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Full Truck Alliance (YMN) investor relations material
Full Truck Alliance Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Achieved 63.4 million fulfilled orders in Q3 2025, up 22.3% year-over-year, with coverage of over 300 cities and 100% of prefecture-level cities in China.
Average shipper MAUs rose 17.6% year-over-year to 3.35 million, and active truckers reached 4.48 million.
Enhanced digital and intelligent logistics solutions, user protection, and platform ecosystem for shippers and truckers.
Acquisition of Giga.AI (formerly Plus PRC/Giga.Al Technology Limited) enhanced AI capabilities and increased R&D expenses.
Demonstrated sustained momentum in order and user growth, with next-month trucker retention above 85%.
Financial highlights
Total net revenues for Q3 2025 were RMB 3,358 million, up 10.8% year-over-year; nine-month revenues reached RMB 9,297 million.
Transaction service revenues grew 39% year-over-year to RMB 1,456 million, accounting for 43% of total revenues.
Non-GAAP adjusted operating income was RMB 849.1 million for Q3; for the first nine months, it was RMB 3,397 million, up 64.2% year-over-year.
Net income for Q3 2025 was RMB 921 million, down from RMB 1,122 million in Q3 2024.
Cash, cash equivalents, and investments totaled RMB 31.1 billion as of September 30, 2025.
Outlook and guidance
Q4 2025 net revenues expected between RMB 3.08 billion and RMB 3.18 billion.
Excluding Freight Brokerage, Q4 net revenues forecasted at RMB 2.18–2.28 billion, up 17.1%–22.5% year-over-year.
Continued focus on digital transformation, user ecosystem optimization, and high-quality growth.
Impact of freight brokerage on net income
Giga.Al acquisition's strategic impact
Future NPL trend for growing loan portfolio
Giga.AI acquisition's impact on AI capabilities
Freight brokerage pricing adjustment impact on users
Anti-involution policy: FTA's user protection measures
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Next Full Truck Alliance earnings date
Q4 20256 Mar, 2026
Next Full Truck Alliance earnings date
Q4 20256 Mar, 2026
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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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