フル・トラック・アライアンス（YMM）2026年第2四半期決算説明会：受注数12.7%増、取引収益33.1%増

要点

• 成約受注数は前年同期比12.7%増の6,850万件となり、荷主の平均月間アクティブユーザー数（MAU）は12.8%増の357万人に増加しました。
• 純売上高は前年同期比4.4%増の33億8,000万人民元となりました。取引サービス収入は33.1%増の17億7,000万人民元に達し、純売上高全体の52%を占めました。
• 純利益は前年同期比6.3%増の13億5,000万人民元となり、Non-GAAP調整後純利益は6.0%増の14億3,000万人民元に増加しました。
• 成約率は過去最高の47%に達し、前年同期比で6.3ポイント、前四半期比で2.9ポイント上昇しました。注文のマッチング時間は初めて5分に短縮されました。
• 営業活動によるキャッシュフロー（純額）は21億5,000万人民元に達し、フリーキャッシュフローは20億4,000万人民元、四半期末の現金残高は334億人民元となりました。
• 成約受注数に占める電動トラックの割合は20%を超えました。経営陣は保有車両の電動化がプラットフォームにプラスになると期待する一方、スポットでの長距離トラック輸送においては重大な制約があるとみています。

主要財務データ

事業および運用実績

受注増加の要因は、貨物の質の向上、マッチング効率の改善、直接荷主の比率上昇です。不適切な相乗り注文の分類、貨物の不当転売、低価格出品を対象としたガバナンスの取り組みにより、貨物需要の真実性と信頼性が向上しました。

注文に応答した月間アクティブドライバー数は前年同期比で約5%増加しました。貸切（FTL）長距離輸送事業の成約率は約7ポイント上昇し、同セグメントの成約受注数はプラットフォーム全体の注文成長率を上回りました。直接荷主の平均成約率は65%を超えました。

取引サービスの成長は、手数料適用範囲の拡大と1注文あたりの収益化向上を反映しています。Full Truck Allianceは対象都市全体での手数料モデルの展開を完了し、手数料浸透率は94.7%に達しました。経営陣は、段階的なアプローチにおいてドライバーの収入、受注率、リテンション率、成約実績を考慮していると述べています。

貨物仲介事業は、直営モデルとアグリゲーターモデルを組み合わせたデュアルトラック構造への移行を継続しました。請求書発行のみの顧客の取引高比率は1桁台に低下し、直営モデルの請求テイクレートは10%前後を維持しました。アグリゲーターモデルでは、認定されたサードパーティが請求書発行と決済を行い、Full Truck Allianceは1桁台前半のチャネルサービス料を徴収しています。

当四半期には新たな取り組みも進展しました。Qmoveは海外での成約受注数および成約率の急速な成長を報告しました。同社は混載（LTL）輸送サービスの全国展開を達成し、自動配送車両の実証実験を複数都市に拡大したほか、荷主および顧客サービス向けのAIツールの導入を拡大しました。

業績見通し（ガイダンス）

経営陣は長期的な受注増に対して慎重ながらも楽観的な見方を維持しています。6月以降の軽油価格の下落は貨物需要の緩やかな回復を支えると予想されますが、マクロ経済状況や悪天候による混乱が短期的な動向に影響を与える可能性があります。

同社は、プロダクトの仕組みのブラッシュアップやマッチング・成約全般へのAI統合を進めることで、成約率が着実な上昇軌道を維持すると見込んでいます。取引サービス収入は、受注量の増加、1注文あたりの収益化向上、新規ビジネスユースケースの拡大を通じて、持続的な長期成長を実現すると期待されています。

また、経営陣は、収益構成が高利益率でアセットライトなプラットフォーム事業へと移行するにつれ、長期的なキャッシュ創出力が強化されると見込んでいます。四半期ごとのキャッシュフローは、決済のタイミング、税金支払い、運転資本の変動により変動する可能性があります。

リスクと注目点

• 3月下旬から5月にかけての軽油価格の高騰により、価格に敏感な低単価貨物の一部で需要が減少しました。その後燃料価格は落ち着いたものの、道路貨物輸送市場は依然として厳しく、マクロ経済の不確実性の影響を受けています。
• 中国の一部地域における台風、洪水、地震などの自然災害は、短期的には貨物輸送および交通活動を混乱させる可能性があります。
• 電動トラックは、航続距離、充電およびバッテリー交換インフラのカバー率、バッテリー重量による最大積載量の低下、ルートの柔軟性低下などの理由から、スポットでの長距離運送における利用には依然として制約があります。
• 貨物仲介事業の移行は、付加価値税（VAT）還付リスク、決済リスク、運用リスクへの露出を減らすことを意図していますが、同社は顧客要件やコンプライアンスを満たすために段階的に移行を進めています。

アナリスト質疑応答の要点

受注増加と成約率：経営陣は、成約受注数が12.7%増加した要因として、貨物の質の向上、エコシステムのガバナンス強化、支払保護の改善、輸配送能力のより適切な割り当てを挙げました。貨物運賃の支払保護とドライバーの信用格付けプログラムにより、受注率とマッチング後の信頼性が向上しました。

取引のマネタイズ（収益化）：取引サービス収入の33.1%増は、94.7%の手数料浸透率、都市・路線・車種・ユーザーセグメントごとの価格設定の精緻化、新たなユースケースの拡大に支えられました。

キャッシュフロー：営業キャッシュフローは、中核プラットフォームの収益性向上、これまで信用事業に拘束されていた資本の解放、効率的な運転資本管理の恩恵を受けました。信用事業はアセットライトな販売モデルへと移行しつつあります。

電動トラックの採用状況：電動トラックは成約受注数の20%以上を占め、短中距離、地域内、固定ルートでの運行において最も高い競争力を持つと説明されました。経営陣は、長距離市場全般において電動トラックが短期間でディーゼルや天然ガスの大型トラックに取って代わるとは想定していません。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Ladies and gentlemen, good day, and welcome to Full Truck Alliance's Second Quarter 2026 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mao Mao, Head of Investor Relations. Please go ahead.

Mao Mao

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 Financial and Investment Officer. We will open the call to questions following a 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 and CEO, Mr. Zhang. Please go ahead, sir.

Hui Zhang

[Foreign Language]

Mao Mao

[Interpreted] 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 continue to grow, further amplifying our nationwide network effect.

Rising order density and trucker capacity lifted the fulfillment rate by 6.3 percentage points year-over-year to 47% with medium 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 assistant to a broader user base and fully deployed AI-powered customer service across applicable use cases, further deepening AI applications throughout the fulfillment process.

Hui Zhang

[Foreign Language]

Mao Mao

[Interpreted] 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 non-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 rollout 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 2-sided network give our AI initiatives the fuel they needed.

Transaction data at scale across [indiscernible] practical user cases. We will continue to advance AI innovation and applications 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. Operator, please?

Operator

[Operator Instructions] Your first question comes from Ronald Keung with Goldman Sachs.

We'll move on to the next question. Your next question is from Eddy Wang with Morgan Stanley.

質疑応答

Eddy Wang

[Foreign Language] My question is that given the ongoing fuel price volatility and the rising penetration of electric trucks, do you expect these trends to significantly affect the freight industry's capacity mix and the competitive landscape?

Chong Cai

Thank you, Eddy. This is Simon here. Let me address your question. Our platform data over the past few quarters does show gradually rising penetration of electric trucks, which now accounted for roughly over 20% of our total fulfilled orders. However, we do not expect this shift in the capacity mix to have a material impact on the long-haul full truckload market. Instead, we believe that our diverse energy mix across the truck fleet will benefit our platform ecosystem overall.

First, electric trucks are currently most competitive in short to medium haul and local freight operations. Lower energy costs give them a strong position at ports, mining area and fixed route short to medium haul transportation. While some fast charging and high-capacity battery models can now travel between 400 to 500 kilometers per charge that's up from roughly 200 to 300 kilometers per charge. Their economics still depend heavily on fixed routes, high vehicle utilization and convenient access to charging or battery swapping facilities.

Second, the electrification of ad hoc long-haul trucking still face clear physical and infrastructure hurdles. The average shipping distance for full truckload long-haul transactions on our platform exceeds 500 kilometers, and many of these transactions involve cross-regional transportation, variable routes and uncertain backhaul demand. In these settings, electric trucks are constrained by limited driving range, sparse charging and battery swapping coverage, payload loss from battery weight and reduced route planning flexibility.

As a result, they're not positioned to replace diesel and natural gas power heavy-duty trucks across this market anytime soon. Overall, we believe the evolving mix of truck capacity will create long-term value for our platform. Changes in transportation equipment do not reduce shippers' underlying freight demand. Instead, they allow it to be fulfilled at more competitive freight rates. Our long-term vision is to become a one-stop logistics platform, serving millions of small- and medium-sized direct shippers whose logistics needs are often on-demand, dynamic and fragmented.

As truck capacity becomes more diversified, we can further leverage our vast pool of authentic freight demand, extensive route data and advanced algo to match different powertrain types with the shipping distance and use case -- distance and use cases they are best suited for.

At the same time, by providing complementary services such as truck leasing and purchasing, charging and battery swapping, we can help truckers meaningfully improve vehicle utilization as battery technologies advance and roadside charging and battery swapping infrastructure expand, electric trucks should gradually extend into selected long-haul use cases. We expect our platform to benefit from this ongoing capacity upgrade and create greater value for millions of shippers.

Operator

Your next question will be from Ronald Keung with Goldman Sachs.

Ronald Keung

[Foreign Language] I want to ask about the fulfilled order growth was around 12.7% in the second quarter. So what were the key growth drivers this quarter? And given that the domestic fuel prices have declined significantly from the late kind of end March highs, has the impact on high fuel prices on road freight demand fully subsided? And how do you view order growth over the next few quarters?

Chong Cai

Thank you, Ronald. The second quarter order volume growth was broadly in line with our expectations, driven primarily by continued improvements in freight order quality and fulfillment efficiency. First, our ecosystem, governance work and optimized user mix continue to pay off. Since the fourth quarter of last year, we have implemented targeted governance initiatives addressing misclassified car pooling orders, freight reselling and low-priced freight listing, which have significantly improved the authenticity of freight demand and fulfillment reliability.

Meanwhile, direct shippers have continued to grow as a share of our shipper base, further shifting our order mix towards genuine shipping demand. These improvements have strengthened truckers' willingness to accept orders leading to greater fulfillment reliability and efficiency. Second, more refined operations further improved our supply-demand dynamics.

During the past quarter, we continued to enhance our trucker credit rating program and freight payment protection mechanism. We directed more high-quality freight demand and core platform benefits towards truckers with strong fulfillment track records, increasing order acceptance among high-quality capacity. Meanwhile, freight payment protection helped alleviate truckers' concerns about payment defaults and other transaction risks, improving fulfillment reliability post match. As a result, the medium matching time of orders on our platform was shortened to 5 minutes for the first time, reflecting further gains in matching efficiency.

Third, solid growth in our full truckload long-haul business remained a key driver. Fulfilled orders in the segment grew faster than overall platform orders during the quarter on the strength of the supply-demand network, price discovery capabilities and capacity matching efficiency we have built in the ad hoc trucking market. These capacities widened our online platform advantages over offline channels and supported high-quality growth at scale.

Fuel price volatility since the beginning of the second quarter temporarily impacted both overall road freight demand and the growth of fulfilled orders on our platform. Domestic diesel prices remain elevated from the late March through May, in particular, dampening shipping demand for certain low-value price-sensitive freight.

Since June, consecutive diesel price cuts have gradually eased transportation cost pressures supporting a recovery in year-over-year order growth on our platform. Looking ahead, we remain cautiously optimistic about long-term order growth. Externally, the recent moderation in fuel prices should support gradual recovery in freight demand, although the road freight market continues to face a challenging and evolving macro environment.

In addition, the recent typhoon, flooding, earthquakes and other extreme weather events and natural disasters across various parts of China may cause some near-term disruption to freight shipping and transportation activities. Over the long term, we believe online penetration in the long-haul freight market still has substantial room to grow. We will continue to drive growth in fulfilled orders by expanding our direct shipper base, increasing penetration in the full truckload long-haul segment and further improving order quality through ongoing ecosystem governance initiatives.

Operator

The next question comes from Brian Gong with Citi.

Brian Gong

[Foreign Language] My question is regarding fulfillment rate. Our fulfillment rate hit a record high of 47% in the second quarter. Can management share, what were the key drivers in the second quarter? And how do you expect this metric to trend going forward?

Chong Cai

Thank you, Brian. Our fulfillment rate reached 47% in the second quarter that's up 6.3 percentage points year-over-year and 2.9 percentage points quarter-over-quarter, setting another record high. Fulfillment rates improved across all major business lines and shipper segments, primarily driven by systemic improvements in capacity allocation, freight demand quality and matching efficiency.

On the capacity side, effective truck supply remained abundant. Monthly active truckers responding to orders increased by nearly 5% year-over-year in the second quarter, supporting timely order responses and reliable fulfillment. Notably, the fulfillment rate for our full truckload long-haul business increased by nearly 7 percentage points making it an important driver of the overall improvement during the quarter.

Second, our ongoing ecosystem governance initiatives continue to improve freight demand quality across the platform laying a solid foundation for the increase in the overall fulfillment rate. In terms of product, further segmentation of our product portfolio and enhanced matching efficiency, we resegmented our freight product offering into 4 clear categories: express, entrusted shipping, general freight and less than truckload or LTL, each of them is designed for a distinct use case, rapid and satisfying short-haul matching, higher-quality [ pricing ] services, standard matching and LTL shipments through partnerships with dedicated line carriers, respectively.

Clear product positioning enables shippers to communicate their transportation requirements more effectively and allows the platform to match the most suitable capacity, reducing mismatches throughout the transaction and fulfillment process. From a user mix perspective, fulfillment performance improved across all shipper segments, the average fulfillment rate among direct shippers exceeded 65% while fulfillment among broker shippers also continue to improve. This demonstrates that the increase in the platform-wide fulfillment rate was driven not only by the growing share of high-quality direct shippers, but also the organic improvement in order quality and conversion efficiency across the broader shipper base.

We expect the platform's fulfillment rate to maintain a steady upward trajectory going forward as we continue to refine our operating strategies and product mechanisms while progressively integrating AI across the full matching and fulfillment process. We expect to unlock further gains in transaction efficiency. Thank you.

Operator

Your next question comes from Xin Chen with UBS.

Xin Chen

[Foreign Language]

This is Xin Chen from UBS. My question is about the transaction service revenue. This revenue continued to grow rapidly in the second quarter, increasing by 33% year-on-year. What were the key growth drivers? And how do you view the outlook for this revenue?

Chong Cai

Yes. The transaction service revenue reached approximately RMB 1.77 billion in the second quarter that's up 33% year-over-year. And this strong growth was primarily driven by the full rollout of our commission network, steady improvement in monetization per order and incremental contributions from emerging business use cases. Firstly, nearly full coverage of our commission network provided a solid foundation for our transaction service business.

During the second quarter, we completed the rollout of the commission model across all eligible cities, lifting the commission penetration rate to 94.7%. At the same time, our ongoing ecosystem governance initiatives continue to improve freight demand quality and drive the overall fulfillment rate higher, providing a larger and more reliable base of high-quality transactions for our commission model.

Second, refined operations continue to improve monetization efficiency. We dynamically optimize our commission strategy based on city, route, vehicle type and user segment. As we advance monetization, healthier trucker economics and the long-term health of our platform ecosystem remain essential prerequisite. Our commission strategy considers truckers' take-home earnings, willingness to accept orders, retention and fulfillment performance. We also improved truckers' operating efficiency through preferential access to high-quality freight demand, membership benefits, freight payment protection and operational subsidies. We firmly believe that protecting reasonable trucker earnings is fundamental to creating a sustainable virtuous cycle between the transaction scale and monetization.

As we move forward, we expect transaction service revenue to deliver high-quality, sustainable long-term growth, driven primarily by continued growth in fulfilled orders, higher monetization per order through refined and tiered operations and the scaling of new business cases.

Operator

Your next question comes from Wenjie Zhang with CICC.

Wenjie Zhang

[Foreign Language] My question is about freight brokerage business. Can you give us an update on the progress of transforming this business during the second quarter?

Chong Cai

Thank you. In the second quarter, we made steady progress in transitioning our freight brokerage business from a traditional self-operated model to a dual track structure combining self-operated and aggregator operations. We're taking a phased approach to transition and optimizing the business mix in line with customer needs and compliance requirements. This enables us to reduce our exposure to VAT refund risks while continuing to meet shippers' needs for compliant VAT invoicing and freight matching.

First, we proactively managed the scale of the self-operated business while further improving its customer mix. Under this model, the platform continues to handle invoicing and settlement workflows primarily serving shippers with genuine freight matching needs. During the second quarter, invoicing-only customers declined further to a single-digit percentage of the total transaction volume.

Customers that continue to use this model primarily seek an integrated solution combining freight matching with VAT invoicing, reflecting continued improvement in the quality of this business. The take rate for the self-operated invoicing business remained stable at approximately 10% during the quarter. Second, the aggregator model continued to grow steadily, diversifying the underlying risk across a larger base. Under this model, invoicing and fund settlement workflows are handled by qualified third-party partners, while our own platform focuses primarily on matching freight demand with truck capacity and charges a low single-digit channel service fee.

Beginning in the second quarter, the associated revenue was recognized under freight brokerage business. This asset-light model significantly reduces the company's direct exposure to VAT refund, settlement and operational risk while keeping shippers and their freight demand within our platform ecosystem.

Going forward, we continue to manage a smooth transition between the self-operated and aggregator models and this will enable us to meet shippers' compliance demand, deepen user engagement and better support and reinforce our core freight matching business. As the asset-light revenue contribution from the aggregator model gradually scales, we expect the revenue mix and overall earning quality of the freight brokerage business to improve further. Thank you.

Operator

Next question comes from Ritchie Sun with HSBC.

Ritchie Sun

[Foreign Language] I want to ask about the operating cash flow, which was RMB 2.15 billion in the second quarter, has been very strong growth. So what are the key drivers behind it?

Chong Cai

In the second quarter, our net cash provided by operating activities reached RMB 2.15 billion, while free cash flow totaled RMB 2.04 billion reflecting strong cash generation across the business. This performance was driven primarily by a significantly improved profitability in our core platform business, the release of capital previously tied up in our credit business as a transition to a new model and efficient working capital management.

First, the high quality growth of our core business further strengthened our organic cash generation. Core platform businesses, such as transaction services are not only growing quickly but also benefit from an asset-light model with short cash collection cycles. As these businesses contribute a growing share of our revenue, our revenue and profit mix is becoming increasingly weighted towards businesses with higher cash conversion and significantly reinforcing the core business ability to generate cash organically.

Second, we continue transitioning our credit business towards asset-light distribution model, reducing the deployment of our own capital for new loans, while gradually recovering capital from the existing loan portfolio, the resulting reduction in capital tied up in this business contributed positively to the operating cash flow during the quarter.

In addition, we maintained a stable collection and settlement cycles and managed our working capital efficiently. And given the inherent asset-light nature of our platform model, rapid business expansion does not require a corresponding increase in capital deployment, providing further support for our working -- operating cash flow.

Looking ahead, our cash flow may fluctuate from quarter-to-quarter due to the timing of business settlement, tax payments and changes in working capital. Nevertheless, as our revenue mix continues to shift towards higher-margin asset-light platform business, we expect our long-term cash generation capabilities to strengthen steadily.

Operator

And that concludes the question-and-answer session. I would like to turn the conference back over to management for any additional or closing comments.

Mao Mao

Thank you once again for joining us today. If you have any further questions, please feel free to contact Full Truck Alliance directly or reach out to Piacente Financial Communications. Our contact information for IR in both China and the U.S. can be found in today's press release. Have a good day.

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]