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Quhuo Limited (NASDAQ: QH) is a leading gig economy platform in China, focusing on providing comprehensive, tech-enabled operational solutions to various consumer service businesses. Specializing in industries with e-commerce exposure, Quhuo’s services span across food delivery, ride-hailing, housekeeping, bike-sharing, and more. The company's primary revenue stream comes from service fees paid by industry customers, supplemented by rental fees from car leasing agreements with drivers engaged in ride-hailing solutions. All of Quhuo's revenue is derived from the People's Republic of China.
The company's service portfolio is diversified into several key categories: On-demand Delivery Solutions, Mobility Service Solutions, Housekeeping Solutions, and other services. Among these, On-demand Delivery Solutions constitute the core revenue generator for the firm. Leveraging its proprietary technology infrastructure, Quhuo+, the company aims to empower and connect workers and service providers, thereby facilitating efficient and effective service delivery.
One of Quhuo's standout ventures is its recent expansion into the rural homestay market under its Chengtu Home division. Notably, the launch of the 'Chengtu Rural Residence' project aims to revamp vacant rural homes, offering them as rental properties to boost local villagers' income. This project aligns with the broader goal of fostering integrated urban-rural development and revitalizing rural communities.
Financially, Quhuo has shown robust performance. In 2023, the company reported positive EBITDA for four consecutive half-year periods, emphasizing its consistent profitability. The company's strategic initiatives have led to the successful export of approximately 1,900 new energy vehicles and electric mopeds, generating significant revenue and highlighting the growth potential of its new business ventures.
In terms of recent developments, Quhuo announced its 2023 annual general meeting results, including key resolutions related to independent registered public accounting firm appointments, share capital increase, and the adoption of the Third Amended and Restated Memorandum and Articles of Association. Additionally, Quhuo has been proactive in addressing compliance issues to maintain its Nasdaq listing, showing a strong commitment to regulatory adherence and shareholder interests.
Quhuo is also expanding its SaaS+ services into new areas such as medical care, long-term residential housing, and elderly care apartments. These expansions aim to enhance efficiency for local service providers, reduce costs, and drive further industry development.
For more detailed and up-to-date information about Quhuo Limited, including financial reports and strategic initiatives, please visit https://ir.quhuo.cn/.
Quhuo Limited (NASDAQ: QH) reported a significant 89.6% year-over-year increase in gross profit for the first half of 2022, bringing the gross margin to 5.0% compared to 2.7% in the same period last year. The company successfully reduced the cost of revenue by 1.1% and decreased general and administrative expenses by 22.8%. The on-demand delivery segment generated RMB1,763.8 million in revenue, while mobility and housekeeping services increased by 32.2% and 24.7% respectively. Quhuo aims to enhance community-centered services amidst ongoing economic challenges.
Quhuo Limited (NASDAQ: QH) reported its unaudited financial results for the first half of 2022, showcasing a 1.4% increase in total revenues to RMB1,863.8 million (US$278.3 million). Mobility service revenues rose by 32.2%, while housekeeping and accommodation services grew by 24.7%. Gross profit soared by 89.6% to RMB93.9 million (US$14.0 million), with a gross margin improvement to 5.0%. Adjusted EBITDA turned positive at RMB10.8 million (US$1.6 million), a significant recovery from a loss of RMB49.4 million last year.
Quhuo Limited (NASDAQ: QH), a leading gig economy platform in China, will hold its 2022 annual general meeting on December 29, 2022, at 10:00 a.m. local time. The meeting will take place at Block A, Tonghui Building, Beijing. Proposals for ratification include the appointment of board directors, Mr. Gang Wang and Ms. Wenying Lyu, and Marcum Asia CPAs LLP as the independent accounting firm for fiscal year 2022. The record date for shareholders eligible to attend is set for November 14, 2022.
Quhuo Limited (NASDAQ: QH) announced it will release its unaudited financial results for the six months ending June 30, 2022, on November 15, 2022, before the U.S. market opens. A conference call will follow at 7:00 a.m. EST to discuss these results. Due to COVID-19, participants must preregister for the call. Quhuo is focused on community-centered services in China, leveraging its technology infrastructure, Quhuo+, to enhance local employment and service solutions.
Quhuo Limited (NASDAQ: QH) announced the appointment of Marcum Asia CPAs LLP as its independent accounting firm effective October 31, 2022. This decision follows the dismissal of Ernst & Young Hua Ming LLP. The company confirmed that there were no disagreements regarding accounting principles or reportable events during the audits for the years ending December 31, 2021, and 2020. Quhuo is working with both MarcumAsia and EY to ensure a smooth transition. The company thanked EY for their services over the years.
Quhuo Limited (NASDAQ: QH) announced the appointment of Ms. Wenying Lyu as a director on September 23, 2022. This change brings the total number of Board members to eight, including three independent directors. Ms. Lyu has a strong background in investment banking and currently leads strategic investments at Baidu. Quhuo's Chairman expressed confidence that her expertise will enhance the company's value and support its growth objectives.
Quhuo Limited (NASDAQ: QH) has become a popular choice for young workers in China seeking flexible job opportunities. The company offers tech-enabled workforce solutions, attracting individuals like Gao Shuaiqi, a graduate student who balances work, study, and family responsibilities. Gao earns approximately RMB5,000 (US$744) monthly through Quhuo's platform, which provides training and support. Quhuo's commitment to worker safety and well-being includes various initiatives, such as training workshops and summer kits for delivery riders, enhancing their working experience.
Quhuo Limited (NASDAQ: QH) filed its annual report on Form 20-F for the fiscal year ending December 31, 2021, on September 9, 2022. The report shows total revenues of RMB4,025.3 million (US$631.7 million), marking a 56.0% increase year-over-year. Major revenue drivers included on-demand delivery solutions with RMB3,829.0 million (up 50.9%), mobility services at RMB110.2 million (up 248.7%), and housekeeping services at RMB79.7 million (up 542.8%). Shareholders can request a free hard copy of the report.
Quhuo Limited (NASDAQ: QH) announced the resignation of board member Fan Yang effective September 7, 2022. The company clarified that Mr. Yang's departure was not due to any disagreements regarding operations or financial controls. Leslie Yu, Chairman and CEO, expressed gratitude for Yang's contributions. Quhuo is recognized as a leading tech-enabled workforce operational solutions platform in China, providing services primarily to the on-demand consumer service industry.
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