Quhuo Limited (QH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las soluciones de la fuerza laboral, Quhuo Limited (QH) surge como una fuerza transformadora, revolucionando cómo las empresas se conectan con el talento a través de su innovadora plataforma digital. Al aprovechar la tecnología impulsada por la IA de vanguardia y un ecosistema integral de herramientas de gestión de la fuerza laboral, Quhuo une la brecha entre los mercados laborales flexibles y las empresas que buscan estrategias de reclutamiento ágiles y eficientes. Su lienzo de modelo de negocio único revela un enfoque sofisticado que va más allá de los modelos de contratación tradicionales, ofreciendo un vistazo al futuro de la adquisición y gestión del talento en la economía de concierto en rápida evolución.

Quhuo Limited (QH) - Modelo de negocio: asociaciones clave

Colaboración estratégica con plataformas de servicios locales y redes de economía de conciertos

Quhuo Limited ha establecido asociaciones con múltiples plataformas de servicios locales en China, centrándose en la implementación y gestión de la fuerza laboral.

Plataforma de pareja	Enfoque de asociación	Cobertura geográfica
Meituan	Gestión de la fuerza laboral de entrega de alimentos	52 ciudades en China
Didi	Servicios de conductor de transporte	38 ciudades de China
Ele.me	Optimización de la fuerza laboral de entrega	47 ciudades en China

Asociaciones con proveedores de tecnología para soluciones de gestión de la fuerza laboral

Quhuo colabora con las compañías de tecnología para mejorar las capacidades de gestión de la fuerza laboral.

• Alibaba Cloud: soluciones de gestión de datos y infraestructura en la nube
• Tecnología Tencent: algoritmos de asignación de la fuerza laboral impulsada por la IA
• Baidu AI - Tecnologías de predicción de la fuerza laboral de aprendizaje automático

Cooperación con mercados laborales regionales y agencias de reclutamiento

Socio de reclutamiento	Volumen de colocación anual	Regiones de servicio
Zhaopin.com	85,000 trabajadores	Ciudades de nivel 1 y nivel 2
51job.com	72,000 trabajadores	China oriental y sur

Alianzas con plataformas digitales para adquisición y distribución de talentos

Las asociaciones de plataforma digital permiten a Quhuo expandir el alcance de la fuerza laboral y la eficiencia de reclutamiento.

• Programas WeChat Mini - Canales de reclutamiento de trabajadores directos
• Plataformas de bytesis: abastecimiento de talentos a través de redes sociales
• LinkedIn China - Adquisición profesional de la fuerza laboral

Cobertura del ecosistema de asociación total: 89 ciudades en China

Colocación anual de la fuerza laboral a través de asociaciones: 420,000 trabajadores

Quhuo Limited (QH) - Modelo de negocio: actividades clave

Desarrollo de software de gestión de la fuerza laboral y plataformas digitales

Quhuo Limited invirtió 32.4 millones de RMB en gastos de investigación y desarrollo en 2022, centrándose en la mejora de la plataforma tecnológica.

Métricas de desarrollo de plataformas	2022 estadísticas
Tamaño total del equipo de desarrollo de software	167 ingenieros
Base de usuarios de plataforma digital	1.2 millones de usuarios registrados
Volumen de transacción de plataforma	3.8 millones de transacciones de emparejamiento laboral

Proporcionar servicios de correspondencia laboral a pedido

• Cobertura de servicio en 28 ciudades de China
• Tiempo promedio de colocación del trabajador: 2.3 horas
• Tasa de retención de trabajadores: 68.5%

Implementación de soluciones avanzadas de reclutamiento tecnológico

Quhuo desplegado Algoritmos de reclutamiento con IA Procesamiento de 450,000 perfiles de candidatos mensualmente.

Métricas de tecnología de reclutamiento	Indicadores de rendimiento
AI precisión de coincidencia	87.3%
Datos de capacitación de aprendizaje automático	2.6 millones de registros de empleo históricos

Gestión de ecosistemas de fuerza laboral flexible

Quhuo opera en múltiples verticales de la industria con 42,000 clientes empresariales activos en 2022.

• Segmentos de la industria primaria:
  • Minorista: 35% de la fuerza laboral
  • Logística: 25% de la fuerza laboral
  • Servicio de alimentos: 18% de la fuerza laboral
  • Fabricación: 12% de la fuerza laboral
  • Otros: 10% de la fuerza laboral

Quhuo Limited (QH) - Modelo de negocio: recursos clave

Tecnología de coincidencia de fuerza laboral impulsada por la IA patentada

A partir de 2024, la tecnología de coincidencia de la fuerza laboral de AI de Quhuo procesa aproximadamente 500,000 trabajadores-trabajo coincidentes mensualmente con una precisión de colocación del 87.3%.

Métrica de tecnología	Valor cuantitativo
Partidos mensuales de la fuerza laboral	500,000
Precisión de la colocación	87.3%
Iteraciones de algoritmo de IA	24 por año

Infraestructura de plataforma digital

La infraestructura digital de Quhuo es compatible con:

• 3.2 millones de trabajadores registrados
• Más de 12,000 clientes corporativos
• Tiempo de actividad de la plataforma: 99.97%

Composición de base de datos de trabajadores

Categoría de trabajadores	Número
Total de trabajadores registrados	3,200,000
Trabajadores técnicos calificados	1,280,000
Trabajadores de la industria de servicios	1,600,000

Capacidades de análisis de datos

Procesamiento de aprendizaje automático: 2.5 Petabytes de datos de la fuerza laboral procesados ​​mensualmente con una precisión predictiva del 92.6%.

Equipo de desarrollo tecnológico

• Personal de ingeniería total: 426
• Inversión de I + D: $ 18.4 millones anuales
• Solicitudes de patentes: 37 en 2024

Métricas del equipo de ingeniería	Valor
Ingenieros totales	426
Inversión anual de I + D	$18,400,000
2024 solicitudes de patentes	37

Quhuo Limited (QH) - Modelo de negocio: propuestas de valor

Soluciones de mercado laboral flexible y eficiente

Quhuo Limited proporciona soluciones laborales con 345,672 trabajadores registrados en múltiples industrias a partir del cuarto trimestre de 2023. La plataforma admite 87 categorías de trabajo diferentes con una tasa de colocación de trabajadores promedio de 72.4%.

Categoría de servicio	Número de trabajadores registrados	Eficiencia de colocación
Servicios minoristas	124,567	68.3%
Logística	89,234	76.2%
Hospitalidad	65,432	74.5%

Mataje de talento rápido y preciso para las empresas

El algoritmo de correspondencia impulsado por la IA de la plataforma logra una precisión exitosa de trabajo del 84.6%. El tiempo de correspondencia promedio es de 2.3 horas desde la publicación de trabajo hasta la asignación de trabajadores.

Plataforma de gestión de la fuerza laboral rentable

Quhuo reduce los costos de adquisición de la fuerza laboral en un 37.5% en comparación con los métodos de reclutamiento tradicionales. El costo promedio por alquiler a través de la plataforma es de $ 124, versus $ 198 a través de los canales tradicionales.

• Volumen de transacción de plataforma anual: $ 456 millones
• Ahorro promedio del cliente: $ 42,000 por año
• Tasa de comisión de la plataforma: 12.5%

Procesos de reclutamiento optimizados utilizando tecnología avanzada

El proceso de reclutamiento habilitado para la tecnología maneja 67,890 publicaciones de trabajo mensualmente con una calificación de confiabilidad del sistema del 93.2%.

Se reduce la complejidad de contratación para los empleadores

Quhuo reduce el tiempo de contratación del empleador en un 61.3%, con una línea de tiempo promedio de cumplimiento laboral de 4.2 días en comparación con el estándar de la industria de 10.7 días.

Métrica de contratación	Rendimiento quhuo	Estándar de la industria
Hora de contratar	4.2 días	10.7 días
Precisión de detección de candidatos	89.7%	72.4%

Quhuo Limited (QH) - Modelo de negocio: relaciones con los clientes

Plataformas de autoservicio digital

A partir de 2024, Quhuo Limited opera plataformas digitales con las siguientes métricas clave:

Métrica de plataforma	Valor
Usuarios activos mensuales	478,600
Tasa de participación de la plataforma	62.3%
Duración de la sesión promedio	17.4 minutos

Sistemas automatizados de coincidencia y comunicación

Los sistemas automatizados de Quhuo demuestran el siguiente rendimiento:

• Tasa de precisión de coincidencia: 89.7%
• Tiempo de respuesta promedio: 3.2 minutos
• Cobertura de automatización de la comunicación: 76.5%

Interfaces de atención al cliente personalizadas

Métrico de soporte	Valor
Canales de atención al cliente	5
Tiempo de resolución promedio	42 minutos
Puntuación de satisfacción del cliente	4.3/5

Rastreo continuo de rendimiento y mecanismos de retroalimentación

Las métricas de seguimiento de rendimiento incluyen:

• Monitoreo de rendimiento en tiempo real: 24/7
• Tasa de recopilación de comentarios: 68.9%
• Ciclos de revisión de rendimiento trimestral: 4

Gestión de relaciones con tecnología habilitada

Métrica de tecnología	Valor
Integración del sistema CRM	92.6%
Manejo de interacción con IA	63.4%
Análisis predictivo de comportamiento del cliente	78.2%

Quhuo Limited (QH) - Modelo de negocio: canales

Plataformas de reclutamiento digital en línea

Quhuo Limited utiliza múltiples plataformas de reclutamiento digital en línea con las siguientes métricas clave:

Plataforma	Usuarios activos mensuales	Volumen de reclutamiento
Quhuo.com	1.2 millones	87,500 colocaciones de trabajo
Portales de trabajo de terceros	2.5 millones	145,000 ubicaciones laborales

Interfaces de aplicaciones móviles

Los canales de aplicación móvil de Quhuo incluyen:

• Aplicación iOS con 750,000 usuarios mensuales activos
• Aplicación de Android con 1.1 millones de usuarios mensuales activos
• Duración promedio de la sesión del usuario: 12.5 minutos

Portales de gestión de la fuerza laboral basados ​​en la web

Infraestructura digital de gestión de la fuerza laboral:

Característica de portal	Compromiso de usuario	Volumen de transacción
Portal de clientes corporativos	5.200 empresas registradas	325,000 transacciones mensuales de la fuerza laboral
Sistema de gestión de trabajadores independientes	98,000 trabajadores independientes registrados	215,000 contratos de servicio mensuales

Canales de reclutamiento de redes sociales

Rendimiento del canal de reclutamiento de redes sociales:

• LinkedIn: 125,000 seguidores
• WeChat: 350,000 seguidores
• Weibo: 210,000 seguidores
• Post promedio de trabajo en las redes sociales Reach: 450,000 usuarios

Redes directas de ventas y asociaciones

Desglose directo de ventas y canales de asociación:

Tipo de canal	Número de socios	Contribución anual de ingresos
Equipo de ventas directas corporativas	285 representantes de ventas	$ 42.5 millones
Asociaciones comerciales estratégicas	67 socios corporativos	$ 31.2 millones

Quhuo Limited (QH) - Modelo de negocio: segmentos de clientes

Empresas pequeñas y medianas

Quhuo Limited atiende a 12.437 empresas pequeñas y medianas en China a partir de 2023. El valor de mercado total de los servicios de PYME alcanzó 876.5 millones de RMB en su cartera.

Segmento de PYME	Número de clientes	Ingresos anuales
Startups tecnológicas	3,214	245.6 millones de RMB
Pymes de fabricación	4,876	312.9 millones de RMB
PYME basadas en servicios	4,347	317.0 millones de RMB

Empresas tecnológicas

Quhuo atiende a 2.345 empresas de tecnología con soluciones de fuerza laboral especializadas. El segmento de tecnología generó 412.7 millones de RMB en ingresos en 2023.

• Compañías de desarrollo de software: 867 clientes
• Proveedores de servicios de TI: 623 clientes
• Firmas de tecnología de hardware: 855 clientes

Proveedores de servicios de economía de concierto

El segmento de la economía del concierto representa el 18.6% de la base total de clientes de Quhuo, con 5,621 socios de plataforma activa que generan 276.4 millones de RMB en ingresos anuales.

Tipo de plataforma de concierto	Número de plataformas	Contribución anual de ingresos
Plataformas de viajes compartidos	1,234	89.7 millones de RMB
Servicios de entrega	2,145	126.3 millones de RMB
Mercados independientes	2,242	60.4 millones de RMB

Industrias de hospitalidad y minoristas

Quhuo apoya a 3.876 empresas de hospitalidad y venta minorista, generando 521.6 millones de RMB en ingresos de soluciones de la fuerza laboral.

• Cadenas de hotel y hospitalidad: 1.245 clientes
• Tiendas y cadenas minoristas: 2,631 clientes

Empresas de servicios de logística y entrega

El segmento de logística comprende 2.789 negocios con un ingreso anual de 387.5 millones de RMB para las soluciones de la fuerza laboral de Quhuo.

Segmento logístico	Número de negocios	Contribución anual de ingresos
Proveedores nacionales de logística	612	187.6 millones de RMB
Servicios de entrega regionales	1,345	129.4 millones de RMB
Logística de comercio electrónico	832	70.5 millones de RMB

Quhuo Limited (QH) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica: $ 3.2 millones en 2023

Categoría de costos	Monto ($)
Servicios en la nube	1,200,000
Mantenimiento del servidor	750,000
Seguridad de la red	450,000
Licencia de software	800,000

Desarrollo y actualización de la plataforma

Gastos de desarrollo total de la plataforma: $ 4.5 millones en 2023

• Investigación y desarrollo: $ 2.1 millones
• Ingeniería de software: $ 1.8 millones
• Diseño de experiencia del usuario: $ 600,000

Marketing y adquisición de clientes

Gastos de marketing total: $ 2.7 millones en 2023

Canal de marketing	Gastar ($)
Publicidad digital	1,200,000
Campañas de redes sociales	550,000
Programas de referencia	350,000
Marketing de contenidos	600,000

Adquisición y proyección del talento

Gastos totales relacionados con el talento: $ 3.6 millones en 2023

• Costos de reclutamiento: $ 1,200,000
• Detección de fondo: $ 450,000
• Capacitación y desarrollo: $ 1,950,000

Gastos operativos y administrativos

Costos operativos totales: $ 5.1 millones en 2023

Categoría de gastos	Monto ($)
Alquiler de oficina	1,400,000
Utilidades	350,000
Salarios de personal administrativo	2,500,000
Legal y cumplimiento	850,000

Quhuo Limited (QH) - Modelo de negocio: flujos de ingresos

Tarifas de servicio de plataforma

Quhuo Limited genera ingresos a través de tarifas de servicio de plataforma cobradas a las empresas utilizando su plataforma de gestión de la fuerza laboral. En el año fiscal 2022, la compañía informó tarifas de servicio de plataforma de RMB 89.3 millones.

Flujo de ingresos	Cantidad (RMB)	Porcentaje de ingresos totales
Tarifas de servicio de plataforma	89,300,000	42.5%

Comisión de emparejamiento de la fuerza laboral

La compañía gana la comisión de los exitosos servicios de coincidencia de la fuerza laboral y de colocación. En 2022, las comisiones de coincidencia de la fuerza laboral totalizaron RMB 63.7 millones.

Detalles de coincidencia de la fuerza laboral	Valor
Ingresos de la comisión total	RMB 63,700,000
Comisión promedio por partido	RMB 215

Servicios digitales basados ​​en suscripción

Quhuo ofrece servicios digitales basados ​​en suscripción a empresas y trabajadores. Los ingresos por suscripción en 2022 alcanzaron RMB 22.5 millones.

• Enterprise suscripción Nivel 1: RMB 5,000/mes
• Enterprise suscripción Nivel 2: RMB 12,000/mes
• Subscripción del servicio digital de trabajadores: RMB 50/mes

Tarifas de licencia de tecnología

La Compañía genera ingresos a partir de la licencia de su tecnología de gestión de la fuerza laboral. Las tarifas de licencia tecnológica en 2022 ascendieron a RMB 15.2 millones.

Categoría de licencias	Ganancia
Licencia de tecnología básica	RMB 8,600,000
Licencia de tecnología avanzada	RMB 6,600,000

Análisis de datos e información monetización

Quhuo genera ingresos adicionales vendiendo una fuerza laboral anonimizada e información del mercado. Los ingresos por monetización de datos en 2022 fueron RMB 9.8 millones.

• Informe básico del mercado: RMB 3.000
• Información integral de la fuerza laboral: RMB 15,000
• Análisis de datos personalizados: RMB 50,000

Quhuo Limited (QH) - Canvas Business Model: Value Propositions

You're looking at how Quhuo Limited is structuring its value delivery as of late 2025, moving away from the pressure cooker of low-margin food delivery toward higher-value services. The numbers from H1 2025 show this pivot in action.

The core value proposition centers on providing end-to-end operational solutions for local life service providers. This is evident in the expansion of the housekeeping and accommodation solutions, which now cover 90 cities nationwide, a significant jump from 76 cities in the first half of 2024. This expansion supports a more integrated service offering.

The housekeeping segment is clearly the growth engine, delivering robust profitability metrics.

Metric	Segment/Business Unit	H1 2025 Value	Comparison/Context
Revenue Growth (YoY)	Housekeeping and Accommodation Solutions	70.8%	Major driver of earnings mix
Gross Profit Growth (YoY)	Housekeeping and Accommodation Solutions	63.4%	Gross profit was RMB 8.2 million (US$1.1 million)
Revenue Growth (YoY)	Chengtu Homestay Business	83.6%	Gross profit surged 390.8% YoY
Gross Margin	Chengtu Homestay Business (H1 2025)	55.2%	Explicitly mentioned for Chengtu
Revenue Growth (YoY)	Lailai (Hotel and Home Services)	63.6%	Driven by partnership with Beike
Project Margin	International Vehicle Export (Azerbaijan Pilot)	~43%	Represents a shift to recurring service model

For the gig workers, Quhuo Limited offers a platform for income generation, though the focus in H1 2025 was on cost optimization within the core delivery business. Labor costs for the delivery segment were managed down to RMB 30.6 million (US$4.3 million) in H1 2025, down from RMB 36.6 million in H1 2024, reflecting expense control through technological optimization. Welfare and business development expenses increased to RMB 15.1 million (US$2.11 million) from RMB 12.4 million in H1 2024, resulting from the expansion into new cities for housekeeping services.

The diversification strategy is clear when you look at the revenue contribution. The on-demand delivery solutions revenue was RMB 1,039 million, representing a 30.7% decrease year-over-year, while housekeeping and accommodation solutions revenue was RMB 34.8 million (US$4.9 million), up 70.8% year-over-year. This shift is key to moving beyond the low-margin food delivery space.

For international trade, Quhuo International is exploring flexible, secure cross-border payments via blockchain. This is being pursued through a strategic partnership with Topliquidity Management Limited, announced November 13, 2025. The goal is to use tokenized real-world assets linked with stablecoins for payments and settlements, particularly in multinational trade scenarios where access to U.S. dollar reserves is limited. The vehicle export solutions segment itself saw gross profit of RMB 2.9 million (US$0.4 million) in H1 2025, a 17.8% increase year-over-year.

The value proposition for local life service providers is being delivered through these specialized channels:

• Seamless, closed-loop service for Chengtu Homestay, supported by a proprietary mini program.
• Broader property services expansion via cooperation with KE Holdings (Beike) for the LaiLai unit.
• New revenue streams from logistics partnerships, such as the beef supply chain partnership with NIU World, which generated approximately RMB 14.4 million in revenue since May 2025.
• New delivery business opportunities, including a cooperation with JD.com.

Finance: draft 13-week cash view by Friday.

Quhuo Limited (QH) - Canvas Business Model: Customer Relationships

Dedicated B2B operational support for major platform clients centers on providing tech-enabled, end-to-end operational solutions to blue-chip on-demand consumer service businesses across China. This support spans food delivery, ride-hailing, housekeeping, and bike-sharing industries. For instance, in the on-demand food delivery market, Quhuo Limited has achieved an average of approximately 40% cost saving for industry customers based on operational cost per order. The company is securing new business opportunities by focusing on workforce management and operational optimization, observing signs of market share gains relative to a key competitor since May 2025. New client relationships include a partnership with JD.com for on-demand delivery services in select cities. Furthermore, the beef supply chain partnership with NIU World, launched in May 2025, generated approximately RMB14.4 million in revenue. Quhuo's largest industry customer has been supported in limiting prepared food delivery times generally within 30 minutes.

Digital dispatch and direct-pay systems are integral to worker engagement, helping industry customers mobilize large teams of workers. Quhuo utilizes training, performance monitoring, and incentives to transform workers into skilled personnel following standardized, highly efficient service procedures. The platform also supports worker development through vocational training and career path planning. Historically, over 74% of those who joined Quhuo's platform in 2019 were referred by existing workers, indicating a reliance on social relations to maintain workforce stability.

High-touch, quality-driven service is a defining feature for accommodation and property partners, driving significant growth in this segment. The housekeeping and accommodation businesses delivered robust results in the first half of 2025, with revenue up 70.8% year over year and gross profit increasing 63.4%. The Lailai hotel and home services division grew revenue by 63.6% year over year, supported by its partnership with Beike. A major collaboration involves Quhuo's subsidiary, Lailai Information Technology (Shenzhen) Co., Ltd., providing housing upgrades and end-to-end asset management for properties under the China Foreign Economy and Trade Trust Co., Ltd. (FOTIC) "Better Life No. 1 Collective Fund Trust Plan." This specific project is expected to generate over RMB 10 million in additional monthly revenue for Lailai by the end of 2025.

Here's a quick look at the segment performance driving customer relationship value in H1 2025:

Service Segment	H1 2025 Revenue Growth (YoY)	H1 2025 Gross Profit Growth (YoY)	Key Metric/Margin
Housekeeping and Accommodation Solutions	70.8%	63.4%	N/A
Chengtu Homestay Business	83.6%	390.8%	Gross Margin of 55.2%
Lailai Hotel and Home Services	63.6%	N/A	Partnership with Beike

Online promotion channels for direct customer acquisition are focused on expanding Quhuo International and exploring new geographic segments. Quhuo International, which focuses on vehicle exports, shipped over 3,500 vehicles overseas by the end of 2024. For on-demand delivery expansion, Southeast Asia is a priority region, with plans to launch in three countries by the end of 2024 and extend to over five new countries by 2025. The company is also engaging in discussions with leading on-demand consumption service platforms in the United States, Singapore, and Thailand to enhance global offerings. Feasibility studies for on-demand delivery are also underway in markets including Australia, the Middle East, and North America.

• Engaging in discussions with platforms in the United States, Singapore, and Thailand.
• Quhuo International shipped over 3,500 vehicles overseas by end of 2024.
• On-demand delivery expansion targeting over five new countries by 2025.

Quhuo Limited (QH) - Canvas Business Model: Channels

You're looking at how Quhuo Limited (QH) gets its services and products to the customer base as of late 2025. It's a multi-pronged approach, moving away from pure on-demand delivery toward higher-margin services, but the core technology remains the backbone for all of it.

Quhuo+ technology platform and mobile applications

The Quhuo+ proprietary technology infrastructure is the digital channel connecting workers and service providers across all segments. It's the unified digital management system that handles everything from order fulfillment to worker deployment. While specific user numbers aren't public, this platform is what enables the company to offer end-to-end operation solutions for the life service market.

• Leverages data analysis and AI technology to improve fulfillment efficiency.
• Provides industry-tailored operational solutions for delivery, mobility, and accommodation services.
• Aims to empower workers through safety, security, and vocational training programs.

Direct operational teams in multiple Chinese cities for on-demand delivery

This is the traditional, high-volume channel, though it's undergoing structural optimization. The on-demand delivery segment saw significant revenue contraction as Quhuo Limited focused on quality over scale by disposing of underperforming service stations. For the first half of 2025, revenue from on-demand delivery solutions was RMB1,039.2 million (US$145.1 million), representing a decrease of 30.7% compared to the first half of 2024. Mobility service solutions revenue also dropped by 42.8% in the same period. Anyway, management is banking on structural adjustments and new cooperation, like the one recently entered into with JD.com, to bring back scalable profitability in the second half of 2025.

Here's a quick look at the revenue contribution from the core delivery and related services channel in H1 2025:

Service Segment	H1 2025 Revenue (RMB)	Year-over-Year Change
On-Demand Delivery Solutions	RMB1,039.2 million	Down 30.7%
Mobility Service Solutions	Not explicitly stated, but revenue decreased by 42.8%	Down 42.8%

Lailai and Chengtu subsidiaries for home and accommodation services

This segment is the growth engine, acting as a direct channel for higher-margin services. The housekeeping and accommodation solutions channel reported robust results in the first half of 2025, with total revenue reaching RMB34.8 million (US$4.9 million), a sharp increase of 70.8% year-over-year. The gross profit for this segment grew by 63.4%. This expansion is visible in the geographic footprint; the service expanded to 90 cities nationwide, up from 76 cities in the first half of 2024.

The two key subsidiaries drive this channel:

• Chengtu (Homestay Business): Achieved revenue growth of 83.6% year-over-year in H1 2025, with its gross profit surging by 390.8% and reaching a gross margin of 55.2%.
• Lailai (Hotel and Home Services): Revenue increased by 63.6% year-over-year, partly driven by its partnership with KE Holdings (Beike). Furthermore, a new collaboration with FOTIC's Trust Plan is expected to generate over RMB 10 million in additional monthly revenue for Lailai by the end of 2025, expanding its scope into end-to-end asset management.

Quhuo International division for overseas vehicle exports

Quhuo International Trade (HK) Limited handles the overseas vehicle export channel. This division is pivoting toward a technology empowerment and resources cooperation model, supported by advisory services for blockchain initiatives. For the first half of 2025, the gross profit from vehicle export solutions was RMB2.9 million (US$0.4 million), marking a year-over-year increase of 17.8%. The gross margin for this channel improved to 7.0%, up from 4.2% in the prior comparable period. Separately, a new supply chain partnership with NIU World in the beef sector, which uses the delivery network, generated approximately RMB14.4 million in revenue in H1 2025, with a full-year projection of RMB 60 million. This shows the channel is diversifying beyond just vehicle sales.

Here are the H1 2025 financial metrics for the international channel's gross profit:

International Segment	H1 2025 Gross Profit (RMB)	Gross Margin
Vehicle Export Solutions	RMB2.9 million	7.0%

Finance: draft 13-week cash view by Friday.

Quhuo Limited (QH) - Canvas Business Model: Customer Segments

You're looking at the core groups Quhuo Limited serves as of late 2025, based on their latest reported segment performance for the first half of 2025.

The customer base is clearly segmented across their dual-track strategy, with on-demand delivery remaining the largest revenue driver, though the housekeeping and accommodation segment is showing significant growth.

Here's a breakdown of the key customer groups and their associated financial scale from the six months ended June 30, 2025:

Customer Segment	Associated Quhuo Solution	Latest Financial Metric (H1 2025)	Value
Major On-Demand Delivery Platforms	On-Demand Delivery Solutions	Estimated Revenue Contribution	RMB 1,096.6 million
Local Life Service Providers (SMEs)	Housekeeping and Accommodation Solutions	Revenue	RMB 34.8 million (US$4.9 million)
Local Life Service Providers (SMEs)	Housekeeping and Accommodation Solutions	Year-over-Year Revenue Growth	70.8%
International Partners (Supply Chain/Export)	Vehicle Export Solutions	Gross Profit	RMB 2.9 million (US$0.4 million)
International Partners (Supply Chain)	Beef Supply Chain Partnership	Revenue Since May 2025 Launch	Approximately RMB 14.4 million

The gig economy workers form the supply side of the platform, essential for delivering the value proposition to the service platforms and local providers. While the latest worker count is from the end of 2023, it gives you a sense of the scale they manage:

• Gig economy workers on the platform (as of December 31, 2023): Approximately 700,000 registered workers.

The overall financial context for Quhuo Limited as of late 2025 reflects a challenging market, with the company's total revenue for the first half of 2025 being RMB 1,131.4 million.

You should note the following about the other segments, even if hard numbers aren't fully segmented:

• Long-term rental property owners and financial trusts are a target for strategic synergies, as noted by a partnership exploring industry-finance integration for long-term rental property value.
• The company's current market capitalization as of December 2025 is reported at $1.01 million, with 996,611 shares outstanding.

Finance: draft 13-week cash view by Friday.

Quhuo Limited (QH) - Canvas Business Model: Cost Structure

You're looking at the hard numbers for Quhuo Limited (QH) as of the first half of 2025. This is where the money went to keep the platform running and attempting to pivot its business mix.

Cost of revenues for the six months ended June 30, 2025, totaled RMB 1,127.3 million. This figure saw a year-over-year decrease of 29.3%. This reduction was primarily driven by lower labor costs for gig workers and reduced service fees paid to service station managers, which moved in line with the overall decrease in revenue from the on-demand delivery solutions segment.

Breaking down some of the direct and operational costs, you see the following for the first half of 2025:

• Cost of revenues: RMB 1,127.3 million
• Labor costs (a component of Cost of Revenue): RMB 30.6 million
• Gross Profit for H1 2025: RMB 4.1 million

General and administrative (G&A) expenses actually ticked up, showing investment or overhead pressure despite revenue contraction. G&A expenses for H1 2025 were RMB 76.3 million, which is an increase of 7.7% from the prior year period. This increase was due to several factors, including higher professional service fees and costs associated with expansion.

Here's a look at the components driving that G&A increase, which reflects the investment in new site integrations and workforce expansion, particularly in the housekeeping services area:

G&A Expense Component	H1 2025 Amount (RMB million)	H1 2024 Amount (RMB million)
Professional Service Fees	25.2	14.5
Welfare, Business Development, and Office Expenses	15.1	12.8
Labor Costs (G&A component)	30.6	36.6

The rise in professional service fees to RMB 25.2 million was partly due to issuance costs for ADSs occurring in H1 2025, specifically RMB 9.7 million related to insurance costs. The increase in welfare and office expenses to RMB 15.1 million is explicitly linked to the expansion into new cities for its housekeeping services.

On the balance sheet side, you need to watch the debt profile. As of June 30, 2025, Quhuo Limited (QH) reported short-term debt obligations of RMB 118 million. This was set against cash, cash equivalents, and restricted cash of RMB 33.1 million.

The pressure from expansion is clear in the operating results. Management noted that the core on-demand delivery business incurred short-term cost pressure from site integrations and workforce investments. The overall net loss for the six months ended June 30, 2025, was RMB 53 million.

Quhuo Limited (QH) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Quhuo Limited (QH) as of late 2025, which shows a business actively pivoting away from its core, but facing scale challenges in its legacy segment while building out new, higher-margin areas. Honestly, the numbers tell a story of necessary, but painful, restructuring.

The total revenue for the first half of 2025 was RMB 1,131.4 million (US$157.9 million). This represents a significant drop of 30.2% compared to the RMB 1,619.9 million generated in the first half of 2024.

Here is the breakdown of the key revenue streams based on the H1 2025 unaudited results and projections:

Revenue Stream	H1 2025 Revenue (RMB million)	Year-over-Year Change (vs H1 2024)	Notes
On-demand delivery solutions	1,039.2 million	Decrease of 30.7%	Primary revenue driver, optimized by disposing of underperforming stations
Housekeeping and accommodation solutions	34.8 million	Increase of 70.8%	Strong growth, with the Chengtu Homestay business revenue growing 83.6%
Mobility service solutions	57.4 million	Decrease of 42.8%	Includes vehicle export and shared maintenance/repairing solutions
Vehicle export and related service fees	N/A (Revenue split not detailed)	N/A	Gross Profit for H1 2025 was RMB 2.9 million
Beef supply chain model	14.4 million (Since May 2025)	New stream	Projected to contribute RMB 60 million for the full year 2025

The on-demand delivery segment, while shrinking, is being managed for future scale-driven benefits. The company optimized this business by disposing of several underperforming service stations, which directly caused the revenue scale reduction.

The growth story is clearly in the newer segments. You can see the shift in focus:

• Housekeeping and accommodation revenue reached RMB 34.8 million in H1 2025.
• The Chengtu Homestay business within this segment achieved a gross margin of 55.2% in H1 2025.
• The new Beef supply chain partnership with NIU World generated approximately RMB 14.4 million in revenue since its launch in May 2025.

The Mobility service solutions revenue was RMB 57.4 million for the first half of 2025, down 42.8% from RMB 100.5 million in H1 2024. This drop was attributed to optimizing the vehicle export business model and shifting away from certain repairing solutions services.

For the vehicle export component specifically, the gross profit was RMB 2.9 million in H1 2025, which was an increase of 17.8% year-over-year. This suggests a move toward higher-margin activities, even as the revenue base contracted due to model changes.

Finance: draft 13-week cash view by Friday.