Didi Sets Sail for Distant Horizons

On November 26th, Didi released its third - quarter financial report for 2025. In this quarter, Didi's total revenue was approximately 58.6 billion yuan, a year - on - year increase of 8.6%. It achieved a net profit of 1.5 billion yuan, and the overall performance met expectations.

Orders on Didi's core platform, including its China mobility and international businesses, increased by 13.8% year - on - year to 4.685 billion in this quarter, with the average daily order volume exceeding 50 million. Since 2023, Didi's order volume has maintained double - digit year - on - year growth for 11 consecutive quarters. The order volume also drove the growth of GTV. In the third quarter, the GTV of Didi's core platform increased by 14.8% year - on - year to 115.8 billion yuan.

For Didi, the two markets present different growth logics today. The domestic business faces macro - environmental challenges, but Didi has the highest market share, showing a solid foundation and the resilience of a leading enterprise. The international business, centered on Latin America, driven by Brazil and Mexico, is moving further into a new stage of ecological expansion in the "mobility +" field, expanding Didi's future development potential.

The two major markets are different, but there is an undeniable consensus behind them. When a company's average daily order volume exceeds 50 million, what it needs to measure is not only the business growth rate but also the role and possibilities it undertakes after being deeply integrated into the operation of society.

Domestic business outperforms the market, with scale and resilience complementing each other

In the third quarter, Didi's performance in the domestic market remained stable. The GTV increased by 10.1% year - on - year to 86 billion yuan, the order volume of China's mobility business increased by 10.7% year - on - year, and the revenue also increased by 8%.

Looking at this report card in the context of the entire industry, for an enterprise to maintain stable growth today, it is often not just about hard work but also the role of structural advantages.

Scale forms a broad moat for Didi and is the physical basis for its resilience. According to F&S forecasts, Didi is the top ride - hailing platform in China, with an expected market share of 70% in 2024. According to CICC data, from January 2021 to July 2025, among major domestic ride - hailing platforms, Didi was the only one with a continuously increasing number of active users, which also reflects its stable leading position and the further concentration of users on Didi.

A large number of orders enable Didi to dispatch vehicles more efficiently, directly converting higher density into shorter pick - up times, more stable vehicle supply, and better user experience. This is a positive cycle that competitors can hardly replicate with capital in the short term.

In the domestic market, Didi, with the scale and resilience accumulated over the years, has a stable market share that sets it apart from its competitors. Based on this, it has started to do more pioneering and correct things. "Optimizing user experience" and "Improving driver satisfaction" have become important issues in the new stage.

On the demand side, in 2025, Didi launched various segmented services such as Didi Lite, Premium Express, Chartered Cars, and Pet - friendly Rides. Through refined, multi - scenario, and differentiated services, while tapping and stimulating potential travel consumption demand, drivers can also get more and better orders.

This refined product matrix is essentially a deep re - development of the "scale" market. It guides unified traffic into differentiated value pools, which not only improves user experience but also enhances the platform's ability to resist fluctuations in a single business.

Meanwhile, Didi is expanding its travel traffic entry point into a hub connecting more derivative travel demands. In August this year, Didi's membership system was upgraded, integrating with the membership systems of Haidilao, Huazhu Hotels Group, Hilton, and Atour. By providing users with more travel and value - added services, it aims to build deeper user loyalty.

On the supply side, drivers are the final deliverers of travel services, and their stability and satisfaction are the cornerstone of the entire system.

In the third quarter of this year, Didi launched a new round of measures regarding driver rights and welfare, including upgrading the driver protection plan and Didi's public welfare care and rescue programs. This is not just a simple cost item but an effort to strengthen the platform's "infrastructure". A group of drivers with a sense of belonging and reasonable rewards will directly translate into more reliable service quality and a better operating environment.

For Didi's domestic business, scale gives it the volume to withstand storms, and the resilient ecosystem built around scale gives it the ability to cross economic cycles.

Restarting food delivery in Brazil, further extending the international business ecosystem

If the domestic business is Didi's steady "ballast stone", the international market continuously expands Didi's development potential.

The financial report shows that in the third quarter, the order volume of Didi's international business increased by 24.3% year - on - year to 1.162 billion, with an average daily order volume of 12.63 million. The revenue of the international business increased by 35% year - on - year.

The food delivery business in Brazil is also the latest chapter in Didi's overseas expansion story. On April 5th, 2025, Didi announced that it would restart the food delivery business in Brazil under the brand "99 Food". More than seven months later, "99 Food" has launched food delivery services in more than 30 cities in Brazil, covering major metropolitan areas with high economic influence such as São Paulo, Rio de Janeiro, Salvador, Belo Horizonte, and Goiânia.

In terms of capabilities, "99 Food" directly inherits 55 million users and 700,000 registered motorcycle riders from the 99 platform, integrating mobility, delivery, and 99Pay into a super - app. Users can seamlessly switch between hailing a ride and ordering food.

The unique advantage of "99 Food" lies in that it doesn't start from scratch. The long - term accumulated local capabilities and in - depth synergy with existing businesses have helped it gradually establish a competitive "win - win - win" system in the Brazilian food delivery market. The dispatching system can match riders closest to the restaurants and optimize routes through a proprietary map, reducing users' waiting time. For restaurants, it offers more flexible cooperation plans instead of a mandatory standard. For users, it sets up significant discounts to attract new customers.

This ecological synergy has also injected new vitality into the local business ecosystem. According to local Brazilian media reports, after the Japanese restaurant IZU in Goiânia, Brazil, joined "99 Food", its order volume doubled in June this year, and its food delivery revenue increased by 40%. A 29 - year - old user said, "What attracts me most about 99 Food are the various promotional activities. Some prices are lower than what I see on other apps."

According to the plan, Didi will invest 2 billion reais in the Brazilian food delivery business in the next year, aiming to expand to 100 cities in Brazil by mid - 2026. The growth and expansion will continue.

Before Brazil, Didi's business in Mexico had already verified the feasibility of the overseas "mobility +" ecosystem, and both its mobility and food delivery businesses in Mexico have entered the mature stage.

In terms of the food delivery business in Mexico, "DiDi Food" has achieved significant market penetration, surpassing the local Latin American food delivery platform Rappi and keeping pace with Uber Eats.

According to local Mexican media reports, as of the end of 2024, more than 360 million orders had been delivered through the "DiDi Food" app, and the delivery riders had traveled more than 1.8 billion kilometers across the country. "If each order delivered through the app in the past five years represented a person, this number would be three times the population census data of Mexico in 2020." In 2024, about 74,000 restaurants in Mexico received at least one order per day through the app, and about 70% of the restaurant supply was from "local restaurants".

Joining hands with more Chinese enterprises, upgrading the main storyline in the international market

Looking back, among Chinese Internet companies' overseas expansion wave, Didi was one of the early ones to "go global". Since going overseas, Didi's international business has covered 14 countries in Latin America, Asia - Pacific, and Africa, providing mainly mobility - based diversified services including food delivery and finance to the local markets.

Since starting to expand into the Brazilian market in 2018 and then gradually into Mexico and other countries, Didi's narrative logic is not about proving "whether the Chinese mobility model can succeed overseas" but more about the proposition of "how to extend the ecosystem based on local advantages".

As the core part of the international business, Didi's overseas mobility business has maintained stable and sustainable growth. In the first three quarters of 2025, Didi's adjusted EBITA in the international mobility business has achieved cumulative profitability. Mobility, as the foundation, has moved towards healthy profitability.

Today, in addition to extending into broader and deeper service areas, Didi also plays the role of a "leader" in the international market, integrating public issues such as quality improvement, technology popularization, and environmental protection into its business.

In April 2022, Didi's 99 platform in Brazil took the lead in establishing the "Brazilian Sustainable Mobility Alliance", aiming to promote the popularization of new energy vehicles in Brazil, the electrification of ride - hailing services, and the reduction of traffic carbon emissions, and to drive the development of sustainable transportation in Brazil. Currently, 23 enterprises from China and Brazil have joined, covering fields such as automobile manufacturing, car rental, energy, and finance.

Recently, 99 also announced that the electric vehicle mobility category "99electric - Pro" has provided services in 5 cities in Brazil, and will continue to accelerate the electrification process of ride - hailing services. "99electric - Pro" is also the first mobility category in Brazil served by electric and hybrid vehicles. In October this year, Didi also launched 500 pure - electric vehicles on its mobility platform in Mexico, all of which are from domestic brands, including GAC Aion and JAC Motors.

Didi's internationalization is a microcosm of Chinese Internet companies' overseas expansion. J.P. Morgan Chase said in a previous research report that "Didi is rare in having both sustainable growth and improved structural profitability." The stable and profitable core business, combined with the rapidly expanding international territory, jointly constitute Didi's "confidence" and "ambition" today.