Quhuo Reports Financial Results for the Second Half and Full Year 2025
Rhea-AI Summary
Quhuo (Nasdaq: QH) reported unaudited results for H2 and full year 2025. Total revenues were RMB1,394.5M in H2 and RMB2,525.9M for 2025 (down 17.1% YoY). Net loss was RMB150.5M for 2025 and RMB97.5M in H2. Adjusted EBITDA loss was RMB159.4M for 2025 and RMB99.2M in H2. Housekeeping and accommodation revenue rose 75.9% for 2025; vehicle export gross profit expanded materially. Cash and restricted cash were RMB40.0M with short-term debt of RMB113.4M as of Dec 31, 2025.
Management cited a business reorganization, cost discipline, AI deployment and expected profitability improvement in 2Q 2026.
Positive
- Housekeeping revenue +75.9% YoY to RMB76.0M in 2025
- Vehicle export gross profit +187.4% YoY to RMB15.5M in 2025
- Mobility gross margin improvement to 11.2% in 2025 from 2.9% in 2024
Negative
- Total revenue -17.1% YoY to RMB2,525.9M in 2025
- Adjusted EBITDA loss RMB159.4M in 2025 (from +RMB9.1M in 2024)
- Net loss RMB150.5M in 2025
- Cash vs. short-term debt: RMB40.0M cash and RMB113.4M short-term debt
News Market Reaction – QH
In the May 29 session, QH gained 8123.40%, reflecting a significant positive market reaction. Argus tracked a peak move of +82.4% during that session. Argus tracked a trough of -39.2% from its starting point during tracking. Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility. Trading volume was very high at 3.4x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Sep 26 | H1 2025 earnings | Positive | -8.2% | Mixed H1 2025 results with strong homestay growth and strategic partnerships. |
| Apr 29 | FY 2024 earnings | Positive | -5.5% | Full-year 2024 results with diversification, EBITDA positive and margin improvements. |
| Apr 29 | H2 & FY 2024 earnings | Positive | -5.5% | H2 2024 profit jump and adjusted EBITDA growth despite revenue decline. |
| Aug 28 | H1 2024 earnings | Positive | -7.3% | Strong H1 2024 growth in mobility and exports amid wider revenue pressure. |
| Aug 28 | H1 2024 earnings detail | Negative | -7.3% | H1 2024 revenue decline and widened net loss despite mobility strength. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have repeatedly coincided with negative next-day moves despite strategic progress, suggesting a pattern of market skepticism toward results.
Across prior earnings reports from Aug 2024 through Sep 2025, Quhuo highlighted growth in mobility, vehicle exports and housekeeping while overall revenue often declined and profitability remained fragile. H2 and full-year 2024 showed improved EBITDA and cost controls, but later updates still drew negative price reactions. Today’s H2 and full-year 2025 numbers extend themes of segment mix shift and restructuring, but with a sharp swing from prior net income to substantial net loss, reinforcing the market’s cautious stance seen in earlier earnings releases.
Key Terms
adjusted EBITDA financial
non-GAAP financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Financial and Operational Highlights for the Second Half of 2025
- Revenues from housekeeping and accommodation solutions and other services were
RMB45.7 million (US ), representing a year-over-year increase of$6.5 million 99.8% fromRMB22.9 million . - Gross profit of vehicle export solutions was
RMB12.6 million (US ), representing a year-over-year increase of$1.8 million 327.9% fromRMB2.9 million . - Gross profit of housekeeping and accommodation solutions and other services was
RMB14.8 million (US ), representing a year-over-year increase of$2.1 million 38.2% fromRMB10.7 million . - Gross profit margin of mobility solution services was
21.2% , compared with4.6% in the second half of 2024.
Financial and Operational Highlights for Full Year 2025
- Revenues from housekeeping and accommodation solutions and other services were
RMB76.0 million (US ), representing a year-over-year increase of$10.9 million 75.9% fromRMB43.2 million . - Gross profit of vehicle export solutions was
RMB15.5 million (US ), representing a year-over-year increase of$2.2 million 187.4% fromRMB5.4 million . - Gross profit of housekeeping and accommodation solutions and other services was
RMB18.3 million (US ), representing a year-over-year increase of$2.6 million 16.6% fromRMB15.7 million . - Gross profit margin of mobility solution services was
11.2% , compared with2.9% in 2024.
Mr. Leslie Yu, Quhuo's Chairman and Chief Executive Officer, said, "Throughout 2025, amid a continuously evolving operating environment, Quhuo remained focused on optimizing its business structure and upgrading its capabilities. We made solid progress in cultivating emerging businesses, adjusting our core operations, and advancing technology initiatives, laying the groundwork for higher-quality growth in the future.
Our housekeeping and accommodation services became a new growth highlight. The continued development of Chengtu Homestay, LaiLai hotel services and our cooperation projects with Beike further validated our platform-based and standardized capabilities in accommodation and housing-related service scenarios, driving growth in both revenue and profitability.
Meanwhile, our cross-border used vehicle export business continued to move toward a more mature stage of development. As early-stage channel development and onboarding costs were gradually absorbed, the operating quality of this business improved steadily, with gross profit increasing significantly, further demonstrating the Company's international growth potential.
In our on-demand delivery business, the Company experienced pressure from industry competition and market dynamics during the year. In response, we launched a major business reorganization and management restructuring in October 2025. As these measures have been progressively implemented, expense ratios have declined significantly, and we expect business efficiency and profitability to improve more visibly beginning in the second quarter of 2026.
At the same time, we have taken proactive measures to strengthen our management processes and internal control infrastructure as part of our broader effort to enhance operating discipline. Since the fourth quarter of 2025, we have enhanced our internal audit capabilities, increased management oversight, and improved monitoring procedures over key business and financial reporting processes. These efforts have already contributed to better cost discipline, stronger operational transparency and improved execution, and we expect the benefits of these enhancements to continue as they become further embedded across the organization.
Behind these developments is the deeper integration of technology and operations. We are actively applying AI agents in homestay operations and used vehicle export platform. In our homestay business, AI agents support dynamic pricing, price monitoring and listing management to improve operating efficiency. In our used vehicle export business, AI agents are used for vehicle sourcing monitoring and matching, document recognition and processing, vehicle inspection, inventory-demand matching, and procurement and refurbishment planning, thereby improving transaction efficiency and operational effectiveness. Looking ahead, we will continue to enhance our operating quality and platform capabilities to create long-term value for shareholders and society."
Unaudited Financial Results of the Second Half of 2025
Total revenues were
- Revenues from on-demand food delivery solutions were
RMB1,290.3 million (US ), compared with$184.5 million RMB1,329.4 million in the second half of 2024, representing a slight decrease of2.9% . The decrease was primarily because we optimized our business by disposing of several underperforming service stations in 2024, which led to a decrease in revenue scale. Increased order volume driven by intensified market competition primarily resulting from delivery platforms aggressively capturing market share, resulting in an increased total market size in the second half of 2025 partially offset such decline.
- Revenues from mobility service solutions, consisting of shared-bike maintenance, ride-hailing and vehicle export solutions, were
RMB58.4 million (US ), compared with$8.4 million RMB74.7 million in the second half of 2024, representing a decrease of21.7% . The decrease was primarily due to the optimization of our business by ceasing our ride-hailing solutions services in several underperforming service cities.
- Revenues from housekeeping and accommodation solutions and other services were
RMB45.7 million (US ), representing a sharp increase of$6.5 million 99.8% fromRMB22.9 million in the second half of 2024, primarily due to the adoption of online promotion channels in addition to traditional platform-based customer acquisition.
Cost of revenues was
General and administrative expenses were
Research and development expenses were
We recorded gain on disposal of assets, net, of
Our interest expense remained stable at
We recorded other losses, net, of
Income tax benefit was
Net loss attributable to Quhuo Limited was
Adjusted EBITDA loss was
Adjusted net loss was
Unaudited Financial Results of Full Year 2025
Total revenues were
- Revenues from on-demand food delivery solutions were
RMB2,334.2 million (US ), compared with$333.8 million RMB2,828.5 million in 2024, representing a decrease of17.5% . The decrease was primarily because we optimized our business by disposing of several underperforming service stations in 2024, which led to a decrease in revenue scale.
- Revenues from mobility service solutions were
RMB115.7 million (US ), compared with$16.5 million RMB175.1 million in 2024, representing a decrease of34.0% . The decrease was primarily due to (i) a decrease in vehicle sales volume in our vehicle export solutions business as a result of the introduction of a new business model and a decrease in vehicle purchases for sale, and (ii) the optimization of our business by ceasing our ride-hailing solutions services from several underperforming service cities.
- Revenues from housekeeping and accommodation solutions and other services were
RMB76.0 million (US ), an increase of$10.9 million 75.9% , compared withRMB43.2 million in 2024, primarily due to the adoption of online promotion channels in addition to traditional platform-based customer acquisition.
Cost of revenues was
General and administrative expenses were
Research and development expenses were
We recorded gain on disposal of assets, net, of
Our interest expense remained stable at
Income tax benefit was
Net loss attributable to Quhuo Limited was
Adjusted EBITDA loss was
Adjusted net loss was
_____________
- See "Use of Non-GAAP Financial Measures."
Balance Sheet
As of December 31, 2025, the Company had cash, cash equivalents and restricted cash of
USE OF NON-GAAP FINANCIAL MEASURES
Quhuo has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in
Quhuo uses adjusted net income/loss and adjusted EBITDA, which are non-GAAP financial measures, in evaluating its operating results and for financial and operational decision-making purposes. Adjusted net income/loss represents net income/loss before share-based compensation expenses. Adjusted EBITDA represents adjusted net income/loss before income tax benefit/expense, amortization, depreciation and interest. Quhuo believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of share-based compensation expenses, income tax benefits or expenses, amortization, depreciation and interest. Quhuo believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under
For the Six Months Ended | For the Year Ended | |||||||||||
December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2025 | |||||||
(RMB) | (RMB) | (US$) | (RMB) | (RMB) | (US$) | |||||||
(in thousands) | ||||||||||||
Net income/(loss) | 48,127 | (97,521) | (13,945) | 1,612 | (150,511) | (21,522) | ||||||
Add: Share-based Compensation | - | 3,011 | 431 | - | 3,011 | 431 | ||||||
Adjusted net income/(loss) | 48,127 | (94,510) | (13,514) | 1,612 | (147,500) | (21,091) | ||||||
Add: Income tax benefit | (15,721) | (13,895) | (1,987) | (18,343) | (31,797) | (4,547) | ||||||
Depreciation | 1,832 | 491 | 70 | 4,508 | 1,428 | 204 | ||||||
Amortization | 7,807 | 6,683 | 956 | 17,192 | 14,277 | 2,042 | ||||||
Interest | 1,804 | 2,022 | 289 | 4,105 | 4,196 | 600 | ||||||
EBITDA income/(loss) | 43,849 | (99,209) | (14,186) | 9,074 | (159,396) | (22,792) | ||||||
EXCHANGE RATE INFORMATION
This press release contains translations of certain Renminbi amounts into
ABOUT QUHUO LIMITED
Quhuo Limited is a leading gig economy platform focusing on local life services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.
With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.
SAFE HARBOR STATEMENT
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo's business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will" and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo's current expectations and involve risks and uncertainties. Quhuo's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo's abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) remain its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationship with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares to competitors in existing markets and its success in expansion into new markets. Other risks and uncertainties are included under the caption "Risk Factors" and elsewhere in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information about Quhuo, please visit https://ir.quhuo.cn/.
QUHUO LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in thousands of Renminbi ("RMB") and | ||||||
As of December 31, 2024 | As of December 31, 2025 | As of December 31, 2025 | ||||
(RMB) | (RMB) | (US$) | ||||
Assets | ||||||
Current assets | ||||||
Cash | 63,202 | 38,376 | 5,488 | |||
Restricted cash | 1,916 | 1,633 | 234 | |||
Accounts receivable, net | 295,713 | 266,332 | 38,085 | |||
Prepayments and other | 112,044 | 98,522 | 14,088 | |||
Total current assets | 472,875 | 404,863 | 57,895 | |||
Property and equipment, net | 8,847 | 2,356 | 337 | |||
Right-of-use assets, net | 4,647 | 1,558 | 223 | |||
Intangible assets, net | 57,985 | 44,629 | 6,382 | |||
Goodwill | 65,481 | 65,481 | 9,364 | |||
Deferred tax assets | 31,548 | 54,841 | 7,842 | |||
Other non-current assets | 225,643 | 224,634 | 32,122 | |||
Total non-current assets | 394,151 | 393,499 | 56,270 | |||
Total assets | 867,026 | 798,362 | 114,165 | |||
liabilities, non-controlling | ||||||
Current liabilities | ||||||
Accounts payables | 145,777 | 161,635 | 23,113 | |||
Accrued expenses and other | 74,269 | 112,792 | 16,129 | |||
Short-term debt | 112,848 | 113,447 | 16,223 | |||
Short-term lease liabilities | 2,818 | 1,383 | 198 | |||
Amounts due to related | 1,350 | 5,492 | 785 | |||
Total current liabilities | 337,062 | 394,749 | 56,448 | |||
Long-term debt | 4,706 | - | - | |||
Long-term lease liabilities | 1,635 | 144 | 21 | |||
Deferred tax liabilities | 599 | 256 | 37 | |||
Other non-current liabilities | 62,408 | 53,609 | 7,666 | |||
Total non-current liabilities | 69,348 | 54,009 | 7,724 | |||
Total liabilities | 406,410 | 448,758 | 64,172 | |||
QUHUO LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
As of December 31, 2024 | As of December 31, 2025 | As of December 31, 2025 | ||||
(RMB) | (RMB) | (US$) | ||||
Shareholders' equity | ||||||
Ordinary shares | 615 | 2,602 | 372 | |||
Additional paid-in | 1,839,482 | 1,877,581 | 268,491 | |||
Accumulated deficit | (1,373,825) | (1,523,289) | (217,827) | |||
Accumulated other | (1,550) | (2,137) | (306) | |||
Total Quhuo Limited | 464,722 | 354,757 | 50,730 | |||
Non-controlling interests | (4,106) | (5,153) | (737) | |||
Total shareholders' equity | 460,616 | 349,604 | 49,993 | |||
Total liabilities and | 867,026 | 798,362 | 114,165 | |||
QUHUO LIMITED | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||
(Amounts in thousands of Renminbi ("RMB") and | ||||||||||||
For the Six Months Ended | For the Year Ended | |||||||||||
December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December31, 2025 | |||||||
(RMB) | (RMB) | (US$) | (RMB) | (RMB) | (US$) | |||||||
Revenues | 1,426,933 | 1,394,502 | 199,411 | 3,046,871 | 2,525,897 | 361,198 | ||||||
Cost of revenues | (1,377,966) | (1,386,191) | (198,223) | (2,973,158) | (2,513,524) | (359,429) | ||||||
General and administrative | (77,759) | (111,451) | (15,937) | (148,627) | (187,775) | (26,851) | ||||||
Research and development | (5,751) | (3,525) | (504) | (10,690) | (7,114) | (1,017) | ||||||
Gain/(loss) on disposal of | 68,198 | (1,303) | (186) | 75,220 | 4,441 | 635 | ||||||
Operating income/(loss) | 33,655 | (107,968) | (15,439) | (10,384) | (178,075) | (25,464) | ||||||
Interest income | 127 | (202) | (29) | 385 | 193 | 28 | ||||||
Interest expense | (1,804) | (2,022) | (289) | (4,105) | (4,196) | (600) | ||||||
Other income/(loss), net | 428 | (1,224) | (175) | (2,627) | (230) | (33) | ||||||
Income/(loss) before income | 32,406 | (111,416) | (15,932) | (16,731) | (182,308) | (26,069) | ||||||
Income tax benefit | 15,721 | 13,895 | 1,987 | 18,343 | 31,797 | 4,547 | ||||||
Net income/(loss) | 48,127 | (97,521) | (13,945) | 1,612 | (150,511) | (21,522) | ||||||
Net loss attributable to non- | 7,113 | 1,158 | 166 | 1,093 | 1,047 | 150 | ||||||
Net income/(loss) attributable | 55,240 | (96,363) | (13,779) | 2,705 | (149,464) | (21,372) | ||||||
Non-GAAP Financial Data | ||||||||||||
Adjusted net income | 48,127 | (94,510) | (13,514) | 1,612 | (147,500) | (21,091) | ||||||
Adjusted EBITDA | 43,849 | (99,209) | (14,186) | 9,074 | (159,396) | (22,792) | ||||||
Earnings/(Loss) per share for class A, class B and class C ordinary shares | ||||||||||||
Basic | 0.07 | (0.05) | (0.01) | 0.01 | (0.11) | (0.02) | ||||||
Diluted | 0.07 | (0.05) | (0.01) | 0.01 | (0.11) | (0.02) | ||||||
Shares used in earnings/(loss) | ||||||||||||
Basic | 737,267,651 | 1,874,557,847 | 1,874,557,847 | 416,025,918 | 1,394,483,782 | 1,394,483,782 | ||||||
Diluted | 737,267,651 | 1,874,557,847 | 1,874,557,847 | 416,025,918 | 1,394,483,782 | 1,394,483,782 | ||||||
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SOURCE Quhuo Limited