QUHUO Ltd (NASDAQ: QHUOY)

Quhuo Limited is an exempted company with limited liability incorporated in the Cayman Islands and serves as the holding company for its group. The firm operates a gig economy platform that provides large flexible and standardized workforce solutions to consumer service businesses in China. Its core activities include on demand delivery, mobility services, housekeeping and accommodation, and vehicle export solutions. Through its proprietary technology infrastructure Quhuo+ the company centralizes operational management and deploys workers across different regions and industries. As of December 31 2025 the platform had approximately 969 000 registered workers and served customers in 277 cities across 31 provinces municipalities and autonomous regions in China.

Quhuo Limited generates revenue primarily from service fees paid by industry customers for the fulfillment of orders or the provision of service hours. In its on demand delivery business revenue is based on the number of completed deliveries subject to key performance indicator adjustments. In mobility service solutions the company earns rental fees under car leasing agreements with drivers engaged in ride‑hailing operations and also receives consulting fees from ride‑hailing companies. For shared bike maintenance solutions revenue comes from service fees paid by bike‑sharing companies based on maintenance and transportation indicators. The housekeeping and accommodation business derives revenue from service fees paid by hotels and bed and breakfast operators based on fulfilled orders or service hours. Additionally Quhuo International generates revenue from the sale of new and used new energy vehicles to overseas dealers. Rental fees from car leasing agreements with drivers also contribute to the revenue stream.

The company operates through the following segments:

• On demand delivery solutions. This segment focuses on fulfilling delivery orders of prepared food grocery and fresh food for industry customers. Quhuo Limited deploys delivery riders on its platform to serve assigned delivery areas within cities. The company provides onboarding logistics support training and performance monitoring through Quhuo+ and earns revenue from service fees based on the number of completed orders subject to KPI‑based adjustments. As of December 31 2025 the segment operated in 62 cities in China with an average monthly delivery rider count of approximately 33 000 in the quarter ended December 31 2025.

• Mobility service solutions. This segment comprises ride‑hailing solutions shared bike maintenance solutions and vehicle export solutions. Ride‑hailing operations attract drivers through car leasing arrangements and generate revenue from monthly rental fees. Shared bike maintenance solutions provide redistribution transportation battery replacement and malfunction identification services for bike‑sharing companies and earn revenue from service fees based on specific maintenance and transportation indicators. Vehicle export solutions launched in 2023 specialize in the international trade and export of new energy vehicles. Quhuo International procures high quality new and used new energy vehicles from domestic manufacturers and dealerships prepares them for export and sells them to overseas dealers generating revenue from vehicle sales. During the fiscal years 2024 and 2025 the vehicle export business shipped an aggregate of over 2 300 vehicles.

• Housekeeping and accommodation solutions. This segment provides standardized high quality housekeeping services to hotels and bed and breakfast establishments. Quhuo Limited tailors action plans and training for housekeepers on its platform to meet the operating needs of industry customers and earns revenue from service fees based on fulfilled service hours or the number of completed orders. The accommodation component facilitates bed and breakfast operations for customers and derives revenue from service fees based on the number of fulfilled rooms. As of December 31 2025 the housekeeping solutions were delivered in 268 cities across China.

Quhuo Limited holds a leading position in China’s gig economy and local life services market. The company differentiates itself through its large pool of registered workers its proprietary Quhuo+ technology platform and its ability to deploy the same workforce across multiple industry settings based on work schedules. While it does not identify a direct competitor with an identical business model and operational scale it faces competition from labor outsourcing companies service suppliers and online or offline workforce marketplaces in each sector it serves. Key industry customers such as Meituan Taobao Shangou formerly Ele me KFC Didi and Qingju Bike illustrate the scale of its partnerships and also represent potential competitive pressure in the on demand delivery mobility and housekeeping spaces. Quhuo Limited’s competitive advantages include its capability to attract retain and manage a sufficient number of workers its technology infrastructure and data analytics capabilities its scope and quality of solution offerings its industry specific know how and operational experience its extensive geographical coverage across 277 cities and its growing brand recognition among industry customers.

Quhuo Limited’s customer base consists primarily of consumer service businesses that require flexible workforce solutions. In the on demand delivery segment the company serves major platforms such as Meituan and Taobao Shangou formerly Ele me as well as chain restaurants including KFC. In the mobility service solutions segment it works with a major ride‑hailing company in one city and various bike‑sharing companies such as Hello. The housekeeping and accommodation segment serves hotels and bed and breakfast operators across numerous cities. The vehicle export business collaborates with domestic car manufacturers and dealerships to procure new energy vehicles and sells them to overseas dealers in markets including Azerbaijan where it partners with local car dealer Volt Auto and mobility platform Bolt. These relationships demonstrate the diversity and breadth of the company’s customer base.