Quhuo(US:QH) Prnewswire·2024-08-28 10:00Core Insights - Quhuo Limited reported a total revenue of RMB1.62 billion for the first half of 2024, demonstrating resilience and profitability despite market fluctuations [2] - The company has expanded its service footprint to 132 cities, reflecting a 21.4% year-over-year increase, driven by strong demand in its housekeeping and accommodation solutions [4] - Quhuo's mobility service solutions saw a significant revenue increase of 71.7% year-over-year, with notable growth in shared-bike maintenance and ride-hailing services [3] Financial Performance - Revenues from mobility service solutions reached RMB100.5 million (US$13.8 million), marking a 71.7% increase year-over-year [1] - General and administrative expenses decreased by 13.2% year-over-year, indicating improved operational efficiency and cost control [2] - The second quarter of 2024 showed a strong rebound in profit after a seasonal impact in the first quarter [2] Business Segments - Quhuo's vehicle export solutions, through its subsidiary Quhuo International, achieved a remarkable 389.3% year-over-year revenue increase, shipping 815 new energy vehicles abroad [3][4] - The company is advancing its Chengtu Home operations in the housekeeping and accommodation sector, focusing on high-quality services and a comprehensive service model [6] - Quhuo has established a strong network for vehicle sourcing and sales, positioning itself to capitalize on the growing global demand for new energy vehicles [7] Market Position and Strategy - Quhuo has registered over 770,000 workers on its platform, providing stable job opportunities in the gig economy, which enhances its competitive edge [5] - The company is focusing on long-term trends and stable market demands to navigate complex international relations and domestic market shifts [4] - Quhuo aims to enhance operations and resources while seizing market opportunities to ensure sustainable returns for shareholders [8]