滴滴出海十年：从“走出去”到“扎下根”

Core Insights - Didi's Q3 2025 financial report shows a total Gross Transaction Value (GTV) of 115.82 billion yuan, a year-on-year increase of 14.8%, marking five consecutive quarters of GTV exceeding 100 billion yuan [1] - The total order volume reached 4.69 billion, up 13.8% year-on-year, with daily orders surpassing 50 million for the first time [1] - Net profit for the quarter was 1.46 billion yuan, reflecting a 57% year-on-year growth [1] Domestic Business Performance - Didi's domestic ride-hailing business GTV was 86.02 billion yuan, a 10.1% increase year-on-year, with order volume at 3.52 billion, up 10.7% [1] - The domestic business continues to show stable growth amidst a competitive landscape [1] International Business Growth - Didi's international business GTV surged 31% year-on-year to 29.8 billion yuan, with order volume increasing 24.3% to 1.16 billion [1] - The international segment has achieved healthy and sustainable growth, with adjusted EBITDA turning profitable in the first three quarters [1] - The "second curve" food delivery business, relaunched in April, is now operational in over 30 cities in Brazil [1] Strategic International Expansion - Didi's internationalization began in 2015, initially through strategic investments in regional ride-hailing platforms, allowing for low-cost market entry [3] - The company has made significant moves in Latin America, including acquiring Brazil's largest ride-hailing company, 99, and entering the Mexican market [3] - Didi aims to expand its food delivery service, 99Food, to 100 cities in Brazil by mid-2026 [4] Localized Service Development - In Mexico, Didi's integrated service matrix of ride-hailing, food delivery, and financial services now serves over 70 cities and 30 million users [5] - Didi has launched a fleet of 500 electric vehicles in Mexico, marking the first standardized electric vehicle service in Latin America [5] Long-term Value and Market Potential - Didi's operational model, honed in the complex Chinese market, positions it competitively in emerging markets where online penetration for ride-hailing and food delivery is still growing [6] - The company is expected to benefit from improved regulations and user habits, which could accelerate its long-term commercial value [6] - Didi's international business is currently in a scale expansion phase, with profitability expected to improve as the business matures [7] Future Outlook - Didi's stable operations in China will provide a cash flow foundation, while international growth is anticipated to become a new growth engine [7] - The company is entering a second strategic window, having navigated regulatory challenges and organizational adjustments [7]