag on the group's overall profit performance at the operational level. This will aid the company in further enhancing profitability by optimizing operational efficiency and provide the confidence to accelerate the advancement of its internationalization strategy.

03 Other Market Expectations Beyond the Financial Report

Firstly, as mentioned earlier, the consistent increase in order volume and GTV for overseas business not only attests to the feasibility of Didi's internationalization strategy and its ability to cater to overseas demand but also instills stronger confidence in its overseas expansion.

Secondly, Didi's foray into automotive intelligence has also garnered more valuation support. For instance, the first L4 autonomous driving pre-installed mass production model with global adaptability, jointly developed by GAC AION and Didi Autonomous Driving, is set to officially roll off the production line and be delivered within 2025.

From the joint announcement of the unmanned new energy mass production vehicle project, the "AIDI Plan," by GAC AION and Didi Autonomous Driving in May 2023; to the approval of the business license for their joint venture, "AnDi Technology," in April 2024, accelerating cooperation on the L4 pre-installed mass production project; to the lead investment by GAC Group in Didi Autonomous Driving's Series C funding round, totaling $298 million, in October of the same year; all these actions are swiftly progressing towards the goal of "serving global users through this future Robotaxi."

Thirdly, in November 2023, Didi disclosed a repurchase plan of up to $1 billion within two years. As of February 28, 2025, it had repurchased approximately 197.6 million ADSs under this plan, equivalent to approximately $850 million, almost fulfilling the plan.

It is noteworthy that in March 2025, the company's board of directors authorized a new share repurchase plan of up to $2 billion within the next 24 months. Continuous repurchases also send a strong signal to the market, reflecting the confidence of the company's senior management in its future growth prospects.

Based on this performance and the outlook for Didi's growth in the new year, Didi's founder and CEO Cheng Wei stated—

"Benefiting from the continued recovery of the domestic economy and the continuous improvement of our product competitiveness and operational efficiency, we achieved stable growth in our business in the fourth quarter. Diversified mobility services such as intercity buses, city minibuses, pet-friendly rides, and charter buses in China developed rapidly. Our international business adheres to the principle of 'serving locally' and has maintained high growth for four consecutive quarters. Entering 2025, while continuing to deepen our core business, we will adhere to 'responsible innovation,' promote the development of autonomous driving and AI applications, and bring superior services to passengers, drivers, and ecological partners."

04 Discussing Future Valuation

Frankly, for a company like Didi, which is already the undisputed leader in the mobility industry, a short-term perspective is inadequate as an evaluation criterion.

Considering this, from a medium to long-term perspective, if Didi can expand its overseas presence while stabilizing its domestic market and enhancing intelligentization through partnerships, it is anticipated to attract more favorable investment opportunities in the future.