Total Net Revenues: RMB2.7 billion, up 19.0% year over year.
Transaction Service Revenue: RMB1.05 billion, up 51.5% year over year.
Non-GAAP Adjusted Operating Income: RMB1.32 billion, up 171.5% year over year.
Non-GAAP Adjusted Net Income: RMB1.39 billion, up 84% year over year.
Fulfilled Orders: 48.2 million, a 22.6% year-over-year increase.
Fulfillment Rate: 39.2%, up nearly 6 percentage points year over year.
Average Shipper MAUs: 2.76 million, up 28.8% year over year.
Net Income: RMB1.278.9 million, up 118.1% year over year.
Basic Net Income per ADS: RMB1.22, compared with RMB0.56 in the same period of 2024.
Cash and Cash Equivalents: RMB29.3 billion as of March 31, 2025.
Second Quarter 2025 Revenue Outlook: Between RMB3.06 billion and RMB3.12 billion, representing a year-over-year growth rate of approximately 10.6% to 12.9%.
Full Truck Alliance Co Ltd (NYSE:YMM) reported a 23% year-over-year growth in total field orders, significantly outpacing industry growth.
The company achieved a 19% year-over-year increase in total net revenues, reaching RMB2.7 billion.
Average shipper MAUs increased by 28.8% year over year, reaching 2.76 million in the first quarter.
The fulfillment rate for the first quarter reached 39.2%, up nearly 6 percentage points year over year, setting a new record.
Transaction service revenue grew by 51.5% year over year, driven by order growth and enhanced monetization.
Negative Points
The company faces risks and uncertainties that could affect future performance, as highlighted in their forward-looking statements.
Revenues from freight brokerage services remained nearly flat due to a decrease in transaction volume.
Sales and marketing expenses increased to RMB377.9 million, primarily due to higher advertising and marketing expenses.
The company experienced a decrease in general and administrative expenses, primarily due to lower share-based compensation and salary expenses.
The company is exposed to potential indirect effects from tariff adjustments, which could impact the supply chain.
Q & A Highlights
Q: What are the key factors behind the 23% year-over-year increase in fulfilled orders, and how might recent tariff impacts affect order volumes? A: Chong Cai, CFO, explained that the increase was due to a high-quality user base expansion, effective operational strategies, and growth in new business segments like less-than-truckload services. Despite recent tariff adjustments, no significant impact on business has been observed due to the focus on domestic freight. The company remains optimistic about order volume growth for 2025, focusing on long-haul freight operations and enhancing service experiences.
Q: What drove the significant increase in fulfillment rates to 39.2% in the first quarter? A: Chong Cai, CFO, attributed the improvement to user structure optimization, refined operational strategies, and enhanced matching efficiency. The increase in direct shippers, who demand higher service quality, and operational strategies like clearer pricing structures and improved trucker order acceptance processes contributed to the rise. The company expects continued improvement in fulfillment rates through expanded direct shipper bases and enhanced product experiences.
Q: What are the reasons behind the 29% increase in monthly active shippers in the first quarter? A: Chong Cai, CFO, noted that targeted marketing strategies, both online and offline, and refined operational strategies improved user engagement and retention. The platform's value proposition, including efficient matching mechanisms and robust credit rating systems, has accelerated user growth. The company aims to expand the share of direct shippers and reinforce its leadership in digital freight logistics.
Q: How has trucker activity and order acceptance frequency changed, and what is the impact on supply-demand dynamics? A: Chong Cai, CFO, reported that trucker activity improved due to increased shipper order volume and enhanced matching algorithms, reducing idle time. The trucker membership system also contributed to higher transaction frequency and fulfillment rates. The company expects balanced supply-demand dynamics as order volume grows and matching efficiency improves.
Q: What are the main drivers behind the 51.5% year-over-year increase in transaction service revenue? A: Chong Cai, CFO, highlighted the expansion of business scale and improved order quality as key drivers. The company expanded commission services to more cities and improved monetization per order. Future strategies include refining commission models and enhancing user experience to drive sustainable growth in transaction service revenue.
Q: What are the key considerations behind the increased investment in Plus PRC, and what is the current progress of its business? A: Chong Cai, CFO, emphasized the commercial potential of autonomous driving technology. The investment aims to capitalize on technological maturation and build early-mover advantages in long-haul logistics. Plus PRC has begun delivering freight services, focusing on reducing costs and improving operational efficiency.
Q: What are the main applications of AI on the platform, and what are the future plans for AI development? A: Chong Cai, CFO, stated that AI is primarily used for intelligent dispatching, improving communication efficiency between shippers and truckers. Future plans include expanding AI applications to order posting, customer services, and route planning to enhance operational efficiency and service quality.
