Full Truck Alliance Co Ltd (YMM) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Full Truck Alliance's second 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2025年第二季財報電話會議。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, 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. 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所規定的免於承擔責任的安全港規定。此類聲明並非對未來績效的保證，並受某些風險和不確定性、假設和其他因素的影響。其中一些風險超出了公司的控制範圍，可能導致實際結果與今天的新聞稿和討論中提到的結果大不相同。

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 these 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，本公司不承擔更新這些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) 財務結果的對賬，請參閱今天早些時候發布的收益報告。

Joining us today on the call from FTA senior management are Mr. Hui Zhang, our Founder, Chairman and CEO; and Mr. Simon Cai, 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. In addition, a webcast replay of this call will be available on FTA's Investor Relations website at ir.fulltruckalliance.com.

今天參加 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首席融資和投資長蔡曉峰先生。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。此外，本次電話會議的網路直播重播將在 FTA 投資者關係網站 ir.fulltruckalliance.com 上提供。

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

現在我將把電話轉給我們的創辦人、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 for our second quarter 2025 earnings conference call. In the second quarter, FTA demonstrated remarkable resilience in navigating both opportunities and challenges in the external environment, while leveraging digitalization and intelligent technologies we continue to help shippers reduce logistics costs and enhance operational efficiency across the road freight industry through improvements in fulfillment efficiency and optimization of the user experience our platform reached a new milestone with fulfilled orders totaling 60.8 million, a 23.8% year-over-year increase underscoring the ongoing ship -- shift from offline to online logistics operations.

（翻譯）大家好，感謝您今天參加我們的 2025 年第二季財報電話會議。第二季度，FTA展現強大的韌性，積極應對外部環境的機會與挑戰，同時利用數位化、智慧化技術，透過提升履約效率、優化用戶體驗，持續幫助貨主降低物流成本，提升整個公路貨運產業的營運效率。平台訂單量再創新高，累計訂單量達6,080萬單，較去年同期成長23.8%，彰顯了物流營運由線下向線上的持續轉變。

Our key operating metrics also reached record highs in this quarter, reflecting meaningful progress across shipper growth, trucker capacity and matching efficiency as well as technology enablement. On the user front, we continue to invest in long-term brand building and online user acquisition among the 30 million potential SME shippers nationwide.

本季度，我們的主要營運指標也創下了歷史新高，反映了托運人成長、卡車司機運力和匹配效率以及技術支援等方面的重大進展。在用戶方面，我們持續投資全國3000萬潛在的中小企業托運人進行長期品牌建立和線上用戶獲取。

Simultaneously, our refined operations across cargo categories optimize the shipping serene for existing users throughout the order placement, freight matching and fulfillment process. As a result, average shipper MAUs in the second quarter exceeded 3.16 million, a 19.2% year-over-year increase, while shipper members surpassed 1.2 million, demonstrating enhanced user engagement and stickiness. Notably, the order contribution from direct shippers rose to 53%, reflecting continued optimization of our user base.

同時，我們對跨貨物類別的精細化營運在訂單下達、貨運匹配和履行過程中優化了現有用戶的運輸體驗。因此，第二季托運人平均每月活躍用戶超過316萬，較去年同期成長19.2%，托運人會員超過120萬，用戶參與度和黏性進一步增強。值得注意的是，直接出貨人的訂單貢獻上升至53%，反映出我們用戶群的持續優化。

To further boost our trucker capacity and enhance matching efficiency, we advanced our trucker credit rating and membership program, encouraging service quality improvements under the guiding principle of excellent service, more orders, higher income for truckers. We also strengthened the protection and support for truckers, enhancing the sense of value and recognition. By the end of the quarter, the number of active truckers fulfilling orders over the past 12 months rose to 4.34 million, up approximately 9% year-over-year, while trucker membership approached 1 million reflecting wider engagement and loyalty. Against this backdrop, our fulfillment rate reached a new high of 40.7%, an improvement of approximately 7-percentage-points year-over-year.

為進一步提升卡車司機運力、提高匹配效率，我們推動卡車司機信用評級和會員制度建設，以「服務好、訂單多、收入高」為指導思想，推動服務品質提升。加強對卡車司機的保障與扶持，增強卡車司機的價值感與認同感。截至本季末，過去 12 個月內履行訂單的活躍卡車司機數量上升至 434 萬，年增約 9%，而卡車司機會員數量接近 100 萬，反映出更廣泛的參與度和忠誠度。在此背景下，我們的履行率達到了40.7%的新高，年比提高了約7個百分點。

On the technology front, we remain focused on addressing the core pain point in the freight matching process, leveraging our VAP and proprietary transaction data, we advanced AI-driven enablement across multiple key process for -- from matching to fulfillment externally and from sales and marketing to customer service and operations internally, enhancing both the overall user experience and our operational efficiency, driven by our disciplined high-quality operations, we delivered another quarter of exceptional financial results.

在技​​術方面，我們仍然專注於解決貨運匹配流程中的核心痛點，利用我們的 VAP 和專有交易數據，我們在多個關鍵流程中推進人工智能驅動的支持——從外部的匹配到履行，從內部的銷售和營銷到客戶服務和運營，增強了整體用戶體驗和運營效率，在我們嚴謹的高質量運營的推動下，我們又一個季度推動了卓越的財務業績。

Total net revenue reached RMB3.24 billion, an increase of 17.2% year-over-year, with transaction service revenue surging 39.4% year-over-year to RMB1.33 billion. Non-GAAP adjusted operating income reached RMB1.23 billion, up 76% year-over-year, while non-GAAP adjusted net income rose 39.3% year-over-year to RMB1.35 billion.

總淨收入達人民幣32.4億元，年增17.2%，其中交易服務收入達人民幣13.3億元，較去年同期成長39.4%。非美國通用會計準則調整後營業收入達12.3億元人民幣，較去年成長76%；非美國通用會計準則調整後淨利達13.5億元人民幣，較去年同期成長39.3%。

Looking ahead, as a pioneer of new quality productive forces in the logistics sector, FTA will remain relentlessly user-centric. We will continue to strengthen the healthy development of both our shipper and trucker ecosystem, expand into new markets and drives the industry's digital and intelligent transformation. Through these efforts, we aim to empower enterprises with greater logistics competitiveness.

展望未來，作為物流領域高品質新生產力的先驅，FTA將始終堅持以使用者為中心。我們將持續加強托運人和卡車司機生態系統的健康發展，拓展新市場，推動產業數位化、智慧轉型。透過這些努力，我們的目標是增強企業的物流競爭力。

Thank you all once again. Now I will pass the call over to Simon, who will provide an update on our second quarter's business progress and the financial results.

再次感謝大家。現在我將把電話轉給西蒙，他將介紹我們第二季的業務進度和財務結果。

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 second quarter of 2025. Let's start with our operations. We continue to deliver steady and robust growth, once again setting new records across our key operating metrics this quarter. Fulfilled orders rose to 60.8 million, up 23.8% year-over-year, consistently outpacing broader freight industry trends. This performance was driven by the expansion of our user base -- of our shipper base and ongoing improvements in fulfillment efficiency.

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 年第二季的營運亮點和財務表現。讓我們從我們的行動開始。我們持續實現穩定且強勁的成長，本季主要營運指標再次創下新紀錄。已完成訂單量增至 6,080 萬份，年增 23.8%，持續領先貨運業的整體趨勢。這項業績得益於我們用戶群的擴大、托運人群的擴大以及履行效率的持續提高。

Our fulfillment rate reached a historical high of 40.7% in the second quarter, an increase of nearly 7-percentage-points from the prior year, marking yet another record for our platform. Notably, the average fulfillment rate among low and medium frequency direct shippers approached 60%, up almost 10-percentage-points year-over-year.

我們的訂單履行率在第二季達到了40.7%的歷史新高，比去年同期提高了近7個百分點，再創了我們平台的歷史新高。值得注意的是，中低頻直運商的平均履行率接近60%，較去年同期成長近10個百分點。

Orders from these user groups now account for roughly 53% of total fulfilled orders, an increase from last quarter, reflecting ongoing optimization of our shipper user structure and our ecosystem's growing strength. These breakthrough results underscore the effectiveness of our differentiated operational strategy and lay a strong foundation for further service quality enhancement.

來自這些用戶群體的訂單目前約佔總訂單量的 53%，較上一季度有所增長，這反映了我們托運人用戶結構的持續優化和生態系統實力的不斷增強。這些突破性的成果充分體現了我們差異化營運策略的有效性，為進一步提升服務品質奠定了堅實的基礎。

Moving to our user base. Our average shipper MAUs reached 3.16 million in the second quarter, up 19.3% year-over-year. Total shipper members surpassed 1.2 million by quarter end, another all-time high, driven primarily by growth in low and medium frequency direct shippers. Since its launch early last year, our 288 membership program has been well received with average monthly active members, exceeding 300,000 in the second quarter. Our 12-month rolling retention rate for shipper members remained above 80%, demonstrating our shippers' communities, strong loyalty and engagement.

轉向我們的用戶群。我們第二季的平均托運人MAU達到316萬，年增19.3%。截至季末，托運人總會員數超過 120 萬，再創歷史新高，主要受低頻和中頻直接托運人的成長推動。我們的288會員計畫自去年年初推出以來，廣受好評，平均每月活躍會員人數在第二季超過30萬人。我們的托運人會員 12 個月滾動保留率保持在 80% 以上，證明了我們的托運人社區具有強大的忠誠度和參與度。

Turning to the trucker side. The number of active truckers fulfilling orders through our platform over the past 12 months increased to 4.34 million, hitting a record high. Meanwhile, the next month retention rate for truckers we responded to orders consistently exceeded 85%. During the quarter, we further strengthened our trucker infrastructure, significantly enhancing other tracking completeness paving the way for high operational efficiency and a better fulfillment experience for truckers.

轉向卡車司機那邊。過去12個月透過我們平台履行訂單的活躍卡車司機數量增至434萬，創歷史新高。同時，我們響應訂單的卡車司機下個月的留任率始終保持在85%以上。本季度，我們進一步加強了卡車司機基礎設施，顯著提高了其他追蹤的完整性，為提高營運效率和為卡車司機提供更好的履行體驗鋪平了道路。

By offering high-quality freight orders along with improved guarantees and benefits, we grew our mini member trucker base to over 1 million. These members order acceptance frequency increased substantially, driving parallel growth in business scale and trucker engagement while further enhancing trucker stickiness.

透過提供高品質的貨運訂單以及更好的保障和福利，我們的迷你會員卡車司機數量增長到 100 多萬。這些會員的訂單接受頻率大幅提升，帶動了業務規模和卡車司機參與度的同步增長，同時進一步增強了卡車司機的粘性。

Shifting now to monetization, supported by the dual engine of order growth and improved monetization efficiency. Revenues from our transaction service achieved another quarter of high-quality growth, rising 39.4% year-over-year to RMB1.33 billion. Monetized order penetration reached 86.7%, up more than 5-percentage-points from the prior year, while average monetization per order increased to RMB25.2 from RMB23.9.

現轉向貨幣化，由訂單成長和貨幣化效率提高的雙引擎支撐。交易服務收入本季再創高品質成長，較去年成長39.4%至人民幣13.3億元。變現訂單滲透率達86.7%，較上年度提升5個百分點以上，平均單筆變現金金額由去年23.9元提升至25.2元。

Highly targeted operations within our service ecosystems are consistently strengthening our monetization capabilities. Leveraging the more sophisticated credit rating system and tiered incentive programs for truckers, we effectively addressed the diversified needs of both high-volume and long-tail shippers. These efforts safeguarded trucker income and retention while also enhancing both order volumes and monetization efficiency.

我們服務生態系統中高度針對性的運作正在不斷增強我們的貨幣化能力。透過更完善的信用評級體系和分級的卡車司機激勵計劃，我們有效地滿足了大宗貨物和長尾貨物托運人的多樣化需求。這些努力保障了卡車司機的收入和保留率，同時也提高了訂單量和貨幣化效率。

Looking ahead, we will continue to leverage our intelligent freight matching system and flexible subsidy strategies to further tap into high-value users monetization potentials. In parallel, our refined tiered approach to trucker operations will help accelerate the buildup of strategic core transportation capacity, fostering a virtuous cycle of healthy user growth and sustained improvement in monetization efficiency. We believe these initiatives will further strengthen our momentum in 2025, delivering long-term value for our platform and stakeholders.

展望未來，我們將持續利用智慧貨運匹配系統和靈活的補貼策略，進一步挖掘高價值用戶的貨幣化潛力。同時，我們精細化的卡車司機營運分級模式將有助於加速戰略核心運輸能力的建設，促進用戶健康成長和貨幣化效率持續提升的良性循環。我們相信這些舉措將進一步增強我們在 2025 年的發展勢頭，為我們的平台和利害關係人帶來長期價值。

Now I'd like to provide a brief overview of our 2025 second quarter financial results. Our total net revenues in the second quarter were RMB3,239.1 million, representing a 17.2% 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 trade brokerage models, membership fees from listing models and commissions from transaction services were RMB2,747.9 million in the second quarter representing an increase of 18% year-over-year, primarily due to the record increase in transaction service revenue.

現在我想簡要概述一下我們 2025 年第二季的財務表現。我們第二季的總淨收入為人民幣32.391億元，較去年同期成長17.2%，主要歸因於貨運匹配服務收入的成長。第二季貨運匹配服務淨收入（包括貿易經紀模式的服務費、上架模式的會員費和交易服務佣金）為人民幣27.479億元，年增18%，主要由於交易服務收入創歷史新高。

Revenues from the freight brokerage service in the second quarter were RMB1,177.9 million, representing an increase of 1.1% year-over-year, primarily attributed to an increase in service fee rate, partially offset by a decrease in transaction volume. Revenues from the freight listing service in the second quarter were RMB242.9 million up 14.5% year-over-year, primarily due to the growing number of total payment members.

第二季貨運經紀服務收入為人民幣11.779億元，年增1.1%，主要由於服務費率上漲，但交易量下降部分抵銷了這一增長。第二季貨運清單服務收入為人民幣2.429億元，較去年同期成長14.5%，主要由於支付會員總數的成長。

Revenues from the transaction service in the second quarter were RMB1,327.1 million, up 39.4% year-over-year, primarily driven by increase in other volume penetration rates and per order transaction service fee. Revenues from value-added services in the second quarter were RMB491.2 million, up 12.8% year-over-year. The increase was primarily due to growing demand for our credit solutions.

第二季交易服務收入為人民幣13.271億元，較去年同期成長39.4%，主要由於其他交易量滲透率及每單交易服務費的成長。第二季增值服務收入為人民幣4.912億元，較去年同期成長12.8%。成長主要是由於對我們的信貸解決方案的需求不斷增長。

Second quarter cost of revenues was RMB1,238.4 million, a decrease of 5.6% from RMB1,312.1 million in the same period of 2024. The decrease was primarily due to decreases in VAT-related tax surcharges and other tax costs net of grants from government authorities. And these tax-related costs net of government grounds totaled RMB1,087.1 million, representing a decrease of 7.6% from RMB1,176.3 million in the same period of 2024, primarily due to a decrease in tax costs net of government refunds related to our freight brokerage service.

第二季營收成本為 12.384 億元，較 2024 年同期的 13.121 億元下降 5.6%。減少的主要原因是扣除政府部門補助後的增值稅相關附加稅及其他稅費減少。扣除政府退稅後的稅費成本總額為人民幣10.871億元，較2024年同期的人民幣11.763億元下降7.6%，主要由於扣除與我們的貨運經紀服務相關的政府退稅後的稅費成本減少。

Our sales and marketing expenses in the second quarter were RMB433.8 million compared with RMB372.3 million in the same period of 2024. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

我們第二季的銷售和行銷費用為人民幣 4.338 億元，而 2024 年同期為 3.723 億元。成長的主要原因是用於獲取用戶的廣告和行銷費用增加。

General and administrative expenses in the second quarter were RMB170.3 million compared with RMB219.2 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses. R&D expenses in the second quarter were RMB189.6 million compared with RMB232.1 million in the same period of 2024. The decrease was primarily due to lower salary and benefit expenses.

第二季的一般及行政費用為 1.703 億元，而 2024 年同期為 2.192 億元。下降的主要原因是股權激勵費用減少。第二季研發費用為人民幣 1.896 億元，而 2024 年同期為 2.321 億元。下降的主要原因是薪資和福利支出減少。

Income from operations in the second quarter was RMB1,139.6 billion, an increase of 101.6% from RMB565.4 million in the same period of 2024. Net income in the second quarter was RMB1,264.8 million, an increase of 50.5% from RMB840.5 million in the same period of 2024.

第二季營業收入為人民幣11,396億元，較2024年同期的人民幣5.654億元成長101.6%。第二季淨利為人民幣12.648億元，較2024年同期的人民幣8.405億元成長50.5%。

Under non-GAAP measures, our adjusted operating income in the second quarter was RMB1,230.1 million, an increase of 76% from RMB699 million in the same period of 2024. Our adjusted net income in the second quarter was RMB1,352.1 million, an increase of 39.3% from RMB970.9 million in the same period of 2024.

以非公認會計準則衡量，我們第二季的調整後營業收入為人民幣 12.301 億元，較 2024 年同期的人民幣 6.99 億元成長 76%。我們第二季的調整後淨收入為 13.521 億元，較 2024 年同期的 9.709 億元成長 39.3%。

Basic income per ADS was RMB1.2 in the second quarter compared with RMB0.79 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was RMB1.28 in the second quarter of 2025 compared with RMB0.92 in the same period of 2024. Non-GAAP adjusted diluted net income per ADS was RMB1.27 in the second quarter compared with RMB0.91 in the same period of 2024.

第二季每股美國存託憑證基本收益為1.2元人民幣，而2024年同期為0.79元人民幣。2025年第二季非美國通用會計準則調整後每股美國存託憑證基本淨利為1.28元人民幣，2024年同期為0.92元人民幣。第二季非美國通用會計準則調整後每股美國存託憑證攤薄淨利為 1.27 元人民幣，而 2024 年同期為 0.91 元。

As of June 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposit and wealth management products with maturities over one year of RMB29.5 billion in total compared with RMB29.2 billion as of December 31, 2024.

截至2025年6月30日，本公司持有的現金及現金等價物、受限現金、短期投資、長期定期存款及期限超過一年的理財產品總額為人民幣295億元，而截至2024年12月31日為人民幣292億元。

As stated in our announcement on August 1, to ensure the sustainable development of our freight brokerage business, the company has decided to increase the freight brokerage service fee starting in August, aiming to reduce reliance on government subsidies and mitigate associated uncertainties. This adjustment may lead to higher cost for shippers, and we anticipate a significant decline in freight brokerage transaction volume beginning in the quarter ending September 30, 2025.

正如我們在8月1日的公告中所述，為確保貨運經紀業務的可持續發展，公司決定自8月起提高貨運經紀服務費，旨在減少對政府補貼的依賴，並降低相關的不確定性。這項調整可能會導致托運人的成本增加，我們預計從 2025 年 9 月 30 日結束的季度開始，貨運經紀交易量將大幅下降。

Consequently, revenues from freight brokerage business are expected to decrease, while costs are likely to rise, which may exert some pressure on profitability. That said, we expect the shift in the freight brokerage business will have limited impact on our transaction service business.

因此，預計貨運經紀業務的收入將會減少，而成本可能會上升，這可能會對獲利能力造成一些壓力。儘管如此，我們預期貨運經紀業務的轉變對我們的交易服務業務的影響有限。

Based on this outlook, we expect our total net revenues to be between RMB3.07 billion and RMB3.17 billion for the third quarter of 2025, representing a year-over-year growth rate of approximately 1.3% to 4.6%. Excluding freight brokerage service, net revenues are expected to range from RMB2.16 billion to RMB2.26 billion reflecting an estimated year-over-year growth rate of 23.4% to 29.1%. These forecasts are based on our current and preliminary view of the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

基於此展望，我們預計2025年第三季的總淨收入將在人民幣30.7億元至人民幣31.7億元之間，年增約1.3%至4.6%。不包括貨運經紀服務，淨收入預計在人民幣21.6億元至人民幣22.6億元之間，年成長率預估為23.4%至29.1%。這些預測是基於我們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進行合理準確的預測。

That concludes our prepared remarks. We would now like to go -- 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)

（操作員指示）

Eddy Wang, Morgan Stanley.

摩根士丹利的 Eddy Wang。

(spoken in foreign language) My question is regarding the fulfilled orders. We have seen that fulfilled orders increased by 24% year-over-year in the second quarter, and the fulfillment rate increased to around 41% both maintained very strong growth momentum. What are the key factors driving this growth? How do you view the fulfilled order volume growth in the second half of this year as well as for the full year?

（用外語說）我的問題是關於已完成的訂單。我們看到，第二季訂單完成量年增24%，訂單完成率提升至41%左右，均維持了非常強勁的成長動能。推動這項成長的關鍵因素是什麼？您如何看待今年下半年以及全年訂單量的成長？

Thank you, Eddy. In the past second quarter, our fulfilled orders continue to increase steadily significantly outperforming the broader freight market. We attribute this strong growth to three key elements, our ongoing user base expansion, the optimization of shipper user structure in our product and service upgrades.

謝謝你，艾迪。在過去的第二季度，我們完成的訂單持續穩定成長，表現明顯優於整體貨運市場。我們將這一強勁成長歸因於三個關鍵因素：我們持續的用戶群擴張、我們產品和服務升級中的托運人用戶結構的最佳化。

First, the consistently rapid expansion of both shippers and truckers user base has laid a solid foundation for other growth, a shipper side rising demand among the SME owners to reduce costs and improve efficiency along with leased appetite for digital and intelligent transformation has accelerated the shift of shippers from offline to online.

首先，貨主和卡車司機用戶群的持續快速擴張為其他方面的成長奠定了堅實的基礎，貨主方面，中小企業主降本增效的需求日益增長，加之卡車司機對數位化、智慧化轉型的熱情，加速了貨主從線下向線上的轉變。

Our average monthly active shippers exceeded 3.16 million in the second quarter, hitting an all-time high. On the trucker side, more truckers who traditionally operated offline took orders through online platforms effectively boosting transportation capacity. The continued expansion on both the supply and demand sides has further supported order growth.

第二季度，我們平均每月活躍出貨用戶超過316萬，創歷史新高。卡車司機方面，更多傳統線下營運的卡車司機透過線上平台接單，有效提升了運輸能力。供需雙方的持續擴張進一步支撐了訂單的成長。

And second, the continued optimization of our super user base has driven stronger order stickiness. Our high-quality shipper segment were mostly low and medium frequency direct shippers have delivered consistent growth in average fulfilled orders per user, thanks to ongoing platform service refinements reflecting stronger retention and stickiness.

其次，超級用戶群的持續優化，帶來了更強的訂單黏性。我們的高品質托運人群體主要是低頻和中頻直接托運人，由於平台服務的持續改進，每位用戶的平均完成訂單量持續增長，這反映了更強的保留率和黏性。

The other contribution of direct shipper further increased to 53% in the second quarter. That is up 4-percentage-points year-over-year. In the meantime, our average fulfillment rate for these direct shippers surpassed 60% threshold for the first time. This user mix progress was a key structural driver of the overall increase in order volume and fulfillment rates.

直接出貨人的其他貢獻在第二季進一步增加至53%。這比去年同期上升了 4 個百分點。同時，我們對這些直接托運人的平均履行率首次超過了 60% 的門檻。使用者組合的進步是訂單量和履行率整體成長的關鍵結構性驅動因素。

Thirdly, our further upgraded products and operational strategies have strengthened the certainty level of order fulfillment. For example, in the second quarter, we rolled out an intelligent matching system that prioritized dispatching orders to truckers closest to the shipping location before gradually expanding outwards. This close to far strategy effectively cut down matching time and improve the truckers' order response efficiency and fulfillment reliability.

第三，我們進一步升級了產品和營運策略，增強了訂單履行的確定性。例如，我們在第二季度推出了智慧匹配系統，該系統優先將訂單發送給距離發貨地點最近的卡車司機，然後逐漸向外擴展。這種由近及遠的策略有效地縮短了配對時間，提高了卡車司機的訂單回應效率和履行可靠性。

Meanwhile, on the shipper side, we have fine-tuned our shipper information intake process, helping truckers get a clearer and more complete picture of the cargo before accepting orders, which has reduced cancellation caused by information gaps. For the full year, we remain optimistic about the continued growth in our fulfilled orders.

同時，在托運人方面，我們也對托運人資訊輸入流程進行了最佳化，幫助卡車司機在接單前對貨物有更清晰、更完整的了解，從而減少因資訊不對稱而導致的訂單取消。對於全年而言，我們對於已完成訂單的持續成長仍然保持樂觀。

While the macro uncertainties are likely to persist in the second half, we feel our relatively positive outlook is justified given our leading edge and strong market position in the freight matching service and the online penetration is still low. We will continue optimizing user structure and enhancing service standards to keep driving higher-quality order conversions while also refining our product and service operations to boost user engagement and retention among small- and medium-sized shippers and core trucker groups. We're confident these efforts will further solidify our platform's industry leadership and bring us closer to our full year order growth target.

儘管下半年宏觀不確定性可能會持續存在，但考慮到我們在貨運匹配服務方面的領先優勢和強大的市場地位，以及在線滲透率仍然較低，我們認為我們相對樂觀的前景是合理的。我們將持續優化用戶結構、提升服務標準，持續推動更高品質的訂單轉化，同時完善產品和服務運營，提升中小型貨主和核心卡車司機群體的用戶參與度和留存率。我們相信，這些努力將進一步鞏固我們平台的產業領導地位，並使我們更接近全年訂單成長目標。

Charlie Chen, China Renaissance.

查理陳 (Charlie Chen)，中華復興。

(spoken in foreign language) In the second quarter, the number of monthly active shippers reached 3.16 million, representing a year-over-year growth of 19.3%. What are the main drivers behind this growth? And could you brief us on the progress of the shipper member business in the second quarter?

（外語）第二季度，每月活躍出貨用戶數達316萬，較去年同期成長19.3%。這成長背後的主要驅動力是什麼？另外能否介紹一下第二季貨主會員業務的進度？

Thank you, Charlie. In the second quarter, the number of monthly active shippers maintained the solid growth trajectory we have observed in the past few quarters. This momentum was primarily driven by improved user acquisition efficiency and consistent enhancement to product experience. First, we continue to optimize our user acquisition strategy.

謝謝你，查理。第二季度，每月活躍出貨人數維持了我們過去幾季觀察到的穩健成長軌跡。這一勢頭主要得益於用戶獲取效率的提高和產品體驗的持續提升。首先，我們持續優化用戶獲取策略。

We cut back on low conversion marketing and placement channels and shifted resources to high conversion channels, such as online app store advertising and achieving better ROI within a controlled budget. New shippers wellness to engage and the conversion rate of their first postings to fulfillment both improved significantly driving ongoing improvements in the quality of new users.

我們削減了低轉換率的行銷和投放管道，將資源轉移到高轉換率管道，例如線上應用程式商店廣告，並在控制預算內實現更好的投資報酬率。新托運人的參與度和首次發佈到履行的轉換率均顯著提高，從而推動了新用戶品質的持續改善。

Second, our efforts to increase engagement and retention among existing users contributed to the sustained MAU growth. We refined key features such as trucker trajectory completeness and real-time trucker locations enhancing shippers' confidence in our fulfillment capabilities. This posted both overall shipment frequency and fulfillment rates, elevating user stickiness.

其次，我們努力提高現有用戶的參與度和保留率，促進了 MAU 的持續成長。我們改進了卡車司機軌跡完整性和即時卡車司機位置等關鍵功能，增強了托運人對我們履行能力的信心。這既提高了整體發貨頻率，也提高了履行率，從而提高了用戶黏性。

Sequentially, our shipper MAU growth eased slightly quarter-over-quarter, mainly due to reduced activity among intermediary 1,688 member shippers as we stayed more focused on serving direct shippers and strengthening our platform service capabilities, fulfillment experience and matching efficiency, more direct shippers opt to post orders directly on to our platform, reducing the role of intermediary brokers. This shift was essentially an improvement in our platform's ecosystems quality, marking progress towards a more sustained shipper use cluster.

與上一季相比，我們的托運人月活躍用戶成長略有放緩，主要是由於中介托運人會員的活動減少，因為我們更加專注於服務直接托運人並加強我們的平台服務能力、履行體驗和匹配效率，更多直接托運人選擇直接在我們的平台上發布訂單，從而減少了中介經紀人的作用。這種轉變本質上是我們平台生態系統品質的提高，標誌著我們朝著更持久的托運人使用集群邁進。

Regarding membership program, the number of shipper members continue to steadily increase in the second quarter with existing shipper members at 1.21 million by quarter end, this growth was primarily driven by our ongoing enhancements to our membership programs, effective execution of our tiered pricing strategies and stable retention among existing members.

關於會員計劃，第二季度托運人會員數量繼續穩步增長，截至季度末現有托運人會員數量為121萬，這一增長主要得益於我們不斷改進會員計劃、有效執行分級定價策略以及現有會員的穩定保留。

The rapid growth of many member shippers remain the primary driver of shipper member growth, promotion for our 288 membership program effectively lowered the initial payment threshold driving first-time conversions among low and median frequency direct shippers. Data shows that our tiered approach to member operations has started to pay off. Notably, in the second quarter, among 288 members who used up their shipments -- used up their shipment allowance and choose to renew nearly 30% upgraded to the 688 membership demonstrating users increasing trust and reliance on our platform services.

眾多會員托運人的快速成長仍然是托運人會員成長的主要動力，我們 288 會員計畫的推廣有效降低了初始付款門檻，推動了低頻和中頻直接托運人的首次轉換。數據顯示，我們分層的會員營運方式已開始取得成效。值得注意的是，第二季度，在用完運量限額並選擇續訂的288名會員中，近30%的會員升級至688名會員，這表明用戶對我們平台服務的信任和依賴日益增強。

In the meantime, retention among the existing shipper members remained stable. As of the end of the second quarter, our 12-month rolling retention rate for shipper members remained above 80%. This sustained high level over multiple quarters reflects our continuous efforts to improve member experience.

同時，現有托運人會員的保留率保持穩定。截至第二季末，我們的托運人會員12個月滾動留存率仍維持在80%以上。多個季度持續的高水準反映了我們為改善會員體驗所做的持續努力。

Looking ahead, we will continue to focus on high-quality direct shipper operations, expanding the share of core users while naturally phasing out intermediary shippers. In terms of the membership program, we will further enhance renewal rates for mini member shippers and encourage upgrades to higher tier members, leveraging our tiered approach to members, operations and targeted benefits. This will enable us to boost overall payment rates and user life cycle value, building our platforms, order growth and enhancing transaction quality.

展望未來，我們將繼續專注於高品質的直接托運人運營，擴大核心用戶的份額，同時逐步淘汰中間托運人。在會員計畫方面，我們將進一步提高迷你會員托運人的續約率，並鼓勵升級為更高級別的會員，利用我們對會員、營運和有針對性的福利的分級方法。這將使我們能夠提高整體支付率和用戶生命週期價值，建立我們的平台，增加訂單並提高交易品質。

Wenjie Zhang, CICC.

張文傑，中金公司。

(spoken in foreign language) I'll do the translation for myself. We know that in early July, several major domestic online freight platforms have jointly signed the industry sales regulation convention. Under the context, what measures have you put in place?

（外語）我自己來翻譯。據了解，7月初，國內幾大網路貨運平台已聯合簽署了行業銷售規範公約。在此背景下，你們採取了哪些措施？

Thank you, Wenjie. It's a good question. The industry self-regulation convention aimed to protect truckers, legitimate rights and foster a healthier, more sustainable industry consistence. Our platform responded swiftly with supplementary guidance and various measures aimed at helping truckers take owners confidently and receive payment promptly and operate with the peace of mind. In terms of freight rate protection, we strengthened our oversight of shippers and provided truckers with robust support in resolving payment issues through both customer service and legal channels.

謝謝你，文傑。這是個好問題。該行業自律公約旨在保護卡車司機的合法權益，促進更健康、更永續的產業一致性。平台迅速回應，補充指導意見，採取多項措施，幫助卡車司機安心接車、及時收款、安心營運。在運價保障方面，我們加強對貨主的監管，透過客服和法律管道為卡車司機解決付款問題提供強而有力的支持。

We have also expanded our freight rate protection program for eligible trucker members. For orders that are not settled on time, the platform will advance or partially cover payments per established rules ensuring that truckers' cash flow is more stable and predictable.

我們也擴大了針對符合資格的卡車司機會員的運費保護計畫。對於未按時結算的訂單，平台將按照既定規則墊付或部分墊付貨款，確保卡車司機的現金流更加穩定可預測。

To improve transaction fairness, we have taken steps to cure market disrupting behaviors such as malicious order flipping, fake order taking and frequent cancellations. Leveraging algorithm monitoring and optimization, we're able to block ultra low-priced or otherwise unreasonable freight resources, helping safeguard truckers' earnings.

為提高交易公平性，我們已採取措施，杜絕惡意倒單、虛假接單、頻繁撤單等擾亂市場的行為。透過演算法監控和最佳化，我們可以阻止超低價或不合理的貨運資源，幫助保障卡車司機的收入。

Shippers or truckers who violate platform rules may face account suspension or black listing. At the same time, we have made reporting channels more accessible, encouraging truckers to share tips and help maintain a transparent, fair trading environment. Finally, we are enhancing communication and feedback mechanism by regularly hosting discussion panels in person where truckers can share their thoughts what matters most to them, including rights protection and rule optimization.

違反平台規則的托運人或卡車司機可能會面臨帳戶暫停或被列入黑名單。同時，我們也開放了舉報管道，鼓勵卡車司機分享舉報線索，協助維護透明、公平的貿易環境。最後，我們透過定期舉辦面對面討論會來加強溝通和回饋機制，卡車司機可以分享他們最關心的問題，包括權利保護和規則優化。

We also gradually open channels for truckers to submit reports publicly shared feedback and track resolution so we can ensure closure of reported issues. These initiatives are designed to reinforce truckers' sensors security, satisfaction and trust when upgrading on our platform, while fostering a stable long-lasting partnership between the platform and the trucker community.

我們也逐步開放卡車司機提交報告、公開分享回饋和追蹤解決方案的管道，以確保報告的問題得到解決。這些措施旨在加強卡車司機在我們平台上升級時的感測器安全性、滿意度和信任度，同時促進平台與卡車司機社群之間建立穩定長期的合作夥伴關係。

Yuan Liao, Citic.

袁廖，中信。

(spoken in foreign language) Congrats for the strong results in the second quarter. And we see that the company adjusted its free brokerage service on August 1. So what operational changes have been made at same? And you observed any user behavior shift? And how should we view the future prospects and the financial contribution of the (inaudible) business.

（外語）祝賀第二季度取得強勁業績。而且我們看到該公司在8月1日調整了免費經紀服務。那麼同時進行了哪些營運變革？您觀察到使用者行為有任何改變嗎？我們該如何看待（聽不清楚）業務的未來前景和財務貢獻。

In early August, in response to the upcoming cancellation of government grants, we promptly increased the fee rate for freight brokerage service to between 10% to 11% to cover, the increased tax costs and other operating cost is related to the business. At the operational level, we have been focused on strengthening existing customer communication and retention with emphasis on ensuring a seamless experience for shippers placing, invoicing and also freight matching orders. At the same time, we have continued to enhance our freight matching services to maintain stable fulfillment performance.

8月初，為了因應即將取消的政府補助，我們及時將貨運經紀服務的費率提高到10%至11%之間，以彌補增加的稅費和其他與業務相關的營運成本。在營運層面，我們一直致力於加強現有客戶的溝通和保留，並專注於確保托運人下單、開票和貨運匹配訂單的無縫體驗。同時，我們不斷加強貨運匹配服務，以維持穩定的履行表現。

Early observations suggest that the retention of these users remain broadly in line with our expectations following the fee rate adjustment, confirming the core value of our platforms freight matching service in driving user engagement and loyalty. On group level, we believe the adjustments to our freight brokerage business will have limited impact on public management service.

早期觀察表明，在費率調整後，這些用戶的保留率大致符合我們的預期，證實了我們平台貨運匹配服務在推動用戶參與度和忠誠度方面的核心價值。從集團層級來看，我們認為貨運經紀業務的調整對公共管理服務的影響有限。

We expect that as other platforms will provide a similar freight broker service group -- services, complete fee rate adjustments sooner or later, those smaller players with limited value add other than low-priced invoice and service will exit the market eventually. This is likely to bring some users back to the FTA and support a new wave of consolidation in the freight sector, further highlighting the core value of our platform of our platform delivers to both shippers and truckers.

我們預計，隨著其他平台遲早會提供類似的貨運代理服務組——服務，完成費率調整，那些除了低價發票和服務之外附加價值有限的小型企業最終將退出市場。這可能會讓一些用戶重返 FTA，並支持貨運業的新一輪整合，進一步凸顯我們平台為托運人和卡車司機提供服務的核心價值。

From a financial standpoint, we believe the reduced profit contribution of freight brokerage will, over the long run, help us optimize our revenue structure and key operating metrics, including profitability. It will also reduce cash flow uncertainty arising from receivables -- receivable local government grants, allowing our earnings to more accurately reflect the true value of our core operations and providing a stronger foundation for sustainable revenue and profit growth in the future.

從財務角度來看，我們認為，從長遠來看，貨運經紀業務的利潤貢獻減少將有助於我們優化收入結構和關鍵營運指標，包括獲利能力。這也將減少應收款項——應收地方政府補助——帶來的現金流不確定​​性，使我們的獲利更準確地反映核心業務的真實價值，並為未來可持續的收入和利潤成長奠定更堅實的基礎。

Ritchie Sun, HSBC.

孫紅雷，匯豐銀行。

(spoken in foreign language) I want to ask about the entrusted shipment business. So how did this segment performed in the second quarter? And on the operations side, what are the key initiatives involved?

（外語）我想諮詢一下委託運輸業務。那麼該部門在第二季的表現如何？在營運方面，涉及的主要措施有哪些？

Thank you, Ritchie. Since the beginning of the second quarter, we have reshuffled our entrusted shipment service as part of our broader business strategy optimization. Starting in April, we streamlined product offerings by discontinuing the instructed -- entrusted shipment carpooling service and focusing exclusively on the full truckload transactions under the entrusted shipment segment. This shift was driven by two considerations. First, from a product positioning perspective, the entrusted shipment business is built around providing a high-quality, highly reliable transportation experience for shippers with stringent requirements for timeliness and stability.

謝謝你，里奇。自第二季初以來，作為我們更廣泛的業務策略優化的一部分，我們重新調整了委託運輸服務。從四月開始，我們簡化了產品供應，停止了指示型委託裝運共乘服務，並專注於委託裝運部門下的整車交易。這種轉變是出於兩個考量。首先，從產品定位來看，托運業務致力於為對時效性和穩定性有嚴格要求的貨主提供高品質、高可靠的運輸體驗。

In contrast, lesson truckload carpooling services are primarily cost-driven, characterized by lower freight rates and less certainty in fulfillment. This inheritant mismatch with our brand positioning from to reshuffle the customer service and concentrate on our resources on to truckload offering and further enhancing the premium image of the entrusted shipment segment.

相較之下，小貨車共乘服務主要受成本驅動，其特點是運費較低，且履行的確定性較低。這與我們的品牌定位固有的不匹配，從改組客戶服務開始，我們將資源集中到整車運輸服務上，進一步提升委託運輸領域的高端形象。

Second, from an operational efficiency standpoint, full truckload orders in the entrusted shipment business generally achieved higher freight rates and stronger fulfillment performance, making them more attractive to truckers. This advantage was amplified in May when we fully implement the price consistency mechanism under which freight rates for entrusted shipment orders are notably higher than standard freight orders.

其次，從營運效率來看，代運業務的整車訂單普遍能獲得更高的運價和更強的履約能力，對卡車司機更有吸引力。今年5月份，我們全面實施價格一致性機制，委託運輸單價明顯高於標準運輸單價，此優勢進一步凸顯。

The resulting income potential has increased trucker engagement and expanded the availability of high-quality transportation capacity on our platform. While the restructuring of services offering under entrusted shipment program led to a short-term slowdown in order volume growth, we believe this strategic adjustment will, over the medium to long term, strengthen user mindset with premium brand positioning, creating differentiated competitive advantages and help cultivate a higher-quality ecosystem of both shippers and truckers.

由此產生的收入潛力提高了卡車司機的參與度，並擴大了我們平台上高品質運輸能力的可用性。雖然托運業務的轉型導致短期內訂單量成長放緩，但我們相信，中長期來看，這項策略調整將以優質的品牌定位強化用戶思維，創造差異化的競爭優勢，有助於培育更高品質的貨主和卡車司機生態系統。

On the monetization front, the premium pricing strategy has created a more favorable revenue environment and improved stability in revenues from transaction service. Looking ahead, we will continue refining the shipment business model, focusing on the dual engines of efficient matching and premium service to further enhance user experience, deepen platform engagement and solidify its role as a core pillar of our product portfolio. Thank you.

在貨幣化方面，溢價策略創造了更有利的收入環境，並提高了交易服務收入的穩定性。展望未來，我們將持續完善快捷業務模式，聚焦高效匹配和優質服務雙引擎，進一步提升用戶體驗，深化平台參與度，鞏固其作為我們產品組合核心支柱的地位。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. Have a good day.

再次感謝您今天加入我們。如果您還有其他問題，請直接聯絡滿載卡車聯盟或 TPG 投資者關係部。祝你有美好的一天。

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.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。