Quhuo’s Strong Financial Performance Showcases Resilience and Growth
BEIJING, Aug. 28, 2024 /PRNewswire/ — Quhuo Limited (NASDAQ: QH), a leading gig economy platform focusing on local date services in China, reported impressive unaudited financial results for the six months ended June 30, 2024. Despite global economic uncertainties, Quhuo demonstrated steady growth through strategic management and operational efficiency.
In the first half of 2024, Quhuo’s total revenue reached RMB1.62 billion. While seasonal factors impacted the first quarter, the second quarter showed a strong rebound, highlighting the company’s resilience and profitability in the face of market fluctuations. Additionally, general and administrative expenses decreased by 13.2% year-over-year, showcasing improved operational efficiency.
Quhuo excelled in its mobility service solutions, witnessing a robust 71.7% year-over-year revenue increase. Shared-bike maintenance grew by 16.2% and ride-hailing services by 47.5%. The company’s car export solutions, delivered through its subsidiary Quhuo Global, saw an impressive 389.3% year-over-year revenue growth. Quhuo Global shipped 815 new energy vehicles overseas in the first half of 2024, expanding its global footprint and enhancing competitiveness.
Moreover, Quhuo’s housekeeping and accommodation services experienced rapid expansion, reaching 132 cities nationwide, a 21.4% year-over-year increase. This growth reflects strong market demand and strengthens the company’s competitive position.
In navigating complex market shifts, Quhuo focused on long-term trends and market demands, prioritizing the gig economy, car export solutions, and housekeeping and accommodation services. The company’s gig economy platform provided substantial job opportunities, benefiting over 770,000 workers in on-demand delivery, mobility services, and housekeeping and accommodation services by June 30, 2024. Quhuo’s flexible job positions offer stable earnings and essential benefits, contributing to social welfare and consolidating its industry leadership.
With initiatives like Chengtu House operations and comprehensive service models, Quhuo aims to enhance customer experience and operational efficiency. In the car export sector, the company leverages partnerships with global dealers and automotive manufacturers to expand market share and explore new opportunities in the growing electric vehicle market.
Leslie Yu, Founder, Chairman, and CEO of Quhuo, expressed confidence in the company’s growth trajectory, emphasizing innovation and market adaptability. Looking ahead, Quhuo aims to capitalize on market opportunities, deliver sustainable returns for shareholders, and create greater societal value.
About Quhuo Limited
Quhuo Limited (NASDAQ: QH) is a leading gig economy platform specializing in local date services in China. With Quhuo+, its proprietary technology infrastructure, the company empowers workers and local service providers, offering end-to-end operational solutions for the date service market. Quhuo’s industry-tailored solutions include on-demand delivery, mobility services, housekeeping and accommodation services, and other offerings, catering to the needs of millions of households in communities.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Investors are advised to exercise caution when considering these statements, as they are subject to various risks and uncertainties that could affect Quhuo’s future performance.
In conclusion, Quhuo’s strong financial performance and strategic initiatives position it as a key player in the gig economy sector, poised for continued growth and innovation. Quhuo Limited, a leading player in the on-demand food delivery market, has recently released forward-looking statements regarding its business development and financial outlook. These statements include predictions about the company’s growth, beliefs, and expectations for the future. It is important to note that these forward-looking statements are based on Quhuo’s current expectations and come with inherent risks and uncertainties.
The company’s ability to sustain its growth and expand its operations, as well as its competitive position in the market, are among the risks and challenges that Quhuo faces. Additionally, factors such as the impact of the COVID-19 pandemic on the company’s business and industry landscape are also important considerations.
It is crucial for investors and stakeholders to exercise caution when relying on these forward-looking statements, as they may not necessarily reflect the actual results and outcomes. Quhuo Limited is not obligated to update or revise these statements to account for future events or developments.
In conclusion, Quhuo Limited’s forward-looking statements provide insight into the company’s vision and expectations for the future. However, it is important to approach these statements with a level of caution and awareness of the risks and uncertainties that may impact their accuracy and relevance in the long run.
