Full Truck Alliance Co. Ltd.

Total net revenues were RMB 3.38 billion, up 4.4% year over year. Transaction service revenue was RMB 1.77 billion, up 33.1% year over year and 52% of total net revenues. Net income was RMB 1.35 billion, up 6.3% year over year, and non-GAAP adjusted net income was RMB 1.43 billion, up 6%. Fulfilled orders reached 68.5 million, up 12.7% year over year, and fulfillment rate was 47%, up 6.3 percentage points year over year and 2.9 points quarter over quarter. Net cash provided by operating activities was RMB 2.15 billion, free cash flow was RMB 2.04 billion, and cash and cash equivalents were RMB 33.4 billion. Looking ahead, management said order growth should see gradual support from moderating fuel prices but remains subject to a challenging macro environment and weather disruptions; they also expect transaction service revenue to deliver sustainable long-term growth from higher order volume, higher monetization per order and new business cases, and fulfillment rate to keep trending upward.

Hui Zhang’s message was that the company is executing well on platform quality, monetization and new technology even in a difficult market. He highlighted broader transaction protection for shippers and truckers, rising shipper MAUs, stronger trucker participation, faster matching, and expanding AI use across the fulfillment process. His tone was confident and long-term oriented, emphasizing that the company’s ecosystem and data scale will support future AI and logistics innovation.

Simon Cai focused on the financial quality of growth and the balance sheet. He cited RMB 3.38 billion in revenue, RMB 1.77 billion in transaction service revenue, RMB 1.35 billion in net income, RMB 1.43 billion in adjusted net income, RMB 2.15 billion in operating cash flow, RMB 2.04 billion in free cash flow, and RMB 33.4 billion in cash. He said cash generation benefited from improved profitability in the core platform, a shift in the credit business to an asset-light model, and efficient working capital, and reiterated that the company will keep returning value through quarterly cash dividends.

Analysts asked about electric trucks, fuel price volatility, order growth, fulfillment rate, transaction service revenue and the freight brokerage transformation. Management said electric trucks are already over 20% of fulfilled orders, but they do not expect the shift to materially change the long-haul full truckload market because of range, charging and routing constraints. They also said lower diesel prices should gradually support freight demand, fulfillment rate should keep improving, transaction service revenue should grow sustainably, and the freight brokerage business is moving toward an asset-light aggregator model that reduces VAT and settlement risk.