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    Charlie Chen • China Renaissance

    Charlie Chen's questions to Full Truck Alliance Co Ltd (YMM) leadership

    Charlie Chen's questions to Full Truck Alliance Co Ltd (YMM) leadership • Q2 2025

    Question

    Charlie Chen from China Renaissance Securities asked about the key drivers behind the 19.3% year-over-year increase in monthly active shippers and requested an update on the shipper membership business.

    Answer

    Simon Chong Cai, Chief Financing & Investment Officer, explained that growth was driven by optimized user acquisition focusing on high-conversion channels and enhanced product experience improving retention. He noted that a strategic focus on direct shippers led to a higher quality user base. For the membership program, Mr. Cai highlighted that shipper members surpassed 1.2 million, with the '288' membership program driving conversions and upgrades, while the 12-month rolling retention rate remained strong at over 80%.

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    Charlie Chen's questions to Full Truck Alliance Co Ltd (YMM) leadership • Q4 2024

    Question

    Charlie Chen questioned the growth trend for shipper memberships in Q4 and requested an update on the performance of the lower-priced '288 tier' mini membership program.

    Answer

    CFO Chong Cai reported that active shipper members surpassed one million, driven largely by the success of the 288-tier mini membership. This tier effectively lowered the entry barrier for small and medium-sized direct shippers. He added that the company is using targeted subsidies and developing strategies to upgrade these members to higher tiers over time.

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    Charlie Chen's questions to Full Truck Alliance Co Ltd (YMM) leadership • Q3 2024

    Question

    Charlie Chen of China Renaissance inquired about the primary drivers behind the 22.1% year-over-year growth in fulfilled orders, which significantly outpaced the broader freight market, and sought the outlook for order volume in the fourth quarter.

    Answer

    CFO Chong Cai attributed the robust growth to a combination of factors: a significant influx of new users from direct shipper acquisition strategies, improved matching efficiency driven by product enhancements like premium cargo bidding, and strong momentum from new business lines such as LTL carpooling. Mr. Cai expressed confidence in sustaining this growth trajectory through continued user acquisition and product optimization.

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    Charlie Chen's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership

    Charlie Chen's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q2 2025

    Question

    Charlie Chen inquired about the impact of significant foreign exchange headwinds on gross margin and whether this would be factored into 2026 wafer pricing. He also asked if the potential resumption of H20 chip shipments to China could lead to an upward revision of the long-term AI growth forecast.

    Answer

    Chairman & CEO Dr. C.C. Wei stated that TSMC is actively working to 'earn its value' and expressed confidence in achieving its long-term gross margin target of 53% and higher, despite FX pressures. Regarding the H20 chip, he acknowledged it as positive news but said it was too early to revise the long-term AI forecast, suggesting a re-evaluation in the next quarter.

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    Charlie Chen's questions to RLX Technology Inc (RLX) leadership

    Charlie Chen's questions to RLX Technology Inc (RLX) leadership • Q3 2024

    Question

    Charlie Chen from China Renaissance posed two questions: one on the impact of softening consumer sentiment on China's e-vaping market, and another on how potential U.S. Federal Reserve rate cuts could affect RLX's significant interest income.

    Answer

    Sam Tsang, Head of Capital Markets, responded that the compliant e-vapor market has remained stable despite economic headwinds, supported by new value-oriented product launches. Regarding interest income, he noted that with about 70% of financial assets in USD and 50% in long-term vehicles, the company does not expect a drag on 2024 income and anticipates only a minor impact in 2025 from Fed rate cuts.

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