DiDi(US:DIDIY) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-02 12:31Core Insights - The domestic ride-hailing industry has shown a stable performance in the first half of the year, with Didi continuing to experience double-digit growth in core transaction volume and achieving an adjusted EBITA of 4.925 billion yuan [1][3] - The industry is transitioning from rapid expansion to a more stable competitive landscape characterized by "one strong player and many strong competitors," with a focus on operational efficiency and user experience [1][2][12] Didi's Performance - Didi's core platform transaction volume (GTV) reached 109.6 billion yuan in Q2, a year-on-year increase of 15.9%, with domestic GTV at 82.5 billion yuan (up 12.2%) and international GTV at 27.1 billion yuan (up 27.7%) [3][5] - Didi's revenue for Q2 was 56.4 billion yuan, a 10.9% increase from 50.9 billion yuan in the same period last year [3] - The adjusted EBITA for Didi in Q2 was 2.5 billion yuan, with the China segment contributing 3.6 billion yuan to this figure [4] Second-Tier Players - Cao Cao Mobility reported a revenue of 9.456 billion yuan in the first half of 2025, a 53.5% increase, with an adjusted net loss of 330 million yuan, narrowing by 34% [6] - Like Didi, Cao Cao Mobility's GTV reached 10.9 billion yuan, up 53.6%, with a total order volume of 37.9 million, reflecting a 49% year-on-year growth [6] - Huqiyi's revenue for the first half of 2025 was 1.676 billion yuan, a 61.7% increase, with a net loss of 120 million yuan, down 62.3% [6] Industry Trends - The ride-hailing industry is shifting from scale-driven growth to operational and service-driven strategies, emphasizing the importance of driver rights and user experience [8][9][12] - Platforms are collectively reducing driver commission rates, with Didi lowering its maximum commission from 29% to 27% and implementing measures to ensure transparency and fairness for drivers [10] - The introduction of diversified services, such as Didi's overseas travel service and customized vehicle offerings from Cao Cao Mobility, aims to enhance user engagement and satisfaction [11] Future Outlook - The industry is entering a new phase characterized by a focus on operational efficiency, user experience, driver rights, and technological innovation, with Robotaxi emerging as a potential growth area [13][15] - Didi has made significant investments in autonomous driving technology, with plans for large-scale commercial deployment of Robotaxi by 2026 [14][15] - Despite challenges such as safety, regulatory hurdles, and user acceptance, the overall market still presents growth opportunities driven by consumer demand for mobility solutions [7][15]