What were the key takeaways from Full Truck Alliance's earnings call?

What is the market's earnings forecast for Full Truck Alliance next quarter?

What is Full Truck Alliance's latest dividend and current dividend yield?

What is Full Truck Alliance's gross profit margin?

What were the key takeaways from Full Truck Alliance’s earnings call?

What is the revenue and EPS growth rate for Full Truck Alliance year over year?

What guidance did Full Truck Alliance's management provide for the next earnings period?

What factors drove the changes in Full Truck Alliance's revenue and profit?

- **Revenue Growth**: Total net revenue up 10.8% YoY to RMB 3.36 billion, driven by 39% transaction service growth.
- **Order Momentum**: 22.3% YoY increase in fulfilled orders, 17.6% rise in monthly active shippers.
- **AI Integration**: Giga.AI acquisition enhances freight matching and operational efficiency.
- **User Engagement**: 80% shipper retention, 85% trucker monthly retention, and 40.6% fulfillment rate.
- **Q4 Outlook**: Revenue expected between RMB 3.08 billion and RMB 3.18 billion, reflecting 17.1%-22.5% non-freight brokerage growth.

**【Management Opening Remarks】**
- Mao Mao emphasized forward-looking statements and non-GAAP financial measures, cautioning that future performance is subject to risks and uncertainties. The company provided a reconciliation of GAAP to non-GAAP financial results in the earnings release.

**【CEO Commentary】**
- Hui Zhang highlighted the company's digital transformation efforts, driving a 22.3% year-over-year increase in fulfilled orders and a 17.6% rise in monthly active shippers. The acquisition of Giga.AI enhanced AI capabilities, improving freight matching efficiency and platform reliability. Truckers' fulfillment rate reached 40.6%, up 6 percentage points YoY, with 4.48 million active truckers.

**【CFO Financial Commentary】**
- Total net revenue rose 10.8% YoY to RMB 3.36 billion, with transaction service revenue up 39% to RMB 1.46 billion. Non-GAAP adjusted net income was RMB 988.1 million. Q4 2025 revenue is expected between RMB 3.08 billion and RMB 3.18 billion, reflecting 17.1%-22.5% growth in non-freight brokerage revenue.

**【Q&A Highlights】**
- **Fulfilled Orders Growth**: Driven by user acquisition, product optimization, and new business expansion. Q4 outlook remains positive despite macro challenges.
- **Shipper Acquisition**: 3.35 million monthly actives (17.6% YoY) via multichannel marketing and referrals, with 80% 12-month retention.
- **Trucker Ecosystem**: 4.48 million active truckers, 85% monthly retention, and 60% fulfillment rate for members. Membership benefits and protection programs enhance engagement.
- **Policy Alignment**: Enhanced user protection and fair pricing through ID verification, credit scoring, and real-time price monitoring.
- **Freight Brokerage**: Service fee adjustments stabilized user retention, with 70% of orders from high-quality shippers.
- **Membership Conversion**: 20% of RMB 288 members upgraded to RMB 688, supporting steady growth in listing revenue.


Full Truck Alliance Co. Ltd. (YMM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

YMM

YMM fundamentals

You can ask Aime