subslover
11 months ago
Quhuo's Homestay Sector Exceeded RMB12 Million in Sales During the Labor Day Holiday, Achieving Impressive Growth with Expert Strategies
BEIJING, May 26, 2023 /PRNewswire/ -- Quhuo Limited (NASDAQ: QH) ( "Quhuo" or the "Company"), a leading gig economy platform focusing on local life services in China, witnessed outstanding results in its homestay sector. During the Labor Day holiday, its homestay sector operated by Chengtu Home ("Chengtu") recorded an impressive average daily occupancy rate of 95%, achieving a significant year-on-year growth of 265%.
As a leading bed and breakfast ("B&B") brand in the country, Chengtu exceeded RMB12 million in sales revenue during the Labor Day Holiday. Cities covered by Chengtu, ranging from tier-one to tier-four, experienced full bookings, and popular tourist destinations in these cities achieved an impressive 100% occupancy rate.
In April, Chengtu introduced a specialized housing operation management plan in anticipation of the surge in housing reservations during the upcoming holiday season. Among other things, Chengtu provided a timely reminder to both agents and landlords to adjust housing prices one month prior to the holiday, ensuring they align with market conditions and reduce risks associated with industry competition. In doing so, Chengtu aimed to boost housing revenues while safeguarding consumer rights.
Drawing on its extensive experience in homestay management and deep understanding of user travel patterns, Chengtu capitalized on its expertise to effectively adjust homestay prices during the holiday season, aiming to reduce the number of vacant properties. Chengtu recognized the potential risk of unsold accommodations on the day before and the last day of the holiday and took proactive measures to inform homestay agents about the need to lower their prices.
By implementing this proactive approach, Chengtu generated a greater number of pre-sales opportunities, leading to increased business volume while protecting the interests of homestay landlords. Through strategic price adjustments, Chengtu ensured optimal occupancy rates, enabling homestay operators to maximize their revenue potential during the holiday season.
Chengtu implemented a series of initiatives aimed at enhancing guest satisfaction, including requiring landlords to complete check-in procedures for the next day's bookings during the reception period to ensure a seamless check-in process for guests. In addition, Chengtu allocated a flexible workforce pool from Quhuo to coordinate the homestay cleaning team, and conducted special meetings to emphasize the importance of quality and timely cleaning services. These measures have effectively improved cleaning efficiency. For example, in Nanning City, Guangxi Province, Chengtu received over 2,000 bookings during the holiday and achieved an almost 100% positive feedback rating.
Furthermore, prior to the holiday, Chengtu made a commitment on various prominent agency platforms, assuring that its homestays would refrain from unjustified price hikes or violating agreements during the holiday. This commitment was aimed at protecting consumers' rights. Meituan has recognized and acknowledged this commitment, which has contributed to enhancing the credibility and reputation of Quhuo. This initiative by Chengtu signifies a notable advancement in user experience and serves as a competitive market differentiation strategy.
Tong Ji, the General Manager of Chengtu, said that Chengtu has a highly skilled team proficient in managing all aspects of hospitality and operations. Chengtu deligently refines and optimizes each stage, from customer reservations to the lodging experience and post-departure services. Through precise market research and data analysis, Chengtu is able to offer consumers the most suitable accommodation options at competitive rates, ensuring personalized and highly satisfactory service.
Leslie Yu, Chairman and Chief Executive Officer of Quhuo, said, "The impressive achievements of Chengtu's vacation rentals during the holiday serve as a testament to the value of our strategic planning and operational management in localized life services. The resurgence of the tourism industry reaffirms our steadfast belief in vacation rentals as a crucial strategic segment within Quhuo. Moving forward, Chengtu will further increase investments in lean operational management, continually innovating and optimizing its business models to adapt to the rapidly changing landscape of the tourism sector and the diverse demands of clientele."
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, 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
subslover
1 year ago
Quhuo Reported the Unaudited Financial Results for the First Half of 2022, Achieving an 89.6% Year-over-Year Increase in the Gross Profit
November 15 2022 - 05:10AM
PR Newswire (US)
Alert
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Gross profit increased 89.6% year-over-year.
Gross margin was 5.0%, as compared to 2.7% in the first half of 2021.
BEIJING, Nov. 15, 2022 /PRNewswire/ -- Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company"), a leading gig economy platform focusing on community-centered services in China, maintained its strategy in 2021 of increasing revenues before enhancing profitability and reported an 89.6% year-over-year increase in gross profit for the six months ended June 30, 2022.
Continuing the strategy of increasing revenues before enhancing profitability
In the first half of 2022, Quhuo maintained its strategy in 2021 of increasing revenues before enhancing profitability. The gross profit increased 89.6% year-over-year and the gross margin reached 5.0%, as compared to that of 2.7% in the first half of 2021, primarily attributable to the Company's improved operational efficiency and enhanced cost control.
Through optimizing its operational efficiency, the cost of revenue decreased by 1.1% year-over-year, the general and administrative expenses decreased by 22.8% year-over-year, and the adjusted EBITDA loss turned into a profit of RMB10.8 million. The overall financial performance of the first half of 2022 demonstrated the effectiveness of Quhuo's strategic planning and implementation.
Generating diversified revenue from multiple services
As commented by Mr. Leslie Yu, Chairman and Chief Executive Officer of Quhuo, the Company has been endeavoring to reduce dependency on individual business sectors and experienced a sustainable growth of other community-centered services in addition to the continued solid development of on-demand delivery solutions.
The on-demand delivery solutions remained as the cornerstone of the Company's business, which generated a revenue of RMB1,763.8 million in the first half of 2022. The Company's mobility service solutions and housekeeping and accommodation solutions have also achieved excellent preperformance, achieving year-over-year increase of 32.2% and 24.7%, respectively. Specifically, revenues from mobility service solutions were RMB56.5 million (US$8.4 million), which was benefited from the expansion of customer base and service scope for shared-bike maintenance solutions, as well as the commencement of freight solutions in July 2021. The rapidly growing housekeeping and accommodation solutions generated a revenue of RMB43.4 million (US$6.5 million), which demonstrated the benefits of the enlarged customer base and the network synergy achieved by the business expansion of housekeeping and accommodation solutions.
Fulfilling the constant and essential community living needs
The essential living needs of community lives, including but not limited to "clothing, meals, accommodation, and travel," are necessary for all residents, and the domestic epidemic control led to an increase in the demand for those services at home. These growing needs are the foothold for Quhuo.
Nowadays, Quhuo covers the majority of areas with strong economic demand in first- and second-tier cities in China and provides multiple services around constant and essential community living needs.
In order to further root in community service, Quhuo is planning the community laundry service. This service will create a win-win situation for all parties by linking residents, community store owners, logistics providers and laundry factories through SaaS systems and services.
Undertaking corporate social responsibility actively
At a period when economic downturns and layoffs are occurring from time to time, the Company believes that its business model has positive impact on promoting employment. Further, the Company is implementing various measures to assist workers on its platform with employment opportunities and entrepreneurial support.
Quhuo has helped nearly 500,000 workers find employment up to now, 22.06% of whom have a college degree or above.
In the future, Quhuo will jointly promote its community service ecosystem through its own teams and franchisees, relying on the existing service network covering more than 130 cities and more than 1,200 business districts across the country. Quhuo will continue to focus on constant and essential community life needs to deeply cultivate diversified service scenarios, continuously improve the satisfaction rate of community services through technology and operational empowerment, and solidify its market leader position in community services with lean operations, creating long-term and sustainable business and social value.
About Quhuo
Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company") is a leading gig economy platform focusing on local community-centered 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 STATEMENT
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 b
subslover
1 year ago
Quhuo Reported the Unaudited Financial Results for the First Half of 2022, Achieving an 89.6% Year-over-Year Increase in the Gross Profit
November 15 2022 - 05:10AM
PR Newswire (US)
Alert
Print
Share On Facebook
Gross profit increased 89.6% year-over-year.
Gross margin was 5.0%, as compared to 2.7% in the first half of 2021.
BEIJING, Nov. 15, 2022 /PRNewswire/ -- Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company"), a leading gig economy platform focusing on community-centered services in China, maintained its strategy in 2021 of increasing revenues before enhancing profitability and reported an 89.6% year-over-year increase in gross profit for the six months ended June 30, 2022.
Continuing the strategy of increasing revenues before enhancing profitability
In the first half of 2022, Quhuo maintained its strategy in 2021 of increasing revenues before enhancing profitability. The gross profit increased 89.6% year-over-year and the gross margin reached 5.0%, as compared to that of 2.7% in the first half of 2021, primarily attributable to the Company's improved operational efficiency and enhanced cost control.
Through optimizing its operational efficiency, the cost of revenue decreased by 1.1% year-over-year, the general and administrative expenses decreased by 22.8% year-over-year, and the adjusted EBITDA loss turned into a profit of RMB10.8 million. The overall financial performance of the first half of 2022 demonstrated the effectiveness of Quhuo's strategic planning and implementation.
Generating diversified revenue from multiple services
As commented by Mr. Leslie Yu, Chairman and Chief Executive Officer of Quhuo, the Company has been endeavoring to reduce dependency on individual business sectors and experienced a sustainable growth of other community-centered services in addition to the continued solid development of on-demand delivery solutions.
The on-demand delivery solutions remained as the cornerstone of the Company's business, which generated a revenue of RMB1,763.8 million in the first half of 2022. The Company's mobility service solutions and housekeeping and accommodation solutions have also achieved excellent preperformance, achieving year-over-year increase of 32.2% and 24.7%, respectively. Specifically, revenues from mobility service solutions were RMB56.5 million (US$8.4 million), which was benefited from the expansion of customer base and service scope for shared-bike maintenance solutions, as well as the commencement of freight solutions in July 2021. The rapidly growing housekeeping and accommodation solutions generated a revenue of RMB43.4 million (US$6.5 million), which demonstrated the benefits of the enlarged customer base and the network synergy achieved by the business expansion of housekeeping and accommodation solutions.
Fulfilling the constant and essential community living needs
The essential living needs of community lives, including but not limited to "clothing, meals, accommodation, and travel," are necessary for all residents, and the domestic epidemic control led to an increase in the demand for those services at home. These growing needs are the foothold for Quhuo.
Nowadays, Quhuo covers the majority of areas with strong economic demand in first- and second-tier cities in China and provides multiple services around constant and essential community living needs.
In order to further root in community service, Quhuo is planning the community laundry service. This service will create a win-win situation for all parties by linking residents, community store owners, logistics providers and laundry factories through SaaS systems and services.
Undertaking corporate social responsibility actively
At a period when economic downturns and layoffs are occurring from time to time, the Company believes that its business model has positive impact on promoting employment. Further, the Company is implementing various measures to assist workers on its platform with employment opportunities and entrepreneurial support.
Quhuo has helped nearly 500,000 workers find employment up to now, 22.06% of whom have a college degree or above.
In the future, Quhuo will jointly promote its community service ecosystem through its own teams and franchisees, relying on the existing service network covering more than 130 cities and more than 1,200 business districts across the country. Quhuo will continue to focus on constant and essential community life needs to deeply cultivate diversified service scenarios, continuously improve the satisfaction rate of community services through technology and operational empowerment, and solidify its market leader position in community services with lean operations, creating long-term and sustainable business and social value.
About Quhuo
Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company") is a leading gig economy platform focusing on local community-centered 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 STATEMENT
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 b
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