Quhuo (QH) H2 2025 earnings summary

Executive summary

• Revenues from housekeeping and accommodation solutions nearly doubled year-over-year in the second half of 2025, and grew 75.9% for the full year, driven by online promotion and platform-based customer acquisition.

• Gross profit of vehicle export solutions surged 327.9% year-over-year in H2 2025 and 187.4% for the full year, reflecting improved operating quality and international growth potential.

• The company underwent business reorganization and management restructuring in October 2025 to address competitive pressures in on-demand delivery, with expected improvements in efficiency and profitability from Q2 2026.

• Technology integration advanced, with AI agents deployed in homestay and vehicle export operations to enhance efficiency and effectiveness.

Financial highlights

• Total revenues for H2 2025 were RMB1,394.5 million, down 2.3% year-over-year; full year 2025 revenues were RMB2,525.9 million, down 17.1%.

• Net loss attributable for H2 2025 was RMB97.5 million, compared to net income of RMB48.1 million in H2 2024; full year net loss was RMB150.5 million, versus net income of RMB1.6 million in 2024.

• Adjusted EBITDA loss for H2 2025 was RMB99.2 million, compared to adjusted EBITDA of RMB43.8 million in H2 2024; full year adjusted EBITDA loss was RMB159.4 million, versus adjusted EBITDA of RMB9.1 million in 2024.

• Gross profit margin of mobility solution services improved to 21.2% in H2 2025 from 4.6% in H2 2024; full year margin rose to 11.2% from 2.9%.

Outlook and guidance

• Management expects visible improvements in business efficiency and profitability from Q2 2026 as restructuring and cost discipline measures take effect.

• Continued focus on technology integration and platform capability enhancements to drive long-term value.