Quhuo(US:QH)2025-09-26 12:21Financial Performance - Total revenues for the six months ended June 30, 2025, were RMB 1,131,395, a decrease of 30.1% compared to RMB 1,619,938 for the same period in 2024[10] - For the six months ended June 30, 2025, the company reported a revenue of RMB 1,090,360, a decrease of 30.1% compared to RMB 1,561,087 in the same period of 2024[27] - On-demand delivery solution services generated RMB 1,039,194 in revenue for the six months ended June 30, 2025, down from RMB 1,499,091 in 2024, a decrease of about 31%[61] - Gross profit for the six months ended June 30, 2025, was RMB 4,062, down from RMB 24,746 in the same period of 2024, indicating a significant decline in profitability[84] Net Loss - Net loss attributable to ordinary shareholders of Quhuo Limited for the six months ended June 30, 2025, was RMB 53,101, compared to a net loss of RMB 52,535 for the same period in 2024[10] - The net loss for the same period was RMB 40,402, compared to a net loss of RMB 37,556 in 2024, indicating a worsening of 4.6%[27] - The company reported a comprehensive loss of RMB 53,111 for the six months ended June 30, 2025, compared to a comprehensive loss of RMB 44,665 for the same period in 2024[10] Assets and Liabilities - Total current assets as of June 30, 2025, were RMB 489,605, an increase of 3.1% from RMB 472,875 as of December 31, 2024[3] - Total assets as of June 30, 2025, were RMB 848,343, a decrease of 2.0% from RMB 867,026 as of December 31, 2024[3] - Total liabilities as of June 30, 2025, were RMB 440,837, an increase of 8.5% from RMB 406,410 as of December 31, 2024[3] - Total liabilities increased to RMB 431,418 as of June 30, 2025, compared to RMB 397,529 as of December 31, 2024, indicating an increase of 8.5%[25] - Total shareholders' equity as of June 30, 2025, was RMB 407,506, a decrease of 11.5% from RMB 460,616 as of December 31, 2024[6] Cash Flow - Cash flows from operating activities showed a net cash used of RMB 33,894 for the six months ended June 30, 2025, compared to RMB 30,556 in 2024, reflecting a 10.4% increase in cash outflow[27] - The company had cash, cash equivalents, and restricted cash of RMB 33,071 at the end of the period, down from RMB 40,844 at the beginning of the period, representing a decrease of 19.1%[27] - The company recorded a net decrease in cash, cash equivalents, and restricted cash of RMB 27,753 for the six months ended June 30, 2025, compared to a decrease of RMB 20,115 in 2024, indicating a worsening cash position[27] Expenses - Research and development expenses for the six months ended June 30, 2025, were RMB 3,589, a decrease of 27.3% from RMB 4,939 for the same period in 2024[10] - The company had total accrued expenses and other current liabilities of RMB 75,545 as of June 30, 2025, compared to RMB 74,269 as of December 31, 2024[66] Shareholder Information - The company had 896,950,139 ordinary shares outstanding as of June 30, 2025[6] - The company entered into a Sales Agreement on August 26, 2025, to offer up to $50,000,000 of American Depositary Shares through a sales agent[85] Tax Information - The company recorded a tax benefit of RMB 17,902 for the six months ended June 30, 2025, compared to RMB 2,622 in the same period of 2024[76] - The company’s effective tax rate from operations was (25%) for the six months ended June 30, 2025, compared to (5%) for the same period in 2024[76] Other Information - The company identified three operating segments: on-demand delivery solutions, mobility service solutions, and housekeeping and accommodation solutions[52] - The company primarily operates in the PRC, with substantially all long-lived assets located in the region[53] - The company is currently evaluating the impact of recently issued accounting standards but does not expect a material effect on its consolidated financial statements[57] - The weighted average interest rate for outstanding borrowings was approximately 4.20% per annum as of June 30, 2025, down from 4.31% as of December 31, 2024[71] - Long-term debt decreased to RMB 6,146 as of June 30, 2025, from RMB 7,533 as of December 31, 2024[69] - Other non-current assets decreased to RMB 193,227 as of June 30, 2025, from RMB 225,643 as of December 31, 2024, a decline of approximately 14%[65] - The allowance for credit losses decreased to RMB 6,080 as of June 30, 2025, from RMB 6,752 at the beginning of the year, indicating an improvement in credit quality[62] - Total prepayments and other current assets were RMB 110,900 as of June 30, 2025, slightly down from RMB 112,044 as of December 31, 2024[63] - Accounts receivable as of June 30, 2025, increased to RMB 351,714 from RMB 302,465 as of December 31, 2024, reflecting a rise of approximately 16%[62] - The company recorded nil impairment charges related to long-lived assets other than goodwill for the six months ended June 30, 2024 and 2025[44]