❯ Didi Q2 core orders surpass 5 billion, international transaction value jumps 61%

PROFITDidi’s core platform orders in Q2 reached 5.052 billion, up 13.2% year over year, with total transaction value of RMB 133.9 billion, up 22.2%; Bloomberg reports revenue rose 11% to about $9.3 billion, with net profit of approximately $128 million, ending two straight quarterly losses.

TWO CURVESAccording to the company’s earnings report, China mobility transaction value reached RMB 90.4 billion, up 9.5% year over year, marking 14 consecutive quarters of growth; international business orders totaled 1.403 billion, up 29%, with transaction value surging 61%, covering 14 countries and regions and serving over 100 million users, after sustained profitability in the first half.

TRACK SHIFTWith domestic growth settling into a single-digit steady state, international operations have become Didi’s valuation elasticity—a 61% transaction growth rate set against the penetration headroom in Brazil and Mexico. Four years after delisting, Didi once again has a growth story to tell the capital markets.

▪ SIGNALFor the first time, the structure of stable domestic operations and aggressive overseas expansion has simultaneously landed in the earnings report. Didi’s next open question is when it will return to a mainstream exchange.