Quhuo (QH) H1 2025 earnings summary

Executive summary

• Total revenue for H1 2025 was CNY 1.13 billion (RMB1,131.4 million), down 30.2% year-over-year, mainly due to strategic optimization and disposal of underperforming service stations.

• The company pursued a dual-track strategy: optimizing core on-demand delivery and accelerating growth in housekeeping, accommodation, and vehicle export solutions.

• Housekeeping and accommodation solutions revenue surged 70.8% year-over-year to CNY 34.8 million, driven by online promotion and expansion to 90 cities.

• Net loss increased 14.0% year-over-year to CNY 53 million, with EBITDA loss widening to CNY 60.2 million from CNY 34.8 million.

• The company is shifting its international vehicle export business to a recurring, service-based income model for sustainable growth.

Financial highlights

• Revenue from on-demand delivery solutions fell 30.7% year-over-year to CNY 1,039 million due to closure of underperforming sites.

• Housekeeping and accommodation revenue surged 70.8% year-over-year to CNY 34.8 million, with gross profit up 63.4%.

• Mobility service solutions revenue dropped 42.8% year-over-year to CNY 57.4 million, mainly from fewer vehicle sales and business model changes.

• Gross profit for H1 2025 was CNY 4.1 million, down from CNY 24.8 million in H1 2024.

• G&A expenses rose 7.7% year-over-year to CNY 76.3 million, mainly due to higher professional service and insurance costs.

Outlook and guidance

• Management expects scale benefits and improved profitability in on-demand delivery as integration and efficiency measures take effect in H2 2025.

• New partnerships, such as with JD Jingdong Takeaway and New World, are expected to drive incremental revenue and transition the company toward a supply chain enabler model.

• International business is set to evolve from linear vehicle sales to a recurring, service-based model with higher margins.

• Focus remains on stabilizing core businesses and developing new models amid market competition and structural shifts.