Full Truck Alliance Co Ltd (YMM) 2024 Q4 法說會逐字稿

Ladies and gentlemen, good day, and welcome to full truck alliance's fourth quarter and fiscal year 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，大家好，歡迎參加全卡車聯盟 2024 財年第四季和財報電話會議。今天的會議正在錄製。現在，我想將會議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 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.

謝謝您，接線生。請注意，今天的討論將包含與公司未來業績有關的前瞻性陳述，旨在符合美國私人證券訴訟改革法案規定的免於責任的安全港規定。此類聲明並非對未來績效的保證，並且受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，可能會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。有關可能影響 FTA 業務和財務績效的風險因素的一般討論包含在該公司向美國證券交易委員會提交的某些文件中。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.

在現今的電話會議上，管理階層還將討論某些非 GAAP 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 財務結果的對照表，請參閱今天早些時候發布的收益報告。

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.

今天參加 FTA 高階主管電話會議的有我們的創辦人、董事長兼執行長張輝先生；以及我們的財務長 Simon Cai 先生。管理階層將以準備好的發言開始會議，並以問答環節結束會議。

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

提醒一下，本次會議正在錄音。此外，本次電話會議的網路重播將在 FTA 投資者關係網站 ir.fulltruckalliance.com 上提供。現在我將電話轉給亞歷山大·張先生，董事長兼執行長。先生，請繼續。

(interpreted) Hello, everyone, and thank you for joining us today on today's fourth quarter and fiscal year 2024 earnings conference call. In the fourth quarter, we made significant strides in advancing the digital and intelligent transformation of the logistics industry, substantially contributing to the reduction of social logistics costs.

(翻譯)大家好，感謝您今天參加我們的 2024 財年第四季和財報電話會議。四季度，我們大力推動物流產業數位化、智慧化轉型，為降低社會物流成本做出了較大貢獻。

Amidst a dynamic macroeconomic landscape, we capitalized on our robust network effects and unparalleled transaction efficiency to further supply traditional off-line logistics transaction model accelerating our growth flywheel. As a result, our total fulfilled orders in the fourth quarter increased by 24% year-over-year, once again outpacing the overall industry's growth and concluding 2024 on a strong note.

在動態的宏觀經濟環境中，我們利用強大的網路效應和無與倫比的交易效率，進一步補充傳統的離線物流交易模式，加速我們的成長飛輪。因此，我們第四季度的訂單總量同比增長了 24%，再次超過了整個行業的增長，並以強勁的成績結束了 2024 年。

(interpreted) Throughout the quarter, we remained dedicated to delivering user value, propelling key operational metrics to new highs. In terms of user growth, we made long-term investments in brand enhancement to attract new users, aiming to capitalize on the potential of the 30 million small and medium-sized direct shipper market. Our average monthly active shippers surpassed 2.93 million in the fourth quarter, reflecting a remarkable year-over-year increase of more than 30%.

(解釋) 整個季度，我們始終致力於提供用戶價值，推動關鍵營運指標邁向新高。在用戶成長方面，我們長期投資於品牌提升以吸引新用戶，旨在充分利用3,000萬中小型直銷商市場的潛力。我們第四季的平均每月活躍出貨用戶超過293萬，年成長超過30%。

Our user structure also reached significant milestones, demonstrating our ability to drive rapid user growth while strengthening user engagement. For the first time in our history, our direct shippers accounted for 50% of total fulfilled orders and the number of shipper members exceeded 1 million by the end of fourth quarter.

我們的用戶結構也達到了重要的里程碑，證明了我們有能力推動用戶快速成長，同時加強用戶參與度。在我們的歷史上首次，直接托運人佔總訂單量的 50%，截至第四季末，托運人會員數量超過 100 萬。

In terms of trucker supply and fulfillment efficiency, the number of active truckers fulfilling orders through our platform over the past 12 months surged to 4.4 million with the next month retention rate of truckers who responded to others exceeding 85%. Meanwhile, truckers board share of online transactions has continued to grow.

在司機供給和履約效率方面，過去12個月透過平台履約的活躍司機數量激增至440萬，次月響應他人的司機留存率超過85%。與此同時，卡車司機在線上交易的份額持續增長。

Our value proposition of more orders, enhanced the pickup efficiency and higher earnings has gained widespread recognition within the trucker community. We have also notably improved the truckers ecosystem and matching efficiency by implementing trucker credit ratings, priority access and our premium cargo bidding mechanism enhancements that drove our fourth quarter fulfillment rate to 37.5%, up 5.4-percentage-points year-over-year.

我們更多的訂單、更高的提貨效率和更高的收益的價值主張已經得到了卡車司機群體的廣泛認可。我們還透過實施卡車司機信用評級、優先准入和優質貨物競標機制增強，顯著改善了卡車司機生態系統和匹配效率，使我們第四季度的履行率達到 37.5%，同比增長 5.4 個百分點。

Regarding monetization, we continue to smoothly tap into our platform significant monetization potential this quarter, fueling robust revenue growth. These achievements reaffirmed the unique value we created for both shippers and truckers.

在貨幣化方面，本季我們持續順利挖掘平台巨大的貨幣化潛力，推動強勁的營收成長。這些成就再次證明了我們為托運人和卡車司機創造的獨特價值。

(interpreted) Supported by these operational accomplishments, we delivered a record-breaking financial performance for the quarter. Our total net revenues grew by 32% year-over-year, reaching RMB3.17 billion. Notably, transaction service revenues remained the primary growth driver, surging over 70% year-over-year to RMB1.16 billion and contributing 36% of our total net revenue.

(翻譯) 在這些營運成就的支持下，我們在本季度取得了破紀錄的財務業績。我們的總淨收入年增32%，達到人民幣31.7億元。值得注意的是，交易服務收入仍是主要的成長動力，年增超過70％至人民幣11.6億元，占我們總淨收入的36％。

Non-GAAP adjusted operating income surged 142% year-over-year to RMB963.3 million, and the non-GAAP adjusted net income grew by 44% year-over-year to RMB1.05 billion.

非美國通用會計準則調整後營業收入較上年同期大幅成長142%至9.633億元，非美國通用會計準則調整後淨利較上年同期大幅成長44%至10.5億元。

(interpreted) Before I wrap up, I'd like to share some thoughts about the technology trends shaping our industry. As a pioneer in advanced logistics productivity, we remain committed to embracing technology-driven innovations. Currently, we are leveraging our unique user scenarios and high-quality data to explore AI applications that will potentially enhance the efficiency of freight matching and tracker capacity scheduling.

（翻譯）在結束之前，我想分享一些關於塑造我們行業的技術趨勢的想法。作為先進物流生產力的先驅，我們始終致力於擁抱科技驅動的創新。目前，我們正在利用獨特的用戶場景和高品質數據來探索可能提高貨運匹配和追蹤器容量調度效率的人工智慧應用。

We aim to empower truckers to improve fulfillment efficiency and earnings while reducing logistics costs for shippers ultimately creating enduring value for the entire industry. Thank you all once again. Now I'll pass the call over to our CFO, Simon, who will provide an update on our fourth quarter's business progress and financial results.

我們的目標是幫助卡車司機提高履行效率和收入，同時降低托運人的物流成本，最終為整個產業創造持久的價值。再次感謝大家。現在我將把電話轉給我們的財務長西蒙，他將介紹我們第四季的業務進度和財務表現。

Thank you, Mr. Zhang, and thanks, everyone, for joining our earnings conference call today. I will now provide an overview of our operational highlights and financial performance for the fourth quarter of 2024. Let's start with our operational performance this past quarter, which was highlighted by significant breakthroughs in expanding our user base, enhancing efficiency and improving monetization capabilities.

謝謝張先生，也謝謝大家參加我們今天的收益電話會議。現在，我將概述我們 2024 年第四季的營運亮點和財務表現。首先從本季的營運表現開始，我們在擴大用戶群、提高效率和改善貨幣化能力方面取得了重大突破。

We also achieved a remarkable 24.3% year-over-year increase in fulfilled orders to 56.9 million in the fourth quarter. This growth was primarily driven by our rapidly expanding shipper user base and the increased fulfillment efficiency stemming from shifts in our user structure along with the earlier Chinese New Year and other seasonal factors.

第四季度，我們的已完成訂單量也實現了年增 24.3%，達到 5,690 萬份。這一成長主要得益於我們快速擴張的托運人用戶群，以及由於用戶結構變化和農曆新年提前及其他季節性因素而導致的履行效率的提高。

Building on our third quarter momentum, our fulfillment rate set another new record this quarter, increasing significantly to 37.5%, up over 5-percentage-points year-over-year. Notably, the average fulfillment rate of low and medium frequency shippers exceeded 55%, continuing its upward trend quarter over quarter. The other contribution from our low and medium frequency shippers reached 50%, also marking a new milestone.

在第三季良好動能的基礎上，本季我們的訂單履行率再創歷史新高，大幅上升至 37.5%，比去年同期上升了 5 個百分點。值得注意的是，低頻和中頻出貨人的平均履行率超過了55%，並且繼續呈現逐季上升的趨勢。我們來自低頻和中頻發貨人的其他貢獻達到了50％，也標誌著一個新的里程碑。

Our increasingly optimized order and user structure, ongoing improvements to our -- improvements to our matching ordres, our refined operational strategies collectively drove this quarter's all-time high fulfillment rate. Our average shipper MAUs increased by 31.3% year-over-year to RMB2.93 million in the quarter, with our average shipper MAU surpassing RMB3 million for the first time in December last year.

我們不斷優化的訂單和用戶結構、不斷改進的訂單匹配能力、不斷完善的營運策略，共同推動了本季訂單履行率創下歷史新高。本季度，我們的平均托運人月活躍用戶年增31.3%至人民幣293萬元，去年12月，我們的平均托運人月活躍用戶首次超過人民幣300萬元。

This strong growth was driven largely by our low and medium frequency direct shippers. Our coordinated efforts across multichannel user acquisition streamlined app interfaces and initiatives supporting new users have significantly improved the new user onboarding experience.

這種強勁的成長主要得益於我們的低頻和中頻直接托運人。我們透過多通路用戶獲取、簡化應用程式介面和支援新用戶的措施進行協調，顯著改善了新用戶的入職體驗。

Shipper activity remained robust as a result with our shipper member 12-month rolling retention rate consistently exceeding 80% in the fourth quarter.

托運人活動保持強勁，我們的托運人會員 12 個月滾動保留率在第四季度持續超過 80％。

Our trucker side operational performance was equally impressive in the fourth quarter, the number of active truckers fulfilling orders through our platform over the past 12 months increased to $4.14 million quarter-over-quarter, and our next month's retention of truckers we responded to others remained above 85%, boosted by tiered incentive strategies such as the premium cargo bidding initiatives and the Carefree package the average number of monthly field orders per trucker continue to rise further enhancing trucker retention and stickiness.

我們第四季的卡車司機端營運表現同樣出色，過去12個月透過我們平台履行訂單的活躍卡車司機數量環比增長至414萬美元，我們回應他人的卡車司機下個月留存率仍保持在85%以上，在優質貨運競標計劃和無憂套餐等分級激勵策略的推動下，每位卡車司機每月平均現場訂單數量持續上升，進一步增強了粘性司機的保留率。

Next, I'd like to highlight the progress we have made in our transaction service. fueled by increased order volume and refined monetization strategies, revenues from transaction service served by 71.1% and year-over-year to RMB1.16 billion in the fourth quarter. Specifically, our monetized order penetration ratio also increased to 82.9% for the quarter a jump of over 11-percentage-points from 71.7% in the same period last year.

接下來我想強調我們在交易服務上的進展。受訂單量成長及貨幣化策略優化的推動，第四季交易服務營收年增71.1%至人民幣11.6億元。具體而言，我們本季的貨幣化訂單滲透率也從去年同期的 71.7% 躍升至 82.9%，增幅超過 11 個百分點。

Additionally, our average monetization amount per order, which includes mostly transaction commission increased to RMB24.6 in the fourth quarter, up from RMB2.6 a year ago. By dynamically fine-tuning commission metric granularity, we have effectively catered to different transaction types and user demands, driving parallel improvements in both matching efficiency and monetization quality.

此外，我們第四季每筆訂單的平均貨幣化金額（主要包括交易佣金）從去年同期的人民幣2.6元增至人民幣24.6元。透過動態微調佣金指標粒度，我們有效滿足了不同的交易類型和用戶需求，推動了撮合效率和變現品質的同步提升。

Heading into 2025, we will continue refining our smart pricing model to further enhance the monetized order penetration ratio and overall monetization rate, unlocking even greater monetization potential.

邁向2025年，我們將持續完善智慧定價模型，進一步提升貨幣化訂單滲透率與整體貨幣化率，釋放更大的貨幣化潛力。

Before we dive into our financials, I'd like to discuss our newly initiated semiannual dividend policy and provide an update on our extended share repurchase program. After a thorough review of our operational results, business development plans, capital requirements and cash position, our Board of Directors has approved a semiannual cash dividend policy set to begin in 2025. We expect the total cash dividend for 2025 to be approximately USD200 million. The initial dividend payout is projected to be around USD100 million, translating to USD0.0048 per ordinary share or USD0.096 per ADS. This dividend will be payable on or around April 18, 2025, to shareholders on record as of April 7, 2025.

在我們深入研究財務狀況之前，我想討論一下我們新推出的半年度股利政策，並提供有關我們延長的股票回購計劃的最新資訊。在徹底審查了我們的經營業績、業務發展計畫、資本需求和現金狀況後，我們的董事會批准了將於 2025 年開始的半年現金股利政策。我們預計2025年的現金股利總額約為2億美元。預計初始股息約 1 億美元，相當於每股普通股 0.0048 美元或每股 ADS 0.096 美元。該股將於 2025 年 4 月 18 日左右支付給截至 2025 年 4 月 7 日登記在冊的股東。

Regarding our share repurchase program starting from March 2024, we have repurchased an aggregate of 4.9 million ADS for approximately USD40.3 million on the open market. Additionally, in March this year, our Board has approved a further extension of the share repurchase program, allowing for up to USD200 million in additional repurchase through March 12, 2026. These efforts reflect our robust cash position and strong confidence in our business and further developments as well as our commitment to delivering value to our shareholders.

關於我們自 2024 年 3 月開始的股票回購計劃，我們在公開市場上共回購了 490 萬股 A​​DS，價值約 4,030 萬美元。此外，今年 3 月，我們的董事會批准進一步延長股票回購計劃，允許在 2026 年 3 月 12 日之前額外回購最多 2 億美元。這些努力反映了我們強勁的現金狀況和對我們的業務和進一步發展的堅定信心以及我們為股東創造價值的承諾。

Now moving on to our 2024 fourth quarter and year-end financial results. In the interest of time, I'll be presenting abbreviated highlights only. We encourage you to refer to our press release issued earlier today for complete details.

現在來看看我們的 2024 年第四季和年終財務表現。為了節省時間，我將僅介紹簡短的亮點。我們建議您參閱我們今天早些時候發布的新聞稿以了解完整的詳細資訊。

Our total net revenues for the full year 2024 were RMB11.2 billion, representing a 33.2% increase year-over-year. Net revenues for the fourth quarter were RMB3.2 billion, representing a 31.8% increase year-over-year. Net revenues from freight matching services, including service fees from freight brokerage models, membership fees from listing models and commission from online transaction services were RMB9.5 billion for full year 2024, up 34% from 2023 primarily due to the record growth in our transaction service.

我們2024年全年的總淨收入為人民幣112億元，年增33.2％。第四季淨營收為32億元人民幣，較去年同期成長31.8%。2024 年全年貨運匹配服務淨收入（包括貨運經紀模式的服務費、上架模式的會員費和線上交易服務的佣金）為人民幣 95 億元，較 2023 年增長 34%，這主要歸功於我們交易服務的創紀錄增長。

Revenues from freight brokerage service reached RMB4.7 billion for 2024, up 20.7% year-over-year. For the fourth quarter, the net revenue increased by 17% to RMB1.3 billion, primarily driven by an increase in service fee rate, partially offset by a decrease in transaction volume.

2024年貨運經紀服務收入達47億元，年增20.7%。第四季度，淨收入成長17%至人民幣13億元，主要由於服務費率上漲，但交易量的下降部分抵銷了這一增長。

Revenues from freight listing service were RMB879.5 million for the full year, up 6.2% year-over-year and rose 7.5% year-over-year in the fourth quarter to reach RMB230.5 million, primarily due to the growing number of total paying members. Revenues from the transaction service amounted to RMB3.8 billion in 2024, representing a 66.7% increase year-over-year.

貨運清單服務收入全年為8.795億元人民幣，年增6.2%，第四季年增7.5%至2.305億元人民幣，主要由於總付費會員數的增長。2024年交易服務收入達38億元，較去年成長66.7%。

For the fourth quarter, net revenues amounted to RMB1.2 billion, representing a 71.1% increase year-over-year, primarily driven by increase in order volume, commission penetration and per order transaction service fee.

第四季度，淨收入為人民幣12億元，年增71.1％，主要由於訂單量、佣金滲透率和每筆訂單交易服務費的增加。

Revenues from value-added services were RMB1.7 billion in 2024, representing a 29% increase year-over-year. For the fourth quarter, net revenues increased to $469.3 million, representing a 19.8% increase year-over-year, mainly attributable to growing demand from truckers and supply -- and shippers for credit solutions.

2024年增值服務收入為人民幣17億元，較去年同期成長29%。第四季度，淨收入增加至 4.693 億美元，年增 19.8%，主要歸因於卡車司機和供應以及托運人對信貸解決方案的需求不斷增長。

For the fourth quarter, our cost of revenues was RMB1,391.7 million compared with 1,152.3 million in the prior year period. The increase was primarily due to an increase in VAT related tax surcharges and other tax costs and net of grants from government authorities. These tax-related costs net of refunds totaled RMB1,278.5 billion representing an increase of 25.9% from RMB1,015.3 million in the same period of 2023, primarily due to an increase in tax costs related to the company's freight brokerage service.

第四季度，我們的營業成本為 13.917 億元，去年同期為 11.523 億元。成長的主要原因是增值稅相關稅費及其他稅費增加以及扣除政府部門補助。該等稅務相關成本扣除退稅後總額為人民幣12,785億元，較2023年同期的人民幣10.153億元增加25.9%，主要由於公司貨運經紀服務相關稅務成本增加。

Our sales and marketing expenses in the fourth quarter were RMB471.8 million compared with RMB420 million in the prior year period. This increase was primarily due to an increase in advertising and marketing expenses for user acquisitions. General and administrative expenses in the fourth quarter of 2024 were RMB202.3 million compared with RMB266 million in the same period of 2023. The decrease was primarily due to lower salary and benefits expenses.

我們第四季的銷售和行銷費用為人民幣4.718億元，去年同期為人民幣4.20億元。這一增長主要由於用戶獲取的廣告和行銷費用的增加。2024 年第四季的一般及行政費用為 2.023 億元，而 2023 年同期為人民幣 2.66 億元。下降的主要原因是薪資和福利支出減少。

R&D expenses in the fourth quarter were RMB205 million compared with RMB255.3 million in the prior year period. The decrease was primarily due to lower salary and benefit expenses resulting from a decrease in headcount. Our income from operations in the fourth quarter of 2024 was RMB835.4, an increase of 233.1% from RMB250.8 million in the same period of 2023. Net income in the fourth quarter of 2024 was RMB574.6 million compared with RMB588.3 million in the same period of 2023.

第四季研發費用為2.05億元人民幣，去年同期為2.553億元。下降的主要原因是員工人數減少導致薪資和福利支出減少。我們 2024 年第四季的營業收入為 8.354 億元，較 2023 年同期的 2.508 億元成長 233.1%。2024年第四季淨收入為人民幣5.746億元，2023年同期為人民幣5.883億元。

On the non-GAAP measures, our adjusted operating income in the fourth quarter of 2024 was RMB963.3 million, an increase of 141.6% from RMB398.8 million in the same period of 2023.

以非公認會計準則衡量，我們 2024 年第四季的調整後營業收入為 9.633 億元，較 2023 年同期的 3.988 億元成長 141.6%。

Our adjusted net income in the fourth quarter of 2024 was RMB1,052 million, an increase of 43.5% from RMB733 million in the same period of 2023. Basic net income per ADS was RMB0.56 in the fourth quarter of 2024 compared with RMB0.56 in the same period of 2023.

我們 2024 年第四季的調整後淨收入為 10.52 億元，較 2023 年同期的 7.33 億元成長 43.5%。2024 年第四季每股 ADS 基本淨利為 0.56 元人民幣，2023 年同期為 0.56 元。

Diluted net income per ADS was RMB0.53 in the fourth quarter of 2024 compared with RMB0.56 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB1 in the fourth quarter of 2024 compared with RMB0.70 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB0.99 in the fourth quarter of 2024 compared with RMB0.69 in the same period of 2023.

2024 年第四季每股 ADS 攤薄淨利為 0.53 元人民幣，2023 年同期為 0.56 元。2024 年第四季非公認會計準則調整後每股 ADS 基本淨利為 1 元人民幣，2023 年同期為 0.70 元。2024 年第四季非公認會計準則調整後每股美國存託憑證攤薄淨利潤為 0.99 元，2023 年同期為人民幣 0.69 元。

As of December 31, 2024, our cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products totaled RMB29.2 billion compared with RMB27.6 billion as of December 31, 2023.

截至 2024 年 12 月 31 日，我們的現金及現金等價物、受限現金、短期投資、長期定期存款及理財產品總額為人民幣 292 億元，而截至 2023 年 12 月 31 日為人民幣 276 億元。

For our first quarter 2025 business outlook, we expect our total revenues to be between RMB2.63 billion and RMB2.68 billion, representing a year-over-year growth rate of approximately 15.9% to 18.1%. This forecast reflects our 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. And that concludes our prepared remarks.

對於2025年第一季的業務展望，我們預期總營收在26.3億元至26.8億元之間，年增約15.9%至18.1%。此預測反映了我們對市場和營運條件的當前和初步看法，這些看法可能會發生變化，並且截至本文發布之日無法以合理的準確度進行預測。我們的準備好的演講到此結束。

We would now like to open the call to Q&A. Operator, please go ahead.

我們現在想開始問答環節。接線員，請繼續。

(Operator Instructions) Ronald Keung, Goldman Sachs.

(操作員指示) 高盛的 Ronald Keung。

(spoken in foreign language) We've seen the number of fulfilled orders for the fourth quarter was very strong at 24% plus, even outpacing the third quarter growth rate and exceeded overall freight rate market quite significantly. So I want to hear what are the drivers behind this acceleration in the fourth quarter? And based on the order trends so far the quarter-to-date, how do you view order volume growth for the full year of 2025?

（外語）我們看到第四季的訂單完成量非常強勁，成長了24%以上，甚至超過了第三季的成長率，並且大幅超過了整體運費市場。所以我想聽聽第四季這種加速背後的驅動因素是什麼？根據本季迄今的訂單趨勢，您如何看待 2025 年全年的訂單量成長？

Thank you, Ronald. Our platform's order volume continue to grow very steadily in the first quarter. That's beyond seasonal tailwinds given the impact of earlier Chinese New Year in 2025. There are 3 key elements, which drove this momentum. And first, we continue to see robust growth in new user acquisitions against the backdrop of rising shipper demand for reduced logistic costs and improve efficiency.

謝謝你，羅納德。我們平台的訂單量在第一季持續穩定成長。考慮到 2025 年農曆新年提前的影響，這超出了季節性順風的影響。有三個關鍵因素推動了這一勢頭。首先，在托運人對降低物流成本和提高效率的需求不斷上升的背景下，我們持續看到新用戶獲取的強勁成長。

We have adopted a dual approach to optimize user -- new user acquisition and combining precise online marketing with off-line engagement. Online, we focus on boosting app store promotions and targeted ads to improve our conversion rate. In off-line, we expanded brand visibility and reached more target users with truck stickers and TARP ads.

我們採取了雙重方法來優化用戶——新用戶獲取以及精準的線上行銷與線下參與相結合。在線上，我們專注於加強應用程式商店促銷和定向廣告，以提高我們的轉換率。在線下，我們透過卡車貼紙和TARP廣告擴大了品牌知名度並涵蓋了更多的目標用戶。

We also ramped up our brand marketing efforts in the fourth quarter by placing billboards in high-traffic locations, such as high-speed rail stations, airports and business districts to connect with direct shippers across multiple touch points.

我們也在第四季度加大了品牌行銷力度，在高鐵站、機場、商業區等人流量大的地方投放廣告牌，透過多個接觸點與直接托運人建立聯繫。

And thanks to these effective news or acquisition initiatives, our shipper MAU surpassed 3 million for the first time in December last year. And for full year 2024, our average shipper MAUs grew more than 30% year-over-year, accelerate meaningfully from the prior year with direct shippers making up a big chunk of growing share.

由於這些有效的新聞或收購舉措，我們的托運人MAU在去年12月首次超過300萬。預計 2024 年全年，我們的平均托運人 MAU 年比成長超過 30%，較上年有顯著加速，其中直接托運人佔據了成長份額的很大一部分。

Given the relatively low online penetration rate in the long-haul market, we're confident we can continue to expand our shipper user base at a very healthy pace.

鑑於長途市場線上滲透率相對較低，我們有信心繼續以非常健康的速度擴大我們的托運人用戶群。

Now second, we continue to implement and execute highly effective operational strategies, which help to accelerate auto volume growth. For new users, we focus on improving fulfillment rates for their first 3 trials.

第二，我們持續實施和執行高效率的營運策略，這有助於加速汽車銷售的成長。對於新用戶，我們專注於提高他們前三次試用的完成率。

This is achieved by leveraging hands on support from our operations team, offering new users incentives through various benefits and using WeCom or WeChat engagement to enhance both user retention and all the fulfillment. For active truckers, we upgraded our premium cargo bidding function and introduced a dedicated service section with expanded coverage of other types.

這是透過利用我們營運團隊的實際支援、透過各種好處為新用戶提供激勵以及使用微信或微信互動來提高用戶保留率和所有滿足感來實現的。對於活躍的卡車司機，我們升級了優質貨物競標功能，並推出了專門的服務部分，擴大了其他類型的覆蓋範圍。

In addition, we fine-tuned our other distribution mechanism based on truckers' credit ratings, further improving the fulfillment efficiency in matching mid- to low value freight resources.

此外，我們根據卡車司機的信用評級微調了其他分配機制，進一步提高了中低價值貨運資源的匹配效率。

And finally, rapid growth in our new user -- new business lines contributed to -- expansion. For example, our less than truckload business, again exhibited very strong growth momentum has fueled by optimized pricing strategies and upgraded matching algos. And these improvements enhanced car pooling efficiency for truckers and leading to a notable increase in LTL orders. And looking ahead, we see even more potential for this business to scale up further.

最後，我們新用戶、新業務線的快速成長促進了擴張。例如，我們的零擔業務再次表現出非常強勁的成長勢頭，這得益於優化的定價策略和升級的匹配演算法。這些改進提高了卡車司機的共乘效率，並導致零擔訂單顯著增加。展望未來，我們看到這項業務還有更大的進一步擴大的潛力。

As we move into the current year, we remain optimistic in other volume growth of the platform regardless of macro challenges, where our full truckload business will continue to deepen online penetration and expand our market share, meanwhile, we also keep refining our product offerings and operational strategies to strengthen our less than truckload and short-haul services and laying a very solid foundation for long-term scalability. I hope that answers your question.

進入今年，無論宏觀挑戰如何，我們仍然對平台的其他業務量增長持樂觀態度，我們的整車業務將繼續深化在線滲透並擴大我們的市場份額，同時，我們還不斷完善我們的產品供應和運營策略，以加強我們的零擔和短途服務，為長期可擴展性奠定堅實的基礎。我希望這能回答你的問題。

Brian Gong, Citi.

花旗銀行的 Brian Gong。

(spoken in foreign language) I have a quick question on fulfillment rate. In the fourth quarter, the fulfillment rate further improved to 37.5%, up 5.4% year-on-year and 3% sequentially. What were the key drivers behind this improvement? And what operational strategies were implemented to enhance the procurement rate? And what is your expectation for 2025?

（用外語說）我有一個關於履行率的快速問題。第四季度，訂單完成率進一步提升至37.5%，較去年同期成長5.4個百分點，較上季成長3個百分點。這項改善背後的關鍵驅動因素是什麼？又採取了哪些營運策略來提升採購率呢？您對2025年有什麼期望？

Thank you, Brian. Our fulfillment rate reached another record high in the past quarter. There are 3 main contributors to this. First, the continuous user mix improvement has laid the foundation for other quality improvement. In the fourth quarter, the other contribution from direct shippers was around -- while it actually hit 50% for the first time in fourth quarter.

謝謝你，布萊恩。我們的履行率在上個季度再創歷史新高。造成這現象的主要因素有 3 個。一是用戶結構持續改善，為其他品質提升奠定了基礎。第四季度，來自直接托運人的其他貢獻約為——而實際上第四季度首次達到了50%。

By nature, these direct shippers are mainly SMEs, which tend to have more stable demand and prioritized service quality over price. So as a result, they typically contribute to higher fulfillment rates than those professional shippers, such as three PLs and Brokers. And for example, the average fulfillment rate of our entrusted shipment transactions exceeded 60% in fourth quarter.

從本質上講，這些直接托運人主要是中小企業，它們的需求往往更穩定，而且更重視服務品質而不是價格。因此，他們通常比專業托運人（例如三家 PL 和經紀人）的履行率更高。例如，第四季我們的委託出貨交易平均履行率超過60%。

The subscribers of this program are mainly direct shippers, especially those who newly joined the platform due to the high certainty of the fulfillment. As a result of strong shipper growth, the other volume of entrusted shipment transaction in the fourth quarter grew by over 100% year-over-year, contributing greatly to the overall improvement in our fulfillment rate.

該計劃的訂閱者主要是直接托運人，尤其是那些由於履行確定性較高而新加入平台的人。由於貨主成長強勁，第四季其他委託出貨交易量年增超過100％，對我們整體履約率的提升貢獻巨大。

In addition, our precision operation strategies are delivering strong results. For instance, the expanding coverage of premium cargo billing functions further boosted truckers' willingness to respond to others. Our algo-driven precise recommendations more effectively align truckers' preferences with freight source labels.

此外，我們的精準營運策略正取得強勁成效。例如，優質貨運計費功能涵蓋範圍的擴大，進一步提升了卡車司機的回應意願。我們由演算法驅動的精準推薦更有效地將卡車司機的偏好與貨運源標籤相匹配。

As a result, the median fulfillment time for truckers dropped to under 10 minutes in fourth quarter. We also implemented additional measures to address duplicate freight listing, including proactively suppressing orders from inefficient professional shippers to prioritize exposure for high-quality orders from direct shippers.

結果，第四季卡車司機的平均履行時間下降到 10 分鐘以下。我們還採取了額外措施解決重複的貨運清單問題，包括主動抑制來自效率低下的專業托運人的訂單，以優先展示來自直接托運人的高品質訂單。

And lastly, the ongoing improvement in supply and demand dynamic also positively impacted our fulfillment rate. Apart from seasonal tailwinds, as mentioned before, our continuous improvement on freight quality led to a steady increase in both the number of truckers responding to and fulfilling orders in the first quarter. Meanwhile, truckers wallet share also rose steadily, enhancing the overall sufficiency of trucker capacity and ensuring greater fulfillment stability.

最後，供需動態的持續改善也對我們的履行率產生了正面影響。除了前面提到的季節性順風因素外，我們不斷提升的貨運品質使得第一季響應和履行訂單的卡車司機數量穩步增加。同時，卡車司機的錢包份額也穩定上升，提高了卡車司機整體運力的充足性，確保了更高的履約穩定性。

Moving forward, we expect our fulfillment rate to continue its steady upward trajectory, driven by ongoing upgrades to our direct shipper strategy, our technological capabilities as well as growing trucker ecosystem synergies. And these factors will create a positive cycle between high-quality orders and sufficient trucker capacity and further boosting our fulfillment late.

展望未來，我們預計我們的履行率將繼續保持穩步上升的趨勢，這得益於我們直接托運人策略的持續升級、我們的技術能力以及不斷增強的卡車司機生態系統協同效應。這些因素將在高品質的訂單和充足的卡車運力之間形成正向循環，進一步提高我們後期的履行效率。

Charlie Chen, China Renaissance.

Charlie Chen，中國文藝復興公司。

(spoken in foreign language) I would like to ask some questions regarding the user membership. What was the growth trend for shipper membership in the fourth quarter? And what is the latest update on the [288] tier mini membership?

（外語）我想問一些關於使用者會員資格的問題。第四季托運人會員的成長趨勢如何？[288] 級迷你會員的最新動態是什麼？

Thank you, Charlie. We reached a milestone at the end of fourth quarter with the number of active shipper members on our platform basically surpassing 1 million, actually 1.5 million to be precise. The key growth drivers of shippers membership were the optimization of our membership tiering system and our targeted subsidy strategies.

謝謝你，查理。我們在第四季末達到了一個里程碑，我們平台上活躍的托運人會員數量基本超過 100 萬，實際上準確地說是 150 萬。托運人會員數量成長的關鍵動力來自於我們會員分級體系的最佳化和有針對性的補貼策略。

So look at our membership system, our 288-Tier Mini membership, which was launched in early 2024 has unleased incremental growth contributing most of our new shipper members this quarter. It is different from the existing 688 and 1688 tier members. The 288 tiers offer fewer shipping benefits, but at a much lower price, effectively lowering the barriers to entry for new shippers and boosting paying member conversions.

因此，看看我們的會員系統，我們的 288 級迷你會員資格於 2024 年初推出，已經釋放了增量增長，為我們本季度的大部分新托運人會員做出了貢獻。與現有的688、1688等級會員有所區別。288 個等級提供的運輸優惠較少，但價格卻低得多，有效降低了新托運人的進入門檻，並提高了付費會員的轉換率。

This mini membership program is particularly attractive to small- and medium-sized direct shippers as it aligns very well with their early-stage shipping needs as they transition to an online business model.

這個迷你會員計劃對中小型直接托運人特別有吸引力，因為它非常符合他們在向線上商業模式轉型時的早期運輸需求。

Additionally, we introduced targeted subsidies for new user purchasing the mini membership as well as returning users who met certain criteria and further reducing the membership cost and allowing shippers to enjoy benefits such as shipment tracking and freight rate discounts, which in turn enhanced overall user engagement on the platform.

此外，我們也為購買迷你會員的新用戶以及符合特定條件的回訪用戶推出了定向補貼，進一步降低了會員成本，並讓托運人享受到貨運追蹤、運費折扣等優惠，從而提升了平台的整體用戶參與度。

Additionally, our operations team is developing a transition model to encourage mini members to upgrade to the 688 tier, closely monitoring the renewal rates and upgrades to inform long-term member strategies that align with user behavior.

此外，我們的營運團隊正在開發一個過渡模型，以鼓勵迷你會員升級到 688 級，密切監控續訂率和升級，以製定符合用戶行為的長期會員策略。

On a related note, our gradual conversion strategy for nonpaying users is also progressing steadily. For example, while maintaining the current benefit of 5 free orders per month for existing users, we introduced a 30-day unlimited shipping feature for certain newly registered shippers, and we'll closely monitor the positive impact of these feature on membership conversion.

與此相關，我們針對非付費用戶的逐步轉換策略也在穩步推進。例如，在保持現有用戶每月 5 個免費訂單的現有福利的同時，我們為某些新註冊的托運人推出了 30 天無限次送貨功能，我們將密切監控這些功能對會員轉換的正面影響。

And looking ahead, we are confident that by continually optimizing our membership products and fine-tuning our operational strategies, we can further expand our paying member base and enhance overall user engagement with us.

展望未來，我們相信，透過不斷優化我們的會員產品和微調我們的營運策略，我們可以進一步擴大我們的付費會員基礎並提高整體用戶參與度。

Wendy Zhang, CICC.

Wendy Zhang，中金公司。

(spoken in foreign language) The revenue of the freight brokerage service in the fourth quarter grew by 70% year-over-year beating market expectations. What are the main reasons behind that? And what's going to be the outlook for the business this year?

（外語）第四季貨運經紀服務營收年增70％，超出市場預期。這背後的主要原因是什麼？今年的業務前景如何？

Thank you -- the better-than-expected revenue growth for freight brokerage business in the fourth quarter was primarily driven by the increase in service fee rate and that's partially offset by a decrease in transaction volume. We have always maintained a cautious approach to freight brokerage. It is one of our traditional business.

謝謝——第四季度貨運經紀業務收入成長優於預期，主要得益於服務費率的提高，但交易量的下降部分抵消了這一增長。我們對貨運經紀始終持謹慎態度。這是我們的傳統業務之一。

The value proposition for this business has been to improve user retention and engagement by meeting the invoicing needs of high-frequency shippers as they find it convenient and compliant. And since the publication of the fair competition regulatory review last August, we further turned down the scale of this business to adjust to the potential changes on national VAT requirement. As a result, the total transaction value of freight brokerage business declined both year-on-year and quarter-over-quarter in fourth quarter.

該業務的價值主張是透過滿足高頻托運人的發票需求來提高用戶保留率和參與度，因為他們認為這很方便且合規。自去年 8 月公平競爭監管審查發布以來，我們進一步縮減了該業務的規模，以適應國家增值稅要求的潛在變化。受此影響，第四季貨運經紀業務總交易額較去年同期、較上季均出現下降。

Meanwhile, anticipating potential reduction in regional tax rebate, we raised our service fee rates in October last year. By Q4, the overall service fee has increased to about 7% from about 6% a year ago. This strategic adjustment helped to offset the decline in transaction value and then contributing to the year-over-year revenue increase.

同時，考慮到區域退稅可能減少，我們去年10月就提高了服務費率。到第四季度，整體服務費從一年前的約 6% 上漲至約 7%。這項策略調整有助於抵消交易金額的下降，從而促進收入的年成長。

By the end of 2024, although we received notification from certain local governments on further tax rebate reductions, our proactive rate adjustments as mitigating measures help to fully offset these negative impacts on margins without major fluctuation compared to previous quarters. As we move to 2025, we remain committed to prudent risk management for this business.

截至2024年底，雖然我們收到了部分地方政府關於進一步降低退稅額的通知，但我們採取的主動稅率調整等緩解措施，已完全抵消了這些對利潤率的負面影響，與前幾季度相比，利潤率並未出現較大波動。隨著我們邁向 2025 年，我們將繼續致力於對這項業務進行審慎的風險管理。

We continue serving high-value shippers while keeping a close eye on potential changes in tech rebate policies. This way, we can ensure stability and sustainable growth for our business while creating value for our users in the long term.

我們將繼續為高價值托運人提供服務，同時密切關注技術回扣政策的潛在變化。這樣，我們可以確保業務的穩定性和永續成長，同時為用戶創造長期價值。

One important note is that while our total revenue growth is expected to moderate in 2025 due to a strategic adjustment in our freight brokerage business, we expect core transaction service business and its revenue to grow at a strong pace. And thanks to our expanding user base, steadily improvements in monetization efficiency and disciplined cost control, plus the operating leverage, we're very confident in achieving over 60% year-on-year growth in adjusted operating profit for 2025.

需要注意的是，雖然由於貨運經紀業務的策略調整，我們預計 2025 年的總收入成長將有所放緩，但我們預計核心交易服務業務及其收入將強勁增長。而且得益於我們不斷擴大的用戶群、穩步提升的貨幣化效率和嚴格的成本控制，再加上經營槓桿，我們非常有信心在 2025 年實現調整後營業利潤同比增長 60% 以上。

Richie Sun, HSBC.

匯豐銀行的孫正義 (Richie Sun)。

(spoken in foreign language) My question is about less than truckload business. How did the LTL business progress in fourth quarter? And what are the key differences between LTL carpooling and dedicated line services?

（外語）我的問題是關於零擔業務的。第四季零擔業務進度如何？那麼，零擔共乘與專線服務之間的主要差異是什麼？

Thank you, Richie. Our LTL business maintained its rapid growth trajectory in Q4. That's mainly due to our deeper penetration into offline markets and the ongoing optimization of our carpooling features. We have been very focused on solving the timeliness issues that often plate the traditional LTL express and dedicated line logistics like multiple loading and unloading, pickup and delivery -- and the delivery process.

謝謝你，里奇。我們的零擔業務在第四季度保持了快速成長的軌跡。這主要歸功於我們對線下市場的深入滲透和對共乘功能的持續優化。我們一直非常注重解決傳統零擔快遞和專線物流中多次裝卸、提貨和送貨以及配送過程中的時效性問題。

By developing a car putting model that caters to diversified LTL needs, whether it's short to medium distance or large trade volumes, we have been able to streamline processes by offering a single loading and unloading and door-to-door delivery service. As a result, we're not only improving transportation efficiency, but also significantly reducing the risk of cargo damage and gaining market share of shippers.

透過開發滿足多樣化零擔需求的轎車投放模式，無論是短程、中途或大宗貿易量，我們都能夠透過提供單一的裝卸和送貨上門服務來簡化流程。如此一來，我們不僅提高了運輸效率，還大幅降低了貨物損壞的風險，並獲得了托運人的市場份額。

Looking at our user conversions, the order volume growth in the fourth quarter was mainly from small- and medium-sized direct shippers, over 70% of which migrated from offline LTL dedicated lines and express models based on our survey. Our core advantage lies in our unique door-to-door delivery model and lowering pricing given the massive trucker supply, which is much more efficient than the traditional off-line options.

從用戶轉換來看，第四季度訂單量成長主要來自中小型直銷商，我們調查顯示其中超過70%是從線下零擔專線和快遞模式遷移過來的。我們的核心優勢在於我們獨特的門到門交付模式，以及由於大量卡車司機供應而降低的價格，這比傳統的線下選擇更有效率。

And during the quarter, our product functionality improvement have further contributed to user growth. For shippers, we introduced a feature that allow them to compare prices between full truckload and less-than-truckload carpooling options making it easier for shippers to see the cost advantage of carpooling.

本季度，我們產品功能的改進進一步促進了用戶的成長。對於托運人，我們推出了一項功能，讓他們可以比較整車和零擔共乘選項之間的價格，從而使托運人更容易看到共乘的成本優勢。

On trucker side, we have successfully rolled out route -- dedicated route operations along first 10 routes where the number of truckers opting for carpooling was up by almost 10% compared to the broader market.

在卡車司機方面，我們已成功在前 10 條路線上推出專用路線運營，與整體市場相比，選擇共乘的卡車司機數量增長了近 10%。

And going forward, we plan to expand our route operations coverage to further enhance the match and efficiency, which will help us establish stronger operational barriers. We're also exploring opportunities in the LTL dedicated line sector. Right now, we are working closely with LTL dedicated lines to meet their diversified transportation needs and improve the overall shipping experience for our shippers.

未來我們計劃擴大航線營運覆蓋範圍，進一步提升匹配度和效率，建立更牢固的營運壁壘。我們也在探索零擔專線領域的機會。目前，我們正在與零擔專線緊密合作，以滿足他們多樣化的運輸需求，並改善我們托運人的整體運輸體驗。

And looking ahead, we are confident that our well-established operational know-how in FTL will help us strengthen our advantageous position in the large ticket LTL market. We're also committed to boosting industry's online penetration rate, which will help solidify our competitive edge in the long-haul market.

展望未來，我們相信，我們在整車運輸領域成熟的營運經驗將幫助我們鞏固在大宗零擔運輸市場中的優勢地位。我們也致力於提高行業的線上普及率，這將有助於鞏固我們在長途市場的競爭優勢。

Juan Liao, CICIC.

廖娟，CICIC 總裁。

(spoken in foreign language) My question is, what are the main reasons behind the RMB350 million on the impairment loss in the first quarter? And any guidance for the impairment in the near few quarters?

（外語）我的問題是，第一季提列3.5億減損損失，主要原因是什麼？對於未來幾季的減損有什麼指引嗎？

Thank you. The impairment loss in the first -- in the fourth quarter was mainly stemmed from our investment in an e-commerce platform that focused on tire sales and aftermarket auto parts supply chain. And that company has been facing ongoing operating losses. The initial investment into that company was made by another team back in 2018 under a different leadership before -- operations were fully integrated.

謝謝。第一至第四季的減損損失主要源自於我們對專注於輪胎銷售和汽車後零件供應鏈的電子商務平台的投資。該公司一直面臨持續的經營虧損。該公司的初始投資是由另一個團隊在 2018 年在不同領導下進行的，之後營運已完全整合。

Regarding our accounting treatment for the investment, we have always adhered to a prudent and standardized principles and regularly assess the most up-to-date situation of invested companies. And based on all this judgment, we believe that the financial conditions of this investment is beyond recovery. So as a result, we made a full impairment provision of RMB350 million in the fourth quarter.

對於投資的會計處理，我們始終堅持審慎、規範的原則，並定期評估被投資公司的最新情況。並且基於所有這些判斷，我們認為這項投資的財務狀況已無法恢復。因此，我們在第四季全額提列了3.5億元人民幣的減損準備。

The impairment was one-off. We are not aware of any other situations that would potentially lead to an impairment of investment in the foreseeable future. Looking ahead, we will continue to maintain a prudent approach to investing while strengthening our post-investment management. Our key go through investment is to create synergies to our freight matching business and contribute to the achievement of our long-term vision.

該減值是一次性的。我們不知道在可預見的未來有任何其他可能導致投資減損的情況。展望未來，我們將持續保持審慎投資的態度，同時加強投後管理。我們進行投資的重點是為我們的貨運匹配業務創造協同效應，並為實現我們的長期願景做出貢獻。

Thomas Chong, Jefferies.

傑富瑞 (Jefferies) 的托馬斯張 (Thomas Chong)。

(spoken in foreign language) My question is about our growth strategy. How do we ambition our overall development strategy for this year?

（外語）我的問題是關於我們的成長策略。今年我們的整體發展策略是怎麼樣的？

Thank you, Thomas. We expect the company to maintain steady business growth in 2025 with the year-on-year other volume growth expectation of at least 15%. This growth will be driven by efficient user acquisition strategies and technology, which will deepen the platform's online penetration and further improve operational efficiency across the entire value chain, accelerating the digitalization transformation of the freight industry.

謝謝你，托馬斯。我們預計該公司 2025 年業務將保持穩健成長，其他業務量年增率預計至少 15%。這項成長將由有效的用戶獲取策略和技術推動，這將深化平台的線上滲透率，並進一步提高整個價值鏈的營運效率，加速貨運業的數位轉型。

From a financial strategy perspective, our focus will be on optimizing the revenue structure. The proportion of freight brokerage business in the overall revenue mix will be further reduced to ensure that's sustainable development while effectively managing risk.

從財務策略角度，我們的重點是優化收入結構。進一步降低貨運經紀業務在整體收入結構中的比重，確保其可持續發展並有效管理風險。

Meanwhile, leveraging the platform's network effects and technological capabilities, the transaction service business will continue to grow rapidly through economies of scale and enhanced algo recommendations. It will be -- it will become the core engine of our company's revenue growth as a strategic pillar in the profit structure.

同時，借助平台的網路效應和技術能力，交易服務業務將透過規模經濟和增強的演算法建議繼續快速成長。它將成為我們公司收入成長的核心引擎，作為利潤結構的策略支柱。

This adjustment strategy reflects our proactive management of the business portfolio, ensuring a balance between optimizing the business mix and increasing the share of high-margin businesses. By improving operational efficiency, we aim to significantly enhance the overall profit margin. We believe this flexible yet very robust strategic path will provide shareholders with higher certainty of long-term returns and strengthen our company's leadership position within the industry. Thank you.

這項調整策略反映了我們對業務組合的主動管理，確保在優化業務結構與增加高利潤業務份額之間取得平衡。透過提高營運效率，我們的目標是大幅提高整體利潤率。我們相信，這種靈活且十分穩健的策略路徑將為股東提供更高確定性的長期回報，並鞏固我們公司在產業中的領導地位。謝謝。

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

問答環節到此結束。我想將會議交還給管理層，以便他們發表任何補充或結束評論。

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

再次感謝您今天的參與。如果您還有任何其他問題，請隨時直接聯繫滿載卡車聯盟或TPG投資者關係部。我們的中國和美國投資者關係的聯絡資訊可在今天的新聞稿中找到。祝你有美好的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。