Dida (2559) H2 2024 earnings summary

Executive summary

• Revenue and gross profit declined YoY, while reported net profit surged on an RMB870.2m preferred-share fair value gain associated with the June 2024 listing and conversion; adjusted net profit eased.

Financial highlights

• Revenue was RMB787.2m vs RMB815.1m in 2023; gross profit was RMB567.0m vs RMB605.4m.

• Net profit rose 234.4% to RMB1,004.3m from RMB300.4m; adjusted net profit, excluding share-based payments, preferred-share fair value changes and listing expenses, was RMB211.4m vs RMB225.6m.

• Operating cash flow was RMB109.0m vs RMB230.2m; year-end cash and cash equivalents increased to RMB1,057.3m from RMB685.5m.

Outlook and guidance

• Priorities include expanding lower-tier city carpooling, growing third-party platform collaboration, refining route-matching algorithms and testing employee commuting and campus travel use cases.

• Taxi strategy focuses on integrating roadside and online hailing; smart taxi solutions may support dynamic pricing in cities considering a shift from fixed fares.

• Unused IPO proceeds of HK$82.56m were expected to be fully deployed by Dec. 31, 2025, subject to evolving business needs and market conditions.