Q1 2025 Earnings May 2025 Disclaimer This presentation has been prepared by Full Truck Alliance Co. Ltd. (the "Company") solely for informational purposes and has not been independently verified. No representations or warranties, express or implied, are made by the Company or any of its affiliates, directors, officers, employees, advisors, or representatives with respect to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in these materia ...

Core Viewpoint - Full Truck Alliance Co. Ltd. (FTA) reported strong financial results for the first quarter of 2025, highlighting significant growth in revenues and net income, driven by operational efficiency and digital transformation in the logistics sector [1][3]. Financial and Operational Highlights - Average monthly active users (MAUs) for shippers reached 2.76 million, an increase of 28.8% year over year [3][9]. - Total net revenues for Q1 2025 were RMB 2.7 billion (US$ 372.1 million), representing a 19.0% increase from RMB 2.27 billion in Q1 2024 [6][9]. - Revenue from core transaction services rose 51.5% year over year to RMB 1.05 billion (US$ 144.2 million) [10][9]. - Net income for Q1 2025 was RMB 1.28 billion (US$ 176.2 million), a significant increase of 118.1% from RMB 586.4 million in the same period of 2024 [9][15]. - Non-GAAP adjusted net income reached RMB 1.39 billion (US$ 191.7 million), marking an 84.0% increase year over year [16][9]. Revenue Breakdown - Revenues from freight matching services were RMB 2.25 billion (US$ 309.7 million), up 20.2% from RMB 1.87 billion in Q1 2024 [7][9]. - Value-added services generated RMB 452.8 million (US$ 62.4 million), a 13.5% increase from RMB 399.0 million in the same period of 2024 [8][9]. - Freight brokerage service revenues remained stable at RMB 965.7 million (US$ 133.1 million), nearly flat compared to RMB 965.2 million in Q1 2024 [10][9]. Cost and Expenses - Cost of revenues decreased by 32.3% to RMB 698.6 million (US$ 96.3 million) from RMB 1.03 billion in Q1 2024, primarily due to lower VAT and tax costs [11][9]. - Sales and marketing expenses increased to RMB 377.9 million (US$ 52.1 million) from RMB 340.1 million in the same period of 2024, driven by higher advertising costs [12][9]. - General and administrative expenses decreased to RMB 186.0 million (US$ 25.6 million) from RMB 264.5 million in Q1 2024, attributed to lower share-based compensation [13][9]. Business Outlook - The company expects total net revenues for Q2 2025 to be between RMB 3.06 billion and RMB 3.12 billion, reflecting a year-over-year growth rate of approximately 10.6% to 12.9% [24][9]. Strategic Investments - FTA plans to invest an additional US$ 125 million in Plus PRC Holding Ltd., aiming to enhance its technological capabilities and maintain a leadership position in the logistics industry [25][26]. - The company anticipates holding at least 52.8% equity interest in Plus PRC after the investment, which will allow it to consolidate Plus PRC's financial results into its own [25][26]. Management Changes - Mr. Simon Chong Cai has been appointed as the Chief Financing and Investment Officer, while Mr. Langbo Guo has expanded his responsibilities to include financial and cash management [29][30].

20 May 2025 | 7:33AM HKT Navigating China Internet: eCommerce & Top 400 app tracker Apr industry online GMV up 6% on strong trade-in category sales; steady overall app time-spent growth In our latest eCommerce & top 400 app tracker, we highlight 1) healthy April industry online retail growth, with sustained momentum at 6% growth in Apr, in line with 1Q25, despite softer overall retail sales. We expect potentially strong May online retail growth yoy on further front-loading of this year's 618 shopping festiv ...

哪怕年度净亏损达17亿元的微盟集团，都在今年一季度迎来基金重仓，考虑到微盟集团的核心AI营销 广告业务与内需消费紧密相关，这在相当程度上意味着重仓微盟集团的基金经理将该股视作分享内需消 费复苏的指标性股票。 尽管公募QDII基金在港股和美股的选股极为苛刻，但随着市场流动性出现重大变化以及中国资产价格 在全球的上涨趋势，QDII基金对新覆盖的品种的盈利与估值门槛有所降低，这可能反映出市场风险偏 好正在逐步提升。 QDII选股估值容忍度提升 在基金重仓股泡泡玛特火爆资本市场之后，对标乐高、泡泡玛特的儿童积木第一股布鲁可，也开始进入 基金经理的投资视野。在尚未进入港股通名单的背景下，布鲁可在今年一季度被QDII基金提前锁定， 华安基金旗下多只QDII基金买入该股，其中华安大中华基金在今年3月末将布鲁可列为第五大重仓股。 尽管缺乏港股通渠道的南向资金支持，但是QDII基金的重仓布局使得布鲁可的股价在最近5个月内上涨 超过110%。值得一提的是，布鲁可2024年归母净利润为亏损4.01亿元。 在AI科技赛道上，许多基金公司也更倾向于挖掘与新经济、内需消费相关的品种。比如，易方达基金 则布局了无人售货机赛道的趣致集团，趣 ...

Core Viewpoint - Full Truck Alliance Co. Ltd. is set to release its first quarter 2025 unaudited financial results on May 21, 2025, before the U.S. market opens [1] Group 1: Earnings Call Details - The earnings conference call will take place at 8:00 A.M. U.S. Eastern Time on May 21, 2025, which corresponds to 8:00 P.M. Beijing Time [2] - Participants can register online to join the conference call and will receive dial-in numbers, passcode, and a unique access PIN upon registration [2] Group 2: Replay Information - A replay of the conference call will be available by phone one hour after the live call, accessible until May 28, 2025, with specific numbers provided for U.S. and international participants [3] - A live and archived webcast of the conference call will also be available on the Company's investor relations website [3] Group 3: Company Overview - Full Truck Alliance Co. Ltd. is a leading digital freight platform that connects shippers with truckers, offering various freight matching services and value-added services [4] - The Company aims to enhance logistics competitiveness through technology, improve efficiency across the value chain, and reduce its carbon footprint [4]

司机层面，过去12个月，平台履约活跃司机数量攀升至414万人，再创历史新高。 降本提质增效是物流领域当下的主要命题，满帮集团致力整合平台优势资源，帮助中小企业降本增效。 近年来，满帮集团通过深度运用人工智能、云计算、大数据等技术手段，搭建了直连企业货主与货车司 机的数字货运平台——运满满和货车帮。这些平台实现了对全国范围内零散运力和货源的集约组织和整 合，显著提高了车货匹配效率。货主发货时间从以前的2.27天降至0.42天，平台上的司机最快几分钟就 能接到一票货。 近期，满帮集团发布2024年第四季度及全年业绩报告。2024年第四季度，满帮集团实现营业收入31.7亿 元创新高；非美国会计准则下净利润达10.5亿元，同比增长43.5%。履约数据方面，四季度履约订单达 5690万单，同比增长24.3%，履约率达37.5%。2024年全年，履约订单达1.97亿，同比增长24.1%。 货主增长层面，四季度平均发货货主月活达293万人，持续突破历史新高，同比增长31.3%。货主用户 结构进一步得到优化，直客货主履约订单占比首次达到50%，同时，四季度末平台货主会员首次超过 100万，说明用户粘性也在不断加强。 值得一提 ...

Corporate Structure and Governance - Full Truck Alliance Co. Ltd. operates primarily through contractual arrangements with variable interest entities (VIEs) in China, with no direct equity interest in these operating entities[25]. - The Group underwent a reorganization in Q4 2021, enhancing corporate governance and changing the structure of its VIEs, completed on January 1, 2022[26]. - The Group VIEs include Manyun Software, Guiyang Shan'en Technology Co., Ltd., and Manyun Cold Chain, which primarily provide freight matching services[32][35]. - The Group's financial results are consolidated due to contractual arrangements, despite not holding direct equity interests in the VIEs[33]. - The Group has received all material permissions required for its operations in China, ensuring compliance with local regulations[40]. Regulatory Environment - The Group's operations are subject to PRC laws and regulations, with significant risks related to foreign investment restrictions and potential regulatory changes[36]. - As of December 2022, the PCAOB determined that it could inspect the Group's auditor, Deloitte Touche Tohmatsu, allowing the company to avoid being classified as an SEC-identified issuer[39]. - The company is not currently required to obtain permissions from the CSRC or undergo cybersecurity reviews, but future regulatory changes may impact operations[41]. - The Group's ability to maintain licenses and permits is critical, as failure to do so may result in penalties, fines, or business operation restrictions[153]. - The Group is subject to evolving regulations in the road transportation and internet service industries, which may impact its business model and operations[125]. Financial Performance - For the year ended December 31, 2024, total net revenues reached RMB 11,238,638 thousand (approximately US$ 1,539,687 thousand), representing a significant increase compared to the previous year[57]. - The Freight Matching Services segment generated RMB 9,455,134 thousand (US$ 1,295,348 thousand) in revenue, accounting for the largest share of total revenues[57]. - Operating expenses totaled RMB 8,787,628 thousand (US$ 1,203,901 thousand), with the cost of revenues being the largest component at RMB 5,100,558 thousand (US$ 698,774 thousand)[57]. - The company reported a net income of RMB 3,123,437 thousand (US$ 427,910 thousand) for the year, showing a strong performance despite a loss from operations of RMB 2,474,980 thousand (US$ 339,070 thousand)[57]. - The company reported a net income of RMB 2,227,093 thousand for 2023, demonstrating resilience in a challenging market environment[58]. Cash Flow and Dividends - In 2022, cash transfers from the company to its subsidiaries amounted to RMB 3,664,589, increasing to RMB 4,198,690 in 2023, but projected to decrease to RMB 3,514,587 in 2024[46]. - The company declared an annual cash dividend of US$0.0072 per ordinary share for the year ended December 31, 2023, totaling approximately US$150 million, payable on April 19, 2024[51]. - A semi-annual cash dividend policy was approved, with an expected total cash dividend of approximately US$200 million for 2025, starting with US$0.0048 per ordinary share[52]. - No dividends or distributions were made to the company by its subsidiaries in 2022, 2023, and 2024, due to PRC regulations[53]. Operational Challenges - The Group's business is impacted by external factors such as health epidemics and economic conditions, which may affect operational performance[27]. - The Group's future operations may be influenced by evolving PRC laws regarding VIE structures, which could affect control and revenue generation[36]. - The Group faces risks related to fluctuations in China's road transportation market, which could adversely impact transaction activities and financial results[69]. - The Group's profitability is reliant on grants from local government authorities, which may not be sustainable[70]. - The Group's ability to manage growth and control expenses could impact future performance[75]. Technology and Innovation - The Group's ability to keep up with technological advancements, including AI and autonomous driving, is crucial for its business success[123]. - Research and development expenses amounted to RMB 880,016 thousand (US$ 120,562 thousand), indicating a continued investment in innovation and technology[57]. - The Group's ability to attract shippers and truckers is significantly dependent on effective matching algorithms, which must analyze sufficient and accurate data to optimize transactions on the FTA platform[109]. Market Competition and Strategy - The road transportation market is highly competitive, with threats from regional players and large technology companies developing their own platforms[147]. - The Group plans to expand dedicated teams for LTL and intra-city services, which may be less profitable and could increase costs without sufficient revenue generation[113]. - The Group's market share could be negatively affected if it fails to compete effectively against competitors with more resources[148]. Compliance and Risk Management - Compliance with evolving cybersecurity and data security regulations in China is critical, as non-compliance could result in significant penalties and operational disruptions[84]. - The Group processes a significant amount of sensitive personal data, which poses risks to its reputation and financial condition if mishandled[131]. - The Group has faced compliance defects in data privacy practices, leading to regulatory notices and required rectifications[134]. - The Group's insurance coverage may not be adequate to protect against all business risks, and any uncovered losses could materially affect its financial condition[203]. Future Outlook - The Group anticipates needing to implement new operational systems and technology infrastructure to manage growth and expansion, which will incur additional costs[76]. - Future outlook includes plans for market expansion and potential acquisitions to enhance service offerings and operational efficiency[59]. - The Group's ability to execute business plans may be strained by management's time and resources diverted to strategic investments or acquisitions[212].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the digital freight sector, experiencing high growth in profitability driven by increased commission rates and transaction volumes [1][4] - The digital freight market is expected to see a rise in commission rates from 1% in 2024 to approximately 2.5% by 2027, which will significantly boost net profits [2] - The company is well-positioned to benefit from the growth of new energy vehicles and smart driving technologies, which are anticipated to lower transportation costs [3] Summary by Sections 1. Digital Freight Leader with High Profit Growth - The company operates a digital freight platform primarily focused on intercity transportation, generating revenue from membership fees, brokerage services, transaction commissions, and value-added services [1][9] - Since 2022, the average commission per transaction has rapidly increased, leading to significant growth in commission revenue and overall profitability [1][9] 2. Leading Market Share and Rising Commission Rates - The company holds approximately 50% market share in the intercity digital freight sector, significantly surpassing competitors, and is increasing its commission coverage and rates [2][41] - The digital freight market is limited in capacity, making it difficult for major internet companies to enter, thus reducing resistance to raising commission rates [2][62] 3. Sharing the Benefits of New Energy Vehicles and Smart Driving - The adoption of new energy vehicles and advancements in smart driving are expected to substantially reduce transportation costs, with the potential for significant savings shared among freight owners, drivers, and platforms [3][49] - If sales of new energy and natural gas heavy trucks reach 180,000 units by 2025, the freight platform's costs could decrease by approximately 6.2 billion yuan [3] 4. Profit Forecast and Target Price - The company is projected to achieve net profits of 30.7 billion yuan, 44.3 billion yuan, and 63.3 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 39%, 44%, and 43% respectively [4][27] - The target price is set at $17.52, based on a target PE ratio of 30 times, considering the company's expected net profit growth of around 40% [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the digital freight sector, experiencing high growth in profitability driven by increased commission rates and transaction volumes [1][4] - The digital freight market is expected to see a rise in commission rates from 1% in 2024 to approximately 2.5% by 2027, which will significantly boost net profits [2] - The company is well-positioned to benefit from the growth of new energy vehicles and smart driving technologies, which are anticipated to lower transportation costs [3] Summary by Sections 1. Digital Freight Leader with High Profit Growth - The company operates a digital freight platform primarily focused on intercity transportation, generating revenue from membership fees, brokerage services, transaction commissions, and value-added services [1][9] - Since 2022, the average commission per transaction has rapidly increased, leading to significant growth in commission revenue and overall profitability [1][9] 2. Leading Market Share and Rising Commission Rates - The company holds approximately 50% market share in the intercity digital freight sector, significantly surpassing competitors, and is increasing its commission coverage and rates [2][41] - The digital freight market's limited capacity makes it difficult for internet giants to enter, thus reducing resistance to raising commission rates [2][62] 3. Sharing the Benefits of New Energy Vehicles and Smart Driving - The growth of new energy and natural gas heavy trucks is expected to reduce transportation costs, with potential savings of around 6.2 billion yuan in freight costs by 2025 [3] - The company can set slightly higher freight rates while still allowing all parties to benefit from reduced costs, thus maintaining profitability [3] 4. Profit Forecast and Target Price - The company is projected to achieve net profits of 30.7 billion yuan, 44.3 billion yuan, and 63.3 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 39%, 44%, and 43% respectively [4] - The target price is set at $17.52, based on a target PE ratio of 30 times, considering the company's expected net profit growth of around 40% [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the digital freight sector, experiencing high growth in profitability driven by increased commission rates and transaction volumes [1][4] - The digital freight market is expected to see a rise in commission rates from 1% in 2024 to approximately 2.5% by 2027, which will significantly boost net profits [2] - The company is well-positioned to benefit from the growth of new energy vehicles and smart driving technologies, which are anticipated to lower transportation costs [3] Summary by Sections 1. Digital Freight Leader with High Profit Growth - The company operates a digital freight platform primarily focused on intercity transportation, generating revenue from membership fees, brokerage services, transaction commissions, and value-added services [1][9] - Since 2022, the average commission per transaction has rapidly increased, leading to significant growth in commission revenue and overall profitability [1][9] 2. Leading Market Share and Rising Commission Rates - The company holds approximately 50% market share in the intercity digital freight sector, significantly outpacing competitors, and is enhancing its commission coverage and rates [2][41] - The digital freight market's limited capacity makes it difficult for internet giants to enter, thus reducing resistance to increasing commission rates [2][62] 3. Sharing the Benefits of New Energy Vehicles and Smart Driving - The adoption of new energy and smart driving technologies is expected to substantially reduce transportation costs, with potential savings shared among freight owners, drivers, and platforms [3][49] - If sales of new energy heavy trucks reach 180,000 units by 2025, the freight platform's costs could decrease by approximately 6.2 billion yuan [3] 4. Profit Forecast and Target Price - The company is projected to achieve net profits of 30.7 billion yuan, 44.3 billion yuan, and 63.3 billion yuan from 2024 to 2026, reflecting year-on-year growth rates of 39%, 44%, and 43% respectively [4][27] - The target price is set at $17.52, based on a target PE ratio of 30 times, considering the company's expected net profit growth of around 40% [4]