Full Truck Alliance's Q2 2025: Key Contradictions in Order Growth, User Acquisition, and Business Strategy

Fulfillment order growth drivers, shipper user growth drivers, fulfillment rate and order growth, entrusted shipment business strategy are the key contradictions discussed in Full Truck Alliance Co. Ltd.'s latest 2025Q2 earnings call.



Order Growth and Fulfillment Efficiency:
- Full Truck Alliance reported a 23.8% year-over-year increase in fulfilled orders to 60.8 million in Q2 2025.
- The fulfillment rate reached a record high of 40.7%, marking a 7 percentage point year-over-year improvement.
- Growth was attributed to the expansion of the shipper and trucker user base, optimization of shipper user structure, and advanced operational strategies.

Shipper User Engagement and Growth:
- Average shipper MAUs increased to 3.16 million, representing a 19.3% year-over-year growth.
- Shipper members surpassed 1.2 million by the end of the quarter, primarily driven by low- and medium-frequency direct shippers.
- The growth in shipper engagement and retention was driven by enhanced user acquisition strategies, product experience improvements, and a focus on core direct shippers.

Trucker Capacity and Retention:
- The number of active truckers fulfilling orders over the past 12 months rose to 4.34 million, up 9% year-over-year.
- The trucker membership approached 1 million, reflecting rising engagement and loyalty.
- This increase was due to improvements in trucker credit rating and membership programs, along with enhanced support and protections for truckers.

Financial Performance and Revenue Diversification:
- Total net revenue reached RMB 3.24 billion, increasing by 17.2% year-over-year.
- Non-GAAP adjusted operating income rose to RMB 1.23 billion, up 76% year-over-year.
- Growth was driven by increased transaction service revenue and a shift in revenue structure towards higher-value services like transaction services, which grew by 39.4%.