Dida Chuxing's stock price surged 78% in four days, but has it really hit the bottom?

On September 4th, Dida Chuxing's stock price surged again, with a single-day big pump of 11.94% to 2.25 HKD. In just 4 trading days, this "first shared mobility stock" has accumulated a pump of 78.57%, attracting widespread follow from the market.

On the occasion of the company's 11th anniversary, Dida Chuxing announced its latest business data: as of the end of June this year, registered users have reached 395 million, a year-on-year increase of 7.3%; the number of certified vehicle owners has reached 19.9 million, a year-on-year increase of over 10%. At the same time, the company also announced new progress in the field of AI large models, attempting to reconstruct its business foundation with self-built large model capabilities and an aggregation platform.

However, I can't help but ask: is this wave of pump a real trend reversal, or just a fleeting emotional hype?

Poor performance cannot hide the downturn

Let's take a look at the actual performance of Dida. Since its listing in June 2024, this stock has been on a downward trend, plummeting from the issuance price of 6 HKD to its current level, erasing more than 60% of its market value.

The mid-2025 financial report is even worse: revenue of 286 million yuan, a year-on-year plunge of 29.15%; net profit of 134 million yuan, more than halved, plunging by 85.83%; gross profit margin also shrank by 6.3 percentage points to 67%.

The core revenue from the ride-sharing business is 275 million yuan, a year-on-year decline of 29.44%. Although the number of registered users and car owners appears to be increasing, actual activity is declining, and many accounts are practically inactive. In the first half of the year, the order volume was 43.2 million, a sharp decrease of nearly 30% year-on-year; the transaction amount was 2.608 billion yuan, a dramatic drop of 34.91%.

The smart taxi business is also bleak, with revenues dropping nearly 20%, and the gross profit margin is a dismal -42.3%, becoming a burden on the company.

Ride-hailing Mode Encounters Bottleneck

The dilemma of Dida actually reflects the plight of the entire ride-hailing industry.

Compared to taxis and ride-hailing services, the carpooling market has a limited scale and a clear ceiling. As ride-hailing prices decline, public transportation continues to improve, and the number of private cars keeps increasing, the demand for carpooling is being continuously compressed.

Market competition has become even more intense. Platforms such as Didi, Hello, and Huaxiaozhu are all entering the ride-hailing market, while Meituan and Amap have also joined the fray through aggregation models. In this chaotic battle, Dida has not formed a significant advantage in user experience, pricing, or services.

With regulatory compliance risks always looming, the prospects for Dida are indeed hard to be optimistic about.

This rebound in stock prices is likely more driven by short-term sentiment rather than a true improvement in the company's fundamentals. Investors should think twice before chasing higher prices.

Risk Warning: This article is for reference only, and past performance does not guarantee future results.