Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Financial Data and Key Metrics Changes - In 2024, the company achieved revenue of RMB 3 billion, with adjusted EBITDA of RMB 9 million, demonstrating positive EBITDA for three consecutive fiscal years [6] - Total revenue for the fiscal year 2024 was RMB 3,046.8 million, a decrease of 17.7% compared to RMB 3,702.4 million in 2023 [26] - Adjusted net income was RMB 1.6 million in 2024, down from RMB 6 million in 2023 [28] Business Line Data and Key Metrics Changes - Revenue from on-demand delivery solutions was RMB 2,828.5 million in 2024, a decrease of 17.1% compared to 2023 [26] - Revenue from mobility service solutions decreased by 25.1%, primarily due to a reduction in vehicles sold in the vehicle export solution business [26] - Gross profit for bike maintenance and ride building services grew significantly, with gross profit margin for housekeeping and accommodation services increasing from 26% to 36% [7][8] Market Data and Key Metrics Changes - The used vehicle export business, represented by Qubo International, exported over 3,500 cars to various regions, establishing a recognized certification brand [10] - The company has provided flexible employment opportunities for over 83,000 workers, contributing to social value while pursuing commercial success [17] Company Strategy and Development Direction - The company is focusing on a strategic transformation aimed at balancing commercial and social value through ecosystem empowerment and model innovation [5] - Future plans include replicating successful business models in more overseas markets and enhancing operational efficiency through technology and resource export solutions [12][13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining business quality amidst market uncertainties to generate long-term development momentum [8] - The partnership with New World is expected to significantly contribute to revenues by 2025, marking a transformation from a service partner to a supply chain enabler [33] Other Important Information - General and administrative expenses decreased by 19% year on year, reflecting improved operational efficiency [6] - R&D expenses decreased by 13% year on year, with continuous cost reduction achieved through AI technology [6] Q&A Session Summary Question: What is the current progress of the cooperation with New World and what are the company's expectations? - The partnership with New World has improved the efficiency of beef delivery, and both parties are establishing a joint venture to incubate new restaurant brands, with significant revenue contributions expected by 2025 [32][33]

Core Business Performance - Quhuo achieved total revenue of RMB 3,046.9 million and an adjusted EBITDA of RMB 9.07 million in 2024, marking positive EBITDA for three consecutive fiscal years [3] - The company reduced general and administrative expenses by 19.4% year-on-year and R&D expenses by 13.7%, enhancing operational efficiency [3] - Significant profit gains were driven by a focus on core businesses, with gross profit margins from shared-bike maintenance and ride-hailing services increasing by 15.7% and 216.9% respectively [4] Global Expansion Initiatives - Quhuo International shipped over 3,500 vehicles to overseas markets by the end of 2024 and launched the Carnuxt brand for used vehicle certification across various regions [5] - The company developed a "technology + resources" solution for international markets, successfully partnering with local entities in Azerbaijan to enhance ride-hailing services [6][7] - The model allows local dealers to integrate vehicles with ride-hailing platforms efficiently, leading to repeat orders and market validation for Quhuo's solutions [8] Business Model Innovation - Quhuo formed a strategic partnership with NIU World to provide distribution services for beef products, transitioning from a fulfillment service provider to a supply chain enabler [10][11] - The partnership operates on an "on-demand production and real-time fulfillment" model, significantly improving supply chain efficiency and product freshness [12][13] - This innovative model is expected to drive revenue growth in 2025 and may expand to other perishable food segments [14] Corporate Social Responsibility - By 2024, Quhuo created flexible job opportunities for over 830,000 workers and provided commercial insurance and vocational training [15] - The company's initiatives, such as EV exports and fresh beef supply models, contribute to reducing carbon emissions and food waste, promoting sustainable consumption [16] - Quhuo aims to leverage business innovation to address social challenges and set a benchmark for socially responsible enterprises [16] Strategic Vision - The company plans to optimize resource allocation, strengthen partnerships, and enhance ecosystem resilience to deliver long-term value to shareholders and society [17]

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. ...

Core Insights - Quhuo International has formed a strategic partnership with Panasonic Navinfo to enhance export support for new energy vehicles (NEVs) through technological and service innovation [1][5][6] - The collaboration aims to address challenges in the used NEV market, such as battery assessment and transaction security, by providing comprehensive services including repair, inspection, and cross-border trade [2][6] - Quhuo International has established a strong supply chain network, exporting over 13,000 vehicles by the end of 2023, with successful deliveries to various regions [3][5] Company Overview - Quhuo International, founded in 2023, focuses on optimizing the used NEV export process and has partnerships with 58 global distributors [3][5] - The company is developing the Carnuxt trading platform to enhance the reliability and efficiency of used car exports [3] - Quhuo Limited operates as a leading gig economy platform in China, providing various local life services [9] Partnership Details - The partnership with Panasonic Navinfo will introduce battery screening services to ensure exported vehicles meet international standards, enhancing transaction security [6][7] - Panasonic Navinfo will provide battery monitoring services post-export, including real-time tracking and risk alerts, to improve customer experience [6][7] - The collaboration aims to drive green growth in the NEV trade market and develop industry standards [7][8] Market Potential - The used NEV market presents significant growth opportunities, despite challenges such as battery condition assessment and after-sales support [2] - The partnership leverages the strengths of both companies to enhance the competitiveness of exported used vehicles and expand global market reach [7][8]

Core Insights - Quhuo Limited's homestay division, Chengtu Home, reported a significant increase in performance during the National Day holiday, with GMV rising 92% year-over-year and average daily GMV increasing by 123% [1][7] - Chengtu's peak occupancy reached 90% of available rooms during this period, reflecting strong demand in the local life services market [1] Business Performance - Approximately 765 million domestic trips were made in China during the National Day holiday in 2024, marking a 5.9% increase year-over-year, which contributed to Chengtu's strong performance [2] - Chengtu initiated a business upgrade in September 2024 to enhance guest experiences and differentiate itself from competitors [2] Product Offering - On September 1, 2024, Chengtu launched its own booking platform with 2,000 high-quality listings across 51 cities in China, offering six functional room types tailored to various consumer needs [3] - The room types include Care, E-sports, Business Travel, Family, Cinema, and Elegant Retreat, allowing for customized accommodation solutions [3] Service Quality and Customer Experience - Chengtu focuses on addressing key consumer concerns such as accurate property listings, easy booking, fair pricing, and hygiene [4] - The company employs professional photographers for property listings and provides detailed descriptions to help guests plan their trips effectively [5] - Chengtu has simplified the booking process through its new platform and prohibits price hikes during holidays, ensuring fair pricing [5] Hygiene and Safety Measures - Chengtu has implemented a comprehensive hygiene and safety system, including smart locks and self-service check-ins to enhance guest privacy and security [6] - The cleaning team follows strict protocols to ensure high cleanliness standards, including thorough cleaning and linen changes between stays [6] Customer Feedback and Continuous Improvement - Chengtu values guest feedback and uses it to guide service improvements, which has contributed to steady growth compared to previous holidays [7] - The company aims to enhance customer experience and expand product lines to boost satisfaction and competitiveness in the homestay market [8]

Group 1 - Quhuo Limited has regained compliance with Nasdaq's minimum market value and bid price requirements, confirming its adherence to all continued listing criteria [1] - The company operates as a leading gig economy platform in China, focusing on local life services and leveraging its proprietary technology infrastructure, Quhuo+ [2] - Quhuo provides various operational solutions, including on-demand delivery, mobility services, housekeeping, and accommodation, catering to the needs of millions of families [2] Group 2 - The company's vision includes promoting employment, stabilizing income, and empowering entrepreneurship, while also offering safety, security, and vocational training for workers [2] - Quhuo aims to assist workers in planning their career development paths to help them realize their self-worth [2]

BEIJING, Sept. 26, 2024 /PRNewswire/ -- Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company"), a leading gig economy platform focusing on local life services in China, has announced the launch of a new booking platform with six functional room types through its homestay division, Chengtu Home ("Chengtu"). This development is designed to offer users a broader range of high-quality accommodation choices, representing a significant advancement in Chengtu's service capabilities.In September 2024, Chengtu launch ...

Core Insights - Quhuo Limited is recognized as a leading gig economy platform in China, focusing on local life services and enhancing the significance of new employment forms in the economy [1][8] - The company has implemented comprehensive training and mentorship programs to empower its workforce, exemplified by the success story of Song Penghua, a delivery rider who advanced to deputy site manager [4][5] Group 1: Company Overview - Quhuo Limited operates in the gig economy, providing various local life services and employing over 53,500 active workers monthly [7] - The company has a proprietary technology infrastructure called Quhuo+, which supports its operational solutions in on-demand delivery, mobility services, and more [8][9] - Quhuo's commitment to worker welfare includes providing essential gear, organizing team-building activities, and special care initiatives for women and people with disabilities [6] Group 2: Workforce Development - The Ninth National Workforce Survey indicates that 21% of China's workforce is engaged in emerging job categories like delivery riders, highlighting the importance of these roles [2] - Quhuo's structured career development pathways allow riders to progress from delivery roles to management positions, as demonstrated by Song Penghua's rapid advancement [5][6] - The company emphasizes professional training, mentorship, and operational efficiency, resulting in Quhuo riders achieving customer satisfaction rates that exceed industry averages by 15-30 percentage points [7]

Core Insights - Quhuo International has established a strategic partnership in Azerbaijan with GET Holdings, Volt Auto, and Bolt to enhance electric vehicle (EV) adoption and improve ride-hailing services [1][2][5] - The global EV market is experiencing significant growth, with nearly 14 million units sold in 2023, representing one-fifth of total vehicle sales worldwide [1] - Azerbaijan's strategic location on the "Belt and Road" initiative and its hosting of COP29 presents opportunities for EV development and local demand for Chinese-made electric vehicles [2][5] Company Initiatives - Quhuo International aims to introduce comprehensive ride-hailing operational systems in Azerbaijan, leveraging its experience from China's leading platforms [3] - The company will provide both online software services and offline management support to establish a localized ride-hailing operation [3] - Quhuo International plans to expand local life services in Azerbaijan, including food delivery and group purchasing programs, utilizing its Quhuo+ platform [4] Market Potential - The ride-hailing industry in Azerbaijan has seen a 14% increase in users over the past five years, indicating strong growth potential [3] - Quhuo International's initiatives are expected to create new job opportunities and stimulate economic growth in Azerbaijan [5] - The partnership with Bolt aims to enhance transportation options for local residents and tourists, thereby increasing public acceptance of EVs [2][5] Strategic Vision - Quhuo International's General Manager emphasized the growth potential in Azerbaijan's EV and ride-hailing sectors, highlighting the company's commitment to sustainable transportation solutions [6] - The collaboration is viewed as a significant milestone in Quhuo International's global strategy, aiming to enhance overseas partnerships and drive sustainable development in the automotive sector [6]