Half Year 2024 Quhuo Ltd Earnings Call

Speaker Change: Good day and welcome to the crew world, 2-4 each one earnings conference call, all participants will be on the synonym mode. Should you need assistance, please signal a conference specialist for pressing the star key followed by zero.

Unknown Executive: All participants will be in listening mode. Should you need assistance, please signal a conference specialist, repressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you will press star, then one on your telephone keypad. To withdraw your question, please press star, then two.

Speaker Change: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad.

Unknown Executive: Please note, this event is being recorded.

Speaker Change: To withdraw your question, please press star then too. Please note, this event is being recorded. I would now like to turn on the current silver to Qishu Wang on investor relations. Please go ahead.

Qishu Wang: I would now like to come over to Qishu Wang on Investor Relations. Please go ahead.

Qishu Wang: Thank you all very much. Hello everyone.

Qishu Wang: Welcome to Qishu's first half of 2024's earnings conference call. The company's results were released earlier today and are available on our air website. On this call, they are Leslie Yu, Chairman and CEO, and CFO Barry Ba. Leslie will review business operations and company highlights, followed by Barry who will discuss financials and guidance. They will be available to answer your questions in the Q&A session that follows.

Qishu Wang: Thank you all, ladies and gentlemen. Hello everyone. Welcome to Qishu for the first half of 2024, an in-s conference call.

Speaker Change: The Communist Redout will release earlier today and are available on our air website.

Speaker Change: On this call today are Leslie Yu, Chairman and CEO, and therefore Barry Barr, likely the review distance operations and company highlight followed by Barry who will discuss financials and guidance. They will be available to answer your questions on in the Q&A session that follows.

Qishu Wang: Before we begin, I would like to remind you that this call may contain forward-looking statements made under the state public provisions of the Private Securities Litigation Reform Act of 1995. That statements are based on management current expectations and current markets and operating conditions and relate to the events that involve known or unknown risks, uncertainties, and other factors. All of them are difficult to predict, and many of which are beyond the company's control, which may cause the company's actual result performance or achievements to differ materially from those in their forward looking statements. So the information regarding these and other risks, uncertainties, and factors is included in the company's filings with the U.S.

Speaker Change: Before we begin, I would like to remind you that this call may contain forward-looking statements made under the state-powered provisions of the private securities litigation reform act of 1995.

Speaker Change: That statements are based on management's current expectations and current markets and operating combations and the related to the events that we move on or unknown risks, assertives and other factors.

Speaker Change: All of them are difficult to predict and many of which are beyond the communist control, which may cause the companies actual result performance or achievements to deform material relief from those in the forward-looking statements.

Speaker Change: So the information regarding these and other risks and certainties and factors is included in the company's filings with the U.S. Security and Exchange Commission.

Qishu Wang: Securities and Exchange Commission.

Qishu Wang: The company that's not undertake any obligation to update any forward looking statements as a result of new information, future events, or otherwise, except as required and in the law.

Speaker Change: The company says now to undertake any application to update any forward-looking statements as a result of new information, future events or otherwise, except as required and the law. This that will now turn the call over to our chairman and see what Mr. Leslie Yu please go ahead.

Qishu Wang: With that, I will now turn the call over to our Chairman and CEO, Mr. Leslie Yu. Please go ahead.

Leslie Yu: Thank you, Chishu, and I thank you for joining our live 2010 Day for the first half-learning conference call. In the first half of 2010, day for the global economy, environmentally-made complex and volatile, particularly in the context of uncertainty in growth domestic and international market, which caused numerous challenges for our industry. However, Chishu will maintain the stable business growth and these fluctuations through strategic foresight and the leading operational industries.

Qishu Wang: Qishu, Unknown Executive Director of the International Market.

Speaker Change: which provoked numerous trends for our new tattoo.

Qishu Wang: However, Qishu will maintain the stable business growth and these fluctuations through strategic foresight and the leading operational practices.

Leslie Yu: In the first half of 2004, Chishu achieved a total revenue of RMB 1.62 billion. In terms of profitability, although we experienced a short-term loss in the first quarter due to market and seasonal factors during the Chinese New Year, we successfully rebounded in the second quarter. Our growth margin not only returned to normal levels, but also surpassed last year's performance. Reaching 5.6 percent, demonstrating our enhanced resilience and profitability made much more stable. On the course of control from the thanks to our continuous link management, general and administrative expense decreased by 13.2 percent year-on-year in the first half of 2024, which reflects our ongoing efforts to improve operational efficiency.

Qishu Wang: In the first half of the 2008, Qishu Wang achieved a revenue of buying B-1 point.

Speaker Change: 62 billion, in terms of profitability, I was always experienced a short-term loss in the first quarter due to a market and a seasonal factors during the Chinese New Year. We successfully found out that in the second quarter.

Speaker Change: Our girl's magic not only to turn to normal levels, but also to pass the last years performance.

Speaker Change: is reaching 5 on the 6th percent, demonstrating our enhanced resilience and a profitability made much positive.

Speaker Change: On the course of control flown, the Seng's trial are continuously management, general and I'm a intuitive expense decreased by 13.2% year on year in the first half of 2020. Which reflects our ongoing efforts to improve operational efficiency.

Leslie Yu: Looking at the business segment, despite fluctuation in overall market environment, our mobility services segment performance is very well, with total revenue increasing by 70% percent year-on-year. Our revenue from share-to-buyment maintenance service grew by 6.2 percent year-on-year, while our right-fitting service revenue increased by 47.5 year-on-year. Particularly on two-horse international vehicle export solutions, the revenue increased by 389 cents year-on-year. Successfully exporting 815 new energy vehicles overseas in the first half, making it our new growth jagger for us with just one year. And first expanding our business coverage in international markets, showcasing our international competitive needs. The housekeeping service segment also performed very well, with growth profit increasing by 28.5 percent year-on-year.

Speaker Change: Looking at the business segments, despite fluctuation in the overall marketing environment, our mobility services segment performed in very well. We've told two revenue increasing by 7,7% year-on-year.

Speaker Change: A revenue from Shio Adabai, maintainer service grow by 6.2% year on year while ride feeding service revenue increased by 47.5 year on year.

Speaker Change: particularly on Qishu's international vehicle export solution. The revenue increased by 3189% year on year, success breaks, polishing.

Speaker Change: 8.5 million energy because of a save in the first half, making it a new growth driver for us with just one year. And firstly, spending our business coverage in international markets showcasing our international competitive needs.

Speaker Change: The housekeeping service segment comes from the very well. We've grown profiting, increasing by 28.5% year on year. And if the growth margin rising from 13.8% in the same period last year to 24.6%.

Leslie Yu: And the growth margin rising from surging 0.8 percent in period last year to 24.6. Reflecting our success in optimizing operational efficiency and enhancing service quality. Additionally, with the rapid expansion of our housekeeping business, our overall surge coverage has significantly expanded, not covering 132 cities. At 21.4 percent increase in year-on-year. This growth not only indicates strong market demand for our housekeeping services, but also further solidifies our leadership in this field.

Speaker Change: Reflecting our success in optimizing operational efficiency and enhancing service quality.

Speaker Change: Additionally, with the rapid expansion of our housekeeping business, our overall search coverage has significantly expanded, not covering 132 cities.

Speaker Change: A 10-to-1.4% increase in your year on year.

Speaker Change: This girl is not only in the case, but still much of the demand of our House Qishu services. But also, further solidifies our relationship with this deal.

Leslie Yu: In 2004, against the bad job of changing international dynamics and the restructuring of the domestic market, companies must focus on long-term change, seizing enduring market demands to provide a sustained and stable value. In this context, chief of folks is addressing three key issues to deliver continuous commercial and social value to the market. First, in early employment, China's new employment forms has levitation developed on the driving forces of the digital and the sharing economy. With increasing attention and support from policy makers, particularly in enhancing the protection of workers employed in new forms. For over a decade, Q1's platform in prominent platforms has consistently provided valuable job opportunities for a large number of workers.

Speaker Change: In 2002, against the backdrop of changing international dynamics and the disrupting of the domestic market, come to its master focus on long-term trend.

Speaker Change: Season in during my skipi month to provide a sustained and stable value. In this context, Qishu from Fuxi's search at GFing 3T issues, to deliver continuous commercial and social value to the market.

Speaker Change: First, in the area of employment, China's new employment forms has a levator developed on the driving process of the digital and the sharing economies.

Speaker Change: With increasing attention and support from policymaker, particularly in enhancing the protection of workers employed in new form.

Speaker Change: and I think we're getting good things.

Speaker Change: for over a decade.

Speaker Change: She'll once press volume problem in the platform as consistent way to provide it a very good job opportunities.

Leslie Yu: As of June 30, 2004, the platform has accumulated over 770,000 registered workers. Whether in our demand delivery, mobility services, health-giving services, or other life services, Q1's platform has created a stable and flexible job support. Providing a source of income in a complex marketing environment, and providing comprehensive support, including essential living guarantees and commercial insurance, ensuring security. This is not only a great value for society, but also for the strength and self-application as industrial leader. Second, as a consumption and tourism environment's gradually cover, homestay as a new business format of tourism has received a significant promotion at the national level.

Speaker Change: for our last number of workers.

Speaker Change: As of June 30, 2014, the platform has accumulated over 770,000 registered workers.

Speaker Change: Where's the Inunki Manu Delivery Mobile Services?

Speaker Change: Health Giving Services.

Speaker Change: For other light sources, Qishu's platform has created a stable and flexible job school world curse.

Speaker Change: Providing a source of income in a complex marketing environment and providing compressive support, including essential leading entities and commercial insurance insuring the security.

Speaker Change: is not only creates very precisely, but also for those chances of oxidation and industrial

Speaker Change: Second, as a consumption and tourism environments gradually recover, hope stay as a new business format of tourism as you see with a significant promotion at the national level. In July 2013, it's raising.

Leslie Yu: In July 2023, the National Development and Reform Commission proposed to cultivate and publish a pension-related tourism or entity to come state and build a number of high-quality homestays. In response to this chain, Shihun's homestay segment, Chengdu, is actively advancing the development of homestay operations in China. We are committed to fully developing the self-operated model, providing high-quality services, building a strong brand-in-image, and expanding our business skills. Additionally, we are exploring a more comprehensive homestay services chain model, covering the entire process from booking to after-sale services, while expanding our booking mini-programmed and multi-platform sales channels to further enhance customer experience and match the coverage, providing sustainable growth for management for the company.

Speaker Change: The National Development and Reform Commission proposed to calculate and publish a national related tourism-oriented constate and build a number of high quality constate.

Speaker Change: Unisposed to this channel.

Speaker Change: Qishu has come to this segment, Chen Tu, is actively advancing the development of the operations in China.

Speaker Change: We are committed to food and developing the self-operated model, providing high-quality substances, building a strong brand image and expanding our business scale.

Speaker Change: Additionally, we are exploring a more comprehensive home space services chain model.

Speaker Change: Covering the entire process from booking to after sale services while expanding our booking mini program and the multi platforms sales channels to further enhance customer experience and a much to coverage.

Speaker Change: Providing sustainable growth will mention for the company.

Leslie Yu: Following the government's proposal in the first half of the year to consumer existing housing inventory. In response to the new changes in the supply-demand relationship in the real estate market and the society's expectation for high-quality housing, Qiukuo is currently collaborating with leading long-term rental platforms in China to explore a combined short-term and long-term rental model for idle properties. X-Tray revitalizing existing housing inventory to generate income for property owners and provide more consumers with quality housing services. This initiative not only improves operationalization of its assets, but also creates considerable commercial value for the company. As policies becoming more clear, we believe this business will bring significant growth plans to the company.

Speaker Change: Following the government's proposal, in the first half of the year, to cut a tumor, it's this team housing inventory. In response to the new change in the supply demand of the new new ship that we are asked to the market, and a society expectation for high quality housing.

Speaker Change: Qishu Wang is currently collaborating with leading long-term rental platforms in China to explore a combined shelter and long-term rental model for idle properties.

Speaker Change: X-Tayway, the virtualizing existing housing inventory to generate income for property owners and provide more consumers with quality housing services.

Speaker Change: This initiative, not only improves operational efficiency of these assets, but also creates considerable commercial value for the company.

Speaker Change: and Policy is becoming more clear with these business we are bringing significant growth planions to the company.

Leslie Yu: Finally, in life of the current changes in domestic automotive over capacity and the rescue value proposal of the second and the vehicles, Qiukuo has successfully opened the new international market through our vehicle support and the wide-fitting solutions around them. In recent years, the development of new energy vehicles is crucial in reducing trafficking-related emissions, promoting high-quality carbon-peak achievements, reducing dependency on oil exchange parts, and supporting the construction of a global automobile powerhouse. In 2003, China exported 1.2 million new energy vehicles. Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Quhuo, Zhen Ba, Qishu Wang, Qishu Wang has the unique competitive advantage in the field of user-energy vehicle exports, with over five years of experience in ride-feeling operations and more than two decades of experience in vehicle exports, accumulating deep marks on the standing and professional capabilities.

Speaker Change: Finally, we'll light from the card of the trenches in domestic automotive over the past day, and the rescue value depose of the second standard vehicles. Qishu Wang has successfully opened the new international market through our vehicle export and the wide-fading solutions around them.

Speaker Change: In recent years, the development of new energy vehicles that are crucial in reducing childcare related to animation, promoting high-quality carbon peak achievement, reducing dependency on all your extreme parts.

Unknown Executive: All participants will be in this anomaly mode. Should you need assistance, please signal confidence specialists are pressing the star key followed by zero.

Speaker Change: and supporting the character action of a global automobile powerhouse.

Unknown Executive: After today's presentation, there will be an opportunity to ask questions. To ask a question, you will press star than one on your telephone keypad. To withdraw your question, please press star than two.

Speaker Change: In 2023, China exported 1.2 million new LGB cars.

Speaker Change: 177.6% year on your increase, accounting for over 60% of the global production set of sales.

Unknown Executive: Please note, this event is being recorded.

Qishu Wang: I would now like to try to come over to Qishu Wang on investor relations. Please go ahead.

Speaker Change: According to broadcast this year, expected to grow steadily in 2008.

Qishu Wang: Thank you all very much. Hello everyone. Welcome to Qishu's first half of 2024's earnings conference call. The company's results were released earlier today and are available on our air website. On this call, today are Leslie Yu, Chairman and CEO and CFO Barry Ba. Leslie will review business operations and company highlight followed by Barry who will discuss financial and guidance. They will be available to answer your questions on in the Q&A session that follows.

Speaker Change: This global trend, not only highlights Chinese leadership in global new energy vehicle market, but also provides vast opportunities for choosing international market expansion.

Speaker Change: Qihua has the unique competitive advantage in the field of the old energy, the equal exhaust.

Speaker Change: with over five years of experience in life feeding operations and about then two decades of experience in vehicle exports. Accumulating deep matched understanding and the professional capabilities.

Unknown Executive: Before we begin, I would like to remind you that this call may contain forward looking statements made under the state public provisions of the private securities litigation reform act of 1995. That statements are based on management current expectations and current markets and operating conditions and relate to the events that involve known or unknown risks, uncertainties and other factors. All of them are difficult to predict and many of which are beyond the company's control, which may cause the company's actual result performance or achievements to differ materially from those in their forward looking statements.

Leslie Yu: Through partnership with multi-automotive brands, the construction of a nationwide vehicle sourcing network and strong vehicle refurbishment resources, along with close cooperation with 58 overseas distributors globally, Quhuo has successfully established stable sales channels and broad market expansion opportunities, demonstrating tremendous growth potential. With the continuous rise in global demand for new energy vehicles, Quhuo will firstly expand our market share and business coverage in the second half of the year, creating new growth opportunities for the company and our global partners. Additionally, our technology empowerment projects in overseas markets are also making positive progress. A leveraging our accumulated operational and technical capabilities in all demand, delivery and ride-feeling, Quhuo is forming strong mutual beneficiary partnership with overseas partners through technology and management and power empowerment.

Speaker Change: Hello partnership with Māori Automotive brand, the construction of a national wide vehicle sourcing network, and a strong vehicle replacement resources, along with closed cooperation with 58-Holacy Distributor's Groberay.

Speaker Change: Qihua has successfully established stable sales channels and the broader market expansion opportunities.

Speaker Change: Demonstrating tremendous growth can show.

Unknown Executive: So the information regarding these and other risks and certainties and factors is included in the company's filing with the U.S. Securities and Exchange Commission. The company does not undertake any application to update any forward looking statements as a result of new information, future events or otherwise, except as required and in the law.

Speaker Change: With the continuous rise in global demand for new energy vehicles to over a further expend our market share and business coverage in the effect of the car world's year, creating new growth opportunities for the company and our global partners.

Speaker Change: Abyssu Nule, Alert Technology Improminent

Leslie Yu: With that, I will now turn the call over to our chairman and CEO, Mr. Leslie Yu. Please go ahead. Thank you, Chishu and I thank you all for joining our live 2010 day for first half-learning conference call. In the first half of 2010 day four, the global economy environmentally-made complex and volatile, particularly in the context of uncertainty in growth domestic and international market, which caused numerous challenges for our industry. However, Chishu maintained the stable business growth and these fluctuations through strategic foresight and the leading operational differences.

Speaker Change: Projects in over three months, I also make impulsive progress.

Speaker Change: Levelaging our accumulated operational law and technical capabilities in all demand, deliberate and lifesaving. Qishu Wang is forming strong, mutually beneficial, partnership with oversee partners, through technology and management and time powerment.

Leslie Yu: The ongoing demand delivery and the ride-feeling system developed for overseas markets are currently being piloted in selected cities abroad. By integrating the export supply chain of new energy vehicles, we are gradually building Quhuo International overseas business ecosystem. Maintain the continuous expansion of our overseas business while consolidating our competitive advantage. Overall, despite the challenge faced in the first half of 2020, Quhuo has maintained steady business growth and continuous innovation. This success is due to our forward-reaching strategic planning and the key grasp of market shares in a complex global environment, supported by re-defined management practices.

Speaker Change: The ultimate delivery and the rising system development of the overseas markets are currently being piloted in selects the city's subroad.

Speaker Change: by Integrations Exhaust by Ching of New Energy Vehicles, we are gradually building to ensure international oversight business ecosystem.

Speaker Change: I maintain the continuous expansion of our old business while consolidating our competitive advantage.

Leslie Yu: In the first half of 2010 day four, Chishu achieved a total revenue of RMB 1.62 billion. In terms of profitability, although we experienced a short-term loss in the first quarter due to market and seasonal factors during the Chinese New Year, we successfully rebounded in the second quarter. Our growth margin not only returned to normal levels, but also surpassed the last year's performance. A reaching 5.6% demonstrating our enhanced resilience and profitability are made much more did.

Speaker Change: Overall, despite the challenge faced in the first half of 2008, Qishu Wang has maintained the steady business growth and the continuous innovation.

Speaker Change: This success is due to our forward-roaching strategic plan and a king grasped or marked the chance in complex global environment.

Leslie Yu: Looking forward, Quhuo will continue to build a company's development with a long-term strategic vision, optimizing our operational model and the resource allocation, saving new key market opportunities.

Speaker Change: Supported by a week-to-bund management practice is

Speaker Change: Looking forward, Qishu will continue to lead a company's development with a long-term strategic vision, optimizing our operational model and the resource allocation, and creating new key-matched opportunities.

Leslie Yu: On the course of control from the thanks to our continuous link management, general and administrative expense decreased by 13.2% year-on-year in the first half of 2010 day four, which reflects our ongoing efforts to improve operational efficiency. Looking at the business segments, despite fluctuation in overall market environment, our mobility services segment performance is very well, with total revenue increasing by 70% percent year-on-year. Our revenue from short-term maintenance service grew by 6.2% year-on-year, by our right-fitting service revenue increased by 47.5 year-on-year.

Leslie Yu: This concludes my remarks, and I will turn the call to our Chief Financial Officer. Very, we will provide a detailed overview of our financial problem.

Speaker Change: This concludes my remarks and now we are to the call to our chief financial officer.

Belly: Belly will provide a detailed review of our financial performance.

Barry Ba: Thank you, Lafay.

Barry Ba: Hello, everyone. Welcome to Chu. It was the first half of 2024 conference call. Please be reminded that all the month totally here will be R&B and last dated otherwise. Total revenue decreased by 6.7% from R&B 1,736.3 million in the 6 months ended June 30, to R&B 1,619.9 million in the 6 months ended June 30, due to the following reasons. Revenue among the resolutions for R&B 1,499.1 million, respectively, are slightly decreased of 9.1% from R&B 1,649.6 million in the 6 months ended June 30, to R&B 2, to R&B 2, to R&B 2, to R&B 2, to R&B 3.

Belly: Thank you, Leslie. I know everyone. Welcome to Qishu. It was first half off to the Dr. Nicole Conference call. Please be reminded that all the amounts of the year will be R&B and last day in other lives.

Speaker Change: 2-2 revenue decreased by 6.7% from R&B 1,736.3 million in the 6 months and June 30, 2023.

Leslie Yu: Particularly, Qhuo International Vehicle Export Solutions, the revenue increased by 389% year-on-year. Successfully exporting 815 new energy vehicles overseas in the first half, making it a new growth jagger for us with just one year. And further expanding our business coverage in international markets, showcasing our international competitiveness. The housekeeping service segment also performed very well, with growth profit increasing by 28.5% year-on-year, and the growth margin rising from surging point is selling significantly at the last year to 24.6.

Speaker Change: 1,619.9 million in the six months, and it's June 30, 2024 due to the following results.

Speaker Change: We are only among the recent solutions for MB 1000 to 49.1 million. We are expecting a slightly increase of 9.1% from MB.

Speaker Change: 1,649.6 minutes in the 6th month, Andy June 32, on 25th.

Barry Ba: Primarily because we optimized our business by disposing several inferior business districts, which leads to a decrease in the revenue scale. Revenue is from mobility service solutions consisting of share-backed maintenance, ride-hulling and vehicle export business solutions for R&B 100.5 million, representing a remarkable increase of 71.7% from R&B 58.5 million in the 6 months ended June 30, to R&B 23. Primarily due to the growth of our vehicle export solutions with generate revenue of R&B 5,58.6 million. Revenue from housekeeping and accommodation solutions and other services are R&B 22.0 million, representing a decrease of 27.8% from R&B 28.2 million.

Speaker Change: Drone 23, primarily because we optimized our business by exposing several inferior business districts, which leads to a decrease in the revenue scale.

Leslie Yu: Reflecting our success in optimizing operational efficiency and enhancing service quality. Additionally, with the rapid expansion of our housekeeping business, our overall service coverage has significantly expanded, not covering 132 cities. Attempting 1.4% increase in year-on-year. This growth not only indicates strong market demand for our housekeeping services, but also further solidifies our leadership in this field.

Speaker Change: We have news from a Balakist Service Lucien's

Speaker Change: Kishu Qishu Wang, Unknown Executive

Speaker Change: Consisting of share of back maintenance, right-hand and a vehicle export business solutions for I'm the 105-minute.

Speaker Change: Reversanting a remarkable increase of 71-7% from R&B.

Speaker Change: 53, 58.5 minutes in the six months and the dual 32.23. Primary due to the growth of our vehicle, export solutions with generated revenue of R&B 558.6 minutes.

Leslie Yu: In 2004, against the bad job of changing international dynamics and the restructuring of the domestic market, companies must focus on long-term change, seizing enduring market demands to provide a sustained and stable value. In this context, chief of folks is addressing three key issues to deliver continuous commercial and social value to the market. First, in early employment, China's new employment forms has levitation developed on the driving forces of the digital and sharing economies.

Speaker Change: We are new from housekeeping and accommodation solutions and other services are MB-22.4 million representing a decrease of two.

Speaker Change: 207.8% from R&B.

Barry Ba: In the 6 months ended June 30, to R&B 23. Primarily due to the transaction of business model in our hotel services. Also, R&B 1,495.2 million, representing a decrease of 4.5 million a year over year. Primarily attributed to the decrease in our labor cost and service fee paid to team leaders in line with the decrease of R&B from all the mountain-rich solutions. Speaking of expense, general and the maintenance trips of expense for R&B 7.9 million, representing a decrease of 13.2% from R&B 81.6 million in the 6 months ended June 30, to R&B 23. Primarily due to the decrease in first professional service fee from R&B 22.2 million in the first half of 2023 to R&B 14.5 million in the first half of 2024.

Speaker Change: 28.2 Minutes.

Speaker Change: in the 6 months and the June 30th, 13th. Primary due to the transaction of recent business model in our hotel services.

Professor Brammeover: Professor Brammeover, army 1495 upon two minutes, representing and decrease up 4.5 year or year over year.

Leslie Yu: With increasing attention and support from policy makers, particularly in enhancing the protection of workers employed in new forms. For over a decade, a number of workers have consistently provided a better job opportunities for a large number of workers. As of June 30, 2004, the platform has accumulated over 770,000 registered workers. Whether in our demand delivery, mobility services, health-giving services, or other life services, Chiu Kuan's platform has created a stable and flexible job support.

Professor Brammeover: Primary attributed to the decrease in our labor cost and service speed paid to team leaders in alignment of decrease of ground level from all the molecular solutions.

Speaker Change: Speaking of experience, General and the mythist dreams experience were on the 7.9 million representing a decrease of 13.2% from on the 81.6 million in the 6th month and it turns 30 to 23.

Speaker Change: Currently due to the decrease in 1st professional service we from R&B 22.2 million in the 1st half.

Speaker Change: of 2020 to am be 14.5 minutes in the first half of 2024.

Barry Ba: The second reason is that welfare and business development and obviously expense from R&B 17.3 million in the first half of 2023 to R&B 12.4 million in the first half of 2024.

Speaker Change: and the second reason is that...

Speaker Change: Well fair and a business development experience and obviously experience from RMB 17.3 million in the first half on Children's Reg, to RMB 14.2 12.4 million in the first half of the first half on Children's Reg, to RMB 14.4 million in the second half on Children's Reg, to RMB 14.3 million in the first half of the year.

Barry Ba: And the third reason. shared based conversation experience from RMB 3.5 million in the first half of 2020, to nail in the first half on 2024. All about our owning to our expense control through technological optimization. RMB 4.9 million, representing a decrease of 25.7 percent from RMB 6.6 million in the six months ended during 30 to 23. Primarily due to the decrease in average conversation level for our research and development personnel as we restructured our RMB team. We record other loss net of RMB 3.1 million in the six months ended during 30 to 22. That's the 24 compared to other income net of RMB 9 million in the six months ended during 30 to 23.

Speaker Change: shared based conversation experience from Army 3 on time million in the first half of our tournish to the country to nail in the first half on 224.

Qishu Wang: Qishu Wang, Quhuo, Qishu Wang, Quhuo, Qishu Wang,[inaudible] In 2003, China exported 1.2 million new engine vehicles. [inaudible] Wang, Qishu Wang, Qishu Wang, Qishu Wang[inaudible] Qishu Wang, Qishu Wang, Qishu[inaudible] export business solutions for R&B 100.5 million, representing a remarkable increase of 71, 7% from R&B 53, 58.5 million in the six months ended June 30, 2023. Primarily due to the growth of our vehicle export solutions with generate revenue of R&B 558.6 million, revenue from housekeeping and accommodation solutions and other services are R&B 22, 20.4 million, representing a decrease of 27.8% from R&B 28.2 million in the six months ended June 30, 2023.

Speaker Change: All about our owning to our experience can show to technological optimization.

Speaker Change: R&D's Vance, or R&B 4.9 million, perhaps attending a decrease of 25.7% from R&B 6.6 million in the 6 months, it's ended June 30th, when I'm done with the ring.

Speaker Change: Primary due to the decreasing average compensation level for our research and the development personnel as we restructured our MD team.

Speaker Change: We record other loss net of RmB 3.1 million in a 6-month and made Q&30 to an 27-month or 24-month compared to other income net of RmB 9 million in the 6-month and made it.

Barry Ba: Primarily due to a decrease in financial battle change of investment in the mutual funds. We recorded income tax benefit of RMB 2.6 million in the six months ended during 30 to 24, as compared to income tax benefit of RMB 2.4 million in the six months ended during 30 to 23. Primarily due to the increase in the third tax asset benefits. As a result of for going, we have a net loss of RMB 5.7 million, our RMB 46.5 million in the six months ended during 32 to 23 and 24 respectively, respectively. The adjusted net loss of most RMB 46.5 million as compared to adjust net loss of 1.8 million in the first half of 2021.

Speaker Change: and June 30, 23, probably due to a decreased inferno value change of investment in the mutual form.

Speaker Change: We recorded it.

Speaker Change: Income Tax Benefit of Army 2.6 million in the 6 months and in June 30, 24 as compared to Income Tax Benefit of Army 2.4 million in the 6 months and in June 30, 23, primarily due to increase in deferred tax asset benefits.

Speaker Change: and the result of ongoing, we have a net loss of Rmb 5.7 million Rmb.

Speaker Change: 40, six upon five million in the six months and June 32, 2003 and 2004 is back in the start of the day.

Speaker Change: The Justin Net loss of most R&B-46.5 million as compared to a Justin Net loss of 1.8 million in the first half of September and 3.

Barry Ba: The just EBITDA loss of most RMB 34.8 million as compared to adjust EBITDA of RMB 11.1 million in the first half of 2023.

Speaker Change: The Justice Evita Laws must arm be 34 upon a million as compared to a Justice Evita of arm be 11.1 million in the first half of 2023.

Barry Ba: In terms of the balance sheet and the result of the June 30 to the 24. Company has cash, short term investment, and the restrictive cash of RMB 104.9 million in the short term debt of RMB 104.2 million.

Speaker Change: In terms of the balance sheet and the result of the June 30, 2024, Company has cash, short term investment and the restrictive cash of R&B, 100 and a 4.9 million and the short term debt of R&B.

Barry Ba: This concludes my prepared remarks. Thanks for your attention.

Speaker Change: of R&B 104.2 minute. This concludes my prepared remarks. Thanks for your attention. We are now pleased to take your questions. Operator, please go ahead.

Unknown Executive: We are now pleased to take your questions. Up to the printer, please go ahead. Yes, thank you.

Unknown Executive: We will now begin the question and answer session. To ask a question, you may press the star, then one on your telephone keypad. If you are using a speaker phone, please pick up your handset before pressing the keys. For any time your question has been addressed, you would like to withdraw it, please press the star and then two.

Speaker Change: Yes, thank you.

Speaker Change: We will now begin the question and answer session.

Speaker Change: To ask a question, you may first star, then one on your telephone keypad. If you are using a speaker phone, please pick up your hands at before pressing the keys.

Speaker Change: If any time your question has been addressed, you would like to withdraw it, please press star and then too.

Unknown Executive: At this time, we will pause momentarily to assemble the roster.

Unknown Executive: And the first question comes to Shinguaal without Qual Limited. Hi, my question is what are the company's plans for to go international in the second half of 2024 and how do you see its growth prospects. Thank you.

Speaker Change: At this time we'll pause momentarily to assemble the roster.

Speaker Change: and the first question comes from Shengualo without Gualamited.

Speaker Change: Hi, my question is what are the companies can for Qishu in the National in the second half of 2024? And how do you see its growth prospects? Thank you.

Speaker Change: I'm sorry, I'm sorry, I'm sorry, I'm sorry, [inaudible]

Zhen Ba: Okay. This is VST. The Chihuahue International serves as a platform for Chihuahue's global expansion. We have entered the international market through the trade-off, new energy use vehicles, which help us to connect non-standing partners with sources with domestic production capacity. And we have started building brand recognition in overseer market.

Speaker Change: Episode 2

Speaker Change: OK, and this is Leslie, when Qihua International serves as a platform for Qihua's global expansion.

Speaker Change: We have entered the international market as soon as the new energy used to be close.

Leslie Yu: which help us to connect non-standing partners resources with domestic production capacity.

Leslie Yu: and we have started a building brand, the recognition, and obviously marketer.

Zhen Ba: I think that we have successfully achieved our first stage goals with the business now in a face of continuous revenue generation and sales-sustainable profitability. And talking about the second half of 2024, we will be moving into the next stage of development. Based on the first stage, we will focus on refining and innovating our overseer business model. By redefining our partner roles and unifying long-term profit-sharing mechanism to drive faster goals in growth, revenue, and profit. Additionally, we will be developing systems to optimize new business processes with our partners to ensure successful establishment of the new business ecosystem.

Speaker Change: I think that we have successfully achieved our first stage of course, with the business now in our face of continuous revenue generation and sales of staying the property

Speaker Change: and talking about the second half of 2008 and before, we will be moving into the next stage of the development.

Speaker Change: Based on the first stage, we were focused on defining and innovating our overseas business model.

Speaker Change: by redefining our partner roles and unifying the long term prophet Shia Ling Mechanism.

Speaker Change: Two Gi's Fastest Girls, you birthed Red New and a Prophet.

Speaker Change: Additionally, we will be developing systems to optimize new business processes with our partners to ensure a successful establishment of new business ecosystem.

Zhen Ba: So we expect this phase not only to bring skill growth for Chihuahue International, but also to achieve a significant qualitatively further solidifying and expanding our position in the international market.

Speaker Change: So we expect this phase not only to bring steel girls for Qishu International, but also to achieve a significant...

Speaker Change: Call it a tip lead for the solid fighting and expanding our position in the international market.

Zhen Ba: So for the second half of 2024, we are looking forward to stepping into the phase 2 of our international business. Thank you.

Speaker Change: So, for the second half of 2024, we are looking forward to stepping to the phase two of our international business.

Unknown Executive: And this does include the question session as well as the event. Thank you so much for attending today's presentation. I mean, I'll just connect your line.

Speaker Change: Thank you.

Speaker Change: Thank you.

Speaker Change: and this does conclude the question session as well as the event. Thank you so much for attending today's presentation. I mean, I'll just connect your line.

Qishu Wang: Primarily due to the transaction of business model in our hotel services. Toss of R&B 1,495.2 million, representing a decrease of 4.5 year over year. Primarily attributed to the decrease in our labor cost and service fee paid to team leaders in line with the decrease of R&B from our amount in the region solutions.

Qishu Wang: Beginning of expense, general and administrative expense for R&B 7.9 million, representing a decrease of 13.2% from R&B 81.6 million in the six months ended June 30, 2023. Primarily due to the decrease in first professional service fee from R&B 22.2 million in the first half of 2023 to R&B 14.5 million in the first half of 2024. And the second reason is that welfare and business development expense and obviously expense from R&B 17.3 million in the first half of 2023 to R&B 12.4 million in the first half of 2024.

Qishu Wang: And the third reason[inaudible] Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu[inaudible] Wang, Qishu Wang,[inaudible] Wang, Qishu Wang, Qishu Wang, Qishu Wang, Qishu[inaudible] Qishu Wang, Qishu Wang,