Quhuo Limited (QH) Income Statement
QH 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanQH revenue and net income
Where QH's revenue goes
2025Each bar shows an amount and its share of revenue. QH kept −5.9% of revenue as net income.
QH profit margins
QH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −17.1% | −12.9% | −0.4% | — |
| Gross profit | −83.2% | −63.4% | −42.2% | — |
| Operating income | — | — | — | — |
| Net income | −5,625.5% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
QH income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.53B | CN¥3.05B | CN¥3.70B | CN¥3.82B | CN¥4.03B | CN¥2.58B | CN¥2.06B | CN¥1.47B | CN¥654.8M |
| Cost of revenue | CN¥2.51B | CN¥2.97B | CN¥3.54B | CN¥3.57B | CN¥3.85B | CN¥2.39B | CN¥1.89B | CN¥1.36B | CN¥626.2M |
| Gross profit | CN¥12.4M | CN¥73.7M | CN¥166.6M | CN¥252.7M | CN¥175.6M | CN¥192.5M | CN¥162.3M | CN¥116.6M | CN¥28.6M |
| Research & development | CN¥7.1M | CN¥10.7M | CN¥12.4M | CN¥12.5M | CN¥20.1M | CN¥13.1M | CN¥9.7M | CN¥6.7M | CN¥3.2M |
| Sales, general & admin | CN¥187.8M | CN¥148.6M | CN¥184.3M | CN¥213.6M | CN¥240.7M | CN¥203.3M | CN¥161.2M | CN¥161.8M | CN¥46.8M |
| Total operating expenses | CN¥194.9M | CN¥84.1M | CN¥174.4M | CN¥217.0M | CN¥260.9M | CN¥213.2M | CN¥170.9M | CN¥168.5M | CN¥50.0M |
| Operating income | −CN¥182.5M | −CN¥10.4M | −CN¥7.8M | CN¥35.6M | −CN¥85.3M | −CN¥20.6M | CN¥19.6M | −CN¥51.9M | −CN¥21.4M |
| Interest income | CN¥193,000 | CN¥385,000 | CN¥1.0M | CN¥690,000 | CN¥644,000 | CN¥824,000 | CN¥275,000 | CN¥44,000 | CN¥104,000 |
| Interest expense | CN¥4.2M | CN¥4.1M | CN¥4.9M | CN¥5.7M | CN¥7.0M | CN¥8.1M | CN¥6.1M | CN¥3.9M | CN¥1.4M |
| Income before taxes | −CN¥182.3M | −CN¥16.7M | CN¥5.1M | CN¥4.6M | −CN¥179.2M | CN¥19.8M | CN¥8.1M | −CN¥40.3M | −CN¥13.6M |
| Income taxes | −CN¥31.8M | −CN¥18.3M | −CN¥927,000 | CN¥21.0M | CN¥12.0M | CN¥25.4M | CN¥21.6M | CN¥4.0M | CN¥405,000 |
| Net income | −CN¥149.5M | CN¥2.7M | CN¥3.3M | −CN¥13.1M | −CN¥191.2M | CN¥3.4M | −CN¥13.4M | −CN¥42.6M | −CN¥14.0M |
| EBITDA | −CN¥162.4M | CN¥9.1M | −CN¥4.4M | CN¥55.2M | −CN¥88.1M | −CN¥3.5M | CN¥6.4M | −CN¥26.3M | −CN¥9.7M |
| Gross margin | 0.5% | 2.4% | 4.5% | 6.6% | 4.4% | 7.5% | 7.9% | 7.9% | 4.4% |
| Operating margin | −7.2% | −0.3% | −0.2% | 0.9% | −2.1% | −0.8% | 1.0% | −3.5% | −3.3% |
| Net margin | −5.9% | 0.1% | 0.1% | −0.3% | −4.8% | 0.1% | −0.7% | −2.9% | −2.1% |
| Mar '26 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | Sep '22 | Jun '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥697.3M | CN¥697.3M | CN¥565.7M | CN¥565.7M | CN¥713.5M | CN¥810.0M | CN¥810.0M | CN¥983.0M | CN¥868.2M | CN¥868.2M | CN¥978.3M | CN¥931.9M |
| Cost of revenue | CN¥693.1M | CN¥693.1M | CN¥563.7M | CN¥563.7M | CN¥689.0M | CN¥797.6M | CN¥797.6M | CN¥933.1M | CN¥834.8M | CN¥834.8M | CN¥898.9M | CN¥884.9M |
| Gross profit | CN¥4.2M | CN¥4.2M | CN¥2.0M | CN¥2.0M | CN¥24.5M | CN¥12.4M | CN¥12.4M | CN¥49.9M | CN¥33.4M | CN¥33.4M | CN¥79.4M | CN¥47.0M |
| Research & development | CN¥1.8M | CN¥1.8M | CN¥1.8M | CN¥1.8M | CN¥2.9M | CN¥2.5M | CN¥2.5M | CN¥2.9M | CN¥3.3M | CN¥3.3M | CN¥2.7M | CN¥3.6M |
| Sales, general & admin | CN¥55.7M | CN¥55.7M | CN¥38.2M | CN¥38.2M | CN¥38.9M | CN¥35.4M | CN¥35.4M | CN¥51.4M | CN¥40.8M | CN¥40.8M | CN¥57.0M | CN¥49.8M |
| Total operating expenses | CN¥58.1M | CN¥58.1M | CN¥37.1M | CN¥37.1M | CN¥7.7M | CN¥34.4M | CN¥34.4M | CN¥42.2M | CN¥36.7M | CN¥36.7M | CN¥66.4M | CN¥55.1M |
| Operating income | −CN¥54.0M | −CN¥54.0M | −CN¥35.1M | −CN¥35.1M | CN¥16.8M | −CN¥22.0M | −CN¥22.0M | CN¥2.4M | −CN¥6.3M | −CN¥10.7M | CN¥19.7M | −CN¥6.4M |
| Interest expense | CN¥1.1M | CN¥1.1M | CN¥889,500 | CN¥889,500 | CN¥838,500 | — | — | CN¥1.1M | CN¥790,500 | CN¥790,500 | CN¥699,000 | CN¥2.1M |
| Income before taxes | −CN¥55.7M | −CN¥55.7M | −CN¥35.4M | −CN¥35.4M | CN¥16.2M | −CN¥24.6M | −CN¥24.6M | CN¥6.6M | −CN¥4.0M | −CN¥4.0M | CN¥12.2M | −CN¥10.0M |
| Income taxes | −CN¥6.9M | −CN¥6.9M | CN¥9.0M | CN¥9.0M | CN¥7.9M | −CN¥1.3M | −CN¥1.3M | CN¥734,000 | −CN¥1.2M | −CN¥1.2M | CN¥7.2M | CN¥3.3M |
| Net income | −CN¥48.2M | −CN¥48.2M | −CN¥26.6M | −CN¥26.6M | CN¥27.6M | −CN¥26.3M | −CN¥26.3M | CN¥6.5M | −CN¥4.8M | −CN¥4.8M | CN¥5.9M | −CN¥12.5M |
| EBITDA | −CN¥49.7M | −CN¥49.7M | −CN¥33.7M | −CN¥33.7M | −CN¥12.5M | −CN¥19.5M | −CN¥19.5M | CN¥2.0M | −CN¥4.2M | −CN¥4.2M | CN¥26.7M | CN¥851,500 |
| Gross margin | 0.6% | 0.6% | 0.4% | 0.4% | 3.4% | 1.5% | 1.5% | 5.1% | 3.8% | 3.8% | 8.1% | 5.0% |
| Operating margin | −7.7% | −7.7% | −6.2% | −6.2% | 2.4% | −2.7% | −2.7% | 0.2% | −0.7% | −1.2% | 2.0% | −0.7% |
| Net margin | −6.9% | −6.9% | −4.7% | −4.7% | 3.9% | −3.2% | −3.2% | 0.7% | −0.6% | −0.6% | 0.6% | −1.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in QH's financial statements (latest annual report filed April 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
QH financial results
In fiscal year 2025 (ended December 31, 2025), Quhuo reported revenue of CN¥2.5 billion, down 17.1% from the year before. It had a net loss of CN¥149.5 million, a net profit margin of −5.9%. Over five years revenue grew at an average rate of −0.4% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the QH stock overview for the latest quote and news, or the QH chart for price history and technical indicators.
QH income statement FAQ
What is Quhuo's annual revenue?
Quhuo reported total revenue of CN¥2.5 billion for fiscal year 2025, which ended on December 31, 2025. That was down 17.1% from CN¥3.0 billion the previous year.
Is Quhuo profitable?
No. Quhuo reported a net loss of CN¥149.5 million in fiscal 2025, a net profit margin of −5.9%; its operating margin was −7.2%.
What is Quhuo's gross margin?
Quhuo's gross margin was 0.5% in fiscal 2025: for every $100 of revenue, Quhuo kept $0 after the direct cost of its products and services.
How much does Quhuo spend on research and development?
Quhuo spent CN¥7.1 million on research and development in fiscal 2025, 0.3% of revenue.
How fast is Quhuo growing?
Revenue grew −0.4% a year on average over the last five fiscal years, from CN¥2.6 billion to CN¥2.5 billion.
When does Quhuo's fiscal year end?
Quhuo's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 2, 2026.