Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2023 |
Entity File Number | 001-40541 |
Entity Registrant Name | DiDi Global Inc. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | DiDi Xinchenghai |
Entity Address, Address Line Two | Building 1, Yard 6, North Ring Road, Tangjialing |
Entity Address, City or Town | Beijing |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0001764757 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Location | Beijing, the People’s Republic of China |
Auditor Firm ID | 1424 |
Entity Address, Country | CN |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Shell Company Report | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | DiDi Xinchenghai |
Entity Address, Address Line Two | Building 1, Yard 6, North Ring Road, Tangjialing |
Entity Address, City or Town | Beijing |
City Area Code | 86 10 |
Local Phone Number | 8304-3181 |
Entity Address, Country | CN |
Contact Personnel Name | Alan Yue Zhuo |
Contact Personnel Email Address | ir@didiglobal.com |
American depositary shares (four American depositary shares representing one Class A ordinary share, par value US$0.00002 per share) | |
Document Information [Line Items] | |
Title of 12(g) Security | American depositary shares (four American depositary shares representing one Class A ordinary share) |
Trading Symbol | DIDI |
Class A ordinary shares | |
Document Information [Line Items] | |
Title of 12(g) Security | Class A ordinary shares, par value US$0.00002 per share |
Entity Common Stock, Shares Outstanding | 1,215,116,421 |
Class B ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 97,556,869 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 27,308,098 | $ 3,846,265 | ¥ 20,855,252 |
Restricted cash | 1,139,473 | 160,491 | 803,956 |
Short-term treasury investments | 19,242,083 | 2,710,191 | 16,965,708 |
Accounts and notes receivable, net of allowance for credit losses of RMB 692,722 and RMB 723,655, respectively | 3,287,610 | 463,050 | 2,251,633 |
Prepayments, receivables and other current assets, net | 14,253,275 | 2,007,532 | 10,114,089 |
Total current assets | 65,475,200 | 9,221,989 | 51,052,061 |
Non-current assets: | |||
Non-current restricted cash | 20,506 | 2,888 | 17,333 |
Long-term treasury investments | 7,892,899 | 1,111,692 | 10,199,802 |
Investment securities and other investments | 11,086,408 | 1,561,488 | 8,390,657 |
Equity method investments, net | 4,595,858 | 647,313 | 4,153,932 |
Operating lease right-of-use assets | 1,120,611 | 157,835 | 1,392,917 |
Property and equipment, net | 4,330,172 | 609,892 | 5,718,324 |
Intangible assets, net | 675,685 | 95,168 | 1,724,141 |
Goodwill | 46,377,583 | 6,532,146 | 46,377,583 |
Deferred tax assets, net | 279,464 | 39,362 | 289,191 |
Other non-current assets, net | 1,719,495 | 242,185 | 1,860,865 |
Total non-current assets | 78,351,294 | 11,035,549 | 80,161,211 |
Total assets | 143,826,494 | 20,257,538 | 131,213,272 |
Current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB 7,666,369 and RMB 13,542,803 as of December 31, 2022 and 2023, respectively): | |||
Short-term borrowings | 7,682,190 | 1,082,014 | 4,940,310 |
Accounts and notes payable | 4,563,595 | 642,769 | 2,870,046 |
Deferred revenue and customer advances, current portion | 897,084 | 126,352 | 565,058 |
Operating lease liabilities, current portion | 406,327 | 57,230 | 523,020 |
Accrued expenses and other current liabilities | 14,750,130 | 2,077,512 | 11,149,921 |
Total current liabilities | 28,544,764 | 4,020,446 | 20,248,470 |
Non-current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB 215,955 and RMB 978,591 as of December 31, 2022 and 2023, respectively): | |||
Long-term borrowings | 1,044,421 | 147,104 | 149,925 |
Operating lease liabilities, non-current portion | 562,809 | 79,270 | 734,884 |
Deferred tax liabilities | 165,498 | 23,310 | 359,668 |
Other non-current liabilities | 377,782 | 53,209 | 256,279 |
Total non-current liabilities | 2,236,445 | 314,997 | 1,540,104 |
Total liabilities | 30,781,209 | 4,335,443 | 21,788,574 |
Commitments and contingencies | |||
Mezzanine equity | |||
Convertible redeemable non-controlling interests | 14,006,261 | 1,972,740 | 13,010,576 |
Convertible non-controlling interests | 1,069,357 | 150,616 | 1,069,357 |
Total Mezzanine Equity | 15,075,618 | 2,123,356 | 14,079,933 |
DiDi Global Inc. shareholders' equity: | |||
Treasury shares | (3) | (4) | |
Additional paid-in capital | 255,200,825 | 35,944,284 | 253,824,544 |
Statutory reserves | 100,105 | 14,099 | 69,328 |
Accumulated other comprehensive income | 1,621,907 | 228,442 | 973,143 |
Accumulated deficit | (159,128,254) | (22,412,746) | (159,590,989) |
Total DiDi Global Inc. shareholders' equity | 97,794,739 | 13,774,101 | 95,276,181 |
Non-controlling interests | 174,928 | 24,638 | 68,584 |
Total shareholders' equity | 97,969,667 | 13,798,739 | 95,344,765 |
Total liabilities, mezzanine equity and shareholders' equity | 143,826,494 | 20,257,538 | 131,213,272 |
Related Party [Member] | |||
Current assets: | |||
Amounts due from related parties, current portion | 244,661 | 34,460 | 61,423 |
Current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB 7,666,369 and RMB 13,542,803 as of December 31, 2022 and 2023, respectively): | |||
Amounts due to related parties, current portion | 245,438 | 34,569 | 200,115 |
Nonrelated Party [Member] | |||
Non-current assets: | |||
Amounts due from related parties, non-current portion | 252,613 | 35,580 | 36,466 |
Non-current liabilities (including amounts of the VIEs and their subsidiaries without recourse to the primary beneficiary of RMB 215,955 and RMB 978,591 as of December 31, 2022 and 2023, respectively): | |||
Amounts due to related parties, non-current portion | 85,935 | 12,104 | 39,348 |
Class A ordinary shares | |||
DiDi Global Inc. shareholders' equity: | |||
Ordinary shares | 146 | 21 | 144 |
Class B ordinary Shares | |||
DiDi Global Inc. shareholders' equity: | |||
Ordinary shares | ¥ 13 | $ 1 | ¥ 15 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares |
Allowance for accounts and notes receivable credit losses | ¥ | ¥ 723,655 | ¥ 692,722 | |
Current liabilities | 28,544,764 | $ 4,020,446 | 20,248,470 |
Non-current liabilities | ¥ 2,236,445 | $ 314,997 | 1,540,104 |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | |
VIE | Nonrecourse | |||
Current liabilities | ¥ | ¥ 13,542,803 | 7,666,369 | |
Non-current liabilities | ¥ | ¥ 978,591 | ¥ 215,955 | |
Class A ordinary shares | |||
Common stock, par value | $ / shares | $ 0.00002 | ||
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 1,129,212,881 | 1,129,212,881 | 1,109,433,914 |
Common stock, shares outstanding | 1,104,888,353 | 1,104,888,353 | 1,084,058,607 |
Class B ordinary Shares | |||
Common stock, par value | $ / shares | $ 0.00002 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 97,556,869 | 97,556,869 | 117,335,836 |
Common stock, shares outstanding | 97,556,869 | 97,556,869 | 112,895,380 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Revenues | ||||
Total revenues | ¥ 192,379,918 | $ 27,096,145 | ¥ 140,791,683 | ¥ 173,827,382 |
Costs and expenses | ||||
Cost of revenues | (162,935,107) | (22,948,930) | (115,799,896) | (156,863,229) |
Operations and support | (7,417,741) | (1,044,767) | (6,519,542) | (7,525,398) |
Sales and marketing | (10,432,817) | (1,469,432) | (9,756,241) | (16,961,328) |
Research and development | (8,923,904) | (1,256,906) | (9,535,523) | (9,414,646) |
General and administrative | (8,411,624) | (1,184,752) | (17,004,943) | (28,715,206) |
Impairment of goodwill and intangible assets acquired from business combination | ¥ | (2,789,321) | |||
Total costs and expenses | (198,121,193) | (27,904,787) | (158,616,145) | (222,269,128) |
Loss from operations | (5,741,275) | (808,642) | (17,824,462) | (48,441,746) |
Interest income | 2,170,851 | 305,758 | 1,309,864 | 818,522 |
Interest expenses | (115,581) | (16,279) | (197,334) | (277,596) |
Investment income (loss), net | 3,622,112 | 510,164 | (5,769,873) | (167,121) |
Impairment loss for equity investments accounted for using Measurement Alternative | (127,834) | (18,005) | (18,540) | 0 |
Income (loss) from equity method investments, net | 536,563 | 75,573 | 35,854 | (475,851) |
Other income (loss), net | 279,975 | 39,434 | (1,314,105) | (624,466) |
Income (loss) before income taxes | 624,811 | 88,003 | (23,778,596) | (49,168,258) |
Income tax expenses | (89,749) | (12,641) | (3,915) | (166,320) |
Net income (loss) | 535,062 | 75,362 | (23,782,511) | (49,334,578) |
Less: Net income attributable to non-controlling interest shareholders | 41,550 | 5,852 | 810 | 9,086 |
Net income (loss) attributable to DiDi Global Inc. | 493,512 | 69,510 | (23,783,321) | (49,343,664) |
Accretion of convertible redeemable non-controlling interests to redemption value | (995,685) | (140,240) | (898,649) | (687,617) |
Net loss attributable to ordinary shareholders of DiDi Global Inc. | (502,173) | (70,730) | (24,681,970) | (50,031,281) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of tax of nil | 642,852 | 90,543 | 4,585,505 | (1,593,734) |
Transfer of accumulated translation adjustments to profit or loss upon disposal of subsidiaries | 10,366 | 1,460 | ||
Share of other comprehensive loss of an equity method investee | (4,454) | (627) | (12,617) | (4,811) |
Total other comprehensive income (loss) | 648,764 | 91,376 | 4,572,888 | (1,598,545) |
Total comprehensive income (loss) | 1,183,826 | 166,738 | (19,209,623) | (50,933,123) |
Less: comprehensive income attributable to non-controlling interest shareholders | 41,550 | 5,852 | 810 | 9,086 |
Comprehensive income (loss) attributable to DiDi Global Inc. | 1,142,276 | 160,886 | (19,210,433) | (50,942,209) |
Accretion of convertible redeemable non-controlling interests to redemption value | (995,685) | (140,240) | (898,649) | (687,617) |
Comprehensive income (loss) attributable to ordinary shareholders of DiDi Global Inc. | ¥ 146,591 | $ 20,646 | ¥ (20,109,082) | ¥ (51,629,826) |
Weighted average number of shares | ||||
- Basic | 1,224,576,751 | 1,224,576,751 | 1,210,979,609 | 657,996,437 |
- Diluted | 1,224,576,751 | 1,224,576,751 | 1,210,979,609 | 657,996,437 |
Net income (loss) per share | ||||
- Basic (in dollars per share) | (per share) | ¥ (0.41) | $ (0.06) | ¥ (20.38) | ¥ (76.04) |
- Diluted (in dollars per share) | (per share) | ¥ (0.41) | $ (0.06) | ¥ (20.38) | ¥ (76.04) |
ADS | ||||
Weighted average number of shares | ||||
- Basic | 4,898,307,004 | 4,898,307,004 | 4,843,918,436 | 2,631,985,748 |
- Diluted | 4,898,307,004 | 4,898,307,004 | 4,843,918,436 | 2,631,985,748 |
Net income (loss) per share | ||||
- Basic (in dollars per share) | (per share) | ¥ (0.10) | $ (0.01) | ¥ (5.10) | ¥ (19.01) |
- Diluted (in dollars per share) | (per share) | ¥ (0.10) | $ (0.01) | ¥ (5.10) | ¥ (19.01) |
China Mobility | ||||
Revenues | ||||
Total revenues | ¥ 175,033,586 | $ 24,652,965 | ¥ 125,930,620 | ¥ 160,520,747 |
International | ||||
Revenues | ||||
Total revenues | 7,842,151 | 1,104,544 | 5,863,123 | 3,622,366 |
Other Initiatives | ||||
Revenues | ||||
Total revenues | ¥ 9,504,181 | $ 1,338,636 | ¥ 8,997,940 | ¥ 9,684,269 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Foreign currency translation adjustments, tax | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) ¥ in Thousands, $ in Thousands | Ordinary Shares CNY (¥) shares | Ordinary Shares USD ($) shares | Treasury Shares CNY (¥) shares | Additional paid-in capital CNY (¥) | Additional paid-in capital USD ($) | Statutory reserves CNY (¥) | Statutory reserves USD ($) | Accumulated Other Comprehensive income (loss) CNY (¥) | Accumulated Other Comprehensive income (loss) USD ($) | Accumulated deficit CNY (¥) | Accumulated deficit USD ($) | Non-controlling interests CNY (¥) | Non-controlling interests USD ($) | CNY (¥) | USD ($) |
Balance, beginning of period at Dec. 31, 2020 | ¥ 16 | ¥ 12,177,849 | ¥ 16,503 | ¥ (2,001,200) | ¥ (86,411,179) | ¥ 83,515 | ¥ (76,134,498) | ||||||||
Balance, beginning of period (in shares) at Dec. 31, 2020 | shares | 124,067,444 | 124,067,444 | |||||||||||||
Treasury Shares, beginning balance at Dec. 31, 2020 | ¥ (2) | ||||||||||||||
Treasury Shares, beginning balance (in shares) at Dec. 31, 2020 | shares | (15,535,936) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Share based compensation | 24,654,583 | 24,654,583 | |||||||||||||
Share-based awards granted to employees of an equity investee | 178,506 | 178,506 | |||||||||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | ¥ 10 | 28,033,096 | 28,033,106 | ||||||||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) | shares | 79,200,000 | 79,200,000 | |||||||||||||
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering | ¥ 121 | 189,838,858 | 189,838,979 | ||||||||||||
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares) | shares | 933,349,567 | 933,349,567 | (42,057) | ||||||||||||
Issuance of shares to trusts upon exercise of share options | ¥ 10 | ¥ (9) | 91 | 92 | |||||||||||
Issuance of shares to trusts upon exercise of share options (in shares) | shares | 78,257,584 | 78,257,584 | (68,616,887) | ||||||||||||
Settlement for net exercise of share options | ¥ (1) | (2,591,520) | (2,591,521) | ||||||||||||
Settlement for net exercise of share options (in shares) | shares | (8,324,699) | (8,324,699) | |||||||||||||
Release of shares from trusts | ¥ 8 | (8) | |||||||||||||
Release of shares from trusts (in shares) | shares | 60,976,302 | ||||||||||||||
Repurchase of ordinary shares | (219,003) | (219,003) | |||||||||||||
Repurchase of ordinary shares (in shares) | shares | (697,470) | (697,470) | |||||||||||||
Repurchase of non-controlling interests | (20,000) | (20,000) | |||||||||||||
Appropriation to statutory reserves | 11,414 | (11,414) | |||||||||||||
Share of other comprehensive income (loss) of equity method investees | (4,811) | (4,811) | |||||||||||||
Foreign currency translation adjustments | (1,593,734) | (1,593,734) | |||||||||||||
Accretion of convertible redeemable non-controlling interests to redemption value | (687,617) | (687,617) | |||||||||||||
Net loss | (49,343,664) | 9,086 | (49,334,578) | ||||||||||||
Balance, end of period at Dec. 31, 2021 | ¥ 156 | 251,384,835 | 27,917 | (3,599,745) | (135,766,257) | 72,601 | 112,119,504 | ||||||||
Balance, end of period (in shares) at Dec. 31, 2021 | shares | 1,205,852,426 | 1,205,852,426 | |||||||||||||
Treasury Shares, ending balance at Dec. 31, 2021 | ¥ (3) | ||||||||||||||
Treasury Shares, ending balance (in shares) at Dec. 31, 2021 | shares | (23,218,578) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Share based compensation | 3,424,049 | 3,424,049 | |||||||||||||
Share-based awards granted to employees of an equity investee | 47,421 | 47,421 | |||||||||||||
Issuance of ordinary shares in connection with exercise of share options and vesting of restricted shares and RSUs | ¥ 1 | 7,525 | 7,526 | ||||||||||||
Issuance of ordinary shares in connection with exercise of share options and vesting of restricted shares and RSUs (in shares) | shares | 8,695,424 | ||||||||||||||
Shares withheld related to net share settlement | (275,479) | (275,479) | |||||||||||||
Shares withheld related to net share settlement (in shares) | shares | (2,756,641) | ||||||||||||||
Release of shares from trusts | ¥ 1 | (1) | |||||||||||||
Release of shares from trusts (in shares) | shares | 6,937,306 | ||||||||||||||
Repurchase of non-controlling interests | (28,023) | (4,827) | (32,850) | ||||||||||||
Appropriation to statutory reserves | 41,411 | (41,411) | |||||||||||||
Share of other comprehensive income (loss) of equity method investees | (12,617) | (12,617) | |||||||||||||
Foreign currency translation adjustments | 4,585,505 | 4,585,505 | |||||||||||||
Accretion of convertible redeemable non-controlling interests to redemption value | (898,649) | (898,649) | |||||||||||||
Net loss | (23,783,321) | 810 | (23,782,511) | ||||||||||||
Bulk issuance of ADSs reserved for share incentive plans | ¥ 3 | ¥ (3) | |||||||||||||
Bulk issuance of ADSs reserved for share incentive plans (in shares) | shares | 20,917,324 | 20,917,324 | (20,917,324) | ||||||||||||
Release of shares withheld | 147,102 | 147,102 | |||||||||||||
Release of shares withheld (in shares) | shares | 1,444,050 | ||||||||||||||
Repurchase of convertible redeemable non-controlling interests | 15,764 | 15,764 | |||||||||||||
Balance, end of period at Dec. 31, 2022 | ¥ 159 | 253,824,544 | 69,328 | 973,143 | (159,590,989) | 68,584 | 95,344,765 | ||||||||
Balance, end of period (in shares) at Dec. 31, 2022 | shares | 1,226,769,750 | 1,226,769,750 | |||||||||||||
Treasury Shares, ending balance at Dec. 31, 2022 | ¥ (4) | (4) | |||||||||||||
Treasury Shares, ending balance (in shares) at Dec. 31, 2022 | shares | (29,815,763) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Share based compensation | 2,575,340 | 2,575,340 | |||||||||||||
Issuance of ordinary shares in connection with exercise of share options and vesting of restricted shares and RSUs | 1,011 | 1,011 | |||||||||||||
Issuance of ordinary shares in connection with exercise of share options and vesting of restricted shares and RSUs (in shares) | shares | 1,671,692 | ||||||||||||||
Release of shares from trusts | ¥ 1 | (1) | |||||||||||||
Release of shares from trusts (in shares) | shares | 5,136,186 | ||||||||||||||
Repurchase of ordinary shares | (112,666) | (112,666) | |||||||||||||
Repurchase of ordinary shares (in shares) | shares | (1,061,064) | ||||||||||||||
Transfer of accumulated translation adjustments to profit or loss upon disposal of subsidiaries | 10,366 | 10,366 | $ 1,460 | ||||||||||||
Appropriation to statutory reserves | 30,777 | (30,777) | |||||||||||||
Equity transactions related to non-controlling interests | (15,624) | 64,794 | 49,170 | ||||||||||||
Share of other comprehensive income (loss) of equity method investees | (4,454) | (4,454) | (627) | ||||||||||||
Foreign currency translation adjustments | 642,852 | 642,852 | 90,543 | ||||||||||||
Accretion of convertible redeemable non-controlling interests to redemption value | (995,685) | (995,685) | |||||||||||||
Net loss | 493,512 | 41,550 | 535,062 | 75,362 | |||||||||||
Shares withheld related to net share settlement and cash settlement related to vested share options | (94,828) | (94,828) | |||||||||||||
Shares withheld related to net share settlement and cash settlement related to vested share options (in shares) | shares | (410,794) | ||||||||||||||
Release of shares withheld | 18,734 | 18,734 | |||||||||||||
Release of shares withheld (in shares) | shares | 155,215 | ||||||||||||||
Balance, end of period at Dec. 31, 2023 | ¥ 159 | $ 22 | ¥ 255,200,825 | $ 35,944,284 | ¥ 100,105 | $ 14,099 | ¥ 1,621,907 | $ 228,442 | ¥ (159,128,254) | $ (22,412,746) | ¥ 174,928 | $ 24,638 | 97,969,667 | $ 13,798,739 | |
Balance, end of period (in shares) at Dec. 31, 2023 | shares | 1,226,769,750 | 1,226,769,750 | |||||||||||||
Treasury Shares, ending balance at Dec. 31, 2023 | ¥ (3) | ¥ (3) | |||||||||||||
Treasury Shares, ending balance (in shares) at Dec. 31, 2023 | shares | (24,324,528) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cash flows from operating activities: | ||||
Net income (loss) | ¥ 535,062 | $ 75,362 | ¥ (23,782,511) | ¥ (49,334,578) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
Sharebased compensation | 2,575,340 | 362,729 | 3,424,049 | 24,654,583 |
Depreciation and amortization | 4,248,651 | 598,410 | 5,143,105 | 6,045,283 |
Allowances for credit losses | 2,090,866 | 294,492 | 1,062,265 | 1,260,356 |
Interest income and investment loss (income), net | (4,082,971) | (575,074) | 5,524,730 | 263,814 |
Impairment loss for equity investments accounted for using Measurement Alternative | 127,834 | 18,005 | 18,540 | |
Loss (income) from equity method investments, net | (536,563) | (75,573) | (35,854) | 475,851 |
Loss (income) on disposal of property and equipment, net and other assets | (273,975) | (38,589) | (279,920) | 289,677 |
Impairment of goodwill and intangible assets acquired from business combination | 2,789,321 | |||
Impairment of property and equipment and other assets | 153,394 | 21,605 | 26,801 | 2,303,403 |
Deferred income taxes, net | (145,633) | (20,512) | (166,176) | (391,477) |
Foreign exchange loss (gain) | (271,411) | (38,227) | 1,406,338 | (116,289) |
Accretion of discount on shortterm and longterm borrowings and others | 43,414 | 6,115 | 83,677 | 114,864 |
Changes in operating assets and liabilities: | ||||
Accounts and notes receivable | (1,399,729) | (197,148) | (239,034) | (713,034) |
Amounts due from related parties | (32,489) | (4,576) | 53,184 | 68,372 |
Prepayments, receivables and other current assets | (746,675) | (105,167) | (33,803) | (777,739) |
Operating lease rightofuse assets | 276,066 | 38,883 | (62,176) | 96,318 |
Other noncurrent assets | (17,125) | (2,412) | 356,352 | (1,152,538) |
Accounts and notes payable | 1,857,875 | 261,676 | (1,164,397) | (1,080,270) |
Amounts due to related parties | 30,323 | 4,271 | (11,453) | (42,561) |
Deferred revenue and customer advances | (194,357) | (27,375) | 19,055 | (366,141) |
Accrued expenses and other current liabilities | 3,558,763 | 501,241 | (989,727) | 2,343,141 |
Operating lease liabilities | (245,872) | (34,630) | 45,468 | (139,512) |
Other noncurrent liabilities | 87,564 | 12,333 | 47,178 | (4,704) |
Net cash provided by (used in) operating activities | 7,638,352 | 1,075,839 | (9,554,309) | (13,413,860) |
Cash flows from investing activities: | ||||
Purchase of property and equipment and intangible assets | (2,340,490) | (329,651) | (2,553,788) | (6,620,191) |
Proceeds from disposal of property and equipment and intangible assets | 850,659 | 119,813 | 698,263 | 187,259 |
Purchase of shortterm and longterm treasury investments | (18,580,998) | (2,617,079) | (33,422,245) | (13,896,305) |
Proceeds from maturities of shortterm and longterm treasury investments | 19,883,989 | 2,800,601 | 25,178,485 | 37,778,943 |
Purchase of investment securities and other investments | (1,679,193) | (236,509) | (2,211,938) | (20,789,801) |
Proceeds from disposal or maturities of investment securities and other investments | 2,747,171 | 386,931 | 621,840 | 3,376,201 |
Purchase of equity method investments | (142,019) | (20,003) | (55,137) | (1,780,577) |
Proceeds from disposal of equity method investments | 82,935 | 11,681 | 49,492 | 93,686 |
Loan receivable originated from related parties | (133,707) | (18,832) | (34,500) | (389,988) |
Cash received from loan repayments of related parties | 1,515 | 6,106,358 | ||
Loan receivable originated from third parties | (27,854,308) | (3,923,197) | (14,683,006) | (15,063,874) |
Cash received from loan repayments of third parties | 23,063,313 | 3,248,400 | 13,568,733 | 12,736,307 |
Cash proceeds from distribution of Chengxin | 1,814,176 | |||
De-consolidation of subsidiaries and others | (377,304) | (53,143) | (593,334) | |
Net cash provided by (used in) investing activities | (4,479,952) | (630,988) | (11,028,110) | 1,144,684 |
Cash flows from financing activities: | ||||
Proceeds from short-term borrowings and longterm borrowings | 10,241,344 | 1,442,463 | 3,821,492 | 7,871,821 |
Repayments of short-term borrowings and longterm borrowings | (6,725,333) | (947,244) | (7,026,465) | (7,235,716) |
Repurchase of non-controlling interest and convertible redeemable non-controlling interest | (18,640) | (2,625) | (141,889) | (20,000) |
Proceeds from issuance of ordinary shares upon initial public offering, net of issuance cost | 28,033,106 | |||
Proceeds from issuance of convertible redeemable noncontrolling interest and convertible noncontrolling interest, net of issuance cost | 9,192,838 | |||
Repurchase of ordinary shares | (112,666) | (15,869) | (206,169) | |
Taxes paid related to net exercise of share-based awards | (53,084) | (7,477) | (271,395) | (2,375,663) |
Proceeds from release of shares withheld and exercise of share options | 22,478 | 3,166 | 150,792 | |
Capital injection from non-controlling interests shareholders | 50,050 | 7,049 | ||
Other financing activities | 134,095 | 18,888 | (77,891) | (68,735) |
Net cash provided by (used in) financing activities | 3,538,244 | 498,351 | (3,545,356) | 35,191,482 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 94,892 | 13,365 | 1,823,244 | (571,973) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 6,791,536 | 956,567 | (22,304,531) | 22,350,333 |
Cash and cash equivalents at the beginning of the year | 20,855,252 | 2,937,401 | 43,429,717 | 19,372,084 |
Restricted cash at the beginning of the year | 821,289 | 115,676 | 551,355 | 2,258,655 |
Cash and cash equivalents and restricted cash at the beginning of the year | 21,676,541 | 3,053,077 | 43,981,072 | 21,630,739 |
Cash and cash equivalents at the end of the year | 27,308,098 | 3,846,265 | 20,855,252 | 43,429,717 |
Restricted cash at the end of the year | 1,159,979 | 163,379 | 821,289 | 551,355 |
Cash and cash equivalents and restricted cash at the end of the year | 28,468,077 | 4,009,644 | 21,676,541 | 43,981,072 |
Supplemental disclosure of cash flow information | ||||
Cash paid for interest expenses | (198,914) | (28,016) | (160,639) | (251,853) |
Cash paid for income tax expenses | (512,601) | (72,198) | (484,790) | (331,488) |
Supplemental schedule of noncash investing and financing activities | ||||
Purchase of property and equipment and intangible assets included in payables | ¥ 264,461 | $ 37,249 | ¥ 335,032 | ¥ 1,048,022 |
Organization and principal acti
Organization and principal activities | 12 Months Ended |
Dec. 31, 2023 | |
Organization and principal activities | |
Organization and principal activities | 1. Organization and principal activities DiDi Global Inc. (the “Company”), previously named Xiaoju Science and Technology Limited, was incorporated under the laws of the Cayman Islands on January 11, 2013 and is primarily engaged in operating its global mobility technology platform that provides a range of mobility services as well as other services in the People’s Republic of China (“PRC” or “China”) and across overseas countries including Brazil, Mexico, etc. through its consolidated subsidiaries, variable interest entities (“VIE”s) and VIEs’ subsidiaries (collectively, the “Group”). The Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are described as follows: Country/Place Percentage of direct or and indirect date of economic benefits ownership incorporation/ December 31, Companies establishment 2022 2023 Major Subsidiaries Holly Universal Limited BVI, January 6, 2017 100% 100% DiDi (HK) Science and Technology Limited Hong Kong, August 2, 2013 100% 100% Xiaoju Science and Technology (Hong Kong) Limited Hong Kong, January 29, 2013 100% 100% Beijing DiDi Infinity Technology and Development Co., Ltd. PRC, May 6, 2013 100% 100% Major VIEs (Including VIEs’ Subsidiaries) Beijing Xiaoju Science and Technology Co., Ltd. PRC, July 10, 2012 100% 100% DiDi Chuxing Science and Technology Co., Ltd. PRC, July 29, 2015 100% 100% Beijing DiDi Chuxing Technology Co., Ltd. PRC, December 5, 2018 100% 100% |
Variable interest entities
Variable interest entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable interest entities | |
Variable interest entities | 2. Variable interest entities Due to the restrictions imposed by PRC laws and regulations on foreign ownership of companies engaged in value-added telecommunication services and certain other internet-based businesses, the Group operates its platforms and other restricted business in the PRC through certain PRC domestic companies, whose equity interests are held by nominee shareholders including certain management members of the Group (“Nominee Shareholders”). The Company and its subsidiaries enter into a series of contractual agreements, including power of attorney, exclusive option agreements, exclusive business cooperation agreements, equity pledge agreements, and other operating agreements, with these PRC domestic companies and their respective Nominee Shareholders. These contractual agreements can be extended at the relevant PRC subsidiaries’ options prior to the expiration date. As a result, the Company (i) has the power to direct activities of the VIEs that most significantly impact their economic performance, (ii) has the right to receive economic benefits from these PRC domestic companies that could potentially be significant to them. Management concluded that these PRC domestic companies are VIEs of the Company, of which certain PRC subsidiaries of the Company are considered the primary beneficiary for accounting purposes. As such, the Group consolidated the financial results of these PRC domestic companies and their subsidiaries in the Group’s consolidated financial statements under U.S. GAAP. The following is a summary of the major contractual agreements (collectively, “Contractual Agreements”) that the Company, through its subsidiaries, entered into with the PRC domestic companies and their respective Nominee Shareholders: a Contractual agreements with VIEs Power of Attorney Pursuant to the power of attorney agreements among the Wholly Foreign Owned Enterprises (“WFOE”s), the VIEs and their respective Nominee Shareholders, each Nominee Shareholder of the VIEs irrevocably undertakes to appoint the WFOE, as the attorney-in-fact to exercise all of the rights as a shareholder of the VIEs, including, but not limited to, the right to convene and attend shareholders’ meeting, vote on any resolution that requires a shareholder vote, such as appoint or remove directors and other senior management, and other voting rights pursuant to the articles of association (subject to the amendments) of the VIEs. Each power of attorney agreement is irrevocable and remains in effect as long as the Nominee Shareholder continues to be a shareholder of the VIEs. Unless otherwise required by PRC Laws, none of the VIEs or their respective Nominee Shareholders can unilaterally terminate this agreement. Exclusive Option Agreements Pursuant to the exclusive option agreements among WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders granted WFOEs exclusive right to purchase, when and to the extent permitted under PRC law, all or part of the equity interests from shareholders of VIEs. The exercise price for the options to purchase all or part of the equity interests shall be the minimum amount of consideration permissible under then applicable PRC law. The agreements will remain effective until all the equity interest in VIEs held by their respective shareholders have been transferred or assigned to WFOEs and/or any other person designated by WFOEs, or remain effective for a specified period as agreed by the parties which can be extended unilaterally by WFOEs. Unless otherwise required by PRC Laws, the VIEs or their respective Nominee Shareholders shall not unilaterally terminate this agreement. 2. Variable interest entities (Continued) Exclusive Business Corporation Agreement Pursuant to the exclusive business cooperation agreements among the WFOEs and the VIEs, respectively, the WFOEs have the exclusive right to provide the VIEs with services related to, among other things, comprehensive technical support, professional training, consulting, marketing and promotional services. Without prior written consent of the WFOEs, the VIEs agree not to directly or indirectly accept the same or any similar services provided by any others regarding the matters ascribed by the exclusive business cooperation agreements. The VIEs agree to pay the WFOEs services fees, which shall be determined by the WFOEs. The WFOEs have the exclusive ownership of intellectual property rights created as a result of the performance of the agreements. The agreements shall remain effective except that the WFOEs are entitled to terminate the agreements in writing. Unless otherwise required by PRC Laws, the VIEs shall not unilaterally terminate this agreement. Equity Pledge Agreements Pursuant to the equity pledge agreements among the WFOEs, the VIEs and their respective Nominee Shareholders, the Nominee Shareholders of the VIEs pledged all of their respective equity interests in the VIEs to the WFOEs as collaterals for performance of the obligations of the VIEs and their Nominee Shareholders under the exclusive business cooperation agreements, the power of attorney agreements, and the exclusive option agreements. The Nominee Shareholders of the VIEs also undertake that, during the term of the equity pledge agreements, unless otherwise approved by the WFOEs in writing, they will not transfer the pledged equity interests or create or allow any new pledge or other encumbrance on the pledged equity interests. These equity pledge agreements remain in force until VIEs and their respective Nominee Shareholders discharge all their obligations under the contractual agreements. Spousal Consent Letters Pursuant to the spousal consent letters, the spouses of some of the individual Nominee Shareholders of the VIEs unconditionally and irrevocably agree that the equity interest in the VIEs held by and registered in the name of his or her respective spouse will be disposed of pursuant to the relevant exclusive business cooperation agreements, equity pledge agreements, the exclusive option agreements and the power of attorney agreements, without his or her consent. In addition, each of them agrees not to assert any rights over the equity interest in the VIEs held by their respective spouses. b Risks in relation to the VIE structure Part of the Group’s business is conducted through the VIEs of the Group, of which certain PRC subsidiaries of the Company are considered the primary beneficiary for accounting purposes. The Company has concluded that (i) the ownership structure of the VIEs is not in violation of any applicable PRC laws or regulations currently in effect and (ii) each of the VIE Contractual Agreements is valid, binding and enforceable in accordance with their terms and applicable PRC laws or regulations currently in effect, and does not result in any violation of the applicable PRC laws or regulations currently in effect. However, the Group has been further advised by its PRC legal counsel that uncertainty remains because current PRC laws and regulations were recently promulgated and how they will be interpreted or implemented depends on the implementation rules to be promulgated by the relevant regulators, and further, that there are uncertainties due to possible future changes in PRC laws and regulations. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. 2. Variable interest entities (Continued) On March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC, which became effective on January 1, 2020, together with their implementation rules and ancillary regulations. The Foreign Investment Law does not explicitly classify contractual arrangements as a form of foreign investment, but it contains a catch-all provision under the definition of “foreign investment”, which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. It is unclear whether the Group’s corporate structure will be seen as violating the foreign investment rules as the Group is currently leveraging the contractual arrangements to operate certain business in which foreign investors are prohibited from or restricted to investing. If variable interest entities fall within the definition of foreign investment entities, the Group’s ability to use the contractual arrangements with its VIEs and the Group’s ability to conduct business through the VIEs could be severely limited. If the PRC government otherwise finds that the Group in violation of any existing or future PRC laws or regulations or lacks the necessary permits or licenses to operate the business, the Group’s relevant PRC regulatory authorities would have discretion in dealing with such violation, including, without limitation: ● revoking the business licenses and/or operating licenses of the Group’s PRC entities; ● imposing fines; ● confiscating any income that they deem to be obtained through illegal operations, or imposing other requirements with which the Group may not be able to comply; ● discontinuing or placing restrictions or onerous conditions on the Group’s operations; ● placing restrictions on the right to collect revenues; ● shutting down the Group’s servers or blocking the Group’s mobile app; ● requiring the Group to restructure ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the ability to consolidate the financial results of and derive economic interests from the VIEs and their subsidiaries; ● restricting or prohibiting the use of the proceeds from financing activities to finance the business and operations of the VIEs and their subsidiaries; or ● taking other regulatory or enforcement actions that could be harmful to the Group’s business. 2. Variable interest entities (Continued) The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive its economic benefits, the Group would no longer be able to consolidate the VIEs. The management believes that the likelihood for the Group to lose such ability is remote based on current facts and circumstances. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, it may lead to changes in PRC laws, regulations and policies or in the interpretation and application of existing laws, regulations and policies, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the Nominee Shareholders of the VIEs fail to perform their obligations under those arrangements. The enforceability, and therefore the benefits, of the contractual agreements between the Company and the VIEs depend on Nominee Shareholders enforcing the contracts. There is a risk that Nominee shareholders of VIEs, who in some cases are also shareholders of the Company may have conflict of interests with the Company in the future or fail to perform their contractual obligations. Given the significance and importance of the VIEs, there would be a significant negative impact to the Company if these contracts were not enforced. The Group’s operations depend on the VIEs to honour their contractual agreements with the Group. The Company’s ability to direct activities of the VIEs that most significantly impact their economic performance and the Company’s right to receive the economic benefits that could potentially be significant to the VIEs depend on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are enforceable against each party thereto in accordance with their terms and applicable PRC laws or regulations currently in effect and the possibility that it will no longer be able to consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote. 2. Variable interest entities (Continued) c Summary financial information of the Group’s VIEs (inclusive of VIEs’ subsidiaries) The following tables set forth the financial statement balances and amounts of the VIEs and their subsidiaries included in the consolidated financial statements after the elimination of intercompany balances and transactions among VIEs and their subsidiaries within the Group. As of December 31 2022 2023 RMB RMB Cash and cash equivalents 5,558,835 14,631,898 Restricted cash 739,355 1,137,508 Short‑term treasury investments 2,911,180 2,389,719 Accounts and notes receivable, net 1,353,038 2,028,426 Amounts due from the Company and its subsidiaries 29,306,180 25,637,023 Long-term treasury investments, net 1,021,862 246,806 Investment securities and other investments 1,285,266 689,471 Equity method investments, net 3,133,608 3,278,621 Property and equipment, net 273,753 283,793 Intangible assets, net 462,485 449,509 Other assets, net 3,349,234 4,042,492 Total assets 49,394,796 54,815,266 Short‑term borrowings 199,807 2,651,153 Accounts and notes payable 2,672,716 4,468,895 Amounts due to the Company and its subsidiaries 63,721,620 61,319,853 Long‑term borrowings — 830,700 Operating lease liabilities 274,150 105,645 Other liabilities 4,735,651 6,465,001 Total liabilities 71,603,944 75,841,247 Shareholders’ deficit of VIEs (22,209,148) (21,025,981) Total liabilities and shareholders’ deficit of VIEs 49,394,796 54,815,266 For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Total revenues 168,311,395 132,237,619 181,926,012 Net income (loss) (5,957,049) (297,389) 1,066,970 Net cash provided by operating activities 1,631,994 4,628,428 17,154,763 Net cash provided by (used in) investing activities 2,688,546 (438,285) 774,580 Net cash provided by (used in) financing activities 4,505,606 (16,499,234) (8,458,127) The Company considers that there are no assets in the VIEs that can be used only to settle obligations of the VIEs, except for the registered capital of the VIEs amounting to approximately RMB14,357,869 and RMB13,202,870 as of December 31, 2022 and 2023, as well as certain non - distributable statutory reserves amounting to approximately RMB64,034 and RMB89,487 as of December 31, 2022 and 2023. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors normally do not have recourse to the general credit of the Company for the liabilities of the VIEs. There is currently no contractual arrangement that would force the Company to provide additional financial support to the VIEs. As the Group is conducting certain business in the PRC through the VIEs, the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss. The VIEs hold assets with no carrying value in the consolidated balance sheet that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue - producing assets). Unrecognized revenue - producing assets held by the VIEs include online ride hailing operation permits for certain cities, Internet Content Provision License (“ICP licenses”), certain value - added telecommunications service licenses such as internet data center services license, the domain names of didiglobal.com and so on. Recognized revenue - producing assets including non - compete agreements, patents and trademark which were acquired through the previous acquisitions are held by WFOEs or other subsidiaries. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 3. Summary of significant accounting policies 3.1 Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. 3.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of the VIEs. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. All inter-company transactions and balances between the Company, its subsidiaries, VIEs and subsidiaries of the VIEs have been eliminated upon consolidation. The Group included the results of operations of the acquired businesses from their respective dates of acquisition. 3.3 Comparative information Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassifications below had no impact on previously reported results of operations, shareholders’ equity or cash flows: i) Time deposits stated at amortized cost and other debt investments previously presented as “short-term investments” are now presented as “short-term treasury investments” and “prepayments, receivables and other current assets, net”, respectively, within the consolidated balance sheets. ii) Time deposits stated at amortized cost and structured notes under fair value option previously presented as “investment securities and other investments” are now presented as “long-term treasury investments” within the consolidated balance sheets. iii) Equity investments accounted for using the Measurement Alternative method and equity method previously presented as “long-term investments, net” are now presented as “investment securities and other investments” and “equity method investments, net”, respectively, within the consolidated balance sheets. iv) Loan receivables previously presented separately as “Loans receivable, net” are now presented as “prepayments, receivables and other current assets, net” within the consolidated balance sheets. 3. Summary of significant accounting policies (Continued) 3.4 Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods. The Group believes that (i) revenue recognition, (ii) assessment for impairment of goodwill, long-lived assets, intangible assets, (iii) determination of the estimated useful lives of long-lived assets, (iv) fair value of certain investments and other financial instruments, (v) provision for credit losses of time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables, (vi) fair value of contingent considerations and services with respect to business divestiture, (vii) valuation and recognition of share based compensation expenses, (viii) provision for income tax and realization of deferred tax assets reflect the more significant judgments and estimates used in the preparation of its consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ from those estimates. 3.5 Functional currency and foreign currency translation The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands and BVI is United States dollars (“US$”). The functional currency of its subsidiaries incorporated in Hong Kong is HongKong dollar (“HK$”) or US$. The functional currency of the PRC entities in the Group is RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as other income (loss), net in the consolidated statements of comprehensive income (loss). The foreign exchange gain amounted to RMB70,265, and loss amounted to RMB 1,387,541 The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities are translated at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues and expenses, gains and losses are translated into RMB using the periodic average exchange rates. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income (loss) in the consolidated statements of comprehensive income (loss). 3.6 Convenience translation Translations of the consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999, representing the index rates stipulated by the federal reserve board/the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2023, or at any other rate. 3. Summary of significant accounting policies (Continued) 3.7 Fair value measurement Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Group uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: ● Level 1 — Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities; ● Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market based or independently sourced market parameters, such as interest rates and currency exchange rates. 3.8 Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal for use, and which have original maturities less than three months. As of December 31, 2022 and 2023, cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay amounted to RMB 971,925 and RMB 1,620,687 3.9 Restricted cash and non-current restricted cash Cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions which are restricted as to withdrawal for use or pledged as security are reported separately as restricted cash. The Group’s restricted cash is classified into current and non-current based on the length of restricted period. The Group’s restricted cash primarily represents the deposits in banks which are restricted in use. 3. Summary of significant accounting policies (Continued) 3.10 Treasury investments Treasury investments represent the debt investments purchased from reputable financial institutions. Primarily these instruments are considered to have a low risk of default and the counterparty has a strong capacity to meet its contractual cash flows obligations in the near term. The identified credit losses are insignificant. Treasury investments at amortized cost are primarily time deposits placed with the bank. Interest income from treasury investments at amortized cost is recognized using the effective interest method in the consolidated statements of comprehensive income (loss). Treasury investments under the fair value option (“FVO”) are primarily structured notes which are the financial instruments with variable interest rates indexed to performance of underlying assets. Changes in the fair value are reflected in the consolidated statements of comprehensive income (loss) as investment income (loss), net. Treasury investments with original maturities over three months, but less than one year are expected to be realized in cash during the next twelve months are classified as short-term treasury investments. Treasury investments with maturities more than one year are classified as long-term treasury investments. 3.11 Accounts and notes receivable, net Accounts receivable, net represent the amounts that the Group has an unconditional right to consideration from riders, other individual customers and enterprise customers, and primarily consist of (i) unpaid fare amounts from riders, (ii) fare amounts paid by riders but not yet received by the Group, (iii) fare amounts not yet paid by enterprise customers, (iv) unpaid amounts from individual customers and enterprise customers for other services completed. 3.12 Expected credit losses The Group’s time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit losses analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Group’s control. The Group updated the model based on various macroeconomic and market data and took the latest available information into consideration. 3.13 Investment securities and other investments Investment securities and other investments primarily consist of equity securities with readily determinable fair value, equity investments without readily determinable fair value and certain debt investments. Equity securities with readily determinable fair value The Group invests in marketable equity securities, which are publicly traded stock. The Group carries these equity securities at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive income (loss). 3. Summary of significant accounting policies (Continued) Equity securities without readily determinable fair value measured at Measurement Alternative Equity securities except for those over which the Group has the ability to exercise significant influence, are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive income (loss), according to ASC 321 “Investments — Equity Securities”. The Group elected to record the equity investments without readily determinable fair value using the Measurement Alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer, if any. All realized and unrealized gains (losses) on the investments, are recognized in investment income (loss), net or impairment loss for equity investments accounted for using Measurement Alternative in the consolidated statements of comprehensive income (loss). For investments under the Measurement Alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date based on performance and financial position of the investee as well as other evidence of market value. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing rounds, as well as the financial and business performance, and other significant judgment in considering various factors and events. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net loss equal to the difference between the carrying value and fair value. Significant judgment is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgments include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used in cash flow forecasts. Certain debt investments Certain debt investments are debt investments that are not classified as treasury investments, and are accounted for at amortized cost or under the FVO. The Group has elected the fair value option for certain debt investments primarily consisting of certain government bonds with maturities of over one year and investment in Kargobot’s shares (Note 4). The FVO permits the irrevocable election on an instrument - by - instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized or unrealized gains (losses) recorded as investment income (loss), net in the consolidated statements of comprehensive income (loss). Interest income from debt investments which are measured at amortized cost is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows. Other debt investments are classified into Prepayments, receivables and other current assets, net or investment securities and other investments based on the length of maturities. 3.14 Equity method investments, net The Group applies the equity method to account for equity investments in common stock or in-substance common stock, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a majority equity interest or otherwise control, unless the fair value option is elected. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. Under the equity method, the Group initially records its investment at cost and subsequently records its share of the results of the equity investees. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally represents goodwill and intangible assets acquired. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statement of comprehensive income (loss) and recognizes its share of post-acquisition movements in accumulated other comprehensive income (loss) as a component of shareholders’ equity (deficit). When the Group’s share of losses in the equity investees equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. 3. Summary of significant accounting policies (Continued) The Group continuously reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If any impairment is considered other-than-temporary, the Group writes down the investment to its fair value and recognizes the impairment charge to the consolidated statements of comprehensive income (loss). 3.15 Property and equipment, net Property and equipment are stated at cost, net of accumulated depreciation and impairment, if any. Depreciation is primarily computed using the straight-line method over the estimated useful lives of the assets. Bikes and e-bikes Bikes and e-bikes are depreciated over the estimated useful lives on a straight-line basis. The initial estimated useful lives of such bikes and e-bikes are generally from 2 to 3 years. Vehicles Vehicles are depreciated over the estimated useful lives on a straight-line basis or accelerated basis. The initial estimated useful lives of such vehicles are from 3 to 5 years. The Group also estimates the residual value of the vehicles at the expected time of disposal. The estimated residual values for vehicles are based on factors including model, age, and mileage. The Group makes annual assessments to the depreciation rates of vehicles in response to the latest market conditions and their effect on residual values as well as the estimated time of disposal. Changes made to estimates are reflected in vehicle-related depreciation expense on a prospective basis. Other property and equipment Other property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income (loss). Property and equipment have estimated useful lives as follows: Categories Estimated useful lives Bikes and e‑bikes 2‑3 years Vehicles 3-5 years Computers and equipment 2‑5 years Leasehold improvement Lesser of estimated useful life or remaining lease terms Others 5‑40 years Construction in progress Direct costs that are related to the construction of property and equipment and are incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property or equipment, which are primarily relating to computers and equipment and bikes and e-bikes which are not ready for lease or use, and the depreciation of these assets commences when the assets are ready for their intended use. 3. Summary of significant accounting policies (Continued) 3.16 Intangible assets, net Intangible assets are primarily acquired through business combinations or purchased from third parties. Intangible assets arising from business combinations are recognized and measured at fair value upon acquisition. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows: Categories Estimated useful lives Non‑compete agreements 6‑7 years Trademark, patents and others 3-10 years Driver lists 5 years Customer lists 5 years Software 3-5 years Online payment license* Indefinite live Others Indefinite live * An acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that, based on regulatory precedent, there were no practical difficulties in the renewal process according to the industry practice, thus providing the basis for the indefinite life assumption. 3.17 Impairment of long-lived assets other than goodwill Long-lived assets including property and equipment, intangible assets and other non-current assets other than goodwill are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold or use is based on the amount by which the carrying value exceeds the fair value of the asset. Judgment is used in estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the long-live assets’ fair value. Refer to Note 11- Property and equipment, net and Note 13-Intangible assets, net for further information. 3.18 Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis, and between annual tests when an event occurs, or circumstances change that could indicate that the asset might be impaired. The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. The Group performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist. RMB2,501,100, nil and nil of impairment loss of goodwill was recognized for the years ended December 31, 2021 and 2022 and 2023, respectively. Refer to Note 14- Goodwill for further information. 3. Summary of significant accounting policies (Continued) 3.19 Leases The Group applies ASC 842, “Leases” (“ASC 842”) to account for leases. The Group categorized leases with contractual terms longer than twelve months as either operating or finance lease. Right-of-use (“ROU’) assets represent the Group’s rights to use underlying assets for the lease terms and lease liabilities represent the Group’s obligation to make lease payments arising from the leases. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. If the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group elected not to separate non-lease components from lease components; therefore, it will account for lease components and the non-lease components as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the lease liability calculation. Variable lease payments mainly include costs related to certain IDC facilities leases which are determined based on actual number of usages. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense is recognized as depreciation on a straight-line basis over the lease term and interest using the effective interest method. Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term. 3.20 Short-term and long-term borrowings Borrowings are initially recognized at fair value, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. 3.21 Statutory reserves In accordance with the relevant regulations and their articles of association, subsidiaries of the Group incorporated in the PRC are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50% of the relevant subsidiary’s registered capital. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the respective company. These reserves can only be used for specific purposes and are not transferable to the Group in the form of loans, advances or cash dividends. For the years ended December 31, 2021, 2022 and 2023, appropriations to the general reserve amounted to RMB11,414, RMB41,411 and RMB30,777, respectively. No appropriations to the enterprise expansion fund or staff welfare and bonus fund have been made by the Group. 3.22 Revenue recognition The Group adopted ASC 606 — “Revenue from Contracts with Customers” for all periods presented. According to ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering allowances for refund, price concession, discount and value added tax (“VAT”). 3. Summary of significant accounting policies (Continued) China Mobility The Group generates revenues from providing a variety of mobility services through its mobility platform in the PRC (“China Mobility Platform”). The Group’s revenues from its ride hailing services in the PRC presented on a gross basis accounted for more than 97% of the total revenues from China Mobility for the years ended December 31, 2021, 2022, and 2023, respectively. The Group also generates revenues from providing other mobility services such as online taxi, chauffeur and other services in the PRC. As part of the Chinese government’s effort to ease the burden of business affected by the COVID - 19 pandemic, the Ministry of Finance and the State Taxation Administration temporarily exempted VAT on revenues derived from the provision of public transportation services in the PRC from January 2020 to March 2021 and from January 2022 to December 2022, respectively. ● Ride hailing services in the PRC The Group provides a variety of ride hailing services on its China Mobility Platform, mainly including Luxe, Premier, Select, DiDi Flash, Express, Discount Express, Piggy Express and Carpooling service lines in the PRC, and considers itself as the ride service provider according to the relevant regulations in the PRC and the ride service agreements entered into with riders. For all ride hailing services offered, names of the services and the service providers with the correspondin |
Financing transactions of certa
Financing transactions of certain subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Financing transactions of certain subsidiaries | |
Financing transactions of certain subsidiaries | 4. Financing transactions of certain subsidiaries Chengxin In March 2021, Chengxin, as the Group’s subsidiary, entered into a series of agreements (“Chengxin Agreements”) with external investors and the Group. Pursuant to Chengxin Agreements, Chengxin issued Preferred Shares to external investors and certain senior management of the Group and Chengxin also issued a zero-coupon seven-year convertible note due 2028 (“Convertible Note”) to the Group. Upon the completion of the transaction, the Group no longer held the controlling financial interest in Chengxin. Accordingly, Chengxin was deconsolidated from the Group after March 30, 2021 and a gain of RMB9,058,144 was recognized in the investment income (loss), net in the consolidated statement of comprehensive loss for the year ended December 31, 2021. Given the Group had the ability to exercise significant influence over Chengxin, the Group elected to apply the FVO to the Group’s investments in ordinary shares. The Group also applies fair value accounting on the Convertible Note, thereby providing consistency of accounting treatment. The investments in ordinary shares and in Convertible Note (collectively, the “Investment in Chengxin”) are measured at fair value on a recurring basis with changes in fair value reflected in earnings. For the year ended December 31, 2021, Chengxin experienced an adverse change in its operating and financial performance and challenges of obtaining additional financing, Chengxin revised its business plan to scale down significantly and undertake a strategic business model transition. Accordingly, the Group recognized the downward fair value changes of RMB21,259,814 in Investments in Chengxin. The fair value of the Group’s total investment in Chengxin was reduced to RMB686,124 at December 31, 2021. Considering continuous adverse impact on Chengxin’s operating and financial performance in 2022, the shareholders of Chengxin decided not to continue to operate the community group buying business. Therefore, Chengxin’s shareholders and board resolved to distribute all of its available assets to its shareholders, in accordance with the distribution sequences outlined in Chengxin Agreements. As a shareholder of Chengxin, the Group received its share of Chengxin’s assets of RMB1,935,171 upon the completion of the distribution in July 2022. The difference of RMB1,172,541 between the distributions received and the investment balance at December 31, 2021 was recorded in investment income (loss), net in the consolidated statement of comprehensive loss in 2022. Kargobot In the third quarter of 2023, Guangzhou Kargobot Technology Co., Ltd. (“Kargobot”), the Group’s subsidiary engaged in autonomous trunk line freight business, entered into a series of agreements (“Kargobot Agreements”) with external investors and the Group. Pursuant to the Kargobot Agreements, Kargobot increased its registered share capital of RMB303 for a total consideration of RMB295,000 to external investors. Upon the completion of the transaction on September 28, 2023, the Group no longer held the controlling financial interests in Kargobot, therefore Kargobot was deconsolidated from the Group after September 28, 2023. Accordingly, a gain of RMB761,206 was recognized in the investment income (loss), net in the consolidated statement of comprehensive income (loss) for the year ended December 31, 2023, measured as the difference between the fair value of the Group’s investment in Kargobot’s shares as well as other debt investments in Kargobot in the total amount of RMB786,934, and the carrying amount of net assets of Kargobot in the amount of RMB25,728 as of September 28, 2023. The fair value of the Group investment in Kargobot’s shares upon the closing of the deconsolidation of RMB528,709 was determined by the Group with assistance of a third-party appraiser, using option-pricing model (“OPM”) and back-solve method. Refer to Note 27 - Fair value measurement for the valuation approach and key inputs for the determination of the fair value of the Group’s Investment in Kargobot. In the fourth quarter of 2023, the Group entered into a supplemental agreement with Kargobot, pursuant to which the Group’s investment in Kargobot’s shares has a substantive redemption provision. Therefore, the Group’s investment in Kargobot’s shares are not in-substance ordinary shares and the Group measured its investment in Kargobot’s shares at fair value. |
Sale of Certain Smart Auto Busi
Sale of Certain Smart Auto Business | 12 Months Ended |
Dec. 31, 2023 | |
Sale of Certain Smart Auto Business | |
Sale of Certain Smart Auto Business | 5. Sale of certain smart auto business On August 27, 2023, the Group entered into a share purchase agreement (“SPA”) with XPeng Inc. (“XPeng”) to sell 100% of issued share capital of Xiaoju Smart Auto Co. Limited and its subsidiaries, in consideration of class A ordinary shares issued by XPeng. Xiaoju Smart Auto Co. Limited was the Group’s wholly owned subsidiary and was engaged in certain smart auto business. The total consideration includes a) 58,164,217 XPeng Class A ordinary shares shall be issued on the date of the Initial Closing; b) 4,636,447 XPeng Class A ordinary shares shall be issued on the date of the start of production milestone is achieved; c) additional XPeng Class A ordinary shares up to 14,054,605 shall be issued on the applicable date, if the first earn-out period milestone is achieved; and d) additional XPeng Class A ordinary shares up to 14,276,521 shall be issued on the applicable date if the second earn-out period milestone is achieved. On November 13, 2023 (the “Initial Closing”), the Group completed the sale and received 58,164,217 XPeng Class A ordinary shares. As a result, the Group’s 100% equity interest of Xiaoju Smart Auto Co. Limited was transferred to XPeng. Upon the completion of the Initial Closing, the Group measured the total consideration, including the contingent considerations, at fair value. The fair value of the total consideration upon the Initial Closing was RMB3,540,849, and was determined by the Group with the assistance of a third-party appraiser. The fair value of the contingent considerations was determined using a scenario-based model. Subsequently, the Group measured the contingent considerations at fair value at each reporting period. Refer to Note 27 - Fair value measurement for the valuation approach and key inputs for the determination of the fair value of the contingent considerations. The Group also simultaneously entered into a strategic cooperation agreement with XPeng pursuant to which the Group provides technology and marketing services to XPeng, within a pre-defined period. These services are considered separate performance obligations in this arrangement. A portion of the total consideration was deferred as contract liabilities at Initial Closing for the future obligation of providing technology and marketing services to XPeng. The fair value of the contract liabilities was determined by the Group with the assistance of a third-party appraiser, using income approach (Level 3). The sale of certain smart auto business did not represent a strategic shift that would have had a major effect on the Group’s operations and financial results, and therefore does not qualify for reporting as a discontinued operation. Upon the completion of the Initial Closing, a gain of RMB2,078,178 on the sale of certain smart auto business was recorded in investment income (loss), net in the consolidated statement of comprehensive income (loss) for the year ended December 31, 2023, measured as the difference between the fair value of the total consideration excluding the contract liabilities recognized for providing technology and marketing services to XPeng in the amount of RMB3,140,036 and the carrying value of the net assets of certain smart auto business in the total amount of RMB1,061,858 as of November 13, 2023. |
Short-term and Long-term treasu
Short-term and Long-term treasury investments | 12 Months Ended |
Dec. 31, 2023 | |
Short-term and Long-term treasury investments | |
Short-term and Long-term treasury investments | 6. Short-term and Long-term treasury investments The following is a summary of treasury investments: As of December 31 2022 2023 RMB RMB Short-term treasury investments Time deposits and other debt investments stated at amortized cost 16,965,708 19,163,581 Other debt investments under FVO — 78,502 Subtotal 16,965,708 19,242,083 Long-term treasury investments Time deposits and other debt investments stated at amortized cost 8,444,793 4,712,589 Other debt investments under FVO 1,755,009 3,180,310 Subtotal 10,199,802 7,892,899 |
Accounts and notes receivable,
Accounts and notes receivable, net | 12 Months Ended |
Dec. 31, 2023 | |
Accounts and notes receivable, net | |
Accounts and notes receivable, net | 7. Accounts and notes receivable, net Accounts and notes receivable, net consist of the following: As of December 31 2022 2023 RMB RMB Accounts and notes receivable 2,944,355 4,011,265 Allowance for credit losses (692,722) (723,655) Accounts and notes receivable, net 2,251,633 3,287,610 The movement of the allowances for credit losses is as follows: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Balance at beginning of the year (556,360) (650,888) (692,722) Provision (596,908) (454,168) (387,196) Write-offs 502,380 412,334 356,263 Balance at end of the year (650,888) (692,722) (723,655) |
Prepayments, receivables and ot
Prepayments, receivables and other current assets, net and other non-current assets, net | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments, receivables and other current assets, net and other non-current assets, net | |
Prepayments, receivables and other current assets, net and other non-current assets, net | 8. Prepayments, receivables and other current assets, net and other non-current assets, net Prepayments, receivables and other current assets, net consist of the following: As of December 31 2022 2023 RMB RMB Loans receivable, net 5,338,627 8,679,730 Short-term debt investments 582,510 1,064,663 Deductible VAT-input 1,533,722 1,023,024 Rental deposits and other deposits, net 424,492 775,829 Advances to employees and others 684,095 715,138 Prepayments for promotion and advertising expenses and other operating expenses 593,199 398,450 Prepaid income tax 92,250 381,488 Contingent consideration assets — 239,557 Others, net 865,194 975,396 Total 10,114,089 14,253,275 Loans receivable, net which primarily represent micro loans the Group offers to individual borrowers who are registered as riders, end users or drivers via the Group’s technology platforms, mainly with terms of three to twelve months, consists of the following: As of December 31 2022 2023 RMB RMB Loans receivable 5,798,839 9,829,675 Allowance for credit losses (460,212) (1,149,945) Loans receivable, net 5,338,627 8,679,730 8. Prepayments, receivables and other current assets, net and other non-current assets, net (Continued) The Group considers a loan receivable to be delinquent when a monthly payment is one day past due. Generally, loans receivable are impaired and placed on non accrual status upon reaching 30 days or 90 days past due. When a loan receivable is placed on non accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date. Cash payment received on non accrual loans receivable would be first applied to any unpaid principal and late payment fees, if any, before recognizing interest income. The Group writes off the loans receivable against the related allowance when management determines that full repayment of a loan is not probable. Generally, write off occurs after the 30th or 180th day of delinquency. The primary factor in making such determination is the assessment of potential recoverable amounts from the delinquent debtor. The movement of the allowances for credit losses is as follows: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Balance at beginning of the year (146,432) (604,506) (460,212) Foreign currency translation adjustments — (3,979) (25,373) Provision (557,129) (523,863) (1,609,671) Write‑offs 99,055 672,136 945,311 Balance at end of the year (604,506) (460,212) (1,149,945) The aging analysis of loans receivable by due date as of December 31, 2022 and 2023 is as follows: Past Due 91 Days or Total Past 1 ‑ 30 Days 31 ‑ 60 Days 61 ‑ 90 Days Greater Due Current Total As of December 31, 2022 70,990 42,495 38,340 95,028 246,853 5,551,986 5,798,839 As of December 31, 2023 219,243 110,379 85,685 127,124 542,431 9,287,244 9,829,675 Other non-current assets, net consist of the following: As of December 31 2022 2023 RMB RMB Deductible VAT-input 864,319 1,116,686 Prepayments for property and equipment, long-term investments and other non‑current assets 823,634 409,469 Rental deposits and other deposits, net 153,240 160,189 Contingent consideration assets — 10,811 Others, net 19,672 22,340 Total 1,860,865 1,719,495 |
Investment securities and other
Investment securities and other investments | 12 Months Ended |
Dec. 31, 2023 | |
Investment securities and other investments | |
Investment securities and other investments | 9. Investment securities and other investments The following is a summary of investment securities and other investments: As of December 31 2022 2023 RMB RMB Listed equity securities 6,725,766 8,573,605 Debt investments under fair value option 822,942 1,978,098 Equity investments accounted for using Measurement Alternative method 580,152 466,247 Debt investments stated at amortized cost 261,797 68,458 Total 8,390,657 11,086,408 The following table summarizes the listed equity securities and other investments under fair value option: As of December 31, 2022 Cumulative Cumulative Foreign gross gross currency unrealized unrealized translation Fair Cost gains losses adjustments Value RMB RMB RMB RMB RMB Listed equity securities 7,561,289 — (1,067,079) 231,556 6,725,766 — Investee A 600,000 — (206,442) — 393,558 — Investee B (i) 6,518,202 — (648,302) 198,536 6,068,436 — Others 443,087 — (212,335) 33,020 263,772 Debt investments under FVO 811,531 17,610 — (6,199) 822,942 — Debt investments under fair value option 811,531 17,610 — (6,199) 822,942 Total 8,372,820 17,610 (1,067,079) 225,357 7,548,708 As of December 31, 2023 Cumulative Cumulative Foreign gross gross currency unrealized unrealized translation Fair Cost gains losses adjustments Value RMB RMB RMB RMB RMB Listed equity securities 9,189,534 — (852,415) 236,486 8,573,605 — Investee A 600,000 — (215,227) — 384,773 — Investee B (i) 4,729,687 — (311,250) 290,853 4,709,290 —XPeng (ii) 3,268,546 — (219,663) (43,637) 3,005,246 — Others 591,301 — (106,275) (10,730) 474,296 Debt investments under FVO 1,940,665 31,206 — 6,227 1,978,098 — Investment in Kargobot’s shares 528,709 — — — 528,709 — Debt investments under fair value option 1,411,956 31,206 — 6,227 1,449,389 Total 11,130,199 31,206 (852,415) 242,713 10,551,703 (i) Investment in Investee B As of December 31, 2022 and 2023, the fair value of the Investment in Investee B was RMB 6,068,436 and RMB 4,709,290 , respectively. For the years ended December 31, 2022 and 2023, the Group disposed certain number of ordinary shares of Investee B, resulting in a realized gain with the amount of RMB 5,998 and RMB 113,882 recorded in investment income (loss), net, respectively. 9. Investment securities and other investments (Continued) Given the change of quoted price of Investee B’s ordinary shares, the Group recognized an unrealized loss of RMB 6,221,463 and an unrealized gain of RMB 337,052 in investment income (loss), net for the years ended December 31, 2022 and 2023, respectively. (ii) Investment in XPeng On August 27, 2023, the Group entered into an SPA with XPeng to transfer 100% equity interest in certain smart auto business for consideration of XPeng’s Class A ordinary shares. Refer to Note 5 for the details of the sale of certain smart auto business. On November 13, 2023, 58,164,217 Class A ordinary shares were received by the Group. The investment in XPeng was recorded as investment securities and other investments, with the fair value determined based on the quoted price in the active market. As of December 31, 2023, the fair value of the Investment in XPeng was RMB 3,005,246 . The Group recognized an unrealized loss of RMB 219,663 in investment income (loss), net for the year ended December 31, 2023. Debt investments under FVO, mainly include certain government bonds, investments of shares and convertible loan in Kargobot and are accounted for according to Note 3.13. For details about investments in Kargobot, please refer to Note 4. The Group invested in multiple private companies which may have operational synergy with the Group’s core business. The Group’s equity investments without readily determinable fair value were accounted for using the Measurement Alternative method. Impairment charges in connection with the Measurement Alternative investments of nil , RMB 18,540 and RMB 127,834 were recorded in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023, respectively, resulting from impairment assessments, considering various factors and events including adverse performance of investees, adverse industry conditions affecting investees, etc. The Group recognized a disposal gain of RMB 2,493,381 , nil and nil for the years ended December 31, 2021, 2022 and 2023, respectively. The carrying values of debt investments stated at amortized cost approximate their fair value. |
Equity method investments, net
Equity method investments, net | 12 Months Ended |
Dec. 31, 2023 | |
Equity method investments, net | |
Equity method investments, net | 10. Equity method investments, net The Group recorded proportionate share of losses of RMB211,559, and income of RMB95,505, RMB583,406 from equity investments accounted for using equity method for the years ended December 31, 2021, 2022 and 2023, respectively. The Group also recognized impairment losses of RMB264,292, RMB59,651 and RMB46,843 for the years ended December 31, 2021, 2022 and 2023, respectively. The Group records both proportionate share of losses or income and impairment losses of its equity method investments as income (loss) from equity method investments, net in the consolidated statements of comprehensive income (loss). For the year ended December 31, 2023, the equity investments made under equity method were insignificant. The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule 4-08 of Regulation S-X: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Results of operations: Revenue 7,549,918 8,906,174 11,749,558 Gross profit (loss) (4,257,022) 1,712,738 2,748,455 Income (loss) from operations (16,489,595) (1,248,914) 1,631,031 Net income (loss), net 1,999,569 (2,468,292) 1,393,547 Balance sheet data: Current assets 54,810,598 52,797,753 53,386,574 Non‑current assets 17,656,885 14,891,760 23,584,221 Current liabilities 31,611,814 38,391,255 46,749,844 Non‑current liabilities 5,536,458 3,308,611 1,876,198 Convertible redeemable preferred shares and non‑controlling interests 7,160,924 — — The condensed financial information of the Group’s equity investments under equity method or under fair value option, for which the equity method otherwise would be required was summarized in the aggregate amount. As the Group’s shareholding interests in these investees vary among different equity method investees, which includes 3% to 5% interests in certain funds in the form of partnership, the Group recognized small proportionate share of gain or loss accordingly from these entities. In addition, the Group did not recognize the proportionate share of loss from Chengxin as the fair value option was selected for the equity investment of Chengxin before the completion of its distribution of the available assets to its shareholders in July 2022 (Note 4). As a result, the income (loss) from equity method investments, net in the consolidated statement of comprehensive income (loss) is not comparable with the above table. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property and equipment, net | |
Property and equipment, net | 11. Property and equipment, net Property and equipment, net consist of the following: As of December 31 2022 2023 RMB RMB Bikes and e-bikes 9,966,031 8,255,615 Vehicles 3,022,763 1,923,551 Computers and equipment 4,145,016 4,302,574 Leasehold improvement 707,947 636,728 Construction in progress 170,785 286,326 Others 35,173 32,591 Total 18,047,715 15,437,385 Less: Accumulated depreciation (10,305,649) (9,850,875) Less: Accumulated impairment loss (2,023,742) (1,256,338) Property and equipment, net 5,718,324 4,330,172 Depreciation expenses recognized for the years ended December 31, 2021, 2022 and 2023 were RMB4,220,521, RMB3,511,825 and RMB3,245,369, respectively. For the years ended December 31, 2021, 2022 and 2023, the impairment losses for property and equipment were RMB2,247,738, nil and RMB69,997, respectively. For the year ended December 31, 2021, the impairment charge of RMB2,164,409 on bikes and e-bikes was mainly caused by the adverse change in the operating and financial performance of the Group’s bike and e-bike sharing business during the third quarter of 2021. |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2023 | |
Operating leases | |
Operating leases | 12. Operating leases Operating leases of the Group primarily consist of leases of offices and data centers. The recognition of whether a contract arrangement contains a lease is made by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all the economic benefits from and has the ability to direct the use of the asset. Operating lease assets and liabilities are included in the items of operating lease right-of-use assets, operating lease liabilities, current portion, and operating lease liabilities, non-current portion on the consolidated balance sheets. The components of lease expenses for the years ended December 31, 2021, 2022 and 2023 are as follows: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Operating lease cost 726,359 729,038 645,678 Short‑term lease cost 467,384 416,215 400,926 Variable lease cost 121,353 150,994 97,548 Total lease cost 1,315,096 1,296,247 1,144,152 12. Operating leases (Continued) Supplemental cash flows information related to leases is as follows: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Cash payments for operating leases 761,352 783,337 717,407 ROU assets obtained in exchange for operating lease liabilities 910,144 978,608 534,313 As of December 31, 2023, the Company’s operating leases had a weighted average remaining lease term of 2.84 years and a weighted average discount rate of 4.78% . Maturities of lease liabilities are as follows: As of December 31 2023 RMB 2024 455,979 2025 285,785 2026 174,686 2027 57,153 Thereafter 121,847 Total undiscounted lease payments 1,095,450 Less: imputed interest (126,314) Total lease liabilities 969,136 |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets, net | |
Intangible assets, net | 13. Intangible assets, net The Group’s intangible assets, net consist of following: As of December 31 2022 2023 RMB RMB Finite ‑ lived intangible assets Non‑compete agreements 7,183,773 7,183,773 Trademarks, patents, software and others 5,413,444 5,405,499 Customer lists 1,563,680 1,573,479 Driver lists 301,641 306,755 Total 14,462,538 14,469,506 Less: accumulated amortization (12,846,495) (13,835,413) Less: accumulated impairment loss (346,466) (412,972) Net book value 1,269,577 221,121 Indefinite ‑ lived intangible assets Online payment license 398,085 398,085 Others 56,479 56,479 Total 454,564 454,564 Finite and indefinite ‑ lived intangible assets 1,724,141 675,685 13. Intangible assets, net (Continued) For the years ended December 31, 2021, 2022 and 2023, amortization expenses amounted to RMB1,824,762, RMB1,631,280 and RMB1,003,282, respectively. For the years ended December 31, 2021, 2022 and 2023, the impairment losses for intangible assets were RMB288,221, RMB17,736 and RMB80,800, respectively. For the year ended December 31, 2021, the impairment charge was recorded for the intangible assets generated from the acquisition of 99 Taxis. Refer to Note 14 Goodwill for further information. As of December 31, 2023, amortization expenses related to finite-lived intangible assets for future periods are estimated to be as follows: Amortization Expenses RMB 2024 118,985 2025 37,685 2026 23,572 2027 15,671 Thereafter 25,208 Total expected amortization expenses 221,121 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill | |
Goodwill | 14. Goodwill For the years ended December 31, 2021, 2022 and 2023, the changes in the carrying value of goodwill by segment are as follows: China Other Mobility (i) International (ii) Initiatives Total RMB RMB RMB RMB Balance as of January 1, 2021 46,283,879 2,746,589 93,704 49,124,172 Less: accumulated impairment loss — (2,492,826) — (2,492,826) Foreign currency translation adjustments — (253,763) — (253,763) Balance as of December 31, 2021 46,283,879 — 93,704 46,377,583 Balance as of December 31, 2022 46,283,879 — 93,704 46,377,583 Balance as of December 31, 2023 46,283,879 — 93,704 46,377,583 (i) Considering similar economic characteristics shared among different components within China Mobility, the Group determined that China mobility is a single reporting unit in goodwill impairment analysis. 14. Goodwill (Continued) Considering the adverse change in the operating and financial performance of China Mobility, the Group determined that a quantitative assessment was required at December 31, 2021. The Group compared the fair value to the carrying amount of China Mobility in the impairment test. The Group estimated the fair value by using the income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including compound annual growth rate of revenue. These factors are subject to high degree of judgment and complexity. Based on the quantitative assessment results, the fair value of China Mobility exceeded its carrying amount by more than 30% as of December 31, 2021. In order to assess the impact of changes in certain significant inputs, the Group performed a sensitivity analysis decreasing the annual growth rate and increasing the discount rate by 1%. This analysis still resulted in the fair value of China Mobility exceeding its carrying amount by a sufficient amount. Therefore, the Group concluded that there was no impairment of goodwill as of December 31, 2021. A sustained decrease in ADSs price quoted in OTC Pink was considered an indicator requiring an interim goodwill quantitative impairment test on the reporting unit of China Mobility as of September 30, 2022. The Group compared the fair value to the carrying amount of China Mobility in the impairment test. The Group estimated the fair value by using the income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including compound annual growth rate of revenue and profit margins. Based on the quantitative assessment results, the fair value of China Mobility exceeded its carrying amount as of September 30, 2022. In order to assess the impact of changes in certain significant inputs, the Group performed a sensitivity analysis decreasing the annual growth rate and increasing the discount rate by 1%. This analysis still resulted in the fair value of China Mobility exceeding its carrying amount. Therefore, the Group concluded that there was no impairment of goodwill as of September 30, 2022. The Group performed a qualitative impairment assessment for the goodwill in China Mobility at the year end of 2022 and concluded that there was no impairment for the goodwill as of December 31, 2022. The Group performed qualitative impairment assessments for the goodwill in China Mobility and concluded that there was no impairment for the goodwill as of December 31, 2023. (ii) Due to the longer-term trajectory of COVID-19 pandemic and complex and volatile market environment in Brazil, the Group performed a quantitative analysis on 99 Taxis as of December 31, 2021. The Group estimated the fair value by using the income approach, which considered a number of factors, including expected future cash flows and discount rate. Expected future cash flows are dependent on certain key assumptions including compound annual growth rate of revenue. Based on the quantitative assessment results, the fair value of the reporting unit was below its carrying amount as of December 31, 2021. Therefore, the Group fully impaired goodwill and intangible assets with the amount of RMB2,501,100 and RMB288,221, respectively for the year ended December 31, 2021. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Borrowings | 15. Borrowings Short-term and long-term borrowings consist of the followings: As of December 31 2022 2023 RMB RMB Short‑term borrowings 4,940,310 7,682,190 Long‑term borrowings 149,925 1,044,421 Total 5,090,235 8,726,611 15. Borrowings (Continued) Short-term borrowings For the year ended December 31, 2023, the Group, through its subsidiaries, issued certain asset-backed securitized debts with maturities of one to three years, totaling RMB 1,591,164 As of December 31, 2022 and 2023, the balance of the ABSs that will mature within one year amounted to nil and RMB618,000 respectively. Other short-term borrowings were mainly RMB dominated borrowings by the Group’s subsidiaries from financial institutions in the PRC and were pledged by vehicles and short-term treasury investments or guaranteed by the subsidiaries of the Group. The weighted average interest rate for short-term borrowings as of December 31, 2022 and 2023 were approximately 3% and 3% , Long-term borrowings The Group entered into several borrowing agreements with credit facilities with banks and other financial institutions, which allowed the Group to draw borrowings up to RMB171,161 and RMB1,463,316 from these facilities as of December 31, 2022 and 2023. The borrowings of these facilities bear the applicable benchmark rate specified in the borrowing agreements plus 90 to 663 points. The borrowings were guaranteed by certain subsidiaries of the Group or pledged by loans receivable owned by the Group’s subsidiaries. The unused credit limits under these facilities was RMB1,271,352 as of December 31, 2023. As described in the short-term borrowings, the Group issued asset-backed securitized debts via certain securitization vehicles in the forms of ABSs established by the Group. As of December 31, 2022 and 2023, the balance of the ABSs that will mature more than one year amounted to nil and RMB973,164 respectively. The Group also entered into several borrowing agreements with certain banks and other financial institutions pursuant to which the outstanding borrowings balance was RMB39,212 and nil as of December 31, 2022 and 2023, respectively. These borrowings are guaranteed by certain subsidiaries of the Group or pledged by vehicles owned by the Group’s subsidiaries and bear interest at a range of 4%-7% per annum. The Group’s short-term and long-term borrowings will be due according to the following schedule: As of December 31 2022 2023 RMB RMB Within 1 year 4,940,310 7,682,190 Between 1 to 2 years 142,625 838,000 Between 2 to 3 years 7,300 188,119 Between 3 to 4 years — 18,302 Total 5,090,235 8,726,611 |
Accounts and notes payable
Accounts and notes payable | 12 Months Ended |
Dec. 31, 2023 | |
Accounts and notes payable | |
Accounts and notes payable | 16. Accounts and notes payable Accounts and notes payable consist of the following: As of December 31 2022 2023 RMB RMB Payables related to service fees and incentives to drivers 2,465,919 4,309,814 Payables related to driver management fees 155,279 193,165 Other accounts payable 248,848 60,616 Total 2,870,046 4,563,595 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 17. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31 2022 2023 RMB RMB Payables to merchants and other partners 2,319,245 4,336,250 Employee compensation and welfare payables 1,821,969 2,410,332 Tax payables 1,127,818 1,658,525 Deposits 1,385,424 1,387,550 Payables related to market and promotion expenses 814,186 1,110,099 Payables related to service fees 803,267 704,110 Payables related to property and equipment 298,550 283,889 Payables and accruals for other costs and expenses 1,420,875 1,602,713 Others 1,158,587 1,256,662 Total 11,149,921 14,750,130 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment reporting | |
Segment reporting | 18. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (“CODM”). The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as certain members of the Group’s management team, including the chief executive officer (“CEO”). The Group operates in three operating segments: (i) China Mobility; (ii) International; (iii) Other Initiatives. The following summary describes the operations in each of the Group’s reportable segments: ● China Mobility: China Mobility segment mainly comprises ride hailing, online taxi, chauffeur and other services in the PRC. ● International: International segment includes ride hailing services, food delivery services and financial services offered in international markets. ● Other Initiatives: Other Initiatives mainly consist of bike and e-bike sharing, certain energy and vehicle services, intra-city freight, autonomous driving, financial services in the PRC, etc. 18. Segment reporting (Continued) The Group does not include inter-company transactions between segments for management reporting purposes. In general, revenues, cost of revenues and operating expenses are directly attributable, or are allocated, to each segment. The Group allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage or headcount, depending on the nature of the relevant costs and expenses. The Group currently does not allocate the assets to its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments. The Group currently does not allocate other long-lived assets to the geographic operations as substantially all of the Group’s long-lived assets are located in the PRC. In addition, substantially all of the Group’s revenue is derived from the PRC, therefore, no geographical information is presented. The Group’s segment operating performance measure is segment Adjusted EBITA, which represents net income or loss before (a) certain non-cash expenses, consisting of share-based compensation expenses, amortization of intangible assets, and impairment of goodwill and intangible assets acquired from business combination, which are not reflective of the Group’s core operating performance, and (b) interest income, interest expenses, investment income (loss), net, impairment loss for equity investments accounted for using Measurement Alternative, income (loss) from equity method investments, net, other income (loss), net, and income tax benefits (expenses). The following table presents information about Adjusted EBITA and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations for the years ended December 31, 2021, 2022 and 2023: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Revenues: China Mobility 160,520,747 125,930,620 175,033,586 International 3,622,366 5,863,123 7,842,151 Other Initiatives 9,684,269 8,997,940 9,504,181 Total segment revenues 173,827,382 140,791,683 192,379,918 Adjusted EBITA: China Mobility 6,129,122 (1,449,926) 5,308,384 International (5,787,976) (4,024,455) (2,322,782) Other Initiatives (19,514,226) (7,294,752) (5,148,255) Total Adjusted EBITA (19,173,080) (12,769,133) (2,162,653) Share‑based compensation expenses (24,654,583) (3,424,049) (2,575,340) Amortization of intangible assets (i) (1,824,762) (1,631,280) (1,003,282) Impairment of goodwill and intangible assets acquired from business combination (Note 14) (2,789,321) — — Total consolidated loss from operations (48,441,746) (17,824,462) (5,741,275) (i) Amortization expenses in connection with business combinations were RMB 1,799,508 , RMB 1,561,239 and RMB 948,384 for the years ended December 31, 2021, 2022 and 2023, respectively. 18. Segment reporting (Continued) The following table presents the total depreciation expenses of property and equipment by segment for the years ended December 31, 2021, 2022 and 2023: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB China Mobility 306,382 360,612 371,022 International 124,633 92,903 73,716 Other Initiatives 3,789,506 3,058,310 2,800,631 Total depreciation of property and equipment 4,220,521 3,511,825 3,245,369 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes | |
Income taxes | 19. Income taxes Cayman Islands (“Cayman”) The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance or estate duty. There are no other taxes likely to be material to the Group levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments. British Virgin Islands (“BVI”) Under the current laws of the British Virgin Islands, entities incorporated in British Virgin Islands are not subject to tax on their income or capital gains. In addition, payment of dividends by the British Virgin Islands subsidiaries to their respective shareholders who are not resident in the British Virgin Islands, if any, is not subject to withholding tax in the British Virgin Islands. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the Group’s subsidiaries in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. PRC The Company’s subsidiaries and VIEs in the PRC are governed by the Enterprise Income Tax Law (“EIT Law”), which became effective on January 1, 2008. Pursuant to the EIT Law and its implementation rules, enterprises in the PRC are generally subject to tax at a statutory rate of 25%. Certified High and New Technology Enterprises (“HNTE”) are entitled to a preferential tax rate of 15%. The HNTE certificate is effective for a period of three years. One of the Group’s subsidiaries is qualified for the HNTE certificate and enjoyed a reduced rate of 15% for the years presented, which will expire in 2025. Furthermore, HNTE can claim a super deduction for eligible research and development expenses, receiving a 175% super deduction from January 1, 2018 to September 30, 2022, and a 200% super deduction from October 1, 2022 onwards. 19. Income taxes (Continued) The EIT Law also provides that enterprises established under the laws of foreign countries or regions and whose “place of effective management” is located within the PRC are considered PRC tax resident enterprises and subject to the PRC income tax at the rate of 25% on worldwide income. The definition of “place of effective management” refers to an establishment that exercises, in substance, overall management and control over the production and business, personnel, accounting, properties, and other aspects of an enterprise. If the Company is deemed as a PRC tax resident, it would be subject to the PRC tax under the EIT Law. The Company has analyzed the applicability of this law and believes that the chance of being recognized as a tax resident enterprise is remote for the PRC tax purposes. According to the current EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in China but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in China or which have an establishment or place in China but the aforementioned incomes are not connected with the establishment or place shall be subject to the PRC withholding tax (“WHT”) at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement provided that the foreign enterprise is the tax resident of the jurisdiction where it is located and it is the beneficial owner of the dividends, interest and royalties income). The dividend withholding tax was trivial , as the taxable outside basis differences noted as of the end of the periods presented were insignificant. Brazil The Group’s subsidiaries in Brazil are subject to 34% income tax rate, which comprises Brazilian Social Contribution tax and Brazilian Income Tax. Additionally, foreign enterprises, which have no establishment or place in Brazil but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in Brazil or which have an establishment or place in Brazil but the aforementioned incomes are not connected with the establishment or place shall be subject to the Brazil withholding tax at the applicable rate. Mexico The income tax provision for Mexico entities were calculated at corporate income tax rates of 30% on the taxable income for the years presented, based on the existing legislation, interpretations and practices in respect thereof. The Company’s subsidiaries incorporated in other jurisdictions were subject to income tax charges calculated according to the tax laws enacted or substantially enacted in the countries where they operate and generate income. Income (loss) before income taxes consists of: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Income (loss) from overseas entities (7,665,988) (17,271,251) 2,803,492 Loss from PRC entities (41,502,270) (6,507,345) (2,178,681) Income (loss) before income taxes (49,168,258) (23,778,596) 624,811 Income tax expenses consists of: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Current income tax expenses 557,797 170,091 235,382 Deferred income tax benefits (391,477) (166,176) (145,633) Total income tax expenses 166,320 3,915 89,749 19. Income taxes (Continued) Reconciliation of the differences between the PRC statutory tax rate and the Group’s effective tax rate is as below: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB PRC statutory tax rate 25.00 % 25.00 % 25.00 % Tax effect of preferential tax treatments (0.38) % (0.72) % (25.30) % Tax effect of permanent difference (15.54) % (2.06) % 130.17 % Effect on tax rates in different tax jurisdiction (0.50) % (12.15) % (122.02) % Changes in valuation allowance and others (8.92) % (10.09) % 6.51 % Effective tax rate (0.34) % (0.02) % 14.36 % The permanent differences mainly arose from share-based compensation expenses, super deduction for eligible research and development expenses, and non-taxable interest income etc. The effect on tax rate in different tax jurisdiction mainly arose from income or capital gain generated from the entities which are not subject to tax. Significant components of the Group’s deferred tax balances are as follows: As of December 31 2022 2023 RMB RMB Deferred tax assets Tax losses carryforwards 14,026,637 13,460,119 Advertising expenses in excess of deduct limit 3,093,464 3,022,509 Asset impairment and allowances for credit losses 1,303,029 1,021,295 Accrued expenses and others 1,513,483 1,342,747 Total deferred tax assets 19,936,613 18,846,670 Less: valuation allowance (19,539,116) (18,435,565) Deferred tax assets, net 397,497 411,105 Deferred tax liabilities Amortization expense of intangible assets 263,031 25,600 Depreciation expense of property and equipment, and others 204,943 271,539 Deferred tax liabilities 467,974 297,139 As of December 2023, the deferred tax asset, net, recognized from tax losses carryforwards was RMB58,128. The Group has tax losses in mainland China of RMB53,697,270 that will expire in one to ten years for deduction against future taxable profits: As of December 31, 2023 RMB Loss expiring in 2024 976,812 Loss expiring in 2025 4,060,806 Loss expiring in 2026 20,911,886 Loss expiring in 2027 11,498,246 Loss expiring in 2028 and thereafter 16,249,520 Total 53,697,270 19. Income taxes (Continued) As of December 31, 2023, the accumulated tax losses carryforwards of subsidiaries incorporated in Brazil of RMB2,755,808 are allowed to be carried forward to offset against future taxable profits. The tax losses carryforwards in Brazil generally have no time limit. The following table shows the movement of valuation allowance for the periods presented: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Balance at beginning of the year (8,019,931) (13,065,611) (19,539,116) Change of valuation allowance (5,045,680) (6,473,505) 1,103,551 Balance at end of the year (13,065,611) (19,539,116) (18,435,565) The Group offsets deferred tax assets and liabilities pertaining to a particular tax-paying component of the Group within a particular jurisdiction. As of December 31 2022 2023 RMB RMB Classification in the consolidated balance sheets: Deferred tax assets, net 289,191 279,464 Deferred tax liabilities 359,668 165,498 |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based compensation | |
Share-based compensation | 20. Share-based compensation The table below presents a summary of the Group’s share-based compensation for the years ended December 31, 2021, 2022 and 2023: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Operations and support 193,552 143,588 109,962 Sales and marketing 326,332 264,572 159,830 Research and development 2,258,705 1,183,306 907,812 General and administrative 21,875,994 1,832,583 1,397,736 Total share-based compensation expenses 24,654,583 3,424,049 2,575,340 Investment income (loss), net* 178,506 47,421 — Total share-based compensation 24,833,089 3,471,470 2,575,340 * The Company granted share-based awards under the 2017 Plan and 2021 Plan (as defined below) to the employees of an equity investee with no increase in the relative ownership percentage of the investee and no proportionate funding by other investors. Accordingly, the Group recognized the entire cost of the share-based awards as incurred, amounting to RMB 178,506, RMB 47,421 and nil in investment income (loss), net in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023. (a) Share Incentive Plan In December 2017, the Company adopted the Equity Incentive Plan (the “2017 Plan”), approved by the Board of Directors, which was subsequently amended. Share options, restricted shares and restricted share units (“RSUs”) under 2017 Plan may be granted to employees, directors and consultants of the Group and other related entities stipulated in the 2017 Plan. As of December 31, 2023, the maximum aggregate number of ordinary shares which may be issued pursuant to the 2017 Plan was 195,127,549 shares. 20. Share-based compensation (Continued) In June 2021, the Company adopted the 2021 Share Incentive Plan (the “2021 Plan”), approved by the Board of Directors under which share options, restricted shares and RSUs may be granted to its employees, directors and consultants of the Group and other related entities stipulated in the 2021 Plan. As of December 31, 2023, the maximum aggregate number of ordinary shares which may be issued pursuant to the 2021 Plan was 116,906,908 shares. Share-based awards granted under the 2017 Plan and the 2021 Plan had a contractual term of seven years from vesting upon and and in ten years In April 2021, the Company approved granting 66,711,066 share options under the 2017 Plan to certain then directors and executive officers with a nominal exercise price per share, of which 63,501,066 share options granted to certain senior management were fully vested as the result of accelerated vesting. This resulted in share-based compensation expenses of RMB19,572,000 recognised in general and administrative expenses in the consolidated financial statements for the year ended December 31, 2021. (b) For the year ended December 31, 2021, 1,020,551 existing share options were exchanged for 688,826 new options, with different exercise prices, leading to incremental costs of RMB5,678 on the respective modification dates. In January 2022, the Company extended the contractual term for share options from seven years to ten years as aforementioned, leading to incremental costs of RMB153,139 on the respective modification date. For the year ended December 31, 2023, 4,695,544 existing share options were exchanged for 3,217,476 new options, with different exercise prices, leading to incremental costs of RMB149,104 on the respective modification dates. (c) Share Options A summary of activities of the share options for the years ended December 31, 2021 and 2022 and 2023 is presented as follows: Weighted Weighted Average Weighted Average Remaining Aggregate Average Number of Exercise Contractual Intrinsic Grant Date Options Price Life Value Fair Value US$ In Years US$ US$ Outstanding as of January 1, 2021 46,798,243 6.04 3.74 1,686,640 26.16 Granted 88,434,809 0.0001823 47.47 Modification (331,725) 0.0001823 47.71 Exercise of share options with shares issued to trusts (68,616,887) 0.0001823 1,366,836 47.71 Exercise of share options (9,640,697) 0.0001823 192,041 47.71 Forfeited/cancelled (4,067,894) 2.44 41.29 Outstanding as of December 31, 2021 52,575,849 4.90 3.40 789,898 30.18 Granted 18,459,565 0.0001823 11.80 Exercise of share options (2,749,909) 0.42 33,819 24.22 Forfeited/cancelled (4,552,050) 1.00 36.86 Outstanding as of December 31, 2022 63,733,455 3.94 6.39 559,325 24.62 Granted 10,402,129 0.0001823 14.78 Modification (1,478,068) 0.0001823 12.90 Exercise of share options (717,256) 0.21 11,182 30.55 Forfeited/cancelled (4,382,666) 0.07 26.03 Outstanding as of December 31, 2023 67,557,594 2.61 5.90 891,353 22.72 Exercisable as of December 31, 2023 39,360,380 4.47 4.16 445,842 25.18 Vested and Expected to Vest as of December 31,2023 61,407,795 2.87 5.63 794,187 23.32 20. Share-based compensation (Continued) The Group uses the binomial option pricing model to determine the fair value of the share-based awards. The estimated fair value of each option granted is estimated on the date of grant using the binomial option-pricing model with the following assumptions: For the Year Ended December 31 2021 2022 2023 Fair value of ordinary shares (US$) 30.32 – 65.60 7.34-19.92 12.00-15.20 Expected volatility 33.6% - 37.8% 35.27%-40.34% 41.36%-41.70% Risk‑free interest rate (per annum) 0.94% - 1.26% 1.52%-3.83% 3.48%-4.59% Expected dividend yield 0% 0% 0% Expected term (in years) 7 10 10 Risk-free interest rate is estimated based on the yield curve of US Sovereign Bond as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options. (d) Restricted shares and RSUs A summary of activities of restricted shares and RSUs for the years ended December 31, 2021, 2022 and 2023 is presented as follows: Weighted Weighted Average Average Remaining Number of Grant Date Contractual Shares Fair Value Life US$ In Years Unvested at January 1, 2021 18,762,437 38.60 4.60 Granted 3,137,540 48.47 Vested (64,990,673) 45.36 Exercise of share options with shares issued to trusts 68,616,887 47.71 Forfeited/cancelled (2,248,496) 48.40 Unvested at December 31, 2021 23,277,695 41.21 5.28 Granted 1,714,158 12.47 Vested (7,947,817) 34.14 Forfeited/cancelled (2,446,370) 40.84 Unvested at December 31, 2022 14,597,666 40.97 7.47 Granted 899,005 13.51 Vested (6,079,090) 39.30 Forfeited/cancelled (957,307) 33.70 Unvested at December 31, 2023 8,460,274 41.42 7.14 Expected to vest at December 31, 2023 7,164,224 41.85 7.10 The share-based awards granted have 1) only service condition; 2) both service and performance conditions, where awards granted are only vested or exercisable upon the occurrence of an IPO or deemed liquidation events by the Group. The Group recognized share-based compensation, net of estimated forfeitures, using the graded vesting attribution method over the vesting term of the awards for the service condition awards. 20. Share-based compensation (Continued) The Group considered it is improbable that the IPO or deemed liquidation events would be satisfied until the event occurred. As a result, the share-based compensation expenses of RMB1,235,497 for these awards were not recognized until June 30, 2021, which was near the completion of the Group’s IPO by using the graded-vesting method. As of December 31, 2023, there were RMB1,071,872 of unrecognized compensation expenses related to the share options expected to be recognized over a weighted average period of 2.35 years. As of December 31, 2023, there were RMB434,602 of unrecognized compensation expenses related to restricted shares and RSUs, expected to be recognized over a weighted average period of 1.61 years. (e) Voyager’s share-based awards In the first quarter of 2021, Voyager Group Inc. (“Voyager”), a subsidiary of the Group, adopted 2020 Equity Incentive Plan (“Voyager Incentive Plan”) under which share options, restricted shares and RSUs may be granted to employees, directors and consultants of Voyager, its subsidiaries, the VIEs and VIEs’ subsidiaries and other related entities stipulated in the Voyager Incentive Plan. As of December 31, 2023, the maximum aggregate number of ordinary shares which could be issued pursuant to the Plan was 18,235,294 shares. The share-based compensation expenses of RMB 221,178 Share-based awards granted under the Voyager Incentive Plan have a contractual term of seven years from the stated grant date and are generally subject to a four-year or five-year vesting schedule as determined by the administrator of the Voyager Incentive Plan. Depending on the nature, share-based awards generally vest 25% or 20% upon the first anniversary of the vesting commencement date, and 25% or 20% every year thereafter. Furthermore, certain share-based awards are both service and performance condition, where awards granted are only vested upon the occurrence of an IPO or deemed liquidation events by Voyager. |
Convertible redeemable non-cont
Convertible redeemable non-controlling interests and convertible non-controlling interests | 12 Months Ended |
Dec. 31, 2023 | |
Convertible redeemable non-controlling interests and convertible non-controlling interests | |
Convertible redeemable non-controlling interests and convertible non-controlling interests | 21. Convertible redeemable non-controlling interests and convertible non-controlling interests Financing transaction of Soda Technology Inc. Soda Technology Inc. (“Soda”), the Group’s subsidiary, primarily engages in bike and e-bike sharing business through its subsidiaries and VIE. For the years ended December 31, 2020 and 2021, Soda issued Series A preferred shares and B preferred shares (collectively as the “Soda Preferred Shares”) to external investors, including an entity controlled by Softbank (Note 25) and the Group with an aggregate cash consideration of US$1,264,000. As of December 31, 2023, the Group continued to hold the majority of total equity interests in Soda on a fully-diluted basis. Subsequently in February 2024, the Company repurchased all of Soda A-1 preferred shares held by the entity controlled by Softbank, with a total consideration of US$66,664 as determined by a pre-agreed pricing formula. The repurchase would not have any impact on the Group’s consolidated statements of comprehensive income (loss) for the year ending December 31, 2024. Financing transaction of Voyager Group Inc. Voyager, the Group’s subsidiary, primarily engages in the development and commercialization of autonomous vehicles through its subsidiaries and VIE. For the years ended December 31, 2020 and 2021, Voyager issued Series A preferred shares and Series B preferred shares (the “Voyager Preferred Shares”) to external investors, including an entity controlled by Softbank (Note 25) and the Group with an aggregate cash consideration of an aggregate amount of US$825,000. In the fourth quarter of 2023, Voyager entered into agreements with investors including the Group, pursuant to which Voyager shall issue Series C preferred shares to an external investor with a cash consideration of US$149,000. As of December 31, 2023, the Series C financing transaction was subject to certain requirements and had not been completed. As of December 31, 2023, the Group continued to hold the majority of total equity interests on a fully diluted basis. 21. Convertible redeemable non-controlling interests and convertible non-controlling interests (Continued) Financing transaction of City Puzzle Holding Limited City Puzzle Holdings Limited (“City Puzzle”), the Group’s subsidiary, primarily engages in providing intra-city freight services. For the year ended December 31, 2021, City Puzzle issued Series A and Series A+ preferred shares (collectively as the “City Puzzle Preferred Shares”) to external investors and the Group with an aggregate cash consideration of US$1,340,000. As of December 31, 2023, the Group continued to hold the majority of total equity interests on a fully diluted basis. The Group determined that the Preferred Shares issued from the financing transactions aforementioned should be classified as mezzanine equity since they are contingently redeemable upon certain events. The convertible redeemable non-controlling interests and convertible non-controlling interests consist of the following: Convertible redeemable Convertible non ‑ non ‑ controlling interests controlling interests RMB RMB Balance as of January 1, 2021 3,345,265 99,851 Issuance of convertible redeemable non-controlling interests and convertible non-controlling interests, net of issuance costs 8,225,007 969,506 Accretion of convertible redeemable non-controlling interests to redemption value 687,617 — Balance as of December 31, 2021 12,257,889 1,069,357 Accretion of convertible redeemable non-controlling interests to redemption value 898,649 — Repurchase of convertible redeemable non-controlling interests (145,962) — Balance as of December 31, 2022 13,010,576 1,069,357 Accretion of convertible redeemable non-controlling interests to redemption value 995,685 — Balance as of December 31, 2023 14,006,261 1,069,357 For the year ended December 31 2022, the Group accounted for the difference between the repurchase price and the carrying value of the repurchased convertible redeemable non-controlling interests pursuant to ASC 810-10-45-21A through 45-24 and recorded the difference of RMB15,764 in additional paid-in capital. |
Convertible preferred shares
Convertible preferred shares | 12 Months Ended |
Dec. 31, 2023 | |
Convertible preferred shares | |
Convertible preferred shares | 22. Convertible preferred shares Before the completion of the Company’s IPO, a series of convertible preferred shares issued by the Company were classified in the mezzanine equity of the consolidated balance sheets as they were considered as contingently redeemable upon a deemed liquidation event in accordance with ASC 480 10 S99 3A (f). In July 2021, upon the completion of the Company’s IPO, all the issued and outstanding preferred shares were automatically converted into ordinary shares based on pre-determined conversion prices. The movement of convertible preferred shares for the years ended December 31, 2021, 2022 and 2023 is as follows: Total number of Total shares amount RMB Balance as of January, 2021 816,245,752 189,838,979 Conversion of preferred shares to ordinary shares (816,245,752) (189,838,979) Balance as of December 31, 2021 — — Balance as of December 31, 2022 — — Balance as of December 31, 2023 — — |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2023 | |
Ordinary shares | |
Ordinary shares | 23. Ordinary shares As of December 31, 2023, the authorized share capital of the Company is US$100,000 divided into 5,000,000,000 shares, comprising of (i) 4,000,000,000 Class A ordinary shares with a par value of US$0.00002 each, (ii) 500,000,000 Class B ordinary shares with a par value of US$0.00002 each, and (iii) 500,000,000 shares with a par value of US$0.00002 each of such class or classes (however designated) as the board of directors may determine in accordance with the post-offering memorandum and articles of association. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote, and is not convertible into Class B ordinary shares under any circumstances. Each Class B ordinary share is entitled to ten votes and is convertible into one Class A ordinary share at any time by the holder thereof. In July 2021, the Company completed its IPO and 79,200,000 Class A ordinary shares were issued, with proceeds of RMB28,033,106 (US$4,331,978), net of underwriter commissions and relevant offering expenses. All of the preferred shares were automatically converted into 933,307,510 Class A ordinary shares immediately upon the completion of IPO. In January 2022, the Company issued 20,917,324 Class A ordinary shares and deposited the shares in its depositary bank pursuant to share incentive plans. The shares are subject to future exercise of options or vesting of RSUs pursuant to share incentive plans and deemed as treasury shares. In June 2022, the Company filed a Form 25 with the SEC, in order to delist its ADSs from the New York Stock Exchange (“NYSE”). As a result, the Group’s ADSs were delisted from the NYSE on June 13, 2022. The Group’s ADSs have been quoted on OTC Pink under the symbol “DIDIY” thereafter. As of December 31, 2022, 1,084,058,607 Class A Ordinary Shares and 112,895,380 Class B Ordinary Shares were issued and outstanding by the Company. On November 11, 2023, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$1 billion of its shares over the next 24 months. The share repurchases may be made from time to time through legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustment to its terms and size. The Company repurchased approximately 4.2 million ADSs, equals to 1.1 million Class A ordinary shares, from the open market with an aggregate purchase price of RMB112,666 (US$15,860) during the year ended December 31, 2023. These repurchased shares were recorded in the treasury stock account as they were not cancelled by the Company as of December 31, 2023. During the year ended December 31, 2023, 19,778,967 Class B ordinary shares were converted to Class A ordinary shares. As of December 31, 2023, 1,104,888,353 Class A ordinary shares and 97,556,869 Class B ordinary shares were issued and outstanding by the Company. |
Loss per share
Loss per share | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Loss per share | 24. Loss per share Basic loss per share and diluted loss per share have been calculated in accordance with ASC 260 for the years ended December 31, 2021, 2022 and 2023 as follows: For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Numerator: Net income (loss) attributable to DiDi Global Inc. (49,343,664) (23,783,321) 493,512 Accretion of convertible redeemable non-controlling interests to redemption value (687,617) (898,649) (995,685) Net loss attributable to ordinary shareholders of DiDi Global Inc. (50,031,281) (24,681,970) (502,173) Denominator: Weighted average number of Class A and Class B ordinary shares outstanding* 657,996,437 1,210,979,609 1,224,576,751 Net loss per share attributable to ordinary shareholders — Basic (76.04) (20.38) (0.41) — Diluted (76.04) (20.38) (0.41) * Vested restricted shares and RSUs and vested share options with minimal exercise price are considered outstanding in the computation of basic loss per share. For the years ended December 31, 2021, 2022 and 2023, the Company had ordinary equivalent shares, including preferred shares, share options, restricted shares and RSUs granted. As the Group incurred loss for the years ended December 31, 2021, 2022 and 2023, these ordinary equivalent shares were antidilutive and excluded from the calculation of diluted loss per share of the Company. The weighted average numbers of preferred shares using the if converted method excluded from the calculation of diluted loss per share of the Company were 467,932,258 for the year ended December 31, 2021. The weighted average numbers of share options, restricted shares and RSUs granted using the treasury stock method excluded from the calculation of diluted loss per share of the Company were 34,268,859, 18,207,585 and 24,830,144 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions | |
Related party transactions | 25. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. Transactions with certain shareholders The Group has commercial arrangements with two of the Group’s shareholders in the ordinary course of business, namely Alibaba and its subsidiaries (“Alibaba Group”), and Tencent and its subsidiaries (“Tencent Group”). ● Transactions with Alibaba Group The Group has commercial arrangements with Alibaba Group primarily related to ride hailing and enterprise solutions services within the China Mobility segment. The ride hailing and enterprise solutions services provided to Alibaba Group are conducted on an arm’s length basis compared with similar unrelated parties. All the revenues generated from Alibaba Group accounted for less than 0.2% 25. Related party transactions (Continued) The Group also has commercial arrangement with Alibaba Group primarily related to cloud communication services and information technology platform services. The costs and expenses related to these services that were provided by Alibaba Group accounted for less than 0.3% ● Transactions with Tencent Group The Group has commercial arrangements with Tencent Group primarily related to ride hailing and enterprise solutions services, online advertising services as well as licensing services. The services provided to Tencent Group are conducted on an arm’s length basis compared with similar unrelated parties. All the revenues generated from Tencent Group accounted for less than 0.5% The Group also has commercial arrangements with Tencent Group primarily related to payment processing services, colocation services, cloud communication services as well as promotion services. The costs and expenses related to these services that were provided by Tencent Group accounted for less than 0.7% Amounts due from Alibaba Group and Tencent Group related to the services RMB 81,496 Amounts due to the Alibaba Group and Tencent Group related to the above services RMB 263,646 In addition, the Group has made certain financing transactions together with Softbank. The agreements for Softbank’s investments in those financing transactions were disclosed in Note 21. Transactions with Chengxin Revenues generated from intra-city freight and ride hailing services provided to Chengxin were RMB 277,350 As described in Notes 4, Chengxin’s shareholders and board resolved to distribute all of its available assets to its shareholders, in accordance with the distribution sequences outlined in the Chengxin Agreements. As a shareholder of Chengxin, the Group received its share of Chengxin’s assets of RMB1,935,171 upon the completion of the distribution in July 2022. Prior to the distribution, the Group’s transactions with Chengxin were insignificant. Transactions with other investees Other than the transactions disclosed above or elsewhere in the consolidated financial statements, the Group has commercial arrangements with certain of its investees to provide or receive technical support and other services. The amounts relating to these services provided or received represented less than 0.2% |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and contingencies | |
Commitments and contingencies | 26. Commitments and contingencies a Commitments In the normal course of business, the Group has outstanding commitments on non-cancellable agreements which are expected to commence after December 31, 2023. These commitments contracted but not yet reflected in the consolidated financial statements as of December 31, 2023 are as follows: Less than Over Total 1 Year 1-3 Years 3-5 Years 5 Years Operating lease commitments 68,844 48,924 18,110 1,773 37 Commitments for promotion and other operating expenses 1,915,113 485,506 956,393 473,214 — These operating leases will commence after December 31, 2023 with lease terms from 1 year to 6 years. b. Litigation and other contingencies From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. Based on currently available information, the Group has not recorded any material liabilities in this regard as of December 31, 2023. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. Starting in July 2021, the Company and certain of its officers and directors were named as defendants in several putative securities class actions filed in federal court and state court in the United States. These actions alleged, in sum and substance, that the registration statement and prospectus the Group prepared for its initial public offering contained material misstatements and omissions. Upon the issuance date of the consolidated financial statements for the year ended December 31, 2023, both the consolidated federal action and the state court action remain in their preliminary stages. The Group is currently unable to predict the timing, outcome or consequences of these actions, or estimate the possible loss or possible range of loss, if any, associated with the resolution of these lawsuits. The results from the lawsuits could have an adverse effect on the Group’s consolidated financial position, results of operations, or cash flows in the future. After our initial public offering in the United States, the SEC contacted the Company and made inquiries in relation to the offering. The Company is cooperating with the investigation, subject to strict compliance with applicable PRC laws and regulations. The Group is currently unable to predict the timing, outcome or consequences of such an investigation. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair value measurement | |
Fair value measurement | 27. Fair value measurement Recurring When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market - based or independently sourced market parameters, such as interest rates and currency rates. Following is a description of the valuation techniques that the Company uses to measure the fair value of assets that the Group reports in its consolidated balance sheets at fair value on a recurring basis. The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2022 and 2023. Fair value measurement at reporting date using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable December 31 Assets Observable Inputs Inputs Items 2022 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Structured notes under fair value option 1,755,009 — 1,755,009 — Listed equity securities 6,725,766 6,725,766 — — Other investments under fair value option 1,386,741 — 1,386,741 — Total 9,867,516 6,725,766 3,141,750 — Fair value measurement at reporting date using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable December 31 Assets Observable Inputs Inputs Items 2023 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Structured notes under fair value option 3,179,829 — 3,179,829 — Listed equity securities 8,573,605 8,573,605 — — Investment in Kargobot’s shares 528,709 — — 528,709 Other investments under fair value option 2,459,081 — 1,877,076 582,005 Contingent consideration assets 250,368 — — 250,368 Total 14,991,592 8,573,605 5,056,905 1,361,082 Treasury investments As there are no quoted prices in active markets for the investment at the reporting date, the Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurement to estimate the fair value of structured notes and certain investments under fair value option recorded in treasury investments with variable interest rates indexed to the performance of underlying assets. Investment in Kargobot’s shares The Group determines the fair value of its investment in Kargobot’s shares with assistance of a third-party appraiser. The Group applies significant judgments in estimating fair values of Kargobot including selection of valuation methods and significant assumptions used in valuation. The fair value of the investment in Kargobot’s shares upon the deconsolidation and upon modification of certain rights of the Group was determined by referencing the most recent financing transaction, aforementioned in Note 4, used as an input to an OPM. Other key inputs to the OPM were discounts for lack of marketability (DLOM) relating to Kargobot’s shares with and without a substantive redemption provision ranging from 22% to 30%, volatility of 57% and time to liquidity of 7.0 years. The Group classifies the valuation techniques that use these inputs as Level 3 of fair value measurement. 27. Fair value measurement (Continued) Other investments The Group values its listed equity securities in active markets using quoted prices for the underlying securities, the Group classifies the valuation techniques that use these inputs as Level 1. The fair value of the Group’s investments in government bonds or convertible bonds is measured based on quoted market interest rates of similar instruments and other significant inputs derived from or corroborated by observable market data. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurement. Contingent consideration assets As described in Note 5, the Group will receive certain contingent considerations in the form of XPeng’s Class A ordinary shares if certain milestones are achieved in the sale of certain smart auto business. The Group measured the contingent considerations at fair value. When applying the scenario-based model, key assumptions involved include the estimated outcomes of the milestone in the earn-out periods in each scenario and the estimated probability of each scenario. Cash equivalent, restricted cash, time deposits, short-term receivables and payables Cash equivalent, restricted cash, time deposits, accounts and notes receivable, prepayments, receivables and other current assets are financial assets with carrying values that approximate fair value due to their short-term nature. Accounts and notes payables, customer advances and deferred revenue, accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value due to their short-term nature. Non-recurring The Group measures equity investments without readily determinable fair values at fair value on a nonrecurring basis when an impairment charge is to be recognized. As of December 31, 2022 and 2023, certain investments were measured using significant unobservable inputs (Level 3) and written down from their respective carrying values to fair values, considering the stage of development, the business plan, the financial condition, the sufficiency of funding and the operating performance of the investee companies, with impairment charges incurred and recorded in earnings. Refer to Note 9 - Investment securities and other investments and Note 10 - Equity method investments, net for the details of impairment charge, respectively. The Group’s non-financial assets, such as intangible assets, goodwill and property and equipment, would be measured at fair value only if they were determined to be impaired. The Group reviews the long-lived assets and identifiable intangible assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition (Level 3). Refer to Note 11 - Property and equipment, net and Note 13 - Intangible assets, net for the details of impairment charges, respectively. In accordance with the Group policy to perform an impairment assessment of its goodwill on an annual basis as of the balance sheet date or when facts and circumstances warrant a review, the Group performed an impairment assessment for the goodwill of each reporting unit annually. The Group concluded that no write down was warranted for the years ended December 31, 2022 and 2023. The valuation methodology used to estimate the fair value of goodwill is discussed in Note 14 - Goodwill for further information. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Dec. 31, 2023 | |
Restricted net assets | |
Restricted net assets | 28. Restricted net assets PRC laws and regulations permit payments of dividends by the Group’s subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group’s subsidiaries incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless the reserve has reached 50% of their respective registered capital. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of the restrictions described above and elsewhere under PRC laws and regulations, the Group’s subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Group in the form of dividends. Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may temporarily delay the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. The restriction amounted to RMB15,727,478 as of December 31, 2023. Except for the above or disclosed elsewhere, there is no other restriction on the use of proceeds generated by the Group’s subsidiaries to satisfy any obligations of the Group. The Group performed a test on the restricted net assets of its subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that the restricted net assets do not exceed 25% of the consolidated net assets of the Group as of December 31, 2023 and the condensed financial information of the parent company are not required to be presented. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | |
Basis of presentation | 3.1 Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. |
Basis of consolidation | 3.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of the VIEs. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. All inter-company transactions and balances between the Company, its subsidiaries, VIEs and subsidiaries of the VIEs have been eliminated upon consolidation. The Group included the results of operations of the acquired businesses from their respective dates of acquisition. |
Comparative information | 3.3 Comparative information Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassifications below had no impact on previously reported results of operations, shareholders’ equity or cash flows: i) Time deposits stated at amortized cost and other debt investments previously presented as “short-term investments” are now presented as “short-term treasury investments” and “prepayments, receivables and other current assets, net”, respectively, within the consolidated balance sheets. ii) Time deposits stated at amortized cost and structured notes under fair value option previously presented as “investment securities and other investments” are now presented as “long-term treasury investments” within the consolidated balance sheets. iii) Equity investments accounted for using the Measurement Alternative method and equity method previously presented as “long-term investments, net” are now presented as “investment securities and other investments” and “equity method investments, net”, respectively, within the consolidated balance sheets. iv) Loan receivables previously presented separately as “Loans receivable, net” are now presented as “prepayments, receivables and other current assets, net” within the consolidated balance sheets. |
Use of estimates | 3.4 Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods. The Group believes that (i) revenue recognition, (ii) assessment for impairment of goodwill, long-lived assets, intangible assets, (iii) determination of the estimated useful lives of long-lived assets, (iv) fair value of certain investments and other financial instruments, (v) provision for credit losses of time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables, (vi) fair value of contingent considerations and services with respect to business divestiture, (vii) valuation and recognition of share based compensation expenses, (viii) provision for income tax and realization of deferred tax assets reflect the more significant judgments and estimates used in the preparation of its consolidated financial statements. These estimates are inherently subject to judgment and actual results could differ from those estimates. |
Functional currency and foreign currency translation | 3.5 Functional currency and foreign currency translation The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands and BVI is United States dollars (“US$”). The functional currency of its subsidiaries incorporated in Hong Kong is HongKong dollar (“HK$”) or US$. The functional currency of the PRC entities in the Group is RMB. The Company’s subsidiaries with operations in other jurisdictions generally use their respective local currencies as their functional currencies. The determination of the respective functional currency is based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters. Transactions denominated in currencies other than functional currency are translated into functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as other income (loss), net in the consolidated statements of comprehensive income (loss). The foreign exchange gain amounted to RMB70,265, and loss amounted to RMB 1,387,541 The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities are translated at the exchange rates at the balance sheet date. Equity accounts other than earnings generated in the current period are translated into RMB using the appropriate historical rates. Revenues and expenses, gains and losses are translated into RMB using the periodic average exchange rates. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income (loss) in the consolidated statements of comprehensive income (loss). |
Convenience translation | 3.6 Convenience translation Translations of the consolidated balance sheets, consolidated statements of comprehensive income (loss) and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.0999, representing the index rates stipulated by the federal reserve board/the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2023, or at any other rate. |
Fair value measurement | 3.7 Fair value measurement Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Group uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: ● Level 1 — Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of the assets or liabilities; ● Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market based or independently sourced market parameters, such as interest rates and currency exchange rates. |
Cash and cash equivalents | 3.8 Cash and cash equivalents Cash and cash equivalents represent cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal for use, and which have original maturities less than three months. As of December 31, 2022 and 2023, cash held in accounts managed by online payment platforms such as Alipay and WeChat Pay amounted to RMB 971,925 and RMB 1,620,687 |
Restricted cash and non-current restricted cash | 3.9 Restricted cash and non-current restricted cash Cash on hand, time deposits and highly liquid investments placed with banks or other financial institutions which are restricted as to withdrawal for use or pledged as security are reported separately as restricted cash. The Group’s restricted cash is classified into current and non-current based on the length of restricted period. The Group’s restricted cash primarily represents the deposits in banks which are restricted in use. |
Treasury investments | 3.10 Treasury investments Treasury investments represent the debt investments purchased from reputable financial institutions. Primarily these instruments are considered to have a low risk of default and the counterparty has a strong capacity to meet its contractual cash flows obligations in the near term. The identified credit losses are insignificant. Treasury investments at amortized cost are primarily time deposits placed with the bank. Interest income from treasury investments at amortized cost is recognized using the effective interest method in the consolidated statements of comprehensive income (loss). Treasury investments under the fair value option (“FVO”) are primarily structured notes which are the financial instruments with variable interest rates indexed to performance of underlying assets. Changes in the fair value are reflected in the consolidated statements of comprehensive income (loss) as investment income (loss), net. Treasury investments with original maturities over three months, but less than one year are expected to be realized in cash during the next twelve months are classified as short-term treasury investments. Treasury investments with maturities more than one year are classified as long-term treasury investments. |
Accounts and notes receivable, net | 3.11 Accounts and notes receivable, net Accounts receivable, net represent the amounts that the Group has an unconditional right to consideration from riders, other individual customers and enterprise customers, and primarily consist of (i) unpaid fare amounts from riders, (ii) fare amounts paid by riders but not yet received by the Group, (iii) fare amounts not yet paid by enterprise customers, (iv) unpaid amounts from individual customers and enterprise customers for other services completed. |
Expected credit losses | 3.12 Expected credit losses The Group’s time deposits, accounts and notes receivable, loans receivable, contract assets, finance lease receivables and other receivables are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit losses analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Group’s control. The Group updated the model based on various macroeconomic and market data and took the latest available information into consideration. |
Investment securities and other investments | 3.13 Investment securities and other investments Investment securities and other investments primarily consist of equity securities with readily determinable fair value, equity investments without readily determinable fair value and certain debt investments. Equity securities with readily determinable fair value The Group invests in marketable equity securities, which are publicly traded stock. The Group carries these equity securities at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive income (loss). 3. Summary of significant accounting policies (Continued) Equity securities without readily determinable fair value measured at Measurement Alternative Equity securities except for those over which the Group has the ability to exercise significant influence, are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive income (loss), according to ASC 321 “Investments — Equity Securities”. The Group elected to record the equity investments without readily determinable fair value using the Measurement Alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer, if any. All realized and unrealized gains (losses) on the investments, are recognized in investment income (loss), net or impairment loss for equity investments accounted for using Measurement Alternative in the consolidated statements of comprehensive income (loss). For investments under the Measurement Alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date based on performance and financial position of the investee as well as other evidence of market value. Such assessment includes, but is not limited to, reviewing the investee’s cash position, recent financing rounds, as well as the financial and business performance, and other significant judgment in considering various factors and events. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net loss equal to the difference between the carrying value and fair value. Significant judgment is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgments include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used in cash flow forecasts. Certain debt investments Certain debt investments are debt investments that are not classified as treasury investments, and are accounted for at amortized cost or under the FVO. The Group has elected the fair value option for certain debt investments primarily consisting of certain government bonds with maturities of over one year and investment in Kargobot’s shares (Note 4). The FVO permits the irrevocable election on an instrument - by - instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized or unrealized gains (losses) recorded as investment income (loss), net in the consolidated statements of comprehensive income (loss). Interest income from debt investments which are measured at amortized cost is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows. Other debt investments are classified into Prepayments, receivables and other current assets, net or investment securities and other investments based on the length of maturities. |
Equity method investments, net | 3.14 Equity method investments, net The Group applies the equity method to account for equity investments in common stock or in-substance common stock, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a majority equity interest or otherwise control, unless the fair value option is elected. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. Under the equity method, the Group initially records its investment at cost and subsequently records its share of the results of the equity investees. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity investee generally represents goodwill and intangible assets acquired. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statement of comprehensive income (loss) and recognizes its share of post-acquisition movements in accumulated other comprehensive income (loss) as a component of shareholders’ equity (deficit). When the Group’s share of losses in the equity investees equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. 3. Summary of significant accounting policies (Continued) The Group continuously reviews its investments in equity investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. If any impairment is considered other-than-temporary, the Group writes down the investment to its fair value and recognizes the impairment charge to the consolidated statements of comprehensive income (loss). |
Property and equipment, net | 3.15 Property and equipment, net Property and equipment are stated at cost, net of accumulated depreciation and impairment, if any. Depreciation is primarily computed using the straight-line method over the estimated useful lives of the assets. Bikes and e-bikes Bikes and e-bikes are depreciated over the estimated useful lives on a straight-line basis. The initial estimated useful lives of such bikes and e-bikes are generally from 2 to 3 years. Vehicles Vehicles are depreciated over the estimated useful lives on a straight-line basis or accelerated basis. The initial estimated useful lives of such vehicles are from 3 to 5 years. The Group also estimates the residual value of the vehicles at the expected time of disposal. The estimated residual values for vehicles are based on factors including model, age, and mileage. The Group makes annual assessments to the depreciation rates of vehicles in response to the latest market conditions and their effect on residual values as well as the estimated time of disposal. Changes made to estimates are reflected in vehicle-related depreciation expense on a prospective basis. Other property and equipment Other property and equipment are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income (loss). Property and equipment have estimated useful lives as follows: Categories Estimated useful lives Bikes and e‑bikes 2‑3 years Vehicles 3-5 years Computers and equipment 2‑5 years Leasehold improvement Lesser of estimated useful life or remaining lease terms Others 5‑40 years Construction in progress Direct costs that are related to the construction of property and equipment and are incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property or equipment, which are primarily relating to computers and equipment and bikes and e-bikes which are not ready for lease or use, and the depreciation of these assets commences when the assets are ready for their intended use. |
Intangible assets, net | 3.16 Intangible assets, net Intangible assets are primarily acquired through business combinations or purchased from third parties. Intangible assets arising from business combinations are recognized and measured at fair value upon acquisition. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives based upon the usage of the asset, which is approximated using a straight-line method as follows: Categories Estimated useful lives Non‑compete agreements 6‑7 years Trademark, patents and others 3-10 years Driver lists 5 years Customer lists 5 years Software 3-5 years Online payment license* Indefinite live Others Indefinite live * An acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that, based on regulatory precedent, there were no practical difficulties in the renewal process according to the industry practice, thus providing the basis for the indefinite life assumption. |
Impairment of long-lived assets other than goodwill | 3.17 Impairment of long-lived assets other than goodwill Long-lived assets including property and equipment, intangible assets and other non-current assets other than goodwill are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Measurement of any impairment loss for long-lived assets that management expects to hold or use is based on the amount by which the carrying value exceeds the fair value of the asset. Judgment is used in estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the long-live assets’ fair value. Refer to Note 11- Property and equipment, net and Note 13-Intangible assets, net for further information. |
Goodwill | 3.18 Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not depreciated or amortized but is tested for impairment on an annual basis, and between annual tests when an event occurs, or circumstances change that could indicate that the asset might be impaired. The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. The Group performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist. RMB2,501,100, nil and nil of impairment loss of goodwill was recognized for the years ended December 31, 2021 and 2022 and 2023, respectively. Refer to Note 14- Goodwill for further information. |
Leases | 3.19 Leases The Group applies ASC 842, “Leases” (“ASC 842”) to account for leases. The Group categorized leases with contractual terms longer than twelve months as either operating or finance lease. Right-of-use (“ROU’) assets represent the Group’s rights to use underlying assets for the lease terms and lease liabilities represent the Group’s obligation to make lease payments arising from the leases. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. If the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Group elected not to separate non-lease components from lease components; therefore, it will account for lease components and the non-lease components as a single lease component when there is only one vendor in the lease contract for the office leases. Lease payments may be fixed or variable; however, only fixed payments or in-substance fixed payments are included in the lease liability calculation. Variable lease payments mainly include costs related to certain IDC facilities leases which are determined based on actual number of usages. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. For operating leases, lease expense is recognized on a straight-line basis over the lease term. For finance leases, lease expense is recognized as depreciation on a straight-line basis over the lease term and interest using the effective interest method. Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU asset and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term. |
Short-term and long-term borrowings | 3.20 Short-term and long-term borrowings Borrowings are initially recognized at fair value, net of upfront fees incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. |
Statutory reserves | 3.21 Statutory reserves In accordance with the relevant regulations and their articles of association, subsidiaries of the Group incorporated in the PRC are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50% of the relevant subsidiary’s registered capital. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the respective company. These reserves can only be used for specific purposes and are not transferable to the Group in the form of loans, advances or cash dividends. For the years ended December 31, 2021, 2022 and 2023, appropriations to the general reserve amounted to RMB11,414, RMB41,411 and RMB30,777, respectively. No appropriations to the enterprise expansion fund or staff welfare and bonus fund have been made by the Group. |
Revenue recognition | 3.22 Revenue recognition The Group adopted ASC 606 — “Revenue from Contracts with Customers” for all periods presented. According to ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering allowances for refund, price concession, discount and value added tax (“VAT”). 3. Summary of significant accounting policies (Continued) China Mobility The Group generates revenues from providing a variety of mobility services through its mobility platform in the PRC (“China Mobility Platform”). The Group’s revenues from its ride hailing services in the PRC presented on a gross basis accounted for more than 97% of the total revenues from China Mobility for the years ended December 31, 2021, 2022, and 2023, respectively. The Group also generates revenues from providing other mobility services such as online taxi, chauffeur and other services in the PRC. As part of the Chinese government’s effort to ease the burden of business affected by the COVID - 19 pandemic, the Ministry of Finance and the State Taxation Administration temporarily exempted VAT on revenues derived from the provision of public transportation services in the PRC from January 2020 to March 2021 and from January 2022 to December 2022, respectively. ● Ride hailing services in the PRC The Group provides a variety of ride hailing services on its China Mobility Platform, mainly including Luxe, Premier, Select, DiDi Flash, Express, Discount Express, Piggy Express and Carpooling service lines in the PRC, and considers itself as the ride service provider according to the relevant regulations in the PRC and the ride service agreements entered into with riders. For all ride hailing services offered, names of the services and the service providers with the corresponding service agreements are displayed on the Group’s China Mobility Platform. Riders can choose ride hailing services from the Group’s China Mobility Platform based on their mobility needs and preferences. When a rider selects and initiates a ride service request, an estimated service fee is displayed and the rider can further decide whether to place the service request or not. Once the rider places the ride service request and the Group accepts the service request, a ride service agreement is entered into between the rider and the Group. Upon completion of the ride services, the Group recognizes ride hailing services revenues on a gross basis. ● Principal versus agent considerations of ride hailing services in the PRC According to the relevant regulations in the PRC, online ride hailing services platforms are required to obtain licenses and take full responsibility of the ride services. The relevant regulations also require the licensed platforms to ensure that the drivers and cars engaged in providing ride services meet the requirements stipulated by the regulations. Accordingly, the Group as an online ride hailing services platform considers itself as the principal for its ride services because it controls the services provided to riders. The control over the services provided to riders is demonstrated through: a) the Group is able to direct registered drivers to deliver ride services on its behalf based on the ride service agreement it entered into with riders. If the assigned driver is not able to deliver the service in limited circumstances, the Group will assign another registered driver to deliver the service; b) in accordance with the agreements entered into between the Group and the drivers, the drivers are obligated to comply with service standards and implementation rules set by the Group when providing the ride services on behalf of the Group; c) the Group evaluates drivers’ performance regularly in accordance with standards set by the Group. Other indicators of the Group being the principal are demonstrated by: a) the Group is obligated to fulfill the promise to provide the ride hailing services to riders in accordance with the above regulations in the PRC and the above service agreements; b) according to applicable necessary procedures, the Group has the discretion in setting the prices for the services. ● Online taxi and chauffeur services in the PRC The Group provides a variety of other services on its China Mobility Platform, mainly including online taxi and chauffeur services. The Group considers itself as the agent for online taxi and chauffeur services and recognizes agency revenue earned mainly from the service providers such as taxi drivers and chauffeur service providers. International The Group derives its international revenues principally from ride hailing services in overseas countries, including Brazil and Mexico. The Group also generates revenues from food delivery services and financial services in overseas countries. 3. Summary of significant accounting policies (Continued) ● Ride hailing services in overseas countries The Group contracts with individual drivers to offer ride services on the Group’s mobility platform in overseas countries (“Overseas Mobility Platform”). When a rider raises a ride service request through the Group’s Overseas Mobility Platform, an estimated service fee is displayed and the rider can further decide whether to place the service request or not. Once the rider places the ride service request and a driver accepts the service request, a ride service agreement is entered into between the rider and the driver. The Group’s performance obligation is to facilitate and arrange the ride services between riders and drivers. The Group recognizes revenues from its service contracts with drivers upon completion of the ride services provided by drivers. In addition, in most overseas countries riders access the Group’s Overseas Mobility Platform for free and the Group has no performance obligation to the riders. As a result, in general, drivers are the Group’s customers, while riders are not. ● Principal versus agent considerations of ride hailing services in overseas countries The Group considers itself as an agent for ride hailing services provided through its Overseas Mobility Platform because the Group does not control the services provided by drivers to riders as 1) the Group does not obtain control of the drivers’ services prior to its transfer to the riders; 2) the Group does not have the power to direct drivers to perform the service on its behalf; and 3) the Group does not integrate services provided by drivers with the Group’s other services and then provide them to riders. Another indicator of the Group being the agent is that the drivers are obligated to fulfill the promise to provide the ride services according to the service agreements entered into between drivers and riders. ● Food delivery services in overseas countries The Group derives its food delivery revenue primarily from service fees paid by merchants, delivery persons and eaters for use of the platform. The Group recognizes revenue when services provided to merchants, delivery persons and eaters are completed. ● Financial services in overseas countries The financial services revenues mainly consist of interest income from micro loans services and credit card services. The Group generates interest income from its loans receivable by applying the effective interest method in accordance with ASC 310. When a loan receivable is placed on non accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date, as detailed in Note 8. Other Initiatives ● Bike and e-bike sharing The Group enters into rental agreements with the users at the inception of each trip. The Group is responsible for providing access to the bikes and e-bikes over the user’s desired period of use. The Group derives a majority of the revenues from rental agreements, which are classified as operating leases as defined within ASC 842, and records the rental payments received as revenues upon the completion of each trip. ● Certain energy and vehicle services Certain energy and vehicle services include refueling, charging, and the leasing business that the Group carries out itself. The Group considers itself as the agent for refueling and charging services and recognizes agency revenue primarily from its services contracts with gas stations or charging stations upon the completion of a refueling or charging order. The Group mainly provides operating lease services by leasing self-owned vehicles to drivers through its platform. The Group generally considers itself to be the accounting lessor, as applicable, in these arrangements in accordance with ASC 842. Revenues from these services is recognized on a straight line basis over the lease period. 3. Summary of significant accounting policies (Continued) ● Financial services in the PRC The financial services revenues mainly include interest income from micro loans services and loan intermediary services fees. The Group generates interest income from its loan receivables by applying the effective interest method in accordance with ASC 310 in micro loans services. When a loan receivable is placed on non accrual status, the Group stops accruing interest and reverses all accrued but unpaid interest as of such date, as detailed in Note 8. The Group also matches the borrowers and the lenders and earns loan intermediary service fees directly from the lenders based on the contractual agreements. A majority of the revenue derived from loan intermediary services is recognized at a point in time upon the successful matching of the borrowing requests from the borrowers with the lenders. ● Others The Group provides a variety of other initiatives services on its platform, including intra-city freight and other services. The Group generally recognizes revenues when services are provided to its customers. Contract balances The Group classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and it has the unconditional right to receive consideration. A contract asset is recorded when the Group has transferred services to the customer before payment is received or is due, and the Group’s right to consideration is conditional on future performance or other factors in the contract. Contract assets amounting to RMB 299,095 Contract liabilities are recognized if the Group receives consideration prior to satisfying the performance obligations, which mainly include advance payments from ride hailing services in the PRC and from Other Initiative segment. Contract liabilities as of December 31, 2022 and 2023 were RMB 565,058 and Incentive Programs ● Incentives to consumers considered as customers from an accounting perspective For China Mobility segment, riders using ride haling service, taxi drivers and chauffeur service providers are considered as the customers of the Group. For International segment, drivers providing ride hailing services, merchants, delivery persons providing food delivery service and eaters using food delivery service in certain overseas countries are considered as the customers of the Group. For Other Initiatives segment, users in bike and e-bike sharing, lessees in leasing business that the Group carries out itself, gas stations and charging stations in energy services, borrowers in micro loans services, lenders in loan intermediary services and drivers providing intra-city freight service are generally considered as the customers of the Group. ● Customer incentives The Group offers various incentive programs to the Group’s customers, including fixed amount discounts, performance-based bonus payment, etc. Incentives provided to customers are recorded as a reduction of revenue if the Group does not receive a distinct good or service or cannot reasonably estimate the fair value of the good or service received. Incentives to customers that are not provided in exchange for a distinct good or service are evaluated as variable consideration, in the most likely amount to be earned by the customers at the time or as they are earned by customers, depending on the type of incentives. Since incentives are earned over a short period of time, there is limited uncertainty when estimating variable consideration. 3. Summary of significant accounting policies (Continued) ● Referring new customers Incentives earned by customers for referring new customers are paid in exchange for a distinct service and are accounted for as customer acquisition costs. The Group expenses such referral payments as incurred in sales and marketing expenses in the consolidated statements of comprehensive income (loss). The Group applies the practical expedient ● Customer loyalty program The Group’s riders participate in a reward program, which provides service discount vouchers and other gifts based on accumulated membership points that vary depending on the services received and fees paid, timing, and distances of each trip taken by the riders. The riders may redeem the amount of points in their membership points accounts in vouchers or other physical products via Didi Online Mall. Because the Group has an obligation to provide such vouchers and other gifts, the Group recognizes liabilities and accounts for the estimated cost of future usage of vouchers as contra-revenues when the membership points are awarded. As members redeem their points or their entitlements expire, the accrued liability is reduced correspondingly. The Group estimates the liabilities under customer loyalty program based on accumulated membership points and management’s estimate of probability of redemption in accordance with the historical redemption pattern. If actual redemption differs significantly from the estimate, it will result in an adjustment to the liability and the corresponding revenue. ● Incentives to consumers not considered as customers from an accounting perspective For the China Mobility segment, the end-users of online taxi and chauffeur service are generally not considered to be the customers of the Group from an accounting perspective. For International segment, the riders using ride hailing services and eaters in certain countries using food delivery services are not considered to be the customers of the Group from an accounting perspective. For Other Initiatives, end-users of intra-city freight services are generally not considered to be the customers of the Group from an accounting perspective. Incentives offered to such consumers that represent explicit or implicit obligations to the consumers on behalf of the service providers abovementioned are recorded as reduction of revenues. The Group also at its own discretion offers incentives to such consumers to encourage their uses of its platform, which mainly include: ● Customized consumer discounts and promotions These discounts and promotions are offered to some consumers in a market to acquire, re-engage or generally increase the uses of the Group’s platform by such consumers, and are akin to a coupon. An example is an offer providing a discount on a limited number of rides during a limited time period. The Group records the cost of these discounts and promotions to such consumers as sales and marketing expenses at the time they are redeemed by the consumers. ● Consumer referrals These referrals are earned when an existing consumer (“the referring consumer”) refers a new consumer (“the referred consumer”) to the Group and the referred consumer uses services offered by the Group’s platform. These consumer referrals incentives are typically paid in the form of a credit given to the referring consumer. These referrals are offered to attract new consumer to the Group. The Group records the liability for these referrals and corresponding expenses as sales and marketing expenses at the time the referral is earned by the referring consumer. 3. Summary of significant accounting policies (Continued) Practical Expedients The Group utilizes the practical expedient available under ASC 606-10-50-14 and does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The effect of a significant financing component has not been adjusted for contracts when the Group expects, at contract inception, that the period between when the Group transfers a promised good or service to the customer and the collection of the payments from the customers will be one year or less. |
Cost of revenues | 3.23 Cost of revenues Cost of revenues, which are directly related to revenue generating transactions on the Group’s platform, primarily consists of driver earnings and driver incentives in ride hailing services of China Mobility segment, depreciation and impairment of bikes and e - bikes and vehicles, credit losses of loans receivable, insurance cost related to service offering, payment processing charges, and bandwidth and server related costs. |
Operations and support | 3.24 Operations and support Operations and support expenses consist primarily of personnel-related compensation expenses, including share-based compensation for the Group’s operations and support personnel, third party customer service fees, driver operation fees, other outsourcing fees and expenses related to general operations. |
Sales and marketing expenses | 3.25 Sales and marketing expenses Sales and marketing expenses consist primarily of advertising and promotion expenses, certain incentives paid to consumers not considered as customers from an accounting perspective, amortization of acquired intangible assets utilized by sales and marketing functions, and personnel-related compensation expenses, including share-based compensation for the Group’s sales and marketing staff. Advertising and promotion expenses are recorded as sales and marketing expenses when incurred, and totalled RMB5,401,408 , RMB 3,297,560 RMB 2,778,465 |
Research and development expenses | 3.26 Research and development expenses Research and development expenses consist primarily of personnel-related compensation expenses, including share-based compensation for employees in engineering, design and product development, depreciation and impairment of property and equipment utilized by research and development functions, and bandwidth and server related costs incurred by research and development functions. The Group expenses all research and development expenses as incurred. |
General and administrative expenses | 3.27 General and administrative expenses General and administrative expenses consist primarily of personnel-related compensation expenses, including share-based compensation for the Group’s managerial and administrative staff, allowances for doubtful accounts, office rental and property management fees, professional services fees, depreciation and amortization related to assets used for managerial functions, fines and miscellaneous administrative expenses. |
Government grants | 3.28 Government grants Government grants are generally financial grants received from provincial and local governments for operating a business in their jurisdictions or compliance with specific policies promoted by the local governments. These grants are recognized as a reduction of specific costs and expenses for which the grants are intended to compensate. Such amounts are recognized in the consolidated statements of comprehensive income (loss) upon receipt and when all conditions attached to the grants are fulfilled. For the years ended December 31, 2021, 2022 and 2023, government grants amounted to RMB990,038, RMB458,141 and RMB254,623 are recognized as reduction of specific costs and expenses. |
Share-based compensation | 3.29 Share-based compensation The Group accounts for share-based awards granted to employees and non-employees in accordance with ASC 718 Compensation-Stock compensation (“ASC 718”). Generally, share-based awards are recognized as costs and expenses, except to the extent the share-based compensation is recognized in the Group’s investment income (loss), net as certain share-based awards are issued to the employees of the certain equity investee. Share-based awards with service conditions only are measured at the grant date fair value of the awards and recognized as expenses using the graded-vesting method, net of estimated forfeitures over the requisite service period. Share-based awards that are subject to both service conditions and the occurrence of an initial public offering (“IPO”) or deemed liquidation events as performance condition are measured at the grant date fair value and recognized as expenses using the graded-vesting method, net of estimated forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. The Group recognized the cumulative share-based compensation expenses, net of estimated forfeitures for the awards with IPO condition on June 30, 2021, which was very close to the completion of the Group’s IPO, using the graded-vesting method. Forfeitures are estimated based on historical experience and are periodically reviewed. The Group, with the assistance of an independent third-party valuation firm, determined fair value of share-based awards granted to employees and non-employees. Prior to the IPO, the fair value of the restricted share units (“RSUs”) was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment requires complex and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. The fair value of share options is estimated on the grant date using the Binomial option pricing model. The assumptions used in share-based compensation expenses recognition represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. Subsequent to the completion of the Group’s IPO, the fair value of share-based awards was determined based on the market price of the Group’s publicly traded ADSs on the NYSE before its delisting in June 2022 and the Group’s ADSs have been quoted on OTC Pink under the symbol “DIDIY” thereafter, as detailed in Note 23. According to ASC 718, a change in any of the terms or conditions of share-based awards shall be accounted for as a modification of the plan. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the fair value and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period the modification occurs. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Segment reporting | 3.30 Segment reporting Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Group’s internal organizational structure and business segments are more fully described in Note 18. |
Taxation | 3.31 Taxation Income taxes Current income tax is recorded in accordance with the laws of the relevant tax jurisdictions. The Group applies the liability method of recording income taxes in accordance of ASC Topic 740, Income Taxes (“ASC 740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are provided based on temporary differences arising between the tax bases of assets and liabilities and the financial statements, using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that such assets are more-likely-than-not to be realized. In making such a determination, the Group considers all positive and negative evidences, including results of recent operations and expected reversals of taxable income. Valuation allowances are provided to offset deferred tax assets if it is considered more-likely-than-not that amount of the deferred tax assets will not be realized. Uncertain tax positions The Group applies the provisions of ASC 740 in accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Group has elected to classify interest and penalties related to an uncertain tax position (if and when required) as part of “income tax expenses” in the consolidated statements of comprehensive income (loss). The Group did not have any significant unrecognized uncertain tax positions or any unrecognized liabilities as of December 31, 2022 and 2023. The Group did not have any interest or penalties associated with unrecognized tax benefit for the years ended December 31, 2021, 2022 and 2023. |
Employee benefits | 3.32 Employee benefits Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefits and housing fund plans through a PRC government-mandated multiemployer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees, and the Group’s obligations are limited to the amounts contributed with no legal obligation beyond the contributions made. Total amounts for such employee benefits, which were expensed as incurred, were RMB1,808,321, RMB1,940,168 and RMB 1,880,363 |
Comprehensive income (loss) | 3.33 Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in equity (deficit) of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income (loss) mainly includes net income (loss) and currency translation adjustments of the Group and share of other comprehensive income (loss) of equity method investees. |
Net loss per share | 3.34 Net loss per share Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the loss. Diluted loss per share is calculated by dividing net loss attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted shares and RSUs, ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method, and ordinary shares issuable upon the conversion of preferred shares using the if-converted method, for periods prior to the completion of the IPO. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be antidilutive. After the completion of the IPO, net loss per ordinary share is computed on Class A Ordinary Shares and Class B Ordinary Shares on the combined basis, because both classes have the same dividend rights in the Company’s undistributed net income. |
Treasury shares | 3.35 Treasury shares The Group accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account in shareholders’ equity (deficit). The ordinary shares with future service conditions are deemed as treasury stock and also recorded in the treasury shares account in shareholders’ equity (deficit). |
Business combinations and non-controlling interests | 3.36 Business combinations and non-controlling interests The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Group and equity instruments issued by the Group. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income (loss). During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the consolidated statements of comprehensive income (loss). 3. Summary of significant accounting policies (Continued) In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive income (loss). For the Group’s majority-owned subsidiaries, non-controlling interests are recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Group deconsolidates the subsidiary from the date control is lost. Any retained non-controlling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary. |
Convertible redeemable non-controlling interests and convertible non-controlling interests | 3.37 Convertible redeemable non-controlling interests and convertible non-controlling interests Convertible redeemable non-controlling interests represent preferred shares financing by subsidiaries of the Group from preferred shareholders. As the preferred shares could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control of the Group, these preferred shares are accounted for as redeemable non-controlling interests. The Group accounts for the changes in accretion to the redemption value in accordance with ASC topic 480, Distinguishing Liabilities from Equity. The Group elects to use the effective interest method to account for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the non-controlling interests. The Group determined that the redemption features embedded in the convertible redeemable non-controlling interests do not meet the definition of a derivative as they cannot be net settled. Therefore, such feature was not bifurcated from the mezzanine classified as non-controlling interests. Convertible non-controlling interests represent preferred share financing by subsidiaries of the Group from preferred shareholders, which are contingently redeemable upon certain deemed liquidation events occur. Such deemed liquidation events require the redemption of those preferred shares and cause them being classified outside of permanent equity. |
Commitments and contingencies | 3.38 Commitments and contingencies In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. The Group assesses these contingent liabilities, which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Group or unasserted claims that may result in legal proceedings, the Group, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of guarantee would be disclosed. |
Significant risks and uncertainties | 3.39 Significant risks and uncertainties Past cybersecurity review and apps takedown in China On July 2, 2021, the Cybersecurity Review Office posted an announcement stating that the Group was subject to a cybersecurity review and that it required the Group to suspend new user registration in China during the review. On July 4 and July 9, 2021, the CAC posted announcements, which together stated that 26 of the apps that the Group operates in China violated PRC laws and regulations in collecting personal information. Pursuant to the PRC Cybersecurity Law, app stores were notified to take down these apps in China. An administrative fine of RMB8.026 billion was imposed for the violation of the Cybersecurity Law, Data Security Law and Personal Information Protection Law and was paid in the year ended December 31, 2022. On January 16, 2023, with the approval of the Cybersecurity Review Office, the Group resumed the registration of new users on DiDi Chuxing. The Group fully cooperated with the PRC government authorities on the cybersecurity review and rectification measures. The Group conducted a series of rectification measures under the supervision of the PRC regulatory authorities. In addition, the Group has formulated an internal management mechanism for data security and storage, algorithm transparency and users’ right of free choice, so as to enhance employees’ attention to and awareness of these matters. Meanwhile, the Group has organized and conducted education and training programs for employees regarding such matters as information network security, data security and storage, and user personal information protection, and strengthened employees’ awareness of legal compliance with respect to the information network security and application. However, there are uncertainties with respect to whether the Group might become subject to new cybersecurity review in the future. If the Group is unable to complete the new review and any necessary rectification measures, the growth and the usage of the Group’s platform in China may decline, which could materially and adversely affect the Group’s business, financial condition, results of operations and prospects. Concentration of customers and suppliers There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2021, 2022 and 2023. Concentration of credit risk Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, other receivables and time deposits. As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents, restricted cash and time deposits were held by major financial institutions located in the Mainland of China and Hong Kong, which the management believes are of high credit quality. In addition, the Group held its cash and cash equivalents, restricted cash, and time deposits in different financial institutions and held no more than approximately 5% and 7% of its total assets at any single institution as of December 31, 2022 and 2023, respectively. The Group has no significant concentrations of credit risk with respect to the assets mentioned above. The Group relies on a limited number of third parties to provide payment processing services (“payment service providers”) to collect amounts due from customers. Payment service providers are financial institutions, credit card companies and mobile payment platforms such as Alipay and WeChat Pay, which the Company believes are of high credit quality. Accounts receivables are typically unsecured and are primarily derived from revenues earned from customers in the PRC. The credit risk with respect to accounts receivable is mitigated by credit control policies the Group carries out on its customers and its ongoing monitoring process of outstanding balances. 3. Summary of significant accounting policies (Continued) Foreign currency exchange rate risks The conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the People’s Bank of China. The Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. The value of Renminbi against the U.S. dollar and other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between Renminbi and the U.S. dollar in the future. The Group is also exposed to foreign currency risk because of its international operations, particularly in Brazil and Mexico. While the Group generally expects to use any cash from operations in the same country where the Group receives that cash, fluctuations in the exchange rate between the currency of that country and the Renminbi will be recorded as foreign currency translation adjustments in the Group’s consolidated statements of comprehensive income (loss). Currency convertibility risk The PRC government imposes controls on the convertibility of RMB into foreign currencies. The value of RMB is subject to changes in the central government policies and to international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance. Operation and compliance risk On July 27, 2016, the Ministry of Transport, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Commerce, the State Administration for Market Regulation and the CAC jointly promulgated the Interim Measures for the Management of Online Ride Hailing Operation and Service (“Interim Measures”), which took effect on November 1, 2016 and was last amended on November 30, 2022, to regulate the business activities of online ride hailing services and to ensure the safety of passengers by establishing a regulatory system for the platforms, vehicles and drivers engaged in online ride hailing services. In accordance with the Interim Measures, the platform that conducts the online ride hailing services is subject to obtaining the necessary permit. The vehicles used for online ride hailing services must also obtain the transportation permit for vehicles, and the drivers engaged in online ride hailing services are required to meet certain requirements and pass the relevant exams. The Group has not obtained the required permits for certain cities when the Group is required to do so, and not all drivers or vehicles on the platforms have the required licenses or permits. Therefore, the Group had been and may continue to be subject to fines as a result. If the Group fails to remediate the non-compliance with relevant law and regulation requirements, the Group could be subject to penalties and/or an order of correction, and as a result, the Group’s business, financial condition, and results of operations could be materially and adversely affected. In an effort to ensure compliance with applicable Interim Measures, the Group has continuously conducted the process to obtain the necessary licenses or permits in different cities to mitigate the relevant compliance risk. |
Recently adopted and issued accounting pronouncements | 3.40 Recently adopted and issued accounting pronouncements In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Group beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable. This update will be effective for the Group’s fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group is currently in the process of evaluating the disclosure impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Company is in the process of evaluating the impact of the new guidance and does not expect it to have a significant impact on its consolidated financial statements. |
Organization and principal ac_2
Organization and principal activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization and principal activities | |
Schedule of the Company's major subsidiaries and VIEs | Country/Place Percentage of direct or and indirect date of economic benefits ownership incorporation/ December 31, Companies establishment 2022 2023 Major Subsidiaries Holly Universal Limited BVI, January 6, 2017 100% 100% DiDi (HK) Science and Technology Limited Hong Kong, August 2, 2013 100% 100% Xiaoju Science and Technology (Hong Kong) Limited Hong Kong, January 29, 2013 100% 100% Beijing DiDi Infinity Technology and Development Co., Ltd. PRC, May 6, 2013 100% 100% Major VIEs (Including VIEs’ Subsidiaries) Beijing Xiaoju Science and Technology Co., Ltd. PRC, July 10, 2012 100% 100% DiDi Chuxing Science and Technology Co., Ltd. PRC, July 29, 2015 100% 100% Beijing DiDi Chuxing Technology Co., Ltd. PRC, December 5, 2018 100% 100% |
Variable interest entities (Tab
Variable interest entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable interest entities | |
Schedule of financial positions and operation results of the VIEs | As of December 31 2022 2023 RMB RMB Cash and cash equivalents 5,558,835 14,631,898 Restricted cash 739,355 1,137,508 Short‑term treasury investments 2,911,180 2,389,719 Accounts and notes receivable, net 1,353,038 2,028,426 Amounts due from the Company and its subsidiaries 29,306,180 25,637,023 Long-term treasury investments, net 1,021,862 246,806 Investment securities and other investments 1,285,266 689,471 Equity method investments, net 3,133,608 3,278,621 Property and equipment, net 273,753 283,793 Intangible assets, net 462,485 449,509 Other assets, net 3,349,234 4,042,492 Total assets 49,394,796 54,815,266 Short‑term borrowings 199,807 2,651,153 Accounts and notes payable 2,672,716 4,468,895 Amounts due to the Company and its subsidiaries 63,721,620 61,319,853 Long‑term borrowings — 830,700 Operating lease liabilities 274,150 105,645 Other liabilities 4,735,651 6,465,001 Total liabilities 71,603,944 75,841,247 Shareholders’ deficit of VIEs (22,209,148) (21,025,981) Total liabilities and shareholders’ deficit of VIEs 49,394,796 54,815,266 For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Total revenues 168,311,395 132,237,619 181,926,012 Net income (loss) (5,957,049) (297,389) 1,066,970 Net cash provided by operating activities 1,631,994 4,628,428 17,154,763 Net cash provided by (used in) investing activities 2,688,546 (438,285) 774,580 Net cash provided by (used in) financing activities 4,505,606 (16,499,234) (8,458,127) |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | |
Schedule of estimated useful lives of property and equipment | Categories Estimated useful lives Bikes and e‑bikes 2‑3 years Vehicles 3-5 years Computers and equipment 2‑5 years Leasehold improvement Lesser of estimated useful life or remaining lease terms Others 5‑40 years |
Schedule of estimated useful lives of identifiable intangible assets | Categories Estimated useful lives Non‑compete agreements 6‑7 years Trademark, patents and others 3-10 years Driver lists 5 years Customer lists 5 years Software 3-5 years Online payment license* Indefinite live Others Indefinite live * An acquired online payment license is considered to be an indefinite live and is carried at cost less any subsequent impairment loss. The Group is required to apply for the renewal of the license issued from government authorities each five years and the Group considered that, based on regulatory precedent, there were no practical difficulties in the renewal process according to the industry practice, thus providing the basis for the indefinite life assumption. |
Short-term and Long-term trea_2
Short-term and Long-term treasury investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Short-term and Long-term treasury investments | |
Schedule of short-term and long-term treasury investments | As of December 31 2022 2023 RMB RMB Short-term treasury investments Time deposits and other debt investments stated at amortized cost 16,965,708 19,163,581 Other debt investments under FVO — 78,502 Subtotal 16,965,708 19,242,083 Long-term treasury investments Time deposits and other debt investments stated at amortized cost 8,444,793 4,712,589 Other debt investments under FVO 1,755,009 3,180,310 Subtotal 10,199,802 7,892,899 |
Accounts and notes receivable_2
Accounts and notes receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts and notes receivable, net | |
Schedule of accounts and notes receivable, net | As of December 31 2022 2023 RMB RMB Accounts and notes receivable 2,944,355 4,011,265 Allowance for credit losses (692,722) (723,655) Accounts and notes receivable, net 2,251,633 3,287,610 |
Schedule of movement of the allowances for credit losses | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Balance at beginning of the year (556,360) (650,888) (692,722) Provision (596,908) (454,168) (387,196) Write-offs 502,380 412,334 356,263 Balance at end of the year (650,888) (692,722) (723,655) |
Prepayments, receivables and _2
Prepayments, receivables and other current assets, net and other non-current assets, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments, receivables and other current assets, net and other non-current assets, net | |
Schedule of current assets, net | As of December 31 2022 2023 RMB RMB Loans receivable, net 5,338,627 8,679,730 Short-term debt investments 582,510 1,064,663 Deductible VAT-input 1,533,722 1,023,024 Rental deposits and other deposits, net 424,492 775,829 Advances to employees and others 684,095 715,138 Prepayments for promotion and advertising expenses and other operating expenses 593,199 398,450 Prepaid income tax 92,250 381,488 Contingent consideration assets — 239,557 Others, net 865,194 975,396 Total 10,114,089 14,253,275 |
Schedule of loans receivable, net | As of December 31 2022 2023 RMB RMB Loans receivable 5,798,839 9,829,675 Allowance for credit losses (460,212) (1,149,945) Loans receivable, net 5,338,627 8,679,730 |
Schedule of movement of the allowances for credit losses of short-term and long-term finance lease receivables | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Balance at beginning of the year (146,432) (604,506) (460,212) Foreign currency translation adjustments — (3,979) (25,373) Provision (557,129) (523,863) (1,609,671) Write‑offs 99,055 672,136 945,311 Balance at end of the year (604,506) (460,212) (1,149,945) |
Schedule of aging analysis of loans receivable by due date | Past Due 91 Days or Total Past 1 ‑ 30 Days 31 ‑ 60 Days 61 ‑ 90 Days Greater Due Current Total As of December 31, 2022 70,990 42,495 38,340 95,028 246,853 5,551,986 5,798,839 As of December 31, 2023 219,243 110,379 85,685 127,124 542,431 9,287,244 9,829,675 |
Schedule of other non-current assets, net | As of December 31 2022 2023 RMB RMB Deductible VAT-input 864,319 1,116,686 Prepayments for property and equipment, long-term investments and other non‑current assets 823,634 409,469 Rental deposits and other deposits, net 153,240 160,189 Contingent consideration assets — 10,811 Others, net 19,672 22,340 Total 1,860,865 1,719,495 |
Investment securities and oth_2
Investment securities and other investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment securities and other investments | |
Summary of investment securities and other investments | As of December 31 2022 2023 RMB RMB Listed equity securities 6,725,766 8,573,605 Debt investments under fair value option 822,942 1,978,098 Equity investments accounted for using Measurement Alternative method 580,152 466,247 Debt investments stated at amortized cost 261,797 68,458 Total 8,390,657 11,086,408 |
Summary of listed equity securities and other investments under fair value option | As of December 31, 2022 Cumulative Cumulative Foreign gross gross currency unrealized unrealized translation Fair Cost gains losses adjustments Value RMB RMB RMB RMB RMB Listed equity securities 7,561,289 — (1,067,079) 231,556 6,725,766 — Investee A 600,000 — (206,442) — 393,558 — Investee B (i) 6,518,202 — (648,302) 198,536 6,068,436 — Others 443,087 — (212,335) 33,020 263,772 Debt investments under FVO 811,531 17,610 — (6,199) 822,942 — Debt investments under fair value option 811,531 17,610 — (6,199) 822,942 Total 8,372,820 17,610 (1,067,079) 225,357 7,548,708 As of December 31, 2023 Cumulative Cumulative Foreign gross gross currency unrealized unrealized translation Fair Cost gains losses adjustments Value RMB RMB RMB RMB RMB Listed equity securities 9,189,534 — (852,415) 236,486 8,573,605 — Investee A 600,000 — (215,227) — 384,773 — Investee B (i) 4,729,687 — (311,250) 290,853 4,709,290 —XPeng (ii) 3,268,546 — (219,663) (43,637) 3,005,246 — Others 591,301 — (106,275) (10,730) 474,296 Debt investments under FVO 1,940,665 31,206 — 6,227 1,978,098 — Investment in Kargobot’s shares 528,709 — — — 528,709 — Debt investments under fair value option 1,411,956 31,206 — 6,227 1,449,389 Total 11,130,199 31,206 (852,415) 242,713 10,551,703 (i) Investment in Investee B |
Equity method investments, net
Equity method investments, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity method investments, net | |
Schedule of equity investments, net | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Results of operations: Revenue 7,549,918 8,906,174 11,749,558 Gross profit (loss) (4,257,022) 1,712,738 2,748,455 Income (loss) from operations (16,489,595) (1,248,914) 1,631,031 Net income (loss), net 1,999,569 (2,468,292) 1,393,547 Balance sheet data: Current assets 54,810,598 52,797,753 53,386,574 Non‑current assets 17,656,885 14,891,760 23,584,221 Current liabilities 31,611,814 38,391,255 46,749,844 Non‑current liabilities 5,536,458 3,308,611 1,876,198 Convertible redeemable preferred shares and non‑controlling interests 7,160,924 — — |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and equipment, net | |
Schedule of property and equipment, net | As of December 31 2022 2023 RMB RMB Bikes and e-bikes 9,966,031 8,255,615 Vehicles 3,022,763 1,923,551 Computers and equipment 4,145,016 4,302,574 Leasehold improvement 707,947 636,728 Construction in progress 170,785 286,326 Others 35,173 32,591 Total 18,047,715 15,437,385 Less: Accumulated depreciation (10,305,649) (9,850,875) Less: Accumulated impairment loss (2,023,742) (1,256,338) Property and equipment, net 5,718,324 4,330,172 |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating leases | |
Schedule of components of lease expenses | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Operating lease cost 726,359 729,038 645,678 Short‑term lease cost 467,384 416,215 400,926 Variable lease cost 121,353 150,994 97,548 Total lease cost 1,315,096 1,296,247 1,144,152 |
Schedule of supplemental cash flows information related to leases | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Cash payments for operating leases 761,352 783,337 717,407 ROU assets obtained in exchange for operating lease liabilities 910,144 978,608 534,313 |
Schedule of maturities of lease liabilities | As of December 31 2023 RMB 2024 455,979 2025 285,785 2026 174,686 2027 57,153 Thereafter 121,847 Total undiscounted lease payments 1,095,450 Less: imputed interest (126,314) Total lease liabilities 969,136 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets, net | |
Schedule of intangible assets, net | As of December 31 2022 2023 RMB RMB Finite ‑ lived intangible assets Non‑compete agreements 7,183,773 7,183,773 Trademarks, patents, software and others 5,413,444 5,405,499 Customer lists 1,563,680 1,573,479 Driver lists 301,641 306,755 Total 14,462,538 14,469,506 Less: accumulated amortization (12,846,495) (13,835,413) Less: accumulated impairment loss (346,466) (412,972) Net book value 1,269,577 221,121 Indefinite ‑ lived intangible assets Online payment license 398,085 398,085 Others 56,479 56,479 Total 454,564 454,564 Finite and indefinite ‑ lived intangible assets 1,724,141 675,685 |
Schedule of amortization expenses related to intangible assets for future periods | Amortization Expenses RMB 2024 118,985 2025 37,685 2026 23,572 2027 15,671 Thereafter 25,208 Total expected amortization expenses 221,121 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill | |
Schedule of changes in the carrying value of goodwill by segment | China Other Mobility (i) International (ii) Initiatives Total RMB RMB RMB RMB Balance as of January 1, 2021 46,283,879 2,746,589 93,704 49,124,172 Less: accumulated impairment loss — (2,492,826) — (2,492,826) Foreign currency translation adjustments — (253,763) — (253,763) Balance as of December 31, 2021 46,283,879 — 93,704 46,377,583 Balance as of December 31, 2022 46,283,879 — 93,704 46,377,583 Balance as of December 31, 2023 46,283,879 — 93,704 46,377,583 (i) Considering similar economic characteristics shared among different components within China Mobility, the Group determined that China mobility is a single reporting unit in goodwill impairment analysis. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Schedule of shortterm and Longterm borrowings | As of December 31 2022 2023 RMB RMB Short‑term borrowings 4,940,310 7,682,190 Long‑term borrowings 149,925 1,044,421 Total 5,090,235 8,726,611 |
Schedule of short-term and long-term borrowings maturities | As of December 31 2022 2023 RMB RMB Within 1 year 4,940,310 7,682,190 Between 1 to 2 years 142,625 838,000 Between 2 to 3 years 7,300 188,119 Between 3 to 4 years — 18,302 Total 5,090,235 8,726,611 |
Accounts and notes payable (Tab
Accounts and notes payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts and notes payable | |
Schedule of accounts and notes payable | As of December 31 2022 2023 RMB RMB Payables related to service fees and incentives to drivers 2,465,919 4,309,814 Payables related to driver management fees 155,279 193,165 Other accounts payable 248,848 60,616 Total 2,870,046 4,563,595 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | As of December 31 2022 2023 RMB RMB Payables to merchants and other partners 2,319,245 4,336,250 Employee compensation and welfare payables 1,821,969 2,410,332 Tax payables 1,127,818 1,658,525 Deposits 1,385,424 1,387,550 Payables related to market and promotion expenses 814,186 1,110,099 Payables related to service fees 803,267 704,110 Payables related to property and equipment 298,550 283,889 Payables and accruals for other costs and expenses 1,420,875 1,602,713 Others 1,158,587 1,256,662 Total 11,149,921 14,750,130 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment reporting | |
Schedule of adjusted EBITA and a reconciliation from the segment Adjusted EBITA to total consolidated loss from operations | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Revenues: China Mobility 160,520,747 125,930,620 175,033,586 International 3,622,366 5,863,123 7,842,151 Other Initiatives 9,684,269 8,997,940 9,504,181 Total segment revenues 173,827,382 140,791,683 192,379,918 Adjusted EBITA: China Mobility 6,129,122 (1,449,926) 5,308,384 International (5,787,976) (4,024,455) (2,322,782) Other Initiatives (19,514,226) (7,294,752) (5,148,255) Total Adjusted EBITA (19,173,080) (12,769,133) (2,162,653) Share‑based compensation expenses (24,654,583) (3,424,049) (2,575,340) Amortization of intangible assets (i) (1,824,762) (1,631,280) (1,003,282) Impairment of goodwill and intangible assets acquired from business combination (Note 14) (2,789,321) — — Total consolidated loss from operations (48,441,746) (17,824,462) (5,741,275) (i) Amortization expenses in connection with business combinations were RMB 1,799,508 , RMB 1,561,239 and RMB 948,384 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Schedule of total depreciation expenses of property and equipment by segment | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB China Mobility 306,382 360,612 371,022 International 124,633 92,903 73,716 Other Initiatives 3,789,506 3,058,310 2,800,631 Total depreciation of property and equipment 4,220,521 3,511,825 3,245,369 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes | |
Schedule of income (loss) before income taxes | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Income (loss) from overseas entities (7,665,988) (17,271,251) 2,803,492 Loss from PRC entities (41,502,270) (6,507,345) (2,178,681) Income (loss) before income taxes (49,168,258) (23,778,596) 624,811 |
Schedule of income tax expenses (benefits) | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Current income tax expenses 557,797 170,091 235,382 Deferred income tax benefits (391,477) (166,176) (145,633) Total income tax expenses 166,320 3,915 89,749 |
Schedule of reconciliation of the differences between the PRC statutory tax rate and the Group's effective tax rate | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB PRC statutory tax rate 25.00 % 25.00 % 25.00 % Tax effect of preferential tax treatments (0.38) % (0.72) % (25.30) % Tax effect of permanent difference (15.54) % (2.06) % 130.17 % Effect on tax rates in different tax jurisdiction (0.50) % (12.15) % (122.02) % Changes in valuation allowance and others (8.92) % (10.09) % 6.51 % Effective tax rate (0.34) % (0.02) % 14.36 % |
Schedule of significant components of the Group's deferred tax balances | As of December 31 2022 2023 RMB RMB Deferred tax assets Tax losses carryforwards 14,026,637 13,460,119 Advertising expenses in excess of deduct limit 3,093,464 3,022,509 Asset impairment and allowances for credit losses 1,303,029 1,021,295 Accrued expenses and others 1,513,483 1,342,747 Total deferred tax assets 19,936,613 18,846,670 Less: valuation allowance (19,539,116) (18,435,565) Deferred tax assets, net 397,497 411,105 Deferred tax liabilities Amortization expense of intangible assets 263,031 25,600 Depreciation expense of property and equipment, and others 204,943 271,539 Deferred tax liabilities 467,974 297,139 |
Schedule of future expirations of tax losses arising in PRC | As of December 31, 2023 RMB Loss expiring in 2024 976,812 Loss expiring in 2025 4,060,806 Loss expiring in 2026 20,911,886 Loss expiring in 2027 11,498,246 Loss expiring in 2028 and thereafter 16,249,520 Total 53,697,270 |
Schedule of valuation allowance | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Balance at beginning of the year (8,019,931) (13,065,611) (19,539,116) Change of valuation allowance (5,045,680) (6,473,505) 1,103,551 Balance at end of the year (13,065,611) (19,539,116) (18,435,565) |
Schedule of deferred tax assets and liabilities classification in the consolidated balance sheets | As of December 31 2022 2023 RMB RMB Classification in the consolidated balance sheets: Deferred tax assets, net 289,191 279,464 Deferred tax liabilities 359,668 165,498 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based compensation | |
Schedule of the Group's share-based compensation expense | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Operations and support 193,552 143,588 109,962 Sales and marketing 326,332 264,572 159,830 Research and development 2,258,705 1,183,306 907,812 General and administrative 21,875,994 1,832,583 1,397,736 Total share-based compensation expenses 24,654,583 3,424,049 2,575,340 Investment income (loss), net* 178,506 47,421 — Total share-based compensation 24,833,089 3,471,470 2,575,340 * The Company granted share-based awards under the 2017 Plan and 2021 Plan (as defined below) to the employees of an equity investee with no increase in the relative ownership percentage of the investee and no proportionate funding by other investors. Accordingly, the Group recognized the entire cost of the share-based awards as incurred, amounting to RMB 178,506, RMB 47,421 and nil in investment income (loss), net in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2022 and 2023. |
Schedule of activities of the share options | Weighted Weighted Average Weighted Average Remaining Aggregate Average Number of Exercise Contractual Intrinsic Grant Date Options Price Life Value Fair Value US$ In Years US$ US$ Outstanding as of January 1, 2021 46,798,243 6.04 3.74 1,686,640 26.16 Granted 88,434,809 0.0001823 47.47 Modification (331,725) 0.0001823 47.71 Exercise of share options with shares issued to trusts (68,616,887) 0.0001823 1,366,836 47.71 Exercise of share options (9,640,697) 0.0001823 192,041 47.71 Forfeited/cancelled (4,067,894) 2.44 41.29 Outstanding as of December 31, 2021 52,575,849 4.90 3.40 789,898 30.18 Granted 18,459,565 0.0001823 11.80 Exercise of share options (2,749,909) 0.42 33,819 24.22 Forfeited/cancelled (4,552,050) 1.00 36.86 Outstanding as of December 31, 2022 63,733,455 3.94 6.39 559,325 24.62 Granted 10,402,129 0.0001823 14.78 Modification (1,478,068) 0.0001823 12.90 Exercise of share options (717,256) 0.21 11,182 30.55 Forfeited/cancelled (4,382,666) 0.07 26.03 Outstanding as of December 31, 2023 67,557,594 2.61 5.90 891,353 22.72 Exercisable as of December 31, 2023 39,360,380 4.47 4.16 445,842 25.18 Vested and Expected to Vest as of December 31,2023 61,407,795 2.87 5.63 794,187 23.32 |
Schedule of assumptions to determine fair value of the share based awards | For the Year Ended December 31 2021 2022 2023 Fair value of ordinary shares (US$) 30.32 – 65.60 7.34-19.92 12.00-15.20 Expected volatility 33.6% - 37.8% 35.27%-40.34% 41.36%-41.70% Risk‑free interest rate (per annum) 0.94% - 1.26% 1.52%-3.83% 3.48%-4.59% Expected dividend yield 0% 0% 0% Expected term (in years) 7 10 10 |
Schedule of activities of restricted shares and RSUs | Weighted Weighted Average Average Remaining Number of Grant Date Contractual Shares Fair Value Life US$ In Years Unvested at January 1, 2021 18,762,437 38.60 4.60 Granted 3,137,540 48.47 Vested (64,990,673) 45.36 Exercise of share options with shares issued to trusts 68,616,887 47.71 Forfeited/cancelled (2,248,496) 48.40 Unvested at December 31, 2021 23,277,695 41.21 5.28 Granted 1,714,158 12.47 Vested (7,947,817) 34.14 Forfeited/cancelled (2,446,370) 40.84 Unvested at December 31, 2022 14,597,666 40.97 7.47 Granted 899,005 13.51 Vested (6,079,090) 39.30 Forfeited/cancelled (957,307) 33.70 Unvested at December 31, 2023 8,460,274 41.42 7.14 Expected to vest at December 31, 2023 7,164,224 41.85 7.10 |
Convertible redeemable non-co_2
Convertible redeemable non-controlling interests and convertible non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Convertible redeemable non-controlling interests and convertible non-controlling interests | |
Schedule of convertible redeemable non-controlling interests and convertible non-controlling interests | Convertible redeemable Convertible non ‑ non ‑ controlling interests controlling interests RMB RMB Balance as of January 1, 2021 3,345,265 99,851 Issuance of convertible redeemable non-controlling interests and convertible non-controlling interests, net of issuance costs 8,225,007 969,506 Accretion of convertible redeemable non-controlling interests to redemption value 687,617 — Balance as of December 31, 2021 12,257,889 1,069,357 Accretion of convertible redeemable non-controlling interests to redemption value 898,649 — Repurchase of convertible redeemable non-controlling interests (145,962) — Balance as of December 31, 2022 13,010,576 1,069,357 Accretion of convertible redeemable non-controlling interests to redemption value 995,685 — Balance as of December 31, 2023 14,006,261 1,069,357 |
Convertible preferred shares (T
Convertible preferred shares (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Convertible preferred shares | |
Schedule of movement of convertible preferred shares | Total number of Total shares amount RMB Balance as of January, 2021 816,245,752 189,838,979 Conversion of preferred shares to ordinary shares (816,245,752) (189,838,979) Balance as of December 31, 2021 — — Balance as of December 31, 2022 — — Balance as of December 31, 2023 — — |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss per share | |
Schedule of basic loss per share and diluted loss per share | For the Year Ended December 31 2021 2022 2023 RMB RMB RMB Numerator: Net income (loss) attributable to DiDi Global Inc. (49,343,664) (23,783,321) 493,512 Accretion of convertible redeemable non-controlling interests to redemption value (687,617) (898,649) (995,685) Net loss attributable to ordinary shareholders of DiDi Global Inc. (50,031,281) (24,681,970) (502,173) Denominator: Weighted average number of Class A and Class B ordinary shares outstanding* 657,996,437 1,210,979,609 1,224,576,751 Net loss per share attributable to ordinary shareholders — Basic (76.04) (20.38) (0.41) — Diluted (76.04) (20.38) (0.41) * Vested restricted shares and RSUs and vested share options with minimal exercise price are considered outstanding in the computation of basic loss per share. |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and contingencies | |
Schedule of operating lease commitments | Less than Over Total 1 Year 1-3 Years 3-5 Years 5 Years Operating lease commitments 68,844 48,924 18,110 1,773 37 Commitments for promotion and other operating expenses 1,915,113 485,506 956,393 473,214 — |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair value measurement | |
Schedule of financial instruments, measured at fair value, by level within the fair value hierarchy | Fair value measurement at reporting date using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable December 31 Assets Observable Inputs Inputs Items 2022 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Structured notes under fair value option 1,755,009 — 1,755,009 — Listed equity securities 6,725,766 6,725,766 — — Other investments under fair value option 1,386,741 — 1,386,741 — Total 9,867,516 6,725,766 3,141,750 — Fair value measurement at reporting date using Quoted Prices in Active Markets for Significant Identical Significant Other Unobservable December 31 Assets Observable Inputs Inputs Items 2023 (Level 1) (Level 2) (Level 3) RMB RMB RMB RMB Structured notes under fair value option 3,179,829 — 3,179,829 — Listed equity securities 8,573,605 8,573,605 — — Investment in Kargobot’s shares 528,709 — — 528,709 Other investments under fair value option 2,459,081 — 1,877,076 582,005 Contingent consideration assets 250,368 — — 250,368 Total 14,991,592 8,573,605 5,056,905 1,361,082 |
Organization and principal ac_3
Organization and principal activities (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beijing Xiaoju Science and Technology Co., Ltd. | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest in VIEs | 100% | 100% |
DiDi Chuxing Science and Technology Co., Ltd. | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest in VIEs | 100% | 100% |
Beijing DiDi Chuxing Technology Co., Ltd. | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest in VIEs | 100% | 100% |
Holly Universal Limited | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100% | 100% |
Didi (HK) Science and Technology Limited | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100% | 100% |
Xiaoju Science and Technology (Hong Kong) Limited | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100% | 100% |
Beijing DiDi Infinity Technology and Development Co., Ltd. | ||
Organization and principle activities | ||
Percentage of direct/indirect economic interest | 100% | 100% |
Variable interest entities - fi
Variable interest entities - financial positions (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Variable interest entities | ||||||
Cash and cash equivalents | ¥ 27,308,098 | $ 3,846,265 | ¥ 20,855,252 | $ 2,937,401 | ¥ 43,429,717 | ¥ 19,372,084 |
Shortterm treasury investments | 19,242,083 | 2,710,191 | 16,965,708 | |||
Accounts and notes receivable, net | 3,287,610 | 463,050 | 2,251,633 | |||
Long-term treasury investments, net | 7,892,899 | 1,111,692 | 10,199,802 | |||
Investment securities and other investments | 11,086,408 | 1,561,488 | 8,390,657 | |||
Equity method investments, net | 4,595,858 | 647,313 | 4,153,932 | |||
Property and equipment, net | 4,330,172 | 609,892 | 5,718,324 | |||
Intangible assets, net | 675,685 | 95,168 | 1,724,141 | |||
Total assets | 143,826,494 | 20,257,538 | 131,213,272 | |||
Short-term borrowings | 7,682,190 | 1,082,014 | 4,940,310 | |||
Accounts and notes payable | 4,563,595 | 642,769 | 2,870,046 | |||
Long-term borrowings | 1,044,421 | 147,104 | 149,925 | |||
Total liabilities | 30,781,209 | 4,335,443 | 21,788,574 | |||
Shareholders' deficit of VIEs | 97,969,667 | 13,798,739 | 95,344,765 | ¥ 112,119,504 | ¥ (76,134,498) | |
Total liabilities, mezzanine equity and shareholders' equity | 143,826,494 | 20,257,538 | 131,213,272 | |||
Related Party | ||||||
Variable interest entities | ||||||
Amounts due from related parties | 244,661 | $ 34,460 | 61,423 | |||
VIE | ||||||
Variable interest entities | ||||||
Cash and cash equivalents | 14,631,898 | 5,558,835 | ||||
Restricted cash | 1,137,508 | 739,355 | ||||
Shortterm treasury investments | 2,389,719 | 2,911,180 | ||||
Accounts and notes receivable, net | 2,028,426 | 1,353,038 | ||||
Long-term treasury investments, net | 246,806 | 1,021,862 | ||||
Investment securities and other investments | 689,471 | 1,285,266 | ||||
Equity method investments, net | 3,278,621 | 3,133,608 | ||||
Property and equipment, net | 283,793 | 273,753 | ||||
Intangible assets, net | 449,509 | 462,485 | ||||
Other assets, net | 4,042,492 | 3,349,234 | ||||
Total assets | 54,815,266 | 49,394,796 | ||||
Short-term borrowings | 2,651,153 | 199,807 | ||||
Accounts and notes payable | 4,468,895 | 2,672,716 | ||||
Long-term borrowings | 830,700 | |||||
Operating lease liabilities | 105,645 | 274,150 | ||||
Other liabilities | 6,465,001 | 4,735,651 | ||||
Total liabilities | 75,841,247 | 71,603,944 | ||||
Shareholders' deficit of VIEs | (21,025,981) | (22,209,148) | ||||
Total liabilities, mezzanine equity and shareholders' equity | 54,815,266 | 49,394,796 | ||||
VIE | Affiliated Entity | ||||||
Variable interest entities | ||||||
Amounts due from related parties | 25,637,023 | 29,306,180 | ||||
Amounts due to the Company and its subsidiaries | ¥ 61,319,853 | ¥ 63,721,620 | ||||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity |
Variable interest entities - op
Variable interest entities - operation results (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Variable interest entities | ||||
Total revenues | ¥ 192,379,918 | $ 27,096,145 | ¥ 140,791,683 | ¥ 173,827,382 |
Net income (loss) | 535,062 | 75,362 | (23,782,511) | (49,334,578) |
Net cash provided by operating activities | 7,638,352 | 1,075,839 | (9,554,309) | (13,413,860) |
Net cash provided by (used in) investing activities | (4,479,952) | (630,988) | (11,028,110) | 1,144,684 |
Net cash provided by (used in) financing activities | 3,538,244 | $ 498,351 | (3,545,356) | 35,191,482 |
VIE | ||||
Variable interest entities | ||||
Total revenues | 181,926,012 | 132,237,619 | 168,311,395 | |
Net income (loss) | 1,066,970 | (297,389) | (5,957,049) | |
Net cash provided by operating activities | 17,154,763 | 4,628,428 | 1,631,994 | |
Net cash provided by (used in) investing activities | 774,580 | (438,285) | 2,688,546 | |
Net cash provided by (used in) financing activities | ¥ (8,458,127) | ¥ (16,499,234) | ¥ 4,505,606 |
Variable interest entities (Det
Variable interest entities (Details) - VIE - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable interest entities | ||
Registered capital funds of the VIEs and its subsidiaries | ¥ 13,202,870 | ¥ 14,357,869 |
Non-distributable statutory reserves of the VIEs and its subsidiaries | ¥ 89,487 | ¥ 64,034 |
Summary of significant accoun_4
Summary of significant accounting policies - Functional currency and foreign currency translation (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of significant accounting policies | |||
Foreign exchange gain | ¥ 271,411 | ¥ 70,265 | |
Foreign exchange loss | ¥ 1,387,541 |
Summary of significant accoun_5
Summary of significant accounting policies - Convenience translation (Details) | Dec. 31, 2023 |
Summary of significant accounting policies | |
Exchange rate | 7.0999 |
Summary of significant accoun_6
Summary of significant accounting policies - Cash and cash equivalents (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | ||
Summary of significant accounting policies | ||
Cash held in accounts managed by online payment platforms | ¥ 1,620,687 | ¥ 971,925 |
Summary of significant accoun_7
Summary of significant accounting policies - Property and equipment, net (Details) | Dec. 31, 2023 |
Maximum | Bikes and e-bikes | |
Property and equipment, net | |
Estimated useful lives | 3 years |
Maximum | Vehicles | |
Property and equipment, net | |
Estimated useful lives | 5 years |
Maximum | Computers and equipment | |
Property and equipment, net | |
Estimated useful lives | 5 years |
Maximum | Others | |
Property and equipment, net | |
Estimated useful lives | 40 years |
Minimum | Bikes and e-bikes | |
Property and equipment, net | |
Estimated useful lives | 2 years |
Minimum | Vehicles | |
Property and equipment, net | |
Estimated useful lives | 3 years |
Minimum | Computers and equipment | |
Property and equipment, net | |
Estimated useful lives | 2 years |
Minimum | Others | |
Property and equipment, net | |
Estimated useful lives | 5 years |
Summary of significant accoun_8
Summary of significant accounting policies - Intangible assets, net (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Driver lists | |
Summary of significant accounting policies | |
Estimated Useful Lives of the Assets | 5 years |
Customer lists | |
Summary of significant accounting policies | |
Estimated Useful Lives of the Assets | 5 years |
Online payment license | |
Summary of significant accounting policies | |
Period to apply online payment license renewal | 5 years |
Maximum | Noncompete agreements | |
Summary of significant accounting policies | |
Estimated Useful Lives of the Assets | 7 years |
Maximum | Trademark, patents and others | |
Summary of significant accounting policies | |
Estimated Useful Lives of the Assets | 10 years |
Maximum | Software | |
Summary of significant accounting policies | |
Estimated Useful Lives of the Assets | 5 years |
Minimum | Noncompete agreements | |
Summary of significant accounting policies | |
Estimated Useful Lives of the Assets | 6 years |
Minimum | Trademark, patents and others | |
Summary of significant accounting policies | |
Estimated Useful Lives of the Assets | 3 years |
Minimum | Software | |
Summary of significant accounting policies | |
Estimated Useful Lives of the Assets | 3 years |
Summary of significant accoun_9
Summary of significant accounting policies - Goodwill (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of significant accounting policies | |||
Impairment of goodwill | ¥ 0 | ¥ 0 | ¥ 2,501,100,000 |
Summary of significant accou_10
Summary of significant accounting policies - Statutory reserves (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of significant accounting policies | |||
Minimum of percentage to allocate after-tax profit | 10% | ||
Maximum percentage criteria for appropriation of after-tax profit of Chinese subsidiaries to general reserve fund | 50% | ||
Appropriations to the general reserve | ¥ 30,777 | ¥ 41,411 | ¥ 11,414 |
Appropriations to the enterprise expansion fund or staff welfare and bonus fund | ¥ 0 | ¥ 0 | ¥ 0 |
Summary of significant accou_11
Summary of significant accounting policies - Revenue recognition - China Mobility (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer Benchmark | Product Concentration Risk | China Mobility | Minimum | |||
Summary of significant accounting policies | |||
Percent of the total revenues | 97% | 97% | 97% |
Summary of significant accou_12
Summary of significant accounting policies - Revenue recognition - Contract balances (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of significant accounting policies | ||
Contract assets | ¥ 293,605 | ¥ 299,095 |
Contract liabilities | ¥ 1,004,818 | ¥ 565,058 |
Revenue, Practical Expedient, Incremental Cost of Obtaining Contract [true false] | true |
Summary of significant accou_13
Summary of significant accounting policies - Sales and marketing expenses (Details) - Sales and marketing expenses - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of significant accounting policies | |||
Advertising and promotion expenses | ¥ 4,283,366 | ¥ 3,297,560 | ¥ 5,401,408 |
Incentives to consumers and referral customers or consumers | ¥ 3,403,793 | ¥ 2,778,465 | ¥ 7,465,226 |
Summary of significant accou_14
Summary of significant accounting policies - Employee benefits (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of significant accounting policies | |||
Employee benefits expensed | ¥ 1,880,363 | ¥ 1,940,168 | ¥ 1,808,321 |
Summary of significant accou_15
Summary of significant accounting policies - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of significant accounting policies | |||
Government grants | ¥ 254,623 | ¥ 458,141 | ¥ 990,038 |
Fines related to non-compliances of certain cybersecurity laws and regulations | ¥ 8,026,000 | ||
Maximum percentage of cash held in any single institution | 7% | 5% | |
Maximum | |||
Summary of significant accounting policies | |||
Short-term Investment Maturity Term | 12 months |
Financing transactions of cer_2
Financing transactions of certain subsidiaries - Accounting for the financing transaction of Chengxin (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2022 CNY (¥) | Mar. 31, 2021 | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Short-term and Long-term treasury investments | ||||||
Impairment losses from equity investments accounted for using equity method | ¥ 46,843 | ¥ 59,651 | ¥ 264,292 | |||
Fair value of investments | ¥ 4,595,858 | ¥ 4,153,932 | $ 647,313 | |||
Chengxin | Convertible Note Due 2028 | ||||||
Short-term and Long-term treasury investments | ||||||
Interest (as a percent) | 0% | |||||
Term of borrowing (in year) | 7 years | |||||
Investments in Chengxin | ||||||
Short-term and Long-term treasury investments | ||||||
Gain recorded upon the completion of deconsolidation | 9,058,144 | |||||
Impairment losses from equity investments accounted for using equity method | 21,259,814 | |||||
Fair value of investments | 686,124 | |||||
Assets received in connection with distribution | ¥ 1,935,171 | |||||
Incentive distribution, distribution | ¥ 1,172,541 |
Financing transactions of cer_3
Financing transactions of certain subsidiaries - Accounting for the financing transaction of Kargobot (Details) ¥ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Sep. 28, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Equity method investments, net | ¥ 4,595,858 | $ 647,313 | ¥ 4,153,932 | ||
Guangzhou Kargobot Technology Co., Ltd. | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ordinary shares investment as well as other debt investment | 786,934 | ||||
Total carrying amount | ¥ 25,728 | ||||
Registered share capital | ¥ 303 | ||||
Consideration for shares issued | ¥ 295,000 | ||||
Gain recorded upon the completion of deconsolidation | 761,206 | ||||
Equity method investments, net | ¥ 528,709 |
Sale of Certain Smart Auto Bu_2
Sale of Certain Smart Auto Business (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Nov. 13, 2023 CNY (¥) shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Aug. 27, 2023 shares | |
Sale of Certain Smart Auto Business | ||||||
Fair value of total considerations | ¥ | ¥ 3,140,036 | |||||
Investment income (loss), net | 3,622,112 | $ 510,164 | ¥ (5,769,873) | ¥ (167,121) | ||
Disposal group, including discontinued operation, liabilities, noncurrent | ¥ | ¥ 1,061,858 | |||||
XPeng | ||||||
Sale of Certain Smart Auto Business | ||||||
Shareholding interests | 100% | |||||
Aggregate Cost | ¥ | ¥ 3,540,849 | |||||
XPeng | ||||||
Sale of Certain Smart Auto Business | ||||||
Equity method investment share issuable | 58,164,217 | |||||
Gain (Loss) on Investments [Member] | ||||||
Sale of Certain Smart Auto Business | ||||||
Investment income (loss), net | ¥ | ¥ 2,078,178 | |||||
XPeng | ||||||
Sale of Certain Smart Auto Business | ||||||
Initial Consideration Shares | 58,164,217 | |||||
Start of Production Consideration Shares | 4,636,447 | |||||
XPeng | Tranch 1 Earn-out Shares | ||||||
Sale of Certain Smart Auto Business | ||||||
Initial Consideration Shares | 14,054,605 | |||||
XPeng | Tranch 2 Earn-out Shares | ||||||
Sale of Certain Smart Auto Business | ||||||
Initial Consideration Shares | 14,276,521 |
Short-term and Long-term trea_3
Short-term and Long-term treasury investments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Short-term and Long-term treasury investments | |||
Short-term treasury investments | ¥ 19,242,083 | $ 2,710,191 | ¥ 16,965,708 |
Long-term treasury investments | 7,892,899 | $ 1,111,692 | 10,199,802 |
Time deposits and other debt investments stated at amortized cost | |||
Short-term and Long-term treasury investments | |||
Short-term treasury investments | 19,163,581 | 16,965,708 | |
Long-term treasury investments | 4,712,589 | 8,444,793 | |
Structured notes and other debt investments under fair value option | |||
Short-term and Long-term treasury investments | |||
Long-term treasury investments | 3,180,310 | ¥ 1,755,009 | |
Other debt investments under fair value option | |||
Short-term and Long-term treasury investments | |||
Short-term treasury investments | ¥ 78,502 |
Accounts and notes receivable_3
Accounts and notes receivable, net - Accounts and notes receivable, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Accounts and notes receivable, net | |||||
Accounts and notes receivable | ¥ 4,011,265 | ¥ 2,944,355 | |||
Allowance for credit losses | (723,655) | (692,722) | ¥ (650,888) | ¥ (556,360) | |
Accounts and notes receivable, net | ¥ 3,287,610 | $ 463,050 | ¥ 2,251,633 |
Accounts and notes receivable_4
Accounts and notes receivable, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movements in the allowance for doubtful accounts | |||
Balance at beginning of the year | ¥ (692,722) | ¥ (650,888) | ¥ (556,360) |
Provision | (387,196) | (454,168) | (596,908) |
Write-offs | 356,263 | 412,334 | 502,380 |
Balance at end of the year | ¥ (723,655) | ¥ (692,722) | ¥ (650,888) |
Prepayments, receivables and _3
Prepayments, receivables and other current assets, net and other non-current assets, net - Current assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Prepayments, receivables and other current assets, net and other non-current assets net | |||
Loans receivable, net | ¥ 8,679,730 | ¥ 5,338,627 | |
Short-term debt investments | 1,064,663 | 582,510 | |
Deductible VAT-input | 1,023,024 | 1,533,722 | |
Rental deposits and other deposits, net | 775,829 | 424,492 | |
Advances to employees and others | 715,138 | 684,095 | |
Prepaid income tax | 381,488 | 92,250 | |
Contingent consideration assets | 239,557 | ||
Others, net | 975,396 | 865,194 | |
Total | 14,253,275 | $ 2,007,532 | 10,114,089 |
Employees [Member] | |||
Prepayments, receivables and other current assets, net and other non-current assets net | |||
Prepayments for promotion and advertising expenses and other operating expenses | ¥ 398,450 | ¥ 593,199 |
Prepayments, receivables and _4
Prepayments, receivables and other current assets, net and other non-current assets, net - Loan receivable, net (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepayments, receivables and other current assets, net and other non-current assets, net | ||
Loans receivable | ¥ 9,829,675 | ¥ 5,798,839 |
Allowance for credit losses | (1,149,945) | (460,212) |
Loans receivable, net | ¥ 8,679,730 | ¥ 5,338,627 |
Prepayments, receivables and _5
Prepayments, receivables and other current assets, net and other non-current assets, net - Movement of the allowances for credit losses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in the allowances for credit losses | |||
Balance at beginning of the year | ¥ (460,212) | ¥ (604,506) | ¥ (146,432) |
Foreign currency translation adjustments | (25,373) | (3,979) | |
Provision | (1,609,671) | (523,863) | (557,129) |
Write-offs | 945,311 | 672,136 | 99,055 |
Balance at end of the year | ¥ (1,149,945) | ¥ (460,212) | ¥ (604,506) |
Prepayments, receivables and _6
Prepayments, receivables and other current assets, net and other non-current assets, net - Aging analysis of loans receivable (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans receivable, net | ||
Loans receivable | ¥ 9,829,675 | ¥ 5,798,839 |
Current | ||
Loans receivable, net | ||
Loans receivable | 9,287,244 | 5,551,986 |
Past Due | ||
Loans receivable, net | ||
Loans receivable | 542,431 | 246,853 |
1-30 Days | ||
Loans receivable, net | ||
Loans receivable | 219,243 | 70,990 |
31-60 Days | ||
Loans receivable, net | ||
Loans receivable | 110,379 | 42,495 |
61-90 Days | ||
Loans receivable, net | ||
Loans receivable | 85,685 | 38,340 |
91 Days or Greater | ||
Loans receivable, net | ||
Loans receivable | ¥ 127,124 | ¥ 95,028 |
Prepayments, receivables and _7
Prepayments, receivables and other current assets, net and other non-current assets, net - Non-current assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Prepayments, receivables and other current assets, net and other non-current assets net | |||
Deductible VAT-input | ¥ 1,116,686 | ¥ 864,319 | |
Prepayments for property and equipment, long-term investments and other noncurrent assets | 409,469 | 823,634 | |
Rental deposits and other deposits | 160,189 | 153,240 | |
Contingent consideration assets | 10,811 | ||
Others, net | 22,340 | 19,672 | |
Total | ¥ 1,719,495 | $ 242,185 | ¥ 1,860,865 |
Investment securities and oth_3
Investment securities and other investments - Summary Of Investment Securities And Other Investments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Investment securities and other investments | |||
Listed equity securities | ¥ 8,573,605 | ¥ 6,725,766 | |
Debt investments under fair value option | 1,978,098 | 822,942 | |
Equity investements accounted for using Measurement Alternative method | 466,247 | 580,152 | |
Debt investments stated at amortized cost | 68,458 | 261,797 | |
Total | ¥ 11,086,408 | $ 1,561,488 | ¥ 8,390,657 |
Investment securities and oth_4
Investment securities and other investments - Summary of carrying values and fair values of the investment securities (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment securities and other investments | ||
Cost | ¥ 11,130,199 | ¥ 8,372,820 |
Cumulative gross unrealized gains | 31,206 | 17,610 |
Cumulative gross unrealized Losses | (852,415) | (1,067,079) |
Foreign currency translation adjustments | 242,713 | 225,357 |
Fair Value | 10,551,703 | 7,548,708 |
Realized gain | 113,882 | 5,998 |
Unrealized loss | 6,221,463 | |
Unrealized gain | 337,052 | |
Listed equity securities | ||
Investment securities and other investments | ||
Cost | 9,189,534 | 7,561,289 |
Cumulative gross unrealized Losses | (852,415) | (1,067,079) |
Foreign currency translation adjustments | 236,486 | 231,556 |
Fair Value | 8,573,605 | 6,725,766 |
Investee A | ||
Investment securities and other investments | ||
Cost | 600,000 | 600,000 |
Cumulative gross unrealized Losses | (215,227) | (206,442) |
Foreign currency translation adjustments | 0 | |
Fair Value | 384,773 | 393,558 |
Investee B | ||
Investment securities and other investments | ||
Cost | 4,729,687 | 6,518,202 |
Cumulative gross unrealized Losses | (311,250) | (648,302) |
Foreign currency translation adjustments | 290,853 | 198,536 |
Fair Value | 4,709,290 | 6,068,436 |
XPeng | ||
Investment securities and other investments | ||
Cost | 3,268,546 | |
Cumulative gross unrealized Losses | (219,663) | |
Foreign currency translation adjustments | (43,637) | |
Fair Value | 3,005,246 | |
Others | ||
Investment securities and other investments | ||
Cost | 591,301 | 443,087 |
Cumulative gross unrealized Losses | (106,275) | (212,335) |
Foreign currency translation adjustments | (10,730) | 33,020 |
Fair Value | 474,296 | 263,772 |
Debt investments | ||
Investment securities and other investments | ||
Cost | 1,940,665 | 811,531 |
Cumulative gross unrealized gains | 31,206 | 17,610 |
Foreign currency translation adjustments | 6,227 | (6,199) |
Fair Value | 1,978,098 | 822,942 |
Investments in Kargobot | ||
Investment securities and other investments | ||
Cost | 528,709 | |
Foreign currency translation adjustments | 0 | |
Fair Value | 528,709 | |
Other debt investments under fair value option | ||
Investment securities and other investments | ||
Cost | 1,411,956 | 811,531 |
Cumulative gross unrealized gains | 31,206 | 17,610 |
Foreign currency translation adjustments | 6,227 | (6,199) |
Fair Value | ¥ 1,449,389 | ¥ 822,942 |
Investment securities and oth_5
Investment securities and other investments - Additional information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Aug. 27, 2023 shares | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Fair Value | ¥ 10,551,703 | ¥ 7,548,708 | |||
Cumulative gross unrealized Losses | 852,415 | 1,067,079 | |||
Impairment charges for equity investments without readily determinable fair value | 127,834 | $ 18,005 | 18,540 | ¥ 0 | |
Investee B | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Fair Value | 4,709,290 | 6,068,436 | |||
Cumulative gross unrealized Losses | 311,250 | 648,302 | |||
XPeng | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Percentage of interest sold | 100% | ||||
Initial Consideration Shares | shares | 58,164,217 | ||||
Fair Value | 3,005,246 | ||||
Cumulative gross unrealized Losses | 219,663 | ||||
Fair value disposal gain (loss) | ¥ 0 | ¥ 0 | ¥ 2,493,381 |
Equity method investments, ne_2
Equity method investments, net - Narratives (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-term investments, net | |||
Income (Loss) from equity method investments, excluding impairment | ¥ 583,406 | ¥ 95,505 | ¥ (211,559) |
Impairment losses from equity investments accounted for using equity method | ¥ 46,843 | ¥ 59,651 | ¥ 264,292 |
Equity method investments, ne_3
Equity method investments, net - Summary of the condensed financial information of the Group's equity investment under equity method (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Long term investments, net | |||||
Net income (loss) | ¥ 535,062 | $ 75,362 | ¥ (23,782,511) | ¥ (49,334,578) | |
Current assets | 65,475,200 | 51,052,061 | $ 9,221,989 | ||
Non-current assets | 78,351,294 | 80,161,211 | 11,035,549 | ||
Current liabilities | 28,544,764 | 20,248,470 | 4,020,446 | ||
Non-current liabilities | 2,236,445 | 1,540,104 | 314,997 | ||
Convertible redeemable preferred shares and non-controlling interests | ¥ 15,075,618 | 14,079,933 | $ 2,123,356 | ||
Various equity method investees | Minimum | |||||
Long term investments, net | |||||
Shareholding interests | 3% | 3% | |||
Various equity method investees | Maximum | |||||
Long term investments, net | |||||
Shareholding interests | 5% | 5% | |||
Equity investments under equity method | |||||
Long term investments, net | |||||
Revenue | ¥ 11,749,558 | 8,906,174 | 7,549,918 | ||
Gross profit (loss) | 2,748,455 | 1,712,738 | (4,257,022) | ||
Income (loss) from operations | 1,631,031 | (1,248,914) | (16,489,595) | ||
Net income (loss) | 1,393,547 | (2,468,292) | 1,999,569 | ||
Current assets | 53,386,574 | 52,797,753 | 54,810,598 | ||
Non-current assets | 23,584,221 | 14,891,760 | 17,656,885 | ||
Current liabilities | 46,749,844 | 38,391,255 | 31,611,814 | ||
Non-current liabilities | ¥ 1,876,198 | ¥ 3,308,611 | 5,536,458 | ||
Convertible redeemable preferred shares and non-controlling interests | ¥ 7,160,924 |
Property and equipment, net (De
Property and equipment, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Property and equipment, net | ||||
Total | ¥ 15,437,385 | ¥ 18,047,715 | ||
Less: Accumulated depreciation | (9,850,875) | (10,305,649) | ||
Less: Accumulated impairment loss | (1,256,338) | (2,023,742) | ||
Property and equipment, net | 4,330,172 | 5,718,324 | $ 609,892 | |
Depreciation expenses | 3,245,369 | 3,511,825 | ¥ 4,220,521 | |
Impairment losses for property and equipment | ¥ 69,997 | ¥ 0 | ¥ 2,247,738 | |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | |
Bikes and e-bikes | ||||
Property and equipment, net | ||||
Total | ¥ 8,255,615 | ¥ 9,966,031 | ||
Impairment losses for property and equipment | ¥ 2,164,409 | |||
Vehicles | ||||
Property and equipment, net | ||||
Total | 1,923,551 | 3,022,763 | ||
Computers and equipment | ||||
Property and equipment, net | ||||
Total | 4,302,574 | 4,145,016 | ||
Leasehold improvement | ||||
Property and equipment, net | ||||
Total | 636,728 | 707,947 | ||
Construction in progress | ||||
Property and equipment, net | ||||
Total | 286,326 | 170,785 | ||
Others | ||||
Property and equipment, net | ||||
Total | ¥ 32,591 | ¥ 35,173 |
Operating leases - Components o
Operating leases - Components of lease expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating leases | |||
Operating lease cost | ¥ 645,678 | ¥ 729,038 | ¥ 726,359 |
Short-term lease cost | 400,926 | 416,215 | 467,384 |
Variable lease cost | 97,548 | 150,994 | 121,353 |
Total lease cost | ¥ 1,144,152 | ¥ 1,296,247 | ¥ 1,315,096 |
Operating leases - Supplemental
Operating leases - Supplemental cash flows information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating leases | |||
Cash payments for operating leases | ¥ 717,407 | ¥ 783,337 | ¥ 761,352 |
ROU assets obtained in exchange for operating lease liabilities | ¥ 534,313 | ¥ 978,608 | ¥ 910,144 |
Weighted average remaining lease term | 2 years 10 months 2 days | ||
Weighted average discount rate | 4.78% |
Operating leases - Maturities o
Operating leases - Maturities of lease liabilities (Details) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Operating leases | |
2024 | ¥ 455,979 |
2025 | 285,785 |
2026 | 174,686 |
2027 | 57,153 |
Thereafter | 121,847 |
Total undiscounted lease payments | 1,095,450 |
Less: imputed interest | (126,314) |
Total lease liabilities | ¥ 969,136 |
Intangible assets, net (Details
Intangible assets, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Finitelived intangible assets | |||
Total | ¥ 14,469,506 | ¥ 14,462,538 | |
Less: accumulated amortization | (13,835,413) | (12,846,495) | |
Less: accumulated impairment loss | (412,972) | (346,466) | |
Net book value | 221,121 | 1,269,577 | |
Indefinitelived intangible assets | |||
Total | 454,564 | 454,564 | |
Finite and indefinitelived intangible assets | 675,685 | $ 95,168 | 1,724,141 |
Noncompete agreements | |||
Finitelived intangible assets | |||
Total | 7,183,773 | 7,183,773 | |
Trademarks, patents, software and others | |||
Finitelived intangible assets | |||
Total | 5,405,499 | 5,413,444 | |
Customer lists | |||
Finitelived intangible assets | |||
Total | 1,573,479 | 1,563,680 | |
Driver lists | |||
Finitelived intangible assets | |||
Total | 306,755 | 301,641 | |
Online payment license | |||
Indefinitelived intangible assets | |||
Total | 398,085 | 398,085 | |
Others | |||
Indefinitelived intangible assets | |||
Total | ¥ 56,479 | ¥ 56,479 |
Intangible assets, net - Amorti
Intangible assets, net - Amortization expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets, net | |||
Amortization expenses | ¥ 1,003,282 | ¥ 1,631,280 | ¥ 1,824,762 |
Impairment loss | 80,800 | 17,736 | ¥ 288,221 |
2024 | 118,985 | ||
2025 | 37,685 | ||
2026 | 23,572 | ||
2027 | 15,671 | ||
Thereafter | 25,208 | ||
Total expected amortization expenses | ¥ 221,121 | ¥ 1,269,577 |
Goodwill (Details)
Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Goodwill | |||||
Less: accumulated impairment loss | ¥ (2,492,826) | ||||
Foreign currency translation adjustments | (253,763) | ||||
Balance as of December | 46,377,583 | ¥ 46,377,583 | $ 6,532,146 | ¥ 46,377,583 | ¥ 49,124,172 |
China Mobility | |||||
Goodwill | |||||
Less: accumulated impairment loss | 0 | ||||
Foreign currency translation adjustments | 0 | ||||
Balance as of December | 46,283,879 | 46,283,879 | 46,283,879 | 46,283,879 | |
International | |||||
Goodwill | |||||
Less: accumulated impairment loss | (2,492,826) | ||||
Foreign currency translation adjustments | (253,763) | ||||
Balance as of December | 0 | 0 | 0 | 2,746,589 | |
Other Initiatives | |||||
Goodwill | |||||
Less: accumulated impairment loss | 0 | ||||
Foreign currency translation adjustments | 0 | ||||
Balance as of December | ¥ 93,704 | ¥ 93,704 | ¥ 93,704 | ¥ 93,704 |
Goodwill - Narratives (Details)
Goodwill - Narratives (Details) - CNY (¥) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | ||||
Impairment of goodwill | ¥ 0 | ¥ 0 | ¥ 2,501,100,000 | |
Percentage of increasing the discount rate | 1% | 1% | ||
Impairment of intangible assets (excluding goodwill) | 80,800,000 | 17,736,000 | ¥ 288,221,000 | |
China Mobility | ||||
Goodwill | ||||
Impairment of goodwill | ¥ 0 | ¥ 0 | ¥ 0 | ¥ 0 |
Percentage of fair value exceeding the carrying amount | 30% | |||
International | ||||
Goodwill | ||||
Impairment of goodwill | ¥ 2,501,100,000 | |||
Impairment of intangible assets (excluding goodwill) | ¥ 288,221,000 |
Borrowings (Details)
Borrowings (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Borrowings | |||
Short-term borrowings | ¥ 7,682,190 | $ 1,082,014 | ¥ 4,940,310 |
Long-term borrowings | 1,044,421 | $ 147,104 | 149,925 |
Total | ¥ 8,726,611 | ¥ 5,090,235 |
Borrowings - Narratives (Detail
Borrowings - Narratives (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Borrowings | ||
Unused credit limits | ¥ 1,271,352 | |
Outstanding borrowings balance | ¥ 0 | ¥ 39,212 |
Minimum | ||
Borrowings | ||
Interest (as a percent) | 4% | |
Maximum | ||
Borrowings | ||
Interest (as a percent) | 7% | |
Asset backed securitized debts | ||
Borrowings | ||
Asset-backed securitized debts issued, each | ¥ 1,591,164 | |
Balance of ABSs | ¥ 618,000 | ¥ 0 |
Weighted average interest rate for shortterm borrowings | 3% | 3% |
Long term borrowings | ¥ 973,164 | ¥ 0 |
Several borrowing agreements with credit facilities | ||
Borrowings | ||
Maximum borrowings | ¥ 1,463,316 | ¥ 171,161 |
Several borrowing agreements with credit facilities | Loan Prime Rate ("LPR") | Minimum | ||
Borrowings | ||
Annual interest rate | 0.90% | |
Several borrowing agreements with credit facilities | Loan Prime Rate ("LPR") | Maximum | ||
Borrowings | ||
Annual interest rate | 6.63% |
Borrowings - Maturities (Detail
Borrowings - Maturities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Borrowings | ||
Within 1 year | ¥ 7,682,190 | ¥ 4,940,310 |
Between 1 to 2 years | 838,000 | 142,625 |
Between 2 to 3 years | 188,119 | 7,300 |
Between 3 to 4 years | 18,302 | |
Total | ¥ 8,726,611 | ¥ 5,090,235 |
Accounts and notes payable (Det
Accounts and notes payable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Accounts and notes payable | |||
Payables related to service fees and incentives to drivers | ¥ 4,309,814 | ¥ 2,465,919 | |
Payables related to driver management fees | 193,165 | 155,279 | |
Other accounts payable | 60,616 | 248,848 | |
Total | ¥ 4,563,595 | $ 642,769 | ¥ 2,870,046 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Accrued expenses and other current liabilities | |||
Payables to merchants and other partners | ¥ 4,336,250 | ¥ 2,319,245 | |
Employee compensation and welfare payables | 2,410,332 | 1,821,969 | |
Tax payables | 1,658,525 | 1,127,818 | |
Deposits | 1,387,550 | 1,385,424 | |
Payables related to market and promotion expenses | 1,110,099 | 814,186 | |
Payables related to service fees | 704,110 | 803,267 | |
Payables related to property and equipment | 283,889 | 298,550 | |
Payables and accruals for other costs and expenses | 1,602,713 | 1,420,875 | |
Others | 1,256,662 | 1,158,587 | |
Total | ¥ 14,750,130 | $ 2,077,512 | ¥ 11,149,921 |
Segment reporting (Details)
Segment reporting (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) segment | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Revenues: | ||||
Number of Operating Segments | segment | 3 | 3 | ||
Total segment revenues | ¥ 192,379,918 | $ 27,096,145 | ¥ 140,791,683 | ¥ 173,827,382 |
Adjusted EBITA: | ||||
Total Adjusted EBITA | (2,162,653) | (12,769,133) | (19,173,080) | |
Share-based compensation expenses | (2,575,340) | (362,729) | (3,424,049) | (24,654,583) |
Amortization of intangible assets | (1,003,282) | (1,631,280) | (1,824,762) | |
Impairment of goodwill and intangible assets acquired from business combination | (2,789,321) | |||
Loss from operations | (5,741,275) | $ (808,642) | (17,824,462) | (48,441,746) |
Amortization expenses in connection with business combinations | 948,384 | 1,561,239 | 1,799,508 | |
China Mobility | ||||
Revenues: | ||||
Total segment revenues | 175,033,586 | 125,930,620 | 160,520,747 | |
Adjusted EBITA: | ||||
Total Adjusted EBITA | 5,308,384 | (1,449,926) | 6,129,122 | |
International | ||||
Revenues: | ||||
Total segment revenues | 7,842,151 | 5,863,123 | 3,622,366 | |
Adjusted EBITA: | ||||
Total Adjusted EBITA | (2,322,782) | (4,024,455) | (5,787,976) | |
Other Initiatives | ||||
Revenues: | ||||
Total segment revenues | 9,504,181 | 8,997,940 | 9,684,269 | |
Adjusted EBITA: | ||||
Total Adjusted EBITA | ¥ (5,148,255) | ¥ (7,294,752) | ¥ (19,514,226) |
Segment reporting - Depreciatio
Segment reporting - Depreciation expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total depreciation expenses of property and equipment by segment | |||
Total depreciation of property and equipment | ¥ 3,245,369 | ¥ 3,511,825 | ¥ 4,220,521 |
China Mobility | |||
Total depreciation expenses of property and equipment by segment | |||
Total depreciation of property and equipment | 371,022 | 360,612 | 306,382 |
International | |||
Total depreciation expenses of property and equipment by segment | |||
Total depreciation of property and equipment | 73,716 | 92,903 | 124,633 |
Other Initiatives | |||
Total depreciation expenses of property and equipment by segment | |||
Total depreciation of property and equipment | ¥ 2,800,631 | ¥ 3,058,310 | ¥ 3,789,506 |
Income taxes - Hong Kong, PRC,
Income taxes - Hong Kong, PRC, Withholding tax on undistributed dividends (Details) | 12 Months Ended | 15 Months Ended | 57 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2022 | |
Income taxes | |||||
PRC statutory tax rate | 25% | 25% | 25% | ||
Percentage of withholding tax rate | 10% | ||||
PRC | |||||
Income taxes | |||||
PRC statutory tax rate | 25% | ||||
Preferential tax rate | 15% | ||||
Effective period of preferential tax treatment | 3 years | ||||
Percentage of R&D deduction entitled by enterprises engaging in research and development activities | 175% | ||||
Percentage of R&D deduction entitled by enterprises engaging in research and development activities within limited time | 200% | ||||
HONG KONG | |||||
Income taxes | |||||
Tax rate | 16.50% |
Income taxes - Summary of incom
Income taxes - Summary of income (loss) before income taxes, income tax expenses (benefits) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Income (loss) before income taxes | ||||
Income (loss) from overseas entities | ¥ 2,803,492 | ¥ (17,271,251) | ¥ (7,665,988) | |
Loss from PRC entities | (2,178,681) | (6,507,345) | (41,502,270) | |
Income (loss) before income taxes | 624,811 | $ 88,003 | (23,778,596) | (49,168,258) |
Income tax expenses | ||||
Current income tax expenses | 235,382 | 170,091 | 557,797 | |
Deferred income tax benefits | (145,633) | (20,512) | (166,176) | (391,477) |
Total income tax expenses | ¥ 89,749 | $ 12,641 | ¥ 3,915 | ¥ 166,320 |
Income taxes - Summary of effec
Income taxes - Summary of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the differences between the statutory tax rate and the Group's effective tax rate | |||
PRC statutory tax rate | 25% | 25% | 25% |
Tax effect of preferential tax treatments | (25.30%) | (0.72%) | (0.38%) |
Tax effect of permanent difference | 130.17% | (2.06%) | (15.54%) |
Effect on tax rates in different tax jurisdiction | (122.02%) | (12.15%) | (0.50%) |
Changes in valuation allowance and others | 6.51% | (10.09%) | (8.92%) |
Effective tax rate | 14.36% | (0.02%) | (0.34%) |
Income taxes - Summary of defer
Income taxes - Summary of deferred tax balances (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||||
Tax losses carryforwards | ¥ 13,460,119 | ¥ 14,026,637 | ||
Advertising expenses in excess of deduct limit | 3,022,509 | 3,093,464 | ||
Asset impairment and allowances for credit losses | 1,021,295 | 1,303,029 | ||
Accrued expenses and others | 1,342,747 | 1,513,483 | ||
Total deferred tax assets | 18,846,670 | 19,936,613 | ||
Less: valuation allowance | (18,435,565) | (19,539,116) | ¥ (13,065,611) | ¥ (8,019,931) |
Deferred tax assets, net | 411,105 | 397,497 | ||
Deferred tax liabilities | ||||
Amortization expense of intangible assets | 25,600 | 263,031 | ||
Depreciation expense of property and equipment, and others | 271,539 | 204,943 | ||
Deferred tax liabilities | ¥ 297,139 | ¥ 467,974 |
Income taxes - Accumulated tax
Income taxes - Accumulated tax losses carryforwards (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating loss carryforwards | |||
Deferred tax asset, net, recognized from tax losses carryforwards | ¥ 58,128 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25% | 25% | 25% |
Domestic | |||
Operating loss carryforwards | |||
Accumulated tax losses carryforwards | ¥ 53,697,270 | ||
Brazil | |||
Operating loss carryforwards | |||
Accumulated tax losses carryforwards | ¥ 2,755,808 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34% | ||
Mexico | |||
Operating loss carryforwards | |||
Effective income tax rate reconciliation | 30% |
Income taxes - Future expiratio
Income taxes - Future expirations (Details) - Domestic ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Operating loss carryforwards | |
Loss expiring in 2024 | ¥ 976,812 |
Loss expiring in 2025 | 4,060,806 |
Loss expiring in 2026 | 20,911,886 |
Loss expiring in 2027 | 11,498,246 |
Loss expiring in 2028 and thereafter | 16,249,520 |
Total | ¥ 53,697,270 |
Income taxes - Valuation allowa
Income taxes - Valuation allowance (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance | |||
Balance at beginning of the year | ¥ (19,539,116) | ¥ (13,065,611) | ¥ (8,019,931) |
Change of valuation allowance | 1,103,551 | (6,473,505) | (5,045,680) |
Balance at end of the year | ¥ (18,435,565) | ¥ (19,539,116) | ¥ (13,065,611) |
Income taxes - Classification i
Income taxes - Classification in the consolidated balance sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Income taxes | |||
Deferred tax assets, net | ¥ 279,464 | $ 39,362 | ¥ 289,191 |
Deferred tax liabilities | ¥ 165,498 | $ 23,310 | ¥ 359,668 |
Share-based compensation - Summ
Share-based compensation - Summary of the Group's share based compensation expense (Details) ¥ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Share-based compensation | |||||
Share-based compensation expense | ¥ 1,235,497 | ¥ 2,575,340 | ¥ 3,471,470 | ¥ 24,833,089 | |
Total share-based compensation expense | 2,575,340 | $ 362,729,000 | 3,424,049 | 24,654,583 | |
Employees of an equity investee | |||||
Share-based compensation | |||||
Share-based compensation expense | ¥ 0 | 47,421 | 178,506 | ||
Increase in the relative ownership percentage of the investee after granting stock-based awards | 0% | 0% | |||
Proportionate funding by other investors after granting stock-based awards | $ | $ 0 | ||||
Operations and support | |||||
Share-based compensation | |||||
Share-based compensation expense | ¥ 109,962 | 143,588 | 193,552 | ||
Sales and marketing expenses | |||||
Share-based compensation | |||||
Share-based compensation expense | 159,830 | 264,572 | 326,332 | ||
Research and development | |||||
Share-based compensation | |||||
Share-based compensation expense | 907,812 | 1,183,306 | 2,258,705 | ||
General and administrative | |||||
Share-based compensation | |||||
Share-based compensation expense | ¥ 1,397,736 | 1,832,583 | 21,875,994 | ||
Investment income (loss), net | |||||
Share-based compensation | |||||
Share-based compensation expense | ¥ 47,421 | ¥ 178,506 |
Share-based compensation - Shar
Share-based compensation - Share incentive plan, modification (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation | |||||||
Vesting period of share-based awards | 10 years | 7 years | |||||
Granted | 10,402,129 | 18,459,565 | 88,434,809 | ||||
Share-based compensation expense | ¥ 1,235,497 | ¥ 2,575,340 | ¥ 3,471,470 | ¥ 24,833,089 | |||
Number of original options affected by modification of award | 1,020,551 | 4,695,544 | 1,020,551 | ||||
Number of new options issued in connection with modification of award | 688,826 | 3,217,476 | 688,826 | ||||
Incremental costs on modification of terms of awards | ¥ 149,104 | ¥ 5,678 | |||||
Options | |||||||
Share-based compensation | |||||||
Incremental costs on modification of terms of awards | ¥ 153,139 | ||||||
The 2017 Plan | |||||||
Share-based compensation | |||||||
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards | 195,127,549 | ||||||
Contractual term of share-based awards | P10Y | P7Y | |||||
Vesting period of share-based awards | 4 years | ||||||
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date | 15% | ||||||
Vesting percentage of of share-based awards, second anniversary of the vesting commencement date | 25% | ||||||
Vesting percentage of of share-based awards, third anniversary of the vesting commencement date | 25% | ||||||
Vesting percentage of of share-based awards, fourth anniversary of the vesting commencement date | 35% | ||||||
The 2017 Plan | Directors and executive officers | |||||||
Share-based compensation | |||||||
Granted | 66,711,066 | ||||||
The 2017 Plan | Certain senior management | |||||||
Share-based compensation | |||||||
Granted | 63,501,066 | ||||||
Share-based compensation expense | ¥ 19,572,000 | ||||||
The 2021 Plan | |||||||
Share-based compensation | |||||||
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards | 116,906,908 | ||||||
Contractual term of share-based awards | P10Y | P7Y | |||||
Vesting period of share-based awards | 4 years | ||||||
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date | 15% | ||||||
Vesting percentage of of share-based awards, second anniversary of the vesting commencement date | 25% | ||||||
Vesting percentage of of share-based awards, third anniversary of the vesting commencement date | 25% | ||||||
Vesting percentage of of share-based awards, fourth anniversary of the vesting commencement date | 35% |
Share-based compensation - Su_2
Share-based compensation - Summary of share options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Options | ||||
Outstanding, beginning balance | 63,733,455 | 52,575,849 | 46,798,243 | |
Granted | 10,402,129 | 18,459,565 | 88,434,809 | |
Modification | (1,478,068) | (331,725) | ||
Exercise of share options with shares issued to trusts | (68,616,887) | |||
Exercise of share options | (717,256) | (2,749,909) | (9,640,697) | |
Forfeited/cancelled | (4,382,666) | (4,552,050) | (4,067,894) | |
Outstanding, ending balance | 67,557,594 | 63,733,455 | 52,575,849 | 46,798,243 |
Exercisable | 39,360,380 | |||
Vested and Expected to Vest | 61,407,795 | |||
Weighted Average Exercise Price | ||||
Outstanding, beginning balance | $ 3.94 | $ 4.90 | $ 6.04 | |
Granted | 0.0001823 | 0.0001823 | 0.0001823 | |
Modification | 0.0001823 | 0.0001823 | ||
Exercise of share options with shares issued to trusts | 0.0001823 | |||
Exercise of share options | 0.21 | 0.42 | 0.0001823 | |
Forfeited/cancelled | 0.07 | 1 | 2.44 | |
Outstanding, ending balance | 2.61 | $ 3.94 | $ 4.90 | $ 6.04 |
Exercisable | 4.47 | |||
Vested and Expected to Vest | $ 2.87 | |||
Weighted Average Remaining Contractual Life | 5 years 10 months 24 days | 6 years 4 months 20 days | 3 years 4 months 24 days | 3 years 8 months 26 days |
Weighted Average Remaining Contractual Life, Exercisable | 4 years 1 month 28 days | |||
Weighted Average Remaining Contractual Life, Vested and Expected to Vest | 5 years 7 months 17 days | |||
Aggregate Intrinsic Value, Options, Outstanding | $ 891,353 | $ 559,325 | $ 789,898 | $ 1,686,640 |
Aggregate Intrinsic Value, Options, exercised with shares issued to trusts | 1,366,836 | |||
Aggregate Intrinsic Value, Options, exercised excluding shares issued to trusts | 11,182 | $ 33,819 | $ 192,041 | |
Aggregate Intrinsic Value, Options, Exercisable | 445,842 | |||
Aggregate Intrinsic Value, Options, Vested and Expected to Vest | $ 794,187 | |||
Weighted Average Grant Date Fair Value | ||||
Outstanding, beginning balance | $ 24.62 | $ 30.18 | $ 26.16 | |
Granted | 14.78 | 11.80 | 47.47 | |
Modification | 12.90 | 47.71 | ||
Exercise of share options with shares issued to trusts | 47.71 | |||
Exercise of share options | 30.55 | 24.22 | 47.71 | |
Forfeited/cancelled | 26.03 | 36.86 | 41.29 | |
Outstanding, ending balance | 22.72 | $ 24.62 | $ 30.18 | $ 26.16 |
Exercisable | 25.18 | |||
Vested and Expected to Vest | $ 23.32 |
Share-based compensation - pric
Share-based compensation - pricing assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation | |||
Expected dividend yield | 0% | 0% | 0% |
Expected term (in years) | 10 years | 10 years | 7 years |
Options | Minimum | |||
Share-based compensation | |||
Fair value of ordinary shares (US$) | $ 12 | $ 7.34 | $ 30.32 |
Expected volatility | 41.36% | 35.27% | 33.60% |
Risk free interest rate (per annum) | 3.48% | 1.52% | 0.94% |
Options | Maximum | |||
Share-based compensation | |||
Fair value of ordinary shares (US$) | $ 15.20 | $ 19.92 | $ 65.60 |
Expected volatility | 41.70% | 40.34% | 37.80% |
Risk free interest rate (per annum) | 4.59% | 3.83% | 1.26% |
Share-based compensation - Su_3
Share-based compensation - Summary of activities of restricted shares and RSUs (Details) - Restricted shares and RSUs - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | ||||
Unvested, beginning balance | 14,597,666 | 23,277,695 | 18,762,437 | |
Granted | 899,005 | 1,714,158 | 3,137,540 | |
Vested | (6,079,090) | (7,947,817) | (64,990,673) | |
Exercise of share options with shares issued to trusts | 68,616,887 | |||
Forfeited/cancelled | (957,307) | (2,446,370) | (2,248,496) | |
Unvested, ending balance | 8,460,274 | 14,597,666 | 23,277,695 | 18,762,437 |
Expected to vest, Number of Shares | 7,164,224 | |||
Weighted Average Grant Date Fair Value | ||||
Unvested, beginning balance | $ 40.97 | $ 41.21 | $ 38.60 | |
Granted | 13.51 | 12.47 | 48.47 | |
Vested | 39.30 | 34.14 | 45.36 | |
Exercise of share options with shares issued to trusts | 47.71 | |||
Forfeited/cancelled | 33.70 | 40.84 | 48.40 | |
Unvested, ending balance | 41.42 | $ 40.97 | $ 41.21 | $ 38.60 |
Expected to vest, Weighted Average Grant Date | $ 41.85 | |||
Weighted Average Remaining Contractual Life | ||||
Weighted Average Remaining Contractual Life | 7 years 1 month 20 days | 7 years 5 months 19 days | 5 years 3 months 10 days | 4 years 7 months 6 days |
Expected to vest, Weighted Average Remaining Contractual | 7 years 1 month 6 days |
Share-based compensation - Rest
Share-based compensation - Restricted shares and RSUs (Details) - CNY (¥) ¥ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation | ||||
Share-based compensation expense | ¥ 1,235,497 | ¥ 2,575,340 | ¥ 3,471,470 | ¥ 24,833,089 |
Options | ||||
Share-based compensation | ||||
Unrecognized compensation expenses | ¥ 1,071,872 | |||
Period for which unrecognized compensation expenses expected to be recognized | 2 years 4 months 6 days | |||
Restricted shares and RSUs | ||||
Share-based compensation | ||||
Unrecognized compensation expenses | ¥ 434,602 | |||
Period for which unrecognized compensation expenses expected to be recognized | 1 year 7 months 9 days |
Share-based compensation - Voya
Share-based compensation - Voyager's share based awards (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation | ||||||
Share-based compensation expense | ¥ 1,235,497 | ¥ 2,575,340 | ¥ 3,471,470 | ¥ 24,833,089 | ||
Vesting period of share-based awards | 10 years | 7 years | ||||
Voyager Group Inc. ("Voyager") | Voyager Incentive Plan | ||||||
Share-based compensation | ||||||
Maximum aggregate number of ordinary shares which may be issued pursuant to all awards | 18,235,294 | |||||
Share-based compensation expense | ¥ 131,976 | ¥ 181,379 | ¥ 221,178 | |||
Contractual term of share-based awards | P7Y | |||||
Voyager Group Inc. ("Voyager") | Voyager Incentive Plan | Vesting Scenario One | ||||||
Share-based compensation | ||||||
Vesting period of share-based awards | 4 years | |||||
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date | 25% | |||||
Annual vesting percentage of of share-based awards, after first anniversary of the vesting commencement date | 25% | |||||
Voyager Group Inc. ("Voyager") | Voyager Incentive Plan | Vesting Scenario Two | ||||||
Share-based compensation | ||||||
Vesting period of share-based awards | 5 years | |||||
Vesting percentage of of share-based awards, first anniversary of the vesting commencement date | 20% | |||||
Annual vesting percentage of of share-based awards, after first anniversary of the vesting commencement date | 20% |
Convertible redeemable non-co_3
Convertible redeemable non-controlling interests and convertible non-controlling interests (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 29, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Convertible redeemable non-controlling interests and convertible non-controlling interests | |||||||
Aggregate cash consideration for shares issuable | $ | $ 149,000 | ||||||
Convertible redeemable noncontrolling interests, beginning balance | ¥ 13,010,576 | ¥ 12,257,889 | ¥ 3,345,265 | ||||
Issuance of convertible redeemable non-controlling interests, net of issuance costs | 8,225,007 | ||||||
Accretion of convertible redeemable non controlling interests to redemption value | 995,685 | 898,649 | 687,617 | ||||
Repurchase of convertible redeemable non-controlling interests | (145,962) | ||||||
Convertible redeemable noncontrolling interests, ending balance | $ 1,972,740 | 14,006,261 | 13,010,576 | 12,257,889 | |||
Convertible noncontrolling interests, beginning balance | 1,069,357 | 1,069,357 | 99,851 | ||||
Issuance of convertible non-controlling interests, net of issuance costs | 969,506 | ||||||
Convertible noncontrolling interests, ending balance | ¥ 1,069,357 | 1,069,357 | ¥ 1,069,357 | ||||
Repurchase of convertible redeemable non-controlling interests, difference in additional paid-in capital | ¥ 15,764 | ||||||
Soda Technology Inc. ("Soda") | |||||||
Convertible redeemable non-controlling interests and convertible non-controlling interests | |||||||
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries | $ | $ 1,264,000 | $ 1,264,000 | |||||
Soda Technology Inc. ("Soda") | Subsequent Event | |||||||
Convertible redeemable non-controlling interests and convertible non-controlling interests | |||||||
Aggregate cash consideration for shares issuable | $ | $ 66,664 | ||||||
Voyager Group Inc. ("Voyager") | |||||||
Convertible redeemable non-controlling interests and convertible non-controlling interests | |||||||
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries | $ | 825,000 | $ 825,000 | |||||
City Puzzle Holding Limited ("City Puzzle") | |||||||
Convertible redeemable non-controlling interests and convertible non-controlling interests | |||||||
Proceeds of redeemable and contingently redeemable shares issued by subsidiaries | $ | $ 1,340,000 |
Convertible preferred shares (D
Convertible preferred shares (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021 CNY (¥) shares | |
Increase (Decrease) in convertible preferred shares | |
Balance, beginning of year (in shares) | shares | 816,245,752 |
Balance, beginning of year | ¥ | ¥ 189,838,979 |
Conversion of preferred shares to ordinary shares (in shares) | shares | (816,245,752) |
Conversion of preferred shares to ordinary shares | ¥ | ¥ (189,838,979) |
Ordinary shares (Details)
Ordinary shares (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2022 shares | Jul. 31, 2021 CNY (¥) shares | Jul. 31, 2021 USD ($) shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Nov. 11, 2023 USD ($) | |
Ordinary shares | ||||||||
Authorized share capital | $ | $ 100,000 | |||||||
Common stock, shares authorized | 5,000,000,000 | |||||||
Number of Class A ordinary shares issuable in conversion | 1 | |||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | ¥ | ¥ 28,033,106 | |||||||
Repurchase program | ||||||||
Ordinary shares | ||||||||
No of shares authorized | $ | $ 1,000,000 | |||||||
Stock repurchased (value) | ¥ 112,666 | $ 15,860 | ||||||
Class A ordinary shares | ||||||||
Ordinary shares | ||||||||
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | ||||||
Number of votes per share | Vote | 1 | |||||||
Issuances of ordinary shares pursuant to share incentive plan | 20,917,324 | |||||||
Common stock, shares outstanding | 1,104,888,353 | 1,084,058,607 | ||||||
Repurchase of ordinary shares (in shares) | 1,100,000 | 1,100,000 | ||||||
Class B ordinary Shares | ||||||||
Ordinary shares | ||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.00002 | $ 0.00002 | ||||||
Number of votes per share | Vote | 10 | |||||||
Common stock, shares outstanding | 97,556,869 | 112,895,380 | ||||||
Stock issued during period, conversion from one class to another | 19,778,967 | 19,778,967 | ||||||
Ordinary shares, class not yet designated | ||||||||
Ordinary shares | ||||||||
Common stock, shares authorized | 500,000,000 | |||||||
Common stock, par value | $ / shares | $ 0.00002 | |||||||
ADS | Repurchase program | ||||||||
Ordinary shares | ||||||||
Stock repurchased (shares) | 4,200,000 | 4,200,000 | ||||||
Ordinary Shares | ||||||||
Ordinary shares | ||||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) | 79,200,000 | |||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | ¥ | ¥ 10 | |||||||
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares) | 933,349,567 | |||||||
Issuances of ordinary shares pursuant to share incentive plan | 20,917,324 | |||||||
Repurchase of ordinary shares (in shares) | (697,470) | |||||||
Ordinary Shares | Class A ordinary shares | IPO | ||||||||
Ordinary shares | ||||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost (in shares) | 79,200,000 | 79,200,000 | ||||||
Issuance of ordinary shares in connection with initial public offering, net of issuance cost | ¥ 28,033,106 | $ 4,331,978 | ||||||
Conversion of convertible preferred shares to ordinary shares in connection with initial public offering (in shares) | 933,307,510 | 933,307,510 |
Loss per share (Details)
Loss per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net income (loss) attributable to DiDi Global Inc. | ¥ 493,512 | $ 69,510 | ¥ (23,783,321) | ¥ (49,343,664) |
Accretion of convertible redeemable non-controlling interests to redemption value | (995,685) | (140,240) | (898,649) | (687,617) |
Net loss attributable to ordinary shareholders of DiDi Global Inc. | ¥ (502,173) | $ (70,730) | ¥ (24,681,970) | ¥ (50,031,281) |
Denominator: | ||||
Weighted average number of Class A and Class B ordinary shares outstanding* (in shares) | 1,224,576,751 | 1,224,576,751 | 1,210,979,609 | 657,996,437 |
Net loss per share attributable to ordinary shareholders | ||||
- Basic | (per share) | ¥ (0.41) | $ (0.06) | ¥ (20.38) | ¥ (76.04) |
- Diluted | (per share) | ¥ (0.41) | $ (0.06) | ¥ (20.38) | ¥ (76.04) |
Share Options, Share options, restricted shares and RSUs | ||||
Net loss per share attributable to ordinary shareholders | ||||
Shares on a weighted average basis are excluded from the calculation of diluted net loss per share | 24,830,144 | 24,830,144 | 18,207,585 | 34,268,859 |
Preferred shares | ||||
Net loss per share attributable to ordinary shareholders | ||||
Shares on a weighted average basis are excluded from the calculation of diluted net loss per share | 467,932,258 |
Related party transactions (Det
Related party transactions (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Investments in Chengxin | |||||
Related party transactions | |||||
Assets received in connection with distribution | ¥ 1,935,171 | ||||
Commercial Arrangements | |||||
Related party transactions | |||||
Number of shareholders | 2 | ||||
Related Party | |||||
Related party transactions | |||||
Amounts due from related parties | ¥ 244,661 | ¥ 61,423 | $ 34,460 | ||
Amounts due to related to services | 245,438 | 200,115 | $ 34,569 | ||
Related Party | Alibaba Group | |||||
Related party transactions | |||||
Amounts due from related parties | 81,496 | 45,162 | |||
Amounts due to related to services | ¥ 263,646 | ¥ 198,102 | |||
Related Party | Alibaba Group | Maximum | |||||
Related party transactions | |||||
Percentage of revenues generated from | 0.20% | 0.20% | 0.20% | ||
Percentage of total costs and expenses | 0.30% | 0.30% | 0.30% | ||
Related Party | Tencent Group | |||||
Related party transactions | |||||
Amounts due from related parties | ¥ 81,496 | ¥ 45,162 | |||
Amounts due to related to services | ¥ 263,646 | ¥ 198,102 | |||
Related Party | Tencent Group | Maximum | |||||
Related party transactions | |||||
Percentage of revenues generated from | 0.50% | 0.50% | 0.50% | ||
Percentage of total costs and expenses | 0.70% | 0.70% | 0.70% | ||
Related Party | Chengxin | |||||
Related party transactions | |||||
Revenue | ¥ 277,350 | ||||
Other investees | Maximum | |||||
Related party transactions | |||||
Percentage of revenues generated from | 0.20% | 0.20% | 0.20% | ||
Percentage of total costs and expenses | 0.20% | 0.20% | 0.20% |
Commitments and contingencies_2
Commitments and contingencies (Details) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Operating lease | |
Operating lease commitments | |
Total | ¥ 68,844 |
Less than 1 year | 48,924 |
1-3 Years | 18,110 |
3-5 Years | 1,773 |
Over 5 Years | ¥ 37 |
Operating lease | Minimum | |
Operating lease commitments | |
Lease terms | 1 year |
Operating lease | Maximum | |
Operating lease commitments | |
Lease terms | 6 years |
Commitments for promotion and other operating expenses | |
Operating lease commitments | |
Total | ¥ 1,915,113 |
Less than 1 year | 485,506 |
1-3 Years | 956,393 |
3-5 Years | ¥ 473,214 |
Fair value measurement - Summar
Fair value measurement - Summary of the financial instruments measured by level within the fair value hierarchy (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair value measurement | ||
Total | ¥ 14,991,592 | ¥ 9,867,516 |
Level 1 | ||
Fair value measurement | ||
Total | 8,573,605 | 6,725,766 |
Level 2 | ||
Fair value measurement | ||
Total | 5,056,905 | 3,141,750 |
Level 3 | ||
Fair value measurement | ||
Total | 1,361,082 | |
Recurring | Structured notes under fair value option | ||
Fair value measurement | ||
Total | 3,179,829 | 1,755,009 |
Recurring | Listed equity securities | ||
Fair value measurement | ||
Total | 8,573,605 | 6,725,766 |
Recurring | Investments in Kargobot | ||
Fair value measurement | ||
Total | 528,709 | |
Recurring | Other debt investments under fair value option | ||
Fair value measurement | ||
Total | 2,459,081 | 1,386,741 |
Recurring | Contingent consideration assets | ||
Fair value measurement | ||
Total | 250,368 | |
Recurring | Level 1 | Listed equity securities | ||
Fair value measurement | ||
Total | 8,573,605 | 6,725,766 |
Recurring | Level 2 | Structured notes under fair value option | ||
Fair value measurement | ||
Total | 3,179,829 | 1,755,009 |
Recurring | Level 2 | Other debt investments under fair value option | ||
Fair value measurement | ||
Total | 1,877,076 | ¥ 1,386,741 |
Recurring | Level 3 | Investments in Kargobot | ||
Fair value measurement | ||
Total | 528,709 | |
Recurring | Level 3 | Other debt investments under fair value option | ||
Fair value measurement | ||
Total | 582,005 | |
Recurring | Level 3 | Contingent consideration assets | ||
Fair value measurement | ||
Total | ¥ 250,368 |
Fair value measurement - Invest
Fair value measurement - Investments in Kargobot (Details) - Level 3 | Dec. 31, 2023 USD ($) |
Discounts for lack of marketability | Minimum | |
Fair Value Measurement | |
Measurement input | 22 |
Discounts for lack of marketability | Maximum | |
Fair Value Measurement | |
Measurement input | 30 |
Volatility | Guangzhou Kargobot Technology Co., Ltd. | |
Fair Value Measurement | |
Measurement input | 57 |
Time to liquidity | Guangzhou Kargobot Technology Co., Ltd. | |
Fair Value Measurement | |
Measurement input | 7 |
Restricted net assets (Details)
Restricted net assets (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2023 CNY (¥) | |
Restricted net assets | |
Minimum of percentage to allocate after-tax profit | 10% |
Maximum percentage criteria for appropriation of after-tax profit of Chinese subsidiaries to general reserve fund | 50% |
Net assets subject to restriction on the distribution of share capital | ¥ 15,727,478 |
Amount of restricted net assets | 25% |