Full Truck Alliance's 50% Payout Commitment Shifts Investment Narrative

Full Truck Alliance has committed to distributing at least 50% of its prior-year non-GAAP adjusted net income annually through dividends and share repurchases. This move aligns with income-oriented investor preferences and signals management's confidence in sustainability of earnings and cash generation. The commitment adds a fresh short-term catalyst and potentially broadens the shareholder base, but investors will watch closely for regulatory risks that could impact this income story.