Quhuo Limited (QH): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des solutions de main-d'œuvre, Quhuo Limited (QH) apparaît comme une force transformatrice, révolutionnant la façon dont les entreprises se connectent avec le talent grâce à sa plate-forme numérique innovante. En tirant parti de la technologie de pointe axée sur l'IA et un écosystème complet d'outils de gestion de la main-d'œuvre, Quhuo comble l'écart entre les marchés du travail flexibles et les entreprises à la recherche de stratégies de recrutement agiles et efficaces. Leur toile de modèle commercial unique révèle une approche sophistiquée qui va au-delà des modèles d'embauche traditionnels, offrant un aperçu de l'avenir de l'acquisition et de la gestion des talents dans l'économie des concerts en évolution rapide.

Quhuo Limited (QH) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les plateformes de service locales et les réseaux d'économie de concert

Quhuo Limited a établi des partenariats avec plusieurs plateformes de services locaux à travers la Chine, en se concentrant sur le déploiement et la gestion de la main-d'œuvre.

Plate-forme partenaire	Focus de partenariat	Couverture géographique
Meituan	Gestion des travaux de livraison de nourriture	52 villes en Chine
Didi	Services de conducteur en randonnée	38 villes de Chine
Ele.me	Optimisation de la main-d'œuvre de livraison	47 villes en Chine

Partenariats avec les fournisseurs de technologies pour les solutions de gestion de la main-d'œuvre

Quhuo collabore avec les entreprises technologiques pour améliorer les capacités de gestion de la main-d'œuvre.

• Alibaba Cloud - Cloud Infrastructure and Data Management Solutions
• Tencent Technology - Algorithmes d'allocation de la main-d'œuvre axés sur l'IA
• Baidu Ai - Technologies de prédiction de la main-d'œuvre de l'apprentissage automatique

Coopération avec les marchés du travail régionaux et les agences de recrutement

Partenaire de recrutement	Volume de placement annuel	Régions de service
Zhaopin.com	85 000 travailleurs	Villes de niveau 1 et de niveau 2
51job.com	72 000 travailleurs	Chine orientale et sud

Alliances avec des plateformes numériques pour l'acquisition et la distribution de talents

Les partenariats de plate-forme numérique permettent à Quhuo d'élargir l'efficacité de la portée et du recrutement des effectifs.

• Programmes WECHAT MINI - Channeaux de recrutement des travailleurs directs
• Plateformes ByTedance - Sourcing de talents via les réseaux de médias sociaux
• LinkedIn China - Acquisition professionnelle de la main-d'œuvre

Couverture totale de l'écosystème du partenariat: 89 villes à travers la Chine

Placement annuel de la main-d'œuvre par le biais de partenariats: 420 000 travailleurs

Quhuo Limited (QH) - Modèle d'entreprise: activités clés

Développer des logiciels de gestion de la main-d'œuvre et des plateformes numériques

Quhuo Limited a investi 32,4 millions de RMB dans les frais de recherche et de développement en 2022, en se concentrant sur l'amélioration des plates-formes technologiques.

Métriques de développement de plate-forme	2022 statistiques
Taille totale de l'équipe de développement de logiciels	167 ingénieurs
Base d'utilisateurs de plate-forme numérique	1,2 million d'utilisateurs enregistrés
Volume de transaction de plate-forme	3,8 millions de transactions de correspondance de main-d'œuvre

Fournir des services de correspondance de main-d'œuvre à la demande

• Couverture des services dans 28 villes en Chine
• Temps de placement moyen des travailleurs: 2,3 heures
• Taux de rétention des travailleurs: 68,5%

Mise en œuvre de solutions de recrutement technologique avancées

Quhuo déployé Algorithmes de recrutement alimentés par l'IA Traitement 450 000 profils de candidats mensuellement.

Métriques de la technologie de recrutement	Indicateurs de performance
Précision correspondante de l'IA	87.3%
Données de formation à l'apprentissage automatique	2,6 millions de dossiers d'emploi historiques

Gérer les écosystèmes de main-d'œuvre flexibles

Quhuo opère sur plusieurs verticales de l'industrie avec 42 000 clients d'entreprise actifs en 2022.

• Segments primaires de l'industrie:
  • Retail: 35% de la main-d'œuvre
  • Logistique: 25% de la main-d'œuvre
  • Service alimentaire: 18% de la main-d'œuvre
  • Fabrication: 12% de la main-d'œuvre
  • Autres: 10% de la main-d'œuvre

Quhuo Limited (QH) - Modèle d'entreprise: Ressources clés

Technologie de correspondance de la main-d'œuvre axée sur l'IA propriétaire

Depuis 2024, la technologie de correspondance de la main-d'œuvre de l'AI de Quhuo traite environ 500 000 emplois de travailleur-travail mois avec une précision de placement de 87,3%.

Métrique technologique	Valeur quantitative
Matchs de la main-d'œuvre mensuels	500,000
Précision de placement	87.3%
Itérations de l'algorithme AI	24 par an

Infrastructure de plate-forme numérique

Les soutiens à l'infrastructure numérique de Quhuo:

• 3,2 millions de travailleurs enregistrés
• Plus de 12 000 clients d'entreprise
• Temps de disponibilité de la plate-forme: 99,97%

Composition de la base de données des travailleurs

Catégorie des travailleurs	Nombre
Total des travailleurs enregistrés	3,200,000
Travailleurs techniques qualifiés	1,280,000
Travailleurs de l'industrie des services	1,600,000

Capacités d'analyse des données

Traitement de l'apprentissage automatique: 2.5 Pétaoctets de données de main-d'œuvre traités mensuellement avec une précision prédictive de 92,6%.

Équipe de développement technologique

• Personnel d'ingénierie total: 426
• Investissement en R&D: 18,4 millions de dollars par an
• Demandes de brevet: 37 en 2024

Métriques de l'équipe d'ingénierie	Valeur
Ingénieurs totaux	426
Investissement annuel de R&D	$18,400,000
2024 demandes de brevet	37

Quhuo Limited (QH) - Modèle d'entreprise: propositions de valeur

Solutions de marché du travail flexibles et efficaces

Quhuo Limited fournit des solutions de main-d'œuvre avec 345 672 travailleurs enregistrés dans plusieurs secteurs au T4 2023. La plate-forme prend en charge 87 catégories d'emplois différentes avec un taux de placement moyen des travailleurs de 72,4%.

Catégorie de service	Nombre de travailleurs enregistrés	Efficacité de placement
Services de vente au détail	124,567	68.3%
Logistique	89,234	76.2%
Hospitalité	65,432	74.5%

Correspondance des talents rapides et précis pour les entreprises

L'algorithme de correspondance de la plate-forme axé sur l'IA atteint une précision de placement réussie de 84,6%. Le temps de correspondance moyen est de 2,3 heures par rapport à la publication d'emploi à la mission des travailleurs.

Plateforme de gestion de la main-d'œuvre rentable

Quhuo réduit les coûts d'acquisition de la main-d'œuvre de 37,5% par rapport aux méthodes de recrutement traditionnelles. Le coût moyen par location via la plate-forme est de 124 $, contre 198 $ par le biais de canaux traditionnels.

• Volume de transaction de plate-forme annuelle: 456 millions de dollars
• Économies moyennes des clients: 42 000 $ par an
• Taux de commission de la plate-forme: 12,5%

Processus de recrutement rationalisés utilisant des technologies avancées

Le processus de recrutement compatible la technologie gère 67 890 affectations d'emploi par mois avec une cote de fiabilité du système de 93,2%.

Réduction de la complexité d'embauche pour les employeurs

Quhuo réduit le temps d'embauche des employeurs de 61,3%, avec un calendrier moyen de réalisation des emplois de 4,2 jours par rapport à la norme de l'industrie de 10,7 jours.

Embauche de métrique	Performance quhuo	Norme de l'industrie
Il est temps d'embaucher	4,2 jours	10,7 jours
Précision de dépistage des candidats	89.7%	72.4%

Quhuo Limited (QH) - Modèle d'entreprise: relations clients

Plates-formes de libre-service numériques

En 2024, Quhuo Limited exploite des plateformes numériques avec les mesures clés suivantes:

Métrique de la plate-forme	Valeur
Utilisateurs actifs mensuels	478,600
Taux d'engagement de la plate-forme	62.3%
Durée moyenne de la session	17,4 minutes

Systèmes de correspondance et de communication automatisés

Les systèmes automatisés de Quhuo montrent les performances suivantes:

• Taux de précision de correspondance: 89,7%
• Temps de réponse moyen: 3,2 minutes
• Couverture d'automatisation de la communication: 76,5%

Interfaces de support client personnalisées

Métrique de soutien	Valeur
Canaux de support client	5
Temps de résolution moyen	42 minutes
Score de satisfaction du client	4.3/5

Mécanismes de suivi des performances continues et de rétroaction

Les mesures de suivi des performances comprennent:

• Surveillance des performances en temps réel: 24/7
• Taux de collecte des commentaires: 68,9%
• Cycles de revue des performances trimestrielles: 4

Gestion des relations avec la technologie

Métrique technologique	Valeur
Intégration du système CRM	92.6%
Gestion d'interaction alimentée par AI	63.4%
Analyse prédictive du comportement des clients	78.2%

Quhuo Limited (QH) - Modèle d'entreprise: canaux

Plateformes de recrutement numérique en ligne

Quhuo Limited utilise plusieurs plateformes de recrutement numérique en ligne avec les mesures clés suivantes:

Plate-forme	Utilisateurs actifs mensuels	Volume de recrutement
Quhuo.com	1,2 million	87 500 employés
Portails d'emploi tiers	2,5 millions	145 000 emplacements

Interfaces d'application mobile

Les canaux d'application mobile de Quhuo comprennent:

• Application iOS avec 750 000 utilisateurs mensuels actifs
• Application Android avec 1,1 million d'utilisateurs mensuels actifs
• Durée moyenne de la session utilisateur: 12,5 minutes

Portails de gestion de la main-d'œuvre sur le Web

Infrastructure numérique de gestion de la main-d'œuvre:

Caractéristique du portail	Engagement des utilisateurs	Volume de transaction
Portail client d'entreprise	5 200 entreprises enregistrées	325 000 transactions de main-d'œuvre mensuelles
Système de gestion des pigistes	98 000 pigistes enregistrés	215 000 contrats de service mensuels

Canaux de recrutement des médias sociaux

Performance du canal de recrutement des médias sociaux:

• LinkedIn: 125 000 abonnés
• WeChat: 350 000 abonnés
• Weibo: 210 000 abonnés
• Poste de travail moyen sur les réseaux sociaux: 450 000 utilisateurs

Réseaux de ventes directes et de partenariat

Ventes directes et ventilation du canal de partenariat:

Type de canal	Nombre de partenaires	Contribution annuelle des revenus
Équipe de vente directe d'entreprise	285 représentants des ventes	42,5 millions de dollars
Partenariats commerciaux stratégiques	67 partenaires d'entreprise	31,2 millions de dollars

Quhuo Limited (QH) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Quhuo Limited dessert 12 437 petites et moyennes entreprises à travers la Chine à partir de 2023. La valeur marchande totale des services PME a atteint 876,5 millions de RMB dans leur portefeuille.

Segment PME	Nombre de clients	Revenus annuels
Startups technologiques	3,214	245,6 millions de RMB
Fabrication des PME	4,876	312,9 millions RMB
PME basée sur le service	4,347	317,0 millions RMB

Entreprises technologiques

Quhuo dessert 2 345 sociétés technologiques avec des solutions spécialisées de la main-d'œuvre. Le segment de la technologie a généré 412,7 millions de RMB en revenus en 2023.

• Sociétés de développement de logiciels: 867 clients
• Fournisseurs de services informatiques: 623 clients
• Entreprises de technologie matérielle: 855 clients

Fournisseurs de services d'économie

Le segment de l'économie des concerts représente 18,6% de la clientèle totale de Quhuo, avec 5 621 partenaires de plate-forme active générant 276,4 millions de RMB en revenus annuels.

Type de plate-forme de concert	Nombre de plateformes	Contribution annuelle des revenus
Plates-formes de covoiturage	1,234	89,7 millions RMB
Services de livraison	2,145	126,3 millions de RMB
Marchés indépendants	2,242	60,4 millions de RMB

Industries de l'hôtellerie et de la vente au détail

Quhuo soutient 3 876 activités d'hôtellerie et de vente au détail, générant 521,6 millions de RMB dans les revenus des solutions de main-d'œuvre.

• Chaînes d'hôtels et d'accueil: 1 245 clients
• Magasins et chaînes de détail: 2 631 clients

Entreprises de logistique et de livraison

Le segment logistique comprend 2 789 entreprises avec un chiffre d'affaires annuel de 387,5 millions de RMB pour les solutions de main-d'œuvre de Quhuo.

Segment logistique	Nombre d'entreprises	Contribution annuelle des revenus
Fournisseurs de logistique nationale	612	187,6 millions de RMB
Services de livraison régionaux	1,345	129,4 millions de RMB
Logistique du commerce électronique	832	70,5 millions de RMB

Quhuo Limited (QH) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coûts d'infrastructure technologique annuelle: 3,2 millions de dollars en 2023

Catégorie de coûts	Montant ($)
Services cloud	1,200,000
Maintenance du serveur	750,000
Sécurité du réseau	450,000
Licence de logiciel	800,000

Développement et mises à niveau de la plate-forme

Total des dépenses de développement de la plate-forme: 4,5 millions de dollars en 2023

• Recherche et développement: 2,1 millions de dollars
• Ingénierie logicielle: 1,8 million de dollars
• Conception de l'expérience utilisateur: 600 000 $

Marketing et acquisition de clients

Total des dépenses de marketing: 2,7 millions de dollars en 2023

Canal de marketing	Dépenser ($)
Publicité numérique	1,200,000
Campagnes de médias sociaux	550,000
Programmes de référence	350,000
Marketing de contenu	600,000

Acquisition et dépistage des talents

Total des dépenses liées aux talents: 3,6 millions de dollars en 2023

• Coûts de recrutement: 1 200 000 $
• Dépistage des antécédents: 450 000 $
• Formation et développement: 1 950 000 $

Frais opérationnels et administratifs

Coûts opérationnels totaux: 5,1 millions de dollars en 2023

Catégorie de dépenses	Montant ($)
Loyer de bureau	1,400,000
Services publics	350,000
Salaires du personnel administratif	2,500,000
Juridique et conformité	850,000

Quhuo Limited (QH) - Modèle d'entreprise: Strots de revenus

Frais de service de plate-forme

Quhuo Limited génère des revenus grâce aux frais de service de plate-forme facturés aux entreprises en utilisant sa plateforme de gestion de la main-d'œuvre. Au cours de l'exercice 2022, la société a signalé des frais de service de plateforme de RMB 89,3 millions.

Flux de revenus	Montant (RMB)	Pourcentage du total des revenus
Frais de service de plate-forme	89,300,000	42.5%

Commission de correspondance de la main-d'œuvre

L'entreprise obtient une commission des services de mise en œuvre et de placement réussis de la main-d'œuvre. En 2022, les commissions de correspondance de la main-d'œuvre ont totalisé RMB 63,7 millions.

Détails de correspondance de la main-d'œuvre	Valeur
Revenus de commission totale	RMB 63 700 000
Commission moyenne par match	RMB 215

Services numériques basés sur l'abonnement

Quhuo offre des services numériques basés sur des abonnement aux entreprises et aux travailleurs. Les revenus d'abonnement en 2022 ont atteint RMB 22,5 millions.

• Abonnement d'entreprise Tier 1: 5 000 RMB / mois
• Abonnement d'entreprise Tier 2: RMB 12 000 / mois
• Abonnement du service numérique des travailleurs: RMB 50 / mois

Frais de licence de technologie

L'entreprise génère des revenus à partir des licences de sa technologie de gestion de la main-d'œuvre. Les frais de licence de technologie en 2022 se sont élevés RMB 15,2 millions.

Catégorie de licence	Revenu
Licence technologique de base	RMB 8 600 000
Licence de technologie avancée	RMB 6 600 000

Analyse des données et monétisation des informations

Quhuo génère des revenus supplémentaires en vendant des effectifs anonymisés et des informations sur le marché. Les revenus de monétisation des données en 2022 étaient RMB 9,8 millions.

• Rapport de base du marché: 3 000 RMB
• Informations sur la main-d'œuvre complète: 15 000 RMB
• Analyse des données personnalisées: 50 000 RMB

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.