Core Insights - The company has decided to increase the freight brokerage service fee starting in August to reduce reliance on government subsidies, which may lead to higher costs for shippers and a significant decline in freight brokerage transaction volume beginning in Q3 2025 [2][32] - The company reported a total of 60,800,000 fulfilled orders in Q2 2025, representing a 23.8% year-over-year increase, outpacing the broader freight industry trend [3][20] - The average fulfillment rate reached 40.7% in Q2 2025, an improvement of about seven percentage points year-over-year, marking a record high for the platform [3][20] - The company achieved net revenues of RMB 3,239,100,000 in Q2 2025, up 17.2% year-over-year, driven by growth in freight matching services [5][26] - Non-GAAP adjusted operating income was RMB 1,230,100,000 in Q2 2025, reflecting a 76% increase compared to the same period in 2024 [7][30] Operational Highlights - The average monetization per order increased to RMB 25.2 in Q2 2025 from RMB 23.9 in Q2 2024, indicating a rise in per-order transaction service fees [4][23] - Active truckers fulfilling orders in the past twelve months reached 4,340,000, representing a 9% year-over-year increase [5][22] - Direct shipper orders contributed 53% of total fulfilled orders in Q2 2025, up four percentage points year-over-year, indicating a growing focus on high-value, full truckload transactions [4][21] Financial Performance - Revenues from transaction services in Q2 2025 were RMB 1,327,100,000, a 39.4% year-over-year increase, driven by higher order volumes and monetization per order [5][27] - Revenues from freight brokerage services were RMB 1,177,900,000 in Q2 2025, a 1.1% year-over-year increase, primarily due to higher service fee rates despite lower transaction volumes [6][27] - The company expects total net revenues for 2025 to range from RMB 3,000,000,000 to RMB 3,617,000,000, implying a year-over-year growth of 1.3% to 4.6% [8][33] Strategic Initiatives - The company has restructured its entrusted shipment offerings, eliminating carpooling and focusing on high-value, full truckload transactions to enhance margins [9][56] - New compliance initiatives include expanded rate protection and anti-fraud measures to respond to industry regulatory changes [10][48] - The company aims to strengthen the healthy development of both shipper and trucker ecosystems while expanding into new markets [19][24]

Q2 2025 Performance Highlights - Fulfilled orders reached 608 million, a 238% year-over-year increase[9] - Average Shipper MAUs were 316 million, up 193% year-over-year[9] - Net revenues totaled RMB 32391 million, representing a 172% year-over-year growth[9] - Net income amounted to RMB 12648 million, a 505% increase compared to the previous year[9] - Adjusted net income reached RMB 13521 million, showing a 393% year-over-year rise[9] Revenue Streams - Freight brokerage service revenue was RMB 11779 million in Q2 2025[30] - Freight listing service revenue reached RMB 2429 million in Q2 2025[30] - Transaction service revenue totaled RMB 13271 million in Q2 2025[30] - Value-added services generated RMB 4912 million in revenue during Q2 2025[30] Financial Position - Total assets as of June 30, 2025, were RMB 426001 million[36] - Long-term investments amounted to RMB 144583 million as of June 30, 2025[36] - Non-GAAP adjusted operating income increased by 437% year-over-year[25] - Non-GAAP adjusted net income increased by 393% year-over-year[25]