外卖大战没烧到，滴滴为何跟着跪？

Core Insights - Didi's Q3 2025 earnings report indicates a significant decline in both domestic and international profit margins, leading to a halving of overall profits, which is a concerning signal for the company [13][33]. Domestic Business Performance - Domestic GTV growth slowed to 10.1% year-on-year, with order volume increasing by 10.7%, indicating a slight weakening in demand [1][19]. - The domestic revenue grew approximately 8%, while platform sales increased by 23.5%, reflecting a higher subsidy ratio impacting profit margins [2][25]. - Adjusted EBITA for domestic operations fell to 2.98 billion RMB, down from 3.6 billion RMB in the previous quarter, with profit as a percentage of GTV declining from 4.4% to 3.5% [3][33]. International Business Performance - International GTV grew by approximately 29.3% year-on-year, showing a slight acceleration in growth compared to the previous quarter [4][22]. - The international business incurred a loss of 1.68 billion RMB, with the loss rate increasing from -2.8% to -5.6% due to increased investments, particularly in Brazil [5][33]. - Platform sales in international markets grew by 25.5%, primarily influenced by favorable exchange rates, but the overall profitability remained under pressure from increased incentive spending [30][33]. Cost and Expense Analysis - Total operating expenses reached 11.3 billion RMB, a significant increase of 21% year-on-year, with sales expenses surging by 55%, which heavily impacted profits [8][39]. - The gross profit margin for the quarter was 19.1%, reflecting a 0.5 percentage point decline, attributed to the higher proportion of international revenue and increased costs [7][37]. Shareholder Returns - The company has repurchased 1.29 billion USD of its shares as part of a 2 billion USD buyback plan announced earlier this year, indicating a commitment to shareholder returns despite recent performance challenges [10][11].