Quhuo Reports Unaudited Financial Results for the Second Half and Full Year 2023

Core Viewpoint - Quhuo Limited reported strong financial results for the fiscal year 2023, highlighting significant growth in vehicle export solutions and a return to profitability after a net loss in 2022 [4][3]. Financial and Operational Highlights for the Second Half of 2023 - Revenues from vehicle export solutions reached RMB142.5 million (US$20.1 million), accounting for 81.3% of mobility solution services, resulting in a 239.6% year-over-year increase in mobility service revenue [2][6]. - Net income was RMB11.7 million (US$1.6 million), a 15.0% increase from RMB10.2 million in the previous year [2]. - General and administrative expenses decreased by 9.9% to RMB102.7 million (US$14.5 million) from RMB114.1 million [2][7]. - Over 1,700 units of vehicles were shipped under the vehicle export solutions [2]. Financial and Operational Highlights for Full Year 2023 - Total revenues were RMB3,702.4 million (US$521.5 million), a decrease from RMB3,820.4 million in 2022 [9]. - Revenues from vehicle export solutions totaled RMB154.5 million (US$21.8 million), contributing to a 116.4% increase in mobility service revenue [3][10]. - The company achieved a net income of RMB6.0 million (US$0.8 million), compared to a net loss of RMB16.4 million in 2022 [3][13]. - General and administrative expenses decreased by 13.7% to RMB184.3 million (US$26.0 million) from RMB213.6 million [3][11]. Strategic Initiatives and Future Outlook - The company is focusing on expanding its business through vehicle export solutions and SaaS+ services, aiming to enhance profitability [4]. - Quhuo has successfully exported approximately 1,900 units of new energy vehicles, indicating strong growth potential in new business ventures [4]. - The company plans to form large-scale partnerships and expand service coverage to drive further business growth [4]. Balance Sheet Overview - As of December 31, 2023, the company had cash, short-term investments, and restricted cash totaling RMB114.8 million (US$16.2 million) and short-term debt of RMB92.7 million (US$13.1 million) [14]. Earnings Conference Call - Quhuo will hold a conference call to discuss financial results on April 3, 2024, at 8:00 a.m. U.S. Eastern Time [15].