On June 27th, Futu News reported that.$DIDA INC (02559.HK)$Today's dark market opened low, with a drop of 11.67%, reporting 5.3 Hong Kong dollars, a turnover of 797,800 Hong Kong dollars, and a total market value of 5.268 billion Hong Kong dollars.
Market source: Futu Securities.
Company overview
Didi Chuxing is a technology-driven platform that shares the unused seats of private passenger vehicles through its carpooling service, aiming to create more transportation capacity while reducing its environmental impact. It also provides relatively smaller scale smart taxi services to improve efficiency and effectiveness for stakeholders within China's taxi industry.
Since its establishment until December 31st, 2023, the company has provided service to about 69.4 million unique carpooling passengers. Based on the total transaction amount and the number of carpooling trips, Didi Chuxing operated the second largest carpooling platform in China in 2023. The total transaction amount for carpooling was RMB 8.6 billion, with 130.3 million carpooling trips, and the market share based on total transaction amount was 31.8%. The market share based on the number of carpooling trips was 31.0%. As of December 31, 2023, the company provides carpooling platform services in 366 cities across the country through its App, and has about 15.6 million certified private car owners, of which 5 million or 32.0% are active certified private car owners in 2023.
In 2017, the company launched its smart taxi services, with a focus on developing a ride-hailing solution provided by the Didi Chuxing Driver App. As of the latest practicable date, the company has provided taxi ride-hailing services in 91 cities in China, including 80 cities where the company collects service fees from taxi drivers who facilitate rides through the company. Based on the number of completed trips, the market share for the ride-hailing service was 0.09% in 2023, and the market share based on total transaction amount in China's entire taxi market was 0.07%.
In terms of financial performance, in 2021, 2022, and 2023, Didi Chuxing recorded revenues of RMB 780.6 million, RMB 569.1 million, and RMB 815.1 million, respectively. The company's adjusted net income (non-International Financial Reporting Standards measurement) for 2021, 2022, and 2023 were RMB 238 million, RMB 84.7 million, and RMB 225.6 million, respectively. The adjusted net profit margin (non-IFRS measurement) for the same years were 30.5%, 14.9%, and 27.7%. The company's gross profit in 2021, 2022, and 2023 were RMB 631.3 million, RMB 427.6 million, and RMB 605.4 million, respectively, with gross margins of 80.9%, 75.1%, and 74.3%, respectively.
Financial overview
In 2021, 2022 and 2023, Didi recorded revenues of RMB 780.6 million, RMB 569.1 million, and RMB 815.1 million, respectively.
In 2021, 2022, and 2023, the company's adjusted net profit (measured by non-international financial reporting standards) were RMB 238 million, RMB 84.7 million, and RMB 225.6 million, respectively, while the adjusted net profit margin (measured by non-international financial reporting standards) for the same year were 30.5%, 14.9%, and 27.7%, respectively.
In 2021, 2022, and 2023, the company achieved gross profits of RMB 631.3 million, RMB 427.6 million, and RMB 605.4 million, respectively, and the gross profit margins for the same years were 80.9%, 75.1%, and 74.3%, respectively.
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Editor/Afina