Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Didi's China business showed solid Y/Y growth, but International worsened dramatically</li>
<li>Spending on Sales &amp; Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%</li>
<li>Should it seek an IPO soon, Didi will have to show a path to profits for International segment</li>
</ul>


Didi's China business showed solid Y/Y growth, but International worsened dramatically
Spending on Sales &amp; Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%
Should it seek an IPO soon, Didi will have to show a path to profits for International segment


Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>Didi's stock price is stable at $4.90, adhering to management guidance for eight months.</li><li>Concerns about autonomous driving in China arise due to low labor costs and a deflationary environment, impacting regulatory responses.</li><li>Didi is well-positioned for partnerships with AV companies, while Tesla faces regulatory challenges in operating a ride-hailing service in China.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Didi's stock price is stable at $4.90, adhering to management guidance for eight months.Concerns about autonomous driving in China arise due to low labor costs and a deflationary environment, impacting regulatory responses.Didi is well-positioned for partnerships with AV companies, while Tesla faces regulatory challenges in operating a ride-hailing service in China.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Didi Global Inc  (DIDIY) - Monday, Jun 30, 2025

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.
</li>
<li>Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.</li>
<li>The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.</li>
</ul>



DiDi Global (DIDI US) has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.

Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.
The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.


2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

<ul>
<li>Q225 saw solid growth &amp; improving margins, driven by strength in China business</li>
<li>Lawsuit settlement hit net result in Q225, but investors shrugged off the news</li>
<li>We still think Didi could pursue a new listing later in 2025, probably in HK</li>
</ul>


Q225 saw solid growth &amp; improving margins, driven by strength in China business
Lawsuit settlement hit net result in Q225, but investors shrugged off the news
We still think Didi could pursue a new listing later in 2025, probably in HK


Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

<ul>
<li>Didi reported solid top-line growth, improving core margins (and OpCF) in Q125</li>
<li>Drivers of Q125 top-line growth were broad-based, but note F/X impact on International</li>
<li>We believe Didi should move to re-list shares while earnings &amp; conditions are supportive</li>
</ul>


Didi reported solid top-line growth, improving core margins (and OpCF) in Q125
Drivers of Q125 top-line growth were broad-based, but note F/X impact on International
We believe Didi should move to re-list shares while earnings &amp; conditions are supportive


Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

China

DiDi Chuxing Inc operates passenger transportation platforms. The Company provides mobility solutions, cloud computing, and other application based services. DiDi Chuxing serves customers worldwide.

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DiDi Global (DIDIY US)

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Tracking Traffic

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Tracking Traffic

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