After Didi resumed its operations, its second-quarter earnings report showed steady growth in orders and revenue.
On September 9th, Didi released its second-quarter report for this year, with a total revenue of 48.8 billion yuan, a year-on-year increase of 52.6%. The net loss attributable to common shareholders was 300 million yuan, and the adjusted EBITA loss was only 10 million yuan, approaching profitability.
Looking at the business lines, Didi's revenue from China's ride-hailing services (including online car-hailing, taxis, chauffeurs, and hitch rides) in the second quarter of this year was 44.5 billion yuan, a year-on-year increase of 57%. The adjusted EBITA profit was 1.44 billion yuan. The revenue from international business was 1.9 billion yuan, a year-on-year increase of 35.3%, and the adjusted EBITA loss was 240 million yuan.
During the reporting period, Didi's Gross Transaction Value (GTV) on its core platform reached 84 billion yuan, a growth of 54.8% compared to the second quarter of 2022.
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Didi stated that the main reason for the revenue growth was a significant increase in transaction volume.
During the reporting period, Didi's total number of orders on its core platform was 3.3 billion, a year-on-year increase of 45.2%. Among them, the number of orders for ride-hailing services in China was 2.674 billion, a year-on-year increase of 47.7%; the number of orders for international business was 626 million, a year-on-year increase of 35.2%. Since the launch of the Didi app, the number of ride-hailing orders in China has continued to grow, with an average daily volume of 29.4 million orders in the second quarter, and the daily volume in June exceeded 30 million orders.
In the second quarter of 2023, the GTV of Didi's ride-hailing business in China reached 67.6 billion yuan, a growth of 60.5% compared to the second quarter of 2022. The GTV of international business in the second quarter of 2023 reached 16.4 billion yuan, a growth of 34.9% compared to the second quarter of 2022.
In the second quarter of this year, the average daily number of ride-hailing orders in China reached 29.4 million, and in June, the average daily number of orders was 30.4 million.
According to China Fund News, in the first half of this year, Didi successively launched travel discount activities for users, such as &#34;Didi 567&#34; and &#34;Didi 9.9 Taxi&#34;. The popularity of travel continued to rise during the Dragon Boat Festival holiday. On the first day of the Dragon Boat Festival holiday on June 22nd, over 400,000 users downloaded the Didi app.
As a flexible employment platform, Didi has been actively playing a stabilizing role in employment. In June of this year, Didi launched the &#34;Orange Security Plan,&#34; upgrading income, rights, and development guarantees to effectively protect the legitimate rights and interests of ride-hailing drivers. In June, Didi also launched the &#34;Cool Summer&#34; program, providing a total of 500 million yuan in subsidies to driver partners during the hot summer.
As of June 30th this year, Didi's total cash and cash equivalents, restricted funds, and financial investments amounted to 53.8 billion yuan.
In August of this year, Didi and Xiaopeng Motors signed a strategic cooperation agreement. Xiaopeng Motors will acquire Didi's intelligent car development assets for a total consideration of HKD 5.835 billion (approximately USD 744 million). The acquisition will be completed through the issuance of shares, with a maximum of 91.13 million shares issued, accounting for approximately 5% of the expanded share capital.
This acquisition does not involve any cash payment. Xiaopeng will acquire Didi's assets through the issuance of shares, while Didi will obtain Xiaopeng's shares by selling its assets. Both parties are not &#34;spending money&#34;.
As of the reporting period, the transaction has not been completed, so it has not had an impact on the consolidated financial statements.
On the same day, both parties also announced a car-making plan to launch a brand-new electric vehicle brand, codenamed MONA. The first product is expected to be mass-produced and launched in the market in 2024.
Wall Street News previously reported that Didi's internal car-making business, &#34;Da Vinci,&#34; seems to have come to an end. Hu Xiu quoted informed sources as saying that &#34;Da Vinci&#34; will no longer manufacture or sell complete vehicles, and Didi has abandoned its car-making business. However, now Didi has found Xiaopeng to take over, providing more possibilities for Didi founder Cheng Wei's car-making dream.
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DIDIY

GTV YoY growth reached 54.8%, with daily average orders exceeding 30 million in June.

Didi Q2 Earnings Report: Revenue YoY Growth of 52.6%, Net Loss of 300 Million Approaching Profitability | Insights from Financial Reports