QH 趣活 2023年第2季度财报电话会议文字稿中英文

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Operator

各位好，欢迎参加趣活有限公司2023年下半年及全年业绩电话会议。[接线员提示]请注意本次会议正在录音。现在请将会议转交给王启书。请开始。

Qishu Wang

谢谢接线员。大家好。欢迎参加趣活2023年下半年及全年业绩电话会议。公司业绩已于今天早些时候发布，可在我们的投资者关系网站上查阅。今天参加电话会议的有董事长兼首席执行官Leslie Yu、首席财务官Barry Ba。Leslie将回顾业务运营和公司亮点，随后Barry将讨论财务业绩和指引。他们将在随后的问答环节回答大家的问题。在开始之前，我想提醒大家，本次电话会议可能包含根据1995年《私人证券诉讼改革法案》安全港条款所作的前瞻性陈述。这些陈述基于管理层当前的预期以及当前的市场和运营状况，涉及已知或未知的风险，这些风险超出公司控制范围，可能导致公司的实际结果、业绩或成就与前瞻性陈述中的内容存在重大差异。有关这些及其他风险、不确定性和因素的更多信息包含在公司向美国证券交易委员会提交的文件中。除非法律要求，公司不承担因新信息、未来事件或其他原因而更新任何前瞻性陈述的义务。现在，我将电话会议转交给我们的董事长兼首席执行官Leslie Yu先生。请开始。

Leslie Yu

感谢启书。也感谢各位参加我们2023年下半年及全年业绩电话会议。2023年，我们实现总收入13.37亿元人民币，毛利润1.666亿元。调整后净利润达到550万元，较2022年全年显著增长64.7%。公司在多项关键财务指标上取得积极成果，如净利润和普通股每股收益均创历史新高。这得益于公司自2021年开始实施的'增收后提升盈利能力'战略。我们已连续四个财务报告期实现正EBITDA，表现卓越。此外，在2023年，我们成功识别出推动公司业务第二增长曲线的双引擎，即二手车出口业务和SaaS+服务，显著提升了公司的盈利能力。在车辆出口解决方案方面，2023年全年，我们成功将约1,900辆二手车从中国出口至约旦等国家和地区，为公司带来1.54亿元收入。在短短七个月内，以3,000万元营运资金投入，实现了月均2,200万元收入。国际贸易领域的高现金周转率和短付款周期证实了该业务的可持续性和可复制性。二手车出口业务于2023年2月随着趣活国际的正式启动而开始，并于2023年5月上线。自此，趣活将目光投向国际市场，进入全球化发展的新阶段。回顾趣活国际的成就，有几个因素促成了其成功。首先，广阔的海外市场对新能源汽车有强劲需求，为此类车辆出口提供了有利条件。其次，中国在全球新能源汽车市场的主导地位推动了二手车出口行业的快速增长。中国海关数据显示，2022年中国出口二手车6.9万辆，2023年总量超过16万辆。多项预测表明，到2025年，中国二手车出口量预计将达到40万辆。最后也是最重要的，趣活拥有区别于其他二手车贸易商的独特优势。在技术和运营方面，趣活的移动解决方案管理团队在二手车交易领域拥有超过五年的深厚专业知识。他们在汽车交易行业还拥有超过二十年的经验和资源，这使他们深刻理解二手车出口市场及其生态系统。此外，趣活在大规模运营和技术方面积累了超过十年的专业能力。在车辆采购方面，趣活已与多个汽车品牌合作，并将触角扩展至大中型汽车制造商、经销商和二手车市场。因此，自2023年上半年起，我们通过现有的网约车业务建立了全国性的车辆采购网络。在车辆翻新方面，趣活通过之前的网约车运营积累了丰富的车辆维护和维修资源。我们还通过自建和合作建立了独特的车辆翻新资源网络。此外，在销售渠道层面，趣活目前与全球58家海外经销商保持密切合作，为市场扩张提供了稳定的销售渠道和新机遇。所有这些因素共同构建了趣活在全球化二手车交易市场的竞争优势，预示着快速的业务前景和发展潜力。第二增长的另一个重要引擎是SaaS+服务赋能，目前主要聚焦于家政和住宿解决方案。自2023年上半年起，公司在成功验证自营模式后，开始在家政服务领域试点向SaaS+服务赋能模式转型。经过六个月的市场验证，公司的家政和住宿解决方案于2023年下半年开始全面转向SaaS+赋能模式。这一转变使其他中小型生活服务提供商能够利用趣活的成熟运营系统和服务产品，更好地满足客户需求。这种商业模式的转型推动了2023年家政和住宿解决方案GMV的快速增长，达到5.14亿元，较2022年增长53%。此外，得益于SaaS+服务赋能的成功实施，该业务板块的盈利能力显著改善。毛利润同比增长48.7%，家政和住宿解决方案部门的毛利率从13.4%上升至26.4%。更令人欣喜的是，SaaS+服务赋能还带来了显著的成本下降。家政和住宿解决方案的整体运营成本下降了35.5%，其中酒店服务运营成本显著下降53.4%，展现出显著的成本降低效果。整个2023年，通过SaaS+服务的创新赋能，我们不仅显著提升了本地服务提供商的能力，还将SaaS+服务深度融入业务运营，取得了显著的转型成果。这一战略有效降低了整个供应链的成本，提高了运营效率，并为公司带来了显著的经济效益。总体而言，趣活的收入主要来自三类业务：平台履约服务、SaaS+服务以及国际贸易和技术服务。平台履约服务是趣活最早涉足的业务板块，也是公司的基石。主要包括即时配送和移动出行服务解决方案，通过订单履约服务费产生收入。该板块是公司收入的重要组成部分，保持稳定发展。2023年，履约服务收入为35亿元。如前所述，SaaS+服务是第二增长曲线的引擎之一，主要专注于家政和住宿服务。通过收取灵活改进的平台服务费产生收入。SaaS+服务在2023年取得的巨大成就使我们有信心与更多新客户建立广泛合作，并将SaaS+服务扩展到更多业务领域。目前，我们正在与中国领先的医疗机构、长租平台和老年公寓进行讨论，计划进入医疗健康行业。国际贸易收入是第二增长曲线的另一个引擎，源自移动解决方案，特别是二手车出口业务。面对二手车国际贸易中始终存在的痛点，如交易真实性、流程透明度、车辆质量保证和售后服务不足等问题，趣活国际将推出一个独特的二手车出口链平台Carnuxt。该平台旨在为汽车制造商、经销商和消费者创造一个稳定的营销环境，同时为二手车产品质量、销售渠道和售后服务相关的挑战提供一站式解决方案。近期，中国正在推动新一轮大规模设备更新和消费品以旧换新计划，这将导致更多二手车进入市场。这与海外市场对二手车日益增长的需求相契合。凭借Carnuxt交易平台的优势和高质量服务，趣活旨在抓住这一商机，巩固我们在二手车国际贸易中的领先地位，并挖掘中国二手车市场的更大潜力。 SaaS+、趣活的三大服务模式共同构建了一个整合且多元化的商业格局。基石板块是履约服务，作为公司收入和利润的稳定力量。同时，SaaS+服务和国际贸易是公司主动业务扩张的重要驱动力，为整体业务增长带来更高机遇。它们还致力于多元化公司的收入来源并提升其盈利能力，从而为公司开辟显著的增长潜力。总之，无论是通过SaaS+业务的转型还是趣活国际的扩张努力，趣活都为就业市场带来了新机遇。未来，我们还将把成熟的即时配送服务扩展到海外市场。通过与本地即时服务平台合作，我们旨在进一步发展全球配送服务，为国内外劳动者提供更多选择和机会。自创始团队以来，我们一直致力于促进就业增长，增强劳动力市场灵活性，并进一步推动可持续的社会经济发展。我的发言到此结束，现在我将把电话交给我们的首席财务官Barry，请他进一步介绍我们的财务状况。

Leslie Yu

Thank you, Qishu. And thank you all for joining our second half and full year 2023 earnings conference call. In 2023, we achieved a total revenue of RMB133.7 [ph] million with a gross profit of RMB166.6 million. The adjusted net income reached RMB5.5 million representing a remarkable growth of 64.7% compared to the full year of 2022. The company achieved positive results in various key financial indicators, such as net income and income per share of ordinary shares marking a historical achievement. Thanks to the strategy of the improved profitability after increase in revenues, implemented by the company starting in 2021. We have achieved outstanding performance with positive EBITDA in four consecutive financial reporting periods. Additionally, in 2023, we successfully identified the dual engines driving the second growth curve of our company's business namely the used vehicle export business and SaaS+ services, leading to a significant improvement in the company's profitability. In terms of vehicle export solution in the full year of 2023, we successfully exported approximately 1,900 used vehicles from China to countries and regions like Jordan, generating a revenue of RMB154 million for the company. Within a short span of seven months, with an investment of RMB30 million in working capital, we achieved an average monthly revenue of RMB22 million. The high cash turnover rate and the short payment cycle in the international trade arena confirm the sustainability and replicability of this business. The use of vehicle export business was initiated with the official launch of Quhuo International in February 2023 and it went live in May 2023. Since then, Quhuo has set its insights on the international market, entering a new phase of global development. Looking back at the achievements of Quhuo International, several factors have contributed to its success. Firstly, the broad overseas market has a strong demand of new energy vehicles, providing favorable conditions for the export of such vehicles. Secondly, China's dominant position in the global market for new energy vehicles has led to rapid growth in the used vehicle-exporting industry. China's customs data shows that our 69,000 used vehicles vehicle exported from China in 2022 and the total exceeded 160,000 in 2023. Much of the projection it indicated that the volume of Chinese used vehicle export is expected to reach 400,000 vehicles by 2025. Lastly and most importantly, Quhuo possesses unique advantages that differentiate us from other used vehicle traders. On the technological and operational front, Quhuo’s mobility solutions management team has deep expertise in the right trading sector for over five years. They also have more than two decades of experience and resources in the vehicle trading industry, which has provided them with a profound understanding of the used vehicle export market and the ecosystem. Additionally, Quhuo has accumulated over 10 years of professional capabilities in large-scale operations and technology. In terms of vehicle sourcing, Quhuo has partnered with multiple automobile brands and expanded our reach to medium and large-scale auto manufacturers, dealerships, and the used vehicle market. So, our existing wide selling business since the first half of the 2023 establishing a national wide vehicle sourcing network. In terms of vehicle refurbishment, Quhuo has accumulated a wealth of vehicle maintenance and repair resources through our previous wide-filling operations. We have also established a unique network of vehicle refurbishment resources through self-construction and partnerships. Furthermore, at the sales channel level, Quhuo currently has close cooperation with 58 overseas distributors worldwide, providing stable sales channels and new opportunities for market expansion. All these factors together build Quhuo’s competitive advantage in the global used vehicle trading market, signaling fast business prospects and the trend and it’s development potential. Another important engine for a second growth is the empowerment of SaaS+ service, primarily focused on housekeeping and accommodation solutions nowadays. Starting from the first half of 2023, the company began piloting the transition to the SaaS+ service empowerment model in the housekeeping services after successfully validating our self-operated model. After six months of market validation, the company's housekeeping and accommodation solutions began a comprehensive transition towards a SaaS+ empowerment model, starting in the second half of 2023. This shift allows other small and medium-sized life-service providers to utilize Quhuo’s material operation systems and service products to better meet customer needs. This transformation of the business model drove rapid growth in the GMV of the housekeeping and accommodation solutions in 2023, reaching RMB514 million, a 53% increase, compared to 2022. Furthermore, thanks to the successful implementation of SaaS+ service empowerment, the profitability of the business segment significantly improved. The growth profit increased by 48.7% year-on-year, and the growth profit margin rose from 13.4% to 26.4% in housekeeping and accommodation solutions sector. What's even more pleasing is that the empowerment of SaaS+ service has also led to significant cost decrease. The overall operating cost of housekeeping and accommodation solutions decreased by 35.5%, with a remarkable 53.4% [ph] increase in the operation cost of the hotel services, showcasing significant cost reduction effects. Throughout the year 2023, through the innovative empowerment of SaaS+ service, we not only significantly enhanced the capabilities of local service provider, but also deeply integrated SaaS+ service into our business operation, achieving significant transformation results. Since strategy effectively reduced the cost of the entire supply chain, improved operation efficiency, and brought significant economic benefits to the company. Overall, Quhuo's revenue is primarily from three types; Platform fulfilment service, SaaS+ service, and the international trade and the technology service. Platform fulfilment service is the earliest business segment that Quhuo venture into and serves as the cornerstone of the company. It mainly involves on-demand delivery and mobility service solutions, and it generates revenue through service fee for order fulfillment. This segment is an important component of the company's revenue as it being steadily developing. In 2023, the revenue from fulfilment service is RMB3.5 billion. SaaS+ service as mentioned earlier, is one of the engines for the second-gross curve, focusing primarily on housekeeping and accommodation services. It generates revenue through charging for flexible improvement platform services. The great achievement made by SaaS+ service in 2023 has given us the confidence to establish extensive cooperation with more new customers, and expand SaaS+ service into more business areas. Currently, we are in discussion with leading medical institutions, long-term rental platforms, and senior living apartments in China, intending to enter the medical and health [ph] care industries. International trade and revenue is another engine for the second growth curve, derived from mobility solutions, especially in the used vehicle export business. Facing the always-painting in the intangible international trade of used vehicles, such as authentic of transactions, transparency of processes, guarantee of vehicle qualities, and inadequate after-sales services. Quhuo International will launch a unique used vehicle export chain platform called Carnuxt. This platform aims to create a stable [ph] way marketing environment for car manufacturers, dealers, and consumers while providing win-stop solutions to challenges related to the quality of used vehicle products, sales channels, and after-sales services. Recently, there has been a push in China for a new round of large-scale equipment review and consumer goods trading programs, which will result in more used vehicle entering the market. This aligns with the growing demand for used vehicles in overseas markets. Leading the advantages of Carnuxt's trading platform and high-quality services Quhuo aims to see this business opportunity, consolidate our leading position in the international trade of used vehicles and explore greater market potential for used vehicles in China. SaaS+ Quhuo’s three major service models have jointly constructed and integrated and diversified commercial landscape. With the cornerstone sector being the fulfillment services, which serve as a stabilizing force for the company's revenue and profits. Meanwhile, the SaaS+ service and international trade serve as vital drives for the company's proactive business expansion, leading to higher opportunities for overall business growth. They also seek to diversify the company's income streams and enhance its profitability, thereby opening up significant growth potential for the company. In conclusion, whether through the transformation of the SaaS+ business or Quhou International expansion efforts, Quhou has brought about new opportunities in the employment market. In the future, we will also extend our material on-demand delivery service to overseas markets. Through partnership with local on-demand service platforms, we aim to further develop global delivery services, providing more choices and opportunities for workers both domestically and abroad. Since the initial team, we have contributed to promoting employment growth, enhancing good labor market flexibility and further driving sustainable social economic development. I concluded my prepared remarks here and now I will hand over the call to our CFO Barry to provide further insights into our financial situation.

Barry Ba

谢谢，Leslie。大家好，欢迎参加趣活2023年下半年及全年业绩电话会议。请知悉，除非另有说明，此处引用的所有金额均为人民币。在介绍全年业绩之前，我想提请大家注意2023年下半年发生的一件值得关注的事情。截至2023年12月31日的六个月，收入为人民币19.661亿元，较2022年同期的19.566亿元略有增长。现在让我们看看各业务板块的业绩。按需食品配送解决方案收入为人民币17.632亿元，较2022年下半年的18.749亿元下降6%，主要原因是我们在2022年下半年享受了更多优惠政策和补贴，主要因为我们在COVID-19疫情期间享受了补贴，而在截至2023年12月31日的六个月中，随着疫情缓解，补贴大幅减少。出行服务解决方案收入（包括共享单车维护、网约车、车辆出口解决方案和货运服务解决方案）为人民币1.753亿元，较2022年下半年的5100万元增长239.6%，主要得益于车辆出口解决方案的成功，该业务产生了人民币1.425亿元的收入。家政住宿解决方案及其他服务收入为人民币2750万元，较2022年下半年的3000万元下降约8.3%，主要原因是酒店服务的商业模式转型。收入成本为人民币18.663亿元，同比增长3.8%，主要与总收入增长保持一致。一般及行政开支为人民币1.027亿元，较2022年下半年的1.141亿元下降9.9%，主要原因是公司管理效率提升以及股份支付费用从2022年下半年的730万元减少至2023年下半年的净收益430万元。研发开支为人民币570万元，较2022年下半年的540万元增长6.6%，主要原因是SaaS+技术投资增加。关于收入方面，我们录得其他收入净额人民币1070万元，而2022年下半年的其他亏损净额为人民币1780万元，主要原因是我们在某共同基金投资的公允价值波动。所得税开支为人民币150万元，而2022年下半年的所得税开支为人民币1430万元，主要原因是2023年下半年预估年度有效税率较低。归属于趣活有限公司的净利润为人民币1300万元，而2022年下半年归属于趣活有限公司的净利润为人民币1180万元。调整后EBITDA为人民币2410万元，而2022年下半年的调整后EBITDA为人民币4780万元。调整后净利润为人民币740万元，而2022年下半年的调整后净利润为人民币1740万元。现在让我们看看2023年全年情况。2023财年，总收入为人民币37.024亿元，而2022年的总收入为人民币38.204亿元。按需食品配送解决方案收入为人民币34.128亿元，较2022年的36.387亿元下降6.2%，主要原因是我们在2022年COVID-19疫情期间享受了更多优惠政策和补贴，而在2023年随着疫情缓解，补贴大幅减少。出行服务解决方案收入为人民币2.338亿元，较2022年的1.081亿元增长116.4%，主要得益于车辆出口解决方案的成功，我们从中国出口了约1900辆新能源汽车和电动轻便摩托车，产生了人民币1.545亿元的收入。家政住宿解决方案及其他服务收入为人民币5570万元，较2022年的7360万元下降24.2%，主要原因是酒店服务的商业模式转型。关于收入成本，为人民币35.358亿元，与2022年的收入成本相比保持相对稳定。现在让我们看看费用情况。一般及行政开支为人民币1.843亿元，较2.136亿元下降13.7%，主要原因是股份支付费用从2022年的1980万元减少至2023年的净收益50万元。研发开支保持相对稳定，2023年为人民币1240万元，而2022年为人民币1250万元。其他收入净额为人民币1670万元，而2022年的其他亏损净额为人民币2610万元，主要原因是我们在某共同基金投资的公允价值波动。所得税收益为人民币90万元，而2022年的所得税开支为人民币2100万元，主要原因是2023年预估年度有效税率较低，以及递延所得税资产收益增加。2023年归属于趣活有限公司的净利润为人民币330万元，而2022年归属于趣活有限公司的净亏损为人民币1310万元。正如我们CEO Leslie之前所说，我们在2021年提出了在增加收入后提高盈利能力的战略。这一战略的有效性在2022年和2023年得到了验证。我们已经连续四个半年度实现正的EBITDA，这是一个显著的成就。这表明公司在过去两年中持续盈利，展现了稳定健康的运营表现。其他收入净额为人民币1670万元，而2022年的其他亏损净额为人民币2610万元，主要原因是我们在共同基金投资的公允价值波动。所得税收益为人民币90万元，而2022年的所得税开支为人民币2100万元，主要原因是2023年预估年度有效税率较低，以及递延所得税资产收益增加。归属于趣活有限公司的净利润为人民币330万元，而2022年归属于趣活有限公司的净亏损为人民币1310万元。调整后EBITDA为人民币3520万元，而2022年的调整后EBITDA为人民币5860万元。调整后净利润为人民币550万元，而2022年的调整后净利润为人民币330万元。在资产负债表方面，截至2023年12月31日，公司拥有现金、短期投资及受限制现金人民币1.148亿元，短期债务为人民币9270万元。我的准备发言到此结束。感谢大家的关注。我们现在很高兴回答大家的问题。主持人，请继续。

Barry Ba

Thanks, Leslie. Hello everyone, welcome to Quhuo's second half and full year of 2023 conference call. Please be reminded that all amounts quoted here will be RMB unless stated unwise. Before I go into our full year results, I would like to draw your attention to something notable that occurred during the second half of 2023. For the six months ended December 31, 2023, revenue was RMB1,966.1 million a slightly increase compared with 2022 same period, which was RMB1,956.6 million. Now let's look at the segment result. Revenues from on-demand food delivery solutions were RMB1,763.2 million, representing a decrease of 6% from RMB1,874.9 million in the second half of 2022, primarily because we enjoyed more preferential policies and subsidies during the second half of 2022 primarily because we enjoyed subsidy and amid the COVID-19 pandemic, which was significantly reduced in the six months ended December 31, 2023 following the relief of the pandemic. Revenues from mobility service solutions, consisting of shared-bike maintenance, ride-hailing, vehicle export solutions and freight service solutions, were RMB175.3 million, representing an increase of 239.6% from RMB51 million in the second half year of 2022, primarily due to the success of vehicle export solutions, which generated revenue of RMB142.5 million. Revenues from housekeeping and accommodation solutions and other services were RMB27.5 million, representing a decrease of about 8.3% from RMB30 million in the second half of 2022, primarily due to the transition of business model in hotel services. The cost of revenues was RMB1,866.3 million, representing a 3.8% year-over-year increase primarily in line with the increase in our total revenues. General and administrative expenses were RMB102.7 million, representing a decrease of 9.9% from RMB114.1 million in the second half of 2022, primarily due to the improvement in company management efficiency and the decrease in share-based compensation expenses from RMB7.3 million in the second half of 2022 to a net benefit of RMB4.3 million in the second half of 2023. R&D expenses were RMB5.7 million, representing an increase of 6.6% from RMB5.4 million in the second half of 2022, primarily due to the increase in investment in SaaS+ technology. Speaking of income, we recorded other income, net, of RMB10.7 million, compared to other loss, net, of RMB17.8 million in the second half of 2022, primarily due to the fluctuation in the fair value of our investment in a mutual fund. Income tax expense was RMB1.5 million, as compared to income tax expense of RMB14.3 million in the second half of 2022, primarily due to the lower estimated annual effective tax rate for the second half of 2023. Net income attributable to Quhuo Limited was RMB13 million, compared with net income attributable to Quhuo Limited of RMB11.8million in the second half of 2022. Adjusted EBITDA was RMB24.1 million, compared with adjusted EBITDA of RMB47.8 million in the second half of 2022. Adjusted net income was RMB7.4 million, compared to the adjusted net income of RMB17.4 million in the second half of 2022. Now let's move to the full year of 2023. During the fiscal year of 2023, total revenue was RMB3,702.4 million, compared with total revenues of RMB3,820.4 million in 2022. Revenues from on-demand food delivery solutions were RMB3,412.8 million, representing a decrease of 6.2% from RMB3,638.7 million in 2022, primarily due to we enjoyed more preferential policy and subsidy during 2022 amid the COVID-19 pandemic, which was significantly reduced in 2023 following the relief of the pandemic. Revenues from mobility service solutions were RMB233.8 million, representing an increase of 116.4% from RMB108.1 million in 2022, primarily due to the success of vehicle export solutions, and we exported around 1,900 units of new energy vehicles and electric mopeds from China and generated revenue of RMB 154.5 million. Revenues from housekeeping and accommodation solutions and other services were RMB55.7 million, representing a decrease of 24.2% from RMB73.6 million in 2022, primarily due to the transition of business model in hotel service. Regarding the cost of revenue which was RMB3,535.8 million, which remained relatively stable as compared to the cost of revenues in 2022. Now let’s move to expenses. G&A expense were RMB184.3 million, representing a decrease of 13.7% from RMB213.6 million, primarily due to the decrease in share-based compensation expense from RMB19.8 million in 2022 to a net benefit of RMB0.5 million in 2023. R&D expense remained relatively stable at RMB12.4 million in 2023 compared with RMB12.5 million in 2022. Other income, net was RMB16.7 million in 2023, as compared to other loss, net of RMB26.1 million in 2022, primarily due to the fluctuation in the fair value of our investment in a mutual fund. Income tax benefit was RMB0.9 million in 2023, as compared to income tax expense of RMB21.0 million in 2022, primarily due to the lower estimated annual effective tax rate for the year of 2023, and the increase in deferred tax asset benefit. Net income attributable to Quhuo Limited was RMB3.3 million in 2023, as compared to net loss attributable to Quhuo Limited of RMB13.1 million in 2022. As our CEO Leslie said before in 2021 we proposed a strategy of improving profitability after increasing revenue. The effectiveness of this strategy was proven in 2022 and 2023. As we have achieved the positive EBITDA for four consecutive half years which is a remarkable accomplishment. It signified the company's persistent profitability over the past two years demonstrating a stable and sound operational performance. Other income, net was RMB16.7 million, compared to other loss, net of RMB26.1 million in 2022, primarily due to the fluctuation in the fair value of our investment in the mutual fund. Income tax benefit was RMB0.9 million compared to income tax expense of RMB21 million in 2022, primarily due to the lower estimated annual effective tax rate for the year of 2023, and the increase in deferred tax asset benefit. Net income attributable to Quhuo Limited was RMB3.3 million compared with net loss attributable to Quhuo Limited of RMB13.1 million in 2022. Adjusted EBITDA was RMB35.2 million compared with adjusted EBITDA of RMB58.6 million in 2022. Adjusted net income was RMB5.5 million compared with adjusted net income of RMB3.3 million in 2022. In terms of the balance sheet in 2023 as of December 31, 2023 the company had cash, short-term investments and restricted cash of RMB114.8 million and short-term debt of RMB92.7 million. This concludes my prepared remarks. Thank you for your attention. We are now pleased to take your questions. Operator, please go ahead.

Operator

[操作员指令] 目前似乎没有提问。我想将会议交还给管理层进行结束发言。抱歉，如果我们想等待是否有投资者想要提问。也许再给我们五分钟时间。好的，如果没有更多问题，我们将在此结束电话会议。感谢各位收听。如果您有更多问题，可以通过我们的网站找到我们并联系我们。好的，谢谢大家。再见。抱歉，看起来确实有一些已拨入的提问。第一个问题来自Tiger的Bill Lee。请讲。

Unidentified Analyst

谢谢。我是Tiger的Bill。感谢管理层的分享。我的问题是，趣活下一步的战略计划是什么？谢谢。

Leslie Yu

好的，我是趣活科技的CEO Leslie。关于未来规划，首先，在过去十年中，我们专注于通过自营模式打造我们的核心竞争力——精益运营。但我们预计，在2023年的探索之后，从2024年起，我们希望将战略从自营转向协同赋能，这意味着我们将探索更多合作机会，并更加注重赋能。因此，我们考虑在三个主要领域实施这一协同赋能战略。第一阶段是在国内方面，我们将专注于提供快消类服务赋能，不仅赋能本地生活服务运营商在家政和维修领域，我们还将把我们的子类服务扩展到更广泛的商业领域。例如，像老年护理，因为中国现在正处于人口老龄化阶段，以及医疗服务，同时我们还将赋能长租公寓。在国际贸易方面，我们更侧重于赋能全球的贸易伙伴。因此，我们计划推出一个名为Carnuxt的交易平台，该平台将与我们在全球的58家服务经销商紧密合作。我们计划将他们转变为我们的区域运营协同服务伙伴。这样，我们将与他们一起进一步探索全球机会，解决二手车出口贸易中的透明度和安全问题。通过这一举措，我们希望通过发行Carnuxt证书为全球贸易伙伴提供更多质量保证，并在新能源汽车发展方面拓展更多机会。显然，这将进一步提升趣活在国际市场的市场份额和收入。我们考虑的协同赋能的另一部分是关于即时配送业务。我们进行了一些调研和可行性研究，我们认为海外即时配送市场具有显著的消费者规模和高增长潜力。根据预测数据，正如我们所说，到2032年，海外即时配送市场规模将达到超过6000亿美元。然而，我们也看到了问题，比如服务体验差、配送成本高，以及在高峰时段处理大量订单的能力不足。因此，我们认为这对趣活来说是一个很好的机会。所以，在2024年，我们将专注于东南亚和中东作为海外扩张的先行站。我们将与当地的即时配送平台、一些餐厅以及本地化的服务提供商合作。我们主要将支持海外配送服务市场的服务体验和高成本问题。我们相信，我们在过去10年在中国积累的经验、专业知识和科技，将赋能我们在海外的合作伙伴，我们期望在海外市场实现更多业务增长。我们的计划是到2025年，我们旨在在超过五个新国家实现业务落地，并探索其他区域市场及更远。所以，关于我们的未来规划，总结来说，在2024年，我们考虑首先保持国内基石业务的稳定增长。同时，我们将积极寻求海外市场的增长机会。因此，通过二手车和即时配送的国际扩张，以及我们国内的SaaS+服务，来增强公司的盈利能力和增长空间。非常感谢。我希望我已经阐明了我们未来要做的事情。是的。谢谢。

Leslie Yu

Okay, this is Leslie and CEO of Quhuo. Regarding the future plan, firstly, that over the past decade, and we concentrate on building our core competence is a lean operation, through our self-operated model. But we expected that after the exploration in 2023 from 2024 onwards, we would like to define our strategy to from self-operation to collaborative empowerment which means we will explore more opportunities in collaboration and more focusing empowerment. So we consider three main areas to implement this collaborative empowerment strategy. And the first phase [ph] is on domestic side, we will focus on providing fast class service empowerment, not just empowering local life service operators in housekeeping and condition. We also we are extending our subclass service to broader business areas. For example, like elderly [ph] care, because China is now in aging population and medical services and also, we will empower long-term rental apartments. On the international trading side, we were more focused on empowering our trading partners worldwide. So, we plan to launch a trading platform we call this Carnuxt, which will are working closely with our 58 service dealers worldwide. We plan to transform them into our regional operational collaborative service partners. So, we will work together with us to further explore opportunities worldwide to address the issues of transparency and securities for used vehicle export trade. With this initiative, and we hope that we can through issuing Carnuxt certificates provide more quality assurance for our trading partners worldwide, and expand more opportunities in the development of new energy vehicles. And obviously, further increasing Quhuo's market share and revenue in international in the market. And another part of collaborative empowerment we think about is on the on-demand delivery business. We did some investigation and feasibility studies, and we believe that overseas on-demand delivery market is characterized by significant consumer scale and high growth potential. As the projection data, as we said, that the market size of overseas market for on-demand delivery is reached about more than $600 billion by 2032. But however, we see the problems and the problems like poor service experience and high delivery cost and also insufficient capacity to handle large volumes of orders in the peak time. So, we think it's a good opportunity for Quhuo. So, in 2024 we will focus on Southeast Asia and the Middle East as our pioneer stations for overseas expansion. And we will cooperate with the local on-demand platform and some restaurants and also localize like service providers. And we will mainly to support service experience and high cost in the overseas delivery service market. And we believe that the experience, expertise and also the technology what we accumulated in the past 10 years in China, we will empower our working partners in overseas and we expect to achieve more business growth in overseas market. And our plan is by 2025, we aim to achieve the business implementation in more than five new countries, and explore other regional markets and furthermore. So about our future plan, in summary, in 2024, we're considering that firstly we are maintaining our domestic cornerstone business, stable growth. And at the same time, we will actively seek a growth opportunity in the overseas market. So enhance the company's profitability and growth space through the international expansion of used vehicle and also on-demand delivery together with our domestic SaaS+ service. Thank you very much. I hope that I can clarify that what we are going to do in the future. Yes. Thank you.

Qishu Wang

好的，请接线员确认是否还有更多问题。

Operator

[接线员指示] 目前没有更多问题了。现在我将把电话交回进行结束语。

Qishu Wang

好的。如果没有更多问题，我们的电话会议就到此结束。感谢大家今晚的收听。如果有更多问题，可以通过投资者关系网站联系我们。就这样，谢谢。再见。

Operator

电话会议现在结束。感谢您参加今天的演示。您现在可以断开连接。