Quhuo (QH) H2 2024 earnings summary

Executive summary

• 2024 marked a strategic pivot with a focus on value-driven growth, ecosystem empowerment, and business model innovation.

• Achieved structural profitability improvements and high-quality business development.

• Cross-border vehicle export business emerged as a key growth engine, expanding into new international markets.

• Entered a strategic partnership in food delivery, transitioning toward a supply chain enabler model.

• Maintained positive EBITDA for three consecutive years.

Financial highlights

• Total revenue for 2024 decreased 17.7% year-over-year to RMB 3,046.8 million.

• Net income attributable was RMB 1.6 million, down from RMB 6 million in 2023; H2 2024 net income was RMB 48.1 million, up 311.1% year-over-year.

• Adjusted EBITDA was RMB 9.1 million for 2024, down from RMB 35.2 million in 2023; H2 2024 adjusted EBITDA was RMB 43.8 million, up 81.7%.

• G&A expenses decreased 19.4% year-over-year; H2 2024 G&A expenses decreased 24.2%.

• Income tax benefit of RMB 18.3 million in 2024, compared to RMB 0.9 million in 2023, due to reversal of unrecognized tax benefits.

Outlook and guidance

• The partnership with New World is expected to contribute significant revenue in 2025 and become a new growth driver.

• Plans to expand the supply chain model to other food service sectors and overseas markets, with continued international expansion in vehicle export and supply chain services.

• Ongoing operational optimization and partner empowerment initiatives.