Dida (2559) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell to RMB502.4m from RMB787.2m; net profit was RMB129.8m versus RMB1,004.3m, while adjusted net profit was RMB137.9m versus RMB211.4m.

• The prior-year net profit included an RMB870.2m gain from the fair-value change in preferred shares before their conversion upon listing.

Financial highlights

• Gross profit declined to RMB332.9m from RMB567.0m; gross margin was 66.3% versus 72.0%.

• Other gains were RMB66.3m versus RMB4.7m, mainly reflecting fair-value gains on financial assets, including Uxin Limited.

• Selling and marketing expenses fell to RMB121.7m from RMB171.0m; administrative expenses rose to RMB73.7m from RMB37.9m, including one-time severance costs and higher bonuses.

• R&D expenses declined to RMB104.6m from RMB139.1m; share-based payment expenses were RMB8.1m versus RMB40.0m.

• Operating cash flow was RMB78.4m versus RMB109.0m; cash and cash equivalents ended the year at RMB967.0m versus RMB1,057.3m.

Outlook and guidance

• Plans include further developing ride-hailing aggregation and other mobility services, extending the platform beyond carpooling using its user base, driver resources and algorithms.

• Carpooling is viewed as an early-stage market in China, with demand yet to be fully released; continued innovation and mobility-scenario expansion are priorities.