Full Truck Alliance Co Ltd (NYSE:YMM)

Q4 2025 Full Truck Alliance Co Ltd Earnings Call Transcript

Mar 12, 2026 / 12:00 PM GMT

Release Date Price: $8.98 (-1.64%)

Transcript

Key Points

Positve

Total fulfilled orders reached 63.9 million for Q4, a year-over-year increase of 12.3%, and full-year orders grew by 19.8%.
AI-powered heavy truck feed and AI assistance capabilities for shippers have been successfully integrated, enhancing fulfillment efficiency.
Net revenues for 2025 reached RMB12.49 billion, up 11.1% year-over-year, with transaction service revenues growing by 38.2%.
The company achieved a net income of RMB 4.46 billion for the full year, up 42.8% year-over-year, indicating strong profitability.
The fulfillment rate improved to 42.7% in Q4, a year-over-year increase of more than 5 percentage points, setting a new record.

Negative

The growth rate of fulfilled orders is slowing down, attributed to ecosystem governance initiatives rather than changes in freight demand.
The transition to interest rates of 26% or below for credit solutions has created short-term revenue pressure.
The 90-day delinquency ratio for credit solutions reached 2.9%, indicating some credit risk challenges.
The company is still in the model validation stage for its overseas business, with no immediate timeline for monetization.
The ecosystem governance initiatives led to the removal of fake or non-compliant accounts, impacting low-quality order volumes.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

YMM.N - Full Truck Alliance Co Ltd
Q4 2025 Full Truck Alliance Co Ltd Earnings Call
Mar 12, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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And welcome to Full Truck Alliance's.

Full Truck Alliance's 4th quarter and fiscal year 2025 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.

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Unidentified_2 [2]
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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 a liability as established by the

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