Core Viewpoint - Dida Chuxing, as a leading ride-sharing platform, has faced significant business and performance declines since its IPO in June 2024, reflecting broader challenges in the ride-sharing market [1][3][2] Business Performance - In the first half of 2025, Dida's revenue was 286 million yuan, a year-on-year decrease of 29.1%, while net profit fell by 86.0% to 135 million yuan [4] - The core ride-sharing business has been under pressure, with order volume dropping by 30.0% to 43.2 million and overall transaction value decreasing by 34.9% to 2.608 billion yuan [5] - Despite a growing user base, with registered users increasing from 368 million in June 2024 to 395 million in June 2025, this has not translated into sustained business growth [4] Market Environment - The overall ride-hailing market is experiencing contraction, with the user base at 511 million as of June 2025, showing a decline in growth rate and the lowest usage rate of 45.6% since the end of 2023 [5][6] - The decline in ride-hailing prices, the entry of Robotaxi brands, and increased penetration of public transport and private cars are impacting the usage rate of ride-sharing services [6] Profitability and Revenue Streams - Dida's ride-sharing business maintains a high gross margin of 67.2%, despite a year-on-year decline of 7 percentage points [8] - Revenue from the ride-sharing segment was 275 million yuan, with a segment profit of 172 million yuan, resulting in a net margin of 62.5% [8] - The company's taxi-hailing business, which operates in 96 cities, has not significantly contributed to revenue and has been eroding profitability, with revenue of 249,700 yuan, down 19.4% [8] Competitive Landscape - Dida faces increasing competition from major players like Didi, Gaode, and others who are expanding their ride-sharing services, putting pressure on Dida's market position [14] - The shift in the market dynamics has led to a situation where Dida's core business is being challenged by competitors who have more resources and diversified service offerings [14][19] Strategic Direction - Dida has recognized the limitations of a single business model and has attempted to diversify by exploring taxi-hailing services since 2017, but this has not gained market acceptance [14][15] - The company is under pressure to reassess its business direction to maintain competitiveness in a rapidly evolving market [19]

Interim Results Announcement [Performance Highlights](index=1&type=section&id=Performance%20Highlights) H1 2025 unaudited interim results show 4.7% adjusted net profit growth despite year-on-year declines in revenue and gross profit, demonstrating sustained profitability Key Financial Data Summary for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 286.3 | 404.1 | -29.1 | | Gross Profit | 191.8 | 296.1 | -35.2 | | Net Profit | 134.3 | 947.9 | -85.8 | | Adjusted Net Profit | 135.8 | 129.7 | +4.7 | - Adjusted net profit (non-IFRS measure) increased by **4.7%** from **RMB 129.7 million** in H1 2024 to **RMB 135.8 million** in H1 2025[6](index=6&type=chunk) Interim Condensed Consolidated Financial Statements [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) H1 2025 revenue decreased, and profit for the period significantly declined, primarily due to the impact of preferred share fair value changes Key Data from Statement of Profit or Loss and Other Comprehensive Income | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 286,346 | 404,130 | | Cost of Services | (94,594) | (107,996) | | Gross Profit | 191,752 | 296,134 | | Research and Development Expenses | (65,480) | (74,171) | | Selling and Marketing Expenses | (66,056) | (77,927) | | Administrative Expenses | (35,139) | (14,304) | | Fair Value Change of Preferred Shares | – | 870,196 | | Profit and Total Comprehensive Income for the Period | 134,303 | 947,884 | | Basic EPS (RMB) | 0.14 | 2.85 | | Diluted EPS (RMB) | 0.13 | 0.08 | - In H1 2025, fair value change of preferred shares was zero, compared to a gain of **RMB 870,196 thousand** in H1 2024, which was the primary reason for significant net profit fluctuation[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total net assets increased, driven by growth in net current assets, financial assets at fair value, and bank balances and cash Key Data from Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 149,508 | 196,088 | | Current Assets | 1,914,666 | 1,752,913 | | Current Liabilities | 600,592 | 619,212 | | Net Current Assets | 1,314,074 | 1,133,701 | | Net Assets | 1,461,271 | 1,325,483 | | Total Equity | 1,461,271 | 1,325,483 | - Financial assets at fair value through profit or loss significantly increased from **RMB 242,394 thousand** as of December 31, 2024, to **RMB 403,650 thousand** as of June 30, 2025[8](index=8&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities significantly increased, while investing activities saw a net outflow, primarily for financial asset purchases and time deposits Key Data from Statement of Cash Flows | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 56,180 | 4,025 | | Net Cash (Used in)/Generated from Investing Activities | (111,605) | 142,683 | | Net Cash (Used in)/Generated from Financing Activities | (3,187) | 204,570 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (58,612) | 351,278 | | Cash and Cash Equivalents at Period-End | 998,444 | 1,036,805 | - Net cash from operating activities significantly increased, reflecting improved cash generation from core business operations. Cash outflow from investing activities was primarily for purchasing financial assets at fair value through profit or loss (**RMB 113,383 thousand**) and increasing time deposits (**RMB 84,217 thousand**)[12](index=12&type=chunk)[114](index=114&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details H1 2025 financial statement notes, covering accounting policies, revenue segments, income/expense breakdowns, asset/liability, equity, share-based payments, and related party transactions [1. General Information and Basis of Preparation](index=6&type=section&id=Note%201%20General%20Information%20and%20Basis%20of%20Preparation) The company, incorporated in 2014, provides ride-sharing and smart taxi services in China, listed on HKEX in June 2024, and prepares financial statements in RMB - The company successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on **June 28, 2024**[14](index=14&type=chunk) - Its principal business is providing ride-sharing platform services and smart taxi services in China[13](index=13&type=chunk) [2. New and Revised IFRSs](index=6&type=section&id=Note%202%20New%20and%20Revised%20IFRSs) The Group first adopted IAS 21 (Amendment) 'Lack of Exchangeability' from January 1, 2025, without changes to accounting policies or retrospective adjustments - The Group first adopted IAS 21 (Amendment) "Lack of Exchangeability" from **January 1, 2025**[16](index=16&type=chunk) - The adoption of the newly revised standard did not result in changes to accounting policies or retrospective adjustments[16](index=16&type=chunk) [3. Revenue and Segment Information](index=7&type=section&id=Note%203%20Revenue%20and%20Segment%20Information) Company revenue primarily derives from ride-sharing platform services, with H1 2025 total revenue decreasing, all generated from China with no single major customer Revenue by Service Category | Service Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Ride-sharing Platform Services | 274,649 | 389,228 | | Smart Taxi Services | 2,497 | 3,097 | | Advertising and Related Services | 9,200 | 11,805 | | **Total** | **286,346** | **404,130** | - Ride-sharing platform service revenue accounted for the highest proportion, **RMB 274,649 thousand** in H1 2025, representing **95.9%** of total revenue[17](index=17&type=chunk)[85](index=85&type=chunk) - All revenue is generated from China, and all non-current assets are located in China, thus no geographical segment information is presented[20](index=20&type=chunk) [4. Other Income](index=9&type=section&id=Note%204%20Other%20Income) H1 2025 other income increased, primarily due to higher interest income from bank balances and loans to an associated company Other Income Details | Income Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income from Bank Balances and Restricted Cash | 10,804 | 10,363 | | Interest Income from Loan to an Associated Company | 691 | – | | Government Grants | 219 | 162 | | Others | 299 | – | | **Total** | **12,013** | **10,525** | - Interest income from a loan to an associated company increased from zero in H1 2024 to **RMB 691 thousand** in H1 2025[23](index=23&type=chunk) [5. Other Gains and Losses](index=9&type=section&id=Note%205%20Other%20Gains%20and%20Losses) H1 2025 other gains and losses significantly increased, primarily driven by substantial fair value gains on financial assets at fair value through profit or loss Other Gains and Losses Details | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair Value Gains on Financial Assets at Fair Value Through Profit or Loss | 81,248 | 1,080 | | Foreign Exchange (Losses)/Gains | (2,395) | 5 | | Litigation Gains/(Losses) | 1,893 | (374) | | Donations | (210) | (385) | | Others | (1) | 127 | | **Total** | **80,535** | **453** | - Fair value gains on financial assets at fair value through profit or loss significantly increased from **RMB 1,080 thousand** in H1 2024 to **RMB 81,248 thousand** in H1 2025[25](index=25&type=chunk) [6. Income Tax Expense](index=10&type=section&id=Note%206%20Income%20Tax%20Expense) H1 2025 deferred tax expense significantly decreased compared to the prior year Income Tax Expense | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Deferred Tax Expense | (267) | (10,479) | [7. Profit for the Period](index=10&type=section&id=Note%207%20Profit%20for%20the%20Period) The Group's profit for the period is derived after various deductions, with total staff costs increasing in H1 2025 Key Deductions for Profit for the Period | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Staff Costs | 121,827 | 111,116 | | Depreciation of Property and Equipment | 1,219 | 1,435 | | Depreciation of Right-of-use Assets | 2,965 | 3,057 | | Driver and Passenger Incentives | 32,229 | 51,859 | | Third-party Payment Processing Fees | 17,604 | 27,251 | | Insurance Costs | 9,089 | 11,459 | | Listing Expenses | – | 37,187 | - Total staff costs increased from **RMB 111,116 thousand** in H1 2024 to **RMB 121,827 thousand** in H1 2025, primarily due to increased salaries and bonuses[27](index=27&type=chunk) [8. Earnings Per Share](index=11&type=section&id=Note%208%20Earnings%20Per%20Share) H1 2025 basic and diluted EPS significantly decreased, primarily due to preferred share fair value changes and increased weighted average ordinary shares Earnings Per Share Calculation Data | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company for Basic EPS (RMB thousand) | 134,303 | 947,884 | | Profit for Diluted EPS (RMB thousand) | 134,303 | 77,688 | | Weighted Average Number of Ordinary Shares for Basic EPS | 986,773,604 | 332,291,525 | | Weighted Average Number of Ordinary Shares for Diluted EPS | 1,009,859,788 | 951,289,406 | | Basic EPS (RMB) | 0.14 | 2.85 | | Diluted EPS (RMB) | 0.13 | 0.08 | - In H1 2024, the fair value change of preferred shares (**RMB 870,196 thousand**) had a significant impact on the diluted EPS calculation[30](index=30&type=chunk) [9. Dividends](index=11&type=section&id=Note%209%20Dividends) For H1 2025, the company neither paid, declared, nor proposed any dividends to ordinary shareholders - No dividends were paid, declared, or proposed to the company's ordinary shareholders during this interim period[31](index=31&type=chunk) [10. Property and Equipment](index=11&type=section&id=Note%2010%20Property%20and%20Equipment) In H1 2025, the Group acquired property and equipment, while in the prior year, a profit was generated from asset disposal - In H1 2025, the Group acquired property and equipment of approximately **RMB 146 thousand**[32](index=32&type=chunk) - In H1 2024, the disposal of plant and machinery with a total carrying amount of **RMB 16 thousand** generated cash proceeds of **RMB 40 thousand**, resulting in a disposal profit of **RMB 24 thousand**[32](index=32&type=chunk) [11. Right-of-use Assets](index=11&type=section&id=Note%2011%20Right-of-use%20Assets) In H1 2025, the Group did not renew or enter new lease agreements, unlike the prior year when new leases were recognized - In H1 2025, the Group did not renew any existing lease agreements or enter into any new lease agreements[33](index=33&type=chunk) - In H1 2024, right-of-use assets of **RMB 11,451 thousand** and lease liabilities of **RMB 11,355 thousand** were recognized[33](index=33&type=chunk) [12. Trade Receivables](index=12&type=section&id=Note%2012%20Trade%20Receivables) As of June 30, 2025, net trade receivables decreased, with most receivables due within 90 days Net Trade Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables for Advertising and Other Services | 5,638 | 8,261 | | Less: Provision for Credit Losses | (2,384) | (2,446) | | **Net Trade Receivables** | **3,254** | **5,815** | - Net trade receivables decreased from **RMB 5,815 thousand** as of December 31, 2024, to **RMB 3,254 thousand** as of June 30, 2025[34](index=34&type=chunk) [13. Prepayments, Deposits and Other Receivables](index=13&type=section&id=Note%2013%20Prepayments,%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables decreased, primarily comprising prepaid advertising and amounts due from payment platforms Prepayments, Deposits and Other Receivables Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Prepaid Expenses | 65,800 | 71,776 | | Current Prepaid Expenses | 25,426 | 30,971 | | Amounts Due from Payment Platforms | 13,624 | 17,686 | | Amounts Due from Aggregation Platforms | 6,161 | 5,377 | | Deposits | 743 | 134 | | Others | 269 | 921 | | Less: Provision for Credit Losses | (85) | (73) | | **Total** | **46,138** | **55,016** | - Non-current prepaid expenses, primarily for advertising services over 2 to 3 years, amounted to **RMB 65,800 thousand** as of June 30, 2025[36](index=36&type=chunk) [14. Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=Note%2014%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, total financial assets at fair value through profit or loss significantly increased, mainly including investments in listed entities and wealth management products Financial Assets at Fair Value Through Profit or Loss Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | – Investments in Listed Entities | 130,411 | – | | – Wealth Management Products | 273,239 | 242,394 | | **Total** | **403,650** | **242,394** | - New investments in listed entities of **RMB 130,411 thousand** were added in H1 2025[37](index=37&type=chunk) [15. Trade and Other Payables](index=14&type=section&id=Note%2015%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables slightly decreased, primarily comprising amounts payable to users for collected fares Trade and Other Payables Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Amounts Payable to Users | 515,938 | 532,566 | | Accrued Salaries | 26,997 | 33,531 | | Trade Payables | 29,907 | 21,171 | | Other Taxes Payable | 5,439 | 9,074 | | Accrued Expenses | 7,044 | 7,864 | | Others | 10,543 | 9,235 | | **Total** | **595,868** | **613,441** | - Amounts payable to users constitute the majority of trade and other payables, representing fares collected on behalf of private car owners and taxi drivers[38](index=38&type=chunk) [16. Share Capital](index=15&type=section&id=Note%2016%20Share%20Capital) As of June 30, 2025, issued ordinary shares totaled RMB 698 thousand, with changes primarily due to post-listing share issuance, preferred share conversion, and employee incentive plans Share Capital Movement | Item | Number of Ordinary Shares | Amount (RMB thousand) | | :--- | :--- | :--- | | January 1, 2024 | 336,569,540 | 212 | | Shares Issued After Listing | 39,091,000 | 28 | | Automatic Conversion of Preferred Shares to Ordinary Shares After Listing | 618,319,313 | 440 | | December 31, 2024 and January 1, 2025 | 993,979,853 | 680 | | Shares Issued for Employee Incentive Plans | 24,360,512 | 18 | | **June 30, 2025** | **1,018,340,365** | **698** | - After listing, preferred shares were automatically converted into **618,319,313** ordinary shares at a fair value of **HK$6.00** per share[43](index=43&type=chunk) [17. Share-based Payments](index=15&type=section&id=Note%2017%20Share-based%20Payments) H1 2025 share-based payment expenses significantly decreased by 89.9% year-on-year, primarily due to the reversal of share options from forfeited unvested options Share-based Payment Expenses | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Time-based Share Options | (1,688) | 13,471 | | Granted in 2020 | 652 | 1,384 | | Granted in 2025 | 2,521 | – | | **Total** | **1,485** | **14,855** | - Time-based share options resulted in a reversal of **RMB (1,688) thousand** in H1 2025, compared to an expense of **RMB 13,471 thousand** in H1 2024[42](index=42&type=chunk) - On December 31, 2024, the company repriced certain share options, reducing the exercise price to **US$0.0001** per share, leading to the recognition of an incremental fair value of **RMB 1,817 thousand** as an expense in H1 2025[50](index=50&type=chunk) [18. Fair Value Measurement](index=20&type=section&id=Note%2018%20Fair%20Value%20Measurement) The Group's fair value measurements use a three-level hierarchy, with H1 2025 financial assets at fair value primarily comprising investments in listed entities (Level 1) and wealth management products (Level 2) Fair Value Measurement Hierarchy | Item | Level 1 (RMB thousand) | Level 2 (RMB thousand) | Level 3 (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Investments in Listed Entities | 130,411 | – | – | 130,411 | | Wealth Management Products | – | 273,239 | – | 273,239 | | **Total** | **130,411** | **273,239** | **–** | **403,650** | - The fair value of wealth management products is estimated using discounted cash flow valuation techniques, based on contractual terms and discounted at a rate reflecting counterparty credit risk[69](index=69&type=chunk) [19. Related Party Disclosures](index=21&type=section&id=Note%2019%20Related%20Party%20Disclosures) The Group engaged in related party transactions, including interest income from a loan to Youxin (Anhui) Industrial Investment Group Co., Ltd., which was fully repaid on April 9, 2025 Related Party Transactions and Balances | Related Party Name | Nature of Transaction (H1 2025) | Nature of Balance (June 30, 2025) | | :--- | :--- | :--- | | Youxin (Anhui) Industrial Investment Group Co., Ltd. | Interest Income: 691 thousand RMB | Loan and Interest Receivable: – | | NIO Automobile Sales and Service Co., Ltd. | Advertising Services: 934 thousand RMB | Amounts Due from Related Companies: 990 thousand RMB | - The loan to Youxin (Anhui) Industrial Investment Group Co., Ltd. was fully repaid on **April 9, 2025**[74](index=74&type=chunk) - Total remuneration for directors and other key management personnel increased from **RMB 6,183 thousand** in H1 2024 to **RMB 20,579 thousand** in H1 2025, primarily due to increased bonuses[71](index=71&type=chunk) [20. Events After the Reporting Period](index=22&type=section&id=Note%2020%20Events%20After%20the%20Reporting%20Period) No significant events after the reporting period require disclosure as of June 30, 2025 - No significant events after the reporting period require disclosure as of **June 30, 2025**[72](index=72&type=chunk) [21. Approval of Financial Statements](index=22&type=section&id=Note%2021%20Approval%20of%20Financial%20Statements) The Board of Directors approved and authorized the publication of the interim financial statements on August 22, 2025 - The Board of Directors approved and authorized the publication of the interim financial statements on **August 22, 2025**[73](index=73&type=chunk) Management Discussion and Analysis [Business Review](index=23&type=section&id=Business%20Review) Dida Chuxing, a technology-driven mobility platform, provides ride-sharing and smart taxi services, with H1 2025 adjusted net profit growing 4.7%, demonstrating sustained profitability - As of **June 30, 2025**, Dida Chuxing had over **395 million** registered users[75](index=75&type=chunk) - In H1 2025, total revenue was **RMB 286.3 million**, and adjusted net profit increased by **4.7%** year-on-year to **RMB 135.8 million**[75](index=75&type=chunk) [Ride-sharing Business](index=23&type=section&id=Ride-sharing%20Business) The ride-sharing business, available in 366 cities, had 19.9 million certified private car owners as of June 30, 2025 - As of **June 30, 2025**, ride-sharing services were available in **366** cities nationwide, with **19.9 million** certified private car owners on the platform[76](index=76&type=chunk) Key Operating Data for Ride-sharing Business (H1 2025) | Metric | Data | | :--- | :--- | | Transaction Value | RMB 2,608 million | | Number of Orders | 43.2 million | [Taxi Business](index=23&type=section&id=Taxi%20Business) Smart taxi services offer ride-hailing solutions and the Phoenix Taxi Cloud Platform, with services available in 96 cities across China as of June 30, 2025 - Smart taxi services have been launched, focusing on ride-hailing solutions, and the Phoenix Taxi Cloud Platform has been introduced for taxi companies and associations[77](index=77&type=chunk) - As of **June 30, 2025**, taxi ride-hailing services were available in **96** cities in China[77](index=77&type=chunk) [Outlook](index=24&type=section&id=Outlook) The company will optimize ride-sharing user experience, launch aggregated mobility services, and promote dynamic pricing for taxi services, offering more after-sales services - Continued optimization of the station-based carpooling ride-sharing model aims to reduce driver detours and passenger fares[79](index=79&type=chunk) - Plans to launch aggregated mobility services, collaborating with compliant capacity platforms to address unmet ride-sharing demands[80](index=80&type=chunk) - Plans to partner with third parties to offer more after-sales services for private car owners, including maintenance, financing, insurance, and used car transactions[81](index=81&type=chunk) - The taxi business will continue to collaborate with local authorities, industry associations, taxi companies, and drivers to promote dynamic pricing solutions[82](index=82&type=chunk) [Financial Review](index=25&type=section&id=Financial%20Review) This section reviews Dida Chuxing's H1 2025 financial performance, noting overall revenue decline but adjusted net profit growth, reflecting efforts in cost control and efficiency improvement [Revenue](index=25&type=section&id=Revenue) H1 2025 total revenue decreased by 29.1% year-on-year, with declines in ride-sharing due to competition, smart taxi due to strategic adjustments, and advertising due to macroeconomic impacts Revenue Breakdown by Business Line | Business Line | H1 2025 (RMB thousand) | Share (%) | H1 2024 (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Ride-sharing Platform Services | 274,649 | 95.9 | 389,228 | 96.3 | | Smart Taxi Services | 2,497 | 0.9 | 3,097 | 0.8 | | Advertising and Other Services | 9,200 | 3.2 | 11,805 | 2.9 | | **Total** | **286,346** | **100.0** | **404,130** | **100.0** | - The decrease in ride-sharing platform service revenue was primarily due to increased competition in the mobility industry, leading to a reduction in completed orders[87](index=87&type=chunk) - The decline in smart taxi service revenue was mainly due to a strategic shift from online ride-hailing to an integrated hailing and online model, which has not yet begun monetization[87](index=87&type=chunk) [Cost of Services](index=26&type=section&id=Cost%20of%20Services) H1 2025 cost of services decreased by 12.4% year-on-year, with reductions across segments due to lower transaction volume, fewer completed orders, and programmatic advertising expansion Cost of Services Breakdown by Business Line | Business Line | H1 2025 (RMB thousand) | Share (%) | H1 2024 (RMB thousand) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Ride-sharing Platform Services | 90,131 | 95.2 | 100,536 | 93.1 | | Smart Taxi Services | 3,554 | 3.8 | 5,473 | 5.1 | | Advertising and Other Services | 909 | 1.0 | 1,987 | 1.8 | | **Total** | **94,594** | **100.0** | **107,996** | **100.0** | - The decrease in ride-sharing platform service costs was primarily due to lower payment processing fees resulting from reduced total transaction value, decreased insurance costs due to fewer completed orders, and reduced subsidies for private car owners[90](index=90&type=chunk) - The decrease in advertising and other service costs was mainly due to the expansion of programmatic advertising services, which are more cost-effective[91](index=91&type=chunk) [Gross Profit/(Loss) and Gross Margin](index=27&type=section&id=Gross%20Profit%2F(Loss)%20and%20Gross%20Margin) H1 2025 gross profit was RMB 191.8 million, with gross margin declining to 67.0%, reflecting decreased ride-sharing margin, improved smart taxi loss margin, and increased advertising margin Gross Profit and Gross Margin Breakdown by Business Line | Business Line | H1 2025 Gross Profit (RMB thousand) | H1 2025 Gross Margin (%) | H1 2024 Gross Profit (RMB thousand) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Ride-sharing Platform Services | 184,518 | 67.2 | 288,692 | 74.2 | | Smart Taxi Services | (1,057) | (42.3) | (2,376) | (76.7) | | Advertising and Other Services | 8,291 | 90.1 | 9,818 | 83.2 | | **Total** | **191,752** | **67.0** | **296,134** | **73.3** | - The decrease in ride-sharing platform service gross margin was primarily due to increased commissions from third-party aggregation platform collaborations and higher technical infrastructure operation and maintenance service fees[94](index=94&type=chunk) - The smart taxi service gross loss margin improved, but revenue decreased, reflecting the initial phase of strategic transformation[94](index=94&type=chunk) [Other Income](index=28&type=section&id=Other%20Income) H1 2025 other income increased, primarily due to higher interest income from bank balances and loans to an associated company - Other income increased from **RMB 10.5 million** in H1 2024 to **RMB 12.0 million** in H1 2025[96](index=96&type=chunk) - The increase was primarily due to higher interest income from increased bank balances and restricted cash, and interest income from a loan to an associated company[96](index=96&type=chunk) [Other Gains and Losses](index=28&type=section&id=Other%20Gains%20and%20Losses) H1 2025 other gains significantly increased, primarily driven by substantial fair value gains on financial assets at fair value through profit or loss - Other gains significantly increased from **RMB 0.5 million** in H1 2024 to **RMB 80.5 million** in H1 2025[97](index=97&type=chunk) - The increase was primarily due to increased fair value gains on financial assets at fair value through profit or loss[97](index=97&type=chunk) [Impairment Loss Reversal/Impairment Loss recognised under Expected Credit Loss Model](index=28&type=section&id=Impairment%20Loss%20Reversal%2FImpairment%20Loss%20recognised%20under%20Expected%20Credit%20Loss%20Model) H1 2025 recorded an impairment loss reversal under the expected credit loss model, compared to an impairment loss in the prior year, mainly due to a loan impairment reversal - In H1 2025, an impairment loss reversal of **RMB 18.6 million** was recorded under the expected credit loss model[98](index=98&type=chunk) - In the prior year, an impairment loss of **RMB 0.3 million** was recorded, primarily due to the reversal of impairment for a loan to associated company Youxin Co., Ltd., which was fully repaid on **April 9, 2025**[98](index=98&type=chunk) [Selling and Marketing Expenses](index=28&type=section&id=Selling%20and%20Marketing%20Expenses) H1 2025 selling and marketing expenses decreased by 15.2% year-on-year, due to prudent promotion, precise marketing, and reduced customer service outsourcing - Selling and marketing expenses decreased from **RMB 77.9 million** in H1 2024 to **RMB 66.1 million** in H1 2025[99](index=99&type=chunk) - The decrease was primarily due to prudent promotion strategies and more precise algorithm-driven marketing methods, leading to reduced user subsidies and incentives, as well as marketing and promotion expenses[99](index=99&type=chunk) [Administrative Expenses](index=28&type=section&id=Administrative%20Expenses) H1 2025 administrative expenses increased by 145.5% year-on-year, mainly due to higher employee bonuses and professional service fees - Administrative expenses increased from **RMB 14.3 million** in H1 2024 to **RMB 35.1 million** in H1 2025[100](index=100&type=chunk) - The increase was primarily due to higher employee bonuses and increased professional service fees paid to relevant professionals[100](index=100&type=chunk) [Research and Development Expenses](index=29&type=section&id=Research%20and%20Development%20Expenses) H1 2025 research and development expenses decreased by 11.8% year-on-year, primarily due to reduced employee expenses from fewer R&D personnel - Research and development expenses decreased from **RMB 74.2 million** in H1 2024 to **RMB 65.5 million** in H1 2025[101](index=101&type=chunk) - The decrease was primarily due to reduced employee expenses resulting from a decrease in the number of R&D personnel[101](index=101&type=chunk) [Fair Value Change of Preferred Shares](index=29&type=section&id=Fair%20Value%20Change%20of%20Preferred%20Shares) H1 2025 recorded no gain or loss from preferred share fair value changes, unlike the prior year's significant gain due to post-listing conversion - In H1 2025, the company recorded no gain or loss from fair value changes of preferred shares[102](index=102&type=chunk) - A gain of **RMB 870.2 million** was recorded in H1 2024, primarily due to the automatic conversion of preferred shares to ordinary shares at fair value after the company's listing[102](index=102&type=chunk) [Share-based Payment Expenses](index=29&type=section&id=Share-based%20Payment%20Expenses) H1 2025 share-based payment expenses significantly decreased by 89.9% year-on-year, primarily due to the reversal of share options from forfeited unvested options - Share-based payment expenses decreased from **RMB 14.9 million** in H1 2024 to **RMB 1.5 million** in H1 2025[103](index=103&type=chunk) - The decrease was primarily due to the reversal of share-based payment expenses arising from share options, as unvested share options granted to resigned employees were forfeited during the six months ended **June 30, 2025**[103](index=103&type=chunk) [Finance Costs](index=29&type=section&id=Finance%20Costs) H1 2025 finance costs slightly decreased, primarily due to a reduction in interest on lease liabilities - Finance costs decreased from **RMB 0.17 million** in H1 2024 to **RMB 0.15 million** in H1 2025[104](index=104&type=chunk) - The decrease was primarily due to a reduction in interest on lease liabilities[104](index=104&type=chunk) [Profit Before Tax](index=29&type=section&id=Profit%20Before%20Tax) H1 2025 profit before tax significantly decreased, primarily impacted by factors such as preferred share fair value changes - Profit before tax decreased from **RMB 958.4 million** in H1 2024 to **RMB 134.6 million** in H1 2025[105](index=105&type=chunk) [Income Tax Expense](index=29&type=section&id=Income%20Tax%20Expense) H1 2025 income tax expense significantly decreased, mainly due to the utilization of deferred tax assets to offset current period profit - Income tax expense decreased from **RMB 10.5 million** in H1 2024 to **RMB 0.3 million** in H1 2025[106](index=106&type=chunk) - The decrease was primarily due to the utilization of deferred tax assets to offset current period profit[106](index=106&type=chunk) [Profit for the Period](index=30&type=section&id=Profit%20for%20the%20Period) H1 2025 net profit significantly decreased, primarily influenced by the fair value change of preferred shares - Net profit for the period decreased from **RMB 947.9 million** in H1 2024 to **RMB 134.3 million** in H1 2025[107](index=107&type=chunk) [Adjusted Net Profit for the Period (Non-IFRS Measure)](index=30&type=section&id=Adjusted%20Net%20Profit%20for%20the%20Period%20(Non-IFRS%20Measure)) Adjusted net profit (non-IFRS measure) increased by 4.7%, providing a clearer view of operating performance after adjusting for non-recurring items Reconciliation of Adjusted Net Profit for the Period | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 134,303 | 947,884 | | Share-based Payment Expenses | 1,485 | 14,855 | | Fair Value Change of Preferred Shares | – | (870,196) | | Listing Expenses | – | 37,187 | | **Adjusted Net Profit for the Period** | **135,788** | **129,730** | - Adjusted net profit (non-IFRS measure) increased by **4.7%** year-on-year, indicating improved profitability after excluding non-cash and non-recurring items[111](index=111&type=chunk) [Liquidity and Sources of Working Capital](index=30&type=section&id=Liquidity%20and%20Sources%20of%20Working%20Capital) Company cash is used for working capital and financial asset purchases, with current assets increasing due to financial assets and net cash from operating activities - Current assets increased from **RMB 1,752.9 million** as of December 31, 2024, to **RMB 1,914.7 million** as of June 30, 2025[113](index=113&type=chunk) - The increase was primarily due to an increase in financial assets at fair value through profit or loss and net cash generated from operating activities[113](index=113&type=chunk) [Cash Flows](index=31&type=section&id=Cash%20Flows) As of June 30, 2025, cash and cash equivalents decreased, mainly due to purchases of financial assets and time deposits, despite significant growth in operating cash flow Cash Flow Summary | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 56,180 | 4,025 | | Net Cash (Used in)/Generated from Investing Activities | (111,605) | 142,683 | | Net Cash (Used in)/Generated from Financing Activities | (3,187) | 204,570 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (58,612) | 351,278 | | Cash and Cash Equivalents at Period-End | 998,444 | 1,036,805 | - Cash and cash equivalents at period-end decreased, primarily due to purchases of financial assets at fair value through profit or loss and time deposits[114](index=114&type=chunk) [Capital Expenditure](index=31&type=section&id=Capital%20Expenditure) H1 2025 capital expenditure decreased, primarily for property and equipment acquisition - Total capital expenditure for H1 2025 was approximately **RMB 0.1 million**, primarily comprising the acquisition of property and equipment[117](index=117&type=chunk) [Capital Commitments](index=32&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no capital commitments - As of **June 30, 2025**, the Group had no capital commitments[118](index=118&type=chunk) [Indebtedness](index=32&type=section&id=Indebtedness) As of June 30, 2025, total indebtedness decreased, primarily comprising trade and other payables and lease liabilities, with no outstanding borrowings Indebtedness Details | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Debt: Trade and Other Payables | 595,868 | 613,441 | | Current Debt: Lease Liabilities | 4,724 | 5,771 | | Non-current Debt: Lease Liabilities | 2,311 | 4,306 | | **Total** | **602,903** | **623,518** | - As of **June 30, 2025**, the company had no outstanding borrowings or unutilized bank facilities[120](index=120&type=chunk) [Contingent Liabilities](index=32&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities, guarantees, or pending litigation - As of **June 30, 2025**, the Group had no significant contingent liabilities, guarantees, or any material pending or threatened litigation or claims against any member of the Group[121](index=121&type=chunk) [Pledge of Assets](index=32&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had not pledged any assets - As of **June 30, 2025**, the Group had not pledged any assets[122](index=122&type=chunk) [Key Financial Ratios](index=33&type=section&id=Key%20Financial%20Ratios) As of June 30, 2025, key financial ratios indicate good liquidity and a healthy debt level, with improved adjusted net profit margin Key Financial Ratios | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Gross Margin | 67.0% | 73.3% | | Adjusted Net Profit Margin | 47.4% | 32.1% | | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 318.8% | 283.1% | | Debt-to-Asset Ratio | 29.2% | 32.0% | - Adjusted net profit margin significantly increased from **32.1%** in H1 2024 to **47.4%** in H1 2025[124](index=124&type=chunk) - Both the current ratio and debt-to-asset ratio indicate a sound financial position for the company[124](index=124&type=chunk) [Foreign Currency Risk Management](index=33&type=section&id=Foreign%20Currency%20Risk%20Management) The company faces foreign currency risk from non-RMB denominated financial items and will implement hedging measures as necessary - The company faces foreign currency risk as some financial items are denominated in non-RMB currencies[125](index=125&type=chunk) - The company will continuously review economic conditions and foreign currency risks, implementing hedging measures as necessary to mitigate risks[125](index=125&type=chunk) Other Information [Use of Proceeds](index=34&type=section&id=Use%20of%20Proceeds) Net proceeds from the global offering were utilized for user expansion, technology enhancement, and monetization, with remaining funds expected to be fully used by December 31, 2025 Use of Proceeds from Global Offering | Purpose | Net Proceeds from Global Offering (HK$ million) | Utilized as of June 30, 2025 (HK$ million) | Unutilized as of June 30, 2025 (HK$ million) | | :--- | :--- | :--- | :--- | | Expanding User Base and Strengthening Marketing and Promotion Programs | 91.17 | 91.17 | – | | Enhancing Technological Capabilities and Upgrading Security Mechanisms | 63.82 | 63.82 | – | | Strengthening Monetization Capabilities | 27.35 | 22.85 | 4.50 | | **Total** | **182.34** | **177.84** | **4.50** | - The intended use of net proceeds remains unchanged, and the remaining amount is expected to be fully utilized by **December 31, 2025**[130](index=130&type=chunk) [Employees, Training and Remuneration Policy](index=35&type=section&id=Employees,%20Training%20and%20Remuneration%20Policy) As of June 30, 2025, the company had 368 employees with staff costs of RMB 121.8 million, utilizing a remuneration committee and share incentive plans for compensation and motivation - As of **June 30, 2025**, the company had **368** employees[131](index=131&type=chunk) - For the six months ended **June 30, 2025**, staff costs (including directors' emoluments and share-based payment expenses) were approximately **RMB 121.8 million**[131](index=131&type=chunk) - The company has adopted several share incentive schemes to provide equity incentives to the Group's employees, directors, and senior management[132](index=132&type=chunk) [Purchase, Sale or Redemption of the Company’s Listed Securities](index=35&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company%E2%80%99s%20Listed%20Securities) For H1 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - For the six months ended **June 30, 2025**, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[133](index=133&type=chunk) - As of **June 30, 2025**, the company held no treasury shares as defined by the Listing Rules[134](index=134&type=chunk) [Major Acquisitions and Disposals and Major Investments](index=35&type=section&id=Major%20Acquisitions%20and%20Disposals%20and%20Major%20Investments) For H1 2025, the Group had no major acquisitions, disposals, or major investments - For the six months ended **June 30, 2025**, the Group had no major acquisitions, disposals, or major investments[135](index=135&type=chunk) [Future Plans for Major Investments or Capital Assets](index=35&type=section&id=Future%20Plans%20for%20Major%20Investments%20or%20Capital%20Assets) Except as disclosed, as of June 30, 2025, the company had no detailed future plans for major investments or capital assets - Except as disclosed in the prospectus and the use of proceeds section of this announcement, as of **June 30, 2025**, the company had no detailed future plans for major investments or capital assets[136](index=136&type=chunk) [Interim Dividend](index=35&type=section&id=Interim%20Dividend) The Board of Directors resolved not to pay any interim dividend for H1 2025 - The Board of Directors resolved not to pay any interim dividend for the six months ended **June 30, 2025**[137](index=137&type=chunk) [Public Float](index=36&type=section&id=Public%20Float) As of this announcement date, the company has maintained a sufficient public float in accordance with the Listing Rules - As of the date of this announcement, the company has maintained a sufficient public float in accordance with the Listing Rules[138](index=138&type=chunk) [Compliance with Corporate Governance Code](index=36&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) For H1 2025, the company complied with the Corporate Governance Code, with the Chairman and CEO roles combined, which the Board believes benefits group management - For the six months ended **June 30, 2025**, the company has complied with the code provisions set out in the Corporate Governance Code[139](index=139&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Song Zhongjie, which the Board believes benefits the Group's management and business development[140](index=140&type=chunk) [Compliance with Model Code](index=36&type=section&id=Compliance%20with%20Model%20Code) All Directors confirmed compliance with the Model Code for H1 2025, and the company is unaware of any employee breaches - Each Director has confirmed compliance with the Model Code for the six months ended **June 30, 2025**[141](index=141&type=chunk) - For the six months ended **June 30, 2025**, the company is unaware of any instances of relevant employees breaching the Model Code[141](index=141&type=chunk) [Audit Committee and Review of Interim Financial Results](index=37&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Financial%20Results) The Audit Committee, comprising three independent non-executive directors, reviewed and approved the Group's H1 2025 unaudited interim financial information, confirming compliance - The Audit Committee comprises three independent non-executive directors, with Ms. Wu Wenjie serving as chairperson[142](index=142&type=chunk) - The Audit Committee has reviewed, and the Board has approved, the Group's unaudited interim condensed consolidated financial information for the six months ended **June 30, 2025**, and is satisfied that it has been prepared in accordance with applicable accounting standards and fairly presents the Group's financial position and results[143](index=143&type=chunk) [Events After Reporting Period](index=37&type=section&id=Events%20After%20Reporting%20Period) As of this announcement date, there are no significant events requiring disclosure since the end of the reporting period - As of the date of this announcement, there are no significant events requiring disclosure since the end of the reporting period[144](index=144&type=chunk) [Publication of 2025 Interim Results and 2025 Interim Report](index=37&type=section&id=Publication%20of%202025%20Interim%20Results%20and%202025%20Interim%20Report) This announcement is published on the HKEX and company websites, with the interim report to be published in due course - This announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.didachuxing.com)[145](index=145&type=chunk) [Acknowledgement](index=37&type=section&id=Acknowledgement) The Board of Directors extends its sincere gratitude to customers, business partners, employees, management team, and shareholders - The Board of Directors extends its sincere gratitude for the trust of customers and business partners, the diligence, dedication, loyalty, and integrity of our employees and management team, and the continuous support of shareholders[146](index=146&type=chunk) Definitions

Group 1 - The company, Dida Chuxing (02559.HK), will hold a board meeting on August 22, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to discuss the proposal for an interim dividend, if any [1] - Dida Chuxing has granted 11 million restricted stock units [1]

嘀嗒出行* （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：02559） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Dida Inc. 董 事 長、首 席 執 行 官 兼 執 行 董 事 香 港，2025年8月12日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 宋 中 傑 先 生、李 金 龍 先 生、朱 敏 先 生、段 劍 波 先 生 及 李 躍 軍 先 生，非 執 行 董 事 李 斌 先 生，及 獨 立 非 執 行 董 事 李 豐 先 生、 李 健 先 生 及 武 文 潔 女 士。 * 僅供識別 董事會會議召開日期 嘀嗒出行（「本公司」）之董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於2025年8月22日 （星 期 五）舉 行 董 事 會 會 議，其 中 議 程 包 括 考 慮 及 批 准 刊 發 本 公 司 及 其 附 屬 公 司 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | Dida Inc. | | | | | | 呈交日期: | 2025年8月6日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02559 | 說明 | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | --- | --- | --- | --- | --- | --- | --- | | 上月底結存 | | 2,000,000,000 USD | | 0.0001 | USD | 200,000 | | 增加 / 減少 (-) | | | | | USD | | | 本月底結存 | | 2,000,000, ...

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 787.2 million, a decrease of 3.7% compared to RMB 815.1 million for the year ended December 31, 2023[9]. - Gross profit for the year ended December 31, 2024, was RMB 567.0 million, down from RMB 605.4 million for the previous year, reflecting a decline of 6.3%[9]. - Net profit increased by 234.4% to RMB 1,004.3 million for the year ended December 31, 2024, compared to RMB 300.4 million for the year ended December 31, 2023[9]. - Adjusted net profit (non-IFRS measure) for the year ended December 31, 2024, was RMB 211.4 million, a decrease of 6.3% from RMB 225.6 million for the previous year[9]. - Revenue from ride-sharing platform services decreased by 2.6% to RMB 753.5 million in 2024, primarily due to increased competition in the ride-sharing industry[25]. - Revenue from smart taxi services fell by 45.7% to RMB 6.2 million in 2024, as the company's strategy shifted from ride-hailing to a new integrated model[25]. - The overall transaction volume for 2024 reached RMB 7,364 million, with total order volume hitting 119.1 million, and orders from the mini-program increased by 10.4% year-on-year[15]. - The company recorded an expected credit loss of RMB 18.2 million for the year ended December 31, 2024, compared to a gain of RMB 1.4 million in the previous year, primarily due to loan impairment related to an associate[36]. - Other income rose by 3.5% from RMB 19.6 million to RMB 20.2 million, mainly due to increased interest income from bank balances and loans to an associate[33]. - Sales and marketing expenses decreased by 26.8% from RMB 233.6 million to RMB 171.0 million, due to a cautious promotion strategy and more precise marketing through algorithms[38]. - Research and development expenses increased by 14.3% from RMB 121.7 million to RMB 139.1 million, reflecting continued investment in product development and personnel[40]. - The liquidity ratio improved significantly to 283.1% in 2024 from 30.2% in 2023, indicating a stronger short-term financial position[64]. - The asset-liability ratio decreased to 32.0% in 2024 from 310.3% in 2023, reflecting a reduction in total liabilities[64]. - The company has no outstanding borrowings or unutilized bank financing as of December 31, 2024[59]. - The company reported a significant increase in cash flow from financing activities, with net cash inflow of RMB 202.1 million in 2024 compared to an outflow of RMB 10.3 million in 2023[53]. - Cash and cash equivalents increased from RMB 685.5 million as of December 31, 2023, to RMB 1,057.3 million as of December 31, 2024, primarily due to net proceeds from global offerings and increased operating activities[51]. User Growth and Market Expansion - The registered user base of the Dida app exceeded 372 million, representing a year-on-year growth of 10.5%[14]. - The number of certified private car owners connected to the platform grew by 21.4% to over 18.9 million[10]. - The number of passengers using the ride-sharing service increased by 34.3% year-on-year, particularly driven by strong demand from lower-tier markets[20]. - The company plans to explore various scalable ride-sharing scenarios, such as employee commuting and student transportation, to expand its user base[21]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2024[89]. Operational Efficiency and Sustainability - The company achieved a carbon emission reduction of approximately 1.3 million tons in 2024, equivalent to reforesting 1.6 million acres[11]. - The company maintains a focus on a light-asset model to ensure sustainable profitability amid intense industry competition[14]. - Strategic partnerships have been established with 71 cities to enhance the traditional taxi industry's operational efficiency and user experience[10]. - The company launched a new station-based ride-sharing model in 2024 to attract both drivers and passengers, enhancing user experience[16]. - The company aims to implement smart taxi services in selected cities, leveraging dynamic pricing policies to compete with ride-hailing services[22]. Leadership and Governance - The board consists of nine members, including four executive directors, one non-executive director, and three independent non-executive directors[70]. - The company has a strong leadership team with extensive backgrounds in technology and management, enhancing its strategic direction[71][73][75][77][79]. - The company was founded in July 2014, with Mr. Song Zhongjie serving as the CEO since inception[71]. - Mr. Song has over 28 years of experience in the internet and technology industry, previously holding senior positions at Google and HP[72]. - The board includes a mix of founding members and experienced professionals, ensuring diverse expertise in decision-making[70]. Shareholder and Equity Information - As of December 31, 2024, the company has issued a total of 993,979,853 shares, with significant ownership concentration among key executives[148]. - The company has a significant ownership stake held by its directors, with Mr. Song Zhongjie holding 66.39% of the company's shares[147]. - The largest customer contributed 0.8% to total sales, with the top five customers accounting for 3.2% of total sales[101]. - The company's largest supplier accounted for 11.4% of total procurement, while the top five suppliers represented 40.1% of total procurement[101]. Future Outlook and Strategic Initiatives - The company has set a future outlook with a revenue guidance of $600 million for the next quarter, indicating a 20% growth expectation[89]. - New product launches are expected to contribute an additional $100 million in revenue over the next fiscal year[89]. - The company plans to implement a new marketing strategy that aims to increase brand awareness by 40% over the next year[89]. - The management team has a combined experience of over 100 years in the industry, providing strong leadership for future growth[89]. Compliance and Regulatory Matters - The company complies with all applicable Chinese environmental laws and regulations, with no significant administrative penalties affecting its business[143]. - The company has established contractual arrangements to ensure effective business operations and compliance with relevant regulations[125]. - The company has complied with the disclosure requirements under the listing rules regarding related party transactions[130]. Employee Relations and Incentives - The company has maintained good employee relations and has not experienced any significant labor disputes or recruitment difficulties for the year ending December 31, 2024[141]. - The company has implemented various employee incentive plans, including conditional stock reward programs to promote long-term development[140]. - The company actively participates in local social security programs, contributing a specific percentage to employee welfare plans as mandated by Chinese law[140]. Stock Options and Restricted Shares - The total number of stock options granted to 239 selected participants amounts to 32,297,809 ordinary shares, representing 3.26% of the company's total issued share capital[178]. - The maximum total number of shares available under the pre-IPO restricted shares plan and pre-IPO stock option plan is 45,198,011 ordinary shares[178]. - The management will make proportional adjustments to the stock options in the event of stock dividends, splits, or other capital reorganizations[177]. - The pre-IPO restricted share plan aims to reward selected participants for their contributions to the group's growth and development[167]. Miscellaneous - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[157]. - The company has not made any significant acquisitions or disposals as of December 31, 2024, aside from what is disclosed in the annual report[194]. - The annual general meeting of shareholders is scheduled for May 23, 2025, with notifications to be published on the Hong Kong Stock Exchange website and the company's website[200].

Summary of Conference Call for Dida Chuxing 2024 Performance Company Overview - **Company**: Dida Chuxing - **Industry**: Ride-hailing and transportation services Key Financial Metrics - **Total Revenue**: RMB 787 million for 2024 [5] - **Net Profit**: Adjusted net profit of RMB 211 million, with a net profit margin of 26.8% [7] - **Order Amount**: Total order amount exceeded RMB 7.36 billion, with an order volume of 120 million [2] - **Service Costs**: Total service costs were RMB 220 million, a 5% increase year-on-year [5] - **Gross Profit Margin**: 72%, a decrease of 2.3 percentage points year-on-year [5] Business Model and Strategy - **Focus on Light Asset Model**: Dida Chuxing maintains a light asset model to ensure stable profitability amidst market competition [1] - **Safety Measures**: Emphasis on user safety with proactive management to reduce dangerous driving incidents and enhance safety efficiency [2] - **Product Innovation**: Introduction of differentiated services such as station-based carpooling and peer-invitation modes to improve user experience [2][4] Market Position and Future Outlook - **Expansion in Cities**: Services offered in 97 cities with strategic partnerships in 71 cities [3] - **Growth Potential in Carpooling**: Belief that the carpooling market is still in a developmental stage with untapped demand [3] - **Dynamic Pricing Strategy**: Implementation of dynamic pricing to enhance competitiveness against ride-hailing services [12] Cost Structure - **Third-party Service Costs**: Increased by 66.2% to RMB 100 million, accounting for 12.9% of total revenue due to commissions paid to platforms like Tencent and Baidu [5] - **Sales and Marketing Expenses**: Decreased by 26.8% to RMB 217 million, reflecting a cautious promotional strategy [6] - **R&D Expenses**: Increased by 14.3% to RMB 140 million, representing 17.7% of total revenue [6] Additional Insights - **User Engagement**: Strategies to enhance user engagement and loyalty through tailored services for private car owners [4] - **Environmental Impact**: Carpooling contributes to better vehicle utilization and supports national low-carbon policies [3] - **Technological Integration**: Ongoing efforts to digitize taxi services and improve operational efficiency through technology [11][12] Conclusion Dida Chuxing is navigating a competitive landscape with a focus on safety, innovation, and strategic partnerships while maintaining a strong financial position. The company is poised for growth in the carpooling segment and is adapting its pricing strategies to remain competitive in the evolving ride-hailing market.

Core Viewpoint - Dida Chuxing, the first ride-hailing company to go public, reported a decline in both revenue and gross profit in its first annual report post-IPO, with a significant drop in stock price exceeding 70% from its issue price [3][9]. Financial Performance - In 2024, Dida Chuxing's revenue was 787 million yuan, a decrease of 3.4% from 815 million yuan in the previous year [4][9]. - The company's gross profit fell to 567 million yuan, down 6.3% year-on-year [3][4]. - Despite the decline in revenue and gross profit, net profit surged by 234.4% to 1.004 billion yuan, primarily due to significant changes in the fair value of preferred shares [3][9]. - Adjusted net profit, excluding the impact of preferred shares, was 211 million yuan, a decrease of 6.6% from 226 million yuan in the previous year [3][9]. Business Segment Analysis - The ride-hailing segment generated 754 million yuan in revenue, a decline of 2.7%, accounting for 95.7% of total revenue [4][5]. - Service costs for the ride-hailing segment increased to 207 million yuan, up approximately 20 million yuan from the previous year [4]. - Incentives for drivers and passengers were significantly reduced, totaling 38.463 million yuan compared to 67.074 million yuan in the previous year [4]. - The ride-hailing segment's profit was 508 million yuan, down 2.3% year-on-year, indicating a slower decline in profit compared to revenue [4]. Strategic Outlook - Dida's CFO indicated that the ride-hailing industry is still developing in China, with untapped market demand, and plans to collaborate with third-party platforms for growth [5]. - The company aims to expand its user base through targeted marketing strategies and explore various ride-hailing scenarios, such as employee commuting and student transportation [5]. - As of the end of 2024, Dida provided ride-hailing services in 366 cities, with 18.9 million certified private car owners, a year-on-year increase of 21.4% [5]. Marketing and Cost Management - Marketing expenses decreased by 26.8% to 17.1 million yuan, attributed to a cautious promotion strategy and more precise marketing through algorithms [6]. - The effectiveness of future marketing and promotional activities in driving user growth and revenue remains a critical point of interest [6]. Taxi Business Performance - Dida's smart taxi service revenue significantly declined to 6.154 million yuan in 2024, a drop of 45.7%, representing only 0.8% of total revenue [7][8]. - The management stated that the revenue decline was due to a strategic shift from online ride-hailing to a new integrated approach [7]. - The taxi segment is currently operating at a loss, with a gross loss of 3.098 million yuan in 2024, although this loss has narrowed compared to the previous year [8]. Market Position and Challenges - Dida's business model is heavily reliant on the ride-hailing segment, which constitutes only about 5% of the overall ride-hailing market, limiting growth potential [10][11]. - The company faces challenges in diversifying its business and developing new revenue streams to enhance its market position [11].

Financial Performance - The company's revenue for the year ending December 31, 2024, was RMB 787.2 million, a decrease of 3.9% compared to RMB 815.1 million for the year ending December 31, 2023[6]. - Gross profit for the year ending December 31, 2024, was RMB 567.0 million, down from RMB 605.4 million for the previous year, reflecting a decline of 6.3%[6]. - Net profit increased by 234.4% to RMB 1,004.3 million for the year ending December 31, 2024, compared to RMB 300.4 million for the year ending December 31, 2023[6]. - Adjusted net profit (non-IFRS measure) for the year ending December 31, 2024, was RMB 211.4 million, slightly down from RMB 225.6 million for the previous year[6]. - Basic earnings per share for the year ending December 31, 2024, was RMB 1.52, compared to RMB 0.93 for the year ending December 31, 2023[7]. - The company reported a significant increase in fair value changes of convertible redeemable preferred shares, rising to RMB 870.2 million from RMB 209.3 million[7]. - The company’s total comprehensive income attributable to equity shareholders for the year ending December 31, 2024, was RMB 1,004.3 million, compared to RMB 300.5 million for the previous year[10]. - The company reported a pre-tax profit of RMB 1,018,434 thousand for the year ending December 31, 2024, a significant increase from RMB 320,251 thousand in 2023, representing a growth of approximately 217%[14]. - Total revenue for the year ended December 31, 2024, was RMB 787,218 thousand, a decrease of 3.4% from RMB 815,085 thousand in 2023[26]. - Total segment profit for the year ended December 31, 2024, was RMB 525,194 thousand, slightly down from RMB 529,627 thousand in 2023, reflecting a decrease of 0.8%[35]. Expenses and Costs - The company’s operating expenses, including sales and marketing, decreased significantly to RMB 170.9 million from RMB 233.6 million[7]. - Research and development expenses for the year ending December 31, 2024, were RMB 139.1 million, an increase from RMB 121.7 million in the previous year[7]. - Sales and marketing expenses decreased by 26.8% from RMB 2,336 million in 2023 to RMB 1,710 million in 2024, due to a more cautious promotional strategy[127]. - Administrative expenses increased by 18.4% from RMB 320 million in 2023 to RMB 379 million in 2024, mainly due to higher professional service fees[128]. - R&D expenses rose by 14.3% from RMB 1,217 million in 2023 to RMB 1,391 million in 2024, reflecting continued investment in product development[129]. Cash Flow and Assets - Operating cash flow for the year was RMB 109,037 thousand, compared to RMB 230,220 thousand in 2023, indicating a decrease of about 53%[14]. - The company’s cash and cash equivalents increased to RMB 1,057,253 thousand from RMB 685,522 thousand, marking a growth of around 54%[17]. - Total assets amounted to RMB 1,752,913 thousand as of December 31, 2024, up from RMB 1,475,002 thousand in 2023, reflecting an increase of approximately 19%[12]. - The net cash generated from financing activities was RMB 202,091 thousand, a significant improvement compared to a net cash used of RMB 10,250 thousand in 2023[17]. - The company recorded a net cash inflow from investment activities of RMB 58,737 thousand, recovering from a net cash outflow of RMB 197,707 thousand in the previous year[17]. - The company had no outstanding borrowings or unused bank financing as of December 31, 2024[151]. - The net value of current assets as of December 31, 2024, was RMB 1 billion, compared to RMB 3.4 billion as of December 31, 2023, primarily due to the conversion of preferred shares into common stock[154]. Market and Growth Strategy - The company aims to continue expanding its market presence and investing in new technologies to drive future growth[6]. - The company plans to expand its market presence in China, focusing on ride-hailing and smart rental car services, which are expected to drive future growth[19]. - The company aims to build a sustainable mobility ecosystem through product and technology innovation in both carpooling and taxi services[107]. - The company plans to enhance user engagement through algorithm improvements and explore new scenarios for ride-sharing, such as employee commuting and university campus transportation[109]. - The company aims to implement smart taxi services in selected cities, adapting to dynamic pricing policies to compete with ride-hailing services[110]. Shareholder and Equity Information - The company did not declare or propose any dividends for the year ended December 31, 2024, consistent with 2023[43]. - The company has established equity-based compensation plans to reward eligible employees for their contributions[80]. - The total share-based payment expenses recognized in the consolidated income statement for the year ended December 31, 2024, amounted to RMB 40,034,000, compared to RMB 110,351,000 for 2023, indicating a decrease of approximately 63.7%[81]. - The company issued convertible redeemable preferred shares, converting to 618,319,313 ordinary shares at a fair value of HKD 6.00 per share (approximately RMB 5.48)[55]. - The company aims to maintain a public shareholding of at least 25% to comply with listing requirements[78]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed and confirmed the accounting principles and policies adopted by the group for the year ending December 31, 2024[174]. - The financial figures for the consolidated financial statements for the year ending December 31, 2024, have been agreed upon by the auditor, ensuring consistency with the audited financial statements[175]. - There have been no significant events that require disclosure since the end of the reporting period[176]. - The company has consistently complied with the minimum public float requirements since the listing date[169]. - The company has adopted a standard code of conduct for employees regarding securities trading, confirming compliance from the listing date until December 31, 2024[173].

Financial Performance - Revenue increased by 2.0% from RMB 396.2 million for the six months ended June 30, 2023, to RMB 404.1 million for the six months ended June 30, 2024[4]. - Gross profit decreased by 2.0% from RMB 302.1 million for the six months ended June 30, 2023, to RMB 296.1 million for the six months ended June 30, 2024[4]. - Net profit for the six months ended June 30, 2024, was RMB 947.9 million, compared to a net loss of RMB 220.2 million for the six months ended June 30, 2023[4]. - Adjusted net profit increased by 51.3% from RMB 85.7 million for the six months ended June 30, 2023, to RMB 129.7 million for the six months ended June 30, 2024[4]. - Revenue from ride-hailing platform services rose by 4.1% from RMB 374.0 million to RMB 389.2 million, primarily due to increased service fees[11]. - Revenue from smart taxi services decreased by 56.9% from RMB 7.2 million to RMB 3.1 million, attributed to a strategic shift from online booking to a new integrated taxi strategy[12]. - Revenue from advertising and other services fell by 21.5% from RMB 15.0 million to RMB 11.8 million, mainly due to reduced advertising budgets from brand clients amid economic downturn[12]. - The company reported a profit before tax of RMB 958.4 million for the six months ended June 30, 2024, compared to a loss of RMB 216.8 million for the same period in 2023[28]. - The company reported a basic earnings per share of RMB 2.85 for the six months ended June 30, 2024, compared to a loss per share of RMB 0.68 in the previous year[94]. - The company reported a total comprehensive loss of RMB 220,166 thousand for the six months ended June 30, 2024, which includes a loss of RMB 220,166 thousand for the period[97]. User and Market Metrics - Registered users of the Dida Chuxing app exceeded 368 million as of June 30, 2024[5]. - Total transaction volume reached RMB 4,007 million with an order volume of 61.7 million for the six months ended June 30, 2024[6]. - The number of certified private car owners on the platform grew by 17% to 17.7 million as of June 30, 2024[6]. - Dida Chuxing has launched smart taxi services in 96 cities and established strategic cooperation agreements in 76 cities as of June 30, 2024[7]. Cost and Expense Management - Service costs increased by 14.8% from RMB 94.1 million to RMB 108.0 million, with ride-hailing platform service costs rising by 22.4%[15]. - Research and development expenses increased by 29.4% from RMB 57.3 million to RMB 74.2 million, reflecting ongoing investment in product and personnel[24]. - Sales and marketing expenses decreased by 48.9% from RMB 152.4 million to RMB 77.9 million, due to a cautious promotion strategy and more precise marketing through AI[23]. - Employee costs, including director remuneration and share-based payment expenses, amounted to approximately RMB 111.1 million for the six months ended June 30, 2024[90]. - Total employee costs decreased to RMB 111,116,000 in 2024 from RMB 122,485,000 in 2023, representing a reduction of approximately 9.1%[118]. Cash Flow and Liquidity - Cash and cash equivalents increased from RMB 685.5 million as of December 31, 2023, to RMB 1,036.8 million as of June 30, 2024, primarily due to net proceeds from the global offering[33]. - Operating cash flow for the six months ended June 30, 2024, was RMB 4.0 million, a decrease from RMB 73.97 million in the same period of 2023[33]. - The liquidity ratio (current ratio) improved to 265.6% as of June 30, 2024, compared to 30.2% as of December 31, 2023[38]. - The company had no outstanding borrowings or significant contingent liabilities as of June 30, 2024[35]. Shareholder Information - As of June 30, 2024, the major shareholders include 5brothers Limited, which holds a beneficial interest of 320,546,403 shares, representing approximately 32.25% of the company[48]. - GDP Holding Limited has a beneficial interest of 659,873,289 shares, accounting for 66.39% of the company[48]. - The total shares held by the directors and key executives in the company amount to 659,873,289 shares, which is 66.39% of the total[42]. - The company has a significant concentration of ownership, with the top five shareholders controlling over 66% of the voting rights[44]. Strategic Initiatives - The company plans to enhance its platform and services using AI for order matching and customer service efficiency[8]. - Strategic partnerships have been formed with leading companies like DingTalk and Baidu Maps to expand ride-sharing services[8]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified[174]. - Market expansion plans include entering E new regions by the end of 2024, targeting a market share increase of F%[175]. Share Incentive Plans - The company has adopted several share incentive plans to motivate employees and promote long-term development[90]. - The maximum total number of shares available for issuance under the pre-IPO restricted share plan and pre-IPO share option plan is 45,198,011 shares[62]. - The pre-IPO share option plan aims to reward participants for their contributions to the group's development and encourage growth for the benefit of the company and its shareholders[64]. - The management has exclusive rights to determine all matters related to the pre-IPO restricted share plan, including the terms and conditions of the grants[61]. Corporate Governance - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ended June 30, 2024[86]. - The company has adopted corporate governance practices in accordance with the corporate governance code[84]. - The company has not engaged in any arrangements that would allow directors to acquire shares or bonds of the company or any other entity during the six months ended June 30, 2024[88]. Future Outlook - The company provided guidance for the second half of 2024, expecting revenue growth of B% year-over-year[174]. - New product launches are anticipated to contribute an additional C million in revenue by the end of 2024[175]. - A new marketing strategy is set to roll out in Q3 2024, aiming to increase brand awareness by G%[175].