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 income (excluding share-based compensation) was RMB 5.5 million in 2023, RMB 1.6 million in 2024, and adjusted net loss of RMB 147.5 million (US$21.1 million) in 2025.

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

Use of proceeds and capital allocation

• Net proceeds from the offering are intended for general corporate purposes.

• The company plans to retain most available funds and future earnings to operate and expand the business, with no present plan to pay dividends.