| | Ended March 31, | | | | | --- | --- | --- | --- | --- | | | | | | % Change | | | | | % | (Constant | | (In RMB millions except transactions) | 2024 | 2025 | Change | Currency | | Operational highlights | | | | | | Transactions (in millions) | 3.746 | 4.247 | 13.4% | | | China Mobility . | 2.954 | 3.258 | 10.3% | | | International | 792 | 989 | 24.9% | | | GTV | 92,231 | 101,604 | 10.2% | 13.5% | | China Mobility | 71.417 | 78.046 | 9.3% | | | International | 20,814 | 23,558 | 13.2% | 27.9% | | Platform ...

Group 1 - Didi's Q1 2025 revenue reached 53.262 billion yuan, an 8.5% increase from Q1 2024's 49.072 billion yuan, driven by growth in gross transaction value (GTV) [1] - The company reported a net profit of 2.357 billion yuan for Q1 2025, up 188.14% from 0.818 billion yuan in the same period last year; adjusted net profit was 2.894 billion yuan, a 115.33% increase from 1.344 billion yuan [1] - Total order volume for Didi's core platform, including domestic and international businesses, was 4.247 billion orders, a 13.4% increase year-over-year, with domestic orders at 3.258 billion (up 10.3%) and international orders at 0.989 billion (up 24.9%) [1] Group 2 - Didi's core platform GTV for Q1 2025 was 101.6 billion yuan, a 13.5% increase year-over-year at fixed exchange rates; domestic GTV was 78 billion yuan (up 9.3%), while international GTV was 23.6 billion yuan (up 27.9%) [1] - Didi was listed on the New York Stock Exchange on June 30, 2021, but was delisted on June 10, 2022, and has since been trading on the OTC market [2] - There have been ongoing rumors about Didi's potential IPO in Hong Kong, with previous reports suggesting a target for 2025, but the company has not submitted any listing application to the Hong Kong Stock Exchange as of now [2]

证券研究报告 | 2025年06月06日 反内卷语境下重读资本周期 资本周期：经典案例和新思考 资本周期分析框架通过供给端指标预判行业变化，为投资者提供了把握市场 节奏的有效工具。框架初步关注资本开支和行业集中度等核心指标，揭 示行业供给变化如何影响未来回报。投资实践中，应重点监测企业资本 开支与盈利数据的匹配度，判断行业是否处于过度投资阶段。当行业资 本开支持续增加而盈利前景不明朗时，往往预示着供需错配和产能堆积 风险，投资者应适当降低相关行业配置比例。相反，当行业经历充分出 清、资本开支降至低位而盈利开始企稳时，则是逆势布局的良机。 企业生命周期的不同阶段决定了投资策略的差异化选择，二次成长企业往往 比初次成长公司提供更佳的风险收益比。企业上市后 ROIC 通常呈现先下 降后上升的 U 型走势。关注经历市场洗礼后出清，通过业务转型或模式 创新实现二次成长的企业，其往往已建立稳固的市场地位和竞争壁垒。 在实际配置中，可通过筛选经历过完整周期调整、估值回归合理区间且 开始展现新增长动能的公司，构建兼具防御性和成长性的投资组合。 历史案例表明，行业繁荣往往隐藏着危机，投资者应在资本扩张高峰期保持 警惕，在行业低 ...

话说，今天，滴滴公布了第一季度财报，八姐围观了下，感觉滴滴的增长还是蛮稳的，依然保持双位数增长；与此同时，这次财报传递的一个重要信息 是，滴滴在更大力度地出海，海外的减亏力度不小，出海表现也比较稳健。 ok，那下面我们来详细看看这份财报。 1，滴滴单量继续保持增长。 财报显示，第一季度，包括中国出行和国际业务在内的核心平台订单量为42.47亿单，较去年同期增长13.4%。 与此同时，滴滴的滴滴核心平台总交易额（GTV）达1016亿元，固定汇率下较去年同期增长13.5%，增速与订单增长一致。 2，滴滴国内日均订单再创历史新高。 滴滴最为核心的中国出行业务依然在保持增长。根据财报，第一季度，滴滴中国出行总订单量为32.58亿单，较去年同期增长10.3%。中国出行业务的日均 订单量为3620万单，达到了历史新高。 这也表明，虽然面对经济环境以及市场竞争等多重环境影响，滴滴国内业务还有有增长韧性。接下来就看，滴滴能否实现日均4000万单的目标了。 4，滴滴海外业务大幅减亏。 尽管加速出海，但值得注意的是，滴滴的海外业务却在大幅减亏。在Non-IFRS标准下，滴滴海外业务的经调整EBITA亏损为1.76亿元，同比减亏4 ...

"尽管国内其他城市的几家公司有和我技术对口的岗位，但儿子上高中了，我不可能离开家找工作。"陈 军告诉记者，当初还在公司工作时，他就买了汽车，平时没事了就会去滴滴平台"拉两单"，直到去年底 原单位正式宣布"放假"，他就开始专门跑网约车。 "周末和节假日单量多、奖励高，月收入最高能达到万元。"陈军告诉记者，滴滴平台的新手奖励、司服 经理指导等帮扶措施，让他这个"半路出家"的司机很快适应了新角色。更让他欣慰的是，这份工作让他 在照顾孩子的同时，还能维持稳定的家庭收入。 滴滴网约车平台司机部负责人严辉告诉记者，为应对经济下行压力，滴滴今年追加投入20亿元专项资金 用于"稳就业促消费"。其中10亿元直接用于提升司机收入和权益保障，另外10亿元则通过乘客补贴刺激 消费需求。同时，为了有效带动关联消费活力，平台还积极参与各地文旅活动，通过发放出行券包、推 出"彩蛋车"、设置"滴滴车站"、成立多种场景的保障车队等，持续发挥出行对文旅消费的链接作用，提 振消费活力，从需求侧保障司机收入稳定。 新职业打开人生新道路 平台经济不仅承接了产业转型带来的就业压力，更为许多特殊群体打开了新的人生道路。来自陕西西安 的晁小霞就是典型代表， ...

Core Insights - The ride-hailing market in Indonesia is highly competitive, with major players like Grab and Gojek dominating over 90% of the market share, while traditional taxi companies like Blue Bird are also experiencing growth [1][3][11] - Blue Bird has successfully transformed its business model by focusing on high-end services and B2B partnerships, achieving a revenue of approximately $295 million in 2023, with a year-on-year growth of 23.2% [4][6] - New entrants like Maxim are targeting underserved markets, particularly in smaller cities, and have adopted a low-cost strategy, resulting in significant user growth and market penetration [10][11] Company Summaries Grab - Founded in 2012 and headquartered in Singapore, Grab is Southeast Asia's largest super app, with a core business in ride-hailing and extensions into food delivery, digital payments, and financial services [3] - Grab holds a significant market share in most Southeast Asian countries, except Indonesia, where it competes closely with Gojek [3] Gojek - Established in 2010, Gojek started as a motorcycle ride-hailing service and has expanded into a comprehensive ecosystem covering ride-hailing, food delivery, and payments [3] - Gojek commands a 55% market share in ride-hailing and 70% in food delivery within Indonesia [3] Blue Bird - Blue Bird, a traditional taxi company with over 50 years of history in Indonesia, has adapted to the ride-hailing competition through high-end service offerings and digital upgrades [4][6] - The company reported a revenue of approximately $295 million in 2023, with a target of $336 million for 2024, reflecting a growth strategy focused on corporate partnerships and digitalization [4][6] Maxim - Maxim, a Russian ride-hailing service, entered the Indonesian market in 2018 and focuses on lower-tier cities and underserved areas, offering competitive pricing and lower commission rates for drivers [10][11] - The company has seen a 30% year-on-year increase in user ride time, indicating strong growth in its user base [10][11] Market Trends - The Indonesian ride-hailing market is projected to reach $3.13 billion by 2025 and grow to $4.78 billion by 2030, with a compound annual growth rate (CAGR) of approximately 8.8% [11] - Over 70% of ride-hailing transactions occur in the Greater Jakarta area, but there remains significant growth potential in second and third-tier cities where market penetration is below 15% [11]

Group 1: Company Listings - Zhou Li Fu Jewelry Co., Ltd. has recently passed the listing hearing on the Hong Kong Stock Exchange, with China International Capital Corporation and CITIC Securities International as joint sponsors [1] - Yisiwei (Hangzhou) Technology Co., Ltd. has had its initial public offering application accepted by the Shanghai Stock Exchange for the Sci-Tech Innovation Board [1] Group 2: Market Trends and Consumer Behavior - The sales of the "Peak Reading Ten Thousand Volumes" high school exam prediction book reached between 25 million to 50 million yuan in April alone, despite reported errors in the content [2] - The price of Labubu blind boxes has seen significant markups, with hidden variants being sold for 20 to 30 times their original price, indicating a strong secondary market demand [3] Group 3: Corporate Actions and Financial Performance - Procter & Gamble announced plans to lay off 7,000 employees globally, representing 15% of its non-production workforce, as part of a restructuring strategy [5] - Walmart was fined over 279,000 yuan for selling non-compliant food products, highlighting regulatory scrutiny in the retail sector [4] Group 4: Economic Indicators and Wealth Distribution - The number of millionaires globally reached 23.4 million in 2024, a 2.6% increase from the previous year, with the U.S. leading in millionaire growth [6] - The Jiangsu province's tourism sector saw a 305% increase in bookings during a local football league event, showcasing the economic impact of sports events on local economies [3] Group 5: Industry Developments - AMD announced the acquisition of open-source software company Brium, aiming to enhance its AI solutions capabilities [8] - NIO clarified that recent rumors regarding its involvement in ride-hailing services were a misunderstanding, indicating a focus on its core automotive business [5]

Core Viewpoint - The article highlights the increasing employment opportunities for disabled individuals, particularly those with hearing impairments, in the gig economy, facilitated by technology and supportive company policies [1][4][9]. Group 1: Employment Opportunities for Disabled Individuals - Over 9,000 disabled riders are currently working for Meituan, with many finding success in flexible job roles such as delivery riders and online content creators [5][9]. - Companies like Meituan and Didi are implementing features to assist disabled workers, such as real-time voice-to-text communication tools and special identification for disabled riders [8][9][15]. - The gig economy is becoming a viable option for disabled individuals, with many reporting higher earnings compared to traditional jobs [5][6]. Group 2: Technological Advancements - Meituan launched the "Hearing-impaired Rider Care" feature, which allows for instant messaging communication, significantly improving the interaction between riders and customers [8]. - Didi provides tools for hearing-impaired drivers, including signage and voice broadcast systems, to facilitate communication with passengers [6][9]. - New technologies, such as AI coding assistants, are being developed to support visually impaired individuals in the tech industry, enhancing their employment prospects [10][11]. Group 3: Supportive Policies and Initiatives - The Chinese government has introduced various policies aimed at improving employment conditions for disabled individuals, including financial support and training programs [9][14]. - Internet companies are increasingly adopting inclusive hiring practices and creating supportive environments for disabled employees [15][16]. - The implementation of the "14th Five-Year Plan for the Protection and Development of Disabled Persons" emphasizes the importance of flexible employment opportunities for disabled individuals [14].

国内网约车龙头滴滴，在 6 月 5 日晚公布了 2025 年的第一份季度财报，整体来看增长端表现平稳在预期之内；利润表现则比较出彩，好于预期且趋势上国内和海 外业务的利润率都有改善，以下是核心要点： 3、平台变现率走高、利润超预期的背后原因： 以国内业务 GTV 约 9% 的增速为基准，可见 本季平台收入 （主要从 GTV 扣除司机分成及其他运营侧成本，更反 映平台留存的利润） 同比增长约 24%， 而财务指标的 国内业务营收 （从 GTV 主要剔除乘客补贴、税费等收入减项） 同比增长 7.8%。 从平台收入大幅跑赢 GTV，而财务营收小幅跑输， 可见 滴滴中国业务的平台变现率是有走高的，也是本季利润超预期的根本原因。 相对的， 本季对消费者的补 贴则略有提升， 拖累了财务营收增速。 4、海外保持高增长又减亏：海外业务上，本季名义 GTV 同比增长 13% 。看似并不高， 但仍主要是受汇率逆风的影响。 剔除汇率影响后， 国际业务 GTV 实际 增速近 28%。 从不受价格因素影响的订单量同比增速达 23.5%，也可见海外业务的增长是不错的。 与此同时，如上文提及的， 本季海外业务的亏损也收窄到仅 1.8 亿 ...

国内网约车龙头滴滴，在 6 月 5 日晚公布了 2025 年的第一份季度财报，整体来看增长端表现平稳在预期之内；利润表现则比较出彩，好于预期且趋势上国内和海 外业务的利润率都有改善，以下是核心要点： 1、增长平稳、利润亮眼： 关键大数上，公司整体 GTV 同比增长 10%，总营收增长 8.5%。从预期差角度，和卖方预期大体一致；从趋势上看， 增长端维持着高 个位数～10% 左右的增长，绝对角度显然算不上高，但也算相对平稳。 利润表现则比较亮眼， 国内业务单季实现调整后 EBITA 超 31 亿，创历史最高 ，相比上季增多了约 10 亿，也显著超过卖方预期。同时， 海外业务 上季度明显扩 大的亏损（超 7 亿）， 本季亏损也显著缩窄到不足 2 亿。 国内和海外的利润表现全面不错。 2、国内出行量稳、价略跌： 国内业务的关键经营指标上， GTV 为 780 亿，同比增长约 9%，与市场预期基本一致 。拆分价量驱动因素，订单量同比增长 10%， 但部分被 客单价小幅下降 0.9% 所对冲，可以推测 "低价" 仍是网约车市场的主流趋势之一。 滴滴整体本季的 adj.EBITA 达 29.5 亿，想比上季的近 15 亿 ...