满帮集团 (YMM) 2026年第二季度业绩电话会：订单量增长12.7%，交易收入增长33.1%

核心要点

• 履约订单量同比增长12.7%至6850万单，平均发货货主月活跃用户数同比增长12.8%至357万。
• 总净营收同比增长4.4%至33.8亿元人民币。交易服务收入增长33.1%至17.7亿元人民币，占总净营收的52%。
• 净利润同比增长6.3%至13.5亿元人民币，非美国通用会计准则（Non-GAAP）调整后净利润同比增长6.0%至14.3亿元人民币。
• 履约率达到创纪录的47%，同比上升6.3个百分点，环比上升2.9个百分点。订单撮合时长首次缩短至5分钟。
• 经营活动产生的现金流量净额达到21.5亿元人民币，自由现金流为20.4亿元人民币，期末现金储备达334亿元人民币。
• 电动卡车占履约订单量的20%以上。管理层预计车队电动化将惠及平台，但在零散长途货运中仍存在实质性制约。

核心财务数据

业务与运营表现

订单增长得益于货源质量改善、履约效率提升以及直发货主占比增加。针对错分类拼货订单、转卖货源和低价挂牌订单的生态治理举措，提升了货运需求的真实性与可靠性。

响应订单的月活跃司机数同比增长近5%。长途整车业务履约率提升近7个百分点，且该细分领域的履约订单增速快于平台整体订单增速。直发货主平均履约率超过65%。

交易服务收入增长反映出抽佣覆盖面扩大及单均变现率提升。满帮集团已在符合条件的城市完成抽佣模式推广，抽佣渗透率提升至94.7%。管理层表示，其分层定价策略综合考虑了司机收益、接单率、留存率及履约表现。

货运经纪业务继续向自营与聚合模式相结合的双轨制结构转型。纯开票客户在交易量中的占比降至个位数，而自营开票变现率维持在10%左右。聚合模式由具备资质的第三方负责开票和结算，满帮集团收取低个位数的渠道服务费。

本季度新业务亦取得进展。Qmove海外履约订单量和履约率均实现快速增长。公司零担业务实现全国覆盖，将自动驾驶配送车试点拓展至多个城市，并扩大了AI工具在货主端和客服端的应用范围。

管理层业绩指引

管理层对长期订单增长保持谨慎乐观。自6月以来柴油价格有所回落，有助于货运需求逐步复苏，但宏观经济状况和天气因素导致的扰动可能会影响近期经营活动。

随着公司优化产品机制并在撮合与履约环节深度融入AI，预计履约率将保持稳步上升趋势。受益于订单量增长、单均变现率提升以及新业务场景扩展，交易服务收入预计将实现可持续的长期增长。

随着收入结构向高毛利、轻资产的平台业务倾斜，管理层预计长期现金流创造能力将进一步增强。受结算时点、税款支付及营运资金变动影响，季度现金流可能会出现波动。

风险与关注事项

• 3月下旬至5月柴油价格高企，抑制了部分低价值、价格敏感型货运的需求。尽管此后燃料价格有所回落，但公路货运市场依然面临挑战，且存在宏观经济不确定性。
• 中国部分地区的台风、洪涝、地震等自然灾害可能会对近期的货运与运输活动造成干扰。
• 受续航里程、充换电覆盖率、电池重量带来的载货量损失以及路线灵活性降低等因素制约，电动卡车在零散长途运输中仍面临瓶颈。
• 货运经纪转型旨在降低增值税退税、结算及运营风险，公司正分阶段推进这一转变，以满足客户与合规要求。

分析师问答环节精选

订单增长与履约：管理层将履约订单量12.7%的增长归因于货源质量提升、生态治理加强、运费保障完善以及运力配置优化。运费保障机制和司机信用评级体系有助于提高接单率和撮合后的履约可靠性。

交易变现：交易服务收入增长33.1%，主要得益于94.7%的抽佣渗透率、按城市、线路、车型和用户群体实施的精细化定价，以及新增的涌现应用场景。

现金流：经营现金流受益于核心平台盈利能力的提升、先前沉淀在信贷业务中的资金得以释放，以及高效的营运资金管理。信贷业务正向轻资产分发模式转型。

电动卡车应用：电动卡车占履约订单量的20%以上，被认为在中短途、同城及固定线路运营中最具竞争力。管理层预计短期内电动卡车不会在长途市场替代柴油和天然气重卡。

业绩电话会完整文字实录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.]