Dida (2559) H1 2024 earnings summary

Executive summary

• H1 revenue rose 2.0% YoY to RMB404.1m; adjusted net profit increased 51.3% to RMB129.7m.

• IFRS net profit was RMB947.9m versus a RMB220.2m loss, largely reflecting an RMB870.2m non-cash Preferred Share fair-value gain.

• The platform had over 368m registered users; carpooling operated in 366 cities with 17.7m certified private car owners, up 17% YoY.

Financial highlights

• Revenue was RMB404.1m, up 2.0% YoY; gross profit fell 2.0% to RMB296.1m and gross margin declined to 73.3% from 76.3%.

• Cost of services increased 14.8% to RMB108.0m; selling and marketing expenses fell 48.9% to RMB77.9m, while R&D expenses rose 29.4% to RMB74.2m.

• Reported net profit of RMB947.9m included the RMB870.2m Preferred Share fair-value gain and RMB37.2m listing expense; adjusted net profit was RMB129.7m.

• Profit before tax was RMB958.4m versus a RMB216.8m loss; income tax expense was RMB10.5m versus RMB3.4m.

• Operating cash flow was RMB4.0m versus RMB74.0m; cash and cash equivalents ended H1 at RMB1,036.8m.

Outlook and guidance

• Carpooling plans include AI-enabled matching, route planning, navigation, safety and customer service, plus finer-grained supply-demand balancing through pricing and incentives.

• Cooperation with DingTalk targets office-worker commuting; agreements with Baidu Maps aim to develop carpooling and taxi services across use cases.

• Taxi strategy shifts beyond online hailing toward integrated roadside- and online-hailing services in selected cities, working with local authorities, industry associations, taxi companies and drivers.