Quhuo Reports Financial Results for the Second Half and Full Year 2024

Core Viewpoint - Quhuo Limited reported its financial results for the full year and second half of 2024, highlighting a strategic shift towards enhancing profitability and operational efficiency despite a decline in total revenues. Financial and Operational Highlights for the Second Half of 2024 - Total revenues were RMB1,426.9 million (US$195.5 million), a decrease of 27.4% compared to RMB1,966.1 million in the second half of 2023 [6] - Net income increased significantly to RMB48.1 million (US$6.6 million), up 311.1% from RMB11.7 million in the same period last year [7][13] - Adjusted EBITDA rose to RMB43.8 million (US$6.0 million), an increase of 81.7% from RMB24.1 million [7][14] - General and administrative expenses decreased by 24.2% to RMB77.8 million (US$10.7 million) from RMB102.7 million in the second half of 2023 [10] - Gross profit margin for mobility solution services improved to 4.6%, up from 2.1% in the previous year [6] Financial and Operational Highlights for Full Year 2024 - Total revenues for the year were RMB3,046.9 million (US$417.4 million), down 17.7% from RMB3,702.4 million in 2023 [14] - Cost of revenues decreased by 15.9% to RMB2,973.2 million (US$407.3 million), aligning with the revenue decline [15] - General and administrative expenses for the year were RMB148.6 million (US$20.4 million), a reduction of 19.4% from RMB184.3 million in 2023 [16] - Revenues from on-demand food delivery solutions were RMB2,828.5 million (US$387.5 million), down 17.1% from RMB3,412.8 million in 2023 [17] - Net income attributable to Quhuo Limited was RMB1.6 million (US$0.2 million) in 2024, compared to RMB6.0 million in 2023 [20] Growth Drivers and Strategic Initiatives - The cross-border vehicle export business emerged as a key growth engine, with a successful "technology + resources" model implemented in regions like the Middle East and Eastern Europe [4] - A strategic cooperation agreement with NIU World in the on-demand food delivery sector aims to enhance supply chain capabilities and expand into other food sectors [5] - The company plans to continue optimizing operations and empowering partners to seize market opportunities for sustainable shareholder returns [6]