Half Year 2023 Quhuo Ltd Earnings Call
Yes.
Speaker 1: Ladies and gentlemen, thank you for standing by and welcome.
Ladies and gentlemen, thank you for standing by and welcome to the Q whole first half year of 'twenty 'twenty earnings Conference call.
At this time all participants are in a listen only mode.
After managements prepared remarks, there will be a question and answer session.
Today's conference call is being recorded if you have any objection you may disconnect at this time.
I would now like to turn the call over to MS. Keisha Wong. Please go ahead Kishore.
Speaker 2: Thank you operator. Hello everyone. Welcome to truth was first half year of 2023 earnings call conference call the company's results were released earlier today and are valuable on our website on the call. They are Leslie, Chairman and CEO . Therefore, Barry Bach. Leslie will review business operations and the company highlights followed by Barry who will discuss financials and guidance.
Thank you operator, Hello, everyone and welcome into two parts first half year of 2023 earnings call Conference call. The company's results were released earlier today and are available on our IR website on the call today are Luckily chairman and CEO CFO , Barry Bob Let Lisa will review business.
Operations and the company highlights followed by Terry who will discuss financials and guidance.
Speaker 2: There will be available for answers, your questions in the Q&A session that follow.
There will be a that silo Gulf all answers your questions in the Q&A session that follows.
Speaker 2: Before we begin, I would like to remind you that this call may contain forward-looking statements made under the Safe Harbor provisions of the Private Securities Rejugation Reform Act of 1995.
Before we begin I would like to remind you that this call may contain forward looking statements made under the safe Harbor provisions of the private Securities Litigation Reform Act of 1995.
Speaker 2: Such statements are based on management's current expectations and the current market and operating conditions and relate to the events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statement.
Such statements are based on management's current expectations and the carbon market and operating conditions and relate to events that involve known.
The risks uncertainties and other factors.
They are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results performance.
Our achievements to differ materially from those in the forward looking statements further information regarding these and other risks uncertainties and factors is included in the company's earnings release that U S Securities and Exchange Commission. The company does not undertake any obligation to update any forward look.
Speaker 2: Further information regarding this and other risks, uncertainties, and the factors is included in the company's feelings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of a new information, future events, or other rights, except as required under the law.
In a statement as a result of new information future events or otherwise, except as required under the law.
Speaker 2: With that, I will now turn the call over to our chairman and say Mr. Lai Yu, please go ahead. Thank you all for joining our first half of the 2023 earnings conference call.
I will now turn the call over to our chairman and CEO Leslie <unk>. Please go ahead.
Thank you Ashish.
Thank you all for joining I'll ask what's the hop over 2000.
Earnings Conference call.
Uh huh.
Speaker 3: Following the increasing value first and improving profitability later, Australian in 2002, she will continue to be enhanced profitability and optimize costs in the first half year of 2023. Meanwhile, based on our mobility service solutions, we have impact on the creation of our second growth to get to a global business, which has yielded significant high demand and greaterador power during aviation.
Horizontal increasingly Daniel first on the improving profitability of local Chinese local government to me too she will continue to enhance the profitability and the optimized cost in the first half.
Year old 2000, Greece.
Meanwhile, baseball a lot more basic service solutions, we have in basketball creation girls to Jeff Steve Wallach.
Which has yielded a significant achievements.
Speaker 3: In all its current domestic income conditions, Shifu achieved a master's influence in its financial results during the first half of 2018.
I'll leave it to Highland domestic E com Felicia she watch due to the milestones we're full as in your financial results. Excluding the first half of 2023.
Generally speaking you'll have to hop over to <unk> 786 year on year decrease in net losses, and then 87 point decrease not just in the last policies.
Speaker 3: Generally speaking, in the first half of 2023, the QIHU achieved a 78.6 year-on-year decrease in net loss.
Speaker 3: and an 87 point decrease in adjusting the net losses.
Speaker 3: Projected Yibit also increased by 2.8% reaching IMD 11.1 million. However, the mobility service solutions and housekeeping services have delivered satisfactory results.
Adjusted EBITDA increased by 2.8 <unk>.
11 1 billion.
First a more beta to service solutions and housekeeping.
Good neighbors satisfactory results.
Speaker 3: First of all, we made a progress in cost and expense control through technology optimization. In the first half of 2023, overall operating costs decreased by 5.7 year-on-year.
Furthermore, we made progress in cost and expense controls with technology.
Optimize issue in the first half of 2023.
Operating costs decreased by five seven year on year.
Speaker 3: Generally administrative expenses decreased by 18% to IMB 80.1 million. The research and development of these expenses decreased by 7.2 to IMB 6.6 million.
General and administrative expenses decreased by 18% to try and be a partner.
Medium time to research and it's better.
<unk> decreased by seven points to 26 6 million.
Speaker 3: Considering the current economic condition in the domestic market, we also managed asset liability allocation resulting in an increase in interest income from IMB 191,000 in the first half of 2022 to IMB 742,000.
Considering the current economic conditions in the domestic market. We also manage.
Asset liability allocation, resulting in an increase of <unk> income.
From.
191000.
Over 2002.
Two items 742000.
Speaker 3: Interest expenses also decreased by 38.6 from RMB 3.8 million in the first half of 2002 to RMB 2.3 million in the first half of 2023.
Interest expenses also decreased by $8 six from RMB three eight medium.
Harper admittedly tool to RMB two party screen media.
2016.
[noise] as you May know how that kind of helped the molecular originally sourced animal goodness and so on.
Speaker 3: As you may know, our kinds of demand delivery solutions and mobility service solutions are mainly well-known consumer service platforms such as Meduire, Yale ECD, and major chain restaurants like KFC McDonald's and Latin Coffee.
Mainly we all know.
You might say this platform that's definitely what we do.
And a major existing restaurants.
See mcdonalds in the last few calls.
Speaker 3: Through platform fulfillment services, Qihoo offers clients streamlined management operations and a standardized service product while charging service fees for all the folks you met.
So credit quality.
She will offer a streamlined the management operations.
Understood.
While it's hard work.
For order fulfillment.
Speaker 3: In the first half of 2023, the third annual from on-demand with a rate and a mobility solution, excluding vehicle-expired solutions, amounted to 1.7 billion.
In the first half of 2000 attendees suite.
Revenue from all of the amount of debris and the morbidity.
It's equivalent to be quite honest with you.
They don't pay the <unk> one.
I didn't get it.
Speaker 3: Our housekeeping and accommodation services are provided on the SAS Plus service model. The SAS Plus service model primarily offers a comprehensive solution for housekeeping and accommodation and other community service providers.
Our people and accommodation services are provided.
On the topic of this model SaaS Pocketbook smarter primary offer a comprehensive solution for housekeeping and accommodation and audit Committee says provider.
Speaker 3: encompassing services such as online traffic, orders, payment, and customer support. Additionally, we provide very added services like human resource management, financial management, and data analysis.
We will comfortably that's.
All lines have all of the colon and customer support.
Additionally, we've provided that he added services like too many soft management financial management and the pizza.
Speaker 3: helping SIF providers enhance management efficiency and decision-making capabilities.
Help them build either we will have some element of efficiency and decision making capability.
Speaker 3: improving service quality and user satisfaction, leading to increased revenue.
Yeah by improving the quality and excellent leading to increased revenue.
Speaker 3: Meanwhile, the primary source of the Renew for SAS-TRA service product is the commission collected from partners based on the GND charge throughout our platform. In the first half of 2023, the Renew from housekeeping and accommodation solutions and other services among the 2020-28.2 minutes.
Meanwhile, the prominent thoughtful granules, what's that cost so the product is the Canadian correctly, the plum possible based on the T&D chocolate draw kind of fall in the first half of 2023.
Revenue from Husky and accommodation solution and other services amounted to RMB 28 2 million.
In the first half of 2000 and celebrity actively expanded our second half growth curve.
Speaker 3: In the first half of 2003, we actively expanded the second growth curve. In February , Qifuo officially launched an international business on the Qifuo International.
In February of two four piece or allowance in conventional shipboard international.
Speaker 3: After preparation in March and April , we officially launched the vehicle export solutions in May. As of now, the results have been significant.
The preparation of a March and April we all see for allowance equal its policy. So it's you're asking me is of law the results have been significant.
[noise] with cooperation and should lead to well over 3000 of units.
Speaker 3: with cooperation intentions reached for over 3,000 units.
Speaker 3: The concept of 1,720 units had been signed.
<unk> 1720 unit category.
Speaker 3: and more than 200 units delivered. In May alone, the service-generated revenue of 11.98 million RMB has achieved a profit period.
And the more than 200 enrollees.
In May alone our service P&L, they've hit a menu.
11 point 98 of medium and large.
Shoot is complicated.
Speaker 3: The remaining service contracts that have been signed by the not yet fulfilled are expected to continue bringing financial returns to the company in the second half of the year.
The remaining service culture that have been signed and not yet we'll feel it I expect paydowns to continue bringing finance really close to the company in the second half.
Speaker 3: Sure for International we are continue to increase investment. In this business, gradually building a network of our automotive dealership, in 58 countries and the regions around the world. Including Jordan and it is going to add to the end of the time.
Sure and I'll, let you know.
We'll continue to increase investment.
Business gradually building a network of automotive dealership.
The eight countries in the region.
Zelda and it doesn't actually get angry.
[noise]. According to the only other part of the total volume will China used to kind of call. It in 2000, and Keith was approximately 15000 vehicles was ingestible amount though.
Speaker 3: According to the media report, the total volume of China's used car export in 2021 was approximately 15,000 vehicles. Within just one month of Qiguo's vehicle export solutions going live, the volume of signed contracts already accounted for 20% of the total export for the entire year of 2021.
Vehicle, that's caught it or looking at school life.
Liam will sign the contracts already a concrete pour concrete to fend off the cold quite hard for the entire year old from southern.
But importantly, the case that China's used car export I expected us to exceed 100000 vehicles in 2023.
Speaker 3: The report indicates that China's youth carpet port is expected to exceed 100,000 vehicles in 2023.
Speaker 3: with a predominant focus on electronic vehicle experience.
Was that predominantly for Chris I'll get Tony to equal policy.
Speaker 3: This is said to provide triple internationalization efforts with an even greater need for expansive discussion.
So as he said to provide a true intellectual life shall angeles without even grid.
Expenses for development.
Speaker 3: We believe that the achievements Qihuo has made in the vehicle export solutions are partly attributed to China's domestic vehicle's garbage policies and the rapid growth of the electric industry. However, even more crucial is Qihuo's extensive data and operational experience in the ride-sealing service.
We believe that humans. She has made in the beef question part of solutions.
They attributed to China's domestic vehicle.
Parking.
Critical to hold so you'd have to China electric industrial however.
However, even more co sorry, she was extensive.
And the operational experience he's a ride hailing services.
So business T mobile shoot wasn't morbidity. So the solution has been deeply rooted in ride hailing service for over five years and up.
Speaker 3: The business team of QoS Mobility Services Solutions has been deeply rooted in the right filling service for over five years and possesses more than two decades of experience and resources in the automotive export field.
Possess more than two decades of experience centers Celsius Komatsu Expulse field.
Speaker 3: The current in China has become one of the key partners of China's largest bright-setting platform, DB. All above allows our personal team of China's mobility service solutions to connect with the balance, large and medium sized automotive manufacturers.
Currency has become one of our key partners.
China's largest ride hailing platform DB.
Oh boy allow optical team all true morbidities.
To connect with the honest lots on the medium sized automotive manufacturers.
Speaker 3: dealerships and in the second hand card market. A lot of us to switch to the expert information of the course process and establish close relationship with relevant entities.
And then the second.
<unk> watched alagoas to switch to the access information all the Costco sale.
Stablish coast relationship with development entities.
Speaker 3: Our close collaboration with overseas dealers has led to robust communication and cooperation
Our close collaboration with all will see Ddos has led to robust communication and cooperation.
Speaker 3: This formidable network of partnerships has laid a strong foundation for chipboard's international expansion, enabling us to see their early presence on the OBC market.
She is a formidable network of partnerships have laid a strong foundation, which was international expansion, enabling us to seize that early presence with all this new market.
Speaker 3: Leveraging our material-wide sitting business line, operational experience, accumulated vast data, and diverse files and vehicle resources, we achieved profitability within just one month of launching this service.
Leveraging all our material right.
One operational experience accumulated about the data.
Five of them equally sources, we achieved profitability within just the woodlands Hills production histories.
[noise] in future sugar, we are leveraging secondhand car retail capabilities will streamline operations.
Speaker 3: So what we want are all the reviews said the club
Speaker 3: Currently, the overseas extension of used cars is our first trip for development.
I don't see that the overseas expansion is to use the cocky fell off chip development.
Speaker 3: Electrical vehicles are the main source driving China to use the car export are consumed for about 70%. In addition to serving light-fitting drivers and providing lease are used to car sales cheaper presents robots can repair, caretability.
The vehicles are the main sauce, driving China to use the Kai export.
About 70%.
In addition to studying whilst getting drivers and providing relief or use the cocktail shiho robot.
Pay off quite a bit.
Yes.
Speaker 3: While operating right-fitting solutions, the company has accumulated significant resources to vehicle maintenance and repair, creating a unique network of vehicles to care resource.
Well I will also provide a cleaning solution that the company has accumulated a significant degree celsius towards equal maintenance under the tail, creating a unique network Kofi court upheld the sources.
Speaker 3: Delining on Chico International's long-standing network of obesity dealership has an increasing volume of used card domestics. Chico will continue to build its part advantage in optimizing user car repair.
You're not sure what international has a long standing that all cultural visit dealerships.
<unk> volume of used car domestically. So while we have continued to build its part of encase optimizing user cocktail.
Speaker 3: By establishing and collaborating our repair centers nationwide, SUGO aims to enhance
Establishing and are collaborating all the Perl central for nationwide.
Aims to enhance efficiencies through standardized the process create international use the classification standard and optimize the environment for international used car transactions.
Speaker 3: efficiency through standardized process create international used class spacing standards.
Speaker 3: and optimize the environment for international use.
Speaker 3: For instance, setting up a refurbishment center at the E-Core South locations, completely used cardinal pills and disagreement on a?? term for the appropriate provide.
For instance, setting up.
I think for our basement center out of East Coast also location completely used ekati Taylor on the conversion.
Speaker 3: The grading and ensure vehicles are shook down the thin day when they reach the port to reduce logistic cost.
The grading and ensure the Cotai strip dollar in there.
We reached a path to reduce logistics costs.
[noise] through innovation transsexual model.
Speaker 3: Through innovative transactional models of domestic operations plus international export, Chugo International will become a company's second growth wave and explore entirely new realms of development, which will boost the company's revenue and profitability, providing a broader scope for growth.
Domestic operations cost international export shipments.
International we have become a company's second gross weight.
Oh, I have an entirely new level.
Which would help boost of the company's revenue and profitability, providing a broader scope for growth.
Speaker 3: Moreover, it will also vary in industry stakeholders, more business opportunities, and avenues of collaboration.
Moreover, we are also they are seeing doctors they quote on more business opportunities in any of the skin collaboration.
Speaker 3: Here we are not only faster than the development of international automotive trade, and the brings force opportunities arising from the booming electric vehicle industries to overseas countries and regions. But also actively assume a positive, popular social responsibility in global energy conservation and animations reduction.
It'll be a lot of only foster active acumen Coke international I'm, working with trade and it brings forth opportunities arising from the booming the electric vehicle industry has told us and countries in the region, but also actively I assume a coffee corporate social responsibility in global energy conservation.
I know you measure reduction.
Speaker 3: We are confident that the Qigong International is offering a more diversified range of products and services to our clients, catering to the varied needs of different regions and markets.
We are confident that that's the triple internationally is offering a more diversified range of products and our services to our car T.
Catering to that they already been knee deep in the region.
This will create additional revenue streams for us propel overall company growth and unlock substantial business all places on the gross potential.
Speaker 3: This will create additional revenue streams for us.
Speaker 3: prepare overall company growth and unlock substantial business opportunities and growth at your organisation.
Speaker 3: This concludes my statement. I will now turn the call to our safe home. Who will discuss the file our financial results with the broken file? It's a good question. Thanks, Mr. President. Hello, everyone. Welcome to Chief. It was first and a half year of 2020 conference call. Please be reminded all the amounts of the year will be on the last day that it's otherwise.
This concludes my statement I went out for the call over to our CFO , who will discuss our financial results.
Okay.
[noise]. Thanks.
Hello, everyone and welcome to Q4.
Year of 2020.
Today's conference call.
Be reminded that all amounts owed are here will be RMB unless stated otherwise.
Speaker 4: The first year of 2023, the total revenue is RMB.
The first of the year.
2023, total revenue with regard it used to be.
Speaker 4: 1736.3 million compared with total revenue of RMB 1863.8 million in the first year of 2022.
And the 700.
$36 3 million compared with total revenue of RMB 1000 863 million.
In the first of the year of 2022.
Speaker 4: as further breakdown. Revenue from on-demand delivery solutions for RMB 1649.6 million representing a decrease of 6.5% from RMB 1000.
Further breakdown revenue from on demand delivery solutions.
B.
$1649 6 million.
Presenting a decrease of six 5% from RMB 1760, <unk> pardon.
Speaker 4: 763.3 million in the first half year of 2002.
Pardon me Sir.
In the first half year of two return to.
Speaker 4: primarily because we enjoyed more preferential policy during the first year of 2022. Amid the COVID-19 pandemic, which was significantly reduced in the six months ended June 30.
Primarily because we enjoy the mall preferred preferential policies during the first of the year of 2020 Chew Amit.
Amid the COVID-19, pandemic, which was.
Incidentally, we refuse to in the six months ended June 30.
Speaker 4: following the relief of the pandemic.
2022.
Following the relief of the pandemic.
Speaker 4: revenue from ability service solutions consisting of
Revenue from our balance sheet. So the solution is consistent.
Consisting of <unk> five service solutions and the newly launched vehicle expert solutions, well RMB 58, 5 million, representing an increase of three six from RMB 56 5 million in the six months.
Speaker 4: consisting of shared back maintenance, ride-hailing, five-service solutions, and newly launched vehicle export solutions for RMB 58.5 million, representing an increase of 3.6 from RMB 56.5 million in the six months ended on June 30, 2022.
Up to June .
June 32022, primarily due to two major points, whilst the commencement of a vehicle export solutions, which generally to the revenue off B 12 minutes.
Speaker 4: primarily due to two major points. One is the commencement of vehicle export solutions which generated a revenue of RMB 12 million.
Speaker 4: And second, our enlarged customer base and the service scope for round-hanging solution service.
And secondly, a large customer base and our service scope for ride hailing solution service.
Speaker 4: Revenue for housekeeping and accommodation solutions and other services are RMB28.2 million representing a decrease of 35.2% of RMB43.5 million in the first six months ended June 30 of 2022 primarily due to the transaction of the business model in hotel and accommodation service.
Revenue for housekeeping on the combination of solutions on the other so is RMB 28, one too many.
Representing a decrease.
35, 2% of RMB 443, 5 million in the first six months ended June 30 of two of them trying to permanently due to the transaction of the business model in hotel and accommodation services.
Speaker 4: Overall, to realize a number of financial data improvements.
Overall, chew or launched a number of financial improvement.
Speaker 4: and the current economic conditions in the domestic market. Coastal revenue was RMB 1,669.5 million, representing a decrease of 5.7% a year over the last year.
Interest on the current economy conditions in domestic marketing cost of revenue was RMB.
<unk> thousand.
$669 five minutes, representing a decrease of five seven.
Percentage of year over year.
Speaker 4: permanently attribute the decrease in our labour cost and the handling expenses. Our GIA expense of RMB is 1.6 million representing a decrease of 18% from RMB 99.5 million in the six months extended to 30 of 2022.
Primarily attributed to the decrease of our labor cost decreasing our labor cost and expenses.
G&A expense of RMB 106 million, representing a decrease of 18% from RMB $99 5 million in six months ended June 30 alternative.
Speaker 4: Prime Minister, due to the decrease in 3 meter point 1, the share of this conversation access has decreased from 12.5 million in the first year of our 2021 due down to 3.9 million in the first year of our 2021 2003. And it's taken to the welfare and business development.
Primarily due to the decrease in the three major points one to the share based compensation expense.
The decreased from 12 5 million in the first year or so what I'm trying to down to $3 9 million in the FERC until the three in the second into the belts and business development.
Speaker 4: Expensive office expenses have decreased from 29.5 million in the first year of 2022 down to RMB 17.3 million in the first year of 2023.
<unk> expense in oversea expenses from.
Has decreased from $29 5 million in the first year or two of them trying to down to RMB 17, three minutes in a year of term.
Speaker 4: Our RMB expense of RMB 6.6 million, Web 17, a decrease of 7.2% from 7.2 million in six months ended June 30, 2022.
Our R&D expenses were RMB, six 6 million, representing a decrease of 2% from <unk>.
Operator: At this time, all participants are in a listen only mode.
Seven 2 million in the six months.
At.
At June 32000 turned into.
Speaker 4: Primarily due to the decreasing average compensation level for our ND personnel has restructured and then has a restructured result of our ND team.
Preliminary due to the decreasing average compensation levels for our R&D personnel has restructured.
As a restructured resolved.
Me too.
Speaker 4: Other income was on the 6 minutes compared to the lowest of 1B.
Other income was RMB six minutes.
Unknown Executive: Thank you, operator.
Parents, who are the largest of them be.
Speaker 4: $8.3 million in the first half of 2022, primarily due to increase in our file value, change of investment in the mutual fund. The income tax benefit was RMB 2.4 million as compared to income tax experience of RMB 6.7 million in the first year of 2022, primarily due to the increase in our deferred tax asset benefit.
Pause for a minute in the first half of two of them trying to permanent due to an increase in our file value, which change on the investments in the mutual fund.
Income tax benefit was.
2.4 minutes as compared to income tax experience of RMB six 7 billion in the first year and I was just going to turn into preliminary due to the increase in our deferred tax asset benefit.
And no loss.
Speaker 4: Net loss attributed to Qihua Limited was RMB 9.6 million as compared to RMB 25 million in the first year of 2022. Adjusted net loss was RMB 1.8 million as compared to adjusted net loss of RMB 14.1 million in the first year of 2022.
[noise] attributed to chew haul imaged, most RMB nine 6 million as compared to.
The 25 million in the first two year or 2020 to adjust.
Adjusted net loss was RMB, one 8 million as compared to adjusted net loss of RMB 14, 1 million in the first two I'm trying to.
Speaker 4: and our adjusted EBITDA was RMB is the earning of RMB 11.1 million as compared to adjusted EBITDA of RMB earning 10.8 million in the first year of 2022.
And our adjusted EBITDA was RMB of.
RMB 11, 1 million as compared to adjusted EBITDA of RMB 10.
<unk> 8 million in the first year.
The year of 2022.
Speaker 4: In terms of the balance sheet as June 30, 2023, the company has cash short term investment and the restricted cash of RMB $178.2 million and short term debt of RMB $95.7 million. This concludes my prepared remarks. Thank you for your attention. We are now pleased to answer your questions. Oh, printer, please go ahead.
In terms of the balance sheet.
Our June 32003, the company has cash short term and last one on the restricted cash.
RMB.
Sure.
$78 2 million and short term debt of RMB 95, 7 million. This concludes my prepared remarks. Thank you for your attention.
Now pleased to answer your questions.
Unknown Executive: Hello, everyone. Welcome to true for the first half year of 2023's earnings call conference call.
Please go ahead.
Unknown Executive: The company's results were released earlier today and are valuable on our IR website.
Thank you if you wish to ask a question. Please press Star then one on your telephone and wait for your name to be announced.
If you wish to cancel your request you will need to press Star then two.
Speaker 1: star than two. If you are on a speaker phone, please pick up the handbook.
Unknown Executive: On the call, they are Leslie Yu, Chairman and CEO. Let's leave a review business operations and company highlights followed by Terry who will discuss financials and guidance. There will be valuable for answers, your questions in the Q&A session that follows.
If you're on a speakerphone please pick up the hill that's the ask your question.
Once again that was star then one on your telephone.
Yeah.
Unknown Executive: Before we begin, I would like to remind you that this call may contain forward looking statements made under the safe heart prohibitions of the private securities litigation reform act of 1995. Such statements are based on management current expectations and the current market and operating conditions and relate to the events that involve known or unknown risks and certainties and other factors, all of which are difficult to predict and the many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to defer material leave from those in the forward looking statements.
Okay.
Unknown Executive: Further information regarding this and other risks and certainties and sectors is included in the company's feelings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward looking statement as a result of a new information, future events or otherwise, except as required under the law.
Yeah.
And our first question comes from Jay You Oh Tiger. Please go ahead.
Oh hi.
Speaker 5: Hi, this is Yiyi from Tiger. I have a question. Because Xinghua always focused on localized community like...
Hi, there I have a question.
She will always welcome new clients.
It seems like some of it is that some correlation between the newly launched the vehicle export solution and the Companys operational business and Fabless.
Speaker 6: Is there some relation between the newly launched theoretical expo pollution and the prominent original business and can establish a complementary relationship with the existing business?
Families are complementary relationship with an existing database.
Yes, that's my question.
Speaker 3: Thanks for the question and this is Leslie. I would like to explain the relationship between second-hand car export and what we are focusing on localised communication.
Thanks for the question.
Let's see.
I would like to explain the relationship with teaching.
Uh huh.
Definitely.
A six part.
We are focusing on localized community service.
Speaker 3: Firstly, our vehicle's post solutions had a very strong connection with our existing.
Firstly, how about a quick switching has a very strong connection with our existing business.
Speaker 3: So vehicle export solutions actually derive from our mobility sector as an asset management innovation.
Corn harvest solution afraid you're buying from our mobility sector.
Asset management team.
Speaker 3: This portion of our business will leverage the vehicle information and the maintenance resources. We have accumulated in mobility business.
This portion of our business we are in average the vehicle information and maintain industry sources, we have accumulated in our mobility business to provide equal rescue video management of services for our mobility products.
Speaker 3: to provide the e-correstrial value management services for our mobility clients.
Speaker 3: nearby extending and expanding our offerings within the local community service.
So yeah by extending and expanding.
Paul brings waving the local community service sector.
Speaker 3: On the other hand, as we progress with the vehicle export business, it allows us to expand into the global market.
Oh yeah.
And as we progress with the vehicle export business allows us to expand into the global market.
Speaker 3: building our same reach to more diverse regions and opening our upgraded maximum potential.
Brought in Las Vegas to reach to a more diverse region and opening up a great team.
The potential.
Speaker 3: So in summary, why are the vehicle export solutions always in different domains?
So in summary.
Why is it an equal part of solutions all placed in different domains.
Speaker 3: so that there shall be a ban on living that couldalk away from certain areas yet with real means and Second Third
Except you arrive a cheap and extension of our core business.
Speaker 3: through the organic fusion of technology, data, and operational experience.
Through the organic fusion of technologies data and operational experience it.
Speaker 3: It forms a beneficial relationship with our original business, offering fresh moments and opportunities for our company's growth. Thank you.
It forms a beneficial relationship employees our RTD.
Business offering flash moment at all facilities for our company's growth.
Thank you.
[noise] once again, if you would like to ask a question. Please press Star then one on your telephone.
[noise] there are no further questions at this time.
On the call back to management for closing remarks.
Okay. Thank you everyone for listening.
Speaker 2: Okay, thank you everyone for listening. Thank you.
Thank you.
[noise] concludes today's conference. Thank you for attending and you may now disconnect.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Leslie Yu: With that, I will now turn the call over to our chairman and see if you're likely to please go ahead. Thank you, Tishu. Thank you all for joining our first half of 2023 earnings questions call.
Leslie Yu: Following the increasing value first and improving profitability later, actually in 2002, she will continue to be enhanced profitability and the optimized cost in the first half year of 2023. Meanwhile, based on our mobility service solutions, we have the impact on the creation of our second growth trajectory for our business, which has yielded significant achievements. All of these current domestic and current conditions should work to the maximum improvement in its financial results during the first half of 2023.
Leslie Yu: Generally speaking, in the first half of 2023, she will achieve that 78.6 year-on-year decrease in net losses, and that an 87-point decrease in addressing the net losses. Adjust the EBITDA also increased by 2.8% reaching IMD 11.1 million. First, the mobility service solutions and housekeeping services have delivered satisfactory results.
Leslie Yu: Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu[inaudible] Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu[inaudible][inaudible] Wang, Qishu Wang, Qishu Wang,[inaudible] Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu In future, Quhuo's leverage is 7% current sales capabilities for streamlined operations. Current sales overseas extension to use the card is our fast trend of development.
Leslie Yu: Electrical vehicles are the main source driving China's use the card export, a consumption of about 70%. Innovation to serving wide-fiving drivers and providing these are used to cut sales. Quhuo presents robust and repair capabilities. While you're offering wide-fitting solutions, the company has accumulated significant resources for vehicle maintenance and repair, creating a unique network of vehicle repair resources. Delighting on Quhuo International's long-standing network of obesity dealership has an increasing volume of use the card domestically.
Leslie Yu: Quhuo will continue to build its core advantage in optimizing use of car repair. By establishing and collaborating, or repair centers nationwide, Quhuo aims to enhance efficiency through standardized process, create international use the card's facial standards, and optimize the environment for international use of card transactions. For instance, setting up a refurbishment center at the E-Core South locations, completely use the car repair and conversion, upgrading and ensure vehicles are shook down in the day when they reach the port to reduce logistic costs.
Leslie Yu: Through innovative transaction models of domestic operations, class and international export, Quhuo International will become a company's second growth wave and explore entirely new realms of development, which will boost the company's revenue and profitability, providing a broader scope for growth. Moreover, it will offer various industrial stakeholders more business opportunities and heavy risk in collaboration. Here we are not only faster than the development of the international automotive trade, and the brings forth opportunities arising from the booming electric vehicle industries to overseas countries and regions.
Leslie Yu: But also actively assume a positive public social responsibility in global energy conservation and innovation reduction. We are confident that the Institute for International is offering a more diversified range of products and services to our kinds, catering to the varied needs of different regions and matches. This will create additional revenue streams for us, prepare overall company growth, and unlock substantial business opportunities and growth countries.
Leslie Yu: This concludes my statement.
Unknown Executive: I will now turn the call over to our safe home. Quhuo will discuss about our financial results with the company's office. Thank you very much. Thanks, Nestle.
Terry: Hello everyone. Welcome to Quhuo.
Terry: It was first of the year of 2019 conference call. Please be reminding all the amounts of the year will be on the last day of the otherwise. [inaudible] Zhen Ba, Qishu Wang,[inaudible] Wang, Qishu Wang, Qishu Wang, Qishu Wang,[inaudible] Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang,[inaudible] Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang,[inaudible] Wang, Zhen Ba. [inaudible] Qishu Wang, Quhuo Qishu Wang, Quhuo Qishu Wang, Quhuo Qishu Wang, Quhuo Qishu Wang, Quhuo Qishu Wang, Quhuo Qishu Wang, Quhuo[inaudible] Qishu Wang, Quhuo Qishu Wang, Quhuo Qishu Wang, Quhuo Qishu Wang[inaudible]