Quhuo Announces Unaudited Financial Results for the First Half of 2024: Precise Strategy Spurs Strong Growth in Mobility Service and Homestay
Quhuo (NASDAQ: QH), a leading gig economy platform in China, reported strong financial results for H1 2024. Total revenue reached RMB1.62 billion, with significant growth in mobility service solutions, up 71.7% year-over-year to RMB100.5 million. The company's vehicle export solutions saw a 389.3% year-over-year revenue increase, shipping 815 new energy vehicles abroad. Quhuo expanded its services to 132 cities, a 21.4% increase from the previous year. The company's platform has registered over 770,000 workers across various sectors. Despite challenges, Quhuo demonstrated resilience and growing profitability, focusing on the gig economy, vehicle exports, and housekeeping solutions to deliver commercial and social value.
Quhuo (NASDAQ: QH), una delle principali piattaforme della gig economy in Cina, ha riportato risultati finanziari solidi per il primo semestre del 2024. I ricavi totali hanno raggiunto 1,62 miliardi di RMB, con una crescita significativa nelle soluzioni di servizi di mobilità, aumentate del 71,7% su base annua a 100,5 milioni di RMB. Le soluzioni di esportazione di veicoli dell'azienda hanno visto un aumento del 389,3% dei ricavi rispetto all'anno precedente, spedendo 815 veicoli a energia nuova all'estero. Quhuo ha ampliato i suoi servizi a 132 città, un incremento del 21,4% rispetto all'anno passato. La piattaforma dell'azienda ha registrato oltre 770.000 lavoratori in vari settori. Nonostante le sfide, Quhuo ha dimostrato resilienza e una crescita della redditività, concentrandosi sulla gig economy, sulle esportazioni di veicoli e sulle soluzioni di pulizia per offrire valore commerciale e sociale.
Quhuo (NASDAQ: QH), una de las principales plataformas de la economía gig en China, reportó resultados financieros sólidos para el primer semestre de 2024. Los ingresos totales alcanzaron 1.62 mil millones de RMB, con un crecimiento significativo en las soluciones de servicios de movilidad, aumentando un 71.7% interanual a 100.5 millones de RMB. Las soluciones de exportación de vehículos de la empresa vieron un aumento de ingresos del 389.3% interanual, enviando 815 vehículos de nueva energía al extranjero. Quhuo amplió sus servicios a 132 ciudades, un aumento del 21.4% en comparación con el año anterior. La plataforma de la empresa ha registrado más de 770,000 trabajadores en diversos sectores. A pesar de los desafíos, Quhuo demostró resiliencia y un crecimiento en la rentabilidad, enfocándose en la economía gig, las exportaciones de vehículos y soluciones de limpieza para brindar valor comercial y social.
Quhuo (NASDAQ: QH)는 중국의 주요 긱 경제 플랫폼으로서 2024년 상반기 강력한 재무 결과를 보고했습니다. 총 수익은 16.2억 위안에 달했습니다, 이동 서비스 솔루션에서의 성장으로 전년 대비 71.7% 증가한 1억 5백만 위안을 기록했습니다. 회사의 차량 수출 솔루션은 전년 대비 389.3% 매출 증가를 보여주었고, 815대의 새로운 에너지 차량을 해외로 선적했습니다. Quhuo는 132개 도시로 서비스를 확대했으며, 이는 작년 대비 21.4% 증가한 수치입니다. 회사의 플랫폼에는 다양한 분야에서 77만 명 이상의 근로자가 등록되어 있습니다. 어려움에도 불구하고 Quhuo는 긱 경제, 차량 수출 및 가사 솔루션에 집중하며 상업적 및 사회적 가치를 창출하는 데 있어 회복력과 수익성 향상을 보여주었습니다.
Quhuo (NASDAQ: QH), une plateforme leader de l'économie des petits boulots en Chine, a annoncé des résultats financiers solides pour le premier semestre 2024. Le chiffre d'affaires total a atteint 1,62 milliard de RMB, avec une croissance significative des solutions de services de mobilité, en hausse de 71,7 % par rapport à l'année précédente à 100,5 millions de RMB. Les solutions d'exportation de véhicules de l'entreprise ont connu une augmentation des revenus de 389,3 % par rapport à l'année précédente, expédiant 815 nouveaux véhicules énergétiques à l'étranger. Quhuo a élargi ses services à 132 villes, soit une augmentation de 21,4 % par rapport à l'année dernière. La plateforme de l'entreprise a enregistré plus de 770 000 travailleurs dans divers secteurs. Malgré les défis, Quhuo a démontré sa résilience et sa rentabilité croissante, en mettant l'accent sur l'économie des petits boulots, l'exportation de véhicules et les solutions de ménage pour offrir une valeur commerciale et sociale.
Quhuo (NASDAQ: QH), eine führende Plattform der Gig-Economy in China, berichtete über starke finanzielle Ergebnisse für das erste Halbjahr 2024. Der Gesamtumsatz belief sich auf 1,62 Milliarden RMB, mit einem signifikanten Wachstum in den Mobilitätsdienstleistungen, das um 71,7 % im Jahresvergleich auf 100,5 Millionen RMB anstieg. Die Exportlösungen des Unternehmens für Fahrzeuge verzeichneten einen Umsatzanstieg von 389,3 % im Jahresvergleich und exportierten 815 Fahrzeuge neuer Energie ins Ausland. Quhuo erweiterte seine Dienstleistungen auf 132 Städte, was einem Anstieg von 21,4 % im Vergleich zum Vorjahr entspricht. Die Plattform des Unternehmens hat über 770.000 Arbeiter aus verschiedenen Sektoren registriert. Trotz der Herausforderungen zeigte Quhuo Resilienz und wachsendes Gewinnpotenzial, indem es sich auf die Gig-Economy, Fahrzeugexporte und Haushaltslösungen konzentrierte, um wirtschaftlichen und sozialen Wert zu schaffen.
- Revenue from mobility service solutions increased 71.7% year-over-year to RMB100.5 million
- Vehicle export solutions revenue grew by 389.3% year-over-year
- Expanded services to 132 cities, a 21.4% year-over-year increase
- Shipped 815 new energy vehicles abroad through Quhuo International
- General and administrative expenses decreased by 13.2% year-over-year
- Platform registered over 770,000 workers across various sectors
- Profit in the first quarter was impacted by seasonal factors
Quhuo's H1 2024 results show mixed performance. While total revenue reached
The 13.2% decrease in G&A expenses demonstrates improved operational efficiency, which is positive for the bottom line. The expansion to 132 cities (+21.4% YoY) suggests growing market penetration. While the company's diversification strategy across gig economy, housekeeping and vehicle exports appears sound, investors should closely monitor profitability and cash flow in future reports to ensure sustainable growth.
Quhuo's strategic focus on the gig economy, housekeeping and vehicle exports aligns well with current market trends. The rapid growth in mobility services and vehicle exports indicates strong market demand and Quhuo's ability to capitalize on it. The expansion of services to 132 cities demonstrates increasing market penetration and scalability of their business model.
The company's emphasis on the gig economy is timely, given the growing policy support and protections for gig workers in China. With over 770,000 registered workers, Quhuo has established a significant presence in this sector. The focus on new energy vehicle exports also positions the company well in the global shift towards sustainable transportation. However, investors should monitor how Quhuo maintains quality and manages potential regulatory challenges as it rapidly expands across multiple sectors.
Quhuo's technology infrastructure, Quhuo+, appears to be a key differentiator in its business model. The platform's ability to connect workers with local service providers and offer end-to-end operational solutions is important for scaling across multiple industries. The integration of digital services, such as mini-programs and multiple sales platforms for housekeeping and accommodation solutions, shows a commitment to leveraging technology for improved customer experience.
The company's expansion into global technology projects, particularly in on-demand delivery and ride-hailing, could provide significant growth opportunities. However, the report lacks specific details on tech investments or R&D spending, which are important for maintaining a competitive edge in the rapidly evolving gig economy and mobility sectors. Investors should seek more information on Quhuo's technological capabilities and innovation pipeline in future reports.
- Revenues from mobility service solutions were
RMB100.5 million (US ), representing an increase of$13.8 million 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.
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
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
Meanwhile, Quhuo's housekeeping and accommodation solutions businesses have rapidly expanded, making its overall service footprint expand to 132 cities, representing a
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
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
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