Dida Inc reported QQ3 2024 revenue of CNY 191.54 million, down 8.6% year-over-year and 5.2% quarter-over-quarter, reflecting a softening top line amidst a still-robust gross margin. The company generated a healthy gross margin of 70.7%, with operating income of CNY 23.15 million and net income of CNY 28.23 million for the quarter, supported by favorable cost discipline and stable operating expenses. Notably, the prior quarter (Q2 2024) benefited from substantial non-operating income, which amplified net income there; QQ3 2024 presents a cleaner view of the core business economics (operating cash flow of CNY 52.51 million and free cash flow of CNY 52.30 million). The balance sheet exhibits a strong liquidity position and a net cash balance, with cash and short-term investments totaling approximately CNY 1.30 billion against a modest debt load, yielding a net debt of roughly -CNY 1.05 billion. Valuation remains elevated relative to revenue, as indicated by P/S of ~13.3x and EV/EBITDA of ~62.6x, underscoring the market’s premium on platform-driven, scalable mobility services. Moving forward, management’s commentary (where available) and industry dynamics will be pivotal for translating gross-margin resilience into sustained earnings growth.