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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.
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Q2 2025 earnings summary21 Aug, 2025

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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Frequently asked questions

Full Truck Alliance Co Ltd operates a digital freight platform that connects shippers with truckers, facilitating freight matching and transportation services. The company provides an online marketplace that supports efficient and transparent logistics operations, targeting businesses across various industries requiring freight solutions. Full Truck Alliance primarily serves the transportation and logistics sectors. The company is headquartered in Guiyang, China, and its shares are listed on the NYSE.

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