The following is a summary of the Quhuo Limited (QH) Q2 2023 Earnings Call Transcript:
Financial Performance:
Quhuo Limited reported a total revenue of 133.7 million RMB in 2023, along with a gross profit of 166.6 million RMB.
The firm's adjusted net income increased by 64.7% to 5.5 million RMB compared to 2022.
The company reported a positive EBITDA for four consecutive reporting periods.
Revenues from on-demand food delivery decreased by 6.2%, while mobility service solutions witnessed a significant increase of 116.4% to RMB233.8 million.
Quhuo reported a net income of RMB3.3 million in 2023, showing a turnaround from the net loss reported in the previous year.
A lower estimated annual effective tax rate resulted in a decrease in the income tax expense for the company.
Business Progress:
Quhuo identified used vehicle exports and SaaS+ services as two primary growth engines and achieved a revenue of approximately 154 million RMB in 2023 from vehicle exports.
The transition to a SaaS+ empowerment model resulted in a 53% growth in GMV in the housekeeping and accommodation solutions sector.
The company is transitioning to a collaboration strategy aiming to partner with firms in the medical services and care for the elderly sectors.
The firm plans to launch Carnuxt, a used vehicle export platform, to enhance the transparency, security, and quality of used vehicles.
Quhuo plans to expand into the overseas on-demand delivery market in 2024, with a focus on Southeast Asia and the Middle East, and aims to expand to more than five new countries by 2025.
More details: Quhuo IR
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