Financial Data and Key Metrics Changes - Total revenue decreased by 30.2% from RMB 1,619 million in H1 2024 to RMB 1,131 million in H1 2025 [15] - Gross profit was RMB 24.8 million in H1 2024 and decreased to RMB 4.1 million in H1 2025 [17] - Net loss increased to RMB 53 million in H1 2025 from RMB 46.5 million in H1 2024, representing a 14% increase [21] Business Line Data and Key Metrics Changes - Revenue from on-demand delivery solutions was RMB 1,039 million, a decrease of 30.7% from RMB 1,499 million in H1 2024 [15] - Housekeeping and accommodation solutions revenue increased by 70.8% year-over-year to RMB 34.8 million [16] - Mobility service solutions revenue decreased by 42.8% to RMB 57.4 million due to a new business model and optimization efforts [16] Market Data and Key Metrics Changes - The domestic food delivery market experienced significant changes, with increased competition and structural adjustments by major customers [4] - Market share began to increase in May 2025, indicating potential for scalable profitability despite short-term pressures [4] Company Strategy and Development Direction - The company is pursuing a dual-track strategy: optimizing the core business for quality growth and accelerating the development of the second core business [3] - Focus on transitioning from a fulfillment service provider to a supply chain enabler, with a new cooperation with JD Jingdong Takeaway [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the on-demand delivery business faced pressures but maintained resilience and made progress in the second core business [13] - The company plans to continue focusing on operational efficiency and refining business models to deliver sustainable long-term returns [14] Other Important Information - The housekeeping and accommodation segment is becoming a significant driver of profitability, with strong growth in both revenue and gross profit [5] - The company is involved in a trust plan to enhance property quality and rental value, which is expected to generate stable returns for investors [9] Q&A Session Summary Question: What is Quhuo's specific role in the trust corporation and its impact on future financial performance? - Quhuo Ltd is a core operator in the trust project, turning business revenues into data assets and then into financial assets, which strengthens liquidity and increases asset returns [24] - The trust structure allows for monetizing future cash flows, improving cash flow flexibility and enabling expansion in current and new businesses [25]

Group 1: M&A Strategy - DoorDash emphasizes the importance of partnering with operating teams that share its values in M&A, as highlighted by CEO Tony Xu [2] - The company completed the $1.2 billion acquisition of SevenRooms and acquired ad-tech platform Symbiosys for approximately $175 million [2] - DoorDash has agreed to acquire UK-based Deliveroo for about $3.9 billion, expecting to close in Q4 2025, pending regulatory approval [2] Group 2: Automation and AI Initiatives - DoorDash has been working on autonomous delivery solutions, including drones and sidewalk robots, since 2017, facing significant challenges in achieving reliable and scalable delivery [3] - The company is beginning to see commercial progress with successful tests and pilots in the U.S. and Australia, including partnerships with Coco Robotics and Alphabet's Wing [4] - DoorDash develops AI agents for various applications such as customer service, voice ordering, logistics, and merchant support [5] Group 3: Business Evolution - Founded in 2013, DoorDash aims to build a local commerce business rather than just a food delivery service, expanding its offerings beyond food to include groceries, pharmacies, and retail stores [6] - The company debuted on the Fortune 500 list last year, indicating significant growth and market presence [6]

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][18] - Adjusted net income reached RMB 1.6 million, while general and administrative expenses decreased by 19% year on year, reflecting improved operational efficiency [6][18] - 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][27] Business Line Data and Key Metrics Changes - Revenue from on-demand delivery solutions was RMB 2,828.5 million, a decrease of 17.1% due to the disposal of underperforming service stations [26][27] - Revenue from mobility service solutions decreased by 25.1%, primarily due to a reduction in vehicles sold in the vehicle export solution business [26][27] - 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% [8][9] 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 and service system [10][12] - The company has focused on enhancing operational efficiency in the supply chain, particularly in Azerbaijan, through technology and resource export solutions [12][13] Company Strategy and Development Direction - The company is undergoing a strategic transformation aimed at balancing commercial and social value through deepening, empowering, and innovation strategies [5][6] - The strategy of empowering focuses on stimulating collaborative dynamics and driving ecosystem synergy, particularly through partnerships like that with New World for beef supply chain solutions [10][14] - The innovation strategy aims to activate existing networks and explore new growth frontiers, transitioning from a service provider to a supply chain enabler [13][14] 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 [9][18] - The partnership with New World is expected to contribute significant revenues by 2025, with plans to expand the supply chain model to other food service providers [32] Other Important Information - The company provided flexible employment opportunities for over 83,000 workers, creating a safety net through commercial insurance and vocational training [17] - The new energy vehicles exported are expected to reduce carbon emissions significantly, aligning with the company's social responsibility goals [17] 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 is expected to contribute significant revenues by 2025, with plans to expand the model to other food service providers [32]