Core Viewpoint - Quhuo Limited demonstrated stable business growth in the first half of 2024 despite a complex global economic environment, achieving a total revenue of RMB 1.62 billion and a gross margin of 5.6%, surpassing last year's performance [5][6][15]. Financial Performance - Total revenue decreased by 6.7% year-on-year from RMB 1,736.3 million to RMB 1,619.9 million [16]. - Revenue from on-demand delivery solutions was RMB 1,499.1 million, a decrease of 9.1% from the previous year [16]. - Revenue from Mobility Service Solutions increased by 71.7% year-on-year to RMB 100.5 million, driven by a significant growth in vehicle export solutions [17]. - Housekeeping and accommodation solutions revenue decreased by 27.8% to RMB 20.4 million due to a business model transition [17]. - General and administrative expenses decreased by 13.2% year-on-year to RMB 7.9 million, reflecting improved operational efficiency [18]. - The company recorded a net loss of RMB 5.7 million compared to a loss of RMB 46.5 million in the same period last year [19][20]. Business Segments - The Mobility Services segment saw a revenue increase of 71.7% year-on-year, with shared-bike maintenance service revenue growing by 6.2% and ride-hailing service revenue increasing by 47.5% [7]. - The housekeeping service segment's gross profit increased by 28.5% year-on-year, with gross margin rising from 13.8% to 24.6% [8]. - Quhuo successfully exported 815 new energy vehicles, marking a 389% year-on-year increase in international vehicle export solutions [7]. Strategic Focus - Quhuo is addressing three key issues to deliver continuous value: enhancing employment opportunities, expanding homestay services, and revitalizing existing housing inventory [9][10][11]. - The company is collaborating with a leading long-term rental platform to explore a combined rental model for idle properties, aiming to improve operational efficiency and create commercial value [11]. - Quhuo is leveraging its competitive advantage in new energy vehicle exports, with plans to expand market share and business coverage in the second half of 2024 [12][13]. Future Outlook - Quhuo plans to redefine its international business model and optimize new business processes with partners to drive growth in revenue and profit [21][22]. - The company aims to solidify its position in the international market and expects to enter the next stage of development for Quhuo International in the second half of 2024 [23].
Quhuo Limited (QH) Q2 2024 Earnings Conference Call Transcript