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Full Truck Alliance (YMN) investor relations material
Full Truck Alliance Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Fulfilled orders in Q2 2025 rose 23.8% year-over-year to 60.8 million, with average shipper MAUs up 19.3% to 3.16 million and shipper members surpassing 1.2 million.
Total net revenues reached RMB3,239.1 million (US$452.2 million), up 17.2% year-over-year, driven by freight matching and transaction services.
Net income rose 50.5% year-over-year to RMB1,264.8 million (US$176.6 million), with non-GAAP adjusted net income up 39.3% to RMB1,352.1 million (US$188.7 million).
Fulfillment rate hit a record 40.7%, up seven percentage points year-over-year, with direct shippers contributing 53% of orders.
Continued investment in technology, user acquisition, and brand building to drive platform engagement and efficiency.
Financial highlights
Freight matching services revenue grew 18.0% year-over-year to RMB2,747.9 million (US$383.6 million).
Transaction service revenue surged 39.4% to RMB1,327.1 million (US$185.3 million); value-added services revenue rose 12.8% to RMB491.2 million (US$68.6 million).
Non-GAAP adjusted operating income was RMB1,230.1 million (US$171.7 million), up 76% year-over-year.
Basic net income per ADS was RMB1.20 (US$0.17), up from RMB0.79; non-GAAP adjusted basic net income per ADS was RMB1.28 (US$0.18).
Cash, cash equivalents, and investments totaled RMB29.5 billion (US$4.1 billion) as of June 30, 2025.
Outlook and guidance
Q3 2025 net revenues expected between RMB3.07 billion and RMB3.17 billion, a year-over-year growth of 1.3% to 4.6%.
Excluding freight brokerage, net revenues are expected to grow 23.4% to 29.1% year-over-year.
Anticipates a significant decline in freight brokerage transaction volume and revenue due to increased service fee rates and reduced government subsidies.
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