Full Truck Alliance Co. Ltd. · NYSE:YMM
Full Truck Alliance — Q2 2025 Earnings Presentation
17 slides from Full Truck Alliance's earnings presentation, Aug 21, 2025
Slide 1: Q2 2025 Earnings
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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: Q2 2025 Snapshot
Q2 2025 Snapshot 60.8 million Fulfilled Orders(1) 3.16 million Average Shippers MAUs(2) +23.8% YoY +19.3% YoY RMB 3,239.1 million RMB 1,264.8 million RMB 1,352.1 million Net Revenues Net Income Adj. Net Income(3) +17.2% YoY +50.5% YoY +39.3% YoY Notes: 1. Fulfilled orders on our platform in a given
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 +23.8% YoY 45.8 49.1 51.9 56.9 48.2 60.8 40.2 42.5 39.3 2023 2024 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 Average Shipper MAUs(2) +19.3% YoY mm 2.8 2.9 3.2 2.6 2.7 2.8 2.0 2.0 2.1 2.2 2.1 2023 2024 23
Slide 5: Strong Revenue Growth and Diversified Monetization Channels
Strong Revenue Growth and Diversified Monetization Channels Revenue Breakdown (RMB mm) 11,239 +33.2% 8,436 4,727 3,916 880 828 3,239 3,849 2,764 +17.2% 2,309 1,178 1,165 243 212 1,784 952 1,327 1,383 436 491 2023 2024 24Q2 25Q2 Freight Brokerage Service Freight Listing Service Transaction Service Va
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% 25.3% 38.0% 33.2% 35.8% 35.1% 41.7% % % 4,020 +43.7% 3,032 +91.9% 2,797 1,580 1,352 +76.0% 1,230 +39.3% 971 699 2023 2024 24Q2 25Q2 2023
Slide 7: Consolidated Income Statement
Consolidated Income Statement Three months ended Six months ended Jun 30, 2024 Mar 31, 2025 Jun 30, 2025 Jun 30, 2024 Jun 30, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Net revenues(1) 2,764,283 2,699,909 3,239,106 5,032,996 5,939,015 Freight matching services 2,328,695 2,247,107 2,747,919 4,198,3
Slide 8: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended Six months ended Jun 30, 2024 Mar 31, 2025 Jun 30, 2025 Jun 30, 2024 Jun 30, 2025 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Income from operations 565,367 1,202,447 1,139,560 877,556 2,342,007 Add: Share-based compensation expense 116,301 102,673 77,473 272,2
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet As of Dec 31, 2024 As of Jun 30, 2025 RMB’000 RMB’000 Current Assets: Cash and cash equivalents 5,810,347 4,399,195 Restricted cash – current 100,533 72,864 Short-term investments 15,002,903 12,337,664 Accounts receivable, net 19,643 34,868 Amounts due from related party -
Slide 10: FTA's Digital Freight Platform
FTA’s Digital Freight Platform Find Truckers Traffic Transportation Infringement Management Lookup System Software Credit Credit Solutions Solutions FTA’s Digital Freight Platform66Connects Insurance Shippers and Truckers Service Insurance Shippers Truckers Service ETC Freight Brokerage Fuel Find Sh
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 MAUs 2021 average • 197.2mm In 2022 shipper fulfilled 2020 • 1.67mm MAUs orders • Listed on the average • 158.8mm fulfilled 2019 New York shipper MAUs orders
Slide 12: Our Value Proposition to Direct Shippers
Our Value Proposition to Direct Shippers Direct Shippers (Demand) Pain Points What We Offer Limited reach to a small group of ✓ Freight Listing service to allow direct orders posting on FTA app truckers − RMB688 membership: up to 188 orders / year 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 ✓ Freight Listing service for professional Limited access to truckers shippers to post orders on FTA app At least RMB10k / year for offline booth − RMB1688 membership: up to 2,576 rental orders / year Third
Slide 14: Our Value Proposition to Truckers
Our Value Proposition to Truckers Pain Points What We Offer Dispatching orders on blackboards ✓ LBS mobile app that accumulates nationwide shippers (both direct shippers and Low efficiency brokers) Wasted mileage and time to travel to logistics parks ✓ Accurately match orders for both ends 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 asier to find tr ckers earn more ers e uc Tru p k ip er Sh Shippers Truckers s Demand Side Supply Side Better Service Fewer Empty Better Insights Miles Better Trust Be ity te ng or i ac M t eO tch rU rders Ma tiliza e Cap Better tion Mor Value-Added Service Ecosystem Shipper
Slide 17: Thank you
Thank you