DiDi Global Inc. today released its fourth quarter and full-year 2025 financial results on its official website. Overall, the company demonstrated robust performance in both its domestic and international businesses over the past year.
Looking at domestic operations, order volume for DiDi's China mobility segment increased by 10.1% year-over-year in the fourth quarter. This figure is notable as it marks the 12th consecutive quarter of double-digit order growth. More optimistically, Gross Transaction Value (GTV) for the quarter grew by 11.2%. Since GTV growth outpaced order growth, it indicates an increase in the average order value for ride-hailing services during Q4. This is a positive sign, considering that many regions had issued industry warnings about saturated market capacity and cautioned against盲目entering the market. The data suggests the industry may be rebounding from its low point. For the full year 2025, domestic mobility orders grew 10.8% to 13.735 billion, while full-year GTV increased 10.7% to 333.8 billion yuan. The full-year data shows that the average order price remained largely stable with a slight decline, further indicating a recovery from the challenging conditions earlier in the year.
On the international front, fourth-quarter order volume surged 24.5% year-over-year to 1.265 billion orders, representing nearly 14 million average daily orders. For the full year 2025, international order volume grew 24.7% to 4.505 billion orders. Meanwhile, international GTV saw even stronger growth, jumping 47.1% in Q4 to 36.6 billion yuan. Full-year international GTV increased 28.2% to 117 billion yuan. It is important to note that international business includes not only mobility but also food delivery orders, although mobility remains the dominant segment. The international mobility business has achieved self-sufficiency, maintaining profitability on an adjusted EBITDA basis for two consecutive years. The data suggests the international segment is entering a harvest period, with GTV growth significantly exceeding order growth, especially in Q4.
A particularly interesting point from the earnings report was a comment from CEO Cheng Wei, who stated, "In Q4, we increased strategic investment in new overseas businesses, and their growth exceeded expectations. We are also seeing the synergistic value of our multi-business strategy emerge in the Latin American market, and we are confident in deepening our local development." The concept of multi-business synergy, familiar from last year's food delivery competition, is key here. Cheng Wei specifically referred to the synergy between ride-hailing and food delivery, particularly in Brazil with its food delivery brand, 99Food. Originally halted in 2023, 99Food resumed operations in April of last year. The Brazilian food delivery market is currently led by iFood, with other players including local brand Rappi, Meituan's Keeta, and DiDi's 99Food. Meituan's Keeta entered the Brazilian market last October but faced legal disputes with 99Food even before its official launch, alleging that 99Food used exclusive clauses with restaurant partners. Since restarting, 99Food has rapidly gained market share in cities like the São Paulo metropolitan area. In contrast, Keeta has encountered expansion hurdles, recently reporting layoffs of 200 employees, potentially due to high rates of exclusive partnerships with local restaurants. During a management communication session, Meituan's Wang Xing discussed international strategy, expressing firm confidence in globalization while emphasizing the need for focused expansion and avoiding盲目spread. Compared to Wang Xing, who faces competitive pressure domestically, Cheng Wei, with successful businesses both at home and abroad, appears to be in a more comfortable and advantageous position.
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