Full Truck Alliance Co. Ltd. Announces First Quarter 2025 Unaudited Financial Results

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].