Full Truck Alliance Co Ltd (YMM) 2022 Q4 法說會逐字稿

Ladies and gentlemen, good day and welcome to Full Truck Alliance's Fourth Quarter and Full Year 2022 Earnings Conference Call. Today's conference is being recorded.

女士們，先生們，美好的一天，歡迎來到 Full Truck Alliance 的第四季度和 2022 年全年收益電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Mao Mao, Head of Investor Relations. Please go ahead.

在這個時候，我想把會議轉交給投資者關係主管毛毛。請繼續。

Thank you, operator. Please note that today's discussion will contain forward-looking statements relating to the company's future performance, which are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and discussion. A general discussion of the risk factors that could affect FTA's business and financial results is included in certain filings of the company with the SEC. The company does not undertake any obligation to update this forward-looking information except as required by law.

謝謝你，運營商。請注意，今天的討論將包含與公司未來業績相關的前瞻性陳述，這些陳述旨在符合美國私人證券訴訟改革法案規定的免責安全港條款。此類陳述不是對未來業績的保證，並受某些風險和不確定性、假設和其他因素的影響。其中一些風險超出了公司的控制範圍，可能導致實際結果與今天的新聞稿和討論中提到的結果大相徑庭。對可能影響 FTA 的業務和財務結果的風險因素的一般性討論包含在公司提交給美國證券交易委員會的某些文件中。除法律要求外，公司不承擔任何更新此前瞻性信息的義務。

During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. Joining us today on the call from FTA's management side are Mr. Hui Zhang, our Founder, Chairman and CEO; and Mr. Simon Cai, our CFO. Management will begin with prepared remarks and the call will conclude with a Q&A session. As a reminder, this conference is being recorded. In addition, a webcast replay of this call will be available on FTA's investor relations website at ir.fulltruckalliance.com.

在今天的電話會議中，管理層還將討論某些非 GAAP 財務措施，僅供比較之用。有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務結果的調節，請參閱今天早些時候發布的收益報告。今天，我們的創始人、董事長兼首席執行官張輝先生應 FTA 管理層的電話加入了我們的行列；以及我們的首席財務官 Simon Cai 先生。管理層將從準備好的發言開始，電話會議將以問答環節結束。提醒一下，這次會議正在錄製中。此外，FTA 的投資者關係網站 ir.fulltruckalliance.com 將提供此次電話會議的網絡直播重播。

I will now turn the call over to our Founder, Chairman and CEO, Mr. Zhang. Please go ahead.

我現在將把電話轉給我們的創始人、董事長兼首席執行官張先生。請繼續。

[Interpreted] Hello, everyone. Thank you for joining us today on our fourth quarter and full year 2022 earnings conference call. During the year, uncertainties persisting within the macro environment posed various challenges to our operations. Despite these headwinds, we are pleased with our performance in the fourth quarter as we are ending 2022 on a strong note. Over the past year, we achieved progress across all of our business segments that are in different stages of development. We took steps to standardize our platform data management and upgrade the network security system by leveraging big data and advanced freight matching algos. This enhanced the users' experience by providing them with high quality, efficient and full coverage capacity network services in a secure network environment.

【解讀】大家好。感謝您今天加入我們的第四季度和 2022 年全年收益電話會議。年內，宏觀環境不明朗因素持續存在，對我們的營運帶來各種挑戰。儘管存在這些不利因素，但我們對第四季度的表現感到滿意，因為我們以強勁的勢頭結束了 2022 年。在過去的一年裡，我們在不同發展階段的所有業務板塊都取得了進展。我們採取措施規範平台數據管理，並利用大數據和先進的貨運匹配算法升級網絡安全系統。在安全的網絡環境下，為用戶提供優質、高效、容量全覆蓋的網絡服務，提升用戶體驗。

Additionally, we made considerable efforts in platform process simplification, improved app usability and user misconduct rectification. These actions mainly include building a shipper rating system, creating the 5-star shipper accreditation, launching a trucker growth pilot program and cracking down on malicious price cutting behavior. By maximizing both shippers and truckers' experience and elevating operational efficiency, we expanded our high value services to more shippers and truckers during the year and safeguarded their right and interest. As we ended 2022, we were pleased to see a revival in user growth in terms of both shippers and truckers fueled by reinstating new user registration in June. With the number of high quality users growing on platform, we are improving our platform ecosystem to provide a more secure transaction environment for our users.

此外，我們在簡化平台流程、提高應用程序可用性和糾正用戶不當行為方面做出了相當大的努力。這些舉措主要包括建立托運人評級體系、創建托運人五星級資質、開展卡車司機成長試點、嚴厲打擊惡意降價行為等。通過最大限度地提升托運人和卡車司機的經驗並提高運營效率，我們在年內將高價值服務擴展到更多的托運人和卡車司機，維護了他們的權益。到 2022 年結束時，我們很高興地看到，在 6 月恢復新用戶註冊的推動下，托運人和卡車司機的用戶增長出現復甦。隨著平台上優質用戶數量的增長，我們正在完善我們的平台生態系統，為我們的用戶提供更安全的交易環境。

Furthermore, as corporate social responsibility is 1 of our core values, we lowered the number of trucks with empty loads, saving energy and reducing carbon emissions through implementing new technological innovation; further contributing to the green development of the transportation industry. For the full year, our gross transaction value and the number of fulfilled orders reached RMB 261.1 and 119 million, respectively. While our business was adversely affected by repeated resurgence of COVID outbreaks at the beginning of the fourth quarter, growth rate began to recover following the full removal of COVID restrictions in December. In the fourth quarter, the GTV reached RMB 72 billion while the number of fulfilled orders was 32.6 million. Our average shipper MAU reached 1.88 million, representing a 19.7% increase year-over-year.

此外，由於企業社會責任是我們的核心價值觀之一，我們通過實施新技術創新，減少卡車空載數量，節約能源，減少碳排放；進一步助力交通行業綠色發展。全年，我們的總交易額和已完成訂單數分別達到人民幣 2.611 億元和 1.19 億元。雖然我們的業務在第四季度初受到 COVID 疫情反复爆發的不利影響，但在 12 月全面取消 COVID 限制後，增長率開始恢復。第四季度，GTV達到人民幣720億元，訂單完成量為3260萬。我們的平均托運人 MAU 達到 188 萬，同比增長 19.7%。

With the strong aforementioned tailwind, total net revenue in the fourth quarter surged by 34.5% year-over-year to RMB 1.92 billion. As for our non-GAAP financial measures, our adjusted net income reached RMB 445.8 million in the fourth quarter. On a full year basis, the total net revenues from our platforms soared by 44.6% year-over-year to RMB 6.73 billion and the non-GAAP adjusted net income increased by 209.8% to RMB 1,395.4 million. Looking ahead into 2023 in the wake of the post-pandemic era, activity within the entire freight industry is well on its way to a full recovery. China's unswerving support for private enterprises and the platform economy positions the country for a revival in social and economic activities. This renewed energy reaffirms our commitment to our long-term vision and strategic direction of our platform development.

在上述強勁推動下，第四季度總淨收入同比增長 34.5% 至人民幣 19.2 億元。至於我們的非美國通用會計準則財務指標，我們第四季度調整後的淨收入達到人民幣 4.458 億元。從全年來看，我們平台的總淨收入同比增長 44.6% 至人民幣 67.3 億元，非美國通用會計準則調整後淨收入增長 209.8% 至人民幣 13.954 億元。展望後大流行時代之後的 2023 年，整個貨運行業的活動正朝著全面復甦的方向發展。中國堅定不移地支持民營企業和平台經濟，為中國社會和經濟活動的複蘇奠定了基礎。這種新的活力重申了我們對平台開發的長期願景和戰略方向的承諾。

We will keep advancing our technological innovations by leveraging big data, matching algos and artificial intelligence to create more value for users across different industries. While promoting the green transformation of China's transport industry, we will push forward in solidifying our industry leadership position and further expand our market share creating greater value for users, shareholders and other stakeholders. To further demonstrate our confidence in the company's long-term prospects, today we announced that the Board of Directors authorized a share repurchase program under which the company may repurchase up to $500 million of ADS over the next 12 months. The company plans to fund the repurchase from its existing cash balance.

我們將持續推進技術創新，利用大數據、匹配算法和人工智能，為各行各業的用戶創造更多價值。在推動中國交通運輸業綠色轉型的同時，我們將進一步鞏固行業領先地位，進一步擴大市場份額，為用戶、股東和其他利益相關方創造更大價值。為了進一步表明我們對公司長期前景的信心，今天我們宣布董事會批准了一項股票回購計劃，根據該計劃，公司可以在未來 12 個月內回購高達 5 億美元的美國存託憑證。公司計劃從現有現金餘額中為回購提供資金。

Thank you. With that, I will now turn the call over to our CFO, Simon, who will elaborate further on our fourth quarter progress and go over our operational and financial results in more detail.

謝謝。有了這個，我現在將把電話轉給我們的首席財務官西蒙，他將進一步闡述我們第四季度的進展，並更詳細地審查我們的運營和財務結果。

Thank you, Mr. Zhang, and hello everyone. Today as usual, I will first go over some of the highlights for the quarter followed by a brief overview of our key financials. The quarter began with the lingering pandemic challenges weighing on the economy. While the fourth quarter is the traditional peak season for freight transport, various regions continued to experience certain fluctuations in freight volume in October and November due to rolling COVID policies, which negatively impacted our business. Following the removal of COVID restrictions in December, the order volume from the platform gradually ramped up reaching the full year peak in early December. However, in mid-December, the order volume declined due to a large number of truckers getting infected with COVID, which affected overall transport capacity. As infected truckers returned to work and transport capacity recovered after the Chinese New Year, we see activity within the freight industry resurging from the lows of last year.

謝謝張總，大家好。今天和往常一樣，我將首先回顧本季度的一些亮點，然後簡要概述我們的主要財務狀況。本季度伊始，揮之不去的流行病挑戰給經濟帶來了壓力。四季度是貨運的傳統旺季，受疫情政策影響，10月和11月各地區貨運量繼續出現一定波動，對我們的業務產生了負面影響。隨著 12 月取消 COVID 限制，該平台的訂單量逐漸上升，並在 12 月初達到全年峰值。但在12月中旬，由於大量貨車司機感染新冠病毒，訂單量有所下降，影響了整體運力。隨著受感染的卡車司機在農曆新年後重返工作崗位和運輸能力恢復，我們看到貨運行業的活動從去年的低谷中復蘇。

Despite the many disruptions, our average fulfillment rate reached approximately 24% in fourth quarter, increasing on a monthly basis with our average fulfillment rate reaching 26.4% in December. The increase in fulfillment rate was due to easing COVID policies, which strengthened truckers' willingness to take freight orders while we also progressively restored the supply and demand balance between truckers and shippers. Moreover, with the resumption of new user registration, the overall number of shippers on the platform grew, of which most of them are direct shippers with relatively higher fulfillment rate as compared to middlemen and therefore contributed to our improved fulfillment rate. Now looking specifically at our users. We were able to maintain the previous quarter's momentum that was ignited by the revival of new users registration. The continued uptake in the overall users during the fourth quarter pushed our average shipper MAUs to 1.88 million for a year-over-year increase of 19.7%.

儘管有許多中斷，我們的平均履約率在第四季度達到了約 24%，並逐月增長，我們的平均履約率在 12 月達到了 26.4%。完成率的提高是由於放寬了 COVID 政策，這增強了卡車司機接受貨運訂單的意願，同時我們也逐步恢復了卡車司機和托運人之間的供需平衡。此外，隨著新用戶註冊的恢復，平台上的托運人總數有所增加，其中大多數是直接托運人，與中間商相比，履約率相對較高，因此有助於我們提高履約率。現在特別關注我們的用戶。我們能夠保持上一季度因新用戶註冊恢復而點燃的勢頭。第四季度整體用戶的持續增長使我們的平均托運人 MAU 達到 188 萬，同比增長 19.7%。

Our average trucker MAUs, including those fulfilling and responding to orders, remained stable month-over-month with 3.5 million active truckers fulfilling shipments in the past 12 months. In the last 4 quarters and the 12-month rolling retention rate of those shipper numbers and the next month's retention rate of truckers who responded to orders remained steady at around 85%. Our ability to maintain a high retention rate demonstrate once again the high degree of stickiness of our overall user base. Along with our high user gains, we are optimizing our overall user composition as the number of both 688 members and non-paying members, which typically are direct shippers, continued to increase in the fourth quarter. More importantly, the contribution from these 2 types of users further increased to about 45% in terms of number of fulfilled orders, which we expect will increase further as the user scale continue to expand.

在過去的 12 個月中，我們的平均卡車司機 MAU（包括那些履行和響應訂單的 MAU）月環比保持穩定，有 350 萬活躍卡車司機完成了貨運。在過去 4 個季度和 12 個月的滾動保留率中，這些托運人數量和下個月響應訂單的卡車司機保留率穩定在 85% 左右。我們保持高留存率的能力再次證明了我們整體用戶群的高度粘性。隨著我們的高用戶收益，我們正在優化我們的整體用戶構成，因為 688 名會員和非付費會員（通常是直接托運人）的數量在第四季度繼續增加。更重要的是，這兩類用戶對已完成訂單數量的貢獻進一步增加至約45%，我們預計隨著用戶規模的不斷擴大，這一比例將進一步增加。

This year the acquisition of new users will remain a high priority. In addition to our traditional online marketing and promotional activities, we will explore new initiatives and marketing channels to attract high value users and build brand awareness such as precise marketing towards consumer user scenarios and marketing through users' social networks. At the same time, we will strengthen our offline user acquisition strategy through our ground promotion teams combined with our local operations to reach target user groups both online and offline. As we move into 2023, we remain focused on improving our services, acquiring and retaining users and allocating more resources on branding and marketing in order to gradually replace the inefficient acquaintance truckers model. We plan to attract more low and medium frequency direct shippers through online channels and improving the user experience for their first time fulfillment in order to boost the conversion rate of non-paying users into paying members.

今年，獲取新用戶仍將是重中之重。除了我們傳統的在線營銷和促銷活動外，我們將探索新的舉措和營銷渠道來吸引高價值用戶並建立品牌知名度，例如針對消費者用戶場景的精準營銷和通過用戶社交網絡進行營銷。同時，我們將通過我們的地面推廣團隊結合我們的本地運營來加強我們的線下用戶獲取策略，以覆蓋線上和線下的目標用戶群。隨著我們進入 2023 年，我們將繼續專注於改善我們的服務，獲取和留住用戶，並在品牌和營銷上分配更多資源，以逐步取代低效的熟人卡車司機模式。我們計劃通過線上渠道吸引更多的中低頻直發商，提升他們首次履約的用戶體驗，以提高非付費用戶向付費會員的轉化率。

Now briefly turning to our platform. In the fourth quarter, we continued to invest resources in creating a trusted transaction environment and improving the healthiness of the platform's ecosystem. We simplified users' complaint process and made it more accessible and user friendly. For instance, our hotline upgrades makes it easier for users to access customer service and the complaint button on the app's order detail page allows users a 1-click access to the complaint section. We also fundamentally improved our product functionalities to reduce the possibility of disputes. As an example in response to shippers' order cancellation, we added trucker comment feature to allow truckers' voice to be heard, hence encouraging rational shipments and reducing frictions between shippers and truckers.

現在簡要地轉向我們的平台。第四季度，我們繼續投入資源打造可信的交易環境，提昇平台生態系統的健康度。我們簡化了用戶的投訴流程，使其更易於訪問和用戶友好。例如，我們的熱線升級使用戶可以更輕鬆地訪問客戶服務，應用程序訂單詳細信息頁面上的投訴按鈕允許用戶一鍵訪問投訴部分。我們還從根本上改進了我們的產品功能，以減少糾紛的可能性。以貨主取消訂單為例，我們增加了貨車評論功能，讓貨車的聲音被聽到，從而鼓勵貨主理性發貨，減少貨主與貨車之間的摩擦。

Another notable accomplishment for us in the fourth quarter was widening the penetration of our shipper rating system's coverage, which enhances the role of users' credit in our ecosystem and protects the interest of both truckers and shippers. As the number of 5-star high quality shippers continue to increase and we gain more recognition from truckers and shippers, we have seen a significant decline in order cancellation rate by these 5-star shippers. Subsequently, the average fulfillment rate of 5-star shippers is 21.8 percentage points higher than that of the platform as a whole. As we proceed, we will continue to refine and improve our rating system on both ends in order to regulate and discipline their behaviors. Turning to our online transaction service. The segment maintained sustainable growth in the fourth quarter amid the volatile macro environment showing a 67.4% increase year-over-year to RMB 447.8 million. This increase was primarily driven by improved commission rate.

我們在第四季度取得的另一項顯著成就是擴大了托運人評級系統的覆蓋範圍，這增強了用戶信用在我們生態系統中的作用，並保護了卡車司機和托運人的利益。隨著五星級優質托運人的數量不斷增加，我們得到更多卡車司機和托運人的認可，我們看到這些五星級托運人的訂單取消率顯著下降。隨後，5星托運人的平均履約率比平台整體高出21.8個百分點。隨著我們的推進，我們將繼續完善和完善兩端的評級系統，以規範和約束他們的行為。轉向我們的在線交易服務。在動蕩的宏觀環境中，該部門在第四季度保持可持續增長，同比增長 67.4% 至人民幣 4.478 億元。這一增長主要是由於佣金率提高所致。

In the fourth quarter, our online transaction service covered roughly 50% of the transaction GTV or 60% if measured by fulfilled orders. For the full year, commission penetration by number of orders has increased by nearly 8 percentage points to approximately 56%. Looking ahead, we will beef up our investment to strengthen our platform's fulfillment and transaction assurance services. Furthermore, as we expand our users, we will refine our tiered commission strategy based on freight matching time and freight amount and dynamically adjust our commission policies. Additionally, given the fact that transaction disputes are a normal occurrence in this industry, we will continue to improve our data level algo in order to improve fulfillment efficiency and help with disputes resolution and ensure that truckers are provided with high quality, high priced goods from direct shippers, which should gradually improve our user composition and ultimately contribute to higher commission rate.

在第四季度，我們的在線交易服務覆蓋了大約 50% 的交易 GTV，如果以已完成的訂單衡量，則為 60%。全年來看，按訂單數量計算的佣金滲透率增加了近 8 個百分點，達到約 56%。展望未來，我們將加大投資力度，以加強我們平台的履行和交易保證服務。此外，隨著用戶規模的擴大，我們將根據運費匹配時間和運費金額細化階梯佣金策略，動態調整佣金政策。此外，鑑於交易糾紛在這個行業是常態，我們將繼續完善數據層面的算法，以提高履約效率，幫助解決糾紛，確保卡車司機從中獲得優質、高價的商品。直接托運人，這應該會逐漸改善我們的用戶構成並最終有助於提高佣金率。

In summary, during 2022 we continued to improve the platform's ecosystem's governance and elevated the users' experience while ensuring network system security and optimizing platform data regulations. We in fact implemented an active user acquisition strategy once new user registration resumed, which expanded our platform's user base and created value for our users. We are proud of our team for their dedication and hard work under the conditions created by COVID restrictions. Going forward, we will direct that same spirit to sharpen our performance by leveraging digitalization technologies to improve our algos, matching accuracy and efficiency; broaden our products and services for direct shippers; and acquire more high quality users. As the freight industry gradually recovers, we will continue to harness our core advantages to provide users with service quality assurances and boost our commercialization capabilities further fortifying our leading industry position.

總之，在 2022 年期間，我們在確保網絡系統安全和優化平台數據法規的同時，繼續完善平台生態治理，提升用戶體驗。事實上，一旦新用戶註冊恢復，我們就實施了積極的用戶獲取策略，這擴大了我們平台的用戶群並為我們的用戶創造了價值。我們為我們的團隊在 COVID 限製造成的條件下的奉獻和辛勤工作感到自豪。展望未來，我們將秉承同樣的精神，通過利用數字化技術來改進我們的算法、匹配準確性和效率，從而提高我們的績效；擴大我們為直接托運人提供的產品和服務；並獲得更多優質用戶。隨著貨運行業逐步復甦，我們將繼續發揮核心優勢，為用戶提供優質服務保障，提升商業化能力，進一步鞏固行業領先地位。

Now I'd like to provide a brief overview of our fourth quarter 2022 and full year 2022 financials. Given the limited time for today's call, I will be presenting some abbreviated financial highlights. We encourage you to read through our press release issued earlier today for details. Our total revenue for the year was RMB 6.7 billion representing a 44.6% increase year-over-year. Net revenues for the fourth quarter were RMB 1.9 billion representing a 34.5% increase year-over-year. For 2022 our net revenue from freight matching services; including service fees from freight brokerage models, membership fees from listing models and commissions from online transaction services; were RMB 5.7 billion, up 43.3% from 2021. And RMB 1.6 billion for the fourth quarter, up 31.4% year-over-year primarily due to the rapid growth in transaction commissions as well as an increase in revenues from our freight brokerage service.

現在我想簡要概述一下我們 2022 年第四季度和 2022 年全年的財務狀況。鑑於今天電話會議的時間有限，我將簡要介紹一些財務要點。我們鼓勵您閱讀我們今天早些時候發布的新聞稿以了解詳細信息。我們全年的總收入為人民幣 67 億元，同比增長 44.6%。第四季度淨收入為人民幣 19 億元，同比增長 34.5%。 2022 年我們的貨運匹配服務淨收入；包括貨運經紀模式的服務費、上市模式的會員費和在線交易服務的佣金；為人民幣 57 億元，比 2021 年增長 43.3%。第四季度為人民幣 16 億元，同比增長 31.4%，這主要是由於交易佣金的快速增長以及我們貨運經紀服務收入的增加。

Revenues from freight brokerage service reached RMB 3.4 billion for 2022, up 34.5% year-over-year. On a quarterly basis, net revenue increased by 24% to RMB 943.6 million in the fourth quarter, primarily driven by continued growth in transaction volume as a result of improved user penetration. Revenues from freight listing service were RMB 852.4 million for the full year, up 13.2% year-over-year and rose 11.2% year-over-year in the fourth quarter to reach RMB 223.1 million, primarily due to an increase in total paying members. Revenue from transaction commissions amounted to RMB 1.4 billion in 2022 representing 107.4% increase year-over-year. On a quarterly basis, the net revenue amounted to RMB 447.8 million in the fourth quarter representing a 67.4% increase year-over-year primarily driven by an expanded take rate as well as improved commission penetration.

2022年貨運經紀服務收入達到人民幣34億元，同比增長34.5%。按季度計算，第四季度淨收入增長 24% 至人民幣 9.436 億元，這主要是由於用戶滲透率提高導致交易量持續增長。全年貨運掛牌服務收入為人民幣 8.524 億元，同比增長 13.2%，第四季度同比增長 11.2% 至人民幣 2.231 億元，主要是由於付費會員總數的增加. 2022年交易佣金收入為人民幣14億元，同比增長107.4%。按季度計算，第四季度淨收入達到人民幣 4.478 億元，同比增長 67.4%，這主要是由於擴大的收入率和提高的佣金滲透率。

Revenue from value-added services were RMB 1.1 billion in 2022 representing a 51.7% increase year-over-year. For the fourth quarter, net revenues increased to RMB 308.1 million representing a 53.7% increase year-over-year mainly attributable to an increase in revenue from credit solutions and other value-added services. Cost of revenues in the fourth quarter was RMB 951.8 million, compared with RMB 658.2 million in the prior year period. The increase was primarily due to an increase in VAT related tax surcharges and other tax costs net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB 857.4 million representing an increase of 54.3% from RMB 555.5 million in the same period in 2021, primarily due to continued increase in transaction activities involving our freight brokerage service. Our sales and marketing expenses in the fourth quarter were RMB 281.1 million compared with RMB 239.4 million in the prior year period.

2022年增值服務收入為人民幣11億元，同比增長51.7%。第四季度，淨收入增加至人民幣 3.081 億元，同比增長 53.7%，主要是由於信貸解決方案和其他增值服務的收入增加。第四季度的收入成本為人民幣 9.518 億元，上年同期為人民幣 6.582 億元。增加的主要原因是增值稅相關的附加稅和扣除政府部門退稅後的其他稅費增加。扣除退稅後的這些涉稅成本總計人民幣 8.574 億元，比 2021 年同期的人民幣 5.555 億元增長 54.3%，這主要是由於涉及我們的貨運經紀服務的交易活動持續增加。我們第四季度的銷售和營銷費用為人民幣 2.811 億元，而去年同期為人民幣 2.394 億元。

The increase was primarily due to an increase in salary and benefit expenses driven by higher sales and marketing headcount as well as increase in online advertising and marketing expenses. General and administrative expenses in the fourth quarter were RMB 408.2 million compared with RMB 1.6 billion in the prior year period. The decrease was primarily due to lower share-based compensation expenses partially offset by an increase in professional service fees. R&D expenses in the fourth quarter were RMB 250.2 million compared with RMB 233.6 million in the prior year period. The increase was primarily due to an increase in salary and benefits expenses driven by higher R&D headcount. Loss from operations in the fourth quarter was RMB 5.3 million compared with RMB 1.4 billion in the same period of 2021. Net income in the fourth quarter was RMB 195.7 million compared with a net loss of RMB 1.3 billion in the same period of 2021.

這一增長主要是由於銷售和營銷人員增加以及在線廣告和營銷費用增加導致工資和福利費用增加。第四季度的一般和管理費用為人民幣 4.082 億元，上年同期為人民幣 16 億元。減少的主要原因是基於股份的補償費用減少，部分被專業服務費的增加所抵消。第四季度的研發費用為人民幣 2.502 億元，上年同期為人民幣 2.336 億元。這一增長主要是由於研發人員增加導致工資和福利支出增加。第四季度經營虧損為530萬元人民幣，2021年同期為14億元人民幣。第四季度淨利潤為1.957億元人民幣，2021年同期為淨虧損13億元人民幣。

Under non-GAAP measures, our adjusted operating income in the fourth quarter was RMB 248.4 million compared with RMB 159.1 million in the same period of 2021. Our adjusted net income in the fourth quarter was RMB 445.8 million compared with RMB 242.8 million in the same period of 2021. Basic and diluted net income per ADS were RMB 0.18 in the fourth quarter compared with basic and diluted net loss per ADS of RMB 1.23 in the same period of 2021. Non-GAAP adjusted basic and diluted net income per ADS were RMB 0.42 in the fourth quarter compared with non-GAAP adjusted basic and diluted net income per ADS of RMB 0.23 in the same period of 2021. As of December 31, 2022 our cash and cash equivalents, restricted cash and short-term investments totaled RMB 26.3 billion compared with RMB 26 billion as of December 31, 2021.

根據非美國通用會計準則衡量，我們第四季度調整後的營業收入為人民幣 2.484 億元，而 2021 年同期為人民幣 1.591 億元。我們第四季度調整後的淨收入為人民幣 4.458 億元，而同期為人民幣 2.428 億元。 2021 年第四季度每份 ADS 基本和稀釋淨收益為 0.18 元人民幣，而 2021 年同期每份 ADS 基本和稀釋淨虧損為 1.23 元人民幣。非美國通用會計準則調整後每份 ADS 基本和稀釋淨收益為人民幣第四季度為 0.42 元，而 2021 年同期非美國通用會計準則調整後每 ADS 基本和稀釋淨收益為 0.23 元人民幣。截至 2022 年 12 月 31 日，我們的現金和現金等價物、受限制現金和短期投資總計 26.3 元人民幣億元，而截至 2021 年 12 月 31 日為人民幣 260 億元。

As of December 31 last year, the total outstanding balance of the on-balance sheet loans consisting of the total principal amounts and all accrued and unpaid interest net of provisions of the loans funded through our small loan company and the trusts established by us was RMB 2,648.4 million compared with RMB 1,777.7 million as of December 31, 2021. And the total non-performing loan ratio for these loans was around 2% as of the end of last year, which was flat compared with that of December 31 in 2021. Looking at our business outlook for the first quarter of 2023. We expect our total net revenues to be between RMB 1.56 billion and RMB 1.64 billion representing a year-over-year growth rate of approximately 16.9% to 23%. These forecasts reflect the company's current and preliminary views on the market and operational conditions, which are subject to changes and cannot be predicted with reasonable accuracy as of the date hereof.

截至去年 12 月 31 日，通過我們的小額貸款公司和我們設立的信託提供的貸款的本金總額和所有應計未付利息扣除撥備後的表內貸款餘額總額為人民幣26.484億元，截至2021年12月31日為17.777億元。截至去年底，這些貸款的總不良貸款率約為2%，與2021年12月31日持平。根據我們對 2023 年第一季度的業務展望。我們預計我們的總淨收入將在人民幣 15.6 億元至人民幣 16.4 億元之間，同比增長率約為 16.9% 至 23%。這些預測反映了公司對市場和運營狀況的當前和初步看法，這些看法可能會發生變化，並且截至本協議發布之日無法合理準確地預測。

In late January we were forced to defend ourselves against groundless allegations in a published short-seller report. Upon receipt of the report, the audit committee quickly launched an independent investigation with the assistance of third-party professional advisors, including an international law firm and outside forensic accounting experts from a Big Four `accounting firm. Today we announced the substantial completion of the internal review, which were conclusive in its findings that the key allegations were not substantiated. We sincerely appreciate the trust and support we have received from our investors during this period and want to take this opportunity to publicly reiterate our commitment to maintaining high standards, transparency and timely disclosure in compliance with the rules of the New York Stock Exchange.

1 月下旬，我們被迫在一份已發布的賣空報告中針對毫無根據的指控為自己辯護。接到報告後，審計委員會在第三方專業顧問的協助下迅速展開獨立調查，第三方專業顧問包括國際律師事務所和四大會計師事務所的外部法務會計專家。今天，我們宣佈內部審查基本完成，其結論是關鍵指控沒有得到證實。我們衷心感謝在此期間我們從投資者那裡獲得的信任和支持，並希望藉此機會公開重申我們將按照紐約證券交易所的規則保持高標準、透明度和及時披露的承諾。

That concludes our prepared remarks. We would now like to open the call to Q&A. Operator, please go ahead.

我們準備好的發言到此結束。我們現在想打開問答環節。接線員，請繼續。

(Operator Instructions) And our first question today comes from Ronald Keung with Goldman Sachs.

（操作員說明）我們今天的第一個問題來自高盛的 Ronald Keung。

(foreign language) Just want to ask about that the pandemic impact is mostly behind us and we're also seeing the overall kind of macroeconomy kind of improving. So against this backdrop in 2023, how do you view the overall strategy direction of the company and what are the company's business priorities this year?

（外語）只想問一下，大流行病的影響已經基本過去，我們也看到宏觀經濟整體有所改善。那麼在2023年這樣的背景下，您如何看待公司的整體戰略方向，今年公司的業務重點是什麼？

[Interpreted] Our priority for 2023 is to reinforce our platform's core competitiveness and enhance user stickiness. The removal of pandemic controls has been a game changer for us as business activities return to normal. As demand and supply gradually resume, we will double our effort in building our brand equity along with improving operations at both user ends. For truckers, we plan to successively implement our trucker hierarchical management strategy in various regions throughout the country. Truckers will be incentivized to improve service quality as well as to increase their activity level. On the shipper side, we will intensify and broaden new user acquisition and in combination with a series of operational activities, including promoting users' first time fulfillment and converting non-paying users into 688 members, thereby increasing shippers' usage frequency and user stickiness. This year we will remain focused on full truckload transportation to solidify a more comprehensive foundation for the platform business. As for our new business initiatives, we will take a steady approach of validating the innovative business models while balancing skill and efficiency.

【解讀】我們2023年的首要任務是強化我們平台的核心競爭力，增強用戶粘性。隨著業務活動恢復正常，大流行病控制措施的取消對我們來說是一個改變。隨著需求和供應逐漸恢復，我們將加倍努力建立我們的品牌資產，同時改善用戶端的運營。貨車司機方面，我們計劃陸續在全國多個區域實施貨車司機分級管理策略。將激勵卡車司機提高服務質量並提高他們的活動水平。在貨主端，我們將加大和拓寬新用戶獲取力度，結合推動用戶首次履約、非付費用戶轉化為688會員等一系列運營活動，提高貨主的使用頻率和用戶粘性。今年我們將繼續專注於整車運輸，為平台業務夯實更全面的基礎。至於我們的新業務計劃，我們將採取穩健的方法來驗證創新業務模型，同時平衡技能和效率。

And our next question today comes from Charlie Chen at China Renaissance.

我們今天的下一個問題來自華興資本的陳查理。

(foreign language) So in the fourth quarter the platform's fulfilled GTV rose by 3.5% and average freight rate increased by 6% quarter-over-quarter. What are the reasons for these changes and how do you see the freight rate trending going forward?

（外文）因此，第四季度平台完成的GTV環比上漲3.5%，平均運價環比上漲6%。這些變化的原因是什麼？您如何看待未來的運價趨勢？

Let me address the rest of the questions in English. Our sequential GTV growth in the past quarter was primarily attributable to an upswing in new users following the resumption of new user registration, which partially offset the pandemic's negative drags on business. As we faced bottlenecks due to transportation capacity constraints from the pandemic control measures, short-term freight rates rose which had a persistent and lagging impact on transaction volume. When the pandemic control measures were lifted in December, the demand recovered as evidenced by our platform data yet the supply was not fully able to -- was not able to fully catch up with demand. However, this issue was gradually resolved after the Chinese New Year as more truckers returned to work.

讓我用英語回答其餘的問題。我們上個季度的 GTV 連續增長主要歸因於新用戶註冊恢復後新用戶的增加，這部分抵消了大流行對業務的負面拖累。由於疫情防控措施導致運力受限，我們面臨瓶頸，短期運價上漲，對交易量的影響持續滯後。當 12 月取消大流行控制措施時，我們的平台數據證明需求已經恢復，但供應還不能完全趕上需求。然而，隨著更多卡車司機重返工作崗位，這一問題在春節後逐漸得到解決。

Regarding the freight rate, its increase in the fourth quarter was primarily due to higher fuel prices in 2022 in addition to the changes in the imbalance of supply and demand resulting from the pandemic. Looking ahead into 2023 while fuel prices are still high, the pandemic's impacts are gradually receding. As such, we expect the overall freight rate to slowly return to a reasonable price range. The freight rate is affected by a variety of external factors including fuel prices and highway toll fees among other things, which are difficult to predict and they are impacted by factors beyond our control. In comparison, the platform's fulfilled order volume is a better reflection of our overall operating capabilities and this is also why, as we mentioned previously, we will no longer focus and disclose GTV related operating metrics starting from the first quarter onwards.

運價方面，第四季度的上漲主要是由於2022年燃油價格上漲以及疫情導致供需失衡的變化。展望 2023 年，在燃油價格仍然高企的情況下，疫情的影響正在逐漸消退。因此，我們預計整體運價將緩慢回歸合理價格區間。運費受多種外部因素影響，包括燃油價格和高速公路通行費等，這些因素難以預測，並且受到我們無法控制的因素的影響。相比之下，平台的訂單完成量更能反映我們的整體運營能力，這也是我們之前提到的，從第一季度開始，我們將不再關注和披露 GTV 相關運營指標的原因。

Our next question today comes from Jiulu Li with CICC.

我們今天的下一個問題來自中金公司的李九路。

(foreign language) The number of fulfilled orders decreased by 2.5% quarter-over-quarter in the fourth quarter. What are the factors that contributed to this? How do you see the volume of fulfilled orders trending in the first quarter?

（外文）第四季度訂單完成量環比下降2.5%。造成這種情況的因素是什麼？您如何看待第一季度的已完成訂單量趨勢？

Firstly, we see the negative impacts of pandemic weighted on our operation in the last quarter and these headwinds were more pronounced in October and November as we experienced varying degree of logistics disruptions in some of the key provinces with large freight volumes such as Hunan, Anhui, Henan, Shandong and Hubei. Subsequently, the overall transaction volume was below our expectation around Double 11, the e-commerce sales promotion season. The average daily transaction volume only began to rebound after the removal of pandemic control measures in December and gradually reached its peak for 2022 by year-end. However, the upturn in orders from newly registered users in the fourth quarter partially offset the pandemic's first effects. Judging from our operating performance since January this year, the freight volume recovered better than expected after the Chinese New Year as we've achieved outstanding year-on-year growth. In the absence of any unexpected external changes, we anticipate a year-on-year increase at low teens in overall order volume in the first quarter as both demand and supply recover.

首先，我們看到大流行的負面影響在上個季度對我們的運營造成了影響，這些不利因素在 10 月和 11 月更為明顯，因為我們在湖南、安徽等一些貨運量大的重點省份經歷了不同程度的物流中斷、河南、山東和湖北。隨後，在電商促銷旺季雙十一前後，整體交易量低於我們的預期。日均交易量在 12 月取消疫情控制措施後才開始反彈，並在年底逐漸達到 2022 年的峰值。然而，第四季度新註冊用戶訂單的回升部分抵消了大流行的初步影響。從今年1月以來的經營業績來看，春節後貨運量恢復好於預期，同比增長顯著。在沒有任何意外外部變化的情況下，我們預計隨著需求和供應的恢復，第一季度整體訂單量將同比增長較低的十幾歲。

And our next question today comes from Cherry Leung with Bernstein.

我們今天的下一個問題來自伯恩斯坦的 Cherry Leung。

(foreign language) Can you please provide an update on your shipper members expansion? And do you see any changes in your truckers and shippers activities in the quarter?

（外語）您能否提供有關托運人會員擴展的最新信息？您是否看到本季度您的卡車司機和托運人活動有任何變化？

In the fourth quarter, we continued to advance our shipper membership strategy. As a result, the number of shipper members grew to 730,000, up almost 20% year-over-year. The growth was primarily attributable to an increase in our 688 members who are mostly direct shippers as our year-over-year growth in the 688 members exceeded 30%. Additionally, as part of our strategy to increase user growth, we remained focused on prioritizing user experience in the fourth quarter. For example, we committed to improve the fulfillment rate of new non-member users' first 3 orders on our platform and increased our telemarketing coverage. This facilitated user conversion upon initial purchase of membership thereby enabling us to reach our target of high quality membership user growth. With respect to user activity, truckers' ability to respond to orders and fulfillment capabilities fell slightly from the third quarter due to the pandemic control measures in October and November. That being said, our platform's users still displayed strong stickiness resulting in a steady retention rate quarter-over-quarter. Going forward as the industry recovers and we continue to strengthen our brand, we expect to maintain high level of stickiness and growth from both shippers and truckers.

第四季度，我們繼續推進托運人會員戰略。結果，托運人會員數量增長到 730,000，同比增長近 20%。增長主要歸因於我們 688 名成員的增加，這些成員大多是直接托運人，因為我們 688 名成員的同比增長超過 30%。此外，作為我們提高用戶增長戰略的一部分，我們在第四季度仍然專注於優先考慮用戶體驗。例如，我們致力於提高新的非會員用戶在我們平台上的前三筆訂單的完成率，並增加我們的電話營銷覆蓋率。這促進了首次購買會員後的用戶轉化，從而使我們能夠實現高質量會員用戶增長的目標。在用戶活動方面，由於 10 月和 11 月的大流行控制措施，卡車司機的訂單響應能力和履行能力較第三季度略有下降。儘管如此，我們平台的用戶仍然表現出很強的粘性，導致季度留存率保持穩定。展望未來，隨著行業的複蘇和我們繼續加強我們的品牌，我們希望托運人和卡車司機保持高水平的粘性和增長。

And ladies and gentlemen, our next question today comes from Thomas Chong at Jefferies.

女士們，先生們，我們今天的下一個問題來自 Jefferies 的 Thomas Chong。

(foreign language) Given the macro tailwind, can you elaborate more about your full year outlook in terms of volume growth as well as full year revenue guidance?

（外語）鑑於宏觀順風，您能否在銷量增長和全年收入指導方面詳細說明您的全年展望？

For first quarter to-date, we are very pleased to see that the demand from both shippers and truckers have recovered significantly and we expect the overall order volume to deliver sequential growth quarter-over-quarter. Following this trend, we are confident to achieve a year-over-year growth in the high teens to low 20s for order volume on a full year basis. On the revenue front, we expect our total revenues for the first quarter to be between RMB 1.56 billion and RMB 1.64 billion representing a year-over-year growth rate of approximately 16.9% to 23%. We expect primary driver for the revenue will be continued growth in transaction commissions. For 2023 we expect revenues from transaction commissions to maintain a healthy growth rate as our user base and our volume continue to grow. At the same time, we remain committed to boosting the level of commission penetration as well as to further enhance our overall commission rate.

迄今為止的第一季度，我們很高興看到托運人和卡車司機的需求已顯著恢復，我們預計整體訂單量將實現環比增長。按照這一趨勢，我們有信心實現全年訂單量從十幾歲到二十多歲的同比增長。在收入方面，我們預計第一季度的總收入將在人民幣 15.6 億元至人民幣 16.4 億元之間，同比增長率約為 16.9% 至 23%。我們預計收入的主要驅動力將是交易佣金的持續增長。到 2023 年，隨著我們的用戶群和交易量繼續增長，我們預計交易佣金收入將保持健康的增長率。同時，我們將繼續致力於提升佣金滲透水平，進一步提升整體佣金率。

Thank you. And ladies and gentlemen, this concludes the question-and-answer session. I'd like to turn the conference back over to management for any final remarks.

謝謝。女士們，先生們，問答環節到此結束。我想將會議轉回管理層，聽取任何最後的評論。

Thank you once again for joining us today. If you have any further questions, please feel free to contact us at Full Truck Alliance or TPG Investor Relations. Have a good day.

再次感謝您今天加入我們。如果您有任何其他問題，請隨時通過 Full Truck Alliance 或 TPG 投資者關係與我們聯繫。祝你有美好的一天。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家出席今天的演講。您現在可以斷開線路並度過美好的一天。

Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.

這段文字記錄中標有 [Interpreted] 的部分是由現場通話中的口譯員說出的。