Full Truck Alliance's Q4 2024: Navigating Contradictions in Fulfillment Rates, User Strategies, and Order Growth

These are the key contradictions discussed in Full Truck Alliance Co. Ltd.'s latest 2024Q4 earnings call, specifically including: Fulfillment Rate Improvement, User Acquisition and Engagement Strategies, and Order Volume Growth Expectations:



Order Volume Growth and Market Leadership:
- Full Truck Alliance reported a significant 24% year-over-year increase in fulfilled orders in Q4 2024.
- The growth was driven by robust network effects, efficient user acquisition strategies, and enhanced transaction efficiency.

Fulfillment Rate Improvement:
- The company's fulfillment rate reached 37.5% in Q4, up 5.4% year-over-year.
- Improvements were due to increases in low and medium frequency shipper contributions, optimized order matching, and refined operational strategies.

Transaction Service Revenue Growth:
- Transaction service revenues surged over 70% year-over-year to RMB1.16 billion, contributing 36% of total net revenue.
- The growth was primarily driven by increased order volume, refined monetization strategies, and improved monetized order penetration ratio.

Dividend and Share Repurchase Initiatives:
- The company initiated a semiannual dividend policy, with an initial payout of $200 million for 2025, and a new share repurchase program of up to $200 million by March 2026.
- These initiatives reflect the company's strong cash position and confidence in business growth, aimed at delivering value to shareholders.