Full Truck Alliance Co Ltd (YMM) 2025 Q1 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Full Truck Alliance's first-quarter 2025 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，歡迎參加滿幫貨運 2025 年第一季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給投資者關係主管毛毛。請繼續。

Thank you, Drew. Please note that 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 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. 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.

謝謝你，德魯。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所規定的免於承擔責任的安全港條款。此類聲明並非對未來績效的保證，且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有重大差異。

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 SEC. The company does not undertake any obligation to update this forward-looking information, except as required by law. 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.

本公司向美國證券交易委員會提交的某些文件中包含了對可能影響 FTA 業務和財務結果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。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。有關非公認會計準則 (non-GAAP) 財務指標的定義以及公認會計準則 (GAAP) 與非公認會計準則 (non-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 management are Mr. Hui Zhang, our Founder, Chairman and CEO; and Mr. Simon Tai, our Chief Financing and Investment Officer. Management will begin with prepared remarks, and the call will conclude with a Q&A session. As a reminder, this conference is being recorded.

今天參加 FTA 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；以及我們的首席融資和投資長 Simon Tai 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。提醒一下，本次會議正在錄製中。

In addition, a webcast in play of this call will be available on FTA's Investor Relations website at ir.fulltrackalliance.com. I will now turn the call over to our Founder, Chairman and CEO, Mr. Zhang. Please go ahead, sir.

此外，本次電話會議的網路直播將在FTA投資人關係網站ir.fulltrackalliance.com上提供。現在，我將電話會議交給我們的創辦人、董事長兼執行長張先生。先生，請繼續。

(interpreted) Hello, everyone, and thank you for joining us today on our first-quarter 2025 earnings conference call. In the first quarter of 2025, we continue to focus on enhancing operational efficiency and reducing logistics costs within China's road freight industry. Leveraging cutting-edge digitalization and smart technologies, we successfully navigated a challenging yet opportunity reach economic environment.

（翻譯）大家好，感謝您今天參加我們的 2025 年第一季財報電話會議。2025年第一季度，我們持續致力於提高中國公路貨運業的營運效率並降低物流成本。利用尖端的數位化和智慧技術，我們成功應對了充滿挑戰但充滿機會的經濟環境。

Through ongoing technological innovation and product upgrades, we further displace traditional off-line logistics transaction models, elevating the value of our platform ecosystem to new heights. As a result, our total field orders for the quarter grew 23% year over year, significantly outpacing the industry growth and laying a solid foundation for sustainable, high-quality developments throughout the year.

透過不斷的技術創新和產品升級，我們進一步取代傳統的離線物流交易模式，將平台生態系統的價值提升到新的高度。本季我們的現場訂單總額年增23%，大幅高於產業增速，為全年可持續、高品質發展奠定了堅實的基礎。

Building on this momentum, we achieved breakthroughs across our key operational metrics during this quarter, reaching pivotal milestones in user acquisition, transportation capacity and the quality of matching as well as addition, targeting the substantial potential of approximately 30 million small and medium-sized direct shippers, we continued our long-term investments in branding initiatives and online user acquisition. These strategic efforts reinforced our brand's perception and clearly communicated our unique value proposition of nationwide freight coverage, market-leading volume and lower cost for intercity ships.

在此勢頭的基礎上，我們在本季度在關鍵運營指標上取得了突破，在用戶獲取、運輸能力以及匹配和增加的質量方面達到了關鍵的里程碑，瞄準了約3000萬中小型直接托運人的巨大潛力，我們繼續在品牌建設和在線用戶獲取方面進行長期投資。這些策略努力強化了我們品牌的認知度，並清楚地傳達了我們獨特的價值主張，即全國貨運覆蓋、市場領先的運量和更低的城際船舶成本。

Consequently, our average shipper MAUs reached 2.76 million in the first quarter, up 28.8% year over year. Our total shipper members exceeded 1.1 million and the order contribution from direct shippers increased to 51%, reflecting ongoing improvements in our platform's user structure.

因此，我們第一季的平均托運人MAU達到276萬，較去年同期成長28.8%。直郵會員總數突破110萬，直效郵件訂單貢獻率提升至51%，平台使用者架構持續改善。

Turning to our transportation capacity ecosystem and matching efficiency, we continue to enhance truckers fulfillment capabilities and service quality through our trucker rating system, priority access and premium cargo billing mechanism. We also introduced tailored membership offerings to support diverse trucker segments, which contributed to reaching an all-time high in trucker membership.

談到我們的運輸能力生態系統和匹配效率，我們透過卡車司機評級系統、優先存取和優質貨物計費機制繼續提高卡車司機的履行能力和服務品質。我們還推出了量身定制的會員服務，以支持不同的卡車司機群體，這有助於達到卡車司機會員數量的歷史最高水平。

Notably, the next month retention for truckers responding to orders consistently remaining above 85%, highlighting the strong engagement and the stickiness of our trucker community. Our focus on more others is excellent service and higher income has bolstered triple satisfaction and encourages continued participation. As a result, our platform's overall fulfillment rate for the first quarter reached 39.2%, up nearly 6 percentage points year over year, setting a new record.

值得注意的是，下個月響應訂單的卡車司機的保留率始終保持在 85% 以上，突顯了我們卡車司機社區的強大參與度和黏性。我們更加關注的是優質的服務和更高的收入，這增強了三倍的滿意度並鼓勵了持續的參與。受此影響，第一季平台整體訂單履行率達39.2%，較去年同期上升近6個百分點，創下新高。

Regarding monetization, I will prudently tap into the significant monetization potential of our platform, fueling robust revenue growth for the quarter. These achievements further underscore the unique value we deliver to both truckers and shippers. Our high-quality operations translated into exceptional financial from this quarter. Our total net revenues reached RMB2.7 billion, up 19.0% year over year.

關於貨幣化，我將謹慎挖掘我們平台的巨大貨幣化潛力，推動本季強勁的營收成長。這些成就進一步凸顯了我們為卡車司機和托運人提供的獨特價值。從本季開始，我們的高品質營運轉化為卓越的財務表現。總淨收入達27億元，年增19.0%。

Notably, revenue from our transaction service continued to grow rapidly, rising 51.5% year over year to RMB1.05 billion and accounting for nearly 39% of our total leverages. Non-GAAP adjusted operating income grew by 171.5% year over year to RMB1.32 billion and non-GAAP adjusted net income increased by 84% and year over year to RMB1.39 billion.

值得注意的是，交易服務收入持續快速成長，年增51.5%至人民幣10.5億元，占我們總槓桿的近39%。非美國通用會計準則調整後營業收入較去年同期成長171.5%至人民幣13.2億元；非美國通用會計準則調整後淨利年增84%至人民幣13.9億元。

This solid first quarter performance provides a strong foundation for us to in fact further in strategic areas of growth. During the quarter, the emergence of deep seek and intelligent robotics initiated a new wave of technological advancements. As a leader, propelling the new quality productive forces of the logistics industry we remain dedicated to seizing the opportunities presented by the industry's digitalization and AI-driven transformation.

第一季的穩健表現為我們進一步實現策略成長奠定了堅實的基礎。本季度，深度尋址和智慧機器人的出現引發了新一輪技術進步浪潮。身為物流產業新生產力的領導者，我們始終致力於掌握物流產業數位化、人工智慧轉型的機會。

This year, we plan to deepen our investments in Plus PRC to maintain our long-term technological leadership in heavy-duty truck autonomous driving. Additionally, the full spectrum of road transportation scenarios present vast opportunities for AI applications, which we will actively explore to drive cost reductions and efficiency improvements across the industry. Thank you, once again. Now I'll pass the call over to Simon, who will provide an update on our first quarter business progress and financial results.

今年，我們計劃增加對Plus PRC的投資，以保持在重卡自動駕駛領域的長期技術領先地位。此外，道路運輸的全場景應用也為人工智慧提供了廣闊的空間，我們將積極探索，推動全產業降本增效。再次感謝您。現在我將電話轉給西蒙，他將介紹我們第一季的業務進度和財務表現。

Thank you, Mr. Zhang. Thank you all for joining today's earnings conference call. I will now provide an overview of our operational highlights and financial results for the first quarter of 2025. Let's start with our operations.

謝謝張先生。感謝大家參加今天的收益電話會議。現在，我將概述我們 2025 年第一季的營運亮點和財務表現。讓我們從我們的行動開始。

We continue to refine and enhance our fulfillment services, achieving record milestones this quarter.

我們繼續完善和增強我們的履行服務，本季取得了創紀錄的里程碑。

Our fulfilled orders rose to $48.2 million, a 22.6% year-over-year increase, outpacing the broader freight industry trends. This growth was driven by an expanding shipper base and improved fulfillment efficiency, supported by positive shifts in our user structure. Our fulfillment rate reached a breakthrough milestone at 39.2% in the first quarter, up nearly 6 percentage points year over year. This marks yet another new record for our platform.

我們的已完成訂單金額上升至 4,820 萬美元，年增 22.6%，超過了整體貨運業的趨勢。這一增長得益於托運人基礎的擴大和履行效率的提高，以及用戶結構的積極變化。第一季度，我們的訂單履行率突破39.2%，較去年同期上升近6個百分點。這標誌著我們的平台又創下了一項新紀錄。

Notably, the average fulfillment rate of low and medium frequency direct shippers approached 60%, an increase of nearly 10 percentage points year over year. Orders from these user groups now account for more than half of total orders, reflecting the successful optimization of our shipper user structure and improved ecosystem. These achievements underscore the effectiveness of our differentiated operational strategy and set a strong foundation for future service quality and enhancement.

值得注意的是，中低頻直銷商平均履約率接近60%，較去年同期提升近10個百分點。目前，這些用戶群體的訂單佔總訂單量的一半以上，反映了我們發貨用戶結構的成功優化和生態系統的完善。這些成績的取得，充分體現了我們差異化經營策略的有效性，為未來服務品質的提升奠定了堅實的基礎。

Moving on to our user base. Both our average shipper MAU and the number of shipper members continued their steady growth in the first quarter. Our average shipper MAUs reached 2.76 million, up 20.8% year over year. In March, we surpassed 3 million average shipper MAUs, setting a new monthly record. Total shipper members executed 1.1 million by the end of the first quarter, another all-time high.

繼續討論我們的用戶群。第一季度，我們的平均托運人MAU和托運人會員數量均持續穩定成長。我們的平均托運人MAU達到276萬，年增20.8%。3 月份，我們的平均托運人 MAU 超過 300 萬，創下了月度新高。截至第一季末，托運人會員總執行量達110萬單，再創歷史新高。

This growth was primarily driven by increase among low and medium frequency direct shippers, resulting from our effective user engagement and retention initiatives.

這一增長主要得益於我們有效的用戶參與和保留措施帶來的中低頻直接托運人數量的增加。

We improved conversion rates at key onboarding stages such as new shippers' initial engagement, their first fulfillment and early repeat orders. This was accomplished through targeted strategies, including streamlined shipment onboarding, enhanced fulfillment assurance and improved retention rate and dedicated customer support and service engagement while win. Our 12 months rolling retention rate for shipper members remained above 80%, demonstrating strong user loyalty to our platform as our user base continues to expand. Turning to our trucker operations.

我們提高了關鍵入職階段的轉換率，例如新托運人的初次參與、首次履行和早期重複訂單。這是透過有針對性的策略實現的，包括簡化的貨運入職流程、增強的履行保證、提高的保留率以及在獲勝的同時提供專門的客戶支援和服務參與。我們的托運會員 12 個月滾動留存率保持在 80% 以上，隨著用戶群的不斷擴大，這表明用戶對我們平台的忠誠度很高。轉向我們的卡車司機業務。

We upgraded our trucker credit rating system in the quarter, optimized the benefits associated with trucker membership and refined our premium cargo bidding algorithm. These efforts drove sustained improvements in trucker performance with the number of active truckers fulfilling orders through our platform over the past 12 months, increasing to $4.18 million.

我們在本季度升級了卡車司機信用評級系統，優化了與卡車司機會員相關的福利，並改進了我們的優質貨物競標演算法。這些努力推動了卡車司機績效的持續提高，過去 12 個月透過我們的平台完成訂單的活躍卡車司機數量增加到 418 萬美元。

In addition, engagement and loyalty amount truckers further improved with the truckers average monthly field orders increasing year over year and the next month retention rate of truckers who responded to others consistently exceeding 85%, underscoring the effectiveness of our initiatives in building a reliable and committed trucker network.

此外，卡車司機的參與度和忠誠度進一步提高，卡車司機每月平均現場訂單量逐年增加，響應他人的卡車司機下個月留存率始終超過 85%，凸顯了我們建設可靠、忠誠的卡車司機網路舉措的有效性。

Shifting now to our transaction service. Revenue for the quarter saw a significant acceleration, increasing 51.5% year over year to RMB1.05 billion, thanks to the dual engine of order growth and enhanced monetization. We made substantial progress across several key monetization metrics. Our monetized order penetration rates surged to 85.2% for the quarter, an impressive increase of nearly 8 percentage points from 77.4% last year, while the average monetization amount per order improved to RMB25.5 from RMB22.7 a year ago.

現在轉向我們的交易服務。本季營收大幅加速成長，年增51.5%至人民幣10.5億元，得益於訂單成長和貨幣化增強的雙引擎推動。我們在幾個關鍵的貨幣化指標上取得了實質進展。本季，我們的貨幣化訂單滲透率飆升至 85.2%，較去年的 77.4% 大幅提升近 8 個百分點，而每筆訂單的平均貨幣化金額則從一年前的人民幣 22.7 元提升至人民幣 25.5 元。

These results were propelled by the refined management of our freight matching system by continuously iterating and optimizing our multidimensional commission model and differentiating freight pricing for low medium and high frequency shippers, we strengthened retention among core shipper users, unlocking monetization potential within long-tail user demographics. With our fulfillment efficiency consistently increasing the growing willingness of our low and medium frequency direct shippers to pay support -- to pay supported further refinement of our monetization structure.

這些結果得益於我們貨運匹配系統的精細化管理，透過不斷迭代和優化我們的多維佣金模型以及針對低、中、高頻托運人差異化貨運定價，我們加強了核心托運人用戶的保留，釋放了長尾用戶群體中的貨幣化潛力。隨著我們的履行效率不斷提高，我們的低頻和中頻直接托運人支付支援的意願越來越強——支付支援進一步完善我們的貨幣化結構。

Looking ahead, we will leverage our intelligent risk control system and dynamic pricing capabilities to deepen amortization in high-value scenarios. Combined with our tiered approach to shipper member operations, these initiatives will expand our base of quality shippers, fostering a virtuous circle -- cycle of quality user growth and monetization efficiency. In addition, we plan to harness AI to further enhance matching efficiency, enabling smarter faster connections between shippers and truckers. We believe this will fuel stronger momentum throughout 2025 and driving long-term value for our platform.

展望未來，我們將運用智慧風控體系和動態定價能力，深化高價值場景的攤銷。結合我們對托運人會員營運的分層方法，這些措施將擴大我們的優質托運人基礎，形成良性循環——優質用戶成長和貨幣化效率的循環。此外，我們計劃利用人工智慧進一步提高配對效率，實現托運人和卡車司機之間更聰明、更快速的聯繫。我們相信，這將在 2025 年激發更強勁的發展勢頭，並為我們的平台帶來長期價值。

Now I'd like to provide a brief overview for our 2025 first quarter financial results. Our total net revenues in the first quarter were RMB2.699.9 million, representing a 19% increase year over year, primarily attributable to an increase in revenues from freight matching services. Net revenues from freight matching services, including service fees from freight brokerage models membership fees from listing models and commissions from transaction services were RMB2.247.1 million in the first quarter, representing an increase of 20.2% year over year, primarily due to the rapid increase in transaction service.

現在我想簡要概述一下我們 2025 年第一季的財務表現。第一季度，我們總淨收入為人民幣269.99萬元，較去年同期成長19%，主要由於貨運匹配服務收入的成長。第一季貨運匹配服務淨收入（包括貨運經紀模特兒的服務費、上架模特兒的會員費以及交易服務佣金）為人民幣224.71萬元，年增20.2%，主要由於交易服務的快速成長。

Revenues from freight brokerage service in the first quarter were RMB965.7 million, remaining nearly flat, primarily attributable to an increase in service fee rate, offset by a decrease in transaction volume as we exercised a portion in this business by proactively downsizing operations in anticipation of possible VAT rebate adjustments.

第一季貨運經紀服務收入為人民幣 9.657 億元，基本持平，主要由於服務費率上調，但因我們預期可能出現的增值稅退稅調整而主動縮減業務規模，導致交易量減少。

Revenues from the freight listing service in the first quarter were RMB234.9 million, up 10% year over year, primarily due to the growing number of total paying members. Revenues from the transaction service in the first quarter were [RMB1.465] million, up 51.5% year over year primarily driven by increase in order volume penetration rates and per order transaction service fees.

第一季貨運清單服務收入為人民幣2.349億元，較去年同期成長10%，主要由於付費會員總數的成長。第一季交易服務收入為[人民幣146.5萬元]，較去年同期成長51.5%，主要由於訂單量滲透率及每筆訂單交易服務費的成長。

Revenues from value-added services in the first quarter were RMB452.8 million, up 13.5% year over year. And this increase was primarily due to growing demand for credit solutions. First quarter cost of revenues was RMB698.6 million, a decrease of 32.3% from RMB1.319 million in the same period of 2024. The decrease was primarily due to decreases in related tax surcharges and other tax costs ahead of grants from government authorities. And these tax-related costs net of government grounds totaled RMB565.6 million representing a decrease of RMB37.7 million from RMB908 million in the same period of 2024, primarily due to a decrease in tax costs net of government's grants related to the company's freight brokerage service.

第一季增值服務收入為4.528億元，年增13.5%。這種成長主要是由於對信貸解決方案的需求不斷增長。第一季營收成本為人民幣 6.986 億元，較 2024 年同期的人民幣 131.9 萬元下降 32.3%。減少的主要原因是，相關稅費及政府部門補助前的其他稅費減少。扣除政府補助後的稅費成本總額為人民幣 5.656 億元，較 2024 年同期的人民幣 9.08 億元減少人民幣 3,770 萬元，主要由於扣除與公司貨運經紀服務相關的政府補助後的稅費成本減少。

Our sales and marketing expenses in the first quarter were RMB377.9 million compared with RMB[340.1] million in the same period of 2024. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions partially offset by lower salaries and benefit expenses.

我們第一季的銷售和行銷費用為人民幣 3.779 億元，而 2024 年同期為人民幣 [3.401] 億元。成長的主要原因是用於用戶獲取的廣告和行銷費用增加，但工資和福利費用降低部分抵消了這一增長。

General and administrative expenses in the first quarter were RMB186 million compared with RMB264.5 million in the same period of 2024. The decrease was primarily due to lower share-based compensation and salary and benefit expenses. R&D expenses in the first quarter were RMB193.4 million compared with RMB247.7 million in the same period of 2024. The decrease was primarily due to lower salary and benefit expenses.

第一季的一般及行政費用為人民幣 1.86 億元，而 2024 年同期為 2.645 億元。下降的主要原因是股權激勵和工資及福利費用減少。第一季研發費用為人民幣 1.934 億元，而 2024 年同期為 2.477 億元。下降的主要原因是薪資和福利支出減少。

Our income from operations in the first quarter was RMB1.224 billion, an increase of 285.2% from RMB312.2 million in the same period of 2024. Net income in the first quarter was RMB1.278.9 million, an increase of 118.1% from RMB586.4 million in the same period of 2024.

我們第一季的營業收入為人民幣12.24億元，較2024年同期的人民幣3.122億元成長285.2%。第一季淨收入為人民幣12.789億元，較2024年同期的人民幣5.864億元成長118.1%。

On the non-GAAP measures, our adjusted operating income in the first quarter was RMB1.318.1 billion, an increase of 171.5% from RMB485.4 million in the same period of 2024. Our adjusted net income in the first quarter was RMB1.3914 billion, an increase of 84% from [RMB756.4] million in the same period of 2024. Basic net income per ADS was RMB1.22 in the first quarter compared with RMB0.56 in the same period of 2024.

依照非美國通用會計準則，我們第一季調整後的營業收入為人民幣13.181億元，較2024年同期的人民幣4.854億元成長171.5%。我們第一季的調整後淨收入為人民幣 13.914 億元，較 2024 年同期的 [人民幣 7.564 億元] 增長 84%。第一季每股美國存託憑證基本淨利為1.22元人民幣，2024年同期為0.56元人民幣。

Diluted net income per ADS was RMB1.21 in the first quarter compared with RMB0.56 in the same period of 2024. Non-GAAP adjusted basic and diluted net income per ADS were RMB1.32 in the first quarter of 2025 compared with RMB0.72 in the same period of in 2024.

第一季每股美國存託憑證攤薄淨利為1.21元人民幣，2024年同期為0.56元。2025年第一季非美國通用會計準則調整後每股美國存託憑證基本及攤薄淨利為1.32元人民幣，2024年同期為0.72元。

As of March 31, 2025, the company had cash and cash equivalents, restricted cash, short-term investment, long-term time deposits and wealth management products with maturity over one year of RMB29.3 billion in total compared with RMB29.2 billion as of December 31, 2024. For our second quarter 2025 business outlook, we expect our total net revenues to be between RMB3.06 billion and RMB3.12 billion, representing a year-over-year growth rate of approximately 10.6% to 12.9%. 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 the reasonable accuracy as of the date hereof.

截至 2025 年 3 月 31 日，本公司持有的現金及現金等價物、受限現金、短期投資、長期定期存款及一年以上到期的理財產品總額為人民幣 293 億元，而截至 2024 年 12 月 31 日為人民幣 292 億元。對於2025年第二季的業務展望，我們預期總淨收入將在人民幣30.6億元至人民幣31.2億元之間，年增約10.6%至12.9%。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，並且截至本文發布之日無法以合理的準確度進行預測。

Before concluding our prepared remarks, I'd like to highlight that on May 16, 2025, our Board of Directors approved an additional investment of USD 125 million into Plus PRC, a leading autonomous driving technology company in China. This investment will count in the principal and accrued interest of certain convertible notes issued by Plus PRC, which were acquired in May 2024 and January 2025. Post the completion of the transaction, we expect to maintain no less than 52.8% of equity interest and 56.2% of voting rights in Plus PRC, excluding ESOP.

在結束我們的準備好的發言之前，我想強調一下，2025 年 5 月 16 日，我們的董事會批准向中國領先的自動駕駛技術公司 Plus PRC 額外投資 1.25 億美元。該投資將計入 Plus PRC 發行的某些可轉換票據的本金和應計利息，這些票據於 2024 年 5 月和 2025 年 1 月收購。交易完成後，我們預計將保留 Plus PRC 不少於 52.8% 的股權和 56.2% 的投票權（不包括員工持股計畫）。

With the expected amendment to the memorandum and Articles of Association of Plus PRC that will allow future alliance to control the board of Plus PRC. We expect to consolidate the financial results of Plus PRC into our consolidated financial statements upon completion of these investment transactions. We believe that we are at a pivotal moment in the era of AI and autonomous driving, transitioning from technological validation to large-scale deployment. Through deeper collaboration with plus PRC, we aim to capitalize on the opportunities within intelligent technologies, and we are confident that this forward-looking strategy will establish a significant first-mover advantage in addressing the critical needs of low transformation and further reinforcing our leadership position in the industry.

預計對 Plus PRC 的公司章程和備忘錄進行修訂，允許未來的聯盟控制 Plus PRC 的董事會。我們預計在完成這些投資交易後將 Plus PRC 的財務結果合併到我們的合併財務報表中。我們相信，我們正處於人工智慧和自動駕駛時代的關鍵時刻，從技術驗證過渡到大規模部署。透過與plus PRC的深入合作，我們旨在利用智慧技術領域的機遇，並且我們相信，這項前瞻性策略將在滿足低轉型的關鍵需求方面建立顯著的先發優勢，並進一步鞏固我們在行業中的領導地位。

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

我們的準備好的演講到此結束。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 Chinese) I just want to ask about the fulfilled orders that was very healthy at 23% in the first quarter, outperforming the industry significantly. So what are the key factors? And then since the tariff impact came in April, have you seen any impact on your order volumes? And how should we think of the full year volume expectations for 2025?

（用中文說）我只想問一下第一季的訂單完成情況，這個數字非常健康，達到了 23%，遠遠超過行業平均水平。那麼關鍵因素是什麼呢？那麼，自從四月關稅影響開始以來，您的訂單量是否受到了影響？我們該如何看待 2025 年全年銷售預期？

Thank you, Ronald. So despite the traditional seasonal slowdown during the Chinese New Year period, our platform delivered a remarkable 22.6% year-over-year increase in fulfilled orders in the past quarter and significantly outperforming the broader market. And we believe this strong performance was attributed to three key factors.

謝謝你，羅納德。因此，儘管農曆新年期間出現了傳統的季節性放緩，但我們平台上個季度的訂單完成量同比增長了 22.6%，並且明顯優於大盤。我們認為，這一強勁表現歸功於三個關鍵因素。

And first, we experienced a continued expansion of high-quality user base, although we exercised in terms of marketing and promotional activities over the holiday period. And following the Chinese New Year, a number of active shippers rebounded rapidly with average monthly active shippers exceeded RMB3 million in March setting a new record. And notably, the majority of new users were -- we acquired were SME owners with high-quality order demand and also their industry distribution aligned closely with the platform's overall structure, which is pretty much domestic demand driven.

首先，儘管我們在假期期間在行銷和促銷活動方面有所放鬆，但我們的優質用戶群仍在繼續擴大。而春節過後，活躍貨主數量迅速回升，3月月均活躍貨主數量突破300萬元，創下歷史新高。值得注意的是，我們獲取的新用戶大部分是具有高品質訂單需求的中小企業主，他們的行業分佈與平台的整體結構緊密結合，平台的整體結構很大程度上是由國內需求驅動的。

And given these characteristic characteristics, they will provide a solid foundation for future order volume growth. The second element is the strong order volume growth was attributable to effective execution of our refined operational strategies through multiple initiatives focusing on shipment onboarding, fulfillment, assurance and retention enhancement. We have significantly improved conversion rates from new user registration to first order fulfillment and early repeat orders.

而鑑於這些特點，它們將為未來的訂單量成長提供堅實的基礎。第二個因素是訂單量強勁成長歸功於我們透過專注於貨物裝運、履行、保證和保留增強的多項舉措有效執行完善的營運策略。我們大幅提高了從新用戶註冊到首次訂單履行和早期重複訂單的轉換率。

This year, we are also planning to deepen our targeted operation for key freight categories, ensuring that we match shippers with truckers who have relevant transportation experience and capabilities. We hope this approach will continue to enhance fulfillment experiences reinforce user trust and support sustainable long-term growth. And lastly, continuously breakthroughs in our new business contributed to the robust other volume growth as well. Both our lesson truckload and intercity business maintained rapid growth momentum during the quarter. In particular, we expect a strong demand in the LPL subsegment to become a key growth driver for platform going forward.

今年我們還計劃深化重點貨運類別的定向運營，確保為托運人匹配具有相關運輸經驗和能力的卡車司機。我們希望這種方法將繼續增強履行體驗，增強用戶信任並支持可持續的長期成長。最後，我們新業務的不斷突破也促進了其他業務量的強勁成長。本季度，我們的貨車運輸業務和城際業務均保持了快速成長勢頭。特別是，我們預計 LPL 細分市場的強勁需求將成為平台未來成長的主要動力。

Regarding the impact of the recent tariff adjustments, we have not observed even until now any significant impact on our business and that is primarily due to our focus on domestic freight transportation. Export cargoes typically rely on containerized logistics and are largely managed through third-party logistics specialist, which fall outside of our scope. While the upstream suppliers in the manufacturing chain may face indirect pressure from tariffs, such effects are highly fragmented and not quantifiable at this moment. We'll closely monitor any potential indirect effects on the supply chain, and we will assess and address our long-term impact as they arise.

至於最近關稅調整的影響，到目前為止我們還沒有發現對我們的業務有任何重大影響，這主要是因為我們專注於國內貨運。出口貨物通常依賴貨櫃物流，並且主要透過第三方物流專家管理，這不屬於我們的範圍。雖然製造鏈上游的供應商可能面臨關稅的間接壓力，但這種影響非常分散，目前無法量化。我們將密切監測對供應鏈的任何潛在間接影響，並在其出現時評估和解決我們的長期影響。

Looking ahead to 2025, we still remain optimistic about our order volume outlook. Our core strategy will continue to focus on strengthening our long-haul freight operations by improving supply demand matching efficiency and enhancing the end-to-end service experience just to solidify our leadership position in the long-haul freight market and drive high-quality volume growth.

展望2025年，我們仍對訂單量前景保持樂觀。我們的核心策略將繼續專注於加強長途貨運業務，提高供需匹配效率，增強端到端服務體驗，鞏固我們在長途貨運市場的領導地位，推動高品質的貨運量成長。

Ultimately, we are committed to creating sustainable value for both shippers and truckers and building a long-term mutually beneficial ecosystem.

最終，我們致力於為托運人和卡車司機創造可持續的價值，並建立長期互惠互利的生態系統。

Eddy Wang, Morgan Stanley.

摩根士丹利的 Eddy Wang。

(spoken in Chinese) My question is regarding the fulfillment rates. We see that the fulfillment rates continued to increase in the first quarter, reaching 39.2%, a year-over-year improvement of 5.7 percentage points and a quarter-on-quarter improvement of 1.7 percentage points. What are the main drivers behind the significant increase in the fulfillment rates over the several consecutive quarters?

（用中文說）我的問題是關於履行率的。我們看到，第一季訂單履行率持續提升，達到39.2%，較去年同期提升5.7個百分點，季增1.7個百分點。連續幾季訂單履行率大幅提升的主要驅動力是什麼？

Thank you, Eddy. The fulfillment rate improved rapidly in the first quarter, primarily due to the combined effects of user structure optimization, operational strategies and enhanced matching efficiency. First, our improved user mix has significantly enhanced overview fulfillment quality over the past few quarters. The other contribution from direct shippers increased to 51% this quarter from 47% in the prior year period.

謝謝你，艾迪。第一季訂單達成率快速提升，主要得益於使用者結構優化、營運策略優化、撮合效率提升等因素的共同作用。首先，我們改進的用戶組合在過去幾季中顯著提高了概覽履行品質。本季來自直接托運人的其他貢獻從去年同期的 47% 增加到 51%。

This user group primarily composed of small and medium-sized business owners typically demand service quality and greater fulfillment reliabilities. And during the quarter, the average fulfillment rate of direct shippers approached nearly 60%, significantly outperforming that of intermediaries and other professional shippers. We believe the continued growth in the share of direct shippers will be a key structural factor driving overall platform procurement rate improvement.

此用戶群主要由中小型企業主組成，通常要求服務品質和更高的履行可靠性。本季，直接托運人的平均履行率接近60%，明顯優於中介機構和其他專業托運人。我們認為，直接出貨商份額的持續成長將成為推動整體平台採購率提升的關鍵結構性因素。

And second, our refined operational strategies are unlocking greater efficiencies through the user life cycle. During the first quarter, we further clarified the pricing structure holistically so that for any given shipment, the freight fees -- the freight rates decreased in the order of entrusted shipment followed by full truckload and then lessen truckload. The clearer pricing differences between different transaction types help shippers set reasonable expectations, reducing cancellations caused by pricing misunderstanding. Additionally, we optimized the trucker order acceptance process so that the post cargo information is ungated and thus encouraging truckers to return to the full details before accepting which extend their online time and improve matching precision, significantly enhancing fulfillment outcomes.

其次，我們完善的營運策略正在透過用戶生命週期實現更高的效率。在第一季度，我們進一步從整體上明確了定價結構，對於任何一批貨物，運費——運費按照委託運輸、滿載運輸、少載運輸的順序降低。不同交易類型之間更清晰的定價差異有助於托運人設定合理的預期，減少因定價誤解而導致的取消。此外，我們還優化了卡車司機訂單接受流程，使貨物後信息不受限制，從而鼓勵卡車司機在接受前返回查看完整詳細信息，從而延長他們的在線時間並提高匹配精度，顯著提高履行結果。

We also strengthened shipper loyalty through initiatives such as dedicated (inaudible) service -- customer support and customized service for key accounts, which have improved retention and repurchase behavior, reinforcing fulfillment capabilities of shipper users. As a result, matching efficiency has improved substantially.

我們也透過專門（聽不清楚）服務——客戶支援和針對主要客戶的客製化服務等措施加強了托運人的忠誠度，這些措施改善了保留和回購行為，增強了托運人的履行能力。因此，匹配效率大大提高。

In the first quarter, the number of monthly active truckers also increased significantly year over year, ensuring sufficient transportation capacity supply. For example, the average time for -- average time from other to successful matching decreased under RMB10 million, an improvement of more than 35% year over year, which provides strong underlying support for fulfillment growth.

一季度，每月活躍卡車司機數量同比也大幅增加，保證了充足的運力供給。例如，從其他到成功匹配的平均時間減少到1000萬元人民幣以下，同比增長超過35％，這為履行增長提供了強有力的基礎支持。

Looking ahead, we remain confident that the upward trend in fulfillment rates will continue as we further expand our direct shipper base, deepen our user segmentation strategies and enhanced product experiences. By leveraging technology and building a stronger ecosystem, we aim to elevate fulfillment performance to new heights in creating more predictable and tangible values for both shippers and truckers. Thank you.

展望未來，我們仍然相信，隨著我們進一步擴大直接托運人基礎、深化用戶細分策略和增強產品體驗，履行率的上升趨勢將持續下去。透過利用技術和建立更強大的生態系統，我們旨在將履行績效提升到新的高度，為托運人和卡車司機創造更可預測和有形的價值。謝謝。

Wenjie Zhang, CICC.

張文傑，中金公司。

(spoken in Chinese) My question is regarding shipper users. In the first quarter, the number of monthly active shippers increased about 29% to RMB2.76 million. I wonder what are the main reasons behind this high growth? And if we look at overall trends over the past three years, we have seen an accelerated growth of the shipper users? What are the primary reasons for that?

（用中文說）我的問題是關於托運人用戶的。一季月活躍出貨用戶數年增約29%，達276萬元。我想知道這種高成長背後的主要原因是什麼？如果我們回顧過去三年的整體趨勢，我們是否看到托運人用戶的成長速度加快了？造成這種情況的主要原因是什麼？

Thank you. In the first quarter, the number of monthly active shippers maintained a growth trajectory we observed in the past few quarters. And we believe this momentum was driven not only by short-term strategic optimizations, but also by platform's long-term accumulated value, which continues to strengthen our user ecosystem. First, our comprehensive marketing system enabled more targeted outreach to prospective users during the quarter.

謝謝。第一季度，每月活躍出貨用戶數量保持了我們過去幾個季度觀察到的成長軌跡。我們相信，這種勢頭不僅是由短期策略優化所推動的，也是由平台長期累積的價值所推動的，這將持續加強我們的用戶生態系統。首先，我們全面的行銷系統在本季使我們能夠更有針對性地接觸潛在用戶。

On the digital front, we consistently optimize key words placements and search to download conversion rates across major app stores, while also investing in precision marketing on content platforms, including short-form video apps to attract potential users. Offline, we continue to enhance brand recognition through truck stickers, billboards in commercial areas and other physical channels, effectively driving traditional offline users to move online and creating a healthy conversion funnel from brand exposure to app downloads.

在數位方面，我們不斷優化各大應用程式商店的關鍵字排名和搜尋下載轉換率，同時投資內容平台（包括短影片應用程式）的精準行銷，以吸引潛在用戶。在線下，我們透過卡車貼紙、商業區廣告看板等實體管道不斷提升品牌知名度，有效帶動傳統線下用戶轉移到線上，打造從品牌曝光到應用下載的健康轉換管道。

Second, our refined operational strategies on Shipper side significantly improved user engagement and retention. As mentioned earlier, we adopted a free staff strategy on the user conversion focusing on shipment, onboarding, fulfillment assurance and retention enhancement. Thanks to the operational team's efforts, conversion rates for both first order and repeat orders for new shippers have improved remarkably.

其次，我們在出貨方的營運策略的改進顯著提高了用戶參與度和保留率。如前所述，我們在用戶轉換方面採取了免費員工策略，重點關注發貨、入職、履行保證和保留增強。在營運團隊的努力下，新發貨人的首單轉換率和複單轉換率都有了顯著的提高。

Additionally, our membership program, which offers benefits such as freight discounts and shipment tracking for freight shippers further stimulated user activity and loyalty. From a long-term perspective, we believe the ongoing enhancement of the platform's value proposition has accelerated user growth. Our increasingly efficient and transparent matching mechanism enables more direct shippers to connect with truckers as reasonable freight rates avoiding the traditional price markup typically associated with offline intermediates.

此外，我們的會員計劃為貨運托運人提供運費折扣和貨運追蹤等優惠，進一步刺激了用戶活躍度和忠誠度。從長遠來看，我們相信平台價值主張的不斷增強加速了使用者的成長。我們日益高效和透明的匹配機制使更多的直接托運人能夠以合理的運費與卡車司機聯繫，避免了通常與線下中間商相關的傳統價格加價。

Furthermore, as an independent third-party platform, we have built a robust credit rating and dispute resolution system that enables us to provide detailed order and communication records to support user claims in the event of a dispute, helping to minimize transaction risks. This user experience advantages and safeguards have underpinned our accelerated shipper MAU growth over the last three years.

此外，作為獨立的第三方平台，我們建立了完善的信用評級和爭議解決體系，能夠在發生爭議時提供詳細的訂單和溝通記錄，支持用戶索賠，從而最大限度地降低交易風險。這種使用者體驗優勢和保障措施支撐了我們過去三年來托運人MAU的加速成長。

Looking ahead, we'll continue to center our strategy around user value, deepening technology empowerment and operational innovation. Our goal is to further expand the share of direct shippers to reinforce our leadership in the digitalization of freight logistics and drive sustained high-quality user growth.

展望未來，我們將繼續圍繞用戶價值，深化技術賦能和營運創新。我們的目標是進一步擴大直銷商的份額，鞏固我們在貨運物流數位化領域的領導地位，推動用戶持續高品質的成長。

Did that conclude your answer?

你的答案就這樣結束了嗎？

Yes.

是的。

Brian Gong, Citi.

花旗銀行的 Brian Gong。

(spoken in Chinese). My question is, how was the truckers activity level in the fourth quarter and it has other acceptance frequency of active truckers on the platform for the increase. Have you noticed the rapid growth in the number of trucker users given a relatively mix job market, and therefore, the supply-demand relationship between truckers and shippers becoming increasingly imbalanced.

（以中文講解）。我的問題是，第四季度卡車司機的活躍程度如何，平台上活躍卡車司機的接受頻率是否增加。您是否注意到，在就業市場相對混合的情況下，卡車司機用戶的數量快速增長，因此卡車司機和貨主之間的供需關係變得越來越不平衡。

Thank you, Brian. In the first quarter, the average number of monthly active truckers remained above $3 million, achieving high single-digit growth year over year. Both our truckers engagement and transaction frequency per trucker improved in parallel. I would believe there are three drivers for truckers activity growth.

謝謝你，布萊恩。一季度，每月活躍卡車司機平均數量維持在300萬美元以上，較去年同期實現高個位數成長。我們的卡車司機參與度和每位卡車司機的交易頻率都得到了同步提高。我認為卡車司機活動成長有三個驅動因素。

First, the continuous increase in shipper order volume effectively activated the existing truck capacity on the platform while also encouraging previously dormant truckers to become active. This naturally created a positive cycle of other growth driving trucker activation. Meanwhile, our evolving matching alcohol significantly reduced the idle time between orders for truckers based on our transaction data, the MT hauling, MT waiting and MT loads data all declined year over year. also lower than industry average, boosting truckers' order taking efficiency per unit of time and further motivating them to remain active.

首先，貨主訂單量的持續成長，有效盤活了平台現有的卡車運力，同時也帶動了原本沉寂的卡車司機積極行動起來。這自然而然地形成了推動卡車司機活躍的其他成長的良性循環。同時，我們不斷改進的酒精匹配功能顯著減少了卡車司機訂單之間的空閒時間。根據我們的交易數據，MT 運輸、MT 等待和 MT 負載數據均同比下降，也低於行業平均水平，提高了卡車司機單位時間的接單效率，進一步激勵他們保持活躍。

In addition, our truck membership system has become a critical level -- a critical lever for improving fulfillment. By the end of the first quarter, the number of trucker members who subscribe to our [Changxing] program has grown steadily to over 700,000, contributing approximately 40% of the platform's long-haul fulfilled orders.

此外，我們的卡車會員制度已成為一個關鍵層面——提高履行率的關鍵槓桿。截至第一季末，我們[長興]計畫的卡車司機會員數量已穩定成長至70多萬，貢獻了平台約40%的長途配送訂單。

Truckers enjoying membership benefits such as priority access to orders and other exclusive privileges show significant higher transaction frequency and fulfillment rates compared to nonmembers. If the membership penetration rate continues to rise, we expect the platform's overall trucking supply and matching efficiency to improve.

享受會員福利（例如優先獲得訂單和其他專屬特權）的卡車司機與非會員相比，交易頻率和履行率明顯更高。如果會員滲透率持續上升，我們預期平台的整體貨運供應和匹配效率將會提高。

In terms of the overall trucker user trend, we have observed a structurally stable supply of medium and heavy-duty truckers over the past two years. This is largely due to the naturally high entry barriers for truckers, including the requirement for a professional driver's license, substantial vehicle investment and a certain level of cargo resources, all of which help future out newcomers with non-trucking backgrounds. By increasing order frequency and offering all around support, our platform has helped these structures improve their vehicle's turnover enabling them to maintain resilient income amid economic fluctuations and thereby strengthening the stability of the core trucking base.

從整體卡車司機使用者趨勢來看，我們觀察到過去兩年重型卡車司機的供應結構穩定。這很大程度上是因為卡車司機的進入門檻本來就比較高，需要有專業的駕照、大量的車輛投資以及一定的貨源，這些都有利於未來非卡車司機背景的新手進入。透過增加訂單頻率和提供全方位的支持，我們的平台幫助這些結構提高了車輛的周轉率，使他們能夠在經濟波動中保持穩定的收入，從而加強核心卡車運輸基礎的穩定性。

Looking ahead, we are confident that as order volume continues to grow, the trucker vehicle utilization will further improve as well as the income. Meanwhile, with ongoing optimization of matching efficiency and membership programs, we expect supply-demand dynamics to become even more balanced, which are ultimately creating greater value for both truckers and shippers. Thank you.

展望未來，我們有信心，隨著訂單量的不斷增長，卡車司機車輛的利用率將進一步提高，收入也將進一步提高。同時，隨著匹配效率和會員計劃的不斷優化，我們預計供需動態將變得更加平衡，最終為卡車司機和托運人創造更大的價值。謝謝。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

(spoken in Chinese) In the first quarter, transaction service revenue increased by 51.5% year on year, continuing its rapid growth. What are the main drivers behind this? What were the focus is for your commission strategies this quarter?

（中文播報）第一季，交易服務營收年增51.5%，延續快速成長態勢。這背後的主要驅動因素是什麼？本季您的佣金策略重點是什麼？

Thank you, Brian. That's a good question. In the first quarter, transaction service revenue continued to grow strongly, primarily driven by dual engines of expanding business scale and improving order quality. First, the number of commission orders continue to grow rapidly, given robust growth in fulfilled orders and increased commission order coverage. In March, we newly rolled out commission services in 39 additional cities across Northeast and Southwest regions, increasing overall commission coverage from 77% in the same period last year to 85% this year.

謝謝你，布萊恩。這是個好問題。一季度，交易服務收入持續強勁成長，主要得益於業務規模擴大和訂單品質提升的雙引擎驅動。一是委託訂單數量持續快速成長，訂單完成量強勁成長，委託訂單覆蓋率不斷提升。3月份，我們在東北部、西南部新增39個城市推出佣金服務，整體佣金覆蓋率則由去年同期的77%提升至今年的85%。

Looking at our full year strategy, we plan to further expand the number of commissioned cities. Given our strong capabilities to identify high-quality transactions than prior years, we believe that transitioning from a city-based exemption model to a more refined order-based exemption model will achieve higher monetization efficiency.

縱觀全年策略，我們計劃進一步擴大委託城市數量。鑑於我們識別優質交易的能力較前幾年增強，我們相信從基於城市的豁免模式過渡到更精細的基於訂單的豁免模式將實現更高的貨幣化效率。

This fine-tuned commission strategy will allow us to enhance user experience while driving sustainable growth in transaction service revenue. Second, the monetization per order also improved steadily from RMB22.7 per order in the same period last year to RMB25.5 this quarter, representing a 12% year-over-year increase. This was largely driven by the larger order contribution from high-quality transactions.

這項精細調整的佣金策略將使我們能夠提升用戶體驗，同時推動交易服務收入的永續成長。其次，單單貨幣化水準也穩定提升，由去年同期的22.7元/單提升至本季的25.5元/單，較去年同期成長12%。這主要是由於高品質交易帶來的訂單貢獻較大。

With our improvement in freight pricing and price protection for truckers, they have become more open to accept higher commission rates, creating a healthy cycle of better service for shipper reasonable freight premium to trucker and ultimately more room for commission, mutually beneficial to both users and the platforms.

隨著我們對貨運定價和卡車司機價格保護的改善，他們更願意接受更高的佣金率，從而形成一個良性循環：為托運人提供更好的服務，為卡車司機提供合理的貨運溢價，最終增加佣金空間，使用戶和平台互利共贏。

Looking ahead, we believe there is considerable room for further growth in transaction service revenue through ongoing optimization of order structure and the platform's efforts to provide protections and added value to both shippers and truckers. We'll continue to refine our commission strategies, enhance monetization efficiency and ensure that platform service deliver greater value to users to drive sustainable growth in our transaction services business.

展望未來，我們相信，透過不斷優化訂單結構以及平台努力為貨主和卡車司機提供保障和增值，交易服務收入還有相當大的成長空間。我們將繼續完善佣金策略，提高貨幣化效率，確保平台服務為用戶帶來更大的價值，以推動交易服務業務的永續成長。

Yuan Liao, CITC.

袁廖，CITC。

(spoken in Chinese) So my question is about what are the key considerations behind the anticipated increase in the investment in Plus PRC during this year. And what is the current progress of Plus PRC's business?

（用中文說）所以我的問題是，今年預計增加對 Plus PRC 的投資背後的主要考慮因素是什麼。目前Plus PRC的業務進展如何？

Thank you. We believe the autonomous driving technology is a critical inflection point, as I mentioned, shifting from technical validation to large-scale commercialization. With rapid advancement in perception, algorithms, decision-making systems and increasingly supportive regulatory environments, the sector now offers a significant commercial potential. By scaling up our investments at this pivotal moment, we aim to seize the opportunity presented by the technologies maturation and acceleration -- and accelerate the development of closed-loop ecosystem from R&D to monetization, particularly by building early-mover advantages in high-demand applications such as long-haul logistics.

謝謝。我們認為自動駕駛技術是一個關鍵的轉捩點，正如我所提到的，從技術驗證轉向大規模商業化。隨著感知、演算法、決策系統的快速進步以及日益支持的監管環境，該領域現在具有巨大的商業潛力。透過在這個關鍵時刻擴大投資，我們旨在抓住技術成熟和加速帶來的機遇，並加速從研發到貨幣化的閉環生態系統的發展，特別是透過在長途物流等高需求應用領域建立先發優勢。

On the collaboration front, we have established joint R&D initiatives with leading OEMs to codevelop and deploy next-generation autonomous driving systems. In terms of commercialization milestones, our intelligent trucking fleet has already begun delivering freight services to enterprise clients. This real-world deployment allows us to continuously accumulate operational data while providing tangible efficiency gains, including lower transportation costs, improved coordination between human operators and autonomous systems.

在合作方面，我們與領先的原始設備製造商建立了聯合研發計劃，共同開發和部署下一代自動駕駛系統。在商業化里程碑方面，我們的智慧卡車車隊已經開始向企業客戶提供貨運服務。這種實際部署使我們能夠持續累積營運數據，同時提供實際的效率提升，包括降低運輸成本、改善人類操作員和自主系統之間的協調。

As a dedicated innovator in autonomous driving, Plus PRC is committed to reshaping transportation economics through practical and scalable technological solutions. Unlike pure-play R&D companies, we focus on solving real-world challenges such as fuel efficiency, driver fatigue and fleet management complexity with targeted applications. Looking ahead, we remain focused on two core goals: reducing costs through breakthrough technologies and driving operational efficiency, ultimately helping the industry transition towards safer, smarter and more sustainable freight transportation. Thank you.

身為自動駕駛領域的專注創新者，Plus PRC 致力於透過實用且可擴展的技術解決方案重塑交通經濟。與純粹的研發公司不同，我們專注於透過有針對性的應用解決現實世界的挑戰，例如燃油效率、駕駛員疲勞和車隊管理複雜性。展望未來，我們仍專注於兩個核心目標：透過突破性技術降低成本和提高營運效率，最終幫助產業轉型為更安全、更智慧、更永續的貨運運輸。謝謝。

Ritchie Sun, HSBC.

孫紅雷，匯豐銀行。

(spoken in Chinese) So my question is about AI. So what are the main applications of AI on the platform's product functionalities currently? And what are the plans for the AI development in the future?

（用中文說）所以我的問題是關於人工智慧的。那麼目前AI在平台產品功能上主要有哪些應用呢？未來在AI發展方面有什麼規劃？

Yes. Thank you, Richie. Currently, the application of AI technology is primarily focused on intelligent dispatching and based on extensive user research, we identified that many shippers experienced common pain points during the truck finding process such as missed calls and inefficient communication due to repeated interactions. To address these challenges, we invested over a year, integrating the freight industry specific features into our AI large model to create our smart truck finder designed to help shippers locate the right truckers more effectively and efficiently.

是的。謝謝你，里奇。目前，AI技術的應用主要集中在智慧調度方面，透過大量的用戶調查，我們發現許多貨主在找車過程中都存在著一些共同的痛點，例如電話漏接、重複交互導致溝通效率低下等。為了應對這些挑戰，我們投入了一年多的時間，將貨運行業的特定功能整合到我們的 AI 大型模型中，以創建智慧卡車查找器，旨在幫助托運人更有效、更有效率地找到合適的卡車司機。

With the AI-powered Truck Finder, shippers can simultaneously communicate with multiple truckers 24/7 and provide real-time response to truckers' inquiries. This is significantly improving communication efficiency. In addition, the AI system can automatically verify the vehicle status and conditions to ensure that they meet the shippers' requirements. It also leverages the platform's broader market data to intelligently future and recommend the most suitable and cost-effective truckers, providing shippers with a more reliable and hassle-free experience.

透過人工智慧卡車查找器，托運人可以全天候同時與多名卡車司機溝通，並對卡車司機的詢問提供即時回應。這大大提高了溝通效率。此外，人工智慧系統還可以自動驗證車輛狀態和狀況，以確保其滿足托運人的要求。它還利用平台更廣泛的市場數據來聰明地預測和推薦最合適、最具成本效益的卡車司機，為托運人提供更可靠、更輕鬆的體驗。

Furthermore, we will substantially increase AI-related investments and actively explore the use of AI technology in other areas such as order posting, customer services and route planning. Looking ahead, we aim to continually deepen our AI capabilities to further enhance overall operational efficiency and consistently deliver high quality, more efficient services to shippers and truckers. Thank you.

此外，我們將大幅增加與人工智慧相關的投入，並積極探索人工智慧技術在訂單發布、客戶服務、路線規劃等其他領域的應用。展望未來，我們的目標是持續深化我們的人工智慧能力，以進一步提高整體營運效率，並持續為托運人和卡車司機提供高品質、更有效率的服務。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 fulltruckalliance 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 great day.

再次感謝您今天加入我們。如果您有任何其他問題，請隨時透過 fulltruckalliance 或 TPG 投資者關係部門與我們聯繫。您可在今天的新聞稿中找到我們在中國和美國 IR 的聯絡資訊。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。