Earnings release
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1 DiDi Announces Results for First Quarter 2025 Beijing, June 5, 2025 - DiDi Global Inc. (“we”, “us”, “DiDi” and the “Company”), a leading mobility technology platform, today announced its unaudited interim condensed financial results for the quarter ended March 31,2025. Mr. Will Wei Cheng, the founder and Chief Executive Officer of DiDi, commented, “Thanks to the dynamism of the global mobility market, DiDi’s business and ecosystem continue to thrive, with both our domestic and international operations maintaining steady growth. In 2025, we remain committed to supporting stable employment and boosting consumption, while actively fulfilling our social responsibilities. We will adhere to the principle of serving local needs and increase our global investment to promote the development of local businesses and ecosystems. We will also actively drive the development of autonomous driving and AI to better serve our drivers, users and partners.” First Quarter 2025 Highlights ● Core Platform Transactions1 for the first quarter of 2025 reached 4,247 million, an increase of 13.4% from the first quarter of 2024. Transactions for the China Mobility segment for the first quarter of 2025 reached 3,258 million, an increase of 10.3% from the first quarter of 2024. Transactions for the International segment for the first quarter of 2025 reached 989 million, an increase of 24.9% from the first quarter of 2024. ● Core Platform Gross Transaction Value2 (“GTV3”) for the first quarter of 2025 reached RMB101.6 billion, an increase of 10.2%, or 13.5% on a constant currency basis4, from the first quarter of 2024. GTV from the China Mobility segment for the first quarter of 2025 reached RMB78.0 billion, an increase of 9.3% from the first quarter of 2024. GTV from the International segment for the first quarter of 2025 reached RMB23.6 billion, an increase of 13.2%, or 27.9% on a constant currency basis, from the first quarter of 2024. ● Platform Sales5 from the China Mobility and International segments for the first quarter of 2025 reached RMB18.5 billion, an increase of 22.5% from the first quarter of 2024. Platform Sales from the China Mobility segment for the first quarter of 2025 reached RMB16.0 billion, an increase of 24.6% from the first quarter of 2024. Platform Sales from the International segment for the first quarter of 2025 reached RMB2.5 billion, an increase of 10.2% from the first quarter of 2024. ● Profit for the first quarter of 2025 was RMB2.4 billion. Profit attributable to equity holders of DiDi for the first quarter of 2025 was RMB2.4 billion. ● Adjusted EBITDA (Non-IFRS)6 for the first quarter of 2025 was a gain of RMB3.1 billion. Adjusted EBITA (Non- IFRS)6 for the first quarter of 2025 was a gain of RMB2.4 billion. The Adjusted EBITA (non-IFRS) of the China Mobility segment was a gain of RMB3.1 billion in the first quarter of 2025. The Adjusted EBITA (non-IFRS) loss of the International segment was RMB0.2 billion in the first quarter of 2025. The Adjusted EBITA (non-IFRS) loss of the Other Initiatives segment was RMB0.5 billion in the first quarter of 2025. Adjusted profit (Non-IFRS)7 for the first quarter of 2025 was RMB2.9 billion. ● Total cash and cash equivalents and treasury investments were RMB55.7 billion as of March 31, 2025. 1 Core Platform Transactions refers to the number of completed rides for the China Mobility segment and completed rides or food deliveries for the International segment. Transactions are counted by the number of orders completed, so a carpooling ride with two paying consumers represents two transactions, even if both consumers start and end their ride at the same place, whereas two passengers on the same ride transaction order count as one transaction. 2 Core Platform Gross Transaction Value refers to the summation of the GTV for the China Mobility and International segments. 3 GTV refers to the total transaction value, including any applicable taxes, tolls and fees, of completed Transactions without any adjustment for consumer incentives or for earnings and incentives paid to drivers for mobility services, merchant or delivery partners for food delivery services, or service partners for other initiatives. 4 Constant currency GTV is generally calculated by translating current period GTV using the corresponding prior period’s monthly exchange rates for currencies other than RMB. 5 Platform Sales refers to GTV less all of the earnings and incentives paid to drivers and partners, tolls, fees, taxes and others. 6 Adjusted EBITDA is defined as profit (loss) for the period/year before (i) investment income (loss), net, (ii) share of profits (loss) of equity method investees, (iii) interest income, (iv) finance (costs) income, net, (v) fair value changes of preferred shares issued by subsidiaries, (vi) income tax benefits (expenses), (vii) share-based compensation expenses, (viii) amortization of intangible assets, (ix) impairment of goodwill and intangible assets acquired from business combination, (x) gain or loss on disposal or deemed disposal of subsidiaries, and (xi) depreciation of property and equipment and right-of-use-assets. Adjusted EBITA is defined as profit (loss) for the period/year before the first ten of these eleven items.
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2 7 Adjusted profit (loss) is defined as profit (loss) for the period/year before (i) share-based compensation expense, (ii) amortization of intangible assets, (iii) impairment of goodwill and intangible assets acquired from business combination, (iv) gain or loss on disposal or deemed disposal of subsidiaries, (v) investment income (loss) on certain investments, net8, (vi) reconciling items on the share of profit (loss) of equity method investees9, (vii) fair value changes of preferred shares issued by subsidiaries, and (viii) tax effects on non-IFRS adjustments.
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3 For the Three Months Ended March 31, (In RMB millions except transactions) 2024 2025 % Change % Change (Constant Currency Operational highlights Transactions (in millions) .............................. 3,746 4,247 13.4% China Mobility ................................ ......... 2,954 3,258 10.3% International ................................ ........... 792 989 24.9% GTV ................................ ................. 92,231 101,604 10.2% 13.5% China Mobility ................................ ......... 71,417 78,046 9.3% International ................................ ........... 20,814 23,558 13.2% 27.9% Platform Sales ................................ ........ 15,136 18,538 22.5% China Mobility ................................ ......... 12,863 16,033 24.6% International ................................ ........... 2,273 2,505 10.2% Financial highlights Profit (loss) for the period .............................. 818 2,357 n/m Profit (loss) attributable to equity holders of DiDi ......... 816 2,356 n/m Adjusted EBITDA (Non-IFRS) .......................... 1,739 3,081 n/m Adjusted EBITA (Non-IFRS) ........................... 965 2,423 n/m China Mobility ................................ ......... 2,144 3,127 n/m International ................................ ........... (317) (176) n/m Other Initiatives ................................ ........ (862) (528) n/m Adjusted profit for the period (Non-IFRS) ................ 1,344 2,894 n/m n/m Not meaningful
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4 First Quarter 2025 Results China Mobility In the first quarter of 2025, our business delivered average daily transactions of 36.2 million, representing a record high for us. We plan to further increase consumer and driver engagement in 2025 through our ongoing investments in our ecosystem for drivers and by offering more diversified and affordable product offerings to our consumers. For the Three Months Ended March 31, (In RMB millions) 2024 2025 % Change GTV ................................ ............................ 71,417 78,046 9.3% Platform Sales ................................ ................... 12,863 16,033 24.6% Adjusted EBITA (Non-IFRS) ................................ ...... 2,144 3,127 n/m ● GTV of RMB78.0 billion: GTV from the China Mobility segment increased by 9.3% year-over-year, primarily driven by the increase in the number of transactions for the China Mobility segment. ● Platform Sales of RMB16.0 billion: Platform Sales from the China Mobility segment increased by 24.6% year-over- year. The increase was driven by the growth of GTV and improved operating efficiency. ● Adjusted EBITA (Non-IFRS) gain of RMB3.1 billion: Adjusted EBITA (Non-IFRS) gain in the China Mobility segment increased by RMB1.0 billion year-over-year, primarily driven by the increase of Platform Sales and partially offset by the increase of consumer incentives attributable to the growth of business for the China Mobility segment. International We continue to focus on key markets such as Brazil and Mexico in Latin America. In the first quarter of 2025, we continued to drive growth in our international businesses through effective investment and operational efficiency, while our mobility business remained EBITA profitable. We are confident that ongoing progress in scale and efficiency, together with a strengthened ecosystem, will enable us to deliver sustainable and increasing value to both users and partners. For the Three Months Ended March 31, (In RMB millions) 2024 2025 % Change % Change (Constant Currency) GTV ................................ ................. 20,814 23,558 13.2% 27.9% Platform Sales ................................ .......... 2,273 2,505 10.2% Adjusted EBITA (Non-IFRS) ............................. (317) (176) n/m ● GTV of RMB23.6 billion: GTV from the International segment increased by 13.2% year-over-year, or 27.9% on a constant currency basis, primarily attributable to the increase in the number of transactions for the International segment. ● Platform Sales of RMB2.5 billion: Platform Sales from the International segment increased by 10.2% year-over-year, primarily driven by the growth of GTV. ● Adjusted EBITA (Non-IFRS) loss of RMB0.2 billion: Adjusted EBITA (Non-IFRS) loss in the International segment decreased by RMB0.1 billion year-over-year, primarily attributable to the increase of Platform Sales.
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5 Other Initiatives For the Three Months Ended March 31, (In RMB millions) 2024 2025 % Change Adjusted EBITA (Non-IFRS) ................................ ...... (862) (528) n/m ● Adjusted EBITA (Non-IFRS) loss of RMB0.5 billion: Adjusted EBITA (Non-IFRS) loss in the Other Initiatives segment decreased by RMB0.3 billion year-over-year, primarily driven by improved operating efficiency. Revenues: Revenues increased by 8.5% to RMB53.3 billion for the first quarter of 2025 from RMB49.1 billion for the first quarter of 2024, primarily driven by the increase of Core Platform GTV. Cost of Revenues: Cost of revenues increased by 6.4% to RMB43.2 billion for the first quarter of 2025 from RMB40.7 billion for the first quarter of 2024, primarily due to an increase in transaction related cost, which was driven primarily by the increase in the number of Core Platform Transactions. Operations and Support Expenses: Operations and support expenses was RMB1.8 billion for the first quarter of 2025, and remained flat year-over-year. Sales and Marketing Expenses: Sales and marketing expenses increased by 6.8% to RMB2.6 billion for the first quarter of 2025 from RMB2.4 billion for the first quarter of 2024. The increase was primarily due to the increase in marketing expenses and consumer incentives. Research and Development Expenses: Research and development expenses was RMB1.9 billion for the first quarter of 2025, and remained flat year-over-year. General and Administrative Expenses: General and administrative expenses increased by 7.2% to RMB2.0 billion for the first quarter of 2025 from RMB1.9 billion for the first quarter of 2024, primarily driven by an increase in professional service fees as a result of the growth of our operations. Profit for the period: profit for the first quarter of 2025 was RMB2.4 billion, compared to a profit of RMB0.8 billion in the first quarter of 2024. Profit attributable to equity holders of DiDi: profit attributable to equity holders of DiDi was RMB2.4 billion for the first quarter of 2025, compared to a profit attributable to equity holders of RMB0.8 billion in the first quarter of 2024. Adjusted EBITDA (Non-IFRS): Adjusted EBITDA for the first quarter of 2025 was a gain of RMB3.1 billion, compared to a gain of RMB1.7 billion in the first quarter of 2024. Adjusted EBITA (Non-IFRS): Adjusted EBITA for the first quarter of 2025 was a gain of RMB2.4 billion, compared to a gain of RMB1.0 billion in the first quarter of 2024. Adjusted profit (Non-IFRS): Adjusted profit for the first quarter of 2025 was RMB2.9 billion, compared to a profit of RMB1.3 billion in the first quarter of 2024.
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6 Liquidity and Cash Flow As of (In RMB millions) December 31, 2024 March 31, 2025 Cash and cash equivalents ................................ ..................... 12,555 13,255 Short-term treasury investments ................................ ................. 37,598 38,943 Long-term treasury investments ................................ ................. 3,430 3,471 Total................................ ................................ ....... 53,583 55,669 As of March 31, 2025, cash and cash equivalents and treasury investments were RMB55.7 billion, compared to RMB53.6 billion as of December 31, 2024. The above table sets forth a summary of assets managed by our treasury function, including cash and cash equivalents and treasury investments. For the Three Months Ended March 31, (In RMB millions) 2024 2025 Net cash provided by (used in) operating activities ................................ . (683) 1,928 Net cash used in investing activities ................................ ............. (4,525) (1,222) Net cash provided by (used in) financing activities ................................ . (331) 64 Effect of exchange rate changes on cash and cash equivalents ........................ (41) (70) Net increase (decrease) in cash and cash equivalents ................................ (5,580) 700 Cash and cash equivalents at the beginning of the period ............................ 27,308 12,555 Cash and cash equivalents at the end of the period ................................ .. 21,728 13,255 Net cash provided by operating activities was RMB1.9 billion for the first quarter of 2025, as compared to the Company’s profit before income taxes of RMB2.5 billion during the same period. The difference was primarily due to non-cash or non- operating adjustments, an increase in the Company’s working capital, as well as interest received during the first quarter of 2025. Net cash used in investing activities was RMB1.2 billion for the first quarter of 2025, and was primarily related to an increase in short-term and long-term treasury investments and the purchase of property and equipment, partially offset by the disposal of certain investments. Net cash provided by financing activities was RMB64 million for the first quarter of 2025, and was primarily related to an increase of borrowings, partially offset by the repurchase of the Company’s ADSs.
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7 Other updates Share Repurchase Program 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 within 24 months of the program’s authorization. On March 17, 2025, the Company’s board of directors authorized another share repurchase program under which the Company may repurchase up to US$2 billion of its shares within 24 months of the program’s authorization. As of May 31, 2025, the Company had repurchased a total of approximately 264.7 million ADSs for approximately US$1,153.3 million under these share repurchase programs, including approximately 67.2 million ADSs that were repurchased for approximately US$305.9 million between March 1, 2025 and May 31, 2025. About DiDi Global Inc. DiDi is a leading mobility technology platform. It offers a wide range of app-based services across Asia Pacific, Latin America and other global markets, including ride hailing, taxi hailing, chauffeur and other forms of shared mobility as well as certain energy and vehicle services, food delivery, intra-city freight and financial services. Use of Non-IFRS Financial Measures In evaluating its business, the Company considers and uses certain non-IFRS financial measures including Adjusted EBITDA, Adjusted EBITA and Adjusted profit (loss) to supplement the review and assessment of its operating performance. The Company believes that these non-IFRS measures provide useful information about its core operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. The Company defines Adjusted EBITDA as profit (loss) for the period/year before (i) investment income (loss), net, (ii) share of profit (loss) of equity method investees, (iii) interest income, (iv) finance (costs) income, net, (v) fair value changes of preferred shares issued by subsidiaries, (vi) income tax benefit (expense), (vii) share-based compensation expenses, (viii) amortization of intangible assets, (ix) impairment of goodwill and intangible assets acquired from business combination, (x) gain or loss on disposal or deemed disposal of subsidiaries, and (xi) depreciation of property and equipment and right-of-use assets. Adjusted EBITA is defined as profit (loss) for the period/year before the first ten of these eleven items. The Company defines Adjusted profit (loss) as profit (loss) for the period/year before (i) share-based compensation expenses, (ii) amortization of intangible assets, (iii) impairment of goodwill and intangible assets acquired from business combination, (iv) gain or loss on disposal or deemed disposal of subsidiaries, (v) investment income (loss) on certain investments, net8, (vi) reconciling items on the share of profit (loss) of equity method investees9, (vii) fair value changes of preferred shares issued by subsidiaries, and (viii) tax effects on non-IFRS adjustments. These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. They should not be considered in isolation or construed as an alternative to net profit (loss) or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review these historical non-IFRS financial measures in light of the most directly comparable IFRS measures. These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies. For more information on the non-IFRS financial measures, please see the table captioned “Reconciliations of IFRS and Non- IFRS Results” set forth in this press release. Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. 8 This mainly includes fair value changes related to investee companies accounted for as FVTPL and the impairment loss of equity method investees. 9 This represents the IFRS to non-IFRS reconciling items on the share of profit (loss) of equity method investees.
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8 DiDi Global Inc. Unaudited Condensed Consolidated Income Statements (Amounts in millions, except for per share data and otherwise noted) For the Three Months Ended March 31, 2024 2025 RMB RMB Revenues ................................ ............................... 49,072 53,262 Cost of revenues ................................ ......................... (40,661) (43,247) Operations and support ................................ .................... (1,816) (1,820) Sales and marketing ................................ ...................... (2,432) (2,597) Research and development ................................ ................. (1,891) (1,919) General and administrative ................................ ................. (1,892) (2,029) Other operating income (loss), net ................................ ........... 26 182 Operating profit (loss) 1 ................................ .................. 406 1,832 Investment income (loss), net ................................ ............... 3 187 Share of profit (loss) of equity method investees ............................... 99 108 Interest income ................................ .......................... 606 521 Finance (costs) income, net ................................ ................ (289) (61) Fair value changes of prefered shares issued by subsidiaries...................... 73 (103) Profit (loss) before income tax ................................ ............. 898 2,484 Income tax benefit (expense) ................................ ............... (80) (127) Profit (loss) for the period ................................ ................ 818 2,357 Attributable to: Equity holders of the Company ................................ ............. 816 2,356 Non-controlling interests ................................ .................. 2 1 818 2,357 Weighted average number of ordinary shares used in computing earnings per share for profit (loss) -basic ................................ ................................ .. 1,228,845,911 1,200,022,843 -diluted ................................ ................................ . 1,253,264,208 1,226,324,332 Earnings per share for profit (loss) attributable to equity holders of the Company (in RMB per share) - basic ................................ ................................ .. 0.66 1.96 - diluted ................................ ................................ 0.65 1.92 Weighted average number of ADSs used in computing earnings per ADS for profit (loss) -basic ................................ ................................ .. 4,915,383,644 4,800,091,372 -diluted ................................ ................................ . 5,013,056,832 4,905,297,328 Earnings per ADS for profit (loss) attributable to equity holders of the Company (in RMB per ADS) - basic ................................ ................................ .. 0.17 0.49 - diluted ................................ ................................ 0.16 0.48 1 Includes share-based compensation expenses as follows: For the Three Months Ended March 31, 2024 2025 RMB RMB Operations and support ................................ ......................... 31 26 Sales and marketing ................................ ........................... 33 53 Research and development ................................ ...................... 202 214 General and administrative ................................ ...................... 262 279
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9 DiDi Global Inc. Unaudited Condensed Consolidated Statements of Comprehensive lncome (Loss) (Amounts in millions) For the Three Months Ended March 31, 2024 2025 RMB RMB Profit (loss) for the period ................................ .................... 818 2,357 Other comprehensive income (loss), net of tax: Items that may be subsequently reclassified to profit or loss Foreign currency translation adjustments ................................ ........... 39 206 Fair value changes of loan receivables at fair value through other comprehensive income (loss) ................................ ................... - 42 Net provisions for impairment losses on loan receivables at fair value through other comprehensive income ................................ ........................ - 216 Share of other comprehensive loss of equity method investees .......................... (1) - Items that will not be subsequently reclassified to profit or loss Foreign currency translation adjustments ................................ ........... 191 (144) Fair value changes of equity instruments at fair value through other comprehensive income . (1,844) 1,895 Fair value changes of prefered shares issued by subsidiaries attributable to changes in the credit risk ................................ ................................ ........ (38) 192 (1,653) 2,407 Total comprehensive income (loss) for the period ................................ (835) 4,764 Attributable to: Equity holders of the Company ................................ ................... (837) 4,763 Non-controlling interests ................................ ........................ 2 1 (835) 4,764
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10 DiDi Global Inc. Unaudited Condensed Consolidated Statements of Financial Position (Amounts in millions) As of December 31, March 31, 2024 2025 RMB RMB ASSETS Non-current assets Property and equipment ................................ ...................... 5,205 5,358 Right-of-use assets ................................ .......................... 1,154 1,113 Goodwill................................ ................................ ... 46,284 46,284 Intangible assets ................................ ............................. 705 718 Deferred tax assets ................................ ........................... 614 669 Restricted cash ................................ .............................. 20 20 Long-term treasury investments ................................ ................ 3,430 3,471 Investments accounted for using the equity method ................................ 3,766 3,909 Other financial investments measured at fair value through profit or loss .............. 3,602 3,992 Other financial investments measured at fair value through other comprehensive income . 5,625 6,067 Other non-current assets ................................ ...................... 3,579 3,109 73,984 74,710 Current assets Accounts receivable ................................ ......................... 3,493 3,756 Prepayments, receivables and other current assets ................................ . 14,540 15,585 Short-term treasury investments ................................ ................ 37,598 38,943 Restricted cash ................................ .............................. 1,723 2,087 Cash and cash equivalents ................................ .................... 12,555 13,255 69,909 73,626 Total assets ................................ ................................ 143,893 148,336 EQUITY Equity attributable to equity holders of the Company ........................... 98,584 102,034 Non-controlling interests ................................ .................... 118 119 Total equity ................................ ............................... 98,702 102,153 LIABILITIES Non-current liabilities Borrowings ................................ ................................ . 729 1,003 Lease liabilities ................................ ............................. 701 674 Deferred tax liabilities ................................ ........................ 143 167 Other non-current liabilities ................................ ................... 178 177 1,751 2,021 Current liabilities Borrowings ................................ ................................ . 10,755 12,630 Preferred shares issued by subsidiaries ................................ .......... 10,961 10,857 Lease liabilities ................................ ............................. 473 467 Accounts and notes payable ................................ ................... 4,478 4,545 Accrued expenses and other current liabilities ................................ .... 16,773 15,663 43,440 44,162 Total liabilities ................................ ............................. 45,191 46,183 Total equity and liabilities ................................ ................... 143,893 148,336
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11 DiDi Global Inc. Unaudited Condensed Consolidated Statements of Cash Flows (Amounts in millions) For the Three Months Ended March 31, 2024 2025 RMB RMB Net cash provided by (used in) operating activities ................................ .. (683) 1,928 Net cash used in investing activities ................................ .............. (4,525) (1,222) Net cash provided by (used in) financing activities ................................ .. (331) 64 Effect of exchange rate changes on cash and cash equivalents ......................... (41) (70) Net increase (decrease) in cash and cash equivalents ................................ . (5,580) 700 Cash and cash equivalents at the beginning of the period ............................. 27,308 12,555 Cash and cash equivalents at the end of the period ................................ ... 21,728 13,255
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12 DiDi Global Inc. Unaudited Selected Financial Information of Segments (Amounts in millions) For the Three Months Ended March 31, 2024 2025 RMB RMB Revenues: China Mobility ................................ ............................... 44,538 48,022 International ................................ ................................ . 2,433 3,148 Other Initiatives ................................ .............................. 2,101 2,092 Total segment revenues ................................ ...................... 49,072 53,262 Adjusted EBITA: China Mobility ................................ ............................... 2,144 3,127 International ................................ ................................ . (317) (176) Other Initiatives ................................ .............................. (862) (528) Total Adjusted EBITA (non-IFRS) ................................ ............ 965 2,423 Share-based compensation expenses ................................ ............. (528) (572) Amortization of intangible assets ................................ ................ (31) (17) Gain or loss on disposal or deemed disposal of subsidiaries .......................... - (2) Total consolidated operating profit (loss) ................................ ....... 406 1,832 For the Three Months Ended March 31, 2024 2025 RMB RMB Depreciation expenses of property and equipment , and right-of-use assets: China Mobility ................................ ............................... 99 51 International ................................ ................................ . 42 15 Other Initiatives ................................ .............................. 633 592 Total depreciation expenses of property and equipment, and right-of-use assets ..... 774 658
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13 DiDi Global Inc. Reconciliation of IFRS and Non-IFRS Results (Amounts in millions) For the Three Months Ended March 31, 2024 2025 RMB RMB Profit (loss) for the period ................................ .................... 818 2,357 Less: Investment income (loss), net ................................ .............. (3) (187) Less: Share of profits (loss) of equity method investees ............................. (99) (108) Less: Interest income ................................ .......................... (606) (521) Less: Finance (costs) income, net ................................ ................ 289 61 Less: Fair value changes of preferred shares issued by subsidiaries .................... (73) 103 Less: Income tax benefit (expenses) ................................ ............. 80 127 Operating profit (loss) ................................ ....................... 406 1,832 Add: Share-based compensation expenses ................................ ........ 528 572 Add: Amortization of intangible assets ................................ ........... 31 17 Less: Gain or loss on disposal or deemed disposal of subsidiaries ..................... - 2 Adjusted EBITA (non-IFRS) ................................ ................. 965 2,423 Add: Depreciation expenses of property and equipment, and right-of-use assets ......... 774 658 Adjusted EBITDA (non-IFRS) ................................ ................ 1,739 3,081 For the Three Months Ended March 31, 2024 2025 RMB RMB Profit (loss) for the period ....................................................................................................... 818 2,357 Add: Share-based compensation expenses ............................................................................. 528 572 Add: Amortization of intangible assets .................................................................................. 31 17 Less: Gain or loss on disposal or deemed disposal of subsidiaries ........................................ - 2 Less: Investment income (loss) on certain investments, net ................................................... 47 (136) Less: Reconciling items on the share of profits (loss) of equity method investees ................ - (8) Less: Fair value changes of preferred shares issued by subsidiaries ...................................... (73) 103 Less: Tax effects on non-IFRS adjustments ........................................................................... (7) (13) Adjusted profit for the period (non-IFRS) ............................................................................ 1,344 2,894