Full Truck Alliance Co Ltd (YMM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Full Truck Alliance third 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 Full Truck Alliance 2025 年第三季財報電話會議。今天的會議正在錄影。此時，我謹將會議交給投資人關係主管毛毛先生。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 for 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.

謝謝接線生。請注意，今天的討論將包含有關公司未來業績的前瞻性陳述，這些陳述旨在符合美國《私人證券訴訟改革法案》所確立的「安全港」責任免除條款。此類聲明並非對未來績效的保證，並受某些風險、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 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 the financial results, please see the earnings release issued earlier today.

FTA 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其業務和財務表現的風險因素的一般性討論。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。在今天的電話會議上，管理階層也將討論一些非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與財務結果的調節，請參閱今天稍早發布的獲利報告。

Joining us on the call from FTA's 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 play of this call will be available on FTA's Investor Relations website at ir.fulltruckalliance.com.

參加本次電話會議的FTA高階管理層成員有：創辦人、董事長兼執行長張輝先生；以及首席融資和投資長蔡先生。管理層將首先發表準備好的講話，電話會議將以問答環節結束。再次提醒，本次會議正在錄影。此外，本次電話會議的網路直播將在 FTA 的投資者關係網站 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.

現在我將把電話交給我們的創辦人、董事長兼執行長張先生，請您發言，先生。

(interpreted) Hello, everyone. Thank you for joining us today on our third quarter 2025 earnings conference call. In the third quarter, FTA continued to reduce logistics costs and enhance efficiency across the road freight industry by leveraging digital and intelligent technologies amid a complex and evolving macro environment. Anchored by our core user-centric eSource, we strengthened our user protection mechanisms, enhanced our platform ecosystem and further elevated the overall experience for both shippers and truckers.

（譯）大家好。感謝您今天參加我們2025年第三季財報電話會議。第三季度，FTA 在複雜多變的宏觀環境下，持續利用數位化和智慧技術降低物流成本，提高公路貨運產業的效率。以我們以使用者為中心的 eSource 為核心，我們加強了使用者保護機制，提升了平台生態系統，進一步提高了托運人和卡車司機的整體體驗。

Our ongoing enhancements to transaction efficiency and service quality drove total fulfilled orders to RMB63.4 million, a year-over-year increase of 22.3%. This continued growth underscores the company's -- the industry's accelerating transformation from traditional offline logistics transactions to digital and intelligent logistics solutions.

我們不斷提升交易效率和服務質量，使已完成訂單總額達到 6,340 萬元，年增 22.3%。這項持續成長凸顯了公司——以及整個產業從傳統線下物流交易加速向數位化和智慧物流解決方案的轉型。

Furthermore, we consistently improved operating metrics across three key areas during the quarter, user operations, ecosystem development and technology enablement. For shipper users, we further expanded our brand visibility and drove targeted acquisition of SME shippers, while refining the user experience across different congo categories and freight scenarios. As a result, average monthly active shippers reached RMB3.35 million in the quarter, up 17.6% year-over-year.

此外，本季我們在用戶營運、生態系統發展和技術賦能這三個關鍵領域持續改善了營運指標。對於托運人用戶，我們進一步擴大了品牌知名度，並有針對性地獲取了中小企業托運人，同時改進了不同剛果類別和貨運場景下的用戶體驗。因此，本季平均每月活躍托運人數量達到人民幣335萬元，較去年同期成長17.6%。

The number of shipper members grew significantly year-over-year, reflecting rising user engagement and stickiness. In addition, fulfilled orders contributed by direct shippers increased to 54%, demonstrating ongoing optimization of our user structure.

貨運商會員數量年增率顯著，反映出用戶參與度和黏性不斷提高。此外，由直接發貨商完成的訂單佔比增加到 54%，這表明我們正在不斷優化用戶結構。

In terms of trucker ecosystem, we continue to promote and enhance our trucker product rating and membership program to incentivize high-quality service and elevate trucker benefits. These initiatives boosted capacity and increased reliability of truckers driving the overall fulfillment rate to 40.6%, an increase of approximately 6-percentage-points year-over-year. Simultaneously, we reinforced our trucker production framework to better safeguard their rights and interests. By the end of the quarter, the number of active truckers fulfilling orders over the past 12 months reached RMB4.48 million, marking another historical high.

在卡車司機生態系統方面，我們將繼續推廣和完善我們的卡車司機產品評級和會員計劃，以激勵高品質的服務並提升卡車司機的福利。這些舉措提高了卡車司機的運能和可靠性，使整體訂單完成率達到 40.6%，比去年同期增加了約 6 個百分點。同時，我們加強了卡車司機生產體系建設，以更好地保障他們的權益。截至本季末，過去 12 個月內完成訂單的活躍卡車司機數量達到 448 萬元，創下又一歷史新高。

On technology, we accelerated four-train AI deployment across the platform leveraging our extensive scenario-based logistics data to address critical pain points in -- matching. Moreover, the successful acquisition of Giga.AI, previously known as Plus PRC, significantly bolstered our AI capabilities and the technological position, positioning us for sustained innovation and operational excellence.

在技​​術方面，我們利用廣泛的基於場景的物流數據，加速了平台上的四列火車人工智慧部署，以解決匹配方面的關鍵痛點。此外，成功收購 Giga.AI（前身為 Plus PRC）大大增強了我們的人工智慧能力和技術地位，使我們能夠持續創新並實現卓越營運。

Our robust operational performance this quarter translated into healthy financial results. Total revenues reached RMB3.36 billion, representing a year-over-year increase of 10.8%. Transaction service revenues grew 39.0% year-over-year to RMB1.46 billion, accounting for 43% of total revenues and reflecting continued optimization of our revenue mix. Non-GAAP adjusted operating income reached RMB849.1 million, while non-GAAP adjusted net income reached RMB988.1 million.

本季我們強勁的營運業績轉化為健康的財務表現。總收入達人民幣33.6億元，較去年成長10.8%。交易服務收入年增 39.0% 至 14.6 億元，佔總收入的 43%，反映了我們收入結構的持續優化。非GAAP調整後的營業收入達到人民幣8.491億元，非GAAP調整後的淨收入達9.881億元。

Looking ahead, FTA will continue to penetrate the road freight market and cultivate a resilient and sustainable ecosystem for both shippers and truckers, driving the industry's digital and intelligent transformation and empowering enterprises with greater logistics competitiveness through continuous technological innovation. Thank you all was again.

展望未來，FTA將繼續深入公路貨運市場，為托運人和卡車司機打造一個具有韌性和永續性的生態系統，推動產業的數位化和智慧化轉型，並透過持續的技術創新，增強企業的物流競爭力。再次感謝大家。

Now I'll pass the call over to Simon, who will provide an update on our third quarter's business progress and the financial results.

現在我將把電話交給西蒙，他將介紹我們第三季的業務進度和財務表現。

Thank you, Mr. Zhang, and 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 third quarter of 2025, starting with our operational performance. During the quarter, we sustained solid growth momentum with continued improvements in key operating metrics highlighting the strength and resilience of our business model.

謝謝張先生，也謝謝各位參加今天的財報電話會議。接下來，我將概述我們 2025 年第三季的營運亮點和財務業績，首先從我們的營運表現說起。本季度，我們保持了穩健的成長勢頭，關鍵營運指標持續改善，凸顯了我們商業模式的實力和韌性。

Despite challenging macro conditions and adverse weather such as typhoons and certain regions that temporarily disrupted freight demand during the quarter, we continued to deliver strong order volume growth. Total fulfilled orders once again significantly outperformed the broader freight industry, reaching RMB63.4 million in the third quarter representing a year-over-year increase of 22.3%. The steady growth in fulfilled orders was driven by the healthy engagement of our shipper users and the ongoing enhancement of our fulfillment service infrastructure leading to improvements in both scale and service quality.

儘管本季宏觀環境充滿挑戰，且颱風等惡劣天氣以及某些地區暫時擾亂了貨運需求，但我們仍然實現了強勁的訂單量成長。第三季完成訂單總額再次顯著優於整個貨運產業，達到人民幣6,340萬元，較去年同期成長22.3%。訂單完成量的穩定成長得益於我們出貨用戶的積極參與以及我們履約服務基礎設施的不斷完善，從而在規模和服務品質方面都取得了進步。

In the third quarter, our overall fulfillment rate reached 40.6%, increasing by more than 6-percentage-points from the prior year period. Specifically, the average fulfillment rate of mid and low frequency shippers reached nearly 60% and their contribution to total fulfilled orders increased to 54%. The positive outcomes are the result of our ongoing optimization in shipper structure, which further strengthens the reliability and sustainability of our ecosystem. These achievements underscore the effectiveness of our long-standing refined operations strategy, laying a solid foundation for the platform's long-term high-quality growth.

第三季度，我們的整體訂單履行率達到 40.6%，比上年同期成長超過 6 個百分點。具體來說，中低頻出貨商的平均訂單完成率接近 60%，其對已完成訂單總數的貢獻率增加到 54%。這些正面成果源自於我們不斷優化托運人結構，這進一步增強了我們生態系統的可靠性和永續性。這些成就凸顯了我們長期以來不斷完善的營運策略的有效性，為平台的長期高品質成長奠定了堅實的基礎。

Turning to user growth. Average monthly active shippers reached 3.35 million in the third quarter, increasing by 17.6% year-over-year. Our shipper membership program continued to gain traction with over 370,000 active members in the 288 membership program during the quarter, representing a significant year-over-year increase. In the meantime, 12-month rolling retention rate for shipper members held steady at around 80%, underscoring the strong appeal of our services and the high stickiness of our user base.

轉向用戶成長。第三季平均每月活躍托運人數達 335 萬，年增 17.6%。我們的托運人會員計畫繼續獲得發展動力，本季 288 會員計畫的活躍會員超過 37 萬，較去年同期成長顯著。同時，托運人會員的 12 個月滾動留存率穩定在 80% 左右，凸顯了我們服務的強大吸引力和用戶群的高度黏性。

In addition, the number of active truckers fulfilling orders over the past 12 months hit a new record, increasing to 4.48 million in the third quarter, while the next month retention -- next month's retention rate for the truckers who responded to orders was consistently above 85%. We're delighted to see that our trucker users continue to demonstrate strong platform loyalty. During the quarter, we also continued to enhance our trucker infrastructure by expanding the breadth and the depth of the right protection program, which helped improve truckers' order acceptance rate and experience.

此外，在過去 12 個月中，履行訂單的活躍卡車司機數量創下新紀錄，第三季增至 448 萬，而下個月的留存率（即響應訂單的卡車司機下個月的留存率）一直保持在 85% 以上。我們很高興看到我們的卡車司機用戶繼續展現對平台的強烈忠誠度。本季度，我們還透過擴大和深化合適的保護計劃，繼續加強我們的卡車司機基礎設施，這有助於提高卡車司機的訂單接受率和體驗。

For example, supported by targeted incentive programs and diversified protection mechanisms, the number of trucker members continue to grow. These trucker members have significantly higher order acceptance rate as compared to nonmembers, creating a positive flywheel of user engagement, other growth and platform stickiness. Now turning to monetization. Building on a solid foundation of steady growth in order volume, we continue to explore and unlock monetization opportunities. These efforts enabled us to deliver another quarter of robust top line performance despite strategic changes to some noncore business such as freight brokerage, backed by significant improvements in operating leverage.

例如，在有針對性的激勵計劃和多元化的保護機制的支持下，卡車司機會員人數持續增長。與非會員相比，這些卡車司機會員的訂單接受率明顯更高，從而形成用戶參與、其他成長和平台黏性的良性循環。現在來說說獲利模式。在訂單量穩定成長的堅實基礎上，我們將繼續探索和挖掘獲利機會。儘管對貨運代理等一些非核心業務進行了策略調整，但由於營運槓桿的顯著提高，我們仍然取得了另一個季度強勁的營收業績。

As a result, transaction service revenue grew 39% year-over-year to RMB1.46 billion. To further break down, monetized order penetration rate reached 88.6%, up nearly 6-percentage-points from the prior year period, and average monetization per order increased to RMB25.9 from RMB24.4 in the prior year period. These improvements stem from our deepened understanding of high-value users and our ability to meet their increasingly diversified needs through upgraded services and tailored incentive programs. At the same time, our growing scale enable us to drive down unit operating costs, leading to enhanced monetization efficiency and profitability while maintaining fair trucker earnings and strong order fulfillment.

因此，交易服務收入較去年同期成長39%，達到人民幣14.6億元。進一步細分來看，貨幣化訂單滲透率達到 88.6%，比去年同期成長近 6 個百分點，每筆訂單的平均貨幣化金額從去年同期的 24.4 元增加到 25.9 元。這些改進源自於我們對高價值用戶的深入了解，以及我們透過升級服務和量身定制的激勵計劃來滿足他們日益多樣化的需求的能力。同時，我們不斷擴大的規模使我們能夠降低單位營運成本，從而提高貨幣化效率和獲利能力，同時保持合理的卡車司機收入和強大的訂單履行能力。

Looking ahead, we remain keenly focused on further unlocking the monetization potential of high-value users, leveraging our intelligent freight matching system and flexible subsidy strategies. In addition, our refined and tiered membership system enables us to cultivate and empower our core transportation capacity, further reinforcing a virtuous cycle of user growth, operating excellence and profitability improvements. We're confident that we are well positioned to achieve our full year targets and deliver long-term sustainable value to our platform and stakeholders.

展望未來，我們將繼續專注於進一步釋放高價值用戶的獲利潛力，充分利用我們的智慧貨運匹配系統和靈活的補貼策略。此外，我們完善的分級會員制度使我們能夠培養和增強核心運輸能力，進一步加強用戶成長、卓越營運和獲利能力提升的良性循環。我們有信心實現全年目標，並為我們的平台和利害關係人帶來長期可持續的價值。

Now I'd like to provide a brief overview of our 2025 third quarter financial results. Our total net revenues in the third quarter were RMB3,358.2 million representing a 10.8% 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 for transaction service were RMB2,797.6 million in the third quarter representing an increase of 9.6% year-over-year, primarily due to the record increase in transaction service revenues.

現在我想簡要概述一下我們2025年第三季的財務表現。第三季我們的淨收入總額為人民幣33.582億元，年增10.8%，主要歸功於貨運匹配服務收入的成長。第三季貨運匹配服務淨收入（包括貨運經紀模式的服務費、列表模式的會員費和交易服務佣金）為人民幣27.976億元，年增9.6%，主要得益於交易服務收入創紀錄的增長。

Revenues from the freight brokerage service in the third quarter were RMB1,094.3 million, compared to RMB1,280.9 million in the same period of 2024, primarily attributable to a decrease in transaction volume and partially offset by an increase in service fee rate. Revenues from freight listing services in the third quarter were RMB247.1 million, up 10.6% year-on-year, primarily due to the falling number of total paying members. Revenue from the transaction service in the third quarter were RMB1,456.1 million, up 39% year-over-year, primarily driven by increase in other volume penetration rate and per other transaction services.

第三季貨運代理服務收入為人民幣10.943億元，而2024年同期為人民幣12.809億元，主要原因是交易量下降，部分被服務費率上漲所抵銷。第三季貨運資訊服務收入為人民幣2.471億元，較去年同期成長10.6%，主要原因是付費會員總數下降。第三季交易服務收入為人民幣14.561億元，年增39%，主要得益於其他交易量滲透率和其他交易服務單價的提高。

Revenues from value-added services in the third quarter were RMB560.7 million, up 16.9% year-over-year. The increase was primarily due to growing demand for credit solutions. Third quarter cost of revenues was RMB1,605.2 billion compared with RMB1,364.9 million in the same period of 2022, primarily due to increases in VAT-related tax charges and other tax costs, net of grants from government authorities. These tax-related costs net of government ground totaled RMB1,427.2 million compared with RMB1,221.6 million in the same period of 2024, primarily due to an increase in tax costs net of government grounds related to the company's freight brokerage service.

第三季增值服務收入為人民幣5.607億元，年增16.9%。成長的主要原因是信貸解決方案的需求不斷增長。第三季營業成本為人民幣16052億元，而2022年同期為人民幣13.649億元，主要原因是增值稅相關稅費和其他稅費增加，扣除政府部門的補助後。扣除政府稅項後，這些與稅收相關的成本總計為人民幣14.272億元，而2024年同期為人民幣12.216億元，這主要是由於公司貨運代理服務相關的扣除政府稅項後的稅收成本增加所致。

Our sales and marketing expenses in the third quarter were RMB438.8 million, compared with RMB412.5 million in the same period of 2024. The increase was primarily due to further investments in enhancing user ecosystem construction and protecting user rights and interests. General and administrative expenses in the third quarter were RMB161.6 million compared with RMB222.9 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses.

第三季我們的銷售和市場推廣費用為人民幣4.388億元，而2024年同期為人民幣4.125億元。成長的主要原因是加大了加強用戶生態系統建設和保護用戶權益的投入。第三季一般及行政費用為人民幣1.616億元，2024年同期為人民幣2.229億元。下降的主要原因是股權激勵支出減少。

R&D expenses in the third quarter were RMB233.3 million compared with RMB195.1 million in the same period of 2024. The increase was primarily due to the inclusion of Giga.AI previously known as Plus PRC's R& -- Plus PRC's R&D costs. Following the completion of our further investment in Giga.AI on July 9, 2025, and its subsequent consolidation into our financial results. Income from operations in the third quarter was RMB776.3 million, an increase of 1.9 percentage from RMB762 million in the same period of 2024. Net income in the third quarter was RMB921 million compared with RMB1,121.9 million in the same period of 2024.

第三季研發費用為人民幣2.333億元，2024年同期為人民幣1.951億元。此次成長主要是由於納入了 Giga.AI（前身為 Plus PRC）的研發成本——Plus PRC 的研發成本。2025 年 7 月 9 日，我們完成了對 Giga.AI 的進一步投資，並將其併入我們的財務表現。第三季營業收入為人民幣7.763億元，較2024年同期人民幣7.62億元成長1.9%。第三季淨利為人民幣9.21億元，2024年同期為人民幣11.219億元。

Under non-GAAP measures, our adjusted operating income in the third quarter was RMB849.1 million compared with RMB884.5 million in the same period of 2024. Our adjusted net income in the third quarter was RMB988.1 million compared with RMB1,241.2 million in the same period of 2024. Basic and diluted net income per ADS were RMB0.87 in the third quarter compared with RMB1.06 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was RMB0.94 in the third quarter of 2025 compared with RMB1.18 in the same period of 2024.

以非GAAP準則計算，我們第三季的調整後營業收入為人民幣8.491億元，而2024年同期為人民幣8.845億元。我們第三季的調整後淨利為人民幣9.881億元，而2024年同期為人民幣12.412億元。第三季每股美國存託憑證（ADS）基本及攤薄淨收益為人民幣0.87元，而2024年同期為人民幣1.06元。2025 年第三季度，以非公認會計準則調整後的每股美國存託憑證基本淨收入為人民幣 0.94 元，而 2024 年同期為人民幣 1.18 元。

Non-GAAP adjusted diluted net income per ADS was RMB0.96 in the third quarter of 2024 compared with RMB1.17 in the same period of 2024. As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB31.1 billion in total compared with RMB29.2 billion as of December 31, 2024. For our fourth quarter 2025 business outlook, we expect our total revenues to be between RMB3.08 billion and RMB3.18 billion compared with RMB3.16 billion -- RMB3.17 billion in the same period of 2024. Excluding freight brokerage service, net revenues are expected to range from RMB2.18 billion to RMB2.28 billion, representing an estimated year-over-year growth rate of 17.1% to 22.5%.

2024 年第三季度，以非公認會計準則調整後的每股美國存託憑證 (ADS) 攤薄淨收益為人民幣 0.96 元，而 2024 年同期為人民幣 1.17 元。截至2025年9月30日，該公司持有現金及現金等價物、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311億元，而截至2024年12月31日，該等資產總額為人民幣292億元。對於 2025 年第四季的業務展望，我們預計總收入將在人民幣 30.8 億元至人民幣 31.8 億元之間，而 2024 年同期為人民幣 31.6 億元至人民幣 31.7 億元。不計貨運代理服務，淨收入預計在人民幣21.8億元至人民幣22.8億元之間，年成長率預估為17.1%至22.5%。

These forecasts are based on the company's current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

這些預測是基於公司目前對市場和營運狀況的初步看法，這些看法可能會發生變化，並且截至本文發布之日，無法進行合理的準確預測。

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

我們的發言稿到此結束。現在我們進入問答環節。操作員，請開始。

(Operator Instructions)

（操作說明）

Ronald Keung, Goldman Sachs.

Ronald Keung，高盛集團。

(spoken in foreign language) I want to ask about field orders that had still maintained very solid growth momentum, increasing 22%. So what were the main growth drivers? And can you share the outlook for the fourth quarter and next year?

（用外語說）我想詢問現場訂單的情況，這些訂單仍然保持著非常強勁的成長勢頭，成長了 22%。那麼，主要的成長驅動因素是什麼？能否分享一下您對第四季和明年的展望？

Yes. Thank you, Ronald. Our fulfilled others continue to outgrow the broader market in the past quarter due to key three factors. First, solid user acquisition provided a strong foundation for growth with deeper brand penetration along SMEs and steady improvements in the market's acceptance of online freight matching models, the number of newly registered shippers continue to grow organically.

是的。謝謝你，羅納德。由於以下三個關鍵因素，我們其他已完成的項目在過去一個季度繼續超越整體市場成長。首先，穩健的用戶獲取為成長奠定了堅實的基礎，隨著品牌在中小企業中滲透率的提高以及市場對線上貨運匹配模式接受度的穩步提升，新註冊的托運人數量持續自然增長。

In addition, we continue to focus on proactively reaching potential users through key touch points via highly efficient marketing channels, including app stores and high-traffic offline placements such as high-speed railway stations. As a result, the first order conversion rate of new users improved substantially year-over-year. Secondly, higher engagement from existing users, coupled with ongoing product optimization, continue to enhance our matching efficiency.

此外，我們持續專注於透過高效率的行銷管道，包括應用程式商店和高客流量的線下場所（如高鐵站），主動接觸潛在用戶。因此，新用戶的首單轉換率較去年同期大幅提高。其次，現有用戶參與度的提高，加上持續的產品優化，不斷提升了我們的配對效率。

During the quarter, human frequency among shipper members further improved year-on-year, demonstrating strong customer loyalty and stickiness. On the trucker side, we introduced the new cargo zone, which highlights newly posted high-quality orders and help truckers secure attractive opportunities more efficiently and driving improved performance in matching and fulfillment. On the shipper side, we further streamlined the order posting interface by removing or reducing unrelated entries and product sections.

本季度，托運人會員的人工服務頻率較去年同期進一步提高，顯示顧客忠誠度和黏性很強。在卡車司機方面，我們推出了新的貨物專區，重點介紹新發布的高品質訂單，幫助卡車司機更有效率地獲得有吸引力的機會，從而提高匹配和履行方面的績效。在出貨方方面，我們透過刪除或減少不相關的條目和產品部分，進一步簡化了訂單發布介面。

These initiatives made the other placement process more intuitive and efficient, significantly improved user experience and effectively boosted repeat order intent. Third, the new uses new business continued to drive incremental other incremental growth momentum supported by improving service quality and growing user base, both our lesson truckload and interested businesses continue to deliver robust growth in the third quarter. As these two businesses continue to mature and improving operational efficiency, we expect that on top of the solid growth in our core food truckload business, they will further satisfy the diversified needs from both our new and existing shippers and supporting our long-term order volume growth.

這些措施使其他下單流程更加直觀高效，顯著改善了使用者體驗，並有效提高了重複下單意願。第三，新用途和新業務繼續推動其他業務的增量成長勢頭，這得益於服務品質的提高和用戶群的擴大，無論是我們的課程卡車還是感興趣的企業，在第三季度都繼續保持強勁增長。隨著這兩項業務的不斷成熟和營運效率的提高，我們預計，除了核心食品卡車運輸業務的穩健增長外，它們還將進一步滿足新舊托運人的多樣化需求，並支持我們長期的訂單量增長。

Looking ahead, we remain confident in our platform's order volume growth momentum. Despite ongoing macro uncertainties, our dominant position and rising digitalization penetration has driven deeper engagement among SME shippers and maintain stable member retention and enhanced matching efficiency consistently, all supporting sustained order growth. At the same time, we will continue to optimize our user ecosystem by strengthening qualification reviews and credit rating systems to attract and retain highly credible, highly active users and laying a solid foundation for our high-quality order growth. Thank you.

展望未來，我們對平台訂單量成長動能依然充滿信心。儘管宏觀經濟形勢不明朗，但我們的市場主導地位和不斷提高的數位化滲透率推動了中小企業托運人更深入的參與，並持續保持了穩定的會員留存率和更高的匹配效率，所有這些都支持了訂單的持續增長。同時，我們將持續優化用戶生態系統，強化資質審核和信用評等體系，以吸引和留住高信譽、高活躍度的用戶，為高品質訂單成長奠定堅實基礎。謝謝。

Eddy Wang, Morgan Stanley.

艾迪王，摩根士丹利。

(spoken in foreign language) In the third quarter, the number of the monthly active shippers reached 3.35 million, representing a year-over-year increase of 17.6%. What are the major drivers behind the growth?

（用外語說）第三季度，每月活躍托運人數量達到 335 萬，較去年同期成長 17.6%。推動成長的主要因素是什麼？

Thank you, Eddy. In the third quarter, the number of monthly active shippers continue to grow very steadily, supported by more efficient multichannel user acquisition and organic growth driven by referrals. These drivers not only grew our user base but also helped to strengthen the overall engagement and quality of our active users.

謝謝你，艾迪。第三季度，在更有效率的多通路用戶取得和推薦帶來的自然成長的支持下，每月活躍出貨商數量持續穩定成長。這些驅動因素不僅擴大了我們的用戶群，還有助於提高我們活躍用戶的整體參與度和品質。

First, our highly efficient multichannel user acquisition efforts continue to drive steady growth in shipper users. We implemented a dual approach combining brand exposure and targeted conversion. We improved online acquisition efficiency by strengthening App Store campaign management and optimized keyword search while refining download page design and user conversion funnels. Off-line wise, we expanded advertising in high-traffic areas such as high-speed real stations, subway business districts and key commercial hubs.

首先，我們高效率的多通路用戶獲取工作持續推動托運人用戶數量的穩定成長。我們採取了品牌曝光和目標轉換相結合的雙管齊下的策略。我們透過加強 App Store 活動管理和優化關鍵字搜索，同時改善下載頁面設計和使用者轉換管道，提高了線上獲取效率。線下方面，我們擴大了在高人流區域的廣告投放，例如高速鐵路車站、地鐵商業區和主要商業中心。

We also leveraged the scenario-based outreach channels, such as truck stickers to reach SMEs with actual shipping needs. This integrated online and offline approach not only enhance brand awareness, but also effectively attracted high potential shippers laying a solid foundation for sustained user growth. Second, word-of-mouth referrals continue to serve as the primary driver of organic shipper growth. Unlike consumer-facing businesses, most shippers are small- and medium-sized business whose decisions are driven mostly by trust, often requiring longer commercial cycles, but resulting in higher retention and repeat purchase rates.

我們也利用基於場景的推廣管道，例如卡車貼紙，來接觸有實際運輸需求的中小企業。這種線上和線下結合的方式不僅提高了品牌知名度，而且有效地吸引了高潛力的貨主，為用戶持續成長奠定了堅實的基礎。其次，口碑推薦仍是推動自然貨運商成長的主要動力。與面向消費者的企業不同，大多數貨運公司都是中小企業，其決策主要受信任驅動，通常需要更長的商業週期，但會帶來更高的客戶留存率和重複購買率。

During the quarter, we continued to invest in service reliability, capacity assurance and fulfillment experience optimization, further strengthening user trust. As a result, word-of-mouth referrals from existing shippers became the most efficient channel for user acquisition. Notably, new shippers acquired through referrals tend to be of higher quality with stronger fulfillment rates and long-term engagement as compared with other acquisition channels while coming at lower acquisition costs.

本季度，我們持續增加對服務可靠性、容量保障和交付體驗優化的投入，進一步增強了使用者信任。因此，現有貨主的口碑推薦成為獲取用戶最有效的管道。值得注意的是，透過推薦獲得的新貨主往往品質更高，履約率更強，長期合作更穩定，而獲客成本則低於其他獲客管道。

Looking ahead, we will continue to pursue a dual engine growth strategy, combining brand-led acquisition and referral-driven expansion. On one hand, we'll continue to optimize our marketing strategy to improve acquisition, efficiency and brand penetration within target user groups. On the other hand, we will -- user satisfaction by improving service quality and strengthening protection mechanisms, reinforcing trust and professionalism within the shipper community. These initiatives will support high-quality sustained growth across the shipper ecosystem supporting our long-term growth. Thank you.

展望未來，我們將持續推行雙引擎成長策略，結合品牌驅動的客戶獲取和口碑推薦的擴張。一方面，我們將繼續優化行銷策略，以提高目標用戶群的獲取率、效率和品牌滲透率。另一方面，我們將透過提高服務品質和加強保護機制來提高使用者滿意度，並增強托運人社群的信任和專業。這些舉措將支持整個貨運生態系統的高品質持續成長，從而支持我們的長期發展。謝謝。

Brian Gong, Citi.

Brian Gong，花旗銀行。

(spoken in foreign language) I have a quick question on ecosystem improvement on trucker side. Can you give an update on key divestments of trucker members in the third?

（用外語）我有一個關於卡車司機生態系統改善的簡短問題。能否介紹一下第三季卡車司機成員的關鍵撤資？

Thank you, Brian. As of the end of September, our active trucker members continue to grow steadily, reaching almost 1 million members achieving further growth compared with the previous quarter. Structurally, roughly 30% of trucker MAUs in the long-haul segments or membership subscribers and contribute to over 40% of the volume in the long haul segment.

謝謝你，布萊恩。截至 9 月底，我們的活躍卡車司機會員數量持續穩定成長，已接近 100 萬，與上一季相比實現了進一步成長。從結構上看，長途運輸領域約 30% 的卡車司機每月活躍用戶或會員訂閱用戶貢獻了長途運輸領域 40% 以上的業務量。

This state underscores the higher engagement and stronger stickiness of our trucker members who have become the core pillar of our capacity network. During the quarter, we continued to upgrade our trucker membership tiering system. The current framework focuses on three key dimensions for truckers, cost reduction, fulfillment enhancement and risk protection. Our commission coupons helped truckers effectively reduce service costs during order fulfillment and our premium cargo bidding cards increased truckers' visibility and ranking priority in matching with high-quality shipments.

這種情況凸顯了我們卡車司機會員更高的參與度和更強的忠誠度，他們已成為我們運力網絡的核心支柱。本季度，我們持續升級卡車司機會員分級系統。目前的框架主要關注卡車司機的三個關鍵面向：降低成本、提高履約能力和風險保護。我們的佣金優惠券幫助卡車司機在訂單履行過程中有效降低服務成本，而我們的高級貨物競標卡提高了卡車司機在匹配高品質貨物時的可見度和排名優先級。

We also relaunched the freight payment protection program, expanding its coverage scope, which further strengthened truck trust and security doing transactions directly addressing many of the fundamental operation needs. Overall, the trucker membership program has become a key driver in securing high-quality trucker capacity and improving fulfillment efficiency on the platform. Looking ahead, as we further expand membership benefits and refine incentive programs, we expect trucker programs to contribute to a growing share of our total transportation capacity and building a stronger and more sustained -- sustainable foundation for continued order growth and fulfillment stability. Thank you.

我們也重新啟動了貨運支付保障計劃，擴大了其覆蓋範圍，透過直接解決許多基本營運需求，進一步加強了卡車運輸的信任和安全。總體而言，卡車司機會員計畫已成為確保高品質卡車運力和提高平台履行效率的關鍵驅動因素。展望未來，隨著我們進一步擴大會員福利和完善激勵計劃，我們預計卡車司機計劃將為我們的總運輸能力貢獻越來越大的比例，並為持續的訂單增長和履行穩定性建立更強大、更持久的可持續基礎。謝謝。

Yuan Liao, Citic.

袁廖，中信集團。

(spoken in foreign language) Under the current policy environment of innovation, so how has the company implement any measures to align with these policy objectives and offer enhanced protection of our benefits to shippers and truckers?

（用外語說）在目前的創新政策環境下，公司採取了哪些措施來配合這些政策目標，並加強對托運人和卡車司機的福利保障？

Under the current policy environment of an anti evolution, the -- so we basically -- against the overall background of anti evolution and promoting high-quality growth, our strategic directions remain clear. We will continue to pursue sustainable high-quality growth through ecosystem refinement, structural optimization and user protection enhancement.

在當前反演的政策環境下，——所以我們基本上——在反演的大背景下，為了促進高品質成長，我們的策略方向依然明確。我們將繼續透過完善生態系統、優化結構和加強用戶保護，追求可持續的高品質成長。

First, we remain committed to enhancing ecosystem integrity with a key focus on advancing healthier user protocols by implementing ID verification and fulfillment credit scoring as well as refining user tiering. We enhanced the value of user accounts and increased switching costs which in turn accelerates the exit of low-quality users. At the same time, we have shifted the focus of our credit rating system for both shippers and truckers or frequency of transaction to quality of their behaviors. This system evaluates metrics such as fulfillment rates, positive feedback rate and complaint rate, reinforcing both through rewards and disciplinary measures to guide users towards higher standards and stronger trust fostering a healthier platform ecosystem.

首先，我們將繼續致力於增強生態系統的完整性，重點是透過實施身份驗證和履行信用評分以及改進用戶分級來推進更健康的用戶協議。我們提高了用戶帳戶的價值，增加了轉換成本，這反過來又加速了低品質用戶的流失。同時，我們已將托運人和卡車司機的信用評級系統的重點從交易頻率轉移到他們的行為品質。該系統評估諸如訂單完成率、正面回饋率和投訴率等指標，並透過獎勵和懲罰措施來強化這些指標，引導用戶達到更高的標準，建立更強的信任，從而促進更健康的平台生態系統。

Second, we have focused on emphasizing fair pricing and healthy competition on our platform. For example, to prevent malicious pricing competition, we employ algorithms to identify and block abnormally low prices in real time, removing or restricting orders that fall significantly outside reasonable market price ranges. Additionally, we incorporated a price rationality weighting into our order matching, prioritizing the pairing of high-quality freight with reliable truckers.

其次，我們一直致力於在我們的平台上強調公平定價和良性競爭。例如，為了防止惡意價格競爭，我們採用演算法即時識別並阻止異常低的價格，移除或限制明顯超出合理市場價格範圍的訂單。此外，我們在訂單匹配中加入了價格合理性權重，優先將高品質貨物與可靠的卡車司機進行配對。

This approach protects truckers' earnings and enhance shippers fulfillment certainty. Together, these measures provide a robust technological foundation to healthy market behaviors between truckers and shippers. At the same time, we achieved notable progress in strengthening user protection and trust. Our upgraded comprehensive protection program currently provides full coverage for key risks for both user groups, including fleet payment defaults, empty runs and cargo damages to address truckers top concerns of timely freight settlement, we have implemented a guaranteed compensation account that provides trucker members with expedited reimbursement for freight, empty runs and cancellations, ensuring prompt payment and minimizing trust barriers throughout the fulfillment process.

這種方法既能保障卡車司機的收入，又能提高托運人貨物交付的確定性。這些措施共同為卡車司機和托運人之間健康的市場行為提供了強大的技術基礎。同時，我們在加強用戶保護和信任方面取得了顯著進展。我們升級後的綜合保護計畫目前為兩個用戶群的關鍵風險提供全面保障，包括車隊付款違約、空駛和貨物損壞，以解決卡車司機最關心的及時貨運結算問題。我們實施了擔保補償帳戶，為卡車司機會員提供貨運、空駛和取消的快速報銷，確保及時付款，並最大限度地減少整個履行過程中的信任障礙。

Overall, we are building a more sustainable efficient and transparent freight ecosystem by continuously optimizing user -- our user base, fulfillment certainty and matching and protection framework. Our focus on high-quality growth is reflected not only in a healthier user base but also in continuous improvements in our service quality and governance. Looking ahead, we will continue to focus on improving user trust, operational efficiency and fulfillment quality driving development sustained development of the freight industry and laying solid foundation for our growth.

總體而言，我們正在透過不斷優化用戶（我們的用戶群、履行確定性以及匹配和保護框架）來建立一個更永續、更有效率、更透明的貨運生態系統。我們對高品質成長的關注不僅體現在更健康的使用者群體上，也體現在服務品質和管理方面的持續改進。展望未來，我們將繼續專注於提升用戶信任度、營運效率和履約質量，推動貨運業的持續發展，並為自身的成長奠定堅實基礎。

Wenjie Zhang, CICC.

張文傑，中金公司。

(spoken in foreign language) My question is regarding freight brokerage business. I wonder what's the rate of progress of the business since the pricing adjustment in August? Could you give an update on user retention and profitability for in these changes?

（用外語）我的問題是關於貨運代理業務的。我想知道自從8月價格調整以來，公司的業務進度如何？能否介紹一下這些變化對用戶留存率和獲利能力的影響？

Yes. Thank you. The business generally performed better than we expected. So in the third quarter, our freight brokerage business transition to a higher service fee rate, steadily and the overall performance was good. Following the expected gradual removal of tax rebates and increasing service fee rates to between 10% to 11%. User behavior showed healthy structural improvement.

是的。謝謝。整體而言，公司業績優於預期。因此，在第三季度，我們的貨運代理業務逐步過渡到更高的服務費率，整體業績良好。隨著稅收返還的逐步取消以及服務費率的提高，預計將達到 10% 至 11%。使用者行為顯示出良好的結構性改善。

From a user perspective, churn from shippers in the third quarter was primarily concentrated among those who demanded frequent VAT invoicing service only and contributed to limited value to the platform beyond invoicing fees. Conversely, retention rates among shippers with small and medium value VAT invoices remained above 80%, significantly exceeding our expectations. These users are generally less price sensitive and care more about the convenience of freight matching and fulfillment certainty, which kept their engagement rates stable following the policy adjustments.

從使用者角度來看，第三季貨主流失主要集中在那些僅要求頻繁開立增值稅發票服務，且除了發票費用外對平台貢獻的價值有限的貨主身上。相反，對於增值稅發票金額較小和中等的托運人，其留存率保持在 80% 以上，遠遠超出了我們的預期。這些用戶通常對價格較不敏感，更關心貨運匹配的便利性和履行確定性，這使得他們在政策調整後保持了穩定的參與。

Currently, invoicing plus freight matching orders represent over 70% of the total orders in our freight brokerage services, highlighting the growth importance of our matching service and the strong alignment between this business and the platform's core capabilities. At the same time, we are closely monitoring user retention and structural shifts in our user base, with a particular focus on the long run stability of small- and medium-sized shippers and ongoing conversions of new users, ensuring that the benefits of these structural optimizations are sustained and reinforced.

目前，開立發票加貨運匹配訂單占我們貨運代理服務總訂單的 70% 以上，這凸顯了我們匹配服務的成長重要性，以及該業務與平台核心能力之間的緊密聯繫。同時，我們密切關注用戶留存率和用戶群的結構變化，特別關注中小型貨運商的長期穩定性以及新用戶的持續轉化，以確保這些結構優化帶來的好處得以維持和加強。

From a financial standpoint, the freight brokerage business primarily aimed to increase stickiness by enhancing shipper experience and platform engagement rather than a major profit contributors. Although this is emphasis on invoicing results in relatively low margins and a limited impact on our overall profit, it still plays a strategic role in strengthening our user engagement and refining more order fulfillment.

從財務角度來看，貨運經紀業務的主要目標是透過提升托運人體驗和平台互動來提高客戶黏著度，而不是成為主要的利潤來源。雖然這種對發票的重視導致利潤率相對較低，對我們的整體利潤影響有限，但它仍然在加強用戶參與和改善訂單履行方面發揮戰略作用。

Looking ahead, we will continue to focus on improving the experience for small and medium-sized shippers, gradually expanding contribution from high-quality users and ensuring that the freight brokerage business delivered sustainable performance under the new policy.

展望未來，我們將繼續專注於改善中小型貨運客戶的體驗，逐步擴大優質用戶的貢獻，並確保貨運代理業務在新政策下實現永續發展。

Ritchie Sun, HSBC.

孫里奇，匯豐銀行。

(spoken in foreign language) In the third quarter, revenue from freight listing reached RMB247 million, up 10.6% year-on-year. So what were the main growth drivers? And how do you feel the user payment conversion trends going forward?

（用外語說）第三季度，貨運上架收入達人民幣2.47億元，較去年同期成長10.6%。那麼，主要的成長驅動因素是什麼？您如何看待未來用戶支付轉換率的趨勢？

Thank you, revenues from -- our freight listing service continued to grow steadily in the past quarter, primarily driven by growth in paying users and the ongoing optimization of the membership structure. As of September 2025, the number of shipper members on our platform reached 1.27 million. The majority of the incremental growth came from the 288 membership program, which was launched last year. This program was designed to meet the needs of small and medium-sized business owners new to our platform by lowering the entry barrier and offering benefits such as freight rate, coupons and other placement tracking.

謝謝，我們的貨運資訊服務收入在過去一個季度持續穩定成長，這主要得益於付費用戶數量的成長和會員結構的持續優化。截至 2025 年 9 月，我們平台上的貨運商會員數達到 127 萬。大部分新增成長來自去年推出的 288 會員計畫。該計劃旨在透過降低准入門檻並提供運費、優惠券和其他排名追蹤等優惠，來滿足剛加入我們平台的中小型企業主的需求。

The program significantly improved membership conversion and user satisfaction. Looking at the membership mix, while 688 memberships achieved steady year-over-year growth in this quarter, the 288 membership showed the most robust growth across free membership tiering with active members increasing by more than 300% compared with the same period last year. The strong growth not only broadened our user base, but also strengthen the platform payment rate. Notably, the number of high-frequency shippers under the RMB1688 tier continue to decline, reflecting a structural shift in our shipper base.

此計畫顯著提高了會員轉換率和用戶滿意度。從會員組成來看，雖然 688 會員在本季度實現了穩定的同比增長，但 288 會員在免費會員等級中增長最為強勁，活躍會員數量與去年同期相比增長了 300% 以上。強勁的成長不僅擴大了我們的用戶群體，也提高了平台的支付率。值得注意的是，人民幣 1688 元檔位下的高頻托運人數量持續下降，反映出我們托運人基礎的結構性轉變。

This change reflects the platform's ongoing optimization and matching efficiency and fulfillment guarantees, which are gradually replacing traditional agent roles and further encoding the quality of our user ecosystem. Turning to user conversion. Our latest data shows that around 20% of the users who reach the limit of their 288 membership chose to upgrade to the RMB688 tier. These results are aligned with our initial expectation when designing the program and underscore the effectiveness of our tiered membership system.

這項變更反映了平台不斷優化匹配效率和履行保證，這些正在逐步取代傳統的代理角色，並進一步體現了我們用戶生態系統的品質。轉向用戶轉換率。我們最新的數據顯示，約有 20% 的用戶達到了 288 會員的上限，並選擇升級到 688 元會員等級。這些結果與我們在設計該計劃時的最初預期相符，並突顯了我們分級會員制度的有效性。

Our membership business has established a healthy growth cycle that attracts users, low-entry barriers ratings and with area experience and drives upgrades through tiered benefits. This model enables long-term and steady penetration among direct shippers and supports the high-quality growth of the overall business. In addition, retention among existing members remains robust, demonstrating solid user stickiness. As of the end of the third quarter, our 12-month rolling retention rate for shipper members held steady at around 80%, consistent with prior quarters.

我們的會員業務已經建立了一個健康的成長週期，透過低進入門檻、高評分和區域經驗來吸引用戶，並透過分級福利推動升級。該模式能夠實現對直接托運人的長期穩定滲透，並支持整體業務的高品質成長。此外，現有會員的留存率依然很高，顯示使用者黏性很強。截至第三季末，我們的托運人會員 12 個月滾動留存率穩定在 80% 左右，與前幾季的情況一致。

This validates our ongoing optimization in member experience and reflects strong recognition from shippers from our platform's reliable fulfillment capabilities and responsive service. We expect the 288 and 688 memberships to continue driving growth in freight listing service revenue. Meanwhile, as the platform continues in-house features such as fulfillment protection and shipment tracking and payment conversion rates are expected to trend up steadily. We will continue to optimize our membership program and benefits aiming to further strengthen long-term user retention and lifetime value. Thank you.

這驗證了我們在會員體驗方面持續優化的有效性，也反映了托運人對我們平台可靠的履約能力和快速回應服務的強烈認可。我們預計 288 和 688 會員將繼續推動貨運資訊服務收入的成長。同時，隨著平台不斷推出內部功能，例如履約保護和發貨跟踪，預計支付轉換率將穩步上升。我們將持續優化會員計畫和會員權益，以期進一步提高用戶長期留存率和終身價值。謝謝。

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

謝謝。問答環節到此結束。我想把會議交還給管理階層，讓他們補充或作總結發言。

Thank you all 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.

感謝各位今天蒞臨。如果您還有其他疑問，請隨時直接聯絡 Full Truck Alliance 或 TPG 投資者關係部門。祝你有美好的一天。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的會議就到此結束。感謝您的參與。您現在可以斷開連線了。