Wenjie Zhang

Wenjie Zhang asked for an update on the latest progress of Full Truck Alliance's freight brokerage business since the pricing adjustment in August 2025, including user retention and profitability.

Answer

Simon Chai, Chief Financing and Investment Officer, reported that the freight brokerage business performed better than expected, transitioning steadily to a higher service fee rate. He noted that churn was concentrated among low-value shippers, while retention for small and medium-value VAT invoice shippers remained above 80%. He emphasized that invoicing plus freight matching orders now represent over 70% of total orders, reinforcing the strategic role of the business in user engagement rather than being a major profit contributor.

Wenjie Zhang from CICC inquired about the latest progress of Full Truck Alliance's Freight Brokerage business following the pricing adjustment in August 2025, specifically asking about user retention and profitability.

Answer

Simon Chai, Chief Financing and Investment Officer, reported that the Freight Brokerage business performed better than expected, transitioning to a higher service fee rate (10%-11%). User churn was concentrated among those primarily seeking VAT invoicing, while retention rates for small and medium-value VAT invoice shippers remained above 80%. He noted that invoicing plus freight matching orders now represent over 70% of total orders, highlighting the strategic role of the business in strengthening user engagement despite its low margins.

Wenjie Zhang of CICC asked about the specific measures Full Truck Alliance has implemented in response to the industry self-regulation convention aimed at protecting truckers' rights.

Answer

Simon Chong Cai, Chief Financing & Investment Officer, detailed a multi-faceted approach. This includes strengthening freight rate protection by advancing payments for eligible members, curbing disruptive behaviors like malicious order flipping through algorithmic monitoring, and enhancing communication via in-person trucker panels and more accessible reporting channels. These initiatives are designed to increase truckers' sense of security and trust in the platform.

Wenjie Zhang of CICC asked for the reasons behind the high growth in monthly active shippers, which rose 29% to 2.76 million, and the accelerating growth trend observed over the past three years.

Answer

Chief Financing and Investment Officer Chong Cai credited the growth to a comprehensive marketing system with targeted online and offline outreach, and refined operational strategies that improved user conversion and retention. Long-term, he stated the platform's core value proposition of efficiency and security has accelerated user acquisition.