Quhuo Limited (QH) Balance Sheet

NASDAQ: QHAssets, liabilities, debt and equity over 9 years.

QH balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥798.4M assets = CN¥448.8M liabilities + CN¥349.6M equity

Both columns are drawn to the same scale: what QH owns equals what it owes plus shareholders’ equity. Hover a block for its value.

QH financial health

Current ratio1.03

Adequate · current assets cover current liabilities 1.03×

Debt / equity0.32

Low leverage · CN¥0.32 of debt for each $1 of equity

Equity / assets44.4%

Equity-funded · of assets funded by shareholders

Cash / debt33.4%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles13.8%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

QH balance sheet trends, 2017–2025

Quhuo Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥305.3M2017	CN¥798.4M2025	+12.8%/yr
Total liabilities	CN¥177.7M2017	CN¥448.8M2025	+12.3%/yr
Shareholders’ equity	CN¥124.2M2017	CN¥354.8M2025	+14.0%/yr
Cash & short-term investments	CN¥59.5M2017	CN¥38.4M2025	−5.3%/yr
Total debt	CN¥16.9M2017	CN¥115.0M2025	+27.1%/yr
Net cash (debt)	CN¥42.6M2017	−CN¥76.6M2025	−CN¥119.2M
Working capital	CN¥56.7M2017	CN¥10.1M2025	−CN¥46.6M
Current ratio	1.322017	1.032025	−0.29
Debt / equity	0.142017	0.322025	+0.19
Shares outstanding	719K2017	1.5M2025	+10.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

QH assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

QH liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

QH debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

QH balance sheet in Chinese yuan

Quhuo Limited annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017
Assets
Cash & short-term investments	CN¥38.4M	CN¥63.2M	CN¥113.6M	CN¥159.8M	CN¥207.4M	CN¥299.4M	CN¥183.1M	CN¥91.5M	CN¥59.5M
Cash & equivalents	CN¥38.4M	CN¥63.2M	CN¥45.2M	CN¥95.4M	CN¥28.6M	CN¥97.8M	CN¥126.8M	CN¥17.3M	CN¥9.1M
Short-term investments	—	CN¥0	CN¥68.4M	CN¥64.4M	CN¥178.8M	CN¥201.6M	CN¥56.3M	CN¥74.2M	CN¥50.4M
Receivables	CN¥336.8M	CN¥393.9M	CN¥555.1M	CN¥524.0M	CN¥536.0M	CN¥381.2M	CN¥312.9M	CN¥161.4M	CN¥134.8M
Inventory	CN¥0	CN¥0	CN¥2.8M	CN¥5.6M	CN¥14.2M	CN¥5.9M	CN¥16.4M	CN¥9.2M	CN¥0
Other current assets	CN¥29.7M	CN¥15.7M	CN¥28.0M	CN¥29.9M	CN¥9.9M	CN¥48.4M	CN¥9.0M	CN¥29.0M	CN¥40.1M
Total current assets	CN¥404.9M	CN¥472.9M	CN¥699.4M	CN¥719.2M	CN¥767.4M	CN¥735.0M	CN¥521.5M	CN¥291.1M	CN¥234.4M
Property, plant & equipment (net)	CN¥3.9M	CN¥13.5M	CN¥20.9M	CN¥17.0M	CN¥22.9M	CN¥55.9M	CN¥25.6M	CN¥11.4M	CN¥979,000
Goodwill & intangible assets	CN¥110.1M	CN¥123.5M	CN¥148.3M	CN¥167.1M	CN¥191.0M	CN¥230.7M	CN¥93.0M	CN¥74.3M	CN¥36.5M
Long-term investments	CN¥30.7M	CN¥1.4M	CN¥1.4M	CN¥6.1M	CN¥6.1M	CN¥1.1M	CN¥1.7M	CN¥10.5M	CN¥0
Other non-current assets	CN¥248.8M	CN¥255.8M	CN¥161.9M	CN¥146.2M	CN¥157.9M	CN¥107.9M	CN¥102.0M	CN¥82.3M	CN¥33.4M
Total assets	CN¥798.4M	CN¥867.0M	CN¥1.03B	CN¥1.06B	CN¥1.15B	CN¥1.13B	CN¥743.9M	CN¥469.6M	CN¥305.3M
Liabilities
Accounts payable	CN¥161.6M	CN¥145.8M	CN¥254.1M	CN¥293.3M	CN¥334.1M	CN¥268.9M	CN¥232.3M	CN¥144.1M	CN¥132.9M
Short-term debt	CN¥114.8M	CN¥115.7M	CN¥96.6M	CN¥68.7M	CN¥153.8M	CN¥91.5M	CN¥144.0M	CN¥68.6M	CN¥16.9M
Deferred revenue	CN¥3.0M	CN¥2.3M	CN¥3.8M	CN¥3.2M	CN¥5.7M	CN¥13.2M	CN¥8.2M	CN¥2.9M	—
Total current liabilities	CN¥394.7M	CN¥337.1M	CN¥458.8M	CN¥487.9M	CN¥609.1M	CN¥466.2M	CN¥452.1M	CN¥240.4M	CN¥177.7M
Long-term debt	CN¥0	CN¥4.7M	CN¥7.5M	CN¥1.3M	CN¥3,000	CN¥19.8M	CN¥11.9M	CN¥5.7M	CN¥0
Lease obligations	CN¥1.5M	CN¥4.5M	CN¥5.3M	CN¥4.4M	CN¥6.7M	CN¥32.3M	—	—	—
Other long-term liabilities	CN¥54.0M	CN¥64.6M	CN¥60.3M	CN¥68.8M	CN¥52.9M	CN¥41.7M	CN¥1.06B	CN¥1.05B	CN¥0
Total liabilities	CN¥448.8M	CN¥406.4M	CN¥526.7M	CN¥558.0M	CN¥661.9M	CN¥527.7M	CN¥1.52B	CN¥1.30B	CN¥177.7M
Shareholders' equity
Common stock & paid-in capital	CN¥2.6M	CN¥615,000	CN¥43,000	CN¥43,000	CN¥37,000	CN¥36,000	CN¥17,000	CN¥17,000	CN¥17,000
Retained earnings (deficit)	−CN¥1.52B	−CN¥1.37B	−CN¥1.38B	−CN¥1.38B	−CN¥1.37B	−CN¥1.21B	−CN¥1.21B	−CN¥1.20B	−CN¥1.16B
Accumulated other comprehensive income	−CN¥2.1M	−CN¥1.6M	−CN¥2.5M	−CN¥4.7M	−CN¥18.3M	−CN¥14.8M	−CN¥1.2M	CN¥0	CN¥0
Minority interest	−CN¥5.2M	−CN¥4.1M	−CN¥911,000	−CN¥3.6M	—	—	—	—	—
Total shareholders' equity	CN¥354.8M	CN¥464.7M	CN¥506.2M	CN¥501.2M	CN¥483.4M	CN¥556.3M	−CN¥779.3M	−CN¥831.1M	CN¥124.2M
Key figures
Total debt	CN¥115.0M	CN¥122.0M	CN¥105.5M	CN¥71.1M	CN¥155.2M	CN¥111.3M	CN¥155.9M	CN¥74.3M	CN¥16.9M
Net cash (debt)	−CN¥76.6M	−CN¥58.8M	CN¥8.0M	CN¥88.7M	CN¥52.2M	CN¥188.1M	CN¥27.1M	CN¥17.2M	CN¥42.6M
Working capital	CN¥10.1M	CN¥135.8M	CN¥240.6M	CN¥231.3M	CN¥158.4M	CN¥268.8M	CN¥69.4M	CN¥50.7M	CN¥56.7M
Tangible book value	CN¥244.6M	CN¥341.3M	CN¥357.9M	CN¥334.1M	CN¥292.4M	CN¥325.6M	−CN¥872.4M	−CN¥905.4M	CN¥87.7M
Shares outstanding	1.5M	832K	1000K	1.0M	4.4M	873K	270K	270K	719K
Current ratio	1.03	1.40	1.52	1.47	1.26	1.58	1.15	1.21	1.32
Quick ratio	0.95	1.36	1.46	1.40	1.22	1.46	1.10	1.05	1.09
Debt / equity	0.32	0.26	0.21	0.14	0.32	0.20	—	—	0.14
Equity / assets	44.4%	53.6%	49.1%	47.5%	42.2%	49.2%	−104.8%	−177.0%	40.7%

Quhuo Limited quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
Assets
Cash & short-term investments	CN¥38.4M	CN¥38.4M	CN¥38.4M	CN¥30.9M	CN¥30.9M	CN¥63.2M	CN¥63.2M	CN¥103.9M	CN¥103.9M	CN¥113.6M	CN¥113.6M	CN¥178.1M
Cash & equivalents	CN¥38.4M	CN¥38.4M	CN¥38.4M	CN¥30.9M	CN¥30.9M	CN¥63.2M	CN¥63.2M	CN¥39.9M	CN¥39.9M	CN¥45.2M	CN¥45.2M	CN¥115.0M
Short-term investments	—	—	—	—	—	CN¥0	—	CN¥64.0M	CN¥64.0M	CN¥68.4M	CN¥68.4M	CN¥63.1M
Receivables	CN¥336.8M	CN¥266.3M	CN¥266.3M	CN¥441.2M	CN¥345.6M	CN¥295.7M	CN¥295.7M	CN¥443.1M	CN¥443.1M	CN¥476.0M	CN¥476.0M	CN¥496.4M
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥14.1M	CN¥0	CN¥1	CN¥150,000
Other current assets	CN¥29.7M	CN¥100.2M	CN¥100.2M	CN¥17.5M	CN¥113.1M	CN¥114.0M	CN¥114.0M	CN¥116.8M	CN¥102.6M	CN¥109.9M	CN¥109.9M	CN¥60.9M
Total current assets	CN¥404.9M	CN¥404.9M	CN¥404.9M	CN¥489.6M	CN¥489.6M	CN¥472.9M	CN¥472.9M	CN¥663.8M	CN¥663.8M	CN¥699.4M	CN¥699.4M	CN¥735.5M
Property, plant & equipment (net)	CN¥3.9M	CN¥3.9M	CN¥3.9M	CN¥11.5M	CN¥11.5M	CN¥13.5M	CN¥13.5M	CN¥19.9M	CN¥19.9M	CN¥20.9M	CN¥20.9M	CN¥16.5M
Goodwill & intangible assets	CN¥110.1M	CN¥110.1M	CN¥110.1M	CN¥114.2M	CN¥114.2M	CN¥123.5M	CN¥123.5M	CN¥134.7M	CN¥134.7M	CN¥148.3M	CN¥148.3M	CN¥167.0M
Long-term investments	CN¥0	CN¥30.7M	CN¥0	CN¥1.4M	CN¥0	CN¥1.4M	CN¥0	CN¥1.4M	CN¥0	CN¥1.4M	CN¥0	CN¥6.1M
Other non-current assets	CN¥279.5M	CN¥248.8M	CN¥279.5M	CN¥231.6M	CN¥233.0M	CN¥255.8M	CN¥257.2M	CN¥161.4M	CN¥162.8M	CN¥161.9M	CN¥163.4M	CN¥160.6M
Total assets	CN¥798.4M	CN¥798.4M	CN¥798.4M	CN¥848.3M	CN¥848.3M	CN¥867.0M	CN¥867.0M	CN¥981.3M	CN¥981.3M	CN¥1.03B	CN¥1.03B	CN¥1.09B
Liabilities
Accounts payable	CN¥161.6M	CN¥161.6M	CN¥161.6M	CN¥188.7M	CN¥188.7M	CN¥145.8M	CN¥145.8M	CN¥249.3M	CN¥249.3M	CN¥254.1M	CN¥254.1M	CN¥314.4M
Short-term debt	CN¥114.8M	—	CN¥114.8M	CN¥120.0M	CN¥120.0M	—	CN¥115.7M	CN¥108.1M	CN¥108.1M	—	CN¥96.6M	CN¥100.1M
Deferred revenue	CN¥3.0M	—	—	CN¥1.9M	CN¥2.3M	—	—	CN¥3.0M	CN¥3.8M	—	—	CN¥3.2M
Total current liabilities	CN¥394.7M	CN¥394.7M	CN¥394.7M	CN¥384.5M	CN¥384.5M	CN¥337.1M	CN¥337.1M	CN¥421.8M	CN¥421.8M	CN¥458.8M	CN¥458.8M	CN¥515.3M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥3.2M	CN¥0	CN¥4.7M	CN¥0	CN¥6.1M	CN¥0	CN¥7.5M	CN¥0	CN¥1.6M
Lease obligations	—	CN¥1.5M	—	CN¥2.3M	—	CN¥4.5M	—	CN¥7.4M	—	CN¥5.3M	—	CN¥6.5M
Other long-term liabilities	CN¥54.0M	CN¥54.0M	CN¥54.0M	CN¥53.1M	CN¥56.3M	CN¥64.6M	CN¥69.3M	CN¥78.5M	CN¥84.6M	CN¥60.3M	CN¥67.9M	CN¥69.6M
Total liabilities	CN¥448.8M	CN¥448.8M	CN¥448.8M	CN¥440.8M	CN¥440.8M	CN¥406.4M	CN¥406.4M	CN¥506.4M	CN¥506.4M	CN¥526.7M	CN¥526.7M	CN¥586.5M
Shareholders' equity
Common stock & paid-in capital	CN¥2.6M	—	CN¥2.6M	CN¥615,000	CN¥615,000	—	CN¥615,000	CN¥46,000	CN¥46,000	—	CN¥43,000	CN¥43,000
Retained earnings (deficit)	−CN¥1.52B	−CN¥1.52B	−CN¥1.52B	−CN¥1.43B	−CN¥1.43B	−CN¥1.37B	−CN¥1.37B	−CN¥1.43B	−CN¥1.43B	−CN¥1.38B	−CN¥1.38B	−CN¥1.39B
Accumulated other comprehensive income	−CN¥2.1M	—	−CN¥2.1M	−CN¥1.7M	−CN¥1.7M	—	−CN¥1.5M	−CN¥615,999	−CN¥616,000	—	−CN¥2.5M	−CN¥1.1M
Minority interest	—	−CN¥5.2M	—	−CN¥4.0M	—	−CN¥4.1M	—	—	—	—	—	—
Total shareholders' equity	CN¥354.8M	CN¥354.8M	CN¥354.8M	CN¥411.5M	CN¥411.5M	CN¥464.7M	CN¥464.7M	CN¥469.7M	CN¥469.7M	CN¥506.2M	CN¥506.2M	CN¥498.9M
Key figures
Total debt	CN¥115.0M	—	CN¥115.0M	CN¥123.8M	CN¥123.8M	CN¥4.7M	CN¥122.0M	CN¥117.7M	CN¥117.7M	CN¥7.5M	CN¥105.5M	CN¥103.8M
Net cash (debt)	−CN¥76.6M	—	−CN¥76.6M	−CN¥92.9M	−CN¥92.9M	CN¥58.5M	−CN¥58.8M	−CN¥13.8M	−CN¥13.8M	CN¥106.0M	CN¥8.0M	CN¥74.3M
Working capital	CN¥10.1M	CN¥10.1M	CN¥10.1M	CN¥105.1M	CN¥105.1M	CN¥135.8M	CN¥135.8M	CN¥242.0M	CN¥242.0M	CN¥240.6M	CN¥240.6M	CN¥220.3M
Tangible book value	CN¥244.6M	CN¥244.6M	CN¥244.6M	CN¥297.3M	CN¥297.3M	CN¥341.3M	CN¥341.3M	CN¥335.0M	CN¥335.0M	CN¥357.9M	CN¥357.9M	CN¥331.9M
Shares outstanding	70K	6.3M	70K	997K	997K	6.3M	832K	833K	833K	4.9M	983K	4.9M
Current ratio	1.03	1.03	1.03	1.27	1.27	1.40	1.40	1.57	1.57	1.52	1.52	1.43
Quick ratio	0.95	0.77	0.77	1.23	0.98	1.06	1.06	1.30	1.30	1.29	1.29	1.31
Debt / equity	0.32	—	0.32	0.30	0.30	0.01	0.26	0.25	0.25	0.01	0.21	0.21
Equity / assets	44.4%	44.4%	44.4%	48.5%	48.5%	53.6%	53.6%	47.9%	47.9%	49.1%	49.1%	46.0%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 2, 2026); data from EODHD.

QH financial position

At the end of fiscal 2025 (December 31, 2025), Quhuo had total assets of CN¥798.4 million (down 7.9% from a year earlier), total liabilities of CN¥448.8 million and shareholders' equity of CN¥354.8 million. It held CN¥38.4 million in cash and short-term investments against CN¥115.0 million of debt, net debt of CN¥76.6 million. Its current ratio was 1.03. In the latest quarter (ended March 31, 2026) total assets were CN¥798.4 million and equity CN¥354.8 million.

Related: QH income statement, QH cash flow statement, QH key metrics. See the QH stock overview for the latest quote and news.

QH balance sheet FAQ

What are Quhuo's total assets?

Quhuo reported total assets of CN¥798.4 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥867.0 million a year earlier.

How much debt does Quhuo have?

Quhuo had CN¥115.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.32.

How much cash does Quhuo have?

Quhuo held CN¥38.4 million in cash and short-term investments at the end of fiscal 2025; with CN¥115.0 million of debt that is net debt of CN¥76.6 million.

What is Quhuo's book value?

Quhuo's shareholders' equity (book value) was CN¥354.8 million at the end of fiscal 2025.

What is Quhuo's current ratio?

Quhuo had current assets of CN¥404.9 million and current liabilities of CN¥394.7 million, a current ratio of 1.03 (it can cover its short-term obligations).

How much goodwill does Quhuo have?

Quhuo carried CN¥110.1 million of goodwill and intangible assets, 13.8% of total assets, at the end of fiscal 2025.