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Quhuo
Quhuo (QH) investor relations material
Quhuo H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary26 Sep, 2025
Executive summary
Total revenue for H1 2025 was RMB 1,131.4 million, down 30.2% year-over-year, mainly due to business optimization and site closures.
Housekeeping and accommodation solutions revenue surged 70.8% year-over-year to RMB 34.8 million, driven by online promotion and expansion to 90 cities.
Net loss increased 14.0% year-over-year to RMB 53.0 million, with EBITDA loss widening to RMB 60.2 million from RMB 34.8 million.
Gross profit dropped to RMB 4.1 million from RMB 24.8 million year-over-year, reflecting margin pressure in core segments.
The international vehicle export business is shifting to higher-margin and recurring service income models, with a pilot project in Azerbaijan.
Financial highlights
On-demand delivery revenue was RMB 1,039.2 million, down 30.7% year-over-year due to site optimization and service station disposals.
Mobility service solutions revenue fell 42.8% to RMB 57.4 million, mainly from fewer vehicle sales and exit from underperforming cities.
Housekeeping and accommodation revenue rose 70.8% to RMB 34.8 million, driven by online promotion and platform expansion.
Cost of revenues decreased 29.3% year-over-year to RMB 1,127.3 million, in line with lower revenues.
General and administrative expenses rose 7.7% year-over-year to RMB 76.3 million, mainly due to higher professional service fees and expansion costs.
Outlook and guidance
Expectation of improved profitability in on-demand delivery as integration and efficiency measures take effect in H2 2025.
Management aims to refine operations and scale new business models for sustainable shareholder returns and social value.
New partnerships, such as with JD Jingdong Takeaway and New World, are anticipated to drive incremental revenue and transition the business toward supply chain enablement.
International business aims to leverage asset financialization to address cash cycle challenges and expand into new markets.
Focus remains on stabilizing core businesses and developing new models amid market competition and structural shifts.
Assess recurring revenue from new vehicle export model.
Reconcile gross profit drop with revenue decline.
Liquidity outlook given cash, debt, and losses?
H2 delivery profit drivers and timeline?
Expand on asset financialization strategy.
International business model scaling strategy?
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Next Quhuo earnings date
H2 202528 Apr, 2026
Quhuo
Next Quhuo earnings date
H2 202528 Apr, 2026
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Frequently asked questions
Quhuo Limited is a Chinese technology company providing workforce solutions for on-demand and gig economy services. The company’s platform connects businesses with a workforce for sectors such as food delivery, ride-hailing, housekeeping, and maintenance services. Quhuo leverages data-driven technology and operational tools to streamline job assignments, enhance efficiency, and optimize workforce management for clients. The company is headquartered in Beijing, China, and its shares are listed on the Nasdaq.
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