- Revenues from mobility service solutions were RMB100.5 million (US$13.8
million), representing an increase of 71.7%
year-over-year.
- Quhuo International shipped 815 vehicles under its vehicle
export solutions.
- The Company has expanded services to 132 cities nationwide,
representing a 21.4% year-over-year increase.
BEIJING, Aug. 28,
2024 /PRNewswire/ -- Quhuo Limited (NASDAQ: QH)
("Quhuo," the "Company," "we" or "our"), a leading gig economy
platform focusing on local life services in China, today reported its unaudited financial
results for the six months ended June 30,
2024.
Amid a complex global economy and widespread market
uncertainties, Quhuo has maintained steady growth through precise
strategic control and lean operations management.
For the first half of 2024, Quhuo's total revenue reached
RMB1.62 billion. While profit of the
first quarter was impacted by seasonal factors, the second quarter
saw a strong rebound. This underscores Quhuo's resilience and
growing profitability amid market fluctuations. Furthermore,
general and administrative expenses decreased by 13.2%
year-over-year, as we enhanced our operational efficiency and cost
control.
From a business standpoint, Quhuo excels in its mobility service
solutions, as well as in housekeeping and accommodation services.
Mobility service solutions saw a robust 71.7% year-over-year
revenue increase, with shared-bike maintenance growing by 16.2% and
ride-hailing services by 47.5%. Additionally, Quhuo's vehicle
export solutions, conducted through the Company's subsidiary, Quhuo
International, achieved an impressive 389.3% year-over-year revenue
increase. Since its inception in 2023, Quhuo International has
become a new growth area for the Company. In the first half of
2024, Quhuo International shipped 815 new energy vehicles abroad,
significantly expanding its global footprint and enhancing its
international competitiveness.
Meanwhile, Quhuo's housekeeping and accommodation solutions
businesses have rapidly expanded, making its overall service
footprint expand to 132 cities, representing a 21.4% year-over-year
increase and reflecting strong market demand, which has further
strengthened the Company's competitive edge.
In 2024, Quhuo navigated complex international relations and
domestic market shifts by focusing on long-term trends and stable
market demands, ensuring sustained value. Prioritizing the gig
economy, the company also concentrated on vehicle export solutions
and housekeeping and accommodation solutions. Through strategic
planning, Quhuo consistently delivers commercial and social value
to the market.
In the gig economy sector, driven by the digital and sharing
economies, new forms of employment have rapidly developed in
China. Policy attention and
support have intensified, enhancing protections and rights for gig
workers. As an industry leader, Quhuo has utilized its gig economy
platform to provide substantial job opportunities. As of
June 30, 2024, Quhuo's platform had
registered over 770,000 workers in sectors such as on-demand
delivery, mobility service solutions, and housekeeping and
accommodation solutions. Quhuo offers stable and flexible job
positions, enabling workers to secure steady incomes and essential
benefits such as housing, transportation, and commercial insurance,
even in fluctuating markets. This effort not only delivers
significant social value but also strengthens Quhuo's dominant
position in the sector.
In the housekeeping and accommodation solutions sector, Quhuo is
advancing its Chengtu Home operations, focusing on delivering
high-quality services through its self-operated model to build its
brand and scale operations. Additionally, the company is developing
a comprehensive service model that enhances the entire customer
journey—from booking to post-service—through its mini program and
multiple sales platforms. Quhuo also partners with leading rental
platforms to explore a hybrid model of long and short-term rentals,
revitalizing underutilized properties. This initiative generates
income for property owners while offering superior residential
services to consumers, significantly boosting Quhuo's commercial
value and paving the way for future growth.
In the vehicle export solutions sector, the company has built a
strong network for vehicle sourcing and sales through partnerships
with car brands and 58 global dealers. As global demand for new
energy vehicles grows, Quhuo is poised to increase its market share
and expand operations, creating new growth opportunities. Quhuo is
also advancing global technology projects by leveraging its
expertise in on-demand delivery and ride-hailing. The company has
formed key partnerships with international collaborators, piloting
tailored services in select international cities and integrating
them with the new energy vehicle export supply chain, thus
reinforcing its competitive edge.
Leslie Yu, Founder, Chairman, and
CEO of Quhuo, said: "Despite the challenges in early 2024, Quhuo
continued to grow and innovate through proactive strategy and
precise management. Moving forward, we will enhance our operations
and resources, seize market opportunities, ensure sustainable
returns for our shareholders, and deliver greater societal
value."
About Quhuo Limited
Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company") is a
leading gig economy platform focusing on local life services
in China. Leveraging Quhuo+, its proprietary technology
infrastructure, Quhuo is dedicated to empowering and linking
workers and local life service providers and providing end-to-end
operation solutions for the life service market. The Company
currently provides multiple industry-tailored operational
solutions, primarily including on-demand delivery solutions,
mobility service solutions, housekeeping and accommodation
solutions, and other services, meeting the living needs of hundreds
of millions of families in the communities.
With the vision of promoting employment, stabilizing income and
empowering entrepreneurship, Quhuo explores multiple scenarios to
promote employment of workers, provides, among others, safety and
security and vocational training to protect workers, and helps
workers plan their career development paths to realize their
self-worth.
Safe Harbor Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical or current fact
included in this press release are forward-looking statements,
including but not limited to statements regarding Quhuo's business
development, financial outlook, beliefs and expectations.
Forward-looking statements include statements containing words such
as "expect," "anticipate," "believe," "project," "will" and similar
expressions intended to identify forward-looking statements. These
forward-looking statements are based on Quhuo's current
expectations and involve risks and uncertainties. Quhuo's actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of these
risks and uncertainties, which include, without limitation, risks
and uncertainties related to Quhuo's abilities to (1) manage its
growth and expand its operations, (2) address any or all of the
risks and challenges in the future in light of its limited
operating history and evolving business portfolios, (3) remain in
its competitive position in the on-demand food delivery market or
further diversify its solution offerings and customer portfolio,
(4) maintain relationships with major customers and to find
replacement customers on commercially desirable terms or in a
timely manner or at all, (5) maintain relationships with existing
industry customers or attract new customers, (6) attract, retain
and manage workers on its platform, and (7) maintain its market
shares in relation to competitors in existing markets and its
success in expansion into new markets, as well as the development
of the COVID-19 pandemic and its impact on Quhuo's business and
industry. Other risks and uncertainties are included under the
caption "Risk Factors" and elsewhere in the Company's filings with
the Securities and Exchange Commission, including, without
limitation, the final prospectus related to the IPO filed with the
SEC on July 10, 2020 and the
Company's latest annual report on Form 20-F. You are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and Quhuo undertakes no obligation to revise
or update any forward-looking statements to reflect events or
circumstances after the date hereof.
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SOURCE Quhuo Limited