Full Truck Alliance's Q1 2025: Key Contradictions in Fulfillment Rates, Trucker Engagement, and Strategic Investments

Fulfillment rate improvement strategies, truckers' activity and order acceptance frequency, investment in Plus PRC are the key contradictions discussed in Full Truck Alliance Co. Ltd.'s latest 2025Q1 earnings call.



Revenue Growth and Platform Performance:
- Full Truck Alliance reported total net revenues of RMB2.699.9 million for Q1 2025, up 19% year-over-year.
- The growth was driven by a 19% increase in revenues from freight matching services and a 51.5% year-over-year increase in transaction service revenue.

User Growth and Engagement:
- The average number of monthly active shippers reached 2.76 million, up 20.8% year-over-year.
- This was attributed to effective user engagement and retention initiatives, including streamlined shipment onboarding and improved retention rates.

Fulfillment Rate Improvement:
- The platform's overall fulfillment rate reached 39.2%, up nearly 6 percentage points year-over-year.
- The improvement was due to optimization of user structure, refined operational strategies, and enhanced matching efficiency.

Trucker Membership and Activity:
- By Q1's end, the number of trucker members surpassed 700,000.
- The increase in trucker membership and activity was driven by improved transaction frequency and fulfillment rates, as well as membership benefits like priority access to orders.