Full Truck Alliance Co. Ltd. Announces Second Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

Full Truck Alliance (NYSE:YMM), a leading digital freight platform, reported strong Q2 2025 financial results. Total net revenues increased 17.2% year-over-year to RMB3.24 billion (US$452.2 million), while net income surged 50.5% to RMB1.26 billion (US$176.6 million).

The company demonstrated significant operational growth with fulfilled orders reaching 60.8 million, up 23.8% year-over-year, and average shipper MAUs increasing 19.3% to 3.16 million. The platform expanded to include 1.2 million shipper members and nearly one million trucker members.

FTA announced a semi-annual cash dividend of US$0.0960 per ADS, totaling approximately US$100 million. However, the company warned of potential revenue impacts in Q3 2025 due to increased freight brokerage service fees.

[ "Net income surged 50.5% YoY to RMB1.26 billion (US$176.6 million)", "Total net revenues grew 17.2% YoY to RMB3.24 billion", "Transaction service revenue increased 39.4% YoY to RMB1.33 billion", "Fulfilled orders grew 23.8% YoY to 60.8 million", "Announced semi-annual cash dividend of US$0.0960 per ADS", "Platform fulfillment rate improved by 7 percentage points YoY to over 40%", "Non-performing loan ratio improved to 2.1% from 2.2% in December 2024" ]

Positive

• None.

Negative

• Expected significant decline in freight brokerage service transaction volume starting Q3 2025
• Forecasted slower revenue growth of 1.3% to 4.6% for Q3 2025
• Increased service fee rates may raise costs for shippers
• Sales and marketing expenses increased due to higher user acquisition costs

Insights

Financial Analyst

FTA delivered robust Q2 results with 17.2% revenue growth and 50.5% net income growth, driven by transaction services.

Full Truck Alliance delivered impressive Q2 2025 results with total revenues reaching RMB3.24 billion ($452.2 million), up 17.2% year-over-year. The company's performance was particularly strong on the bottom line, with net income surging 50.5% to RMB1.26 billion ($176.6 million), significantly outpacing revenue growth.

The revenue growth was primarily driven by transaction services, which increased 39.4% to RMB1.33 billion, reflecting strong improvements in order volume, penetration rate, and per-order transaction fees. The company's core freight matching services revenue grew 18.0%, while value-added services revenue increased 12.8%, showing strength across multiple revenue streams.

Operational metrics were equally robust, with fulfilled orders increasing 23.8% to 60.8 million and average shipper MAUs growing 19.3% to 3.16 million. The platform now boasts 1.2 million shipper members and nearly one million trucker members, demonstrating expanding network effects. Most notably, the fulfillment rate exceeded 40%, a 7 percentage point improvement year-over-year, indicating enhanced efficiency and user satisfaction.

Despite these strong results, investors should note potential headwinds in Q3. Management expects freight brokerage service volumes to decline significantly due to increased service fee rates, which could impact overall profitability. Excluding freight brokerage service, Q3 revenue is projected to grow 23.4% to 29.1% year-over-year.

The company's balance sheet remains solid with RMB29.5 billion ($4.1 billion) in cash and investments. Additionally, the board declared a semi-annual dividend of $0.096 per ADS, reflecting confidence in sustainable cash generation. The non-performing loan ratio for on-balance sheet loans remained stable at 2.1%, suggesting prudent risk management in their credit solutions business.

GUIYANG, China, Aug. 21, 2025 /PRNewswire/ -- Full Truck Alliance Co. Ltd. ("FTA" or the "Company") (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Financial and Operational Highlights

• Total net revenues in the second quarter of 2025 were RMB3,239.1 million (US$452.2 million), an increase of 17.2% from RMB2,764.3 million in the same period of 2024.
  
  
• Net income in the second quarter of 2025 was RMB1,264.8 million (US$176.6 million), an increase of 50.5% from RMB840.5 million in the same period of 2024.
  
  
• Non-GAAP adjusted net income^[1] in the second quarter of 2025 was RMB1,352.1 million (US$188.7 million), an increase of 39.3% from RMB970.9 million in the same period of 2024.
  
  
• Fulfilled orders^[2] in the second quarter of 2025 reached 60.8 million, an increase of 23.8% from 49.1 million in the same period of 2024.
  
  
• Average shipper MAUs^[3] in the second quarter of 2025 reached 3.16 million, an increase of 19.3% from 2.65 million in the same period of 2024.

Mr. Peter Hui Zhang, Founder, Chairman, and Chief Executive Officer of FTA, stated, "In the second quarter of 2025, FTA demonstrated strong resilience in navigating both opportunities and challenges in the external environment. By leveraging digitalization and intelligent technologies, we further helped shippers reduce logistic costs and improved operational efficiency across the road freight industry. By quarter-end, our platform had expanded to 1.2 million shipper members and nearly one million trucker members, underscoring the growing engagement from both sides of our ecosystem. In addition, our refined trucker credit rating mechanism further boosted our shipping capacity, driving the fulfillment rate above 40%, a year-over-year increase of 7 percentage points. Looking ahead to the second half of the year, we remain committed to fostering a healthier freight matching ecosystem and empowering enterprises with greater logistics competitiveness."

Mr. Langbo Guo, President of FTA, added, "In the second quarter, our steadfast focus on improving fulfillment efficiency and user experience reinforced the healthy development of both shipper and trucker ecosystems. Total net revenues reached RMB3.24 billion in the second quarter of 2025, a 17.2% increase from the prior year period, underpinned by transaction service revenue of RMB1.33 billion, which grew 39.4% year over year. Notably, net income rose 50.5% to RMB1.26 billion, and non-GAAP adjusted net income increased by 39.3% to RMB1.35 billion. Looking ahead, we remain dedicated to our user-centric strategy and to delivering sustainable, long-term value to both our users and shareholders."

[1] Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled.

[3] Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.

Second Quarter 2025 Financial Results

Net Revenues (including value added taxes, or "VAT," of RMB1,255.6 million and RMB1,294.9 million for the three months ended June 30, 2024 and 2025, respectively). Total net revenues in the second quarter of 2025 were RMB3,239.1 million (US$452.2 million), representing an increase of 17.2% from RMB2,764.3 million in the same period of 2024, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the second quarter of 2025 were RMB2,747.9 million (US$383.6 million), representing an increase of 18.0% from RMB2,328.7 million in the same period of 2024. The increase was mainly due to the rapid increase in transaction service revenues.

• Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2025 were RMB1,177.9 million (US$164.4 million), representing an increase of 1.1% from RMB1,164.8 million in the same period of 2024, primarily attributable to an increase in service fee rate, partially offset by a decrease in transaction volume.
  
  
• Freight listing service. Revenues from freight listing service in the second quarter of 2025 were RMB242.9 million (US$33.9 million), an increase of 14.5% from RMB212.1 million in the same period of 2024, primarily due to the growing number of total paying members.
  
  
• Transaction service. Revenues from transaction service amounted to RMB1,327.1 million (US$185.3 million) in the second quarter of 2025, an increase of 39.4% from RMB951.9 million in the same period of 2024, primarily driven by increases in order volume, penetration rate, and per-order transaction service fee.

Value-added services.^[4] Revenues from value-added services in the second quarter of 2025 were RMB491.2 million (US$68.6 million), an increase of 12.8% from RMB435.6 million in the same period of 2024. The increase was primarily due to growing demand for credit solutions.

Cost of Revenues (including VAT net of government grants of RMB992.8 million and RMB918.7 million for the three months ended June 30, 2024 and 2025, respectively). Cost of revenues in the second quarter of 2025 was RMB1,238.4 million (US$172.9 million), a decrease of 5.6% from RMB1,312.1 million in the same period of 2024. The decrease was primarily due to decreases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,087.1 million, representing a decrease of 7.6% from RMB1,176.3 million in the same period of 2024, primarily due to a decrease in tax costs net of government grants related to the Company's freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the second quarter of 2025 were RMB433.8 million (US$60.6 million), compared with RMB372.3 million in the same period of 2024. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in the second quarter of 2025 were RMB170.3 million (US$23.8 million), compared with RMB219.2 million in the same period of 2024. The decrease was primarily due to lower share-based compensation expenses.

Research and Development Expenses. Research and development expenses in the second quarter of 2025 were RMB189.6 million (US$26.5 million), compared with RMB232.1 million in the same period of 2024. The decrease was primarily due to lower salary and benefits expenses.

Income from Operations. Income from operations in the second quarter of 2025 was RMB1,139.6 million (US$159.1 million), an increase of 101.6% from RMB565.4 million in the same period of 2024.

Non-GAAP Adjusted Operating Income.^[5] Non-GAAP adjusted operating income in the second quarter of 2025 was RMB1,230.1 million (US$171.7 million), an increase of 76.0% from RMB699.0 million in the same period of 2024.

Net Income. Net income in the second quarter of 2025 was RMB1,264.8 million (US$176.6 million), an increase of 50.5% from RMB840.5 million in the same period of 2024.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2025 was RMB1,352.1 million (US$188.7 million), an increase of 39.3% from RMB970.9 million in the same period of 2024.

Basic and Diluted Net Income per ADS^[6] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.^[7] Basic net income per ADS was RMB1.20 (US$0.17) in the second quarter of 2025, compared with RMB0.79 in the same period of 2024. Diluted net income per ADS was RMB1.19 (US$0.17) in the second quarter of 2025, compared with RMB0.79 in the same period of 2024. Non-GAAP adjusted basic net income per ADS was RMB1.28 (US$0.18) in the second quarter of 2025, compared with RMB0.92 in the same period of 2024. Non-GAAP adjusted diluted net income per ADS was RMB1.27 (US$0.18) in the second quarter of 2025, compared with RMB0.91 in the same period of 2024.

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB29.5 billion (US$4.1 billion) in total, compared with RMB29.2 billion as of December 31, 2024.

As of June 30, 2025, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB4,861.8 million (US$678.7 million), compared with RMB4,199.6 million as of December 31, 2024. The total non-performing loan ratio^[8] for these loans was 2.1% as of June 30, 2025, compared with 2.2% as of December 31, 2024.

In the second quarter of 2025, net cash provided by operating activities was RMB1,313.3 million (US$183.3 million).

[4] The Company provides a range of value-added services including credit solutions, insurance services, electronic toll collection, energy services and other services on the FTA platform.

[5] Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[6] ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.

[7] Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[8] Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date.

Business Outlook

The Company expects its total net revenues to be between RMB3.07 billion and RMB3.17 billion for the third quarter of 2025, representing a year-over-year growth rate of approximately 1.3% to 4.6%. As previously announced by the Company, to ensure the sustainability of its freight brokerage service, the Company has decided to increase the service fee rate for freight brokerage service to reduce the service's reliance on government grants and potential uncertainties. The Company understands that such changes may increase costs to shippers. The Company expects that, starting from the third quarter of 2025, the transaction volume of its freight brokerage service will significantly decline, resulting in a decline in revenue from freight brokerage service, while the cost of revenue for the service will increase, which may adversely affect the Company's profit to a certain extent. Excluding freight brokerage service, net revenues are expected to range from RMB2.16 billion to RMB2.26 billion, reflecting an estimated year-over-year growth rate of 23.4% to 29.1%. These forecasts are based on the Company's current and preliminary view of the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Declaration of Cash Dividend

The board of directors of the Company has approved a semi-annual cash dividend for the second half of 2025 in the amount of US$0.0048 per ordinary share, or US$0.0960 per ADS, payable on or around October 27, 2025, to holders of record of the Company's ordinary shares at the close of business on October 13, 2025. The aggregate amount of the dividend is expected to be approximately US$100 million. Cash dividends are expected to be paid to holders of the Company's ADSs through the depositary, Deutsche Bank Trust Company Americas, on or around October 27, 2025, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB7.1636 to US$1.00, the exchange rate in effect as of June 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call

The Company's management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on August 21, 2025, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter 2025.

For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.

Participant Online Registration:
https://s1.c-conf.com/diamondpass/10048934-d9a9v4.html 

Upon registration, each participant will receive details for the conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the provided number, enter your PIN, and you will join the conference.

A live and archived webcast of the conference call will also be available on the Company's investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to empower enterprises with greater logistics competitiveness, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures 

The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions and (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA's non-GAAP financial measures to the most directly comparable GAAP measures. FTA's non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release.

Safe Harbor Statement 

This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA's goal and strategies; FTA's expansion plans; FTA's future business development, financial condition and results of operations; expected changes in FTA's revenues, costs or expenses; industry landscape of, and trends in, China's road transportation market; competition in FTA's industry; FTA's expectations regarding demand for, and market acceptance of, its services; FTA's expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA's ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

 

 

 

FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share and per ADS data)
	As of
	December 31,		June 30,		June 30,
	2024		2025		2025
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents	5,810,347		4,399,195		614,104
Restricted cash	100,533		72,864		10,171
Short-term investments	15,002,903		12,337,664		1,722,271
Accounts receivable, net	19,643		34,868		4,867
Amounts due from related party	—		14,317		1,999
Loans receivable, net	4,199,645		4,861,809		678,682
Prepayments and other current assets, net	2,122,902		2,076,124		289,816
Total current assets	27,255,973		23,796,841		3,321,910
Restricted cash	40,000		30,000		4,188
Long-term investments1	9,876,118		14,458,261		2,018,295
Property and equipment, net	289,611		345,100		48,174
Intangible assets, net	393,477		367,063		51,240
Goodwill	3,124,828		3,124,828		436,209
Deferred tax assets	92,882		133,724		18,667
Operating lease right-of-use assets	115,654		101,324		14,144
Other non-current assets	98,532		242,985		33,919
Total non-current assets	14,031,102		18,803,285		2,624,836
TOTAL ASSETS	41,287,075		42,600,126		5,946,746
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	31,227		29,477		4,115
Prepaid for freight listing fees and other service fees	571,185		646,856		90,298
Income tax payable	336,220		361,465		50,459
Other tax payable	898,396		570,070		79,579
Operating lease liabilities	41,204		43,452		6,066
Accrued expenses and other current liabilities	1,141,758		1,026,709		143,319
Total current liabilities	3,019,990		2,678,029		373,836
Deferred tax liabilities	95,570		89,059		12,432
Operating lease liabilities	23,928		8,694		1,214
Other non-current liabilities	12,414		10,923		1,525
Total non-current liabilities	131,912		108,676		15,171
TOTAL LIABILITIES	3,151,902		2,786,705		389,007
MEZZANINE EQUITY
Redeemable non-controlling interests	443,070		581,897		81,230
SHAREHOLDERS' EQUITY
Ordinary shares	1,343		1,343		187
Additional paid-in capital	45,823,723		44,996,952		6,281,332
Accumulated other comprehensive income	3,223,944		3,129,673		436,886
Accumulated deficit	(11,372,284)		(8,909,513)		(1,243,720)
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY	37,676,726		39,218,455		5,474,685
Non-controlling interests	15,377		13,069		1,824
TOTAL SHAREHOLDERS' EQUITY	37,692,103		39,231,524		5,476,509
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY	41,287,075		42,600,126		5,946,746
1. The Group's long-term investments consist of RMB11,551 million long-term time deposits, RMB1,106 million wealth management products with maturities over one year, RMB770 million available-for-sale debt securities, RMB316 million equity method investments, and RMB715 million equity investments without readily determinable fair value as of June 30, 2025.

 

 

 

FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(All amounts in thousands, except share, ADS, per share and per ADS data)
	Three months ended								Six months ended
	June 30,		March 31,		June 30,		June 30,		June 30,		June 30,		June 30,
	2024		2025		2025		2025		2024		2025		2025
	RMB		RMB		RMB		US$		RMB		RMB		US$
Net Revenues:
Freight Matching Services	2,328,695		2,247,107		2,747,919		383,594		4,198,360		4,995,026		697,279
Freight brokerage service	1,164,763		965,666		1,177,906		164,429		2,129,932		2,143,572		299,231
Freight listing service	212,070		234,905		242,920		33,910		425,581		477,825		66,702
Transaction service	951,862		1,046,536		1,327,093		185,255		1,642,847		2,373,629		331,346
Value-added services	435,588		452,802		491,187		68,567		834,636		943,989		131,776
Total net revenues (including value-added
taxes or "VAT" of RMB1,255.6 million
and RMB1,294.9 million for the three
months ended June 30, 2024
and 2025, respectively)	2,764,283		2,699,909		3,239,106		452,161		5,032,996		5,939,015		829,055
Operating expenses:
Cost of revenues (including VAT net of
government grants of RMB992.8
million and RMB918.7 million for the
three months ended June 30,
2024 and 2025, respectively)(1)	(1,312,072)		(698,559)		(1,238,371)		(172,870)		(2,343,960)		(1,936,930)		(270,385)
Sales and marketing expenses(1)	(372,288)		(377,850)		(433,842)		(60,562)		(712,435)		(811,692)		(113,308)
General and administrative expenses(1)	(219,157)		(186,009)		(170,347)		(23,780)		(483,624)		(356,356)		(49,745)
Research and development expenses(1)	(232,140)		(193,358)		(189,620)		(26,470)		(479,848)		(382,978)		(53,462)
Provision for loans receivable	(71,057)		(81,851)		(75,028)		(10,474)		(151,381)		(156,879)		(21,899)
Total operating expenses	(2,206,714)		(1,537,627)		(2,107,208)		(294,156)		(4,171,248)		(3,644,835)		(508,799)
Other operating income	7,798		40,165		7,662		1,070		15,808		47,827		6,676
Income from operations	565,367		1,202,447		1,139,560		159,075		877,556		2,342,007		326,932
Other income (expense)
Interest income	305,337		245,509		251,304		35,081		620,700		496,813		69,352
Foreign exchange gain (loss)	6,306		(10,825)		205		29		6,723		(10,620)		(1,482)
Investment income	18,697		19,333		20,002		2,792		37,181		39,335		5,491
Unrealized (losses) gains from fair
value changes of investments	(4,522)		33,462		37,032		5,169		(11,910)		70,494		9,841
Other income (expenses), net	1,395		618		(11,024)		(1,539)		3,465		(10,406)		(1,453)
Share of (loss) gain in equity method
investees	(882)		163		(2,590)		(362)		(930)		(2,427)		(339)
Total other income	326,331		288,260		294,929		41,170		655,229		583,189		81,410
Net income before income tax	891,698		1,490,707		1,434,489		200,245		1,532,785		2,925,196		408,342
Income tax expense	(51,190)		(211,771)		(169,655)		(23,683)		(105,910)		(381,426)		(53,245)
Net income	840,508		1,278,936		1,264,834		176,562		1,426,875		2,543,770		355,097
Less: net loss attributable to
non-controlling interests	(568)		(1,162)		(1,147)		(160)		(1,117)		(2,309)		(322)
Less: measurement adjustment
attributable to redeemable non-
controlling interests	17,942		11,522		21,493		3,000		23,686		33,015		4,609
Net income attributable to
ordinary shareholders	823,134		1,268,576		1,244,488		173,722		1,404,306		2,513,064		350,810

 

 

 

FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
	Three months ended								Six months ended
	June 30,		March 31,		June 30,		June 30,		June 30,		June 30,		June 30,
	2024		2025		2025		2025		2024		2025		2025
	RMB		RMB		RMB		US$		RMB		RMB		US$
Net income per ordinary    share
—Basic	0.04		0.06		0.06		0.01		0.07		0.12		0.02
—Diluted	0.04		0.06		0.06		0.01		0.07		0.12		0.02
Net income per ADS*
—Basic	0.79		1.22		1.20		0.17		1.35		2.41		0.34
—Diluted	0.79		1.21		1.19		0.17		1.34		2.40		0.33
Weighted average number
of ordinary shares used
in computing net
income per share
—Basic	20,805,892,860		20,850,255,050		20,824,102,531		20,824,102,531		20,834,974,344		20,837,086,248		20,837,086,248
—Diluted	20,905,548,181		20,958,643,962		20,933,997,672		20,933,997,672		20,905,238,796		20,946,325,399		20,946,325,399
Weighted average number
of ADS used in
computing net
income per ADS
—Basic	1,040,294,643		1,042,512,753		1,041,205,127		1,041,205,127		1,041,748,717		1,041,854,312		1,041,854,312
—Diluted	1,045,277,409		1,047,932,198		1,046,699,884		1,046,699,884		1,045,261,940		1,047,316,270		1,047,316,270
*    Each ADS represents 20 ordinary shares.
(1)    Share-based compensation expense in operating expenses are as follows:
	Three months ended								Six months ended
	June 30,		March 31,		June 30,		June 30,		June 30,		June 30,		June 30,
	2024		2025		2025		2025		2024		2025		2025
	RMB		RMB		RMB		US$		RMB		RMB		US$
Cost of revenues	2,734		3,849		3,513		490		5,478		7,362		1,028
Sales and marketing
expenses	12,875		19,558		15,703		2,192		23,560		35,261		4,922
General and administrative
expenses	79,197		55,768		36,131		5,044		198,740		91,899		12,829
Research and development
expenses	21,495		23,498		22,126		3,089		44,479		45,624		6,369
Total	116,301		102,673		77,473		10,815		272,257		180,146		25,148

 

 

 

FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)
	Three months ended								Six months ended
	June 30,		March 31,		June 30,		June 30,		June 30,		June 30,		June 30,
	2024		2025		2025		2025		2024		2025		2025
	RMB		RMB		RMB		US$		RMB		RMB		US$
Income from operations	565,367		1,202,447		1,139,560		159,075		877,556		2,342,007		326,932
Add:
Share-based
compensation
expense	116,301		102,673		77,473		10,815		272,257		180,146		25,148
Amortization of
intangible assets
resulting from
business acquisitions	13,021		13,021		13,021		1,818		26,042		26,042		3,635
Compensation cost
incurred in relation
to acquisitions	4,281		—		—		—		8,562		—		—
Non-GAAP adjusted
operating income	698,970		1,318,141		1,230,054		171,708		1,184,417		2,548,195		355,715
Net income	840,508		1,278,936		1,264,834		176,562		1,426,875		2,543,770		355,097
Add:
Share-based
compensation
expense	116,301		102,673		77,473		10,815		272,257		180,146		25,148
Amortization of
intangible assets
resulting from
business acquisitions	13,021		13,021		13,021		1,818		26,042		26,042		3,635
Compensation cost
incurred in relation
to acquisitions	4,281		—		—		—		8,562		—		—
Tax effects of
non-GAAP
adjustments	(3,255)		(3,255)		(3,255)		(455)		(6,510)		(6,510)		(909)
Non-GAAP adjusted net
income	970,856		1,391,375		1,352,073		188,740		1,727,226		2,743,448		382,971

 

 

FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
	Three months ended								Six months ended
	June 30,		March 31,		June 30,		June 30,		June 30,		June 30,		June 30,
	2024		2025		2025		2025		2024		2025		2025
	RMB		RMB		RMB		US$		RMB		RMB		US$
Net income attributable
to ordinary
shareholders	823,134		1,268,576		1,244,488		173,722		1,404,306		2,513,064		350,810
Add:
Share-based
compensation
expense	116,301		102,673		77,473		10,815		272,257		180,146		25,148
Amortization of
intangible assets
resulting from
business acquisitions	13,021		13,021		13,021		1,818		26,042		26,042		3,635
Compensation cost
incurred in relation
to acquisitions	4,281		—		—		—		8,562		—		—
Tax effects of
non-GAAP
adjustments	(3,255)		(3,255)		(3,255)		(455)		(6,510)		(6,510)		(909)
Non-GAAP adjusted net
income attributable to
ordinary shareholders	953,482		1,381,015		1,331,727		185,900		1,704,657		2,712,742		378,684
Non-GAAP adjusted net
income per ordinary
share
—Basic	0.05		0.07		0.06		0.01		0.08		0.13		0.02
—Diluted	0.05		0.07		0.06		0.01		0.08		0.13		0.02
Non-GAAP adjusted net
income per ADS
—Basic	0.92		1.32		1.28		0.18		1.64		2.60		0.36
—Diluted	0.91		1.32		1.27		0.18		1.63		2.59		0.36

 

 

View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-second-quarter-2025-unaudited-financial-results-302535573.html

SOURCE Full Truck Alliance Co. Ltd.

FAQ

What were Full Truck Alliance's (YMM) key financial results for Q2 2025?

FTA reported total net revenues of RMB3.24 billion (US$452.2 million), up 17.2% YoY, and net income of RMB1.26 billion (US$176.6 million), up 50.5% YoY.

What dividend did Full Truck Alliance (YMM) declare for the second half of 2025?

FTA declared a semi-annual cash dividend of US$0.0960 per ADS, totaling approximately US$100 million, payable around October 27, 2025.

What is Full Truck Alliance's (YMM) revenue guidance for Q3 2025?

FTA expects Q3 2025 total net revenues between RMB3.07-3.17 billion, representing year-over-year growth of 1.3% to 4.6%.

How many active users does Full Truck Alliance (YMM) have as of Q2 2025?

FTA reported 3.16 million average shipper MAUs, with 1.2 million shipper members and nearly one million trucker members on its platform.

What changes is Full Truck Alliance (YMM) making to its freight brokerage service?

FTA is increasing the service fee rate for freight brokerage service to reduce reliance on government grants, which is expected to significantly impact transaction volume starting Q3 2025.