Quhuo (QH) Registration filing summary

Company overview and business model

• Operates a leading gig economy platform in China, providing tech-enabled operational solutions for local life services, including on-demand delivery, mobility, housekeeping, and accommodation.

• As of December 31, 2025, had approximately 969,000 registered workers and served 277 cities across 31 provinces in China.

• Revenue is primarily generated from service fees paid by industry customers, with additional income from car leasing agreements.

• Utilizes proprietary technology (Quhuo+) to centralize management, optimize workforce deployment, and enhance operational efficiency.

Financial performance and metrics

• Revenues were RMB 3,702.4 million in 2023, RMB 3,046.9 million in 2024, and RMB 2,525.9 million (US$361.2 million) in 2025.

• Net income was RMB 6.0 million in 2023, RMB 1.6 million in 2024, and net loss of RMB 150.5 million (US$21.5 million) in 2025.

• Adjusted net loss in 2025 was RMB 147.5 million (US$21.1 million), excluding share-based compensation.

• No dividends or distributions were made to the holding company by subsidiaries in 2023, 2024, or 2025.

Use of proceeds and capital allocation

• Proceeds from the sale of shares to selling shareholders will not go to the company; selling shareholders receive all net proceeds.

• Company intends to use proceeds from recent share sales for general corporate purposes.

• No current plans to declare or pay cash dividends; intends to retain earnings for business operations and expansion.