Quhuo Reports Financial Results for the Second Half and Full Year 2024
PR Newswire
BEIJING, April 29, 2025
BEIJING, April 29, 2025 /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 and full year ended December 31, 2024.
Financial and Operational Highlights for the Second Half of 2024
-- Net income was RMB48.1 million (US$6.6 million), representing a
year-over-year increase of 311.1% from RMB11.7 million.
-- Adjusted EBITDA was RMB43.8 million (US$6.0 million), representing a
year-over-year increase of 81.7% from RMB24.1 million.
-- General and administrative expenses were RMB77.8 million (US$10.7
million), representing a decrease of 24.2% from RMB102.7 million in the
second half of 2023.
-- Gross profit of vehicle export solutions was RMB2.9 million (US$0.4
million), representing a year-over-year increase of 11.5% from RMB2.6
million.
-- Gross profit margin of mobility solution services was 4.6%, compared with
2.1% in the second half of 2023.
-- Gross profit margin of housekeeping services and others was 46.9%,
compared with 39.2% in the second half of 2023.
Financial and Operational Highlights for Full Year 2024
-- General and administrative expenses were RMB148.6 million (US$20.4
million), representing a decrease of 19.4% from RMB184.3 million in 2023.
-- Gross profit margin of vehicle export solutions was 5.1%, compared with
1.7% in 2023.
-- Gross profit margin of housekeeping services and others was 36.4%,
compared with 26.4% in 2023.
Mr. Leslie Yu, Quhuo's Chairman and Chief Executive Officer, said, "2024 is a pivotal year for Quhuo, marking a key turning point in the progress of our strategic elevation. We are pleased to conclude that, thanks to our focus on deepening high-quality business development and driving a structural improvement in profitability, we have successfully enhanced gross profit margin across multiple business sectors. We have continuously worked on improving operational efficiency, leading to a reduction in various expenses.
Our cross-border vehicle export business became a key growth engine in 2024. Our "technology + resources" model has proven effective in regions such as the Middle East, Eastern Europe and Western Asia, where we've empowered local dealers and built a "vehicle procurement - local operations" ecosystem, as demonstrated in Azerbaijan. We believe this global collaboration will reduce supply chain friction and position us for international expansion, with plans underway to replicate the model in additional markets.
In our on-demand food delivery business, we entered into a strategic cooperation agreement with NIU World, a large-scale food group in China, leveraging our nationwide delivery network built over more than a decade. This partnership enables us to provide beef product distribution services- an important milestone in our continued transformation from a fulfillment service provider to a supply chain enabler. Looking ahead, we see strong potential to expand this model into other food sectors requiring high standards for ingredient preservation, offering flexible, efficient and scalable supply chain services to more businesses in the future.
In the future, we will continue optimizing operations, empowering our partners, and seizing market opportunities to deliver sustainable returns for shareholders while creating lasting value for society."
Unaudited Financial Results of the Second Half of 2024
Total revenues were RMB1,426.9 million (US$195.5 million), compared with total revenues of RMB1,966.1 million in the second half of 2023, representing a decrease of 27.4%.
-- Revenues from on-demand food delivery solutions were RMB1,329.4 million
(US$182.1 million), compared with RMB1,763.2 million in the second half
of 2023, representing a decrease of 24.6%. The decrease was primarily
because we optimized our business by disposing of several underperforming
service stations, which led to a decrease in revenue scale.
-- Revenues from mobility service solutions, consisting of shared-bike
maintenance, ride-hailing, vehicle export solutions and freight service
solutions, were RMB74.7 million (US$10.2 million), compared with RMB175.3
million in the second half of 2023, representing a decrease of 57.4%. The
decrease was primarily due to a decrease in units of vehicles sold in our
vehicle export solution business.
-- Revenues from housekeeping and accommodation solutions and other services
were RMB22.9 million (US$3.1 million), compared with RMB27.5 million in
the second half of 2023, primarily due to the decrease in housekeeping
services for hotels as a result of our shift of focus to other
businesses.
Cost of revenues was RMB1,378.0 million (US$188.8 million), representing a year-over-year decrease of 26.2%, primarily in line with the decrease in our total revenues.
General and administrative expenses were RMB77.8 million (US$10.7 million), representing a significant decrease of 24.2% from RMB102.7 million in the second half of 2023. The decrease was primarily driven by (1) a decline in professional service fees from RMB44.5 million in the second half of 2023 to RMB22.6 million (US$3.1 million) in the second half of 2024, and (2) a reduction in welfare and business development expenses and office expenses from RMB21.4 million in the second half of 2023 to RMB16.1 million (US$2.2 million) in the second half of 2024. These savings were largely the result of our effective expense control through engagement of more cost-effective service providers, elimination of unnecessary costs and optimization of employee roles and responsibilities.
Research and development expenses remained relatively stable at RMB5.8 million (US$0.8 million) in the second half of 2024 and RMB5.7 million in the second half of 2023.
We recorded gain on disposal of assets, net, of RMB13.4 million and RMB68.2 million (US$9.3 million) in the second half of 2023 and 2024, respectively, primarily due to the transfer of certain long-term assets to third parties.
Our interest expenses were RMB1.8 million (US$0.2 million), representing a significant decrease of 30.8% from RMB2.6 million in the second half of 2023, primarily due to the decrease in in average interest rates relating to our short-term bank borrowings.
Our other income, net, was RMB0.4 million (US$0.1 million) in the second half of 2024 and RMB10.7 million in the second half of 2023 primarily due to the disposal of investment in a mutual fund.
Income tax benefit was RMB15.7 million (US$2.2 million), as compared to income tax expense of RMB1.5 million in the second half of 2023, primarily due to the reversal of unrecognized tax benefit recognized previous years that have passed the retroactive period.
Net income attributable to Quhuo Limited was RMB48.1 million (US$6.6 million), compared with net income attributable to Quhuo Limited of RMB11.7 million in the second half of 2023.
Adjusted EBITDA was RMB43.8 million (US$6.0 million), compared with adjusted EBITDA of RMB24.1 million in the second half of 2023.(1)
Adjusted net income was RMB48.1 million (US$6.6 million), compared to the adjusted net income of RMB7.4 million in the second half of 2023.(1)
Unaudited Financial Results of Full Year 2024
Total revenues were RMB3,046.9 million (US$417.4 million), a decrease of 17.7%, compared with total revenues of RMB3,702.4 million in 2023.
-- Revenues from on-demand food delivery solutions were RMB2,828.5 million
(US$387.5 million), compared with RMB3,412.8 million in 2023,
representing a decrease of 17.1%. The decrease was primarily due to
optimization of our business by disposing of several underperforming
service stations, which led to a decrease in revenue scale.
-- Revenues from mobility service solutions were RMB175.1 million (US$24.0
million), compared with RMB233.8 million in 2023, representing a decrease
of 25.1%. The decrease was primarily due to the reduction in vehicles
sold in our vehicle export solution business.
-- Revenues from housekeeping and accommodation solutions and other services
were RMB43.2 million (US$5.9 million), compared with RMB55.7 million in
2023, primarily due to the decrease of housekeeping services for hotels
as a result of our shift of focus to other businesses.
Cost of revenues was RMB2,973.2 million (US$407.3 million), representing a year-over-year decrease of 15.9%, generally in line with the decrease in our total revenues.
General and administrative expenses were RMB148.6 million (US$20.4 million) in 2024, representing a decrease of 19.4% from RMB184.3 million in 2023. This reduction was due to (1) a decrease in professional service fees from RMB66.7 million in 2023 to RMB37.2 million (US$5.1 million) in 2024, and (2) a decrease in welfare and business development expenses and office expenses from RMB38.6 million in 2023 to RMB28.4 million (US$3.9 million) in 2024. These savings reflect our expense control measures, including more cost-effective service providers, eliminating unnecessary costs, and optimizing employee roles and responsibilities.
Research and development expenses were RMB10.7 million (US$1.5 million) in 2024, representing a decrease of 13.7% from RMB12.4 million in 2023, primarily due to a lower average compensation level for our research and development personnel resulting from the restructuring of our R&D team.
We recorded gain on disposal of assets, net, of RMB22.3 million and RMB75.2 million (US$10.3 million) in 2023 and 2024, respectively, primarily due to the transfer of certain long-term assets to third parties.
Our interest expenses were RMB4.1 million (US$0.6 million), representing a decrease of 16.3% from RMB4.9 million in 2023, primarily due to the reduction in average interest rates relating to our short-term bank borrowings.
Other expense, net, was RMB2.6 million (US$0.4 million) in 2024, as compared to other income, net, of RMB16.7 million in 2023, primarily due to the fluctuation in the fair value of our investment in a mutual fund.
Income tax benefit was RMB18.3 million (US$2.5 million) in 2024, as compared to RMB0.9 million in 2023, primarily due to the reversal of unrecognized tax benefit recognized in previous years that have passed the retroactive period.
Net income attributable to Quhuo Limited was RMB1.6 million (US$0.2 million) in 2024, as compared to RMB6.0 million in 2023.
Adjusted EBITDA was RMB9.1 million (US$1.2 million) in 2024, as compared to adjusted EBITDA of RMB35.2 million in 2023.(1)
Adjusted net income was RMB1.6 million (US$0.2 million) in 2024, as compared to RMB5.5 million in 2023.(1)
(1) See "Use of Non-GAAP Financial Measures."
Balance Sheet
As of December 31, 2024, the Company had cash, cash equivalents and restricted cash of RMB65.1 million (US$8.9 million) and short-term debt of RMB112.8 million (US$15.5 million).
CONFERENCE CALL
Quhuo will hold a conference call on Tuesday, April 29, 2025 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong time on the same day) to discuss the financial results.
Dial-in details for the earnings conference call are as follows:
PARTICIPANT DIAL IN (TOLL FREE): 1-888-346-8982 ----------------------------------- -------------- PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-4272 ----------------------------------- -------------- Hong Kong Toll Free: 800-905945 ----------------------------------- -------------- Hong Kong-Local Toll: 852-301-84992 ----------------------------------- -------------- Mainland China Toll Free: 4001-201203 ----------------------------------- -------------- Conference ID: QUHUO ----------------------------------- --------------
Please dial in ten minutes before the call is scheduled to begin and provide the conference ID to join the call.
A replay of the conference call may be accessed by phone at the following numbers until May 6, 2025:
US Toll Free: 1-877-344-7529 -------------------- -------------- International Toll: 1-412-317-0088 -------------------- -------------- Canada Toll Free: 855-669-9658 -------------------- -------------- Replay Access Code: 8059541 -------------------- --------------
Additionally, a live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.quhuo.cn/.
USE OF NON-GAAP FINANCIAL MEASURES
Quhuo has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP).
Quhuo uses adjusted net income/loss and adjusted EBITDA, which are non-GAAP financial measures, in evaluating its operating results and for financial and operational decision-making purposes. Adjusted net income/loss represents net income/loss before share-based compensation expenses. Adjusted EBITDA represents adjusted net income/loss before income tax benefit/expense, amortization, depreciation and interest. Quhuo believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of share-based compensation expenses, income tax benefits or expenses, amortization, depreciation and interest. Quhuo believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net income/loss or any other performance measures or as an indicator of Quhuo's operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. Quhuo encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Quhuo mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance. For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP results" set forth below.
Unaudited Reconciliations of GAAP and Non-GAAP Results
For the Six Months Ended For the Year Ended
------------------------------- -------------------------------
December December December December December December
31, 2023 31, 2024 31, 2024 31, 2023 31, 2024 31, 2024
(RMB'000) (RMB'000) (US$'000) (RMB'000) (RMB'000) (US$'000)
Net income 11,698 48,127 6,593 6,008 1,612 221
Add: Share-based
Compensation (4,348) - - (495) - -
Adjusted net income 7,350 48,127 6,593 5,513 1,612 221
--------- --------- --------- --------- --------- ---------
Add: Income tax
expense/(benefit) 1,468 (15,721) (2,154) (927) (18,343) (2,513)
Depreciation 2,389 1,832 251 5,316 4,508 618
Amortization 10,302 7,807 1,070 20,430 17,192 2,355
Interest 2,559 1,804 247 4,882 4,105 562
Adjusted EBITDA 24,068 43,849 6,007 35,214 9,074 1,243
--------- --------- --------- --------- --------- ---------
EXCHANGE RATE INFORMATION
This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for readers' convenience. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the rate in effect as of December 31, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
ABOUT QUHUO LIMITED
Quhuo Limited 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 STATEMENT
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 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 relationship with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares to competitors in existing markets and its success in expansion into new markets. 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 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.
For more information about Quhuo, please visit https://ir.quhuo.cn/.
QUHUO LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares and per share data)
As of December As of December As of December
31, 2023 31, 2024 31, 2024
--------------- --------------- ---------------
(RMB) (RMB) (US$)
Assets
Current assets
Cash and cash
equivalents 45,185 63,202 8,659
Restricted cash 1,271 1,916 262
Short-term
investments 68,378 - -
Accounts
receivable, net 475,992 295,713 40,513
Prepayments and
other current
assets 108,354 112,044 15,348
Amounts due from a
related party 253 - -
--------------- --------------- ---------------
Total current assets 699,433 472,875 64,782
=============== =============== ===============
Property and
equipment, net 14,635 8,847 1,212
Right-of-use
assets, net 6,217 4,647 637
Intangible assets,
net 82,818 57,985 7,944
Goodwill 65,481 65,481 8,971
Deferred tax
assets 21,968 31,548 4,322
Other non-current
assets 141,384 225,643 30,913
Total non-current
assets 332,503 394,151 53,999
=============== =============== ===============
Total assets 1,031,936 867,026 118,781
=============== =============== ===============
liabilities,
non-controlling
interests and
shareholders'
equity
Current liabilities
Accounts payable 254,099 145,777 19,971
Accrued expenses
and other current
liabilities 108,132 74,269 10,175
Short-term debt 92,653 112,848 15,460
Short-term lease
liabilities 3,906 2,818 386
Amounts due to a
related party - 1,350 185
Total current
liabilities 458,790 337,062 46,177
=============== =============== ===============
Long-term debt 7,533 4,706 645
Long-term lease
liabilities 1,434 1,635 224
Deferred tax
liabilities 4,689 599 82
Other non-current
liabilities 54,212 62,408 8,550
Total non-current
liabilities 67,868 69,348 9,501
=============== =============== ===============
Total liabilities 526,658 406,410 55,678
=============== =============== ===============
QUHUO LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS
As of December As of December As of December
31, 2023 31, 2024 31, 2024
--------------- --------------- ---------------
(RMB) (RMB) (US$)
Shareholders' equity
Ordinary shares 43 615 84
Additional paid-in
capital 1,885,142 1,839,482 252,008
Accumulated deficit (1,376,530) (1,373,825) (188,214)
Accumulated other
comprehensive loss (2,466) (1,550) (212)
Total Quhuo Limited
shareholders'
equity 506,189 464,722 63,666
--------------- --------------- ---------------
Non-controlling
interests (911) (4,106) (563)
Total shareholders'
equity 505,278 460,616 63,103
=============== =============== ===============
Total liabilities and
shareholders'
equity 1,031,936 867,026 118,781
=============== =============== ===============
QUHUO LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for number of shares
and per share data)
For the Six Months Ended For the Year Ended
------------------------------------- -------------------------------------
December December December December December December
31, 2023 31, 2024 31, 2024 31, 2023 31, 2024 31, 2024
(RMB) (RMB) (US$) (RMB) (RMB) (US$)
Revenues 1,966,070 1,426,933 195,489 3,702,387 3,046,871 417,420
Cost of revenues (1,866,263) (1,377,966) (188,781) (3,535,778) (2,973,158) (407,321)
General and
administrative (102,725) (77,759) (10,653) (184,336) (148,627) (20,362)
Research and
development (5,733) (5,751) (788) (12,378) (10,690) (1,465)
Gain on disposal of
intangible assets 13,401 68,198 9,343 22,317 75,220 10,305
Operating
income/(loss) 4,750 33,655 4,610 (7,788) (10,384) (1,423)
Interest income 305 127 17 1,047 385 53
Interest expense (2,559) (1,804) (247) (4,882) (4,105) (562)
Other
income/(expense),
net 10,670 428 59 16,704 (2,627) $(360.AU)$
Income/(loss) before
income tax 13,166 32,406 4,439 5,081 (16,731) (2,292)
Income tax
(expense)/benefit (1,468) 15,721 2,154 927 18,343 2,513
Net income 11,698 48,127 6,593 6,008 1,612 221
Net loss/(income)
attributable to
non-controlling
interests 1,284 7,113 974 (2,674) 1,093 150
Net income
attributable to
ordinary
shareholders of the
Quhuo limited 12,982 55,240 7,567 3,334 2,705 371
=========== =========== =========== =========== =========== ===========
Non-GAAP Financial
Data
Adjusted net income 7,350 48,127 6,593 5,513 1,612 221
----------- ----------- ----------- ----------- ----------- -----------
Adjusted EBITDA 24,068 43,849 6,007 35,214 9,074 1,243
----------- ----------- ----------- ----------- ----------- -----------
Earnings per share for class A and class B ordinary shares
Basic 0.23 0.07 0.01 0.06 0.01 0.00
Diluted 0.23 0.07 0.01 0.06 0.01 0.00
Shares used in earnings per share computation:
Basic 55,855,737 737,267,651 737,267,651 55,534,919 416,025,918 416,025,918
Diluted 55,855,737 737,267,651 737,267,651 55,534,919 416,025,918 416,025,918
View original content:https://www.prnewswire.com/news-releases/quhuo-reports-financial-results-for-the-second-half-and-full-year-2024-302440921.html
SOURCE Quhuo Limited
(END) Dow Jones Newswires
April 29, 2025 06:00 ET (10:00 GMT)
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