Full Truck Alliance (YMN) investor relations material

Executive summary

• Fulfilled orders reached 68.5 million in Q2 2026, up 12.7% year-over-year, with coverage in 300+ cities and 100% of prefecture-level cities in China.

• Average shipper MAUs rose 12.8% year-over-year to 3.57 million, reflecting strong user engagement and platform growth.

• Operational focus on user experience, transaction efficiency, and enhanced transaction protection improved satisfaction for both shippers and truckers.

• AI initiatives advanced, including broader deployment of shipper AI assistants and full rollout of AI-powered customer service.

• Platform connects shippers and truckers, offering freight listing, brokerage, transaction, and value-added services, driving network effects and user retention.

Financial highlights

• Total net revenues for Q2 2026 reached RMB 3.38 billion, up 4.4% year-over-year, driven by growth in freight matching and transaction services.

• Transaction service revenues grew 33.1% year-over-year to RMB 1.77 billion, representing 52% of total net revenues.

• Net income was RMB 1.35 billion, up 6.3% year-over-year; GAAP-adjusted net income increased 6% to RMB 1.43 billion.

• Non-GAAP adjusted operating income for Q2 2026 was RMB 1,580.7 million, with a margin of 38.4%.

• Net cash from operating activities rose to RMB 2.15 billion, with total cash position at RMB 33.4 billion by quarter-end.

Outlook and guidance

• Expectation of steady upward trajectory in fulfillment rate and sustainable long-term growth in transaction service revenue.

• Q3 2026 net revenues are expected to be between RMB 3.32 billion and RMB 3.42 billion.

• Cautiously optimistic about long-term order growth, supported by moderating fuel prices and ongoing expansion of direct shipper base.

• Continued investment in AI innovation and new business initiatives, leveraging ample liquidity.

• Emphasis on enhancing value-added services and technology infrastructure to drive future growth.