The 'Three Major Oil Companies' have just released their latest financial results—each hitting a record high for the same period, collectively earning nearly 1.1 billion RMB per day. How should we interpret this performance? What information does it reveal?

Blind guess: In the responses, a bunch of gasoline car owners and privatization advocates will immediately start shouting 'monopoly' and 'exorbitant profits'. Two companies each reported revenues of 1.61 trillion RMB; one posted a net profit of 91.714 billion RMB, the other 49.516 billion RMB. Combined, their net profit margin stands at 4.386%. ExxonMobil and Chevron in Country A reported total revenues of $206.181 billion and $123.135 billion respectively, with net profits of $24.324 billion and $17.992 billion. Combined, their net profit margin is 12.850%. Are you judging profitability solely by absolute profit—not scale? By that logic, a company with 100,000 RMB in revenue and 4,000 RMB in profit would be far 'more profitable' than one with 10,000 RMB in revenue and 5,000 RMB in profit!

Didi: defend domestically, expand internationally.

Didi: earn money at home, spend it abroad. Recently, Didi released its Q2 financial report. Revenue reached 6.25 billion RMB, up 10.8% year-on-year. Net income attributable to shareholders stood at 866 million RMB, turning from a loss to profit year-on-year. Core platform order volume surpassed 5 billion orders, averaging over 55 million orders per day. On the day the report was released, Didi’s stock surged 10.45%. However, the quality of this profit deserves a discount. Last year, Didi incurred a one-time provision of approximately 5.3 billion RMB for a shareholder class-action settlement, creating a massive loss of -2.485 billion RMB. This year, with no such expense, profit naturally turned 'passively' positive. A more realistic metric is adjusted net profit—just 284 million RMB on 6.25 billion RMB in revenue, translating to an adjusted net margin of less than 0.5%. Its operating margin also falls below 2%, placing it essentially at the break-even threshold among internet companies. Printing money domestically Domestic operations are Didi’s primary profit engine—stable and steadily improving in monetization efficiency—but Didi has already hit its ceiling. In Q2, Didi’s domestic average daily order volume hit a record high of 40.1 million orders. Gross Transaction Value (GTV) reached 90.4 billion RMB, up 9.5% year-on-year. Platform revenue totaled 2.19 billion RMB, up 21.6% year-on-year. Revenue growth is twice as fast as GTV growth—indicating significantly improved overall monetization efficiency. This stems from reduced consumer subsidies and rising proportions of higher-value orders. Adjusted EBITA for China’s ride-hailing business amounted to 4.2 billion RMB, up 15% year-on-year. Order volume growth slowed to just 8.1%. The domestic ride-hailing market has entered a stage of mature, zero-sum competition. With new industry regulations now in place, the overall commission cap has been fixed at 27%. User penetration has largely saturated; future growth will rely mainly on increasing user frequency and average order value. Drivers are also facing intensifying competition. Some drivers report increased numbers of peers entering the industry, yet personal take-home earnings remain stagnant. Didi’s strategy centers on service tiering to lift average order value, combined with AI-driven cost reduction and efficiency gains. Premium service categories—including Select Express (requiring vehicles with wheelbase ≥ 2,750 mm and drivers with zero complaints over 30 days), Light-Enjoy, and Six-Seat Express—have rolled out sequentially. Fundamentally, these offerings trade enhanced service quality for pricing power, sidestepping the hard constraint of the commission cap. Since launch, Select Express has seen complaints drop by 46%, user satisfaction reach 98%, and drivers earn roughly 130 RMB more per week on average. The AI assistant 'Xiao Di' now supports over 90 service tags, capable of interpreting vague requests like 'fresh air', 'spacious trunk', or 'smooth driving', lifting core scenario satisfaction by nearly 10 percentage points. AI is also deployed in safety risk control and dispatch optimization—aiming to reduce empty-mile rates and boost per-order efficiency. High labor costs constitute the biggest bottleneck domestically—so Didi is actively investing in autonomous driving, betting on the future. Didi Autonomous Driving, jointly developed with GAC Aion, has launched its Robotaxi model R2, currently undergoing road testing in Guangzhou, Beijing, and Shenzhen. Didi’s key advantages lie in its traffic gateway and vast trove of real-world mobility data. Users can hail rides directly within Didi’s app—while competitors like Baidu and Pony.ai may need costly advertising campaigns to acquire customers.

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Oil-Dri Delivers Record Annual Financial Results

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