Financial Data and Key Metrics Changes - Total net revenue reached RMB3.24 billion, a 17.2% year-over-year increase, driven by a 39.4% surge in transaction service revenue to RMB1.33 billion [9][19] - Non-GAAP adjusted operating income rose to RMB1.23 billion, up 76% year-over-year, while non-GAAP adjusted net income increased by 39.3% to RMB1.35 billion [10][22] - Basic income per ADS was RMB1.2, compared to RMB0.79 in the same period of 2024, indicating significant growth in profitability [23] Business Line Data and Key Metrics Changes - Fulfilled orders totaled 60.8 million, a 23.8% year-over-year increase, with a fulfillment rate reaching 40.7%, an improvement of approximately seven percentage points [6][8] - Average shipper MAUs exceeded 3,160,000, a 19.3% year-over-year increase, while shipper members surpassed 1,200,000 [7][14] - Active truckers fulfilling orders rose to 4,340,000, up approximately 9% year-over-year, with trucker membership approaching 1,000,000 [7][15] Market Data and Key Metrics Changes - The average fulfillment rate among low and medium frequency direct shippers approached 60%, up almost 10 percentage points year-over-year [13] - Monetized order penetration reached 86.7%, up more than five percentage points from the prior year, indicating improved monetization efficiency [16] Company Strategy and Development Direction - The company aims to remain user-centric, focusing on strengthening the shipper and trucker ecosystems, expanding into new markets, and driving digital transformation in logistics [10] - The company plans to increase freight brokerage service fees to reduce reliance on government subsidies, which may lead to a decline in transaction volume but is expected to optimize revenue structure in the long run [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in fulfilled orders despite macro uncertainties, attributing this to strong market position and ongoing user structure optimization [31] - The company anticipates a significant decline in freight brokerage transaction volume due to increased fees but expects limited impact on transaction service business [24][48] Other Important Information - The company has implemented measures to protect truckers' rights and ensure timely payments, enhancing the overall trading environment [42][44] - A strategic shift in the entrusted shipment service has been made to focus on full truckload transactions, which are expected to improve user experience and revenue stability [52][54] Q&A Session Summary Question: What are the key factors driving the growth in fulfilled orders? - Management attributed the growth to user base expansion, optimization of shipper user structure, and product/service upgrades, with a strong performance from low and medium frequency direct shippers [28][30] Question: What are the main drivers behind the growth in monthly active shippers? - Growth was driven by improved user acquisition efficiency and enhancements to product experience, with a focus on direct shippers over intermediaries [36][39] Question: What measures have been put in place in response to the industry self-regulation convention? - The company has strengthened oversight of shippers, provided support for truckers, and enhanced communication channels to foster a fair trading environment [42][44] Question: What operational changes have been made in the freight brokerage service? - The company increased fee rates to cover rising costs and focused on customer communication and retention, with early observations indicating stable user retention post-adjustment [46][47] Question: How did the entrusted shipment business perform in the second quarter? - The company streamlined its entrusted shipment service to focus on full truckload transactions, which are expected to enhance user experience and revenue stability [52][54]