Q4 2025 and FY 2025 Earnings March 2026 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 ...

Q3 2025 Performance Highlights - Fulfilled orders reached 6340万, a 22.3% year-over-year increase[7, 13] - Average Shipper MAUs were 335万, a 17.6% year-over-year increase[9, 14] - The platform covers 300+ cities with 100% coverage of prefecture-level cities in China[8] - 448万 active truckers fulfilled shipping orders[8] Revenue Growth and Diversification - Total revenue reached RMB 33.58242亿元[23] - Freight brokerage service revenue was RMB 10.94349亿元, accounting for 32.5% of revenue[17, 23] - Freight listing service revenue was RMB 2.47119亿元, accounting for 7.4% of revenue[17, 23] - Transaction service revenue was RMB 14.56087亿元, accounting for 43.4% of revenue[17, 23] - Value-added services revenue was RMB 5.60687亿元, accounting for 16.7% of revenue[17, 23] Profitability and Efficiency - Non-GAAP adjusted operating income for the first nine months of 2025 was RMB 33.97338亿元, a 64.2% increase year-over-year[20, 25] - Non-GAAP adjusted net income for the first nine months of 2025 was RMB 37.31588亿元, a 25.7% increase year-over-year[20, 25]

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]