透视滴滴2025年报：国际业务超预期，持续加码拉美市场

Core Insights - Didi's international business performance exceeded expectations in Q4 2025, with GTV growing by 47.1% year-on-year to 36.6 billion yuan and order volume increasing by 24.5% to 1.265 billion orders [1][3] - The company plans to enhance its investment in key overseas markets, particularly in Latin America, following the relaunch of its food delivery service in Brazil [1][3] Financial Performance - In Q4 2025, Didi's international business GTV reached 36.6 billion yuan, with a year-on-year growth of 47.1% and a total order volume of 1.265 billion, marking a 24.5% increase [1] - For the entire year of 2025, international business order volume grew by 24.7% to 4.505 billion orders, with a compound annual growth rate of 32% over the past three years [3] - The total GTV for international business in 2025 was 117 billion yuan, reflecting a year-on-year increase of 28.2% [3] Market Expansion - Didi's international ride-hailing business has been profitable for two consecutive years, serving over 100 million users across 14 countries, with a significant presence in Latin America [4] - In Brazil, Didi's ride-hailing service has captured approximately 40% market share, covering over 3,300 towns [4] - In Mexico, Didi has expanded from a ride-hailing platform to include financial and food delivery services, achieving the top market share in both sectors [5] Localized Operations - Didi's success in Latin America is attributed to its localized operational strategy, including the acquisition of the Brazilian 99 platform and maintaining its brand and core team [7] - The introduction of the 99Moto service in Latin America has seen significant growth, with a 30% increase in motorcycle drivers and a 60% rise in delivery orders [7] Service Diversification - Didi has expanded its service offerings in Latin America to include food delivery, financial services, and instant delivery, creating a one-stop service platform for users [9] - The company has successfully launched its food delivery service, 99Food, in over 60 cities in Brazil, with plans to expand to 100 cities by mid-2026 [10] Sustainability Initiatives - Didi has formed a "Sustainable Mobility Alliance" in Brazil and launched its electric vehicle service, 99electric-Pro, in major cities [11] - By November 2025, this service had served over 27 million passengers and reduced carbon emissions by approximately 31,200 tons [12]