Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

Core Viewpoint - Full Truck Alliance Co. Ltd. reported strong financial results for the fourth quarter and fiscal year 2024, highlighting significant growth in revenues and net income, driven by an expanding user base and enhanced operational efficiency [1][3]. Financial and Operational Highlights - Total net revenues for the fourth quarter of 2024 reached RMB3,174.3 million (US$434.9 million), a 31.8$1.54 billion), representing a 33.2% increase year over year [13][24]. - Net income for the fourth quarter of 2024 was RMB574.6 million (US$78.7 million), compared to RMB588.3 million in the same period of 2023 [15][31]. - The company achieved a net income of RMB3.1 billion (US$427.9 million) for the full year 2024, a 40.2% increase from RMB2.2 billion in 2023 [13][31]. Revenue Breakdown - Revenues from freight matching services in Q4 2024 were RMB2,704.9 million (US$370.6 million), up 34.2$64.3 million) in Q4 2024, a 19.8% increase from RMB391.8 million in the same period of 2023 [7]. - Transaction service revenues amounted to RMB1,158.3 million (US$158.7 million) in Q4 2024, reflecting a 71.1$190.7 million), compared to RMB1,152.3 million in Q4 2023, primarily due to increased VAT and tax costs [8][27]. - Sales and marketing expenses rose to RMB471.8 million (US$64.6 million) in Q4 2024, up from RMB421.0 million in the same period of 2023 [9]. - General and administrative expenses decreased to RMB202.3 million (US$27.7 million) in Q4 2024 from RMB266.0 million in Q4 2023 [10]. Operational Metrics - Fulfilled orders on the platform reached 56.9 million in Q4 2024, a 24.3% increase from 45.8 million in Q4 2023 [13]. - Average shipper monthly active users (MAUs) in Q4 2024 were 2.93 million, a 31.3% increase from 2.24 million in the same period of 2023 [13]. Business Outlook - The company expects total net revenues for Q1 2025 to be between RMB2.63 billion and RMB2.68 billion, indicating a year-over-year growth rate of approximately 15.9% to 18.1% [35]. Dividend and Share Repurchase - The board approved a semi-annual cash dividend policy, with an expected total cash dividend of approximately US$200 million for 2025 [36]. - A cash dividend of US$0.0048 per ordinary share is set to be paid on or around April 18, 2025 [37]. - The share repurchase program has been extended, allowing for the repurchase of up to US$200 million of ADSs and/or ordinary shares through March 12, 2026 [39].