Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20 Class A Ordinary Shares) 2026 Q2 Earnings Call

Please go ahead. Thank you, operator.

Please note that today's discussion will contain forward-looking statements relating to the company's future performance, which are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and discussion. A general discussion of the risk factors that could affect FTA's business and financial results is included in certain filings of the company with the SEC. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only.

For a definition of non-GAAP financial results measures and the reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. Joining us today on the call from FTA's senior management side are Mr. Hui Zhang, our founder, chairman and CEO, and Mr. Simon Cai, our chief financing and investment officer. We will open the call to questions following brief opening remarks from Mr. Zhang. As a reminder, the conference is being recorded. In addition, a webcast replay of this call will be available on FTA's investor relations website at ir.fulltruckalliance.com. I will now turn the call over to founder, chairman, CEO, Mr. Zhang. Please go ahead, sir. 大家好，欢迎各位参加满帮2026年Q2季度业绩电话会。今年二季度面对充满挑战的市场环境，公司业务展现出了扎实的增长韧性，预约订单达到了6,850万单，同比增长12.7%。业务方面，我们持续深耕用户体验和交易效率，通过加强货物保障的广度和深度，用户满意度显著提升。本季度发货货主平均月活同比增长12.8%，达到了357万人。过去12个月预约司机活跃数也持续增长。全国网络效应进一步增强，订单密度和司机供给双向提升，推动约率同比上涨6.3个百分点，到了47%。同时，成交速度也进一步加快。新业务方面，Qmove海外业务的预约率和预约单量高速增长。零担专线网络覆盖全国，无人小车多城市试点。AI方面，货主AI助手预约率逐步扩大，AI客服全面全场景落地，AI应用进一步深化。 Hello, everyone.

Thank you for joining us today for our second quarter 2026 earnings conference call. In the second quarter, despite a challenging market environment, our business delivered resilient growth, with fulfilled orders reaching 68.5 million, up 12.7% year-over-year. Operationally, we remain focused on enhancing user experience and transaction efficiency. By broadening and strengthening transaction protection for both shippers and truckers, we significantly improved the satisfaction across both sides of the platform. Average shipper MAUs reached 3.57 million this quarter, up 12.8% year-over-year, while the number of active truckers fulfilling orders over the past 12 months continued to grow, further amplifying our nationwide network effects. Rising order density and trucker capacity lifted the fulfillment rate by 6.3 percentage points year-over-year to 47%, with median freight matching time further shortened.

In terms of our new business initiatives, Qmove continued to gain strong momentum overseas, with rapid growth in both fulfilled orders and fulfillment rate. We also achieved nationwide coverage for our less-than-truckload offerings through our network of dedicated line carriers and expanded autonomous delivery vehicle pilots to multiple cities. On AI front, we continued rolling out our shipper AI assistants to a broader user base and fully deployed AI-powered customer service across applicable user cases, further deepening AI applications throughout the fulfillment process.

财务方面，本季度公司总营收33.8亿元，同比增长4.4%，其中交易服务收入17.7亿元，同比增长33.1%。交易服务收入占总营收比重达到52%，净利润达到13.5亿元，同比增长6.3%。非美国通用会计准则下，调整后净利润达到了14.3亿元，同比增长6%。经营性活动现金流流入达到了21.5亿元，同比大幅增长。公司现金及现金资产总额达到了334亿元。现金储备充分，为公司创新业务落地和长期战略推进提供了坚实的保障。同时，公司将继续通过基础分红回馈股东。展望未来，我们将依托完善的产品矩阵、健康的生态和持续扩大端用户网络体验，深化AI创新，为用户和股东创造长期可持续价值。 Financially, in the quarter, total net revenues reached RMB 3.38 billion, up 4.4% year-over-year.

Transaction service revenues grew 33.1% year-over-year to RMB 1.77 billion, accounting for 52% of total net revenues. Net income reached RMB 1.35 billion, up 6.3% year-over-year, while the GAAP-adjusted net income increased 6% to RMB 1.43 billion. Net cash provided by operating activities grew significantly year-over-year to RMB 2.15 billion, contributing to a total cash position of RMB 33.4 billion by end of the quarter. This provides ample liquidity to support the roll-out of new business initiatives and execution of our long-term strategy, and we are committed to continuously returning value to shareholders through quarterly cash dividends. Looking ahead, our comprehensive product portfolio, robust platform ecosystem, and expanding two-sided network give our AI initiatives the fuel they needed. Transaction data at scale across a wide range of practical user cases.

We will continue to advance AI innovation and application across the platform to strengthen our ecosystem, improve the experience for shippers and truckers, and create sustainable long-term value for our shareholders. Thank you all once again. That concludes our opening remarks. I would now like to open the call to Q&A.

Thank you. Thank you, Eddy.