Full Truck Alliance Co. Ltd. (YMM) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good day, and welcome to Full Truck Alliance's fourth-quarter and fiscal year 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.

各位女士、先生，大家好，歡迎參加滿幫集團（Full Truck Alliance）2025年第四季度及2025財年業績電話會議。本次會議正在錄音。此刻，我想把會議交給投資者關係負責人毛毛。請開始。

Thank you, operator. Please note that today's discussion will contain forward-looking statements relating to the company's future performance, which are intended to qualify for the Safe Harbor from liability as established by the US Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors.

謝謝接線員。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，旨在符合美國《私人證券訴訟改革法》所確立的「安全港」條款，以免除相關責任。此類陳述並非對未來業績的保證，且受制於若干風險與不確定性、假設及其他因素。

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. The general discussion of the risk factors that could affect FTA's business and financial results is included in certain filings of the company with the SEC. The company does not undertake any obligation to update this forward-looking information, except as required by law.

其中部分風險超出公司控制範圍，可能導致實際結果與今日新聞稿及討論中提及的內容存在重大差異。可能影響滿幫（FTA）業務及財務結果的風險因素之一般性討論，已載於公司向美國證券交易委員會（SEC）提交的若干文件中。除法律要求外，公司不承擔更新此等前瞻性資訊的任何義務。

During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today.

在今天的電話會議中，管理層亦將僅為比較之目的討論若干非GAAP財務指標。有關非GAAP財務指標的定義以及GAAP與非GAAP財務結果的調節表，請參閱公司今日稍早發布的業績新聞稿。

Joining us today on the call from FTA's senior management are Mr. Hui Zhang, our Founder, Chairman and CEO; and Mr. Simon Cai, our Chief Financing and Investment Officer. We will open the call to questions following a brief of the opening remarks from Mr. Zhang.

今天出席電話會議的滿幫（FTA）高級管理層包括：我們的創始人、董事長兼首席執行官張暉先生，以及首席融資與投資官Simon Cai先生。在張先生簡短的開場發言後，我們將開放問答環節。

As a reminder, this conference is being recorded. In addition, a webcast replay of this call will be available on FTA's Investor Relations website at ir.fulltruckalliance.com. I will now turn the call over to our Founder, Chairman and CEO, Mr. Zhang. Please go ahead, sir.

提醒各位，本次會議正在錄音。此外，本次電話會議的網路重播將在滿幫投資者關係網站 ir.fulltruckalliance.com 提供。現在我把電話交給我們的創始人、董事長兼首席執行官張先生。請開始，先生。

(spoken in foreign language)

（外語發言）

(interpreted) Hello, everyone. Thank you for joining us today for our fourth quarter and fiscal year 2025 earnings conference call. In the fourth quarter of 2025, amid a complex market environment, we continue to energize our ecosystem by elevating user experience and strengthening protection mechanisms for both shippers and truckers, driving solid business growth across the board.

（翻譯）各位好。感謝大家參加我們2025年第四季度及2025財年業績電話會議。2025年第四季度，在複雜的市場環境下，我們持續透過提升用戶體驗、強化對貨主與司機雙方的保障機制，為生態注入活力，推動各項業務實現穩健增長。

Total fulfilled orders reached 63.9 million for the quarter representing a year-over-year increase of 12.3% and full-year total fulfilled orders reached 236 million, up 19.8% year-over-year. Notably, full-year orders fulfilled for cold-chain logistics grew by nearly 30% year-over-year.

本季度平台完成訂單總量達6,390萬單，同比增長12.3%；2025財年完成訂單總量達2.36億單，同比增長19.8%。值得一提的是，2025財年冷鏈物流完成訂單同比增長接近30%。

(spoken in foreign language)

（外語發言）

(interpreted) In terms of operational performance, key metrics across all business lines improved steadily in the fourth quarter. On the shipper side, our targeted user acquisition strategy and refined membership system gained momentum. Average monthly active shippers reached 3.28 million in the fourth quarter and 3.14 million for the full year 2025, marking year-over-year increases of 11.6% and 18.6%, respectively, demonstrating parallel improvements in both shipper base and user stickiness.

（翻譯）在營運表現方面，第四季度各業務線的關鍵指標均穩步改善。在貨主端，我們的精準獲客策略與更精細化的會員體系持續發力。第四季度平均月活貨主達328萬，2025財年平均月活貨主達314萬，分別同比增長11.6%與18.6%，顯示貨主規模與用戶黏性同步提升。

For trucker users, we continue to optimize the trucker credit rating system and protection mechanisms, maintaining the 12-months rolling active trucker base at a high level and the next month retention rate for truckers who responded to orders above 85%, further strengthening the overall reliability and quality of our truckers network.

在司機用戶方面，我們持續優化司機信用評級體系與保障機制，使12個月滾動活躍司機規模保持在高位，且對訂單做出回應的司機次月留存率保持在85%以上，進一步提升司機網路的整體可靠性與品質。

Our AI-powered heavy truck fleet delivered by Giga.AI is now operating commercially in the express delivery and fast freight sectors. We also piloted AI assistant capabilities for shippers to further enhance fulfillment efficiency during the quarter. Moving forward, we will continue to accelerate the integration of AI technologies and applications across our transactions and fulfillment processes.

由Giga.AI交付的AI驅動重卡車隊目前已在快遞與快運領域實現商業化運營。本季度我們亦試點面向貨主的AI助手能力，以進一步提升履約效率。展望未來，我們將持續加速AI技術與應用在交易與履約流程中的融合。

(spoken in foreign language)

（外語發言）

(interpreted) Now turning to our financial performance. We remain focused on enhancing operating efficiency to strengthen profitability. Net revenues reached RMB12.49 billion for full-year 2025, up 11.1% year-over-year. Furthermore, our revenue mix continued to improve with transaction service revenues of RMB5.32 billion for the full year, growing by 38.2% year-over-year.

（翻譯）接下來談談我們的財務表現。我們仍然專注於提升營運效率，以增強盈利能力。2025財年淨收入達人民幣124.9億元，同比增長11.1%。此外，我們的收入結構持續改善，2025財年交易服務收入達人民幣53.2億元，同比增長38.2%。

On the bottom line, we achieved a net income of RMB4.46 billion for the full year, up 42.8% year-over-year. On a non-GAAP basis, adjusted net income reached RMB4.79 billion for the full year, up 19.3% year-over-year, underscoring our high-quality profitability and increasing economies of scale.

在利潤端，2025財年我們實現淨利潤人民幣44.6億元，同比增長42.8%。按非GAAP口徑，2025財年經調整淨利潤達人民幣47.9億元，同比增長19.3%，彰顯我們高品質的盈利能力以及規模經濟的持續提升。

(spoken in foreign language)

（外語發言）

(interpreted) Looking ahead, Full Truck Alliance will consistently elevate user experience for both shippers and truckers and fully integrate AI across the logistics value chain, creating greater value for the industry while delivering long-term returns to shareholders and users.

（翻譯）展望未來，滿幫將持續提升貨主與司機雙方的用戶體驗，並在物流價值鏈中全面融合AI，為行業創造更大價值，同時為股東與用戶帶來長期回報。

Thank you all once again. That concludes our opening remarks. We would now like to open the call to Q&A. Operator, please go ahead.

再次感謝各位。以上為我們的開場發言。現在我們進入問答環節。接線員，請開始。

(Operator Instructions) Ronald Keung, Goldman Sachs.

（接線員指示）高盛 Ronald Keung。

(spoken in foreign language) So looking back at 2025, then the company faced a number of external challenges and also made several strategic adjustments. So as we look into 2026, what -- can you share your overall strategic priorities?

（外語發言）回顧2025年，公司面臨多項外部挑戰，也做出了一些戰略調整。展望2026年，您能否分享一下整體的戰略重點？

(spoken in foreign language)

（外語發言）

(interpreted) 2025 was a year marked by both external challenges and proactive transformation for our business. During the year, we made significant progress in strengthening platform governance, improving operational efficiency and further optimizing our user structure and monetization quality.

（翻譯）2025年對我們而言，是外部挑戰與主動轉型並存的一年。在這一年裡，我們在強化平台治理、提升營運效率，以及進一步優化用戶結構與變現品質方面取得了顯著進展。

At the same time, we steadily advanced our strategic initiatives in areas such as autonomous driving and overseas markets. Throughout the year, we focused on enhancing the user experience and returning to our core principle of being truly user-centric. Our goal is to build a platform that both shippers and truckers can trust.

同時，我們也穩步推進自動駕駛、海外市場等領域的戰略布局。全年我們聚焦於提升用戶體驗，回歸真正以用戶為中心的核心原則。我們的目標是打造一個貨主與司機都能信賴的平台。

While some of these investments may not yield immediate measurable returns, we firmly believe that fostering healthy balanced user ecosystem will serve as a foundation for our long-term sustainable growth. That kind of ecosystem value is something, yes, I think we can't replace.

儘管其中一些投入可能不會立刻帶來可量化的回報，但我們堅信，培育健康且均衡的用戶生態將成為我們長期可持續增長的基礎。這種生態價值，是的，我認為是無可替代的。

(spoken in foreign language)

（外語發言）

(interpreted) As we move into 2026, we will focus on advancing high-quality growth and intelligent transformation across three areas. First, we are shifting our focus from scale-driven growth to a model that balances both scale and quality. While scale remains important for long-term sustainable development, our priority is to foster a mutually beneficial relationship between users and the platform.

（翻譯）進入2026年，我們將聚焦於在三個方面推進高品質增長與智能化轉型。第一，我們將把重點從規模驅動的增長，轉向兼顧規模與品質的模式。規模對長期可持續發展仍然重要，但我們的優先事項是促進用戶與平台之間互利共贏的關係。

We are raising ecosystem standards to ensure more compliant and standardized transactions, greater protection for freight payment, and higher user satisfaction. With the first phase of our ecosystem governance initiatives now largely complete, most fake accounts and low-quality orders have been cleared from the platform. As a result, the platform is operating on a much healthier footing giving us the confidence to further strengthen fulfillment quality and support more sustainable growth going forward.

我們正在提升生態系統標準，以確保交易更合規、更標準化，為運費支付提供更強保障，並提升用戶滿意度。隨著我們生態治理舉措第一階段目前已大致完成，多數假帳號與低品質訂單已從平台清理。因此，平台正以更健康的基礎運行，讓我們有信心進一步強化履約品質，並在未來支持更可持續的成長。

Building on this foundation, we are also continuing to improve the credit rating mechanisms for both shippers and truckers, for example, through systems such as shipper rating scores and trucker behavior scores, we are gradually establishing a more robust two-sided evaluation framework. This helps regulate user behavior at the source, curb non-compliant connections while also incentivizing high-quality users, ultimately creating a more virtuous cycle between shipper fulfillment efficiency and trucker earnings.

在此基礎上，我們也持續完善對貨主與卡車司機雙方的信用評級機制，例如透過貨主評分、司機行為分等系統，逐步建立更健全的雙邊評價框架。這有助於從源頭規範用戶行為，遏制不合規的撮合，同時激勵高品質用戶，最終在貨主履約效率與司機收入之間形成更良性的循環。

(spoken in foreign language)

(以外語發言)

(interpreted) Second, we are evolving from an information matching platform into an AI-driven intelligent infrastructure. Over the years, we have accumulated a large volume of authentic transaction data and built a highly active user base, which together, provided a strong foundation for this transformation.

(口譯) 第二，我們正從資訊撮合平台演進為以 AI 驅動的智慧型基礎設施。多年來，我們累積了大量真實交易數據並建立了高度活躍的用戶基礎，兩者共同為這一轉型提供了堅實基礎。

Going forward, we will further leverage these strengths to advance and integrate our AI capabilities across key areas, including matching efficiency, credit assessment, and dynamic pricing. In doing so, we aim to extend our platform's value beyond simply connecting supply and demand and enabling a more intelligent and efficient transaction process.

展望未來，我們將進一步發揮這些優勢，在撮合效率、信用評估與動態定價等關鍵領域推進並整合 AI 能力。藉此，我們希望將平台價值從單純連接供需延伸出去，促成更智慧、更高效率的交易流程。

(spoken in foreign language)

(以外語發言)

(interpreted) Third, while maintaining steady growth in our core business, we are laying the groundwork for additional growth drivers. We remain confident in the profitability of our mature business. Building on this foundation, we are advancing initiatives in areas such as overseas expansion and autonomous driving in a disciplined manner to support our growth over the next three to five years.

(口譯) 第三，在保持核心業務穩健成長的同時，我們也在為額外的成長動能打基礎。我們對成熟業務的獲利能力仍然充滿信心。在此基礎上，我們以審慎、有紀律的方式推進海外拓展與自動駕駛等領域的舉措，以支持未來三到五年的成長。

Eddy Wang, Morgan Stanley.

Eddy Wang，摩根士丹利。

(spoken in foreign language) I have two questions related to AI. The first one is that the AI technology is advancing rapidly and the rise of the AI agent is gaining significant attention. How might this trend affect freight matching platforms such as FTA? And how do you plan to respond to the potential disruption that AI agents could bring to the traditional platform model?

(以外語發言) 我有兩個與 AI 相關的問題。第一個是，AI 技術進展迅速，AI agent 的興起也受到高度關注。這一趨勢可能會如何影響像 FTA 這樣的貨運撮合平台？你們打算如何應對 AI agent 可能對傳統平台模式帶來的潛在顛覆？

And the second question is, can management share how AI is being applied across the company? And what's the key developments in the fourth quarter? And what is your plan for the 2026?

第二個問題是，管理層能否分享 AI 在公司內部的應用情況？第四季有哪些關鍵進展？以及你們對 2026 年的規劃是什麼？

Thank you, Eddy. This is Simon here. I'll take over from now onwards. There has been a lot of discussion around the AI topic recently. And we have been closely monitoring and evaluating its implications.

謝謝你，Eddy。我是 Simon。接下來由我來回答。最近關於 AI 的討論很多。我們也一直密切關注並評估其影響。

Let me start with our core strategy. We see AI not as a threat to our business, but as a tool to enhance our capabilities. For the road freight industry in which FTA operates, the emergence of AI tools can significantly lower the barriers for shippers to find available carrier capacity, reduce manual costs in the matching process, and improve both matching accuracy and fulfillment rates.

我先從我們的核心策略談起。我們將 AI 視為提升能力的工具，而非對業務的威脅。對 FTA 所在的公路貨運行業而言，AI 工具的出現能顯著降低貨主尋找可用運力的門檻，降低撮合流程中的人工成本，並提升撮合準確度與履約率。

These changes will meaningfully improve efficiency across the entire industry. We believe this transformation will create significant opportunities for us to capture additional market shares as transactions migrate from highly fragmented offline markets, including ad hoc and relationship-based trucking networks onto our platform.

這些變化將實質提升整個行業的效率。我們相信，隨著交易從高度分散的線下市場（包括臨時性、關係型的卡車運輸網路）遷移到我們平台，這一轉型將為我們帶來顯著機會以取得更多市場份額。

In our view, AI presents more opportunities than challenges for our platform for AI models to deliver meaningful results in the highly non-standardized freight matching market. They must rely on large volumes of authentic, high-frequency, closed-loop transaction data.

在我們看來，AI 對平台而言機會大於挑戰；因為要讓 AI 模型在高度非標準化的貨運撮合市場中產生有意義的結果，必須依賴大量真實、高頻、閉環的交易數據。

This includes data such as quotes completed transactions, cancellations, fulfillment records, dispute resolutions, credit behaviors, and verified logistics address database. These data sets are the results of many years of operational experience and data accumulation on our platform.

這包括報價、已完成交易、取消、履約記錄、爭議解決、信用行為，以及經驗證的物流地址資料庫等數據。這些數據集是我們平台多年運營經驗與數據沉澱的成果。

Let's take pricing as example first. In long-haul freight market, competitive real-time freight rates are not publicly available. The effective transaction price for each route and time period is influenced by multiple factors, including capacity availability, backhaul demand, trucker preferences and delivery time requirements. These dynamic pricing signals can only be formed and validated within the real transaction network.

我們先以定價為例。在長途貨運市場，具競爭力的即時運價並非公開可得。每條路線、每個時間段的有效成交價格會受到多種因素影響，包括運力供給情況、回程貨需求、司機偏好以及交付時效要求。這些動態定價訊號只能在真實交易網路中形成並被驗證。

On our platform, truckers must complete real name registration and facial verification before logging into our app and accessing shipment information. Negotiations between shippers and truckers are conducted through our in-app messaging tools and protected communication channels while actual AI tools, if there's any, let the basic data set to perform accurate pricing.

在我們平台上，卡車司機在登入 App 並查看貨源資訊前，必須完成實名註冊與人臉驗證。貨主與司機之間的議價透過我們 App 內的訊息工具與受保護的通訊通道進行；而外部 AI 工具（如果有的話）缺乏基礎數據集來進行準確定價。

Second, in the long-haul freight matching business where fulfillment standards are high and operational processes are complex, transactions involving far more than simply matching information, the capability to execute is critical. While external AI tools may help a shipper quickly obtain a price quote or even contact several truckers automatically, moving our shipment from posting to final delivery requires much more than pricing.

第二，在長途貨運撮合業務中，履約標準高、運營流程複雜，交易遠不只是資訊撮合，執行能力至關重要。即使外部 AI 工具能幫助貨主快速取得報價，甚至自動聯繫多位司機，但要把一票貨從發布到最終送達，所需遠不止定價。

Effective fulfillment depends on robust platform services and dispatch capabilities, including understanding which truckers are reliable on specific routes, their likelihood of cancellation, how trucking capacity fluctuates during different time periods, and maintaining a complete operational assistance from order placement to settlement to protect the interest of both shippers and truckers.

有效履約依賴強健的平台服務與調度能力，包括了解哪些司機在特定路線上更可靠、其取消的可能性、不同時段運力如何波動，並提供從下單到結算的完整運營支持，以保障貨主與司機雙方的利益。

In addition, long-haul freight operations frequently involve exceptions and non-standard situations. These may include specific vehicle requirements, trucks equipped with gates or refrigeration units. Last mile delivery address -- last-minute delivery address changes, adjustments to cargo volume, highway closure, and damage disputes after delivery.

此外，長途貨運運作經常涉及例外與非標準情況。例如特定車輛要求、配備尾板或冷藏機組的車輛。末端配送地址——臨時變更收貨地址、調整貨量、高速封閉，以及交付後的貨損爭議。

Handling this situation requires well-established platform rules to determine responsibilities, extensive historical data to assess reliability, and responsive dispatch network capable of quickly arranging alternatives when disruptions occur. These are not capabilities that a standalone generative AI model can deliver on its own. They are built on years of operational experience and data accumulation and are precisely where our core competitive advantage lies.

處理這些情況需要完善的平台規則來界定責任、豐富的歷史數據來評估可靠性，以及反應迅速的調度網路在發生中斷時能快速安排替代方案。這些並非單一的生成式 AI 模型能獨立提供的能力。它們建立在多年運營經驗與數據沉澱之上，而這正是我們核心競爭優勢所在。

In addition, our platform connects a large number of shippers and truckers and through years of operation has formed a stable transaction network and credit system. Truckers and shippers not only rely on the platform to obtain orders and capacity but also depend on the platform for credit evaluation, fulfillment protection, dispute resolution -- and dispute resolution mechanisms. This long-term accumulation of trust and ecosystem relationships is something that a standalone AI agent application would find difficult to replicate.

另外，我們平台連接了大量貨主與司機，並在多年運營中形成了穩定的交易網路與信用體系。司機與貨主不僅依賴平台獲取訂單與運力，也依賴平台進行信用評估、履約保障、爭議解決——以及爭議解決機制。這種長期累積的信任與生態關係，是單一 AI agent 應用難以複製的。

Given these structural characteristics, we believe that as AI technology continues to mature, our competitive advantages will become even more pronounced. The reason is very straightforward. The more capable AI becomes, the more it depends on real transaction data and the stronger the resulting network effects.

基於這些結構性特徵，我們認為隨著 AI 技術持續成熟，我們的競爭優勢將更加凸顯。原因非常直接。AI 越強大，就越依賴真實交易數據，而由此帶來的網路效應也越強。

We're actively integrating AI capabilities across multiple aspects of our platform, including matching, dispatching, pricing, risk management, and customer service. As matching becomes more efficient, fulfillment become more reliable and exceptional handling becomes faster and more effective.

我們正積極把 AI 能力整合到平台的多個環節，包括撮合、調度、定價、風險管理與客服。隨著撮合更高效、履約更可靠，例外處理也會更快速、更有效。

Both truckers and shippers will naturally prefer to transact on our platform. This, in turn, leads to continued data accumulation and ongoing model improvement, which further strengthens our network effects and the moat around our platform.

無論是卡車司機還是貨主，都會自然地更偏好在我們的平台上進行交易。這反過來又帶來持續的數據累積與模型不斷迭代，進一步強化我們的網路效應以及平台周邊的護城河。

Overall, we are very optimistic about the industry transformation and the opportunities brought by the AI era, and we are fully prepared to embrace the opportunities and challenges that come with this technological shift. For us, AI represents a capability upgrade rather than a disruption to our business model.

整體而言，我們對產業轉型以及 AI 時代帶來的機會非常樂觀，並且已充分準備好迎接這次技術變革所伴隨的機會與挑戰。對我們而言，AI 代表的是能力升級，而非對我們商業模式的顛覆。

We will leverage AI capabilities to capture the broader industry opportunities it creates, making our platform more efficient and improving the user experience for both shippers and truckers. At the same time, these capabilities will further strengthen our network effects, thereby reinforcing our long-term competitive advantage in the road freight market.

我們將運用 AI 能力把握其所創造的更廣泛產業機會，提升平台效率，並改善貨主與卡車司機的使用者體驗。同時，這些能力也將進一步強化我們的網路效應，從而鞏固我們在公路貨運市場的長期競爭優勢。

To address your second question on our plan for AI for 2026. Yeah. As I discussed earlier on the -- on our view on AI, let me walk through the progress we made over the past quarter and our plan onwards. During the fourth quarter, our AI initiatives progress from the experimental phase to broader deployment. We're currently building an AI agent framework that covers key scenarios across our platform, including shippers, dispatch operations, and customer service gradually embedding AI capabilities throughout the entire transaction workflow.

針對您第二個問題，也就是我們 2026 年的 AI 規劃。好的。如我先前在——在我們對 AI 的看法中所提到的，讓我說明一下我們在過去一個季度取得的進展，以及後續的規劃。在第四季度，我們的 AI 專案已從實驗階段推進到更廣泛的部署。我們目前正在打造一個 AI 代理（agent）框架，涵蓋平台上的關鍵場景，包括貨主、調度作業與客服，並逐步將 AI 能力嵌入整個交易工作流程。

Starting with the user side, our focus from shippers is simplified shipment posting, an automated dispatch. In the fourth quarter, we launched an AI-empowered assistant that enables shippers to submit shipping requests through a simple voice input via a floating entry point in the app. The AI can then handle the entire workflow, including freight listing, trucker screening, price negotiation, and order matching, significantly streamlining what previously required multiple manual steps.

從使用者端開始，我們針對貨主的重點是簡化發貨發布與自動化調度。在第四季度，我們推出了 AI 賦能的助手，讓貨主可透過 App 內浮動入口，以簡單的語音輸入提交運輸需求。AI 隨後可處理整個流程，包括貨源發布、司機篩選、價格議價與訂單撮合，大幅精簡過去需要多個人工步驟的流程。

This capability is particularly beneficial for direct shippers as it lowers the barriers to posting shipments and improved shipping efficiency, helping the platform better attract and retain SME shippers. This solution also supports WeCom-based shipment posting as well as API integration, delivering meaningful efficiency improvements for enterprise customers that require system integration.

這項能力對直客貨主特別有利，因為它降低了發布貨源的門檻並提升發運效率，幫助平台更好地吸引並留存中小企業（SME）貨主。此解決方案也支援基於企業微信（WeCom）的發貨發布以及 API 串接，為需要系統整合的企業客戶帶來顯著的效率提升。

Our pilot results so far demonstrate the effectiveness of our AI-powered dispatch system. First, AI-driven dispatch has attracted a large number of valid trucker bids, reflecting that more accurate matching is increasing truckers' willingness to accept orders.

截至目前，我們的試點結果證明了 AI 驅動調度系統的有效性。第一，AI 驅動的調度吸引了大量有效的司機報價，反映出更精準的匹配正在提升司機接單意願。

And second, the vast majority of completed transactions are now processed entirely through automated workflows and the need for manual intervention continues to decline. Compared to traditional freight listing, AI-driven dispatch is delivering superior outcomes in both transaction efficiency and fulfillment rates.

第二，絕大多數已完成的交易如今都能完全透過自動化流程處理，對人工介入的需求持續下降。相較於傳統的貨源發布，AI 驅動調度在交易效率與履約率兩方面都帶來更優的結果。

In short, the AI assistant is helping shippers reduce the time required to find truckers and helping truckers improve order pickup efficiency and enhancing overall matching quality across the platform. Internally, AI has been integrated into our customer service operations, significantly improving response times and processing efficiency while also enhancing overall service stability.

總之，AI 助手正在幫助貨主縮短找車時間，幫助司機提升接單效率，並提升平台整體的匹配品質。在內部方面，AI 已整合進我們的客服營運，顯著改善回應速度與處理效率，同時也提升整體服務穩定性。

Looking ahead to 2026, AI will continue to serve as a core technology foundation for improving efficiency and enhancing user experience across FTA platform. As our models continue to evolve and data advantages deepen, we expect AI to unlock additional value in areas such as matching efficiency and operational cost optimization , becoming an increasingly important driver of our medium to long-term growth. Thank you.

展望 2026 年，AI 將持續作為提升 FTA 平台效率與使用者體驗的核心技術底座。隨著模型持續演進、數據優勢加深，我們預期 AI 將在匹配效率、營運成本優化等領域釋放更多價值，並成為推動我們中長期成長日益重要的驅動力。謝謝。

Brian Gong, Citi.

Brian Gong，花旗（Citi）。

(spoken in foreign language) I will translate it myself. With respect to the capital allocation, how does management prioritize among investments in core business growth, new initiatives and the shareholder returns?

(spoken in foreign language) 我自己來翻譯。關於資本配置，管理層如何在核心業務成長投資、新業務舉措以及股東回報之間進行優先排序？

Thank you, Brian. Our approach to capital allocation is guided by a very clear principle and that is to delivering sustainable returns to shareholders while maintaining healthy growth in our core business. We remain firmly committed to this objective and committed to creating long-term value for our shareholders.

謝謝你，Brian。我們的資本配置方法遵循一個非常清晰的原則：在保持核心業務健康成長的同時，為股東帶來可持續的回報。我們始終堅定致力於這一目標，並致力於為股東創造長期價值。

In 2025, we continue to deliver our commitment to returning value to shareholders through both dividends and share repurchases. Over the course of the year, we distributed approximately USD200 million in cash dividend under our semi-annual dividend policy.

在 2025 年，我們持續履行透過股息與股份回購向股東回饋價值的承諾。全年我們依據半年一次的股息政策，合計派發約 2 億美元現金股息。

In addition, we continue to implement our share repurchase program to further optimize our capital structure. Since the beginning of 2025, we have repurchased approximately USD52.4 million worth of our shares, demonstrating management's confidence in the company's long-term value.

此外，我們持續推進股份回購計畫，以進一步優化資本結構。自 2025 年初以來，我們已回購約 5,240 萬美元的公司股份，展現管理層對公司長期價值的信心。

In addition, in January 2026, we announced a medium- to long-term shareholder return plan. For 2026, we plan to return approximately USD400 million to shareholders. And today, we also announced a dividend of approximately USD87.5 million for the first quarter. To support the shareholder return commitments, we must continue to strengthen our core business while identifying new growth drivers to sustain strong cash generation.

另外，在 2026 年 1 月，我們公布了一項中長期股東回報計畫。針對 2026 年，我們計畫向股東回饋約 4 億美元。而在今天，我們也宣布第一季度股息約 8,750 萬美元。為了支持股東回報承諾，我們必須持續強化核心業務，同時識別新的成長動能，以維持強勁的現金創造能力。

As you know, long-term freight matching remains our primary source of cash flow and profitability and forms the foundation for our long-term competitive advantage. Looking ahead, we will continue to invest in user acquisition, technology upgrades, product innovations, and ecosystem development to support a steady and sustainable growth of our core business.

如你所知，長期貨運撮合仍是我們現金流與獲利的主要來源，也是我們長期競爭優勢的基礎。展望未來，我們將持續投資於用戶獲取、技術升級、產品創新與生態建設，以支持核心業務穩健且可持續的成長。

With respect to strategic investments in new initiatives, including overseas expansion and autonomous driving, we emphasize a disciplined approach characterized by controlled pacing, manageable cash outflows, and measurable milestones. We will not pursue high-risk asset heavy expansion. Instead, we will advance these initiatives in a measured manner with the evaluation of expected returns and progress at each stage.

就新業務舉措的策略性投資而言，包括海外擴張與自動駕駛，我們強調以紀律性的方式推進，其特徵是節奏可控、現金流出可管理，並設定可衡量的里程碑。我們不會追求高風險、重資產的擴張。相反地，我們將以審慎的方式推進這些舉措，並在每個階段評估預期回報與進展。

These investments are intended to build long-term growth capacity and further strengthen our competitive moat rather than pursuing short-term scale. Overall, we believe that the core business growth, investment in new initiatives, and shareholder returns are not mutually exclusive objectives. We will strive to maintain a dynamic balance between growth and shareholder returns while preserving strategic flexibility.

這些投資旨在建立長期成長能力並進一步強化我們的競爭護城河，而非追求短期規模。整體而言，我們認為核心業務成長、新業務投資與股東回報並非互斥的目標。我們將努力在成長與股東回報之間維持動態平衡，同時保留策略彈性。

Thomas Chong, Jefferies.

Thomas Chong，Jefferies。

(spoken in foreign language) We have seen the fulfilled orders grew by 12.3% year-on-year in Q4 and the growth rate is slowing down. Was this mainly driven by the ecosystem governance initiatives? How long do we expect this impact to last? And what is our outlook for order volume in 2026?

(spoken in foreign language) 我們看到第四季度履約訂單同比增長 12.3%，但增速在放緩。這主要是由生態治理舉措所驅動的嗎？我們預期這種影響會持續多久？以及我們對 2026 年訂單量的展望是什麼？

Thomas, that's a very good question. Let me first clarify the reasons behind the slowdown in order volume growth during the fourth quarter. The slowdown was primarily driven by the ecosystem governance initiatives we proactively implemented on platform rather than any significant change in underlying freight demand.

Thomas，這是一個非常好的問題。我先澄清一下第四季度訂單量增速放緩背後的原因。這次放緩主要是由我們在平台上主動推行的生態治理舉措所致，而非底層貨運需求出現任何顯著變化。

This round of ecosystem governance primarily focused on three areas. First, we addressed misclassified carpooling orders where Full Truck load shipments were posted as less-than-truckload orders, which can compromise transportation safety and fulfillment experience. And second, we strengthened real name verification requirements for both truckers and shippers which resulted in the removal of a number of fake or noncompliant accounts.

本輪生態治理主要聚焦三個方面。第一，我們處理了錯誤分類的拼車訂單，即將整車（Full Truckload）貨運以零擔（Less-than-truckload）訂單形式發布的情況，這可能損害運輸安全與履約體驗。第二，我們強化了對卡車司機與貨主的實名認證要求，因而清理了一批虛假或不合規帳戶。

Thirdly, we implemented systematic measures to curb freight with selling and other irregular transaction activities. These issues had accumulated over time, and we were beginning to -- and were beginning to affect the platform and reliability. Therefore, we believe it was both necessary and timely to address them through a focused governance measures.

第三，我們實施了系統性措施，以遏制貨源轉賣、搭售及其他不規範交易活動。這些問題長期累積，並且開始——也正在開始——影響平台的健康度與可靠性。因此，我們認為透過聚焦式治理措施來處理這些問題既必要也及時。

These governance measures primarily affected low-quality orders with limited monetization potential. During the initial phase of the governance initiatives, some of the misclassified carpooling orders have shifted back to the full load product -- Full Truck load product while others have temporarily moved to offline channels. We view this as a normal structural adjustment.

這些治理措施主要影響的是變現潛力有限的低品質訂單。在治理行動的初期階段，部分被錯誤歸類的拼車訂單已回流至整車產品——Full Truck load 產品，另一些則暫時轉移到線下渠道。我們將此視為正常的結構性調整。

From a revenue perspective, these orders historically contributed only a small portion of the platform's revenue. And in fact, transaction service revenue, as you can see, still grew by nearly 30% year-over-year in the fourth quarter, which clearly demonstrate that the ecosystem governance has not affected the platform's core monetization capability.

從收入角度看，這些訂單過去對平台收入的貢獻僅占很小一部分。而且事實上，如你所見，第四季交易服務收入仍同比成長近30%，這清楚表明生態治理並未影響平台的核心變現能力。

Based on the results achieved so far, the governance initiatives have delivered meaningful improvements, for example, the resale and trading of trucker accounts on third-party platforms have been nearly eliminated, and the trucker vehicle verification rate is now close to 100%. In addition, freight reselling activities in January decreased significantly compared with the end of third quarter and customer complaint rates have continued to decline.

基於目前取得的成果，治理行動帶來了顯著改善，例如第三方平台上對司機帳號的倒賣與交易幾乎被消除，司機車輛驗證率現已接近100%。此外，1月的貨源轉賣活動較第三季末顯著下降，客戶投訴率也持續下滑。

At the same time, trucker engagement has remained stable with the rolling 12-month active trucker base maintaining at a high level and the next month's retention rate for truckers responding to orders exceeding 85%. The principal measures under this round of governance have been largely completed, and the main impacts have been fully reflected. Real name verification has been fully implemented, freight reselling is now managed under a normalized framework, and misclassified carpooling orders have been structurally addressed through product rules.

同時，司機端的參與度保持穩定，滾動12個月活躍司機規模維持在高位，且對接單司機的次月留存率超過85%。本輪治理的主要措施已基本完成，主要影響也已充分體現。實名驗證已全面落地，貨源轉賣已納入常態化管理框架，且透過產品規則對錯分的拼車訂單進行了結構性治理。

As we move to 2026, our focus will shift from targeted governance campaigns to continuous optimization. We will leverage credit scoring and algorithm model to safeguard the long-term health of the ecosystem and placing greater emphasis on balancing growth pace and operational quality.

展望2026年，我們的重點將從針對性的治理行動轉向持續優化。我們將運用信用評分與算法模型，保障生態系統的長期健康，並更加重視在成長節奏與營運品質之間取得平衡。

In the near term, we do not expect to carry out another large-scale governance campaign. Based on our operating data so far into the year in 2026, sequential order growth has already shown clear signs of recovery. Looking ahead to the full year as the impact of governance initiatives continue to diminish, the share of direct shippers continue to increase and matching efficiency further improves. We remain cautiously optimistic about steady order growth on our platform in 2026. Thank you.

短期內，我們預期不會再開展另一輪大規模治理行動。根據我們截至2026年年初的營運數據，訂單環比成長已出現明顯復甦跡象。展望全年，隨著治理影響持續消退，直客貨主占比將持續提升，撮合效率也將進一步改善。我們對2026年平台訂單的穩健成長仍保持審慎樂觀。謝謝。

Ritchie Sun, HSBC.

Ritchie Sun，匯豐。

(spoken in foreign language) My first question is about the fulfillment rates. So how did the fulfillment rate perform in fourth quarter? And what is the outlook for this metric

（外語發言）我的第一個問題是關於履約率。第四季的履約率表現如何？這項指標的展望是什麼？

And secondly, in terms of the commission revenue growth is nearly a 30% year-on-year growth in fourth quarter despite slower order growth. So what were the key drivers behind this? And what is the outlook for this set metric going forward?

第二，關於佣金收入，第四季在訂單成長放緩的情況下仍同比成長近30%。背後的關鍵驅動因素是什麼？未來這項指標的展望如何？

Thank you, Ritchie, for your question on fulfillment rate. In the fourth quarter, the overall fulfillment rate reached 42.7%, representing a year-over-year increase of more than 5 percentage points, and it also set a new record. Notably, the average fulfillment rate for the mid- and low frequency direct shippers approach 65%. This is a key metric we monitor closely. And as this segment represents a higher quality source of freight demand.

謝謝你，Ritchie，關於履約率的提問。第四季整體履約率達到42.7%，同比提升超過5個百分點，並創下新高。值得注意的是，中低頻直客貨主的平均履約率接近65%。這是我們密切監控的一項關鍵指標。因為該細分客群代表更高品質的貨運需求來源。

Several factors drove the improvement in the fulfillment rate. First, we implemented systematic optimization to our cancellation policy. Historically, arbitrary cancellations by both truckers and shippers weighted heavily on fulfillment rate. In the fourth quarter, we introduced two key measures. We increased the cost of unjustified cancellations by imposing behavioral restrictions on users with frequent cancellations.

多項因素推動了履約率的提升。首先，我們對取消政策進行了系統性優化。過去，司機與貨主的任意取消對履約率造成了較大拖累。在第四季，我們推出兩項關鍵措施。我們提高了無正當理由取消的成本，對頻繁取消的用戶施加行為限制。

And we also upgraded our credit scoring system. The evaluation framework shifted from a primary focus on transaction frequency to a more holistic assessment of behavior quality with greater emphasis on fulfillment rates, user ratings, and complaint rates. These adjustments are designed to encourage more consistent and responsible transaction behavior among both truckers and shippers.

同時，我們也升級了信用評分系統。評估框架從以交易頻次為主，轉向更全面的行為品質評估，更加重視履約率、用戶評分與投訴率。這些調整旨在鼓勵司機與貨主形成更一致、更負責任的交易行為。

Secondly, the continued improvement in our user mix also contributed to the higher fulfillment rate. In the fourth quarter, fulfillment orders from direct shippers accounted for 55% of total fulfilled orders up from the previous quarter. And direct shippers generally have higher expectations for fulfillment reliability and a stronger commitment to execute so the increase in their share directly supported the improvement in the platform's overall fulfillment performance.

其次，用戶結構的持續改善也促進了更高的履約率。第四季，來自直客貨主的履約訂單占總履約訂單的55%，較上一季提升。直客貨主通常對履約可靠性有更高要求、執行意願也更強，因此其占比提升直接支撐了平台整體履約表現的改善。

Thirdly, ongoing product enhancement also contributed to the improvement. In the fourth quarter, we continue to iterate on the new freight zone and introduce a secondary confirmation step for shipment posting, which improved fulfillment rates for newly listed shipments. At the same time, upgrade to our matching algorithm and more refined operations significantly accelerated truckers' response times, supporting a steady increase in transaction conversion rates.

第三，持續的產品迭代也帶來了改善。第四季，我們持續迭代新的貨源分區，並在發貨發布環節引入二次確認步驟，提升了新上架貨源的履約率。同時，對撮合算法的升級以及更精細化的營運，顯著加快了司機響應速度，推動交易轉化率穩步提升。

Looking ahead, as our credit scoring system continues to improve, the base of direct shippers expand, and low-quality freight listings are further phased out, we expect fulfillment performance to maintain a steady upward trend. This will not only enhance the user experience, but also support further monetization of the platform.

展望未來，隨著信用評分系統持續完善、直客貨主基礎擴大，以及低品質貨源進一步出清，我們預期履約表現將保持穩步上行趨勢。這不僅將提升用戶體驗，也將支持平台進一步變現。

Regarding your second question on commission revenue growth. In the first -- in the fourth quarter, transaction service revenue reached approximately RMB1.49 billion. That's a year-over-year increase of around 28%. Despite the moderation in order volume growth, revenue maintained a relatively strong growth momentum primarily driven by two factors.

關於你第二個問題——佣金收入成長。第四季交易服務收入約為人民幣14.9億元。同比增長約28%。儘管訂單量增速放緩，收入仍保持較強成長動能，主要由兩個因素驅動。

The first driver was the continued increase in commission penetration. In the fourth quarter, commission penetration rate reached 88.6%, up roughly 6 percentage points year-over-year. The number of cities covered by the transaction -- covered by the commission model reached 273, effectively achieving nationwide coverage across major freight markets. This improvement reflects the platform's continued progress in identifying high-quality freight demand, ensuring fulfillment reliability and enhancing matching efficiency, enabling the commission model to be applied to a broader range of orders.

第一個驅動因素是佣金滲透率的持續提升。第四季佣金滲透率達到88.6%，同比提升約6個百分點。採用佣金模式覆蓋的城市數達到273個，基本實現對主要貨運市場的全國覆蓋。這一提升反映了平台在識別高品質貨運需求、保障履約可靠性與提升撮合效率方面的持續進展，使佣金模式能夠適用於更廣泛的訂單範圍。

The second driver was the improvement in monetization per order. Q4 average monetization per order reached RMB26.3, this reflects the effectiveness of our refined tiered operating strategy. By offering differentiated services tailored to different shipper segments, we improved monetization efficiency and overall profitability while safeguarding the interest of truckers.

第二個驅動因素是單均變現能力的提升。第四季單均變現達到人民幣26.3元，這體現了我們精細化分層營運策略的成效。透過針對不同貨主客群提供差異化服務，我們在保障司機利益的同時，提升了變現效率與整體盈利能力。

Looking ahead, we remain confident in the continued growth of our transaction service revenue. There's room to further optimize both commission penetration and monetization per order. At the same time, continued enhancement of our trucker membership program will help ensure a stable supply of high-quality transportation capacity and further strengthening the foundation for transaction service revenue growth.

展望未來，我們對交易服務收入的持續成長仍充滿信心。無論是佣金滲透率還是單均變現，都仍有進一步優化空間。同時，持續強化司機會員體系將有助於確保高品質運力的穩定供給，並進一步夯實交易服務收入成長的基礎。

Going forward, we will continue to refine our commission structure and operational strategies without compromising user experience, to support more stable and sustainable long-term growth in this particular revenue stream.

展望未來，我們將在不影響用戶體驗的前提下，持續優化我們的佣金結構與營運策略，以支持該收入來源更穩定且可持續的長期成長。

Wenjie Zhang, CICC.

張文傑，中金公司。

(spoken in foreign language) I'll translate for myself. My question is about Credit Solutions business within value-added services. I wonder what's related to the progress of this business?

(以外語發言) 我自己來翻譯。我的問題是關於增值服務中的信貸解決方案業務。我想了解這項業務的進展與哪些因素相關？

Thank you. In the fourth quarter, amid an evolving regulatory environment, we continue to advance our Credit Solutions with a focus on compliance, risk management and business model transformation and maintain a steady pace of development. As of the end of the fourth quarter, we completed the transition to interest rates of 26% or below for both existing and newly issued loans, reflecting our proactive alignment with regulatory guidance and commitment to compliance.

謝謝。第四季在監管環境持續演變的背景下，我們持續推進信貸解決方案業務，重點聚焦合規、風險管理與商業模式轉型，並保持穩健的發展節奏。截至第四季末，我們已完成將存量及新增貸款利率調整至26%或以下的轉換，體現我們主動對齊監管指引並致力於合規。

While this adjustment created some short-term pressure on revenue, we believe it will support a more robust and sustainable financial services framework over the long term and lay a stronger foundation for our future growth.

儘管此項調整在短期內對收入造成一定壓力，但我們相信長期而言將有助於建立更健全且可持續的金融服務框架，並為未來成長奠定更堅實的基礎。

In terms of asset quality, our overall risk exposure remains manageable. Since mid-last year, regulatory changes across the credit industry have led to fluctuations in credit risk and our credit business has also been affected.

在資產品質方面，我們整體風險敞口仍處於可控範圍。自去年年中以來，信貸行業的監管變化導致信用風險出現波動，我們的信貸業務也受到影響。

In the fourth quarter, the 90-day delinquency ratio reached 2.9%. In response, we proactively tightened our risk management measures by raising credit approval thresholds for both new and existing users, and implementing earlier interventions through model optimization and a more tiered risk control framework.

第四季90天逾期率達到2.9%。為此，我們主動收緊風險管理措施，包括提高新老用戶的授信審批門檻，並透過模型優化與更分層的風控框架實施更早期的干預。

As a result, our outstanding loan balance remains at a healthy level, and the overall risk exposure is well contained. Looking ahead, while some volatility may persist in the coming months, we expect asset quality to gradually improve with the overall NPL ratio stabilizing and beginning to decline in the second half of this year.

因此，我們的在貸餘額仍維持在健康水準，整體風險敞口得到良好控制。展望未來，雖然未來數月可能仍有一定波動，但我們預期隨著整體不良貸款（NPL）比率趨於穩定，並在今年下半年開始下降，資產品質將逐步改善。

In terms of our business model, we are proactively transitioning towards a more asset-light approach. We have established partnerships with multiple banks and financial institutions and are increasingly originating loans through guarantee-backed and affiliation models. This approach allows us to significantly reduce the use of our own capital while maintaining service coverage and improving capital efficiency and better managing risk exposure.

在商業模式方面，我們正主動向更輕資產的方向轉型。我們已與多家銀行及金融機構建立合作，並日益透過擔保增信及聯營模式發放貸款。此舉使我們在維持服務覆蓋的同時，能顯著降低自有資金使用、提升資本效率，並更好地管理風險敞口。

As a result, we are building a more balanced and sustainable risk return profile for our credit business. And overall, we will continue to prioritize compliance, maintain disciplined risk management, and support our core business through our credit operations.

因此，我們正在為信貸業務打造更均衡且可持續的風險回報結構。總體而言，我們將持續把合規放在首位，保持嚴謹的風險管理，並透過信貸營運支持我們的核心業務。

Going forward, we will balance growth and risk while further improving asset quality and expanding penetration across operational scenarios. This will help ensure that our Credit Solutions business develops in a more sustainable manner as the regulatory environment continues to evolve.

展望未來，我們將在成長與風險之間取得平衡，同時進一步提升資產品質，並擴大在各類營運場景中的滲透。這將有助於在監管環境持續演變的情況下，確保我們的信貸解決方案業務以更可持續的方式發展。

Yuan Liao, CITICS.

廖媛，中信證券。

(spoken in foreign language) Can management share us what progress have you met in your overseas business so far? And so what are the trends for your city expansion and your strategic priorities for '26? And is there any time line for your monetization of your overseas business?

(以外語發言) 管理層能否分享一下目前海外業務的進展？那麼你們在城市拓展方面的趨勢，以及對2026年的戰略重點是什麼？另外，海外業務的變現是否有時間表？

Thank you. Our overseas business is an important part of our mid- to long-term growth. We're building our international operations under the QMove brand, and we are currently in the model validation and capability replication stage.

謝謝。海外業務是我們中長期成長的重要組成部分。我們以QMove品牌打造國際化營運，目前處於模式驗證與能力複製階段。

In terms of our market selection logic, the emerging markets, we're targeting share key trails. Large road freight volumes, low level of digitalization, highly fragmented truckers and the shipper base, large information gaps and high reliance on traditional broker models.

在市場選擇邏輯方面，我們瞄準的主要是具備以下特徵的新興市場：公路貨運量大、數位化程度低、卡車司機與貨主群體高度分散、資訊缺口大，且高度依賴傳統經紀人模式。

This is very much like China over a decade ago. And much like China over a decade ago when we first started our business. This makes our domestic experience and capabilities highly transferable, allowing us to replicate our model in those markets with minimal learning curves.

這與十多年前的中國非常相似。也很像我們十多年前剛開始做業務時的中國。這使得我們在國內積累的經驗與能力具有很強的可移植性，能以較低的學習成本在這些市場複製我們的模式。

We are pursuing an asset-light and localized approach, advancing investments gradually as we validate the business model and team capabilities, leveraging our technology and operational know-how to drive platform rollouts. QMove is already integrating a fragmented local trucking capacity in select markets and steadily building user network on both the trucker and shipper side.

我們採取輕資產與本地化的策略，在驗證商業模式與團隊能力的同時，逐步推進投入，並利用我們的技術與營運專長推動平台落地。QMove已在部分市場整合分散的本地運力，並在司機端與貨主端穩步建立用戶網路。

The priority for 2026 remains deepening our presence in existing markets while expanding into new ones in a disciplined manner. We will first focus on boosting network density and user engagement in established countries while gradually advancing city expansions in markets that are operationally ready and steadily broadening the platform's reach.

2026年的重點仍是深化既有市場的佈局，同時以審慎的方式拓展新市場。我們將優先提升已進入國家的網路密度與用戶活躍度，並在營運條件成熟的市場逐步推進城市拓展，穩步擴大平台覆蓋範圍。

We maintain a pragmatic, flexible attitude toward -- regarding the pace of the monetization. Emerging market, digital freight platforms typically progress through user acquisition, network formation and efficiency improvement before reaching stable commercialization. With timing varying by market, our priority is to grow the platform network and expand our user base sustainably rather than simply pursue early monetization at the expense of long-term growth.

對於變現節奏，我們保持務實且靈活的態度。在新興市場，數位貨運平台通常會先經歷用戶獲取、網路形成與效率提升，之後才進入穩定商業化階段。由於各市場時點不同，我們的優先事項是以可持續方式擴大平台網路與用戶規模，而非為了短期變現而犧牲長期成長。

And in summary, we remain confident the long-term growth potential of these emerging markets whose digital transformation is expected to follow a path very similar to China's road logistics industry. We'll continue expanding overseas in a disciplined, steady manner and gradually move towards commercialization as the operating model matures. Thank you.

總結而言，我們仍對這些新興市場的長期成長潛力充滿信心，其數位化轉型預計將走出一條與中國公路物流行業非常相似的路徑。我們將持續以審慎、穩健的方式推進海外擴張，並隨著營運模式成熟逐步走向商業化。謝謝。

Thank you. 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.

謝謝。問答環節到此結束。我想把會議交回管理層，請其作任何補充或結語。

Thank you once again for joining us today. If you have any further questions, please feel free to contact FTA directly or reach out to TPG. Our contact information for IR in both China and the US can be found in today's press release. Have a great day.

再次感謝各位今天參與。如有任何進一步問題，歡迎直接聯繫FTA或聯繫TPG。我們在中國與美國的投資者關係（IR）聯絡資訊可在今日新聞稿中查閱。祝各位有美好的一天。

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.

本逐字稿中標註（口譯）的部分由現場電話會議中的口譯員翻譯。該口譯員由本活動的主辦公司提供。