Full Truck Alliance Co. Ltd. · NYSE:YMM
Full Truck Alliance — Q3 2025 Earnings Presentation
17 slides from Full Truck Alliance's earnings presentation, November 2025
Slide 1: Q3 2025 Earnings
Q3 2025 Earnings November 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Full Truck Alliance Co. Ltd. (the “Company”) solely for informational purposes and has not been independently verified. No representations or warranties, express or implied, are made by the Company or any of its affiliates, directors, officers, emplo
Slide 3: Q3 2025 Snapshot
Q3 2025 Snapshot 63.4 million Covering 300+ cities fulfilled orders(1) 100% coverage of prefecture- level cities in China 4.48 million active truckers 3.35 million 100k+ routes fulfilled shipping orders(2) Average Shipper MAUs(3) Notes: 1. Fulfilled orders on our platform in a given period are defin
Slide 4: Sustained Momentum in Both Order and User Growth
Sustained Momentum in Both Order and User Growth Number of Fulfilled Orders(1) mm 197.2 158.8 +22.3% YoY 49.1 51.9 56.9 48.2 60.8 63.4 42.5 45.8 39.3 2023 2024 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 Average Shipper MAUs(2) +17.6% YoY mm 3.2 3.4 2.6 2.7 2.8 2.9 2.8 2.0 2.1 2.2 2.1 2023 2024 23Q
Slide 5: Strong Revenue Growth and Diversified Monetization Channels
Strong Revenue Growth and Diversified Monetization Channels Revenue Breakdown (RMB mm) YoY +33.2% 11,239 % of Revenue 8,436 4,727 42.1% % of Revenue YoY +10.8% 3,916 7.8% 46.4% 879 % of Revenue % of Revenue 828 9.8% 34.2% 3,358 3,849 3,031 42.2% 32.5% 2,309 1,094 27.4% 1,281 7.4% 247 7.4% 223 34.6%
Slide 6: Improving Operating Leverage and Profitability
Improving Operating Leverage and Profitability Non-GAAP Adjusted Operating Income (1) Non-GAAP Adjusted Net Income (2) (RMB mm) (RMB mm) Margin Margin 18.7% 27.0% 25.7% 36.5% 33.2% 35.8% 36.8% 40.1% % % 4,020 +43.7% +25.7% 3,732 3,397 3,032 +64.2% 2,968 +91.9% 2,797 2,069 1,580 2023 2024 9M 2024 9M
Slide 7: Consolidated Income Statement
Consolidated Income Statement Three months ended Nine months ended Sep 30, 2024 Jun 30, 2025 Sep 30, 2025 Sep 30, 2024 Sep 30, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (1) 3,031,388 3,239,106 3,358,242 8,064,384 9,297,257 Net revenues Freight matching services 2,551,834 2,747,919 2,797,555 6,750
Slide 8: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended Nine months ended Sep 30, 2024 Jun 30, 2025 Sep 30, 2025 Sep 30, 2024 Sep 30, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Income from operations 761,989 1,139,560 776,266 1,639,545 3,118,273 Add: Share-based compensation expense 109,506 77,473 49,853 381,7
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet As of Dec 31, 2024 As of Sep 30, 2025 RMB’000 RMB’000 Current Assets: Cash and cash equivalents 5,810,347 5,740,071 Restricted cash – current 100,533 70,923 Short-term investments 15,002,903 9,739,175 Accounts receivable, net 19,643 44,812 Amounts due from related party -
Slide 10: FTA’s Digital Freight Platform
FTA’s Digital Freight Platform Traffic Transportation Infringement Management Lookup System Software Credit Credit Solutions Solutions FTA’s Digital Freight Platform66 Connects Insurance Shippers and Truckers Service Insurance Shippers Truckers Service ETC Freight Brokerage Fuel Value-Added Services
Slide 11: FTA’s Mission: To empower enterprises with greater logistics competitiveness.
FTA’s Mission: To empower enterprises with greater logistics competitiveness. 2024 2023 In 2024 • 2.64mm 2022 average In 2023 shipper • 2.03mm 2021 MAUs average • 197.2mm In 2022 shipper fulfilled 2020 • 1.67mm MAUs orders • Listed on the average • 158.8mm fulfilled 2019 New York shipper orders Stoc
Slide 12: Our Value Proposition to Direct Shippers
Our Value Proposition to Direct Shippers Direct Shippers (Demand) Pain Points What We Offer û Limited reach to a small group of ü Freight Listing service to allow direct orders posting on FTA app truckers − RMB688 membership: up to 188 orders / year û Low efficiency & long matching time − RMB288 mem
Slide 13: Our Value Proposition to 3PLs and Brokers
Our Value Proposition to 3PLs and Brokers Pain Points Professional Shippers What We Offer ü Freight Listing service for professional û Limited access to truckers shippers to post orders on FTA app û At least RMB10k / year for offline booth − RMB1688 membership: up to 2,000+ rental orders / year Thir
Slide 14: Our Value Proposition to Truckers
Our Value Proposition to Truckers Pain Points What We Offer û Dispatching orders on blackboards ü LBS mobile app that accumulates nationwide shippers (both direct shippers and û Low efficiency brokers) û Wasted mileage and time to travel to logistics parks ü Accurately match orders for both ends û E
Slide 15: Diverse Revenue Streams and Monetization
Diverse Revenue Streams and Monetization Freight Listing Freight Brokerage Transaction Service Value-added Services Basic order posting service under Higher level of service quality and VAT Charging commission with varying take Critical to maintain customer stickiness different membership tiers invo
Slide 16: Powerful Network Effects
Powerful Network Effects Shippers Truckers Demand Side Supply Side Better Service Fewer Empty Better Insights Miles Better Trust Value-Added Service Ecosystem Shippers Truckers Transportation Insurance Service Traffic Infringement Management System Credit Solutions Lookup Software Credit Solutions F
Slide 17: Thank you
—_ ay i z >—_— 3 — - / (im oa jance ee _——— Lo