Cuộc họp báo cáo kết quả kinh doanh Q2 2026 của Full Truck Alliance (YMM): Số lượng đơn hàng tăng 12,7%, doanh thu giao dịch tăng 33,1%

Tóm tắt điểm chính

• Số lượng đơn hàng hoàn thành tăng 12,7% so với cùng kỳ năm ngoái lên 68,5 triệu, trong khi số lượng người dùng chủ hàng hoạt động hàng tháng (MAU) trung bình tăng 12,8% lên 3,57 triệu.
• Tổng doanh thu thuần tăng 4,4% lên 3,38 tỷ Nhân dân tệ. Doanh thu dịch vụ giao dịch tăng 33,1% lên 1,77 tỷ Nhân dân tệ, chiếm 52% tổng doanh thu thuần.
• Lợi nhuận thuần tăng 6,3% lên 1,35 tỷ Nhân dân tệ, trong khi lợi nhuận thuần điều chỉnh theo non-GAAP tăng 6,0% lên 1,43 tỷ Nhân dân tệ.
• Tỷ lệ hoàn thành đơn hàng đạt mức kỷ lục 47%, tăng 6,3 điểm phần trăm so với cùng kỳ năm ngoái và 2,9 điểm phần trăm so với quý trước. Thời gian khớp đơn hàng lần đầu tiên được rút ngắn xuống còn 5 phút.
• Dòng tiền thuần từ hoạt động kinh doanh đạt 2,15 tỷ Nhân dân tệ, với dòng tiền tự do đạt 2,04 tỷ Nhân dân tệ và lượng tiền mặt cuối quý đạt 33,4 tỷ Nhân dân tệ.
• Xe tải điện chiếm hơn 20% số đơn hàng hoàn thành. Ban quản lý kỳ vọng việc điện hóa đội xe sẽ mang lại lợi ích cho nền tảng, nhưng nhận thấy những hạn chế đáng kể trong vận tải đường dài không thường xuyên.

Dữ liệu tài chính cốt lõi

Kết quả hoạt động kinh doanh và vận hành

Tăng trưởng đơn hàng được thúc đẩy bởi chất lượng vận tải được cải thiện, hiệu quả hoàn thành cao hơn và tỷ trọng chủ hàng trực tiếp gia tăng. Các sáng kiến quản trị nhắm vào các đơn hàng đi chung xe bị phân loại sai, hoạt động bán lại cước vận chuyển và niêm yết giá thấp đã cải thiện tính xác thực và độ tin cậy của nhu cầu vận tải.

Số lượng tài xế xe tải hoạt động hàng tháng phản hồi đơn hàng đã tăng gần 5% so với cùng kỳ năm ngoái. Tỷ lệ hoàn thành cho mảng vận tải đường dài nguyên chuyến tăng gần 7 điểm phần trăm, trong khi các đơn hàng hoàn thành ở phân khúc đó tăng trưởng nhanh hơn tổng số đơn hàng trên nền tảng. Các chủ hàng trực tiếp ghi nhận tỷ lệ hoàn thành trung bình trên 65%.

Tăng trưởng dịch vụ giao dịch phản ánh phạm vi bao phủ hoa hồng rộng hơn và khả năng kiếm tiền trên mỗi đơn hàng cao hơn. Full Truck Alliance đã hoàn thành việc triển khai mô hình hoa hồng tại các thành phố đủ điều kiện, nâng tỷ lệ thâm nhập hoa hồng lên 94,7%. Ban quản lý cho biết phương pháp tiếp cận phân tầng của họ cân nhắc đến thu nhập của tài xế, tỷ lệ chấp nhận đơn hàng, tỷ lệ giữ chân và hiệu suất hoàn thành.

Mảng môi giới vận tải tiếp tục chuyển dịch sang cấu trúc hai luồng kết hợp mô hình tự vận hành và mô hình tổng hợp. Khách hàng chỉ xuất hóa đơn đã giảm xuống tỷ trọng một chữ số trong khối lượng giao dịch, trong khi tỷ lệ thu phí xuất hóa đơn tự vận hành vẫn duy trì ở mức khoảng 10%. Mô hình tổng hợp sử dụng bên thứ ba đủ điều kiện để xuất hóa đơn và thanh toán, trong đó Full Truck Alliance thu phí dịch vụ kênh ở mức một chữ số thấp.

Các sáng kiến mới cũng tiến triển trong quý. Qmove ghi nhận sự tăng trưởng nhanh chóng ở thị trường nước ngoài về số đơn hàng hoàn thành và tỷ lệ hoàn thành. Công ty đã đạt được phạm vi bao phủ toàn quốc cho dịch vụ vận chuyển hàng lẻ (LTL), mở rộng thử nghiệm xe giao hàng tự hành sang nhiều thành phố và mở rộng triển khai các công cụ AI cho chủ hàng và dịch vụ khách hàng.

Dự báo của ban quản lý

Ban quản lý vẫn lạc quan một cách thận trọng về sự tăng trưởng đơn hàng trong dài hạn. Giá dầu diesel giảm kể từ tháng 6 sẽ hỗ trợ sự phục hồi dần dần của nhu cầu vận tải, mặc dù các điều kiện kinh tế vĩ mô và sự gián đoạn do thời tiết có thể ảnh hưởng đến hoạt động trong ngắn hạn.

Công ty kỳ vọng tỷ lệ hoàn thành sẽ duy trì đà tăng ổn định khi hoàn thiện các cơ chế sản phẩm và tích hợp AI trên toàn bộ quá trình ghép đơn và hoàn thành. Doanh thu dịch vụ giao dịch dự kiến sẽ mang lại sự tăng trưởng bền vững trong dài hạn nhờ khối lượng đơn hàng cao hơn, tăng khả năng kiếm tiền trên mỗi đơn hàng và mở rộng các trường hợp sử dụng kinh doanh mới.

Ban quản lý cũng kỳ vọng khả năng tạo tiền mặt trong dài hạn sẽ củng cố khi cơ cấu doanh thu chuyển dịch sang các mảng kinh doanh nền tảng nhẹ tài sản, có biên lợi nhuận cao hơn. Dòng tiền hàng quý có thể biến động do thời điểm thanh toán, nộp thuế và các thay đổi về vốn lưu động.

Rủi ro và các điểm cần theo dõi

• Giá dầu diesel ở mức cao từ cuối tháng 3 đến tháng 5 đã làm giảm nhu cầu đối với một số loại hàng hóa giá trị thấp, nhạy cảm về giá. Mặc dù giá nhiên liệu sau đó đã hạ nhiệt, thị trường vận tải đường bộ vẫn còn nhiều thách thức và chịu sự không chắc chắn của kinh tế vĩ mô.
• Bão, lũ lụt, động đất và các thiên tai khác ở một số khu vực của Trung Quốc có thể làm gián đoạn hoạt động vận chuyển và giao thông hàng hóa trong ngắn hạn.
• Xe tải điện vẫn bị hạn chế trong các hoạt động vận tải đường dài không thường xuyên do phạm vi hoạt động, phạm vi bao phủ của trạm sạc và đổi pin, giảm tải trọng do pin và giảm tính linh hoạt của tuyến đường.
• Việc chuyển đổi mô hình môi giới vận tải nhằm mục đích giảm rủi ro liên quan đến hoàn thuế VAT, thanh toán và vận hành, nhưng công ty đang quản lý sự chuyển dịch này theo từng giai đoạn để đáp ứng các yêu cầu của khách hàng và tuân thủ.

Điểm nổi bật trong phần Q&A với chuyên gia phân tích

Tăng trưởng đơn hàng và việc hoàn thành: Ban quản lý lý giải mức tăng 12,7% số lượng đơn hàng hoàn thành là nhờ chất lượng vận tải tốt hơn, quản trị hệ sinh thái, cải thiện bảo vệ thanh toán và phân bổ công suất tốt hơn. Việc bảo vệ thanh toán cước vận chuyển và chương trình xếp hạng tín dụng tài xế đã giúp tăng tỷ lệ chấp nhận đơn và độ tin cậy sau khi khớp đơn.

Khả năng kiếm tiền từ giao dịch: Mức tăng 33,1% doanh thu dịch vụ giao dịch được hỗ trợ bởi tỷ lệ thâm nhập hoa hồng 94,7%, việc tinh chỉnh định giá theo thành phố, tuyến đường, loại xe và phân khúc người dùng, cùng các trường hợp sử dụng mới xuất hiện.

Dòng tiền: Dòng tiền từ hoạt động kinh doanh hưởng lợi từ khả năng sinh lời cao hơn của nền tảng cốt lõi, việc giải phóng nguồn vốn trước đây bị đọng trong mảng tín dụng và quản lý vốn lưu động hiệu quả. Mảng kinh doanh tín dụng đang chuyển dịch sang mô hình phân phối nhẹ tài sản.

Việc ứng dụng xe tải điện: Xe tải điện chiếm hơn 20% số đơn hàng hoàn thành và được mô tả là cạnh tranh nhất trong các hoạt động vận tải quãng ngắn đến trung bình, nội đô và tuyến đường cố định. Ban quản lý không kỳ vọng chúng sẽ thay thế xe tải hạng nặng chạy bằng dầu diesel và khí tự nhiên trên thị trường đường dài trong ngắn hạn.

Toàn văn cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.]