Quhuo Ltd - QH STOCK NEWS

Quhuo Limited (NASDAQ: QH) announced a strategic partnership with Baidu on April 24, 2023, to leverage Baidu's new ERNIE Bot, a large language model designed to enhance AI capabilities in various business scenarios. This collaboration aims to optimize Quhuo's operations in China, improving front and back-office functions through advanced semantic computing technology and intelligent dialogue engines. CEO Leslie Yu emphasized the integral role of AI in the company’s future, asserting that the partnership will enhance operational efficiency and customer service experiences. Through this initiative, Quhuo seeks to provide more personalized services and improve data processing and analysis, facilitating intelligent transformations across its offerings.

Quhuo Limited (NASDAQ: QH) announced the filing of its annual report on Form 20-F for the fiscal year ending December 31, 2022, with the SEC on April 20, 2023. This filing includes the Company's audited consolidated financial statements accessible via its investor relations website or the SEC's site. As a leading gig economy platform in China, Quhuo focuses on local life services, leveraging its proprietary Quhuo+ technology to connect workers and service providers. The Company emphasizes employment promotion, income stabilization, and entrepreneurial empowerment through various operational solutions.

Quhuo aims to meet the needs of millions of families through on-demand delivery, mobility services, housekeeping, and more.

Quhuo Limited (NASDAQ: QH) has announced a strategic partnership with Karry New Energy Auto to develop international operational models for new energy vehicles. This collaboration aims to leverage both companies' strengths to enhance global expansion and brand recognition in the new energy automobile market.

The partnership will utilize Karry's HAPPY dealership model to streamline vehicle sales, rentals, and data services. Quhuo's international expertise will support Karry in establishing efficient operations for overseas dealers, addressing challenges such as importing and shipping.

This move is expected to provide Quhuo with a stable source of new energy vehicles, enhancing service quality across its business offerings and establishing a significant industry synergy.

Quhuo Limited (NASDAQ: QH) has announced its expansion into the homestay sector by investing approximately RMB10 million (US$1.45 million) in a vacation resort project at Haidong village, Heilongjiang Province. This initiative aligns with the company's long-term strategy to enhance local life services and contribute to rural economic development. The investment will facilitate the renovation of over 40 houses and establish a resort aimed at boosting tourism and providing job opportunities. Chengtu, Quhuo's affiliated entity, will oversee the project, expected to attract talent back to the village and improve local infrastructure. Quhuo's efforts reflect a commitment to integrating resources across its business lines and responding to national policies focused on rural revitalization.

Quhuo Limited (NASDAQ: QH) reported significant financial results for the year ending December 31, 2022. Gross profit surged 43.9% year-over-year to RMB252.7 million (US$36.6 million), with gross margin improving to 6.6% from 4.4% in 2021. This growth reflects the successful implementation of its business strategy aimed at enhancing profitability. Key achievements include a transition from an adjusted net loss of RMB122.3 million in 2021 to an adjusted net income of RMB3.3 million (US$0.5 million) in 2022. Quhuo is expanding its market by integrating technology in various service sectors, including the B&B segment, and has initiated an international business strategy to capitalize on global partnerships, paving the way for continued growth.

Quhuo Limited (NASDAQ: QH) reported its financial results for the full year and the second half of 2022, demonstrating significant improvements compared to the previous year. The operating income for the second half of 2022 was RMB43.7 million (US$6.3 million), recovering from an operating loss of RMB54.2 million during the same period in 2021. Net income for the second half reached RMB10.2 million (US$1.5 million), compared to a net loss of RMB71.7 million in 2021. Full year operating income was RMB35.6 million (US$5.2 million), rebounding from a loss of RMB139.8 million in 2021. However, total revenues declined to RMB3,820.4 million (US$553.9 million) from RMB4,025.3 million a year earlier, largely due to decreased demand from COVID-19 impacts. Looking ahead, Quhuo plans expansion into overseas markets and development of SaaS services for local life service providers.

Quhuo Limited (NASDAQ: QH), a prominent gig economy platform in China, will announce its unaudited financial results for the second half and full year 2022 on April 14, 2023, before U.S. market opening. A conference call will follow the release at 8:00 a.m. U.S. Eastern Time on the same day. Interested participants must preregister to join the call. The company aims to provide comprehensive operational solutions for local life services, including delivery and mobility services, while fostering employment and entrepreneurship among workers through its proprietary technology, Quhuo+.

The conference call details, including a link for preregistration and access to a live webcast, are available through the company's investor relations site.

Quhuo Limited (NASDAQ: QH) has launched its overseas business division, Quhuo International, aimed at providing tech-enabled operational solutions to global partners. Mr. Liang Bo, a seasoned professional with over 20 years in the automotive industry, will lead this initiative. The company plans to focus on car-hailing operations and online vehicle trading platforms for selected countries, leveraging its proprietary technology. Quhuo expects to enhance international partners' vehicle management capabilities and promote the export of Chinese new energy vehicles, marking a significant strategic shift for the company.

Quhuo Limited (NASDAQ: QH) aims to enhance support for delivery riders during winter amidst a push for social responsibility and common prosperity in China. The Company has invested RMB490,000 (approx. US$70,040) in over 8,500 cold protection supplies and thermal sleeping bags worth RMB210,000 (approx. US$30,000). Special bonuses will be provided for riders during the Spring Festival in January 2023. Additionally, Quhuo has helped form an industry union in Beijing, offering riders insurance and various services to improve their overall job experience.