Quhuo Limited (QH): Business Model Canvas [Dec-2025 Updated]

You're digging into Quhuo Limited (QH)'s strategy as they navigate a clear pivot away from pure gig work into higher-value services, and frankly, it's a fascinating blueprint to dissect. Here's the quick math: they are balancing the massive volume of their on-demand delivery-which pulled in RMB 1,039 million in H1 2025-against the much juicier 55.2% gross margin from their growing housekeeping segment. That's the core tension. They are using their large, flexible gig economy workforce and proprietary tech to power this dual-track approach, which also now includes vehicle exports. It's a complex machine, but the structure is surprisingly clear. Dive into the full Business Model Canvas below to see exactly how they are funding this expansion, especially given their RMB 118 million in short-term debt as of June 30, 2025. That's the real story you need to see.

Quhuo Limited (QH) - Canvas Business Model: Key Partnerships

You're looking at how Quhuo Limited is stitching together strategic alliances to pivot its business model, moving beyond just being a fulfillment provider. These partnerships are critical for driving growth in the housekeeping and accommodation segments, which saw revenue jump 70.8% year over year in the first half of 2025.

Topliquidity Management for blockchain and digital currency advisory

Quhuo Limited announced a strategic partnership with Topliquidity Management Limited in November 2025. This deal focuses on providing advisory services for Quhuo's blockchain initiatives and digital currency strategies, specifically targeting Quhuo International's overseas vehicle export business. The goal is to enable more flexible settlement and asset management, including exploring the use of stablecoins and smart contracts for international operations where access to U.S. dollar reserves might be limited.

JD.com Takeaway for incremental on-demand delivery services

Quhuo Limited recently entered into a partnership with JD.com to supply on-demand delivery services across select cities. Management views this as a way to secure incremental revenue within China's highly competitive food delivery market, especially as Quhuo optimizes its core on-demand delivery structure. This move comes as the on-demand delivery segment saw revenue decrease by 30.7% to RMB 1,039 million in the first half of 2025 due to business optimization efforts.

Beike for improving residential service quality via Lailai subsidiary

Lailai Information Technology (Shenzhen) Co., Ltd., Quhuo's subsidiary specializing in hotel and home services, partners with Ke Holdings Inc. (Beike), a major housing transactions platform. Lailai delivers pre- and post-listing property maintenance, ongoing household support, and specialized services for resident groups. This collaboration is a key driver for Lailai's growth; its revenue increased 63.6% year over year in the first half of 2025. The partnership, which started in May 2024, already covers five cities, including Beijing, Shanghai, and Chengdu, with plans to enter five more.

The services Lailai provides through this alliance include:

• Pre- and post-listing property maintenance
• Ongoing household support services
• Specialized services for resident groups
• Cleaning and appliance/electrical repairs

FOTIC's Trust Plan for long-term rental property asset management

Lailai is also collaborating with China Foreign Economy and Trade Trust Co., Ltd. (FOTIC) through its 'Better Life No.1 Collective Fund Trust Plan.' Lailai provides housing upgrades and end-to-end asset management for the underlying rental properties. Quhuo expects this specific project to generate over RMB 10 million in additional monthly revenue for Lailai by the end of 2025. This moves Lailai's business scope from just cleaning and home services into renovation and asset management.

NIU World for the fresh beef supply chain empowerment model

The partnership with NIU World, launched in May 2025, establishes a fresh beef chain brand incubation platform, creating a vertically integrated supply chain from slaughterhouses to retail. This initiative is a clear example of Quhuo's shift to a supply chain enabler model. The progress is quantifiable:

Here's the quick math on the NIU World partnership's initial performance:

What this estimate hides is that the initial sales figure of over RMB 20 million was achieved within the first month of launch, showing strong initial market acceptance for this new venture.

Overall partnership impact summary for H1 2025:

Finance: draft 13-week cash view by Friday.

Quhuo Limited (QH) - Canvas Business Model: Key Activities

You're looking at the operational focus for Quhuo Limited (QH) as they push through a strategic pivot, so let's lay out the hard numbers driving these activities based on the first half of 2025 results.

Optimizing core on-demand delivery solutions for efficiency

The core on-demand delivery solutions segment revenue for the six months ended June 30, 2025, was RMB 1,039 million. This represented a year-over-year decrease of 30.7%, which the company attributed to business optimization, including exiting underperforming sites. Management noted signs of market share gains relative to a key competitor starting in May 2025. Economies of scale and profitability in this segment are expected to materialize in the second half of 2025. The company is also executing a new cooperation with JD for delivery services.

Accelerating expansion of high-margin housekeeping and accommodation

This segment showed significant upside, with revenue increasing by 70.8% year-over-year to RMB 34.8 million for the first half of 2025. Gross profit for this segment grew by 63.4% over the same period. The growth was driven by specific units:

• Home to Home achieved 83.6% revenue growth.
• Home to Home gross profit growth hit 319.8%.
• Home to Home gross margin rose to 65.2%.
• LaiLai's accommodation business revenue increased by 63.6% year-over-year.

The gross profit margin for housekeeping services and others in the second half of 2024 was 46.9%.

Workforce recruitment, training, and end-to-end operational management

Operational management is centered on streamlining structure and reallocating resources away from underperforming sites to concentrate on higher-revenue locations. The company focused on workforce management and operational optimization within the on-demand delivery segment to manage rising costs passed down by major clients.

Developing blockchain solutions for flexible cross-border settlements

No specific financial or statistical data points for blockchain solution development or cross-border settlement volumes were reported for the period ending late 2025.

Vehicle export and used NEV reconditioning business operations

The international business in used car exports reported a 17.8% increase in gross profit for the first half of 2025. The gross margin for this business improved from 4.2% to 7.0% in the first half of 2025. For context, the gross profit margin for vehicle export solutions in the second half of 2024 was 6.2%. In 2023, Quhuo International exported approximately 1,900 used vehicles, generating RMB 154.5 million in revenue.

Here's a quick look at the revenue contribution and growth for the main segments in H1 2025:

The total revenue for Quhuo Limited for the first half of 2025 was RMB1,131.4 million. Finance: draft Q3 2025 cash flow forecast by Monday.

Quhuo Limited (QH) - Canvas Business Model: Key Resources

You're looking at the core assets that power Quhuo Limited (QH) right now, late in 2025. These are the things the company owns or controls that are absolutely necessary to make the business model work.

The most immediate, hard number you need to track is the liquidity position. As of June 30, 2025, Quhuo Limited reported cash and cash equivalents, which included restricted cash, of RMB 33.1 million. This figure sits against a backdrop of short-term debt of RMB 118.3 million as of the same date.

The platform's operational backbone is its technology, which supports its two main tracks. This includes the Quhuo+ proprietary technology infrastructure for logistics and dispatch. While we don't have a specific metric for the tech stack itself, its function is to manage the massive scale of the on-demand delivery solutions, which generated revenue of RMB 1,039.2 million in the first half of 2025.

The human capital is another massive asset. Quhuo Limited maintains a large, flexible gig economy workforce in China. The company's strategy in H1 2025 centered on workforce management and operational optimization within this pool.

The strategic shift towards higher-margin services is underpinned by specific operational assets and brands:

• Chengtu Homestay services brand: This asset showed significant growth, with revenue up 83.6% year-over-year for the six months ended June 30, 2025.
• Lailai services brand: The accommodation business under Lailai recorded a 63.6% year-over-year increase in revenue for the same period.

Here's a quick look at how the key operational segments relate to the assets driving their recent performance:

The financial resources are thin but present. The cash and cash equivalents of RMB 33.1 million as of June 30, 2025, is a critical resource that management must deploy carefully against the RMB 118.3 million in short-term debt. Also key is the intellectual property related to the international vehicle business, which is shifting to a higher-margin, recurring service model, with its gross margin improving from 4.2% to 7.0% in H1 2025.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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:

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.