Zhitong Finance learned that QH.US (QH.US) announced unaudited financial results for the six months and full year ended December 31, 2023. According to financial reports, revenue for the second half of 2023 was 1,966 billion yuan (RMB, same below), an increase of 0.5% over the previous year. Net profit was RMB 11.7 million (US$1.6 million), an increase of 15% over the previous year. Earnings per diluted share were $0.23, compared to 0.2 yuan for the same period last year.
In the second half of the year, the revenue of the automobile export solution launched in May 2023 was RMB 142.5 million (US$2010 million), accounting for 81.3% of mobile solution service revenue, driving the latter's revenue up 239.6% year over year. Under its automotive export solutions, Quhuo International has shipped more than 1,700 vehicles.
In 2023, Quhuo's total revenue was 3.7 billion yuan, a year-on-year decrease of 3%. Net profit was 6 million yuan, and net loss was 16.4 million yuan for the same period last year. The adjusted net profit was 5.5 million yuan, a year-on-year increase of 64.7%. The annual profit before tax was 5.1 million yuan, an increase of 10.7% over the previous year. The company achieved several positive metrics, such as net profit and earnings per share, and positive EBITDA for four consecutive financial reporting periods. Earnings per diluted share for the year were 0.06 yuan, and loss per share was 0.23 yuan for the same period last year.
Furthermore, Quhuo's efforts to control costs are also noteworthy. In the second half of 2023, general and administrative expenses were RMB 102.7 million (US$14.5 million), down 9.9% from RMB 114.1 million in the same period last year. For the whole year, revenue costs decreased by 0.9%, and general and administrative expenses fell 13.7% year on year to $184.3 million; annual R&D costs fell 1.3% to 12.4 million yuan. The second half of the year increased slightly due to investment in SaaS+ services, while it decreased 7.2% in the first half of the year.
As of press release, Quhuo shares rose 5.62% in the pre-market on Wednesday to $0.5751.