Didi Chuxing Reports Strong H1 2024 Results: Revenue Up 2%, Users Exceed 368 Million, Hitchhiking Business Continues to Flourish

Didi Chuxing Reports Strong H1 2024 Results: Revenue Up 2%, Users Exceed 368 Million, Hitchhiking Business Continues to FlourishDidi Chuxing recently released its financial report for the first half of 2024, highlighting the company's robust profitability and continued user growth. The report showed that the company's total revenue reached 404 million yuan in the first half of the year, representing a 2% year-on-year increase

Didi Chuxing Reports Strong H1 2024 Results: Revenue Up 2%, Users Exceed 368 Million, Hitchhiking Business Continues to Flourish

Didi Chuxing recently released its financial report for the first half of 2024, highlighting the company's robust profitability and continued user growth. The report showed that the company's total revenue reached 404 million yuan in the first half of the year, representing a 2% year-on-year increase. Adjusted net profit reached 130 million yuan, a 51.3% year-on-year increase. As of June 30, 2024, Didi Chuxing's registered user base has surpassed 368 million, covering 366 cities nationwide, offering hitchhiking services.

Hitchhiking Business Continues to Grow Rapidly, User Frequency Increases

Didi Hitchhiking demonstrated strong vitality in the first half of 2024. The total transaction volume reached 4.007 billion yuan, and the total number of rides reached 61.7 million, representing a significant year-on-year increase. This indicates that Didi Hitchhiking has become a primary choice for users' daily travel needs, continuously attracting new users.

Taxi New Mobility Strategy Empowers Industry Digital Transformation

In addition to the hitchhiking business, Didi Chuxing is actively investing in the taxi industry, employing digital solutions to enhance industry efficiency and user experience. As of June 30, 2024, Didi Taxi's online ride-hailing service has been launched in 96 cities, and strategic partnerships have been established with 76 cities. This strategy not only expands Didi Chuxing's business scope but also provides strong support for the digital transformation of the traditional taxi industry.

Continued Growth in Research and Development Investment, Continuous Optimization of Products and Services

To continuously improve user experience and service quality, Didi Chuxing continues to increase investment in research and development. In the first half of 2024, the company's research and development expenses reached 74.2 million yuan, representing a 29.4% year-on-year increase. This is primarily attributed to Didi Chuxing's ongoing investment in product development and R&D personnel.

Refined Operational Management, Enhanced Operational Efficiency and Profitability

Didi Chuxing also demonstrates excellent management capabilities in cost control. In the first half of 2024, sales and marketing expenses decreased by 48.9% year-on-year, and administrative expenses decreased by 8.3% year-on-year. This enables Didi Chuxing to focus more on the development of its core business, improve overall operational efficiency, and ultimately enhance profitability.

Sound Financial Position, Ample Cash Reserves

Didi Chuxing's financial position remained healthy in the first half of 2024, with cash and cash equivalents increasing to 1.66 billion yuan. At the same time, the company's gross profit and gross margin reached 296 million yuan and 73.3%, respectively, further demonstrating Didi Chuxing's financial stability and profitability.

Future Outlook: AI Empowerment, Continuous Service and User Experience Enhancement

In its earnings announcement, Didi Chuxing stated that it will continue to improve platform services and develop its business, leveraging AI technology to optimize order matching for hitchhiking drivers and passengers, improve route planning and navigation capabilities, and implement real-time safety features to ensure passenger safety. Didi Chuxing will also use AI technology to enhance customer service efficiency and user experience, leveraging advanced technological capabilities to improve operational efficiency and achieve finer supply-demand balancing.

Overall, Didi Chuxing has delivered a satisfactory performance in the first half of 2024, showcasing strong growth momentum in its hitchhiking business, taxi new mobility strategy, and research and development investment. In the future, Didi Chuxing will continue to leverage technological innovation to improve service quality, expand its business scope, and provide users with a more convenient, safe, and efficient travel experience.

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