- Vehicle export service contracts for 3,000 units have been signed, of which over 1,900 units have been shipped and generated revenues of
RMB 154.5 million . - SaaS+ services empowered housekeeping and accommodation solutions and other services, driving a significant increase in profitability.
Remarkable Financial Performance with Four Consecutive Financial Reporting Periods of Positive EBITDA
In 2023, Quhuo's total revenue reached
Additionally, Quhuo's remarkable cost-control efforts were noteworthy. Cost of revenue decreased by 0.9%, and general and administrative costs decreased year-over-year by 13.7% to
A Significant Breakthrough in the Vehicle Export Drove Rapid Growth in the Mobility Solutions
The vehicle export business, a new venture derived from mobility solutions, was officially launched in
The success of the used vehicle export business also propelled rapid growth in mobility solutions, with an increase of 239.6% year-on-year to
The achievements of Quhuo International can be attributed to several factors. Firstly, there is a strong demand for new energy vehicles in overseas markets. Secondly, the rapid growth of
Lastly and most importantly, Quhuo possesses unique advantages distinct from other used vehicle traders, such as accumulated experience and resources in technology and operations, a profound understanding of the used vehicle trading market and ecosystem, a nationwide network of diverse and abundant used vehicle sources, a vehicle refurbishment resource network comprising extensive maintenance and repair resources, and close cooperation with overseas distributors. These factors collectively establish Quhuo's competitive edge in the global used vehicle trading market, indicating vast prospects and development potential for this business.
Business Transformation Driven by SaaS+ Services, boosting Profitability in the Housekeeping and Accommodation Solutions
Another key engine of the second growth curve, SaaS empowerment, mainly focuses on housekeeping and accommodation solutions and other services. Beginning in the first half of 2023, after successful validation of the self-operated model, Quhuo tried transitioning the housekeeping and accommodation solutions to the SaaS+ service empowerment model.
Following six months of market validation, a comprehensive shift of housekeeping and accommodation solutions and other services to the SaaS+ empowerment model was witnessed during the second half of 2023. This transformation drove rapid growth in GMV of housekeeping and accommodation solutions to
Benefiting from the successful empowerment of SaaS+ services, the profitability of this business sector significantly improved, with gross profit increasing by 48.7% year-on-year, and gross profit margin rising significantly. Furthermore, the promotion of SaaS+ services led to significant cost reduction effects, with costs of revenue in housekeeping and accommodation solutions and other services declining by 35.5%, including a 53.4% reduction in accommodation service operating costs.
It is believed Quhuo will continuously innovate and aim for higher growth rates in new business areas while consolidating the advantages of its cornerstone business in such a business framework. While globally promoting its business, such as international trading and extending the on-demand delivery services into overseas markets, Quhuo will bring more new opportunities to the job market, provide more choices and development opportunities for laborers domestically and abroad, promote employment growth, enhance labor market flexibility, and drive sustainable socio-economic development.
ABOUT QUHUO LIMITED
Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company") is a leading gig economy platform focusing on local life services in
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.
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