$QH

QUHUO Ltd

CIK:0001781193|SEC Filings

Consolidated Statements of Comprehensive Income/(Loss) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Income Statement [Abstract]
Revenues	¥ 2,525,897	$ 361,198	¥ 3,046,871	¥ 3,702,387
Cost of revenues	(2,513,524)	(359,429)	(2,973,158)	(3,535,778)
General and administrative	(187,775)	(26,851)	(148,627)	(184,336)
Research and development	(7,114)	(1,017)	(10,690)	(12,378)
Gain on disposal of intangible assets	4,441	635	75,220	22,317
Total operating expenses	(190,448)	(27,233)	(84,097)	(174,397)
Operating loss	(178,075)	(25,464)	(10,384)	(7,788)
Interest income	193	28	385	1,047
Interest expense	(4,196)	(600)	(4,105)	(4,882)
Other income/(expense), net	(230)	(33)	(2,627)	16,704
Income/(loss) before income tax	(182,308)	(26,069)	(16,731)	5,081
Income tax benefit	31,797	4,547	18,343	927
Net income/(loss)	(150,510)	(21,522)	1,612	6,008
Net (income)/loss attributable to non-controlling interests	1,047	150	1,093	(2,674)
Net income/(loss) attributable to ordinary shareholders of Quhuo Limited	¥ (149,464)	$ (21,372)	¥ 2,705	¥ 3,334
Earnings/(loss) per share:
Basic (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (0.11)	$ (0.02)	¥ 0.01	¥ 0.06
Diluted (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ (0.11)	$ (0.02)	¥ 0.01	¥ 0.06
Shares used in earnings/(loss) per share computation:
Basic (in Shares)	1,394,483,782	1,394,483,782	416,025,918	55,534,919
Diluted (in Shares)	1,394,483,782	1,394,483,782	416,025,918	55,534,919
Net income/(loss):	¥ (150,510)	$ (21,522)	¥ 1,612	¥ 6,008
Net (income)/loss attributable to non-controlling interests	1,047	150	1,093	(2,674)
Other comprehensive income/(loss):
Foreign currency translation adjustment	(587)	(84)	916	2,188
Comprehensive income/(loss)	(151,098)	(21,606)	2,528	8,196
Comprehensive (income)/loss attributable to non-controlling interests	1,047	150	1,093	(2,674)
Comprehensive income/(loss) attributable to ordinary shareholders of Quhuo Limited	¥ (150,051)	$ (21,456)	¥ 3,621	¥ 5,522

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities
Net income/(loss)	¥ (150,510)	$ (21,522)	¥ 1,612	¥ 6,008
Depreciation	1,428	204	4,508	5,316
Amortization	14,277	2,042	17,192	20,430
(Recovery from)/provision for credit losses	25,580	3,658	5,935	(648)
Deferred income taxes	(23,636)	(3,380)	(13,670)	(6,093)
Share-based compensation	3,011	431		(495)
Gain on disposals of intangible assets	(4,441)	(635)	(75,220)	(22,317)
Changes in fair value of short-term investments			6,308	(5,507)
Others	459	62	1,167	1,128
Amounts due from a related party			253	3,623
Amounts due to related parties	4,142	592	1,350
Accounts receivable	29,382	4,202	179,900	19,701
Prepayments and other current assets	10,025	1,434	4,039	(42,379)
Other non-current assets	9,171	1,311	(16,699)	2,426
Accounts payable	15,858	2,268	(108,322)	(39,182)
Accrued expenses and other current liabilities	30,629	4,380	(36,026)	(24,605)
Right-of-use assets	3,088	442	1,570	(655)
Lease liabilities	(2,924)	(418)	(887)	961
Income taxes payable	5,322	761	4,057	(2,326)
Other non-current liabilities	(8,799)	(1,258)	8,195	(12,668)
Net cash used in operating activities	(37,939)	(5,426)	(14,738)	(97,282)
Cash flows from investing activities
Purchase of short-term investments			(530)	(70,010)
Proceeds from sales of short-term investments			530	72,510
Proceeds from disposal of short-term investments			863	1,419
Purchase of property and equipment	(1,453)	(208)	(924)	(142)
Acquisitions of intangible assets	(7,293)	(1,043)	(6,181)	(32,684)
Proceeds from disposals of intangible assets	11,850	1,695	5,782	46,824
Acquisition of equity investments	(29,301)	(4,190)
Proceeds from disposals of property and equipment	6,516	932	1,394	467
Net cash provided by/(used in) investing activities	(19,681)	(2,814)	934	18,384
Cash flows from financing activities
Proceeds from short-term debt	775,730	110,928	593,333	271,463
Repayments of short-term debt	(775,131)	(110,842)	(573,232)	(246,544)
Repayments of long-term debt	(4,706)	(673)	(1,923)	(698)
Proceeds from issuance ordinary shares	37,076	5,302	14,240
Net cash provided by financing activities	32,969	4,715	32,418	24,221
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(458)	(65)	48	110
Net (decrease)/increase in cash, cash equivalents and restricted cash	(25,109)	(3,590)	18,662	(54,567)
Cash, cash equivalents and restricted cash, at the beginning of year	65,118	9,312	46,456	101,023
Cash, cash equivalents and restricted cash, at the end of year	40,009	5,722	65,118	46,456
Supplemental disclosures of cash flow information:
Interest paid	2,398	343	2,786	3,167
Income tax paid	322	46	428	2,807
Supplemental disclosures of non-cash investing activities:
Operating lease liabilities arising from obtaining right-of-use assets	¥ 1,381	$ 197	¥ 4,235	¥ 4,970

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 38,376	$ 5,488	¥ 63,202
Restricted cash	1,633	234	1,916
Accounts receivable, net	266,332	38,085	295,713
Prepayments and other current assets	98,522	14,088	112,044
Total current assets	404,863	57,895	472,875
Non-current assets:
Property and equipment, net	2,356	337	8,847
Right-of-use assets, net	1,558	223	4,647
Intangible assets, net	44,629	6,382	57,985
Goodwill	65,481	9,364	65,481
Deferred tax assets	54,841	7,842	31,548
Other non-current assets	224,634	32,122	225,643
Total non-current assets	393,499	56,270	394,151
Total assets	798,362	114,165	867,026
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Accounts payable	161,635	23,113	145,777
Accrued expenses and other current liabilities	112,792	16,129	74,269
Short-term debt	113,447	16,223	112,848
Short-term lease liabilities	1,383	198	2,818
Total current liabilities	394,749	56,448	337,062
Long-term debt			4,706
Long-term lease liabilities	144	21	1,635
Deferred tax liabilities	256	37	599
Other non-current liabilities	53,609	7,666	62,408
Total non-current liabilities	54,009	7,724	69,348
Total liabilities	448,758	64,172	406,410
Commitments and contingencies
Shareholders’ equity:
Ordinary shares value	2,602	372	615
Additional paid-in capital	1,877,581	268,491	1,839,482
Accumulated deficit	(1,523,300)	(217,827)	(1,373,825)
Accumulated other comprehensive loss	(2,137)	(306)	(1,550)
Total Quhuo Limited shareholders’ equity	354,757	50,730	464,722
Non-controlling interests	(5,153)	(737)	(4,106)
Total shareholders’ equity	349,604	49,993	460,616
Total liabilities and shareholders’ equity	798,362	114,165	867,026
Related Parties
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Amounts due to related parties	¥ 5,492	$ 785	¥ 1,350