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    Wendy Zhang

    Research Analyst at China International Capital Corporation

    Wendy Zhang is an analyst at China International Capital Corporation, specializing in freight logistics sector research with a particular focus on freight brokerage services and related companies. She is noted for providing insights into key performance drivers, such as revenue growth, and industry outlook, directly engaging with company management about specific business metrics. While performance metrics and professional licensing credentials are not publicly disclosed, her role reflects deep expertise in sector analysis and capital risk evaluation. Wendy Zhang’s prior analytical experience positions her as a valuable contributor to CICC, though detailed career history and notable recognitions remain limited in available records.

    Wendy Zhang's questions to Full Truck Alliance (YMM) leadership

    Wendy Zhang's questions to Full Truck Alliance (YMM) leadership • Q4 2024

    Question

    Wendy Zhang asked for the reasons behind the 17% year-over-year revenue growth in the freight brokerage service in Q4 and the business outlook for the coming year.

    Answer

    CFO Chong Cai clarified that the revenue growth was primarily due to a strategic increase in the service fee rate to about 7%, which offset a planned decrease in transaction volume. This adjustment was a proactive measure against potential changes in national VAT policies. For 2025, he stated the company will remain prudent, leading to moderated total revenue growth but expects over 60% YoY growth in adjusted operating profit.

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