Quhuo Limited reported full year 2025 revenue of RMB 2.53 billion, down 17.1% year over year, with net loss of RMB 150.5 million and adjusted EBITDA loss of RMB 159.4 million. EPS turned negative as the company swung from a small 2024 profit. After-hours movement was not disclosed.
About Quhuo Limited
Quhuo Limited (Nasdaq: QH) is a China based gig economy platform focused on local life services, operating through on demand delivery, mobility service, and housekeeping and accommodation solutions. The company’s market capitalization is relatively small and consistent with a micro-cap U.S. listed ADR, with total shareholders’ equity of RMB 349.6 million at year end 2025.
Quhuo is headquartered in Beijing and leverages its Quhuo+ technology infrastructure to connect workers with platforms and merchants in sectors such as food delivery, shared bikes, ride hailing, homestays, and hotel services.
Founded in the last decade as an execution partner to major delivery platforms, the company now serves a broad range of urban service scenarios across China. As of December 31, 2025, Quhuo held cash, cash equivalents, and restricted cash of RMB 40.0 million, against short term debt of RMB 113.4 million, highlighting a tight liquidity position.
Top Financial Highlights
- Full year 2025 total revenues were RMB 2,525.9 million, down 17.1% from RMB 3,046.9 million in 2024.
- Second half 2025 total revenues were RMB 1,394.5 million, a 2.3% decline from RMB 1,426.9 million in the second half of 2024.
- Full year 2025 net loss attributable to Quhuo Limited was RMB 150.5 million, versus net income of RMB 1.6 million in 2024.
- Second half 2025 net loss attributable to Quhuo Limited was RMB 97.5 million, compared with net income of RMB 48.1 million a year earlier.
- Adjusted EBITDA for 2025 was a loss of RMB 159.4 million, compared with positive RMB 9.1 million in 2024.
- Second half 2025 adjusted EBITDA loss was RMB 99.2 million, versus positive RMB 43.8 million in the prior year period.
- On demand food delivery revenues for 2025 were RMB 2,334.2 million, down 17.5% from RMB 2,828.5 million in 2024.
- Mobility service solutions revenues were RMB 115.7 million in 2025, down 34.0% from RMB 175.1 million in 2024, despite mobility gross profit margin improving to 11.2% from 2.9%.
- Housekeeping and accommodation and other services revenues rose to RMB 76.0 million in 2025, up 75.9% from RMB 43.2 million in 2024.
- Cost of revenues in 2025 was RMB 2,513.5 million, a 15.5% decrease, broadly in line with the revenue contraction.
- General and administrative expenses increased to RMB 187.8 million in 2025, up 26.3% from RMB 148.6 million, driven by a RMB 25.6 million credit loss provision, higher professional fees, and share based compensation.
- Research and development expenses declined to RMB 7.1 million in 2025 from RMB 10.7 million in 2024 after restructuring the R&D team.
- Cash, cash equivalents, and restricted cash totaled RMB 40.0 million at year end 2025, while short term debt stood at RMB 113.4 million.
- Second half 2025 housekeeping and accommodation and other services revenue reached RMB 45.7 million, rising 99.8% from RMB 22.9 million in the second half of 2024.
Beat or Miss?
Analyst consensus estimates for Quhuo’s second half and full year 2025 results were not disclosed in the company press release or related coverage, so the performance relative to market expectations cannot be quantified directly. However, management commentary highlighted revenue contraction and a swing to losses, which is consistent with a weaker than desired outcome.
| Metric | Reported | Difference / Analysis |
| Total revenue FY 2025 | RMB 2,525.9 million | N/A (no published consensus in the release; represents 17.1% YoY decline). |
| Net income (loss) FY 2025 | RMB −150.5 million | N/A; reflects deterioration from RMB 1.6 million profit in 2024. |
| Adjusted EBITDA FY 2025 | RMB −159.4 million | N/A; down from RMB 9.1 million in 2024, showing margin pressure. |
| Total revenue H2 2025 | RMB 1,394.5 million | N/A; 2.3% lower than H2 2024 despite higher housekeeping and mobility margins. |
| EPS (basic, FY 2025) | RMB −0.11 per share | N/A; reversed from RMB 0.01 in 2024, indicating earnings deterioration. |
What Leadership Is Saying?
“Throughout 2025, amid a continuously evolving operating environment, Quhuo remained focused on optimizing its business structure and upgrading its capabilities. We made solid progress in cultivating emerging businesses, adjusting our core operations, and advancing technology initiatives, laying the groundwork for higher quality growth in the future.”
“General and administrative expenses increased in 2025, mainly due to a RMB 25.6 million provision for credit losses on long term receivables, higher professional service fees related to ADS issuance costs, and welfare and office expenses from housekeeping expansion, which together contributed to a full year net loss of RMB 150.5 million despite lower revenue related costs.”
Historical Performance
The latest release gives clear year over year comparisons for the second half and full year 2025 versus 2024. The table below focuses on full year dynamics as a proxy for “Q” performance, since Quhuo reports in half year and annual blocks.
| Category | FY 2025 (Current) | FY 2024 (Previous Year) | Change (%) |
| Revenue | RMB 2,525.9 million | RMB 3,046.9 million | −17.1% (contraction driven by delivery and mobility) |
| Net income (loss) | RMB −150.5 million | RMB 1.6 million | From small profit to loss; deterioration >100% |
| Operating expenses* | RMB 194.9 million approx. | RMB 159.3 million approx. | About +22% (G&A and R&D combined rose markedly |
Historical Performance of Competitors
Quhuo’s closest listed peers in China’s local services and delivery support space include companies engaged in on demand logistics and local lifestyle platforms, but the press release and linked coverage do not provide consistent, directly comparable YoY figures for specific competitors. Public sources confirm the competitive pressure from larger platform companies but do not supply a clean, side by side 2025 versus 2024 earnings table at the same reporting granularity.
Competitor Comparison
| Category | FY2025 (Quhuo) | FY2024 (Quhuo) | Change (%) |
| Revenue | RMB2,526M | RMB3,047M | -17.10% |
| Net Income/(Loss) | -RMB151M | RMB2M | N/M |
| Op. Expenses (G&A proxy) | RMB188M | RMB149M | 26.30% |
How the Market Reacted?
The press release and syndicated versions on financial news sites do not include a description of Quhuo’s share price movement following the announcement. Based on the fundamentals alone, the 2025 results appear cautious, with revenue down double digits and the company moving from a modest profit to a sizeable net loss and negative adjusted EBITDA.
At the same time, strong growth in housekeeping and accommodation services and higher mobility gross margins suggest an effort to shift the business mix toward higher quality revenue streams. Overall sentiment reads as mixed to cautious, with operational progress in new segments offset by balance sheet pressure and wider losses.
