Full Truck Alliance Co Ltd (YMM) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good day and welcome to Full Truck Alliances' third quarter 2024 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mao Mao, Head of Investor Relations. Please go ahead.

女士們、先生們，美好的一天，歡迎參加全卡車聯盟 2024 年第三季財報電話會議。今天的會議正在錄製中。這次我想把會議交給投資人關係部主管毛毛。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 US 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.

謝謝你，接線生。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的資格。此類陳述並非對未來績效的保證，並受到某些風險和不確定性、假設和其他因素的影響。

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.

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有重大差異。該公司向 SEC 提交的某些文件中包含了對可能影響 FTA 業務和財務業績的風險因素的一般討論。除法律要求外，本公司不承擔更新此前瞻性資訊的任何義務。

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.

在今天的電話會議中，管理階層還將討論某些非公認會計準則財務指標，僅供比較之用。有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務表現的調整表，請參閱今天稍早發布的收益報告。

Joining us today on the call from FTA's senior management 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.fultruckalliance.com.

今天加入我們的 FTA 高階管理層電話會議的有我們的創辦人、董事長兼執行長張輝先生；和我們的財務長蔡西蒙先生。管理階層將以準備好的發言開始，電話會議將以問答環節結束。提醒一下，本次會議正在錄製中。此外，FTA 投資人關係網站 ir.fultruckalliance.com 也將提供本次電話會議的網路直播重播。

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

我現在將電話轉給我們的創辦人、董事長兼執行長張先生。請繼續，先生。

(interpreted) Hello, everyone. Thank you for joining us today on our third quarter of 2024 earnings conference call. Over the past quarter, we have continued our efforts to drive the digital and intelligent transformation of the logistics industry. By helping enterprises reduce cost and improve operating efficiency, we have enhanced their logistics competitiveness, a key differentiator in the current macro environment.

（譯）大家好。感謝您今天參加我們的 2024 年第三季財報電話會議。過去一個季度，我們持續努力推動物流產業數位化、智慧化轉型。透過幫助企業降低成本、提高營運效率，我們增強了企業的物流競爭力，這是當前宏觀環境下的關鍵差異化因素。

As a result, we achieved 22% year-over-year growth in fulfilled orders in the third quarter, steadily advancing the shift away from traditional off-line logistics matching models. In addition, the rapid expansion of our user base together with the significant strengthening of the synergetic network effect between our shippers and trucker users has improved cost and transaction efficiencies, organically fueling our growth.

第三季訂單履行量年增22%，穩步推進傳統線下物流撮合模式的轉變。此外，我們用戶群的快速擴張，以及托運人和卡車司機用戶之間協同網路效應的顯著增強，提高了成本和交易效率，並有機地推動了我們的成長。

Looking back at the third quarter, we are pleased with the progress we have made across the board, particularly in terms of new user acquisition, shipper operations, enhancing the trucker capacity supply, and boosting monetization quality. For new shippers, our vast addressable market covers tens of millions of small- and medium-sized enterprises that have logistic needs nationwide.

回顧第三季度，我們對全面取得的進展感到滿意，特別是在新用戶獲取、托運人營運、增強卡車司機運力供應和提高變現品質方面。對於新貨主來說，我們廣闊的潛在市場涵蓋了全國數千萬有物流需求的中小企業。

During the quarter, our efforts to capture this market, including user acquisition campaigns across diverse channels and ongoing product enhancements to improve new shippers user experience drove a strong influx of new shippers. In terms of shipper operations, we executed a full rebranding for Yunmanman this quarter and boosted user stickiness by optimizing our product metrics for shipper members.

本季度，我們為佔領這一市場所做的努力，包括跨不同管道的用戶獲取活動以及為改善新托運人用戶體驗而持續進行的產品增強，推動了新托運人的大量湧入。在貨主營運方面，本季我們對雲滿漫進行了全面的品牌重塑，並透過優化貨主會員的產品指標來提高使用者黏性。

These initiatives drove average ship MAUs to another record high, reaching 2.84 million in the third quarter, up 33.6% year-over-year. To enhance our trucker supply, we fostered a sustainable growth in transportation capacity by strategically leveraging our premium cargo bidding initiatives, trucker membership program and the trucker credit rating system. This not only led to an increase in fulfillment rate to 34.5% this quarter, up 5.5 percentage points year-over-year, but also shortened the average matching time for our long-haul transactions.

這些措施推動船舶平均月活躍用戶再創歷史新高，第三季達到 284 萬，年增 33.6%。為了增強卡車司機供應，我們策略性地利用優質貨物招標計劃、卡車司機會員計劃和卡車司機信用評級體系，促進運輸能力的可持續增長。這不僅導致本季履約率提升至34.5%，較去年同期提升5.5個百分點，也縮短了長途交易的平均撮合時間。

Lastly, on monetization, we continue to gradually unlock our platform's substantial monetization potential during the quarter, propelling rapid revenue growth. These achievements further underscores our immense value in driving cost savings for shippers, while empowering truckers with more orders, higher turnover, and extra income.

最後，在變現方面，我們本季持續逐步釋放平台的巨大變現潛力，推動營收快速成長。這些成就進一步凸顯了我們在為托運人節省成本、同時為卡車司機提供更多訂單、更高營業額和額外收入方面的巨大價值。

Thanks to our comprehensive operational excellence, our financial results this quarter again exceeded market expectations. Our net revenue in the quarter reached RMB3.03 billion, up 34% year-over-year, among which transaction service revenues grew by 69% year-over-year and accounted for nearly 35% of our total revenues. Non-GAAP adjusted operating income surged by 93% year-over-year to RMB884.5 million and non-GAAP adjusted net income increased by 50% year-over-year to RMB1.24 billion.

由於我們全面的卓越運營，我們本季的財務業績再次超出市場預期。本季我們的淨收入達到人民幣30.3億元，年增34%，其中交易服務收入較去年同期成長69%，占我們總營收的近35%。非美國通用會計準則調整後營業收入年增 93% 至人民幣 8.845 億元，非美國通用會計準則調整後淨利年增 50% 至人民幣 12.4 億元。

Harnessing the momentum of China's industrial transformation and upgrading, we have actively embraced the new quality productive force trends, empowering emerging manufacturing industries with more competitive logistics solutions that drive their high-quality growth. As a pioneer in advanced logistics productivity, we are committed to addressing the government's need to reduce logistics costs across society.

我們藉助中國產業轉型升級的動力，積極擁抱新的高品質生產力發展趨勢，為新興製造業提供更具競爭力的物流解決方案，推動其高品質發展。作為先進物流生產力的先驅，我們致力於滿足政府降低全社會物流成本的需求。

Looking ahead to the fourth quarter, we will continue to invest deeply in digital and intelligent product innovation, creating greater value for all of our users and the society as a whole.

展望第四季度，我們將持續深度投入數位化、智慧化產品創新，為用戶和社會創造更大價值。

Thank you, everyone. Let me pass the call over to our CFO, Simon, who will provide an update on our third quarter business progress and financial results.

謝謝大家。讓我將電話轉接給我們的財務長西蒙，他將提供有關我們第三季業務進度和財務業績的最新資訊。

Okay. Thank you, Mr. Zhang, and thanks, everyone, for making the time to join our earnings conference call today.

好的。謝謝張先生，也謝謝大家抽空參加我們今天的財報電話會議。

Let's review our operational and financial results for the third quarter of 2024. I'll start with our operational performance. Although overall freight market activity remained subdued this quarter, our fulfilled orders increased by 22.1% year-over-year to 51.8 million in the third quarter. This robust growth was driven by our expanding shipper user base as well as higher fulfillment efficiency, thanks to enhanced product features and user experience on the platform.

讓我們回顧一下 2024 年第三季的營運和財務表現。我將從我們的營運績效開始。儘管本季整體貨運市場活動依然低迷，但第三季我們的訂單履行量年增 22.1% 至 5,180 萬份。這種強勁的成長是由於我們不斷擴大的托運人用戶群以及由於平台上增強的產品功能和用戶體驗而提高的履行效率所推動的。

Our fulfillment rate also continued to improve in the first quarter, reaching 34.5%, up 5.5 percentage points year-over-year and surpassing last quarter's record-setting fulfillment rate. This improvement was largely driven by the continuous shift in our shipper user structure and the resulting optimized order structure. The other contribution from our direct shippers reached 49% in the third quarter, which is expected to exceed 50% soon. Meanwhile, both our 688 member shippers and non-member shippers achieved average fulfillment rates above 50%.

一季我們的履約率也持續提高，達到34.5%，較去年同期上升5.5個百分點，超過上季創紀錄的履約率。這項改進很大程度上是由我們的托運人用戶結構的持續轉變以及由此產生的優化的訂單結構所推動的。第三季我們的直接托運商的其他貢獻達到49%，預計很快就會超過50%。同時，我們的 688 位會員托運人和非會員托運人的平均履約率均超過 50%。

Looking ahead, we are committed to further enhancing our platform's overall order structure by advancing our direct shipper acquisition strategies and improving matching efficiency through streamlined fulfillment processes across transaction types. We're confident that these efforts will lead to sustained improvements in fulfillment efficiency across the platform.

展望未來，我們致力於透過推進我們的直接托運人收購策略並透過簡化跨交易類型的履行流程來提高匹配效率，進一步增強我們平台的整體訂單結構。我們相信，這些努力將持續提高整個平台的履行效率。

Turning to our user base. Our average shipper MAUs reached 2.84 million in the third quarter, up 33.6% year-over-year and 7.4% quarter-over-quarter. Notably, our average shipper miles surpassed 3 million in September. The strong growth in shipper users was largely attributable to growth among our low and medium frequency direct shippers, particularly our expanding nonmember shippers, underscoring the effectiveness of our user acquisition strategies and our outstanding execution capabilities.

轉向我們的用戶群。第三季我們的平均出貨人月活躍用戶數達到 284 萬，年增 33.6%，季增 7.4%。值得注意的是，9 月我們的平均托運里程超過 300 萬英里。托運人用戶的強勁成長主要歸功於我們的中低頻直接托運人的成長，特別是我們不斷擴大的非會員托運人，突顯了我們用戶獲取策略的有效性和出色的執行能力。

Since the third quarter, we have been ramping up our investment in user acquisition and branding campaigns across diverse channels, effectively expanding our reach to a wider pool of potential users. Additionally, we have sharpened our focus on customer experience, taking multiple steps to address their feedback, including simplifying the shipment process and proactively engaging dormant users through targeted customer service efforts. We're confident that we can maintain rapid growth in our shipper user base.

自第三季以來，我們一直在增加對不同管道的用戶獲取和品牌推廣活動的投資，有效地將我們的影響力擴大到更廣泛的潛在用戶群。此外，我們更重視客戶體驗，採取多種措施解決他們的回饋，包括簡化運輸流程，並透過有針對性的客戶服務工作主動吸引休眠使用者。我們有信心能夠維持托運人用戶群的快速成長。

Moreover, by refining the fulfillment experience for shippers' first three orders, we have meaningfully improved new users' perception of our services and increased our share of mind, resulting in consistently robust shipper activity with our shipper member 12-month rolling retention rate remaining above 80% in the third quarter.

此外，透過改善托運人前三個訂單的履行體驗，我們有意義地改善了新用戶對我們服務的看法並增加了我們的認知度，從而使托運人活動持續強勁，我們的托運人會員12 個月滾動保留率維持在高於第三季達到80%。

In addition to continuous shipper user growth, our platforms, influence, and wallet share are also steadily increasing within the trucker community. This has been demonstrated by the number of active truckers fulfilling orders through our platform over the past 12 months, which by September, reached a new milestone, exceeding 4 million for the first time. Even with the growing user base, our next month's retention of truckers who responded to orders remained above 85% by average in the third quarter.

除了托運人用戶的持續成長之外，我們的平台、影響力和錢包份額在卡車司機社群中也在穩步增長。過去 12 個月透過我們的平台履行訂單的活躍卡車司機數量就證明了這一點，到 9 月份，這一數字達到了新的里程碑，首次超過 400 萬。即使用戶群不斷增長，我們下個月響應訂單的卡車司機的保留率在第三季平均仍保持在 85% 以上。

In the meantime, the average number of quarterly fulfilled orders per active truckers fulfilling others on our platform surpassed last quarter's peak, hitting another new record high. Taken together, these user metrics underscore truckers' growing reliance on FTA's platform.

與此同時，每個活躍卡車司機在我們平台上履行其他人的季度平均履行訂單數量超過了上季度的峰值，再創歷史新高。總而言之，這些用戶指標凸顯了卡車司機對 FTA 平台日益增長的依賴。

To enhance trucker operations, we implemented an area of operational upgrades and optimizations based on the existing operations framework. First, we identified and segmented new truckers as well as providing user training, helping them quickly familiarize themselves with FTA's features for order acceptance and fulfillment to ensure an optimal fulfillment experience for shippers.

為了加強卡車司機的運營，我們在現有運營框架的基礎上實施了營運升級和優化。首先，我們對新卡車司機進行識別和細分，並提供使用者培訓，幫助他們快速熟悉 FTA 的訂單接受和履行功能，以確保為托運人提供最佳的履行體驗。

We also introduced our care-free package, our trucker membership program for the long-haul segment to increase trucker retention and stickiness. In addition, we continue to drive the premium cargo bidding initiatives launched last quarter, leveraging the distribution of high-quality orders to incentivize truckers to boost their fulfillment efficiency and credit rating, which resulted in higher overall trucker activity.

我們還推出了無憂套餐、長途運輸卡車司機會員計劃，以提高卡車司機的保留率和黏性。此外，我們繼續推動上季度推出的優質貨物招標計劃，利用優質訂單的分配來激勵卡車司機提高其履行效率和信用評級，從而提高了卡車司機的整體活躍度。

Next, I'd like to highlight the progress we made on our transaction service. In the third quarter, revenues from transaction service maintained their strong growth momentum soaring by 68.6% year-over-year to RMB1.05 billion. This was fueled by the steady growth in order volume, increased monetized order penetration, and improved monetization rate, resulting from enhanced platform functionality and service quality.

接下來，我想重點介紹一下我們在交易服務方面的進展。第三季度，交易服務收入持續保持強勁成長勢頭，較去年同期成長68.6%至人民幣10.5億元。這是由於平台功能和服務品質的增強所帶來的訂單量的穩定增長、貨幣化訂單滲透率的提高以及貨幣化率的提高。

Our monetized order penetration ratio reached 82.8% for the quarter, an increase of more than 12 percentage points year-over-year from 70.1% in the prior year period. Our average monetization amount per order, including transaction commission and trucker membership fee increased to RMB24.4 in the third quarter from RMB20.9 a year ago. Without compromising user experience and matching the efficiency, we have consistently refined our commission strategy fine-tuning the granularity of commission metrics to cater to the sensitivities of different transaction types, supply-demand dynamics, and user demographics.

本季我們的貨幣化訂單滲透率達到 82.8%，較去年同期的 70.1% 年成長超過 12 個百分點。第三季度，我們每筆訂單的平均貨幣化金額（包括交易佣金和卡車司機會員費）從一年前的 20.9 元增加到 24.4 元。在不影響使用者體驗和匹配效率的情況下，我們不斷完善佣金策略，微調佣金指標的粒度，以滿足不同交易類型、供需動態和使用者人口統計的敏感度。

Looking ahead to the fourth quarter, we expect both the monetization rate and monetized order penetration ratio to remain disciplined and steadily improve. Before going over our financial results, I'd like to provide a brief update on our share repurchase program. Since we announced our one-year share repurchase program totaling USD300 million on March 30, 2024, we have repurchased approximately 4.9 million ADS shares totaling approximately USD40.3 million.

展望第四季度，我們預期貨幣化率和貨幣化訂單滲透率將保持穩定並穩定提升。在討論我們的財務表現之前，我想先簡單介紹一下我們的股票回購計畫。自從我們在2024年3月30日宣布總額為3億美元的一年期股票回購計畫以來，我們已回購了約490萬股ADS股票，總額約4,030萬美元。

Moving on to our third quarter financial results. Our total net revenues in the third quarter were RMB3.314 billion, representing a 33.9% increase year-over-year, primarily attributable to an increase in revenues from freight matching services. Net revenues from the freight matching services, including service fees from freight brokerage models, membership fees from listing models and commission from transaction services were RMB2.5518 billion in the third quarter, representing an increase of 34% year-over-year, primarily due to a rapid increase in transaction service and the continued growth in trade brokerage service.

接下來是我們第三季的財務業績。第三季淨收入總額為人民幣33.14億元，年增33.9%，主要得益於貨運匹配服務收入的增加。第三季貨運撮合服務淨收入（包括貨運經紀模式服務費、上市模式會員費和交易服務佣金）為人民幣25.518億元，年增34%，主要是由於交易服務快速增長，貿易經紀服務持續增長。

Revenues from freight brokerage service in the third quarter were RMB1.2809 billion, up 19.7% year-over-year, primarily attributable to an increase in transaction volume due to the continued growth in user demand. Revenues from the freight listing service in the third quarter were RMB223.4 million, up 4.9% year-over-year, primarily due to a growing number of total paying members.

第三季貨運經紀服務收入為人民幣12.809億元，較去年同期成長19.7%，主要是因為用戶需求持續成長導致交易量增加。第三季貨運掛牌服務收入為人民幣2.234億元，年增4.9%，主要是因為付費會員總數不斷增加。

Revenue from the transaction service in the third quarter were RMB1.475 billion, up 68.8% year-over-year, primarily driven by an increase in other volume penetration rate and the per order transaction service fees.Revenues from value-added services in the third quarter were RMB479.6 million, up 33.4% year-over-year. The increase was due to the growing demand from truckers and shippers for credit solutions and other value-added services.

第三季交易服務收入為人民幣14.75億元，年增68.8%，主要是由於其他交易量滲透率和單筆交易服務費的成長帶動。這一增長是由於卡車司機和托運人對信貸解決方案和其他增值服務的需求不斷增長。

Third quarter cost of revenues was RMB1.3649 billion, compared with RMB1.1421 billion in the prior year period. The increase was primarily due to an increase in VAT-related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1.2226 billion, representing an increase of 18.3% from RMB1.325 billion in the same period of 2023, primarily due to the expansion of transaction activities involving our free brokerage service.

第三季營收成本為人民幣13.649億元，去年同期為人民幣11.421億元。這一增長主要是由於與增值稅相關的稅收附加費和其他稅收成本（扣除政府當局的補助）增加所致。扣除政府補助後的稅費合計人民幣12.226億元，較2023年同期的人民幣13.25億元增長18.3%，主要是由於我們的免費經紀服務交易活動的擴大。

Our sales and marketing expenses in the third quarter were RMB412.5 million compared with RMB290.8 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisition.

第三季的銷售和行銷費用為人民幣 4.125 億元，而 2023 年同期為 2.908 億元。這一增長主要是由於獲取用戶的廣告和行銷費用增加所致。

General and administrative expenses in the third quarter were RMB227.9 million, compared with RMB290.4 million in the same period of 2023. The decrease was primarily because we recorded a settlement in principle of certain US securities class action in the same period last year, which was disclosed in the Form 6-K furnished to the SEC on September 18, 2023.

第三季的一般及管理費用為人民幣2.279億元，2023年同期為2.904億元。減少的主要原因是我們在去年同期記錄了某些美國證券集體訴訟的原則和解，該和解在 2023 年 9 月 18 日向 SEC 提供的 6-K 表格中披露。

R&D expenses in the third quarter were RMB195.1 million, compared with RMB237.7 million in the same period of 2023. The decrease was primarily due to lower salary and benefit expenses. Income from operations in the third quarter was RMB762 million compared with RMB247.1 million in the same period of 2023. Net income in the third quarter was RMB1.1219 billion, an increase of 81.4% from RMB618.4 million in the same period of 2023.

第三季研發費用為人民幣1.951億元，2023年同期研發費用為2.377億元。減少的主要原因是工資和福利費用減少。第三季營業收入為人民幣7.62億元，而2023年同期為人民幣2.471億元。第三季淨利為人民幣11.219億元，較2023年同期的人民幣6.184億元成長81.4%。

On the non-GAAP measures, our adjusted operating income in the third quarter was RMB884.5 million, an increase of 92.9% from RMB458.5 million in the same period of 2023. Our adjusted net income in the third quarter was RMB1.2412 billion, an increase of 50.2% from RMB826.6 million in the same period of 2023.

以非美國通用會計準則衡量，第三季調整後營業收入為人民幣 8.845 億元，較 2023 年同期的人民幣 4.585 億元成長 92.9%。第三季調整後淨利為人民幣12.412億元，較2023年同期的人民幣8.266億元成長50.2%。

Basic and diluted net income per ADS were RMB1.06 in the third quarter compared with RMB0.58 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB1.18 in the third quarter compared with RMB0.78 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB1.17 in the third quarter compared with RMB0.78 in the same period of 2023.

第三季每股美國存託股基本及稀釋淨利為人民幣1.06元，2023年同期為人民幣0.58元。第三季非美國通用會計準則調整後每股美國存託股基本淨利為 1.18 元，而 2023 年同期為 0.78 元人民幣。第三季非美國通用會計準則調整後稀釋每股美國存託股淨利為 1.17 元，而 2023 年同期為 0.78 元人民幣。

As of December 30, 2024, the company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB27.3 billion in total compared with RMB27.6 billion as of December 31, 2023.

截至2024年12月30日，本公司持有現金及現金等價物、限制性現金、短期投資、長期定期存款及一年以上到期理財產品合計人民幣273億元，而同期為人民幣276億元截至2023 年12 月31 日。

For our fourth quarter 2024 business outlook, we expect our total revenues to be between RMB2.94 billion and RMB3 billion, representing a year-over-year growth rate of approximately 22.3% to 24.8%. This forecast reflects the company's current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

對於我們2024年第四季的業務展望，我們預計總收入將在人民幣29.4億元至人民幣30億元之間，年成長率約為22.3%至24.8%。該預測反映了公司對市場和營運狀況的當前和初步看法，這些看法可能會發生變化，並且截至本報告發布之日無法以合理的準確性進行預測。

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

我們準備好的演講到此結束。我們現在要開始問答電話。接線員，請繼續。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

Charlie Chen, China Renaissance.

陳查理，華興資本。

(spoken in foreign language)

（用外語說）

Thanks management to give me the chance to ask questions. And congratulations for a very strong quarterly results. My question is regarding the order numbers. So the number of fulfilled orders in the third quarter grew by 22.1% year-on-year, significantly outpacing the growth rate of the overall freight market in China. What were the key drivers behind it? And also based on the order trends so far this year, how do you view order volume growth in the fourth quarter?

感謝領導給我提問的機會。恭喜您取得了非常強勁的季度業績。我的問題是關於訂單號碼的。第三季訂單履行量年增22.1%，明顯高於中國整體貨運市場的成長速度。背後的關鍵驅動因素是什麼？另外，根據今年迄今的訂單趨勢，您如何看待第四季的訂單量成長？

Thank you, Charlie. Our platform's order volume continued to grow steadily in the past quarter despite very challenging macro freight market demand. This growth was largely fueled by an influx of new users and improvements in our matching efficiency, driven by product feature optimization and enhancement.

謝謝你，查理。儘管宏觀貨運市場需求充滿挑戰，但我們平台的訂單量在過去一個季度仍持續穩定成長。這一增長主要是由於新用戶的湧入以及我們在產品功能優化和增強的推動下匹配效率的提高所推動的。

Additionally, our incremental order volume from new business also maintained a strong growth momentum. For new users, we continue to execute our direct shipper acquisition strategies to propel user growth. We integrated online channels with offline truck sticker and advertising to substantially boost brand awareness and engagement.

此外，新業務增量訂單量也維持強勁成長動能。對於新用戶，我們繼續執行直接托運人獲取策略以推動用戶成長。我們將線上管道與線下卡車貼紙和廣告結合，大幅提高品牌知名度和參與度。

During the past quarter, our average number of monthly active shippers increased by 34% year-over-year, reaching a very impressive 2.84 million. Furthermore, our operations team focused on converting new users through their initial, and the first three order fulfillment and fostering consistent online order placement and fulfillment habits among all the users.

在過去的季度中，我們的每月活躍發貨人平均數量年增 34%，達到令人印象深刻的 284 萬。此外，我們的營運團隊專注於透過初始訂單和前三個訂單履行來轉換新用戶，並在所有用戶中培養一致的線上下訂單和履行習慣。

This quarter, we also launched a holistic branding campaign, introducing a more vibrant, modern red and white checkered logo to enhance brand recognition and recall among shipper and trucker users. Moving forward, this updated design will be featured on truck XSeries, Tarps, and other FTE branded items, further strengthening our renewed brand identity and our strategic positioning within the logistics industry.

本季度，我們也推出了整體品牌宣傳活動，引入了更具活力、現代的紅白格子標誌，以提高托運人和卡車司機用戶的品牌認知度和回憶度。展望未來，這種更新的設計將出現在 XSeries 卡車、防水布和其他 FTE 品牌產品上，進一步加強我們新的品牌形象和我們在物流行業的策略定位。

For product features, optimizing premium cargo bidding remained a priority in the third quarter. The following last quarter's introduction of instant bidding for price orders, we have now extended the coverage to negotiate orders, which incentivize truckers to complete order matches and boost their credit ratings to obtain access to better orders.

從產品特點來看，優化優質貨物競價仍是第三季的重點。繼上個季度引入價格訂單即時競價後，我們現在將範圍擴大到協商訂單，這激勵卡車司機完成訂單匹配並提高他們的信用評級以獲得更好的訂單。

From the perspective of product effectiveness, matching efficiency for high-value orders remained stable, supported by significant improvements in matching efficiency across medium-tier cargo categories. This program led to an overall increase in order volume and fulfillment rates with average orders fulfilled by monthly active truckers achieving over 10% year-over-year growth in the quarter.

從產品效果來看，大額訂單撮合效率維持穩定，中檔貨品撮合效率顯著提升。該計劃導致訂單量和履行率全面增加，本季度每月活躍卡車司機履行的平均訂單實現了 10% 以上的同比增長。

In terms of our new business, our less-than-truckload business continues to serve as a major growth driver for users and other volume. In this quarter, we further optimized the product functionality of our LTL carpool offering, unveiling sequential route aligned carpooling. This new feature leverages load optimization models and route alignment algorithms to provide truckers with precise freight matching capabilities.

在新業務方面，零擔業務持續成為用戶和其他業務量成長的主要動力。本季度，我們進一步優化了零擔共乘服務的產品功能，並推出了順序路線對齊共乘服務。這項新功能利用負載優化模型和路線對齊演算法為卡車司機提供精確的貨運匹配能力。

It has significantly improved truckers carpooling efficiency and success rates contributing additional value to our platform's business growth. And as we enter to the fourth quarter, we're confident in sustaining growth in our online penetration rate through user growth and ongoing product feature optimization.

它顯著提高了卡車司機的共乘效率和成功率，為我們平台的業務成長貢獻了額外的價值。隨著進入第四季度，我們有信心透過用戶成長和持續的產品功能優化來維持線上滲透率的成長。

Thank you very much.

非常感謝。

Eddy Wang, Morgan Stanley.

艾迪王，摩根士丹利。

(spoken in foreign language)

（用外語說）

In the third quarter, the fulfillment rate further tracked upward to 34.5%, up 5.5 percentage points year-over-year and 0.8 percentage points sequentially. What were the key drivers behind this improvement? And what operational strategy enhancements were implemented to boost the fulfillment rate? Thank you.

第三季度，履約率進一步上升至34.5%，較去年同期上升5.5個百分點，較上季上升0.8個百分點。這項改進背後的關鍵驅動因素是什麼？實施了哪些營運策略增強措施來提高履約率？謝謝。

Thank you, Eddy. Our fulfillment rate once again reached a record high. We finished the quarter at 34.5%. This surge was largely driven by a shift in our shipper user structure and the continued optimization of our operational strategies. In terms of user structure, the majority of new shippers come from small- to medium-sized business owners and were mainly direct shippers. This further optimized our platform's user structure.

謝謝你，艾迪。我們的履約率再次創下歷史新高。我們本季的成長率為 34.5%。這一激增主要是由於我們的托運人用戶結構的轉變以及我們營運策略的持續優化所推動的。從使用者架構來看，新增貨主以中小型企業主為主，且以直貨商為主。這進一步優化了我們平台的使用者結構。

Currently, direct shippers contribute around 49% of the total fulfilled orders, and these shippers mainly place orders in categories known for higher fulfillment rates such as LTL, entrusted shipments, and short-haul deliveries, consistently contributing to the improvement in overall fulfillment rate. Our monthly active 1,688 member shippers practically hit saturation with the member count remaining flat quarter-over-quarter and year-over-year this quarter.

目前，直托商訂單佔比約49%，且主要集中在零擔、委託運輸、短程配送等履約率較高的品類，持續推動整體履約率的提升。我們每月活躍的 1,688 名會員托運人幾乎已達到飽和，本季會員數量較去年同期和年比均持平。

We expect membership in this segment to stabilize or even shift toward other low and median frequency shipper tiers in the future. This trend further reinforced our vision of redefining industry standards for road freight, transport by gradually phasing out ineffective intermediaries and facilitating simulated connections between direct shippers and truckers.

我們預計該細分市場的會員資格未來將穩定，甚至轉向其他低頻和中頻托運人等級。這一趨勢進一步強化了我們的願景，即透過逐步淘汰無效的中介機構並促進直接托運人和卡車司機之間的模擬連接來重新定義公路貨運和運輸的行業標準。

From an operational strategy perspective, this quarter, we shifted our focus back to optimizing the application of foundational data and freight matching starting with trucker registration, we guided users to select tasks such as cargo types and preferred locations for more accurate trucker profiling and clearer insights into their needs, ultimately improving the matching efficiency of our recommended orders.

從營運策略的角度來看，本季我們將重點轉向優化基礎數據和貨運匹配的應用，從卡車司機註冊開始，引導用戶選擇貨物類型和首選地點等任務，以實現更準確的卡車司機分析和更清晰的洞察深入了解他們的需求，最終提高我們推薦訂單的匹配效率。

In addition, with negotiated orders now fully accessible in premium cargo bidding, our platform has aligned all freight postings with this bidding logic. This adaptation enabled us to leverage credit ratings more effectively to incentivize truckers significantly improving fulfillment rates for medium team orders.

此外，由於現在可以在優質貨物投標中完全存取協商訂單，我們的平台已將所有貨運發布與此投標邏輯保持一致。這種調整使我們能夠更有效地利用信用評級來激勵卡車司機，從而顯著提高中型團隊訂單的履行率。

Looking ahead, we will consistently acquire more direct shippers and truckers generating and aligning increased demand and supply to enhance the balance between shipping capacity and cargo, ultimately boosting our fulfillment rate.

展望未來，我們將持續收購更多的直接托運人和卡車司機，從而產生和調整增加的需求和供應，以增強運輸能力和貨物之間的平衡，最終提高我們的履行率。

Thank you.

謝謝。

Jiulu Li, CICC.

李九路，中金公司。

(spoken in foreign language)

（用外語說）

In third quarter, the monthly active shippers reached 2.84 million, marking a year-over-year increase of 33.6% and a quarter-over-quarter increase of 7.4%. Which was one of the key factors driving this growth, and what's the user profile of new shippers?

第三季度，每月活躍出貨人達到284萬戶，年增33.6%，月增7.4%。這是推動這一成長的關鍵因素之一，新托運人的用戶概況如何？

Thank you, Jiulu. Our monthly active shippers continue to grow rapidly in the past quarter, mainly driven by the ongoing increase in new users gained through our effective user acquisitions alongside improved user engagement resulting from our fine-tuned operational strategies. As our user base expanded, our user structure also improved with monthly active direct shippers increasing by over 39% year-over-year in the past quarter.

謝謝你，九鹿。我們的每月活躍托運人在過去一個季度繼續快速成長，這主要是由於我們透過有效的用戶獲取而獲得的新用戶持續增加，以及我們微調的營運策略帶來的用戶參與度的提高。隨著我們的用戶群擴大，我們的用戶結構也有所改善，上一季的每月活躍直托商年增超過 39%。

Our platform promotions, mainly leveraged online app stores and strategic marketing placement to boost user growth, complemented by offline initiatives such as truck, sticker advertising, and brand awareness campaigns. Following our holistic brand upgrade this quarter, we tend to focus on cities with high foot traffic and elevated order volumes to increase brand exposure and further enhancing new user conversion effectiveness.

我們的平台促銷主要利用線上應用程式商店和策略行銷版面來促進用戶成長，並輔以卡車、貼紙廣告和品牌知名度活動等線下活動。本季品牌整體升級後，我們傾向於專注於人流量大、訂單量大的城市，以增加品牌曝光度，進一步提升新用戶轉換效率。

We noted that our newly acquired shippers were widely distributed across diverse sectors, reflecting the broader market dynamics with higher concentrations in sectors such as building materials, food and beverages, parts and components, metal and steel and chemicals, among others.

我們注意到，我們新收購的托運人廣泛分佈在不同行業，反映了更廣泛的市場動態，其中建築材料、食品和飲料、零件、金屬和鋼鐵以及化學品等行業的集中度較高。

During the third quarter, we boosted user activity mainly by optimizing product features and refining our membership strategies. For direct shippers, our R&D team further simplified our order placement interface to streamline the shipping process. Additionally, our customer service representative proactively engaged dormant users, elevating overall user engagement.

第三季度，我們主要透過優化產品功能、完善會員策略來提升用戶活躍度。對於直接出貨人，我們的研發團隊進一步簡化了下單介面，以簡化出貨流程。此外，我們的客戶服務代表主動與休眠用戶互動，並提高了整體用戶參與度。

Regarding membership strategies, we prioritized the promotion and penetration of our mini membership program by offering benefits such as shipment tracking and freight discount, we effectively converted a large -- a larger proportion of low and medium frequency shippers into paying members, resulting in increased user activity and order frequency.

在會員策略上，我們重點推廣和滲透迷你會員計劃，透過提供貨件追蹤、運費折扣等福利，有效將較大比例的中低頻貨主轉化為付費會員，用戶規模不斷增加。

We believe that the online penetration rate among small- to medium-sized enterprises is well below saturation. Our long-term objective is to convert tens of millions of direct shippers. And looking ahead, as our brand recognition grows and we continue to refine our product features, we expect a fresh influx of SME owners to join our platform and preparing sustained growth in our user base and overall platform scale. Thank you.

我們認為中小企業的線上滲透率遠低於飽和度。我們的長期目標是轉變數千萬直接托運人。展望未來，隨著我們品牌知名度的提高以及我們不斷完善產品功能，我們預計會有新的中小企業主加入我們的平台，並為我們的用戶群和整體平台規模的持續成長做好準備。謝謝。

Thank you.

謝謝。

Bruce Mi, UBS.

布魯斯米，瑞銀。

(spoken in foreign language)

（用外語說）

Thanks, management, for taking my questions. My question is on the company's transaction service. So in the third quarter, our transaction service revenue increased by nearly 69% year-on-year. So what were the main drivers behind this growth? So did we make some adjustments to our commission strategy? Thank you.

謝謝管理層回答我的問題。我的問題是關於公司的交易服務。所以第三季我們的交易服務營收年增了近69%。那麼這種成長背後的主要驅動力是什麼？那麼我們的佣金策略是否做了一些調整？謝謝。

Thank you, Bruce. Our overall transaction commission dynamics remained strong in the third quarter, both the number of monetized orders and the average monetization amount per order demonstrated a steady upward trajectory compared to last quarter. Regarding growth in monetized orders, the solid increase in our fulfilled orders, along with the steadily rising monetization coverage ratio both contributed.

謝謝你，布魯斯。第三季我們的整體交易佣金動態依然強勁，貨幣化訂單數量和每筆訂單的平均貨幣化金額與上季相比均呈現穩定上升趨勢。從貨幣化訂單的成長來看，我們的訂單履行量穩定成長，貨幣化覆蓋率穩定上升。

In the third quarter, the proportion of high-quality orders rose due to the surging order demand from new direct shippers. On the trucker side, we promoted membership packages with benefits such as compensation guarantee, deposit reductions and waivers, effectively securing long-term capacity support.

第三季度，新直發貨商訂單需求激增，優質訂單佔比上升。卡車司機方面，推出補償保障、押金減免等會員套餐，有效保障長期運力支援。

As a result, the order monetization coverage rate increased to nearly 83% in the third quarter, an increase of almost 13 percentage points year-over-year. Average commission per order also increased to RMB24.4 this quarter from RMB20.9 in the prior year period, up by almost 17% year-over-year. This increase was primarily driven by the increase in proportion of our high-quality orders.

第三季訂單變現覆蓋率提升至近83%，較去年同期提升近13個百分點。本季每筆訂單的平均佣金也從去年同期的 20.9 元人民幣增至 24.4 元，年增近 17%。這一增長主要是由於我們的優質訂單比例增加所致。

With reasonable freight rates and comprehensive benefits assured, truckers were willing to pay higher prices to accept and fulfill orders through our platform, creating a positive monetization cycle. Additionally, our pricing products such as entrusted shipments, targeting low and medium frequency direct shippers, have gained traction among users and further boosting our average monetization amount per order.

在合理的運價和綜合效益的保證下，卡車司機願意支付更高的價格透過我們的平台接受和履行訂單，從而形成正向的變現循環。此外，我們針對中低頻直托商的委託發貨等定價產品受到了用戶的歡迎，並進一步提高了我們每筆訂單的平均變現金額。

Moving forward, as we consistently enhance our platform's safeguards for the rights and interests of both shippers and truckers and upgrade value-added benefits and refine our commission strategy, we're confident that revenues from our transaction service will maintain the rapid growth.

未來，隨著我們持續加強平台對貨主和車主權益的保障，提升增值效益，完善佣金策略，我們有信心交易服務收入將維持快速成長。

(Operator Instructions) Yuan Liao, CITIC Securities.

（操作員指令） 廖元，中信證券。

(spoken in foreign language)

（用外語說）

Thanks, management, for taking my questions, and congratulations for the strong results this quarter. Can management share some color on how did the entrusted shipment business progress in the third quarter? And in what areas were the optional strategies refund? Thank you.

感謝管理層回答我的問題，並祝賀本季的強勁業績。管理階層能否透露一下第三季的委託出貨業務進度如何？可選策略在哪些方面得到了退款？謝謝。

Thank you. Our entrusted shipment segment fulfilled nearly 40,000 orders per day during the third quarter. This is almost double from the last year. This growth was primarily attributable to our strategic allocation of user resources and product feature enhancement that bolstered user retention.

謝謝。第三季度，我們的委託出貨部門每天完成近4萬份訂單。這幾乎是去年的兩倍。這一成長主要歸功於我們對用戶資源的策略性分配和產品功能的增強，從而提高了用戶保留率。

Building on this momentum, we guided new shippers primarily towards the entrusted shipment channel in our recommendation given its superior initial fulfillment rate compared to other orders -- order types, the strategy facilitated smoother onboarding and conversion for new users. For our existing shippers, we maintained a hands-off approach allowing them to make their own choices.

在此動能的基礎上，我們在推薦中主要引導新托運人選擇委託運輸管道，因為與其他訂單（訂單類型）相比，該管道的初始履約率更高，該策略促進了新用戶更順利的入職和轉化。對於我們現有的托運人，我們保持不干涉的態度，讓他們做出自己的選擇。

Additionally, we further refined our pricing strategy this quarter, leveraging prior algorithm and business logic integration, we offered bids with lower freight rates than brokers and other intermediaries. This approach effectively boosted shippers repurchase rates and retention within our entrusted shipment segment.

此外，本季度我們進一步完善了定價策略，利用先前的演算法和業務邏輯集成，我們提供了比經紀商和其他中介機構更低的運費報價。這種方法有效提高了托運人在我們的委託運輸領域的回購率和保留率。

For those orders involving human intervention, we mainly focus on optimizing freight guarantees for truckers, ensuring cargo protection for shippers and minimizing customer complaints, all of which obviously enhanced the overall user experience and substantially elevated user satisfaction with our offerings. As we look to the future, we expect a continuous advancement in product optimization, pricing strategies, and user experience, which will support the continued order volume growth for our entrusted shipment business.

對於那些涉及人為幹預的訂單，我們主要專注於優化卡車司機的貨運保障，確保托運人的貨物保護並最大限度地減少客戶投訴，所有這些都明顯增強了整體用戶體驗，並大幅提高了用戶對我們產品的滿意度。展望未來，我們預期產品優化、定價策略、使用者體驗等方面將持續進步，這將支持我們的委託出貨業務訂單量的持續成長。

And that will conclude the question-and-answer session. I would like to turn the conference back over to management for any additional or closing comments.

問答環節就此結束。我想將會議轉回管理層以徵求任何補充意見或結束意見。

Thank you, operator, and thank you, everyone, for joining us today. If you have further questions, please feel free to contact us at Full Truck Alliance directly or TPG Investor Relations. Our contact information for IR in both China and US can be found in today's press release. Have a great day.

謝謝運營商，也謝謝大家今天加入我們。如果您還有其他疑問，請隨時直接聯繫滿卡車聯盟或 TPG 投資者關係部。您可以在今天的新聞稿中找到我們在中國和美國的 IR 聯絡資訊。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。