Full Truck Alliance Co. Ltd. Q3 FY2025 earnings call

• FTA continued to reduce logistics costs and enhance efficiency using digital and intelligent technologies. Total fulfilled orders were 63.4 million, up 22.3% y-o-y. - Average monthly active shippers were 3.35 million, up 17.6% y-o-y. - Active truckers fulfilling orders over past 12 months reached 4.48 million. - Transaction service revenue grew 39% y-o-y to RMB 1.46 billion. - Accelerated full-chain AI deployment, including acquisition of Giga.AI, bolstering AI capabilities.

Total revenues reached RMB 3.36 billion, a year-over-year increase of 10.8%. Transaction service revenues grew 39.0% year over year to RMB 1.46 billion, accounting for 43% of total revenues. Average monthly active shippers reached 3.35 million in the third quarter, up 17.6% year over year. The number of active truckers fulfilling orders over the past 12 months reached 4.48 million. Total fulfilled orders were 63.4 million, a year-over-year increase of 22.3%.

• Fourth quarter 2025 total revenues expected between RMB 3.08 billion and RMB 3.18 billion. - Excluding freight brokerage service, net revenues expected to range from RMB 2.18 billion to RMB 2.28 billion, representing estimated y-o-y growth of 17.1% to 22.5%.

• Forward-looking statements subject to risks and uncertainties beyond the company's control that could cause actual results to differ materially from projections. General risk factors affecting business and financial results are in SEC filings.

Q: What were the main growth drivers for fulfilled orders increasing 22% and outlook for fourth quarter and next year?

A: Main drivers include solid user acquisition, higher engagement from existing users, and new business. Outlook remains confident with continued user ecosystem optimization.

Q: What were the major drivers behind the growth in monthly active shippers to 3.35 million?

A: Efficient multichannel user acquisition and organic growth via referrals. Integrated online/offline approaches and improved user trust via service reliability.

Q: Update on trucker members and ecosystem improvement?

A: Active trucker members grew, with membership program driving higher order acceptance. Upgraded protection programs enhanced truckers' experience.

Q: Measures to align with innovation policies and protect shipper/trucker benefits?

A: Enhanced ecosystem integrity with ID verification, credit scoring, and user tiering. Emphasized fair pricing and healthy competition with algorithmic checks. Strengthened user protection programs.

Q: Progress of freight brokerage business since pricing adjustment in August?

A: Transition to higher service fee rate, with user retention stable, especially among small/medium shippers. Invoicing plus freight matching orders over 70% of total.

Q: Growth drivers for freight listing revenue and user payment conversion?

A: Growth from paying users and membership structure optimization. 288 membership program drove growth. Retention robust at around 80%, with expectations of continued growth in listing revenue.