Quhuo Limited, a Cayman holding company for China-based operations run mainly through a variable interest entity, filed its annual 20‑F for 2025. Revenue was RMB2,525.9 million, but the company swung to a net loss of RMB150.5 million after two profitable years. Three major platform customers contributed 87% of 2025 revenue, underscoring high concentration risk. The filing details Quhuo’s VIE and PRC/Hong Kong licensing structure, cash‑flow constraints on moving funds offshore, and the ADS ratio change to one ADS for 900 Class A shares. It also addresses HFCAA and PCAOB inspection status, noting the current auditor is subject to PCAOB oversight.
Quhuo Limited reported weaker results for the second half and full year 2025, swinging from profit to loss. For the second half, revenue was RMB1,394.5 million (US$199.4 million), down 2.3% year over year, while net loss attributable to Quhuo reached RMB97.5 million (US$13.9 million) versus net income of RMB48.1 million a year earlier. Adjusted EBITDA moved from a profit of RMB43.8 million to a loss of RMB99.2 million.
For full year 2025, revenue declined 17.1% to RMB2,525.9 million (US$361.2 million). The company posted a net loss attributable to Quhuo of RMB150.5 million (US$21.5 million), compared with net income of RMB1.6 million in 2024, and adjusted EBITDA deteriorated from RMB9.1 million to a loss of RMB159.4 million (US$22.8 million). Management cited competitive pressure in on-demand delivery, higher general and administrative costs, and provisions for credit losses, while highlighting growth in housekeeping and accommodation services, improving profitability in cross-border used vehicle exports, and increased use of AI to enhance efficiency. As of December 31, 2025, Quhuo held cash, cash equivalents and restricted cash of RMB40.0 million (US$5.7 million) against short-term debt of RMB113.4 million (US$16.2 million).
Quhuo Limited has received a Nasdaq Staff Delisting Determination after the closing bid price of its American depositary shares stayed at $0.10 or below for 10 consecutive trading days through March 25, 2026. Nasdaq plans to suspend trading of the ADSs at the opening of business on April 6, 2026.
The company currently intends to appeal the delisting decision to the Nasdaq Hearings Panel and must submit its hearing request by 4:00 p.m. Eastern Time on April 6, 2026. A timely appeal will not prevent the trading suspension, and there is no assurance the appeal or any further review will succeed.
QUHUO Ltd director Li Jingchuan has filed an initial Form 3, which is a required statement of beneficial ownership for new insiders. This filing lists him as a director but does not report any stock transactions or specific share holdings at this time.
QUHUO Ltd director and CFO Ba Zhen has filed an initial Form 3 reporting his beneficial ownership in the company. The filing shows indirect ownership of 2,363,030 Class A Ordinary Shares, held through BZB Investment Limited, a BVI company wholly owned by him. This form records existing holdings rather than any new share purchase or sale.
Quhuo Ltd Chief Executive Officer Leslie Yu filed an initial statement of beneficial ownership. He directly holds American Depositary Shares representing 1,458,000 Class A ordinary shares. He also has indirect ownership, through LESYU Investments Limited, of 6,296,630 Class B ordinary shares and 100,000,000 Class C ordinary shares.
Each American Depositary Share represents 900 Class A ordinary shares. Each Class B ordinary share is convertible into one Class A ordinary share and carries voting power equivalent to 480 Class A shares. Each Class C ordinary share is not convertible but also carries voting power equivalent to 480 Class A shares.
QUHUO Ltd director JIAO Jie has filed an initial statement of beneficial ownership on Form 3. This filing identifies JIAO Jie as a director of QUHUO Ltd but does not report any stock purchases, sales, or other transactions. It functions as a baseline disclosure of insider status rather than a record of trading activity.
Quhuo Ltd director and Chief Human Resources Officer Li Fengzhen has filed an initial ownership report. The filing shows direct ownership of American Depositary Shares linked to 243,000 Class A ordinary shares of Quhuo. Each ADS represents 900 Class A ordinary shares. This Form 3 reflects existing holdings and does not report any new purchases or sales.
Quhuo Ltd filed an initial ownership report for Chief Technology Officer Pan Fan. The filing shows direct beneficial ownership of American Depositary Shares representing 470,700 Class A ordinary shares of Quhuo Ltd. Each ADS represents nine hundred Class A ordinary shares.
Quhuo Limited held an extraordinary general meeting where shareholders approved a major restructuring of its share capital. They reduced the par value of each authorized and issued share from US$3.20 to US$0.0001, creating a capital reduction and moving the resulting credit into a distributable reserve that can be used, among other things, to offset accumulated losses under Cayman Islands law.
Following this, each authorized but unissued share was subdivided into 32,000 shares with a par value of US$0.0001. The authorized share capital changed from US$3,840,000,000 (1,200,000,000 shares at US$3.20) to US$120,000 (1,200,000,000 shares at US$0.0001). After these changes, 708,509 New Class A Ordinary Shares, 197 New Class B Ordinary Shares and 3,125 New Class C Ordinary Shares are issued and fully paid, with the remaining authorized shares unissued.