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Quhuo Reports Financial Results for the Second Half and Full Year 2024: Solidifying Core Business, Driving Diversified Growth Through Innovation

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BEIJING, April 29, 2025 /PRNewswire/ — Quhuo Limited (NASDAQ: QH) (“Quhuo,” the “Company,” “we” or “our”), a leading gig economy platform focusing on local life services in China, today reported its unaudited financial results for the six months and audited financial results for full year ended December 31, 2024.

2024 marked a year of strategic transformation for Quhuo. Despite market challenges, the Company strengthened its core businesses and achieved steady gross profit margin growth in certain business lines through enhanced cost efficiencies. Quhuo also pursued innovation by forming strategic partnerships domestically and internationally, expanding its business reach. The Company further deepened its corporate social responsibility by creating employment opportunities, offering insurance and training programs, and balancing commercial success with social value.

Core Business Focus: Streamlining for Quality Growth

In 2024, Quhuo achieved total revenue of RMB 3,046.9 million and an adjusted EBITDA of RMB 9.07 million. The Company demonstrated strong performance, recording positive EBITDA for three consecutive fiscal years. Cost control efforts resulted in a 19.4% year-on-year reduction in general and administrative expenses, reflecting the Company’s continuous efforts to improve operational efficiency. Research and development expenses dropped by 13.7%, leveraging AI to reduce costs and improve efficiency, driving development while optimizing labor input. These initiatives have allocated more resources to high-potential businesses, enhancing overall profitability.

In the second half of 2024, a sharpened focus on core businesses drove significant profit gains. Gross profit margin from shared-bike maintenance and ride-hailing services increased by 15.7% and 216.9%, respectively. In vehicle export solutions, AI-powered inspections improved individual productivity, raising the gross profit margin from 1.8% to 6.2% and pushing gross profit up by 11.5% year-over-year. By restructuring operations through a proprietary booking platform, housekeeping and accommodation solutions and other services boosted full-year gross profit margin from 26.4% to 36.4%, further strengthening the foundation of overall profitability.

Global Expansion: Building New Growth Engines

Since launching its vehicle export solutions in May 2023, Quhuo International has rapidly become a key growth engine for the Company. By the end of 2024, Quhuo International had shipped over 3,500 vehicles to overseas markets and launched Carnuxt, a recognized used vehicle certification brand and service system across the Middle East, Eastern Europe, and Western Asia.

In 2024, Quhuo International leveraged its expertise in local life services to develop a “technology + resources” solution for international markets – a model that has demonstrated promising success in Azerbaijan. In September 2024, Quhuo partnered with local electric vehicle dealer Volt Auto and mobility platform Bolt to launch a joint ride-hailing operations center. Through this collaboration, Quhuo International provided cost-effective Chinese electronic vehicles, supported by its mature technology platform and operational expertise, helping enhance local ride-hailing services.

Through its SaaS platform, Quhuo enabled its partner to optimize routes, monitor vehicles, and analyze operational data, enhancing both efficiency and service quality. On the ground, Quhuo’s team provided targeted training in key areas, such as driver matching and dispatch, enhancing the operational and systematic management capabilities of local ride-hailing services.

This model enables local dealers to swiftly integrate vehicles with ride-hailing platforms, ensuring a smooth transition from sales to active deployment and accelerating vehicle turnover. The success of this approach is demonstrated by repeat orders from the partner, providing strong market validation for Quhuo’s solutions.

Looking ahead, Quhuo plans to scale this model to additional international markets, combining technology and management to drive further growth. By building a collaborative global ecosystem for vehicle exports, Quhuo aims to enhance supply chain efficiency and deliver sustainable mobility solutions, solidifying its strategic position in global operations.

Business Model Innovation: From Fulfillment to Supply Chain Empowerment

In 2024, Quhuo took an innovative approach to maximize the value of its resources network by forming a strategic partnership with NIU World, a large-scale food group in China. Leveraging its well-established on-demand food delivery network, Quhuo now provides distribution services for NIU World’s beef products, repurposing its delivery infrastructure for higher-value use and marking a shift from fulfillment service provider to supply chain enabler.

The partnership operates on an “on-demand production and real-time fulfillment” model. Once an order is placed and paid, NIU World immediately prepares the beef, cutting, packing, and cold-processing it on demand, while Quhuo delivers the orders to end customers through its on-demand delivery network.

This model significantly reduces intermediaries, alleviates inventory pressure, ensures product freshness, and improves overall supply chain efficiency. Powered by Quhuo’s proprietary Quhuo+ platform, delivery routes are optimized for accuracy, ensuring efficient alignment between capacity and demand, enabling fresh beef to reach customers just hours after slaughter.

Following a successful pilot, the model is expected to drive revenue growth in 2025, paving a new path for expansion in Quhuo’s food delivery business. Future plans include expanding this model to other highly perishable food segments, aiming to build a flexible and efficient supply chain service for the catering industry.

Integrated Value: Aligning Growth with Social Responsibility

Alongside strong business growth, Quhuo remains committed to its corporate social responsibilities. By 2024, the Company had created flexible job opportunities for over 830,000 workers, including delivery riders and cleaners, while also providing commercial insurance and vocational training.

Quhuo’s business innovations also help address pressing social issues. Its EV exports reduce tens of thousands of tons carbon emissions annually, while its direct fresh beef supply model helps reduce food waste and promote sustainable consumption. Quhuo remains committed to leveraging business innovation to address social challenges and to set a benchmark for socially responsible enterprises.

Leslie Yu, Founder, Chairman, and CEO of Quhuo, said: “In 2024, we focused on stabilizing our cash-generating businesses while scaling innovative ventures, achieving steady operations and notable improvements in key business lines. Looking ahead, we will continue to optimize resource allocation, strengthen collaborative partnership, and enhance ecosystem resilience to deliver long-term, sustainable value to shareholders and contribute meaningfully to society.”

About Quhuo Limited

Quhuo Limited (NASDAQ: QH) (“Quhuo” or the “Company”) is a leading gig economy platform focusing on local life services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.

With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.

Safe Harbor Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo’s business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo’s current expectations and involve risks and uncertainties. Quhuo’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo’s abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) establish in its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationships with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares in relation to competitors in existing markets and its success in expansion into new markets. Other risks and uncertainties are included under the caption “Risk Factors” and elsewhere in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

 

View original content:https://www.prnewswire.com/news-releases/quhuo-reports-financial-results-for-the-second-half-and-full-year-2024-solidifying-core-business-driving-diversified-growth-through-innovation-302441066.html

SOURCE Quhuo Limited

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2nd Chance Lottery National Sweepstakes: A New Way to Repurpose Your Losing Tickets for Cash Prizes

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2nd Chance Lottery introduces a unique national sweepstakes allowing players to submit losing lottery tickets for a chance to win weekly and monthly cash prizes. This opportunity is open to players nationwide, including those in states without their own second-chance lottery programs. Participation is completely free, with no financial risk involved.

ORANGE, Calif., May 22, 2025 /PRNewswire-PRWeb/ — 2nd Chance Lottery is an innovative platform offering U.S. residents a chance to repurpose losing lottery tickets for the opportunity to win cash prizes. As the first-ever nationwide ticket repurposing sweepstakes, this service gives players a second shot at winning without any associated cost or risk.

I can’t believe I won. So glad I found The National 2nd Chance Lottery and tried it out.

Unlike traditional state-run second-chance lottery programs, 2nd Chance Lottery operates independently, allowing players from all 50 states, including those without state-sponsored second-chance lotteries, to participate. To take part, players simply upload their losing tickets on the 2nd Chance Lottery website, where they could win a $1,000 weekly prize or a chance to win $100,000 grand prize every month.

How the 2nd Chance Lottery national Sweepstakes Works

Participating in 2nd Chance Lottery is simple, straightforward, and completely free. To enter, participants upload their losing lottery tickets to the platform. There’s no fee to submit, and every eligible ticket automatically enters players into the sweepstakes. Winners are chosen randomly, with no purchase or financial risk involved.

Importantly, 2nd Chance Lottery is fully legal and operates outside of gambling regulations. It’s a fun and risk-free way for people to engage with their lottery tickets and get another chance to win. The platform’s easy-to-use design makes it accessible to anyone, regardless of location.

2nd Chance Lottery’s Early Success

Since launching, 2nd Chance Lottery has rapidly gained popularity, with over 51,000 registered users submitting close to 900,000 tickets. Players have already won over $150,000 in cash prizes. Winners are chosen at random, and prizes are awarded according to the official sweepstakes rules.

Tens of text and video winner testimonials are available on the website. Below are a few:

Paul J., Illinois: “This is absolutely amazing. I never win anything. Thank you second chance lottery.”Kenneth K., New York: “I can’t believe I won. So glad I found The National 2nd Chance Lottery and tried it out.”Marcia T., California: “It’s incredible to win again! Thanks so much to 2nd Chance Lottery!”Robert G., Massachusetts: “I can’t believe I won again! Who would have thought a losing ticket could turn into a win!”Norman N., Virginia: “I kept entering, and it paid off — thank you, 2nd Chance Lottery!”

These stories reflect the growing excitement around the platform, as players discover that losing tickets don’t have to be the end of the story.

Future Growth and Bigger Prizes

As the platform grows, 2nd Chance Lottery is increasing its prize offerings to enhance the experience for participants. With no direct competition in its category, 2nd Chance Lottery National Sweepstakes continues to innovate and provide players with an exciting new way to repurpose their lottery tickets. The platform is committed to offering more opportunities for cash prizes, including gift-cards and micro-cash prizes ensuring that losing tickets still have value.

2nd Chance Lottery is a national sweepstakes, does not involve any form of gambling, and participation is free.

Media Contact

Iman Foroutan, 2nd Chance Lottery National Sweepstakes, 1 (657) 229-5534, info@2ndchancelottery.com, www.2ndchancelottery.com

View original content:https://www.prweb.com/releases/2nd-chance-lottery-national-sweepstakes-a-new-way-to-repurpose-your-losing-tickets-for-cash-prizes-302462655.html

SOURCE 2nd Chance Lottery National Sweepstakes

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Group of Seven Shatters Records at Heffel’s Landmark All-Canadian Auction

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Heffel’s watershed all-Canadian auction achieves $22M and shatters records for major artistsGroup of Seven masterpieces from University Club of Toronto collection dominate saleMultiple auction records smashed, including Franklin Carmichael, Arthur Lismer, A.Y. Jackson and Daphne Odjig

TORONTO, May 22, 2025 /CNW/ – Heffel Fine Art Auction House is honoured to celebrate the success of its record-breaking Spring live auction, a watershed evening dedicated exclusively to Canadian masterworks. The all-Canadian sale, held in Heffel’s Toronto saleroom, brought together collectors from across the country and around the globe, united in their pursuit of Canada’s most legendary artists. It was an electric night for the Group of Seven and Tom Thomson, whose major paintings shattered records and contributed to the evening’s overall total of $22 million. As the leader in Canada’s market and ranked among the top auction houses in the world globally, Heffel is proud to champion the nation’s cultural icons on the international stage.

The auction was led by three historic Group of Seven canvases by Lawren Harris, Franklin Carmichael and Arthur Lismer, consigned from the storied University Club of Toronto. These exceptional paintings by Canada’s first national art movement—steeped in institutional history and national pride—anchored a night of landmark results and celebrated a vital chapter in Canada’s cultural history. (All prices are in Canadian dollars and include a buyer’s premium.)

“Tonight was a true celebration of Canada,” said Robert Heffel, Vice President of Heffel. “To see such exceptional works by our country’s iconic artists resonate so deeply with collectors is incredibly rewarding. It’s an honour for our team to help steward these national treasures into their next chapters.”

Highlights from the Heffel Spring 2025 Live Auction

A landmark canvas by Lawren Harris led the evening, drawing serious interest from collectors. Northern Lake, a 1926 masterpiece from the University Club of Toronto collection, realized $3,121,250. The historic painting of international acclaim, awarded a gold medal at the 1926 Sesqui-Centennial Exposition in Philadelphia and exhibited at the Musée du Jeu de Paume in Paris, is a defining example of Harris’s celebrated vision and mastery (est. $2,000,000 – 3,000,000).Leaf Pattern, the dazzling 1922 canvas by Franklin Carmichael shattered both its presale estimate and the artist’s auction record and sold for $2,281,250 at the Heffel sale (est. $700,000 – 900,000). Also consigned from the University Club of Toronto, widely published and exhibited extensively throughout its lifetime, this stunning canvas truly captivated collectors.McGregor Bay Islands by Group of Seven artist Arthur Lismer achieved an exceptional price of $1,621,250, setting an auction record for the artist and marking Lismer’s entry first entry into the million-dollar club. Widely exhibited and long held at the University Club of Toronto, the stunning canvas stands as one of Lismer’s most important works and a quintessential example of the Group of Seven’s vision (est. $600,000$800,000).A.Y. Jackson’s phenomenal Night on the Skeena River set a deserving new auction record for the artist, soaring to $1,081,250 (est. $800,000$1,000,000). Painted during his pivotal Group of Seven years, the dramatic canvas is widely considered one of the finest canvases ever painted by the artist.Tom Thomson’s rare and coveted oil sketches continue to be among the most sought-after works in Canadian art. Three outstanding paintings each surpassed $1 million, showcasing his most iconic subjects and locations; Autumn, Algonquin Park sold for $1,201,250, Canoe Lake, Algonquin Park for $1,051,250 and Dawn on Round Lake (Kawawaymog Lake) for $1,021,250.Important works by Emily Carr realized strong prices in the Heffel auction, including her dynamic seascape canvas Shoreline, which sold for $901,250 (est. $750,000 – 850,000) and British Columbia Forest for $541,250 (est. $250,000 – 350,000), reaffirming the artist’s enduring global appeal. Heffel continues to champion Carr’s incredible legacy and unmatched place in Canadian art history. Carr’s masterworks, together with works by Lawren Harris and other Canadian greats, are on view in the global touring exhibition Northern Lights, currently on at Fondation Beyeler in Basel, Switzerland, before opening at the Buffalo AKG Art Museum in Buffalo, New York.Daphne Odjig’s beautiful Awakening of Spring set a new auction record for the artist and sold for $133,250. The powerful and distinctive canvas exemplifies Odjig’s ability to blend traditional themes with contemporary expression, solidifying her status as a pivotal figure in Canadian art (est. $50,000 – 70,000).

For more information on the works included in Heffel’s spring live auction, visit www.heffel.com.

Heffel is now welcoming consignments for the fall 2025 auction season. The deadline for fall consignments is August 2025.

About Heffel Fine Art Auction House
Since 1978, Heffel has connected passionate collectors across the world with outstanding works of art, with sales of more than $1 billion. Heffel is renowned for its expertise in effectively managing and handling the sale of works from estates, institutional collections, corporate collections and private collections, serving as trusted experts for navigating the complexities of art collections with precision and care. Notable results include the 2016 sale of Lawren Harris’ Mountain Forms for $11,210,000– the record for any Canadian artwork ever sold at auction – as well as Jean Paul Riopelle’s Vent du nord for $7,438,750 in 2017. With galleries and support facilities in Toronto, Vancouver, Montreal and Calgary, Heffel has the most experienced team of specialists in Canada and provides premium client service to both sellers and buyers internationally.

SOURCE Heffel Fine Art Auction House

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ThunderSoft Showcases Japan-Focused Smart Vehicle Solutions at Automotive Engineering Exposition 2025 Yokohama

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YOKOHAMA, Japan, May 22, 2025 /PRNewswire/ — May 21–23, 2025, ThunderSoft, a global leader in intelligent automotive software, made its debut at the Automotive Engineering Exposition 2025 Yokohama (Booth No. 2-249), presenting its next-generation smart vehicle solutions tailored for the Japanese market. Under the themes of One-Stop Solution, AI and Advanced Technologies, and Global Enablement, ThunderSoft demonstrated its comprehensive capabilities in helping automakers accelerate carbon neutrality, advance connected car technologies, and drive the scale adoption of Software-Defined Vehicles (SDVs) in Japan.

Company Profile & Global Presence

Founded in 2008, ThunderSoft is a globally recognized provider of intelligent operating systems and edge AI technologies. Listed on the Shenzhen Stock Exchange since 2015, the company operates in more than 40 cities worldwide and employs over 15,000 professionals. Since entering the automotive sector in 2013, ThunderSoft has developed a comprehensive full-stack solution centered on its proprietary AquaDrive OS, a next-generation operating system designed for smart vehicles. The company’s solutions span smart cockpits, advanced driver assistance systems (ADAS), vehicle OS, and high-performance computing (HPC) platforms—powering over 50 million vehicles globally.

Solutions Optimized for the Japanese Automotive Market

At the expo, ThunderSoft introduced several state-of-the-art technologies designed with Japanese automakers and tier-1 suppliers in mind, attracting significant attention and praise from attendees.

■ AquaDrive OS 1.0 Evo – AI-Native OS for HPC-Based Architectures

The AquaDrive OS 1.0 Evo is an AI-native smart cockpit operating system developed on the Qualcomm 8775 4th-generation platform. Officially released in April 2025, the OS has already been adopted by multiple global OEMs. Notably, Toyota showcased a concept vehicle featuring AquaDrive OS at the Shanghai Auto Show earlier this year.

Key innovations include:

Immersive 3D HMI for an intuitive and engaging user experienceEdge–cloud–device AI collaboration for personalized servicesModular architecture supporting cross-domain integrationEnhanced in- and out-of-vehicle safety through precision vision and AI perceptionFull compatibility with global ecosystems for streamlined mass production

More than just an operating system, AquaDrive OS 1.0 Evo serves as a smart life enabler, seamlessly connecting the car and home to deliver next-generation user experiences.

■ Lightweight ZCU Virtualization Platform – Co-Developed with Renesas Electronics

ThunderSoft has partnered with Renesas Electronics to jointly develop a lightweight ZCU virtualization platform, addressing the growing complexity of in-vehicle electronic architectures. Leveraging ThunderSoft’s expertise in multi-chip OS integration and Renesas’ high-performance MCUs, this platform enables efficient consolidation of multiple functional domains on a single ECU—without compromising performance. This helps OEMs simplify controller design, reduce BOM costs, and enhance system reliability, making it ideal for next-gen domain-centralized vehicle architectures.

■ KanziOne – Next-Generation HMI Development Toolchain

KanziOne is a unified HMI development platform that streamlines the entire interface design process from concept to testing.

Two featured solutions included:

Kanzi for MCUs: Enables efficient 2D/2.5D rendering on low-power embedded MCUs. Already applied in IVI, HVAC, armrest displays, HUDs, and smart keys, it is compatible with Infineon Traveo II and Renesas RH850 platforms—allowing OEMs to standardize HMI designs across vehicle platforms.Kanzi Author with Generative AI: Integrates generative AI technology to automate the design-to-code pipeline. By transforming design sketches into interface structures and generating interaction logic automatically, it significantly boosts speed and flexibility in HMI development.

Driving Innovation in Collaboration with Japanese Partners

ThunderSoft continues to expand its global innovation footprint while forming deep collaborations with leading automotive OEMs. With a long-term commitment to the Japanese market, the company aims to deliver continuous value and support the global leadership of Japan’s mobility industry in both technology and business performance.

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SOURCE ThunderSoft

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