Revenues from mobility service solutions were RMB100.5 million (US$13.8 million), representing an increase of 71.7% year-over-year.
Quhuo International shipped 815 vehicles under its vehicle export solutions.
The Company has expanded services to 132 cities nationwide, representing a 21.4% year-over-year increase.
BEIJING, Aug. 28, 2024 /PRNewswire/ -- Quhuo Limited (NASDAQ:QH) ("Quhuo," the "Company," "we" or "our"), a leading gig economy platform focusing on local life services in China, today reported its unaudited financial results for the six months ended June 30, 2024.
Amid a complex global economy and widespread market uncertainties, Quhuo has maintained steady growth through precise strategic control and lean operations management.
For the first half of 2024, Quhuo's total revenue reached RMB1.62 billion. While profit of the first quarter was impacted by seasonal factors, the second quarter saw a strong rebound. This underscores Quhuo's resilience and growing profitability amid market fluctuations. Furthermore, general and administrative expenses decreased by 13.2% year-over-year, as we enhanced our operational efficiency and cost control.
From a business standpoint, Quhuo excels in its mobility service solutions, as well as in housekeeping and accommodation services. Mobility service solutions saw a robust 71.7% year-over-year revenue increase, with shared-bike maintenance growing by 16.2% and ride-hailing services by 47.5%. Additionally, Quhuo's vehicle export solutions, conducted through the Company's subsidiary, Quhuo International, achieved an impressive 389.3% year-over-year revenue increase. Since its inception in 2023, Quhuo International has become a new growth area for the Company. In the first half of 2024, Quhuo International shipped 815 new energy vehicles abroad, significantly expanding its global footprint and enhancing its international competitiveness.
Meanwhile, Quhuo's housekeeping and accommodation solutions businesses have rapidly expanded, making its overall service footprint expand to 132 cities, representing a 21.4% year-over-year increase and reflecting strong market demand, which has further strengthened the Company's competitive edge.
In 2024, Quhuo navigated complex international relations and domestic market shifts by focusing on long-term trends and stable market demands, ensuring sustained value. Prioritizing the gig economy, the company also concentrated on vehicle export solutions and housekeeping and accommodation solutions. Through strategic planning, Quhuo consistently delivers commercial and social value to the market.
In the gig economy sector, driven by the digital and sharing economies, new forms of ...
